UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-03421 | |
Exact name of registrant as specified in charter: | The Prudential Variable Contract Account - 10 | |
Address of principal executive offices: | 655 Broad Street, 6th Floor | |
Newark, New Jersey 07102 | ||
Name and address of agent for service: | Andrew R. French | |
655 Broad Street, 6th Floor | ||
Newark, New Jersey 07102 | ||
Registrant’s telephone number, including area code: | 800-225-1852 | |
Date of fiscal year end: | 12/31/2022 | |
Date of reporting period: | 06/30/2022 |
Item 1 – Reports to Stockholders
The MEDLEY Program
SEMIANNUAL REPORT | June 30, 2022 |
The report is for the information of persons participating in The Prudential Variable Contract Account-10 (VCA-10), The Prudential Variable Contract Account-11 (VCA-11), and The Prudential Variable Contract Account-24 (VCA-24) (Collectively known as the “Accounts”) of The MEDLEY Program. VCA-10, VCA-11, and VCA-24 are group annuity insurance products issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102-3777, and are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC, 655 Broad Street, 19th Floor, Newark, NJ 07102. Both are Prudential Financial companies.
The views expressed in this report and information about the Accounts’ portfolio holdings are for the period covered by this report and are subject to change thereafter.
The accompanying financial statements as of June 30, 2022, were not audited; and accordingly, no auditor’s opinion is expressed on them.
Please note that this report may include prospectus supplements that are separate from and not a part of this report.
The toll-free number shown below can be used to make transfers and reallocations, review how your premiums are being allocated, and receive current investment option values in your contract. Unit values for each investment option are available to all participants from the toll-free number. Please be sure to have your contract number available when you call.
(800) 458-6333
Investors should consider the contract and the underlying portfolios’ investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectuses that can be obtained from your financial professional. You should read the prospectuses carefully before investing.
This report includes the financial statements of VCA-10, and the portfolios of The Prudential Series Fund (the “Funds”) available through VCA-11 and VCA-24.
This report does not include separate account financials for the VCA-11 and VCA-24 Subaccounts. If you would like separate account financial statements, please call the telephone number above.
Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your plan sponsor or licensed financial professional can provide you with costs and complete details. Contract guarantees are based on the claims-paying ability of the issuing company.
Information regarding how the VCA-10 voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the website of the Securities and Exchange Commission (the “Commission”) at www.sec.gov and on VCA-10’s website.
The MEDLEY Program Statement of Additional Information contains additional information about the Committee Members of VCA-10 and is available without charge upon request by calling (800) 458-6333.
VCA-10 will file with the Commission a complete listing of portfolio holdings as of the end of the first and third quarters on Form N-PORT. Form N-PORT will be available on the Commission’s website at www.sec.gov or call (800) 732-0330. MEDLEY participants may obtain copies of Form N-PORT filings by calling (800) 458-6333.
The Prudential MEDLEY Program
Table of Contents | Semiannual Report | June 30, 2022 |
∎ | LETTER TO PARTICIPANTS |
∎ | VCA-10 PRESENTATION OF PORTFOLIO HOLDINGS |
∎ | VCA-10 |
Financial Statements
∎ | VCA-11 AND VCA-24 PRESENTATION OF PORTFOLIO HOLDINGS |
∎ | FEES AND EXPENSES |
∎ | VCA-11 AND VCA-24 THE PRUDENTIAL SERIES FUND PORTFOLIOS |
Section A Schedule of Investments, Financial Statements, and Financial Highlights
A1 | ||
A2 | ||
A11 | ||
A48 | ||
A83 | ||
A92 | ||
A97 | ||
A104 | ||
A154 |
Section B Notes to Financial Statements
∎ | APPROVAL OF ADVISORY AGREEMENTS |
The Prudential MEDLEY Program
Letter to Participants | Semiannual Report | June 30, 2022 |
∎ | DEAR PARTICIPANT: |
At Prudential, our primary objective is to help investors achieve and maintain long-term financial success. Despite today’s uncertainties, we remain strong and ready to serve and support you. This MEDLEY Program semiannual report outlines our efforts to achieve this goal. We hope you find it informative and useful.
Prudential has been building on a heritage of success for more than 145 years. You can count on our history of financial stability. We are diversified for endurance. Our balanced mix of risks and businesses positions us well to manage through any economic environment. We’ve applied the lessons from decades of challenges to be stronger, because we are committed to keeping our promises to you.
Your financial professional is the best resource to help you make the most informed investment decisions. Together, you can build a diversified investment portfolio that aligns with your long-term financial goals. Please keep in mind that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.
Thank you for selecting Prudential as one of your financial partners. A strong sense of social responsibility for our clients, our employees, and our communities has been embedded in the company since our founding. It guides our efforts to help our customers achieve peace of mind through financial wellness.
We value your trust and appreciate the opportunity to help you achieve financial security.
Sincerely,
Stuart Parker President, The Prudential Variable Contract Account 10 | Timothy S. Cronin President, The Prudential Series Fund |
July 31, 2022
The Prudential Variable Contract Account-10 (VCA-10)
Presentation of Portfolio Holdings — unaudited | June 30, 2022 |
VCA-10 (As of 06/30/2022) |
| |||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Microsoft Corp. | Software | 4.0% | ||||
Eli Lilly & Co. | Pharmaceuticals | 3.3% | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 3.1% | ||||
Bristol-Myers Squibb Co. | Pharmaceuticals | 2.7% | ||||
Chevron Corp. | Oil, Gas & Consumable Fuels | 2.4% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 2.4% | ||||
Chubb Ltd. | Insurance | 2.2% | ||||
ConocoPhillips | Oil, Gas & Consumable Fuels | 2.1% | ||||
JPMorgan Chase & Co. | Banks | 2.1% | ||||
Goldman Sachs Group, Inc. (The) | Capital Markets | 1.9% |
For a complete listing of holdings, refer to the Statement of Net Assets section of this report. Holdings reflect only long-term investments.
FINANCIAL STATEMENTS OF VCA-10
STATEMENT OF NET ASSETS (Unaudited) |
June 30, 2022
LONG-TERM INVESTMENTS — 96.2% | ||||||||
COMMON STOCKS | Shares | Value | ||||||
Aerospace & Defense — 2.5% |
| |||||||
Airbus SE (France) | 12,246 | $ | 1,194,923 | |||||
Raytheon Technologies Corp. | 25,441 | 2,445,134 | ||||||
|
| |||||||
3,640,057 | ||||||||
|
| |||||||
Airlines — 0.6% |
| |||||||
Delta Air Lines, Inc.* | 31,280 | 906,182 | ||||||
|
| |||||||
Automobiles — 2.5% |
| |||||||
General Motors Co.* | 33,741 | 1,071,614 | ||||||
Tesla, Inc.* | 3,888 | 2,618,257 | ||||||
|
| |||||||
3,689,871 | ||||||||
|
| |||||||
Banks — 7.7% |
| |||||||
Bank of America Corp. | 81,041 | 2,522,806 | ||||||
Citigroup, Inc. | 22,669 | 1,042,547 | ||||||
JPMorgan Chase & Co. | 26,857 | 3,024,367 | ||||||
PNC Financial Services Group, Inc. (The) | 14,798 | 2,334,681 | ||||||
Truist Financial Corp. | 49,396 | 2,342,852 | ||||||
|
| |||||||
11,267,253 | ||||||||
|
| |||||||
Beverages — 1.3% |
| |||||||
PepsiCo, Inc. | 11,827 | 1,971,088 | ||||||
|
| |||||||
Biotechnology — 3.1% |
| |||||||
AbbVie, Inc. | 17,242 | 2,640,785 | ||||||
Amgen, Inc. | 6,487 | 1,578,287 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,247 | 351,392 | ||||||
|
| |||||||
4,570,464 | ||||||||
|
| |||||||
Building Products — 1.0% |
| |||||||
Johnson Controls International PLC | 29,779 | 1,425,819 | ||||||
|
| |||||||
Capital Markets — 2.6% |
| |||||||
Blackstone, Inc. | 11,394 | 1,039,474 | ||||||
Goldman Sachs Group, Inc. (The) | 9,539 | 2,833,274 | ||||||
|
| |||||||
3,872,748 | ||||||||
|
| |||||||
Chemicals — 2.3% |
| |||||||
DuPont de Nemours, Inc. | 19,418 | 1,079,252 | ||||||
Linde PLC (United Kingdom) | 8,067 | 2,319,505 | ||||||
|
| |||||||
3,398,757 | ||||||||
|
| |||||||
Communications Equipment — 0.9% |
| |||||||
Cisco Systems, Inc. | 31,218 | 1,331,136 | ||||||
|
| |||||||
Consumer Finance — 0.9% |
| |||||||
SLM Corp. | 82,753 | 1,319,083 | ||||||
|
| |||||||
Containers & Packaging — 1.3% |
| |||||||
Crown Holdings, Inc. | 20,691 | 1,907,089 | ||||||
|
| |||||||
Electric Utilities — 1.2% |
| |||||||
NextEra Energy, Inc. | 22,826 | 1,768,102 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 11,427 | 1,657,258 | ||||||
SBA Communications Corp. | 2,210 | 707,310 | ||||||
|
| |||||||
2,364,568 | ||||||||
|
|
COMMON STOCKS (continued) | Shares | Value | ||||||
Food & Staples Retailing — 2.2% |
| |||||||
Costco Wholesale Corp. | 2,604 | $ | 1,248,045 | |||||
Walmart, Inc. | 16,711 | 2,031,723 | ||||||
|
| |||||||
3,279,768 | ||||||||
|
| |||||||
Food Products — 1.3% |
| |||||||
Mondelez International, Inc. (Class A Stock) | 31,299 | 1,943,355 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.3% |
| |||||||
Abbott Laboratories | 24,792 | 2,693,651 | ||||||
Dexcom, Inc.* | 5,132 | 382,488 | ||||||
Intuitive Surgical, Inc.* | 1,702 | 341,608 | ||||||
|
| |||||||
3,417,747 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.9% |
| |||||||
Centene Corp.* | 21,984 | 1,860,066 | ||||||
Cigna Corp. | 4,543 | 1,197,171 | ||||||
Laboratory Corp. of America Holdings | 5,774 | 1,353,195 | ||||||
UnitedHealth Group, Inc. | 2,643 | 1,357,524 | ||||||
|
| |||||||
5,767,956 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.9% |
| |||||||
Airbnb, Inc. (Class A Stock)* | 5,766 | 513,635 | ||||||
McDonald’s Corp. | 9,452 | 2,333,510 | ||||||
|
| |||||||
2,847,145 | ||||||||
|
| |||||||
Household Products — 1.7% |
| |||||||
Procter & Gamble Co. (The) | 17,040 | 2,450,182 | ||||||
|
| |||||||
Insurance — 5.4% |
| |||||||
Chubb Ltd. (Switzerland) | 16,238 | 3,192,066 | ||||||
Marsh & McLennan Cos., Inc. | 8,937 | 1,387,469 | ||||||
MetLife, Inc. | 27,530 | 1,728,609 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 9,960 | 1,557,445 | ||||||
|
| |||||||
7,865,589 | ||||||||
|
| |||||||
Interactive Media & Services — 3.3% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 1,633 | 3,558,732 | ||||||
Alphabet, Inc. (Class C Stock)* | 489 | 1,069,663 | ||||||
ZoomInfo Technologies, Inc.* | 6,805 | 226,198 | ||||||
|
| |||||||
4,854,593 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 2.4% |
| |||||||
Amazon.com, Inc.* | 26,460 | 2,810,317 | ||||||
MercadoLibre, Inc. (Argentina)* | 1,027 | 654,065 | ||||||
|
| |||||||
3,464,382 | ||||||||
|
| |||||||
IT Services — 1.9% |
| |||||||
Adyen NV (Netherlands), 144A* | 734 | 1,056,732 | ||||||
Mastercard, Inc. (Class A Stock) | 4,726 | 1,490,959 | ||||||
Snowflake, Inc. (Class A Stock)* | 1,972 | 274,226 | ||||||
|
| |||||||
2,821,917 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% |
| |||||||
Danaher Corp. | 6,161 | 1,561,937 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
STATEMENT OF NET ASSETS (Unaudited) |
June 30, 2022
COMMON STOCKS (continued) | Shares | Value | ||||||
Machinery — 2.8% |
| |||||||
Deere & Co. | 4,334 | $ | 1,297,903 | |||||
Fortive Corp. | 23,424 | 1,273,797 | ||||||
Otis Worldwide Corp. | 21,411 | 1,513,115 | ||||||
|
| |||||||
4,084,815 | ||||||||
|
| |||||||
Multi-Utilities — 2.9% |
| |||||||
Ameren Corp. | 18,959 | 1,713,135 | ||||||
Dominion Energy, Inc. | 32,110 | 2,562,699 | ||||||
|
| |||||||
4,275,834 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 7.7% |
| |||||||
Chevron Corp. | 24,700 | 3,576,066 | ||||||
ConocoPhillips | 34,633 | 3,110,390 | ||||||
Hess Corp. | 20,236 | 2,143,802 | ||||||
Williams Cos., Inc. (The) | 76,801 | 2,396,959 | ||||||
|
| |||||||
11,227,217 | ||||||||
|
| |||||||
Personal Products — 0.8% |
| |||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 4,613 | 1,174,793 | ||||||
|
| |||||||
Pharmaceuticals — 8.3% |
| |||||||
AstraZeneca PLC (United Kingdom), ADR | 36,616 | 2,419,219 | ||||||
Bristol-Myers Squibb Co. | 51,986 | 4,002,922 | ||||||
Eli Lilly & Co. | 14,831 | 4,808,655 | ||||||
Novo Nordisk A/S (Denmark), ADR | 7,911 | 881,523 | ||||||
|
| |||||||
12,112,319 | ||||||||
|
| |||||||
Road & Rail — 1.0% |
| |||||||
Union Pacific Corp. | 6,665 | 1,421,511 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.6% |
| |||||||
ASML Holding NV (Netherlands) | 1,204 | 572,960 | ||||||
Broadcom, Inc. | 3,109 | 1,510,383 | ||||||
Lam Research Corp. | 1,909 | 813,521 | ||||||
NVIDIA Corp. | 6,797 | 1,030,357 | ||||||
NXP Semiconductors NV (Netherlands) | 8,061 | 1,193,270 | ||||||
QUALCOMM, Inc. | 12,518 | 1,599,049 | ||||||
|
| |||||||
6,719,540 | ||||||||
|
| |||||||
Software — 5.4% |
| |||||||
Atlassian Corp. PLC (Australia) (Class A Stock)* | 2,098 | 393,165 | ||||||
Crowdstrike Holdings, Inc. (Class A Stock)* | 2,326 | 392,071 | ||||||
HubSpot, Inc.* | 894 | 268,781 | ||||||
Microsoft Corp. | 22,503 | 5,779,446 | ||||||
Salesforce, Inc.* | 6,654 | 1,098,176 | ||||||
|
| |||||||
7,931,639 | ||||||||
|
| |||||||
Specialty Retail — 0.6% |
| |||||||
Lowe’s Cos., Inc. | 4,603 | 804,006 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.1% |
| |||||||
Apple, Inc. | 33,452 | 4,573,557 | ||||||
|
|
COMMON STOCKS (continued) | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods — 2.1% |
| |||||||
Lululemon Athletica, Inc. (Canada)* | 2,889 | $ | 787,570 | |||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 2,452 | 1,499,192 | ||||||
NIKE, Inc. (Class B Stock) | 7,902 | 807,585 | ||||||
|
| |||||||
3,094,347 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 141,126,366 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT — 3.7% |
| |||||||
AFFILIATED MUTUAL FUND |
| |||||||
PGIM Core Ultra Short Bond Fund | 5,373,971 | 5,373,971 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% |
| 146,500,337 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |
| |||||||
Dividends and Interests Receivable |
| 118,151 | ||||||
Tax Reclaim Receivable |
| 9,770 | ||||||
Payable for Pending Capital Transactions |
| (3,220 | ) | |||||
Payable for Securities Purchased |
| (318 | ) | |||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES |
| 124,383 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| $ | 146,624,720 | |||||
|
| |||||||
NET ASSETS, representing: |
| |||||||
Equity of Participants |
| $ | 146,624,809 | |||||
Equity of The Prudential Insurance Company of America |
| (89 | ) | |||||
|
| |||||||
$ | 146,624,720 | |||||||
|
|
The following abbreviations are used in the semiannual report:
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. | |
ADR | American Depositary Receipt |
* | Non-income producing security. |
(a) | PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
STATEMENT OF NET ASSETS (Unaudited) |
June 30, 2022
Fair Value Measurements:
Various inputs are used in determining the value of the Account’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 the Account’s Committee approved fair valuation procedures. |
The following is a summary of the inputs used as of June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments In Securities | ||||||||||||
Assets | ||||||||||||
Long-Term Investments | ||||||||||||
Common Stocks | ||||||||||||
Aerospace & Defense | $ | 2,445,134 | $ | 1,194,923 | $ | — | ||||||
Airlines | 906,182 | — | — | |||||||||
Automobiles | 3,689,871 | — | — | |||||||||
Banks | 11,267,253 | — | — | |||||||||
Beverages | 1,971,088 | — | — | |||||||||
Biotechnology | 4,570,464 | — | — | |||||||||
Building Products | 1,425,819 | — | — | |||||||||
Capital Markets | 3,872,748 | — | — | |||||||||
Chemicals | 3,398,757 | — | — | |||||||||
Communications Equipment | 1,331,136 | — | — | |||||||||
Consumer Finance | 1,319,083 | — | — | |||||||||
Containers & Packaging | 1,907,089 | — | — | |||||||||
Electric Utilities | 1,768,102 | — | — | |||||||||
Equity Real Estate Investment Trusts (REITs) | 2,364,568 | — | — | |||||||||
Food & Staples Retailing | 3,279,768 | — | — | |||||||||
Food Products | 1,943,355 | — | — | |||||||||
Health Care Equipment & Supplies | 3,417,747 | — | — | |||||||||
Health Care Providers & Services | 5,767,956 | — | — | |||||||||
Hotels, Restaurants & Leisure | 2,847,145 | — | — | |||||||||
Household Products | 2,450,182 | — | — | |||||||||
Insurance | 7,865,589 | — | — | |||||||||
Interactive Media & Services | 4,854,593 | — | — | |||||||||
Internet & Direct Marketing Retail | 3,464,382 | — | — | |||||||||
IT Services | 1,765,185 | 1,056,732 | — | |||||||||
Life Sciences Tools & Services | 1,561,937 | — | — | |||||||||
Machinery | 4,084,815 | — | — | |||||||||
Multi-Utilities | 4,275,834 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 11,227,217 | — | — | |||||||||
Personal Products | 1,174,793 | — | — | |||||||||
Pharmaceuticals | 12,112,319 | — | — | |||||||||
Road & Rail | 1,421,511 | — | — | |||||||||
Semiconductors & Semiconductor Equipment | 6,719,540 | — | — | |||||||||
Software | 7,931,639 | — | — | |||||||||
Specialty Retail | 804,006 | — | — | |||||||||
Technology Hardware, Storage & Peripherals | 4,573,557 | — | — | |||||||||
Textiles, Apparel & Luxury Goods | 1,595,155 | 1,499,192 | — | |||||||||
Short-Term Investment | ||||||||||||
Investments In Securities | ||||||||||||
Assets | ||||||||||||
Affiliated Mutual Fund | 5,373,971 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 142,749,490 | $ | 3,750,847 | $ | — | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
STATEMENT OF NET ASSETS (Unaudited) |
June 30, 2022
Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2022 were as follows (unaudited):
Pharmaceuticals | 8.3 | % | ||
Banks | 7.7 | |||
Oil, Gas & Consumable Fuels | 7.7 | |||
Software | 5.4 | |||
Insurance | 5.4 | |||
Semiconductors & Semiconductor Equipment | 4.6 | |||
Health Care Providers & Services | 3.9 | |||
Affiliated Mutual Fund | 3.7 | |||
Interactive Media & Services | 3.3 | |||
Technology Hardware, Storage & Peripherals | 3.1 | |||
Biotechnology | 3.1 | |||
Multi-Utilities | 2.9 | |||
Machinery | 2.8 | |||
Capital Markets | 2.6 | |||
Automobiles | 2.5 | |||
Aerospace & Defense | 2.5 | |||
Internet & Direct Marketing Retail | 2.4 | |||
Health Care Equipment & Supplies | 2.3 | |||
Chemicals | 2.3 | |||
Food & Staples Retailing | 2.2 | |||
Textiles, Apparel & Luxury Goods | 2.1 |
Hotels, Restaurants & Leisure | 1.9 | % | ||
IT Services | 1.9 | |||
Household Products | 1.7 | |||
Equity Real Estate Investment Trusts (REITs) | 1.6 | |||
Beverages | 1.3 | |||
Food Products | 1.3 | |||
Containers & Packaging | 1.3 | |||
Electric Utilities | 1.2 | |||
Life Sciences Tools & Services | 1.1 | |||
Building Products | 1.0 | |||
Road & Rail | 1.0 | |||
Communications Equipment | 0.9 | |||
Consumer Finance | 0.9 | |||
Personal Products | 0.8 | |||
Airlines | 0.6 | |||
Specialty Retail | 0.6 | |||
|
| |||
99.9 | ||||
Other assets in excess of liabilities | 0.1 | |||
|
| |||
100.0 | % | |||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
STATEMENT OF OPERATIONS (Unaudited) |
Six Months Ended June 30, 2022
INVESTMENT INCOME | ||||
Unaffiliated Dividend Income (net of $7,187 foreign withholding tax) | $ | 1,419,556 | ||
Affiliated Dividend Income | 11,089 | |||
Total Income | 1,430,645 | |||
EXPENSES | ||||
Fees Charged to Participants for Investment Management Services | (100,467 | ) | ||
Fees Charged to Participants for Administrative Expenses: | ||||
Standard Contract | (267,838 | ) | ||
0.50% Contract | (3,034 | ) | ||
0.45% Contract | (5,215 | ) | ||
Total Expenses | (376,554 | ) | ||
NET INVESTMENT INCOME | 1,054,091 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net Realized Gain (Loss) on: | ||||
Investment Transactions | 2,235,689 | |||
Foreign Currency Transactions | (1,423 | ) | ||
2,234,266 | ||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Investments | (41,298,194 | ) | ||
Foreign Currencies | (68 | ) | ||
(41,298,262 | ) | |||
NET LOSS ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (39,063,996 | ) | ||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (38,009,905 | ) |
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) |
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 1,054,091 | $ | 846,032 | ||||
Net Realized Gain on Investment and Foreign Currency Transactions | 2,234,266 | 19,971,655 | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies | (41,298,262 | ) | 13,805,295 | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (38,009,905 | ) | 34,622,982 | |||||
CAPITAL TRANSACTIONS | ||||||||
Purchase Payments and Transfers In | 365,513 | 2,651,267 | ||||||
Withdrawals and Transfers Out | (7,083,688 | ) | (16,578,727 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS | (6,718,175 | ) | (13,927,460 | ) | ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SURPLUS TRANSFERS | (398,157 | ) | 176 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (45,126,237 | ) | 20,695,698 | |||||
NET ASSETS | ||||||||
Beginning of period | 191,750,957 | 171,055,259 | ||||||
End of period | $ | 146,624,720 | $ | 191,750,957 |
Accumulation Unit Values and Equity of Participants as of June 30, 2022
Standard Contract: | ||||
Accumulation Unit Value and Equity of Participants, $ 132,507,639/ 5,144,675 Accumulation Units | $ | 25.7563 | ||
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0.50% Contract: | ||||
Accumulation Unit Value and Equity of Participants, $ 4,510,261/ 153,825 Accumulation Units | $ | 29.3207 | ||
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0.45% Contract: | ||||
Accumulation Unit Value and Equity of Participants, $ 9,606,909/ 325,792 Accumulation Units | $ | 29.4879 | ||
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Accumulation Unit Value may not recalculate due to rounding. |
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
INCOME PER ACCUMULATION UNIT* (Unaudited) |
(For an Accumulation Unit outstanding throughout the period)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||||||||||||||||||
Standard Contract | 0.50% Contract | 0.45% Contract | Standard Contract | 0.50% Contract | 0.45% Contract | |||||||||||||||||||
Investment Income | $ | 0.2479 | $ | 0.2814 | $ | 0.2830 | $ | 0.4237 | $ | 0.4795 | $ | 0.4820 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Investment management fee | (0.0361 | ) | (0.0411 | ) | (0.0413 | ) | (0.0754 | ) | (0.0854 | ) | (0.0858 | ) | ||||||||||||
Administrative expenses | (0.1081 | ) | (0.0411 | ) | (0.0330 | ) | (0.2256 | ) | (0.0854 | ) | (0.0687 | ) | ||||||||||||
Net Investment Income | 0.1037 | 0.1992 | 0.2087 | 0.1227 | 0.3087 | 0.3275 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions . | (6.7467 | ) | (7.6709 | ) | (7.7139 | ) | 5.4505 | 6.1710 | 6.2028 | |||||||||||||||
Net Increase (Decrease) in Accumulation Unit Value | (6.6430 | ) | (7.4717 | ) | (7.5052 | ) | 5.5732 | 6.4797 | 6.5303 | |||||||||||||||
Accumulation Unit Value | ||||||||||||||||||||||||
Beginning of period | 32.3993 | 36.7924 | 36.9931 | 26.8261 | 30.3127 | 30.4628 | ||||||||||||||||||
End of period | $ | 25.7563 | $ | 29.3207 | $ | 29.4879 | $ | 32.3993 | $ | 36.7924 | $ | 36.9931 | ||||||||||||
Total Return** | (20.50 | )% | (20.31 | )% | (20.29 | )% | 20.78 | % | 21.38 | % | 21.44 | % | ||||||||||||
Ratio of Expenses To Average Net Assets*** | 1.00 | %† | 0.50 | %† | 0.45 | %† | 1.00 | % | 0.50 | % | 0.45 | % | ||||||||||||
Ratio of Net Investment Income To Average Net Assets*** | 0.71 | %† | 1.20 | %† | 1.25 | %† | 0.41 | % | 0.91 | % | 0.96 | % | ||||||||||||
Portfolio Turnover Rate | 20 | %†† | 20 | %†† | 20 | %†† | 36 | % | 36 | % | 36 | % | ||||||||||||
Number of Accumulation Units Outstanding | 5,145 | 154 | 326 | 5,359 | 157 | 334 |
* | Calculated by accumulating the actual per unit amounts daily. |
** | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
*** | These calculations exclude PICA’s equity in VCA-10. |
† | Annualized. |
†† | Not Annualized. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
INCOME PER ACCUMULATION UNIT* (Unaudited) |
(For an Accumulation Unit outstanding throughout the year)
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||
Standard Contract | 0.50% Contract | 0.45% Contract | Standard Contract | 0.50% Contract | 0.45% Contract | |||||||||||||||||||
Investment Income | $ | 0.4113 | $ | 0.4630 | $ | 0.4651 | $ | 0.4116 | $ | 0.4617 | $ | 0.4633 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Investment management fee | (0.0563 | ) | (0.0634 | ) | (0.0637 | ) | (0.0516 | ) | (0.0579 | ) | (0.0581 | ) | ||||||||||||
Administrative expenses | (0.1684 | ) | (0.0634 | ) | (0.0510 | ) | (0.1544 | ) | (0.0579 | ) | (0.0465 | ) | ||||||||||||
Net Investment Income | 0.1866 | 0.3362 | 0.3504 | 0.2056 | 0.3459 | 0.3587 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.8615 | 4.3654 | 4.3873 | 4.6253 | 5.1859 | 5.2076 | ||||||||||||||||||
Net Increase (Decrease) in Accumulation Unit Value | 4.0481 | 4.7016 | 4.7377 | 4.8309 | 5.5318 | 5.5663 | ||||||||||||||||||
Accumulation Unit Value | ||||||||||||||||||||||||
Beginning of year | 22.7780 | 25.6111 | 25.7251 | 17.9471 | 20.0793 | 20.1588 | ||||||||||||||||||
End of year | $ | 26.8261 | $ | 30.3127 | $ | 30.4628 | $ | 22.7780 | $ | 25.6111 | $ | 25.7251 | ||||||||||||
Total Return** | 17.77 | % | 18.36 | % | 18.42 | % | 26.89 | % | 27.52 | % | 27.58 | % | ||||||||||||
Ratio of Expenses To Average Net Assets*** | 1.00 | % | 0.50 | % | 0.45 | % | 1.00 | % | 0.50 | % | 0.45 | % | ||||||||||||
Ratio of Net Investment Income To Average Net Assets*** | 0.83 | % | 1.32 | % | 1.37 | % | 1.00 | % | 1.50 | % | 1.55 | % | ||||||||||||
Portfolio Turnover Rate | 56 | % | 56 | % | 56 | % | 48 | % | 48 | % | 48 | % | ||||||||||||
Number of Accumulation Units Outstanding | 5,772 | 165 | 368 | 6,347 | 179 | 398 |
* | Calculated by accumulating the actual per unit amounts daily. |
** | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
*** | These calculations exclude PICA’s equity in VCA-10. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
INCOME PER ACCUMULATION UNIT (Unaudited) |
(For an Accumulation Unit outstanding throughout the year)
Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||||||||||||
Standard Contract | 0.50% Contract | 0.45% Contract | Standard Contract | 0.50% Contract | 0.45% Contract | |||||||||||||||||||
Investment Income | $ | 0.3666 | $ | 0.4087 | $ | 0.4102 | $ | 0.2909 | $ | 0.3229 | $ | 0.3239 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Investment management fee | (0.0500 | ) | (0.0558 | ) | (0.0560 | ) | (0.0440 | ) | (0.0489 | ) | (0.0491 | ) | ||||||||||||
Administrative expenses | (0.1497 | ) | (0.0558 | ) | (0.0448 | ) | (0.1318 | ) | (0.0489 | ) | (0.0392 | ) | ||||||||||||
Net Investment Income | 0.1669 | 0.2971 | 0.3094 | 0.1151 | 0.2251 | 0.2356 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.7016 | ) | (1.9064 | ) | (1.9142 | ) | 3.4389 | 3.8193 | 3.8316 | |||||||||||||||
Net Increase (Decrease) in Accumulation Unit Value | (1.5347 | ) | (1.6093 | ) | (1.6048 | ) | 3.5540 | 4.0444 | 4.0672 | |||||||||||||||
Accumulation Unit Value | ||||||||||||||||||||||||
Beginning of year | 19.4818 | 21.6886 | 21.7635 | 15.9278 | 17.6442 | 17.6963 | ||||||||||||||||||
End of year | $ | 17.9471 | $ | 20.0793 | $ | 20.1588 | $ | 19.4818 | $ | 21.6886 | $ | 21.7635 | ||||||||||||
Total Return** | (7.88 | )% | (7.42 | )% | (7.37 | )% | 22.31 | % | 22.92 | % | 22.98 | % | ||||||||||||
Ratio of Expenses To Average Net Assets*** | 1.00 | % | 0.50 | % | 0.45 | % | 1.00 | % | 0.50 | % | 0.45 | % | ||||||||||||
Ratio of Net Investment Income To Average Net Assets*** | 0.84 | % | 1.34 | % | 1.39 | % | 0.65 | % | 1.15 | % | 1.20 | % | ||||||||||||
Portfolio Turnover Rate | 36 | % | 36 | % | 36 | % | 49 | % | 49 | % | 49 | % | ||||||||||||
Number of Accumulation Units Outstanding | 7,081 | 181 | 427 | 7,755 | 190 | 474 |
** | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
*** | These calculations exclude PICA’s equity in VCA-10. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS OF
VCA-10 (Unaudited)
Note 1: | Organization |
The Prudential Variable Contract Account-10 (“VCA-10” or the “Account”) was established on March 1, 1982 by The Prudential Insurance Company of America (“PICA”) under the laws of the State of New Jersey and is registered as an open-end, diversified management investment company under the Investment Company Act of 1940 (“1940 Act”), as amended. VCA-10 has been designed for use by employers (“Contractholders”) in making retirement arrangements on behalf of their employees (“Participants”). The investment objective of the Account is long-term growth of capital.
PICA issues standard VCA-10 contracts with annual expenses of 1.00%, as a percentage of net assets, (the “Standard Contracts”), contracts with annual expenses of 0.50%, as a percentage of net assets, (the “0.50% Contracts”), and contracts with annual expenses of 0.45%, as a percentage of net assets, (the “0.45% Contracts”). The financial statements show separate Accumulation Unit Values for each type of contract.
Note 2: | Accounting Policies |
The Account follows 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 accounting policies conform to U.S. generally accepted accounting principles (“GAAP”). The Account consistently follows such policies in the preparation of its financial statements.
Securities Valuation: The Account holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Account’s Committee Members (the “Committee”) have adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Committee’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Account 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. A record of the Valuation Committee’s actions is subject to the Committee’s review, approval, and ratification at its next regularly scheduled quarterly meeting.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Account’s foreign investments may change on days when investors cannot purchase or redeem Account shares.
Various inputs determine how the Account’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the table following the Account’s Statement of Net Assets and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 — Fair Value Measurement.
Common or preferred stocks, exchange-traded funds, and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market
movements up to the time the Account is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.
Investments in open-end (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Committee. 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; any available analyst media or other reports or information deemed reliable by the Manager 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 mutual funds to calculate their net asset values.
Foreign Currency Translation: The books and records of the Account are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and liabilities — at the current rates of exchange;
(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Account are presented at the foreign exchange rates and market values at the close of the period, the Account does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Account does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.
Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Account’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.
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 Account becomes 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 the accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income and realized and unrealized gain (losses) (other than administrative fees) are allocated to the Participants and PICA on a daily basis in proportion to their respective ownership in VCA-10.
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.
Federal Income Taxes: The operations of VCA-10 are part of, and are taxed with, the operations of PICA. Under the current provisions of the Internal Revenue Code, PICA does not expect to incur federal income taxes on earnings of VCA-10 to the extent the earnings are credited under the Contracts. As a result, the Unit Value of VCA-10 has not been reduced by federal income taxes.
Note 3: | Investment Management Agreement and Charges |
The Account has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with management of the Account. PGIM Investments pays for the services of Jennison.
VCA-10 is subject to fees for investment management and administration services. PICA may impose a reduced administrative fee where warranted by economies of scale and the expense characteristics of the employer, association or trust to which PICA has issued a contract.
Standard Contracts have an effective annual rate of up to 1.00% of the current value of the Participant’s account of which 0.75% is paid to PICA for administrative expenses not provided by the annual account charge (explained below), and 0.25% is paid to PGIM Investments, for investment management services. The 0.50% contracts have an effective annual rate of up to 0.50% of the current value of the Participant’s account of which 0.25% is paid to PICA for administrative expenses not provided by the annual account charge, and 0.25% is paid to PGIM Investments, for investment management services. The 0.45% contracts have an effective annual rate of up to 0.45% of the current value of the Participant’s account of which 0.20% is paid to PICA for administrative expenses not provided by the annual account charge, and 0.25% is paid to PGIM Investments, for investment management services.
An annual account charge of not more than $30 is deducted from the account of each Participant, if applicable, at the time of withdrawal of the value of all of the Participant’s account or on the last business day of each calendar year. Such amounts are reflected as withdrawals on the Statements of Changes in Net Assets.
PICA, PGIM Investments and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc.
Note 4: | Other Transactions with Affiliates |
During the six months ended June 30, 2022, the Account invested in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a portfolio of Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PGIM Investments. Through the Account’s investment in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated Dividend Income”.
The Account may enter into certain securities purchase or sale transactions under Committee 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, and/or common officers. Such transactions are subject to ratification by the Committee. For the six months ended June 30, 2022, no 17a-7 transactions were entered into by the Account.
Note 5: | Portfolio Securities |
For the six months ended June 30, 2022, the aggregate cost of purchases and the proceeds from sales of securities, excluding short-term investments, were $33,258,330 and $41,370,893, respectively.
A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the six months ended June 30, 2022, is presented as follows:
Value, | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||
Short-Term Investments — Affiliated Mutual Fund: |
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PGIM Core Ultra Short Bond Fund(1)(a) |
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$3,372,443 | $16,403,694 | $ | 14,402,166 | $ | — | $ | — | $ | 5,373,971 | 5,373,971 | $ | 11,089 | ||||||||||||||
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(1) | The Account did not have any capital gain distributions during the reporting period. |
(a) | PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund. |
Note 6: | Unit Transactions |
The number of Accumulation Units issued and redeemed for the six months ended June 30, 2022 and the year ended December 31, 2021, respectively, are as follows:
Standard Contracts | Units | Amount | ||||||
Six months ended June 30, 2022: | ||||||||
Account units issued | 12,633 | $ | 365,513 | |||||
Account units redeemed | (226,788 | ) | (6,707,616 | ) | ||||
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Net increase (decrease) in units outstanding | (214,155 | ) | $ | (6,342,103 | ) | |||
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Year ended December 31, 2021: | ||||||||
Account units issued | 87,015 | $ | 2,651,267 | |||||
Account units redeemed | (500,008 | ) | (15,140,575 | ) | ||||
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Net increase (decrease) in units outstanding | (412,993 | ) | $ | (12,489,308 | ) | |||
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0.50% Contracts | Units | Amount | ||||||
Six months ended June 30, 2022: | ||||||||
Account units issued | — | $ | — | |||||
Account units redeemed | (3,529 | ) | (121,336 | ) | ||||
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Net increase (decrease) in units outstanding | (3,529 | ) | $ | (121,336 | ) | |||
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Year ended December 31, 2021: | ||||||||
Account units issued | — | $ | — | |||||
Account units redeemed | (7,548 | ) | (249,034 | ) | ||||
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Net increase (decrease) in units outstanding | (7,548 | ) | $ | (249,034 | ) | |||
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0.45% Contracts | Units | Amount | ||||||
Six months ended June 30, 2022: | ||||||||
Account units issued | — | $ | — | |||||
Account units redeemed | (7,762 | ) | (254,736 | ) | ||||
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Net increase (decrease) in units outstanding | (7,762 | ) | $ | (254,736 | ) | |||
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Year ended December 31, 2021: | ||||||||
Account units issued | — | $ | — | |||||
Account units redeemed | (34,808 | ) | (1,189,118 | ) | ||||
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Net increase (decrease) in units outstanding | (34,808 | ) | $ | (1,189,118 | ) | |||
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Note 7: | Net Increase (Decrease) In Net Assets Resulting From Surplus Transfers |
The increase (decrease) in net assets resulting from surplus transfers represents the net increase to/(reductions from) PICA’s investment in the Account.
Note 8: | Participant Loans |
Loans are considered to be withdrawals from the Account from which the loan amount was deducted, though they are not considered a withdrawal from the MEDLEY Program. Withdrawals, transfers and loans from VCA-10 are considered to be withdrawals of contributions until all of the Participant’s contributions to the Account have been withdrawn, transferred or borrowed.
For the six months ended June 30, 2022, $15,429 in participant loans were withdrawn from VCA-10 and $33,289 of principal and interest was repaid to VCA-10. For the year ended December 31, 2021, $43,132 in participant loans were withdrawn from VCA-10 and $53,193 of principal and interest was repaid to VCA-10. Loan repayments are invested in Participant’s account(s) as chosen by the Participant, which may not necessarily be VCA-10. The initial loan proceeds which are being repaid may not necessarily have originated solely from VCA-10. During the six months ended June 30, 2022, PICA has advised the Account that it received $228 in loan origination fees. The participant loan principal and interest repayments are included in purchase payments and transfers within the Statement of Changes in Net Assets.
Note 9: | Risks of Investing in the Account |
The Account’s risks include, but are not limited to, some or all of the risks discussed below. For further informationon the Account’s risk, please refer to the Account’s Prospectus and Statement of Additional Information.
Risks Associated with Variable Investment Options: You take all the investment risk for amounts allocated to the Investment Options. If the assets in an Investment Option increase in value, then your Unit Value goes up; if they decrease in value, your Unit Value goes down. How much your Unit Value goes up or down depends on the performance of the Investment Options. We do not guarantee the investment results of the Investment Options. An investment in any Contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the Investment Options.
Insurance Company Risk: No company other than PICA has any legal responsibility to pay amounts that PICA owes under the Contracts. You should look to the financial strength of PICA for its claims-paying ability. PICA is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, including cybersecurity attacks, political and social developments, and military and governmental actions. These risks are often collectively referred to as “business continuity” risks. These events could adversely affect PICA and our ability to conduct business and process transactions. Although PICA has business continuity plans, it is possible that the plans may not operate as intended or required and that PICA may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.
Annuitization: Once you annuitize your interest under a Contract, your decision is irrevocable. The impacts of this decision are:
• | Your Unit Value is no longer available to you to allocate among Investment Options (to the extent allowed under the Contracts) or make further withdrawals. Instead, you will be paid a stream of annuity payments. |
• | You generally cannot change the payment stream you chose once it has begun. |
• | The Death Benefit terminates upon annuitization. |
Possible Adverse Tax Consequences: The tax considerations associated with the Contracts vary and can be complicated. The tax considerations discussed in this prospectus are general in nature and describe only federal income tax law (not state, local, foreign or other federal tax laws). The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. Before payments are made under the Contracts for your benefit or taking other action related to your Contracts, you should consult with a qualified tax adviser for complete information and advice.
Not a Short-Term Investment: The Contracts are not short-term investment vehicles and are not an appropriate investment for an investor who needs ready access to cash. The Contracts are designed to provide benefits on a long-term basis. Consequently, you should not use the Contracts as short-term investment or savings vehicles. Because of the long-term nature of the Contracts, you should consider whether investing Contributions in the Contracts is consistent with the purpose for which the investment is being considered.
Risk of Loss: All investments have risks to some degree and it is possible that you could lose money by investing in the Contracts. Investments in the Contracts are not deposits with a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Note 10: | Recent Regulatory Developments |
On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for the Account Committee’s assignment of its responsibility for the execution of valuation-related activities to the Account’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Account.
Note 11: | Subsequent Event |
At its March Meeting, the Committee approved the restructuring of VCA-10 which will change VCA-10 from a management investment company overseen by the Committee to a unit investment trust invested solely in shares of an underlying fund — the Fidelity VIP index 500 Portfolio. The restructuring is expected to take place in December 2022, subject to participant approval.
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Account has adopted and implemented a liquidity risk management program (the “LRMP”). The Account’s LRMP seeks to assess and manage the Account’s liquidity risk, which is defined as the risk that the Account is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Account. The Account’s Committee Members (the “Committee”) has approved PGIM Investments LLC (“PGIM Investments”), the Account’s investment manager, to serve as the administrator of the Account’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.
The Account’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Account’s LRMP includes no less than annual assessments of factors that influence the Account’s liquidity risk; no less than monthly classifications of the Account’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Account’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Account does not invest primarily in highly liquid investments; and regular reporting to the Committee.
At a meeting of the Committee on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Committee addressing the operation, adequacy, and effectiveness of the Account’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Account’s LRMP was reasonably designed to assess and manage the Account’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Account’s investment strategies continue to be appropriate given the Account’s status as an open-end fund.
There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Account, including liquidity risks presented by the Account’s investment portfolio, is found in the Account’s Prospectus and Statement of Additional Information.
The Prudential Series Fund
The following pages represent information on the Prudential Series Fund Portfolios. Returns are at the Portfolio level, not at the Subaccount level.
Each Subaccount of VCA-11 and VCA-24 will invest in the corresponding Portfolio of the Prudential Series Fund (the “Fund”). Of the Portfolios comprising the Fund, eight Portfolios are presently available to The MEDLEY Program. The PSF PGIM 50/50 Balanced Subaccount invests in the PSF PGIM 50/50 Balanced Portfolio, the PSF PGIM Total Return Bond Subaccount invests in the PSF PGIM Total Return Bond Portfolio, the PSF PGIM Jennison Blend Subaccount invests in the PSF PGIM Jennison Blend Portfolio, the PSF PGIM Flexible Managed Subaccount invests in the PSF PGIM Flexible Managed Portfolio, the PSF Global Subaccount invests in the PSF Global Portfolio, the PSF PGIM Government Income Subaccount invests in the PSF PGIM Government Income Portfolio, the PSF PGIM Government Money Market Subaccount invests in the PSF PGIM Government Money Market Portfolio, and the PSF Stock Index Subaccount invests in the PSF Stock Index Portfolio.
There is no assurance that the investment objective of the Portfolios will be attained, nor is there any guarantee that the amount available to a Participant will equal or exceed the total contributions made on that Participant’s behalf. The value of the investments held in each account may fluctuate daily and is subject to the risks of both changing economic conditions and the selection of investments necessary to meet the Subaccounts’ or Portfolios’ objectives.
Important Note
This information supplements the financial statements and other information included in this Report to Participants in The MEDLEY Program. It highlights the investment performance of the eight portfolios of the Fund which are available through the Prudential Variable Contract Accounts 11 and 24. The rates of return quoted on the following pages reflect deduction of investment management fees and portfolio expenses, but not product charges. They reflect the reinvestment of dividend and capital gains distributions. They are not an estimate or a guarantee of future performance.
Contract unit values increase or decrease based on the performance of each corresponding Portfolio and when redeemed, may be worth more or less than original cost. Changes in contract values depend not only on the investment performance of each Portfolio but also on the insurance, administrative charges and applicable sales charges, if any, under a contract. These contract charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses.
The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited | June 30, 2022 |
PSF Global Portfolio (As of 06/30/2022) | ||||||||
Ten Largest Holdings | Line of Business | Country | % of Net Assets | |||||
Microsoft Corp. | Software | United States | 4.1% | |||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | United States | 1.9% | |||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | United States | 1.6% | |||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | United States | 1.5% | |||||
Southern Co. (The) | Electric Utilities | United States | 1.2% | |||||
TotalEnergies SE, ADR | Oil, Gas & Consumable Fuels | France | 1.2% | |||||
Thermo Fisher Scientific, Inc. | Life Sciences Tools & Services | United States | 1.1% | |||||
Becton, Dickinson & Co. | Health Care Equipment & Supplies | United States | 1.1% | |||||
Mastercard, Inc. (Class A Stock) | IT Services | United States | 1.1% | |||||
Wells Fargo & Co. | Banks | United States | 1.1% |
PSF PGIM 50/50 Balanced Portfolio (As of 06/30/2022) | ||||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 3.1% | ||||
Microsoft Corp. | Software | 2.8% | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 1.4% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 1.0% | ||||
Alphabet, Inc. (Class C Stock) | Interactive Media & Services | 0.9% | ||||
Tesla, Inc. | Automobiles | 0.8% | ||||
Berkshire Hathaway, Inc. (Class B Stock) | Diversified Financial Services | 0.7% | ||||
UnitedHealth Group, Inc. | Health Care Providers & Services | 0.7% | ||||
Johnson & Johnson | Pharmaceuticals | 0.7% | ||||
NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 0.6% |
PSF PGIM Flexible Managed Portfolio (As of 06/30/2022) | ||||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 3.8% | ||||
Microsoft Corp. | Software | 3.7% | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 1.4% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 1.3% | ||||
Tesla, Inc. | Automobiles | 1.2% | ||||
Alphabet, Inc. (Class C Stock) | Interactive Media & Services | 1.1% | ||||
UnitedHealth Group, Inc. | Health Care Providers & Services | 1.1% | ||||
Visa, Inc. (Class A Stock) | IT Services | 0.9% | ||||
Pfizer, Inc. | Pharmaceuticals | 0.9% | ||||
Berkshire Hathaway, Inc. (Class B Stock) | Diversified Financial Services | 0.9% |
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited (continued) | June 30, 2022 |
PSF PGIM Government Income Portfolio (As of 06/30/2022) | ||||
Credit Quality | % of Total Investments | |||
AAA | 97.9% | |||
Cash/Cash Equivalents | 2.1% | |||
Total Investments | 100.0% |
PSF PGIM Government Money Market Portfolio (As of 06/30/2022) | ||||||||
Ten Largest Holdings | Interest Rate | Maturity Date | % of Net Assets | |||||
Federal Home Loan Bank | 1.600% | 08/12/2022 | 2.9% | |||||
Federal Home Loan Bank | 1.515% | 08/30/2022 | 1.9% | |||||
Federal Home Loan Bank | 0.902% | 07/29/2022 | 1.9% | |||||
Federal Home Loan Bank | 1.088% | 08/17/2022 | 1.9% | |||||
Federal Home Loan Bank | 1.003% | 08/12/2022 | 1.9% | |||||
Federal Home Loan Bank | 1.520% | 07/26/2022 | 1.8% | |||||
Federal Home Loan Bank | 1.515% | 09/15/2022 | 1.8% | |||||
Federal Home Loan Bank | 1.520% | 09/16/2022 | 1.8% | |||||
Federal Home Loan Bank | 1.530% | 12/19/2022 | 1.8% | |||||
Federal Home Loan Bank | 1.515% | 07/29/2022 | 1.8% |
Holdings reflect only short-term investments.
PSF PGIM Jennison Blend Portfolio (As of 06/30/2022) | ||||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
ConocoPhillips | Oil, Gas & Consumable Fuels | 5.2% | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 4.9% | ||||
Microsoft Corp. | Software | 4.4% | ||||
Tesla, Inc. | Automobiles | 3.8% | ||||
Eli Lilly & Co. | Pharmaceuticals | 3.3% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 3.3% | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 3.0% | ||||
Abbott Laboratories | Health Care Equipment & Supplies | 2.2% | ||||
Bristol-Myers Squibb Co. | Pharmaceuticals | 2.2% | ||||
AstraZeneca PLC (United Kingdom), ADR | Pharmaceuticals | 2.1% |
PSF PGIM Total Return Bond Portfolio (As of 06/30/2022) | ||||
Credit Quality | % of Total Investments | |||
AAA | 45.4% | |||
AA | 3.5% | |||
A | 11.3% | |||
BBB | 19.4% | |||
BB | 10.6% | |||
B | 3.7% | |||
CCC | 1.4% | |||
NR | 6.2% | |||
Cash/Cash Equivalents | -1.5% | |||
Total Investments | 100.0% |
Credit ratings reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Ratings category may include derivative instruments that could have a negative value. Credit ratings are subject to change.
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited (continued) | June 30, 2022 |
PSF Stock Index Portfolio (As of 06/30/2022) | ||||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 6.4% | ||||
Microsoft Corp. | Software | 5.9% | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 2.8% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 2.0% | ||||
Alphabet, Inc. (Class C Stock) | Interactive Media & Services | 1.8% | ||||
Tesla, Inc. | Automobiles | 1.7% | ||||
Berkshire Hathaway, Inc. (Class B Stock) | Diversified Financial Services | 1.5% | ||||
UnitedHealth Group, Inc. | Health Care Providers & Services | 1.5% | ||||
Johnson & Johnson | Pharmaceuticals | 1.4% | ||||
NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 1.2% |
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
The Prudential MEDLEY Program
Fees and Expenses — unaudited | June 30, 2022 |
As a contract owner investing in Portfolios of the Fund through a variable annuity or variable life contract, you incur ongoing costs, including management fees, and other Portfolio expenses.This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other investment options.This example does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shown below would be higher. Please consult the prospectus for your contract for more information about contract fees and charges.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 2022.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the Portfolio expenses you paid on your account during this period. As noted above, the table does not reflect variable contract fees and charges.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other investment options.To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other investment options.
Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any contract fees and charges, such as sales charges (loads), insurance charges or administrative charges.Therefore the second line of the table is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owning different contracts. In addition, if these contract fees and charges were included, your costs would have been higher.
The Prudential Series Fund Portfolios | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||
PSF Global (Class I) | Actual | $1,000.00 | $ 789.70 | 0.74% | $3.28 | |||||
Hypothetical | $1,000.00 | $1,021.12 | 0.74% | $3.71 | ||||||
PSF Global (Class III) | Actual | $1,000.00 | $ 788.60 | 0.99% | $4.39 | |||||
Hypothetical | $1,000.00 | $1,019.89 | 0.99% | $4.96 | ||||||
PSF PGIM 50/50 Balanced (Class I) | Actual | $1,000.00 | $ 852.50 | 0.57% | $2.62 | |||||
Hypothetical | $1,000.00 | $1,021.97 | 0.57% | $2.86 | ||||||
PSF PGIM 50/50 Balanced (Class III) | Actual | $1,000.00 | $ 851.50 | 0.82% | $3.76 | |||||
Hypothetical | $1,000.00 | $1,020.73 | 0.82% | $4.11 | ||||||
PSF PGIM Flexible Managed (Class I) | Actual | $1,000.00 | $ 853.90 | 0.62% | $2.85 | |||||
Hypothetical | $1,000.00 | $1,021.72 | 0.62% | $3.11 | ||||||
PSF PGIM Flexible Managed (Class III) | Actual | $1,000.00 | $ 852.90 | 0.87% | $4.00 | |||||
Hypothetical | $1,000.00 | $1,020.48 | 0.87% | $4.36 | ||||||
PSF PGIM Government Income (Class I) | Actual | $1,000.00 | $ 898.90 | 0.49% | $2.31 | |||||
Hypothetical | $1,000.00 | $1,022.36 | 0.49% | $2.46 | ||||||
PSF PGIM Government Income (Class III) | Actual | $1,000.00 | $ 897.40 | 0.74% | $3.48 | |||||
Hypothetical | $1,000.00 | $1,021.12 | 0.74% | $3.71 | ||||||
PSF PGIM Government Money Market (Class I) | Actual | $1,000.00 | $1,000.90 | 0.22% | $1.09 | |||||
Hypothetical | $1,000.00 | $1,023.70 | 0.22% | $1.10 | ||||||
PSF PGIM Government Money Market (Class III) | Actual | $1,000.00 | $1,000.50 | 0.29% | $1.44 | |||||
Hypothetical | $1,000.00 | $1,023.36 | 0.29% | $1.45 | ||||||
PSF PGIM Jennison Blend (Class I) | Actual | $1,000.00 | $ 736.00 | 0.46% | $1.98 | |||||
Hypothetical | $1,000.00 | $1,022.51 | 0.46% | $2.31 |
The Prudential MEDLEY Program
Fees and Expenses — unaudited (continued) | June 30, 2022 |
The Prudential Series Fund Portfolios | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||
PSF PGIM Jennison Blend (Class II) | Actual | $1,000.00 | $ 734.40 | 0.86% | $3.70 | |||||
Hypothetical | $1,000.00 | $1,020.53 | 0.86% | $4.31 | ||||||
PSF PGIM Jennison Blend (Class III) | Actual | $1,000.00 | $ 735.00 | 0.71% | $3.05 | |||||
Hypothetical | $1,000.00 | $1,021.27 | 0.71% | $3.56 | ||||||
PSF PGIM Total Return Bond (Class I) | Actual | $1,000.00 | $ 874.80 | 0.43% | $2.00 | |||||
Hypothetical | $1,000.00 | $1,022.66 | 0.43% | $2.16 | ||||||
PSF PGIM Total Return Bond (Class III) | Actual | $1,000.00 | $ 873.40 | 0.68% | $3.16 | |||||
Hypothetical | $1,000.00 | $1,021.42 | 0.68% | $3.41 | ||||||
PSF Stock Index (Class I) | Actual | $1,000.00 | $ 799.30 | 0.29% | $1.29 | |||||
Hypothetical | $1,000.00 | $1,023.36 | 0.29% | $1.45 | ||||||
PSF Stock Index (Class III) | Actual | $1,000.00 | $ 798.30 | 0.54% | $2.41 | |||||
Hypothetical | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended June 30, 2022, and divided by the 365 days in the Portfolio’s fiscal year ending December 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.
|
The following abbreviations are used in the Portfolios’ descriptions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
HUF | Hungarian Forint |
MXN | Mexican Peso |
NZD | New Zealand Dollar |
PLN | Polish Zloty |
USD | US Dollar |
ZAR | South African Rand |
144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
A — Annual payment frequency for swaps
ABS — Asset-Backed Security
Aces — Alternative Credit Enhancements Securities
ADR — American Depositary Receipt
BABs — Build America Bonds
BATE — CBOE- Europe – BXE Order Books
CDS — Credit Default Swap
CDX — Credit Derivative Index
CLO — Collateralized Loan Obligation
CVA — Certificate Van Aandelen (Bearer)
CVT — Convertible Security
DIP — Debtor-In-Possession
EAFE — Europe, Australasia, Far East
EMTN — Euro Medium Term Note
ETF — Exchange-Traded Fund
EURIBOR — Euro Interbank Offered Rate
FFCSB — Federal Farm Credit System Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GDR — Global Depositary Receipt
GMTN — Global Medium Term Note
GNMA — Government National Mortgage Association
IO — Interest Only (Principal amount represents notional)
iTraxx — International Credit Derivative Index
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
M — Monthly payment frequency for swaps
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
OTC — Over-the-counter
PIK — Payment-in-Kind
PJSC — Public Joint-Stock Company
PRFC — Preference Shares
Q — Quarterly payment frequency for swaps
REITs — Real Estate Investment Trust
REMICS — Real Estate Mortgage Investment Conduit Security
S&P — Standard & Poor’s
SOFR — Secured Overnight Financing Rate
SONIA — Sterling Overnight Index Average
SPDR — Standard & Poor’s Depositary Receipts
STRIPs — Separate Trading of Registered Interest and Principal of Securities
T — Swap payment upon termination
TBA — To Be Announced
USAID — United States Agency for International Development
USOIS — United States Overnight Index Swap
XNGS — NASDAQ Global Select Exchange
SEE NOTES TO FINANCIAL STATEMENTS
A1
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 96.7% |
| |||||||
COMMON STOCKS — 96.4% |
| |||||||
Australia — 1.4% | ||||||||
Aristocrat Leisure Ltd. | 185,820 | $ | 4,395,696 | |||||
Aurizon Holdings Ltd. | 303,400 | 796,482 | ||||||
Australia & New Zealand Banking Group Ltd. | 61,200 | 930,364 | ||||||
Bank of Queensland Ltd. | 88,200 | 405,292 | ||||||
Beach Energy Ltd. | 395,200 | 468,491 | ||||||
BHP Group Ltd. | 64,500 | 1,830,589 | ||||||
Fortescue Metals Group Ltd. | 118,700 | 1,430,941 | ||||||
Harvey Norman Holdings Ltd. | 315,300 | 807,263 | ||||||
Inghams Group Ltd. | 420,300 | 748,872 | ||||||
Metcash Ltd. | 412,500 | 1,206,423 | ||||||
Perenti Global Ltd. | 432,300 | 194,998 | ||||||
Rio Tinto Ltd. | 20,600 | 1,461,806 | ||||||
Service Stream Ltd.* | 343,700 | 206,838 | ||||||
St. Barbara Ltd. | 343,600 | 174,639 | ||||||
Stockland, REIT | 279,500 | 696,137 | ||||||
Super Retail Group Ltd. | 105,600 | 617,884 | ||||||
Woodside Energy Group Ltd. | 11,655 | 255,836 | ||||||
|
| |||||||
16,628,551 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
BAWAG Group AG, 144A* | 16,000 | 670,275 | ||||||
OMV AG | 33,700 | 1,584,529 | ||||||
Wienerberger AG | 26,400 | 565,549 | ||||||
|
| |||||||
2,820,353 | ||||||||
|
| |||||||
Belgium — 0.3% | ||||||||
Bekaert SA | 22,500 | 732,068 | ||||||
KBC Group NV | 39,721 | 2,230,103 | ||||||
Telenet Group Holding NV | 23,500 | 488,044 | ||||||
UCB SA | 6,800 | 574,708 | ||||||
|
| |||||||
4,024,923 | ||||||||
|
| |||||||
Brazil — 0.2% | ||||||||
B3 SA - Brasil Bolsa Balcao | 478,700 | 1,007,077 | ||||||
MercadoLibre, Inc.* | 1,663 | 1,059,115 | ||||||
Yara International ASA | 18,800 | 786,182 | ||||||
|
| |||||||
2,852,374 | ||||||||
|
| |||||||
Canada — 1.7% | ||||||||
Canadian National Railway Co. | 41,037 | 4,616,025 | ||||||
Canadian Pacific Railway Ltd.(a) | 41,623 | 2,906,950 | ||||||
Dollarama, Inc. | 25,659 | 1,477,505 | ||||||
Intact Financial Corp. | 8,683 | 1,224,740 | ||||||
Magna International, Inc.(a) | 11,634 | 638,707 | ||||||
Shopify, Inc. (Class A Stock)*(a) | 5,720 | 178,693 | ||||||
TC Energy Corp.(a) | 114,807 | 5,948,151 | ||||||
Toronto-Dominion Bank (The) | 48,727 | 3,195,343 | ||||||
|
| |||||||
20,186,114 | ||||||||
|
| |||||||
China — 0.4% | ||||||||
China Resources Cement Holdings Ltd. | 1,042,000 | 700,066 | ||||||
Kingboard Holdings Ltd. | 216,000 | 820,631 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,049,000 | 450,806 | ||||||
NXP Semiconductors NV | 9,830 | 1,455,135 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
China (cont’d.) | ||||||||
Xinyi Glass Holdings Ltd. | 328,000 | $ | 786,263 | |||||
|
| |||||||
4,212,901 | ||||||||
|
| |||||||
Denmark — 1.3% | ||||||||
AP Moller - Maersk A/S (Class B Stock) | 400 | 936,216 | ||||||
Chr Hansen Holding A/S | 31,091 | 2,286,740 | ||||||
Coloplast A/S (Class B Stock) | 12,931 | 1,482,373 | ||||||
D/S Norden A/S | 32,500 | 1,127,205 | ||||||
Danske Bank A/S | 61,200 | 868,913 | ||||||
DSV A/S | 14,502 | 2,038,925 | ||||||
Jyske Bank A/S* | 19,600 | 962,374 | ||||||
Novo Nordisk A/S (Class B Stock) | 32,598 | 3,626,558 | ||||||
Orsted A/S, 144A | 22,002 | 2,318,462 | ||||||
|
| |||||||
15,647,766 | ||||||||
|
| |||||||
Finland — 0.4% | ||||||||
Neste OYJ | 50,979 | 2,258,442 | ||||||
Nokia OYJ | 243,000 | 1,126,511 | ||||||
Nordea Bank Abp | 83,600 | 735,165 | ||||||
Valmet OYJ | 27,100 | 664,318 | ||||||
|
| |||||||
4,784,436 | ||||||||
|
| |||||||
France — 5.0% | ||||||||
Airbus SE | 56,000 | 5,451,120 | ||||||
Arkema SA | 8,700 | 776,751 | ||||||
AXA SA | 54,100 | 1,235,665 | ||||||
BNP Paribas SA | 28,200 | 1,351,568 | ||||||
Bouygues SA | 39,800 | 1,226,298 | ||||||
Capgemini SE | 4,000 | 684,306 | ||||||
Carrefour SA | 89,600 | 1,586,378 | ||||||
Cie de Saint-Gobain | 15,800 | 680,010 | ||||||
Cie Generale des Etablissements Michelin SCA | 22,400 | 610,000 | ||||||
Credit Agricole SA | 78,500 | 720,213 | ||||||
Dassault Systemes SE | 32,345 | 1,190,448 | ||||||
Euroapi SA* | 1,377 | 21,895 | ||||||
Faurecia SE* | 1,269 | 25,129 | ||||||
Ipsen SA | 7,557 | 711,548 | ||||||
Kering SA | 2,000 | 1,029,161 | ||||||
L’Oreal SA | 6,082 | 2,102,034 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,720 | 4,097,538 | ||||||
Nexity SA | 13,100 | 351,094 | ||||||
Orange SA | 140,000 | 1,647,658 | ||||||
Rubis SCA | 22,100 | 517,118 | ||||||
Safran SA | 42,463 | 4,193,572 | ||||||
Sanofi | 31,700 | 3,186,184 | ||||||
Sartorius Stedim Biotech | 6,080 | 1,912,732 | ||||||
Societe BIC SA | 15,900 | 871,009 | ||||||
Societe Generale SA | 28,600 | 628,540 | ||||||
Sopra Steria Group SACA | 7,100 | 1,059,244 | ||||||
Teleperformance | 4,573 | 1,410,908 | ||||||
TotalEnergies SE | 58,800 | 3,095,648 | ||||||
TotalEnergies SE, ADR(a) | 257,367 | 13,547,799 | ||||||
Vinci SA | 36,353 | 3,241,691 | ||||||
|
| |||||||
59,163,259 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A2
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Germany — 2.0% | ||||||||
Allianz SE | 6,300 | $ | 1,204,602 | |||||
Aurubis AG | 10,800 | 733,679 | ||||||
Bayer AG | 23,300 | 1,385,420 | ||||||
Bayerische Motoren Werke AG | 15,630 | 1,202,920 | ||||||
Daimler Truck Holding AG* | 8,800 | 229,909 | ||||||
Deutsche Post AG | 70,000 | 2,630,227 | ||||||
Deutsche Telekom AG | 45,300 | 899,725 | ||||||
Fresenius SE & Co. KGaA | 18,600 | 564,483 | ||||||
HOCHTIEF AG | 8,600 | 416,766 | ||||||
Infineon Technologies AG | 86,575 | 2,103,181 | ||||||
Mercedes-Benz Group AG | 25,800 | 1,492,644 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,600 | 611,820 | ||||||
Rational AG | 1,434 | 832,612 | ||||||
Rheinmetall AG | 12,300 | 2,842,361 | ||||||
Siemens AG, ADR | 78,059 | 3,987,254 | ||||||
Siltronic AG | 8,900 | 663,086 | ||||||
United Internet AG | 18,400 | 523,886 | ||||||
Volkswagen AG | 7,100 | 1,298,301 | ||||||
|
| |||||||
23,622,876 | ||||||||
|
| |||||||
Hong Kong — 0.4% | ||||||||
AIA Group Ltd. | 216,600 | 2,351,949 | ||||||
PAX Global Technology Ltd. | 933,000 | 740,721 | ||||||
Tongda Group Holdings Ltd.* | 8,180,000 | 157,575 | ||||||
WH Group Ltd., 144A | 1,173,500 | 919,032 | ||||||
Yue Yuen Industrial Holdings Ltd. | 296,500 | 388,537 | ||||||
|
| |||||||
4,557,814 | ||||||||
|
| |||||||
India — 0.9% | ||||||||
HDFC Bank Ltd., ADR | 45,167 | 2,482,378 | ||||||
Infosys Ltd., ADR | 127,439 | 2,358,896 | ||||||
Reliance Industries Ltd., 144A, GDR | 85,298 | 5,571,704 | ||||||
|
| |||||||
10,412,978 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
ICON PLC* | 32,457 | 7,033,432 | ||||||
Kingspan Group PLC | 28,496 | 1,717,382 | ||||||
Ryanair Holdings PLC, ADR* | 31,733 | 2,134,044 | ||||||
|
| |||||||
10,884,858 | ||||||||
|
| |||||||
Italy — 0.4% | ||||||||
A2A SpA | 546,200 | 694,356 | ||||||
Enel SpA | 103,800 | 568,815 | ||||||
Leonardo SpA | 97,000 | 998,493 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 87,600 | 759,284 | ||||||
Piaggio & C SpA | 176,400 | 414,133 | ||||||
Pirelli & C SpA, 144A | 171,800 | 699,066 | ||||||
UnipolSai Assicurazioni SpA | 253,700 | 607,968 | ||||||
|
| |||||||
4,742,115 | ||||||||
|
| |||||||
Japan — 4.4% | ||||||||
AGC, Inc. | 6,000 | 208,113 | ||||||
Aozora Bank Ltd. | 36,000 | 698,804 | ||||||
Asahi Intecc Co. Ltd. | 42,300 | 637,163 | ||||||
Brother Industries Ltd. | 44,300 | 777,486 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Japan (cont’d.) | ||||||||
Credit Saison Co. Ltd. | 42,600 | $ | 487,726 | |||||
Daihen Corp. | 25,000 | 773,252 | ||||||
Dai-ichi Life Holdings, Inc. | 39,900 | 729,372 | ||||||
Daikin Industries Ltd. | 11,400 | 1,823,561 | ||||||
Daiwa House Industry Co. Ltd. | 31,900 | 742,024 | ||||||
DCM Holdings Co. Ltd. | 71,900 | 549,489 | ||||||
DTS Corp. | 30,500 | 676,841 | ||||||
EDION Corp. | 63,900 | 599,331 | ||||||
Fuji Corp. | 34,400 | 505,502 | ||||||
Gunze Ltd. | 17,000 | 460,796 | ||||||
Haseko Corp. | 53,900 | 631,439 | ||||||
Hazama Ando Corp. | 119,600 | 741,857 | ||||||
Honda Motor Co. Ltd. | 61,600 | 1,480,366 | ||||||
Hoya Corp. | 19,700 | 1,694,855 | ||||||
Isuzu Motors Ltd. | 78,200 | 860,677 | ||||||
ITOCHU Corp. | 54,300 | 1,470,846 | ||||||
Itoham Yonekyu Holdings, Inc. | 117,500 | 598,456 | ||||||
Japan Airlines Co. Ltd.* | 35,700 | 625,119 | ||||||
Japan Aviation Electronics Industry Ltd. | 46,000 | 690,917 | ||||||
KDDI Corp. | 45,300 | 1,430,403 | ||||||
Keiyo Bank Ltd. (The) | 76,500 | 268,517 | ||||||
Keyence Corp. | 6,300 | 2,138,868 | ||||||
Lintec Corp. | 30,000 | 507,563 | ||||||
Marubeni Corp. | 112,900 | 1,016,475 | ||||||
Medipal Holdings Corp. | 30,600 | 431,257 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 26,000 | 374,442 | ||||||
Mitsubishi HC Capital, Inc. | 210,100 | 968,310 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 214,300 | 1,143,609 | ||||||
Mitsui & Co. Ltd. | 56,300 | 1,241,335 | ||||||
Mitsui Chemicals, Inc. | 42,400 | 903,034 | ||||||
Mizuho Financial Group, Inc. | 73,620 | 833,450 | ||||||
Nihon M&A Center Holdings, Inc. | 70,200 | 745,101 | ||||||
Nippon Telegraph & Telephone Corp. | 107,900 | 3,097,981 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 48,600 | 268,419 | ||||||
Nisshin Oillio Group Ltd. (The) | 17,200 | 397,615 | ||||||
Nomura Holdings, Inc. | 270,700 | 986,684 | ||||||
Nomura Real Estate Holdings, Inc. | 28,300 | 691,286 | ||||||
Obayashi Corp. | 97,500 | 708,839 | ||||||
Ono Pharmaceutical Co. Ltd. | 45,400 | 1,162,360 | ||||||
ORIX Corp. | 65,000 | 1,086,927 | ||||||
Rengo Co. Ltd. | 134,300 | 727,975 | ||||||
Resona Holdings, Inc. | 366,600 | 1,365,104 | ||||||
Sankyu, Inc. | 18,100 | 520,095 | ||||||
Sawai Group Holdings Co. Ltd. | 14,300 | 433,386 | ||||||
Seino Holdings Co. Ltd. | 72,500 | 579,735 | ||||||
SKY Perfect JSAT Holdings, Inc. | 151,000 | 600,517 | ||||||
Sompo Holdings, Inc. | 15,600 | 683,978 | ||||||
Sumitomo Heavy Industries Ltd. | 32,300 | 715,999 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 40,900 | 1,209,457 | ||||||
Taisei Corp. | 19,200 | 597,120 | ||||||
Teijin Ltd. | 67,300 | 699,264 | ||||||
Toagosei Co. Ltd. | 28,700 | 213,059 | ||||||
Tokuyama Corp. | 26,500 | 335,575 | ||||||
Tokyo Seimitsu Co. Ltd. | 20,300 | 664,377 | ||||||
Towa Pharmaceutical Co. Ltd. | 28,200 | 511,472 | ||||||
Transcosmos, Inc. | 25,100 | 644,512 | ||||||
Tsubakimoto Chain Co. | 17,000 | 379,616 | ||||||
UBE Corp. | 41,500 | 614,049 |
SEE NOTES TO FINANCIAL STATEMENTS.
A3
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Japan (cont’d.) | ||||||||
Yokohama Rubber Co. Ltd. (The) | 62,000 | $ | 835,831 | |||||
|
| |||||||
51,197,588 | ||||||||
|
| |||||||
Netherlands — 1.7% | ||||||||
ABN AMRO Bank NV, 144A, CVA | 45,300 | 510,214 | ||||||
Adyen NV, 144A* | 1,721 | 2,504,211 | ||||||
Aegon NV | 215,700 | 935,013 | ||||||
ASML Holding NV (BATE) | 6,164 | 2,933,729 | ||||||
ASML Holding NV (XNGS) | 6,994 | 3,328,305 | ||||||
ASR Nederland NV | 21,200 | 859,015 | ||||||
ING Groep NV | 71,300 | 707,063 | ||||||
Koninklijke Ahold Delhaize NV | 89,100 | 2,323,620 | ||||||
NN Group NV | 18,700 | 849,627 | ||||||
Randstad NV | 14,700 | 713,450 | ||||||
Shell PLC | 141,000 | 3,640,118 | ||||||
|
| |||||||
19,304,365 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Air New Zealand Ltd.* | 1,456,800 | 519,054 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 71,274 | 887,183 | ||||||
|
| |||||||
1,406,237 | ||||||||
|
| |||||||
Norway — 0.3% | ||||||||
DNB Bank ASA | 53,600 | 959,476 | ||||||
Equinor ASA | 41,200 | 1,437,735 | ||||||
TOMRA Systems ASA | 46,366 | 859,083 | ||||||
|
| |||||||
3,256,294 | ||||||||
|
| |||||||
Singapore — 0.1% | ||||||||
DBS Group Holdings Ltd. | 41,200 | 881,621 | ||||||
Venture Corp. Ltd. | 26,000 | 311,687 | ||||||
|
| |||||||
1,193,308 | ||||||||
|
| |||||||
South Africa — 0.2% | ||||||||
Anglo American PLC | 48,300 | 1,727,535 | ||||||
|
| |||||||
Spain — 0.8% | ||||||||
Amadeus IT Group SA* | 77,152 | 4,295,149 | ||||||
Banco Santander SA | 249,200 | 703,236 | ||||||
Endesa SA | 37,700 | 711,818 | ||||||
Mapfre SA | 494,400 | 873,633 | ||||||
Repsol SA(a) | 117,700 | 1,728,781 | ||||||
Telefonica SA | 176,500 | 898,812 | ||||||
|
| |||||||
9,211,429 | ||||||||
|
| |||||||
Sweden — 1.2% | ||||||||
Atlas Copco AB (Class A Stock) | 192,363 | 1,799,169 | ||||||
Boliden AB | 35,400 | 1,124,594 | ||||||
Electrolux AB (Class B Stock) | 38,800 | 523,082 | ||||||
EQT AB | 40,019 | 819,126 | ||||||
Evolution AB, 144A | 12,984 | 1,178,314 | ||||||
Hexagon AB (Class B Stock) | 260,283 | 2,706,107 | ||||||
Husqvarna AB (Class B Stock) | 95,900 | 705,095 | ||||||
Indutrade AB | 40,559 | 739,985 | ||||||
Securitas AB (Class B Stock) | 65,700 | 567,448 | ||||||
Skanska AB (Class B Stock) | 31,100 | 477,703 | ||||||
SKF AB (Class B Stock) | 70,400 | 1,037,773 | ||||||
Swedbank AB (Class A Stock) | 27,700 | 349,966 | ||||||
Swedish Orphan Biovitrum AB* | 30,200 | 653,212 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Sweden (cont’d.) | ||||||||
Volvo AB (Class B Stock) | 113,600 | $ | 1,764,692 | |||||
|
| |||||||
14,446,266 | ||||||||
|
| |||||||
Switzerland — 2.3% | ||||||||
Adecco Group AG | 25,100 | 851,975 | ||||||
Baloise Holding AG | 6,000 | 979,049 | ||||||
Credit Suisse Group AG | 75,100 | 427,482 | ||||||
Helvetia Holding AG | 10,600 | 1,239,944 | ||||||
Holcim AG* | 20,100 | 860,085 | ||||||
Julius Baer Group Ltd. | 11,700 | 539,328 | ||||||
Lonza Group AG | 6,596 | 3,513,180 | ||||||
Novartis AG | 47,700 | 4,031,278 | ||||||
Partners Group Holding AG | 2,075 | 1,868,250 | ||||||
Sika AG | 7,704 | 1,774,660 | ||||||
Straumann Holding AG | 23,075 | 2,770,569 | ||||||
Swiss Life Holding AG | 4,900 | 2,384,520 | ||||||
TE Connectivity Ltd. | 26,488 | 2,997,117 | ||||||
UBS Group AG | 166,700 | 2,691,940 | ||||||
|
| |||||||
26,929,377 | ||||||||
|
| |||||||
Taiwan — 0.3% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 197,000 | 3,151,498 | ||||||
|
| |||||||
United Kingdom — 4.6% | ||||||||
3i Group PLC | 52,800 | 711,715 | ||||||
Ashtead Group PLC | 41,686 | 1,742,179 | ||||||
AstraZeneca PLC | 33,503 | 4,407,381 | ||||||
Aviva PLC | 149,720 | 732,524 | ||||||
BAE Systems PLC | 277,500 | 2,801,623 | ||||||
Barratt Developments PLC | 61,900 | 344,256 | ||||||
Bellway PLC | 23,200 | 607,652 | ||||||
British American Tobacco PLC | 63,000 | 2,696,232 | ||||||
BT Group PLC | 455,900 | 1,035,003 | ||||||
Bunzl PLC | 92,183 | 3,046,817 | ||||||
Centrica PLC* | 457,200 | 445,114 | ||||||
CK Hutchison Holdings Ltd. | 155,500 | 1,062,504 | ||||||
CNH Industrial NV | 79,500 | 921,358 | ||||||
Compass Group PLC | 210,313 | 4,299,879 | ||||||
Crest Nicholson Holdings PLC | 143,814 | 426,699 | ||||||
Diageo PLC | 71,237 | 3,067,595 | ||||||
Experian PLC | 75,767 | 2,216,246 | ||||||
Go-Ahead Group PLC (The)* | 34,500 | 664,131 | ||||||
Halma PLC | 34,735 | 848,331 | ||||||
Imperial Brands PLC | 56,400 | 1,261,397 | ||||||
International Consolidated Airlines Group SA*(a) | 150,000 | 196,779 | ||||||
Investec PLC | 79,700 | 433,516 | ||||||
J Sainsbury PLC | 458,700 | 1,140,098 | ||||||
Keller Group PLC | 48,200 | 426,356 | ||||||
Kingfisher PLC | 357,200 | 1,060,516 | ||||||
Legal & General Group PLC | 302,800 | 882,123 | ||||||
Linde PLC(a) | 9,023 | 2,594,383 | ||||||
Lloyds Banking Group PLC | 1,666,000 | 857,961 | ||||||
London Stock Exchange Group PLC | 31,582 | 2,938,196 | ||||||
Marks & Spencer Group PLC* | 279,900 | 461,108 | ||||||
Micro Focus International PLC | 73,300 | 248,350 | ||||||
Ninety One PLC | 10,959 | 26,316 | ||||||
Paragon Banking Group PLC | 105,900 | 631,821 |
SEE NOTES TO FINANCIAL STATEMENTS.
A4
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (cont’d.) | ||||||||
Premier Foods PLC | 357,756 | $ | 490,995 | |||||
Redde Northgate PLC | 108,700 | 449,314 | ||||||
Redrow PLC | 77,600 | 462,501 | ||||||
Rentokil Initial PLC | 443,179 | 2,562,680 | ||||||
Segro PLC, REIT | 126,894 | 1,512,135 | ||||||
Spirax-Sarco Engineering PLC | 9,352 | 1,126,702 | ||||||
Tate & Lyle PLC | 83,228 | 760,670 | ||||||
Taylor Wimpey PLC | 263,400 | 374,700 | ||||||
Tesco PLC | 213,800 | 663,943 | ||||||
Vistry Group PLC | 29,222 | 297,019 | ||||||
|
| |||||||
53,936,818 | ||||||||
|
| |||||||
United States — 64.9% | ||||||||
Abbott Laboratories | 64,083 | 6,962,618 | ||||||
AbbVie, Inc. | 53,801 | 8,240,161 | ||||||
Adobe, Inc.* | 34,451 | 12,611,133 | ||||||
Air Products & Chemicals, Inc. | 4,960 | 1,192,781 | ||||||
Alphabet, Inc. (Class A Stock)* | 10,129 | 22,073,725 | ||||||
Alphabet, Inc. (Class C Stock)* | 3,692 | 8,076,065 | ||||||
Amazon.com, Inc.* | 181,400 | 19,266,494 | ||||||
Ameren Corp. | 59,010 | 5,332,144 | ||||||
American Express Co. | 12,089 | 1,675,777 | ||||||
American International Group, Inc. | 176,642 | 9,031,705 | ||||||
American Tower Corp., REIT | 14,292 | 3,652,892 | ||||||
AMETEK, Inc. | 31,958 | 3,511,865 | ||||||
Aon PLC (Class A Stock) | 19,614 | 5,289,504 | ||||||
Apple, Inc. | 125,306 | 17,131,836 | ||||||
Applied Materials, Inc. | 36,599 | 3,329,777 | ||||||
Arthur J. Gallagher & Co. | 6,066 | 989,001 | ||||||
Atlassian Corp. PLC (Class A Stock)* | 13,693 | 2,566,068 | ||||||
Autodesk, Inc.* | 13,639 | 2,345,362 | ||||||
AvalonBay Communities, Inc., REIT | 44,299 | 8,605,081 | ||||||
Bank of America Corp. | 123,890 | 3,856,696 | ||||||
Becton, Dickinson & Co. | 52,283 | 12,889,328 | ||||||
Best Buy Co., Inc.(a) | 40,150 | 2,617,379 | ||||||
Black Knight, Inc.* | 15,049 | 984,054 | ||||||
Block, Inc.*(a) | 12,901 | 792,895 | ||||||
Boeing Co. (The)* | 14,753 | 2,017,030 | ||||||
Boston Scientific Corp.* | 149,033 | 5,554,460 | ||||||
Bristol-Myers Squibb Co. | 67,542 | 5,200,734 | ||||||
Bumble, Inc. (Class A Stock)*(a) | 16,689 | 469,795 | ||||||
Bunge Ltd. | 17,869 | 1,620,540 | ||||||
Cadence Design Systems, Inc.* | 22,130 | 3,320,164 | ||||||
CF Industries Holdings, Inc. | 47,050 | 4,033,597 | ||||||
Charles Schwab Corp. (The) | 123,561 | 7,806,584 | ||||||
Charter Communications, Inc. (Class A Stock)* | 8,248 | 3,864,435 | ||||||
Chipotle Mexican Grill, Inc.* | 1,655 | 2,163,515 | ||||||
Chubb Ltd. | 51,253 | 10,075,315 | ||||||
Cigna Corp. | 31,472 | 8,293,501 | ||||||
Cisco Systems, Inc. | 75,045 | 3,199,919 | ||||||
Citigroup, Inc. | 77,155 | 3,548,358 | ||||||
Citrix Systems, Inc. | 37,130 | 3,607,922 | ||||||
Clarivate PLC*(a) | 102,248 | 1,417,157 | ||||||
CME Group, Inc. | 24,352 | 4,984,854 | ||||||
Coca-Cola Co. (The) | 78,203 | 4,919,751 | ||||||
Colgate-Palmolive Co. | 59,714 | 4,785,480 | ||||||
Comcast Corp. (Class A Stock) | 109,956 | 4,314,673 | ||||||
Conagra Brands, Inc. | 238,967 | 8,182,230 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
United States (cont’d.) | ||||||||
ConocoPhillips | 65,483 | $ | 5,881,028 | |||||
CoStar Group, Inc.* | 47,999 | 2,899,620 | ||||||
Cummins, Inc. | 36,354 | 7,035,590 | ||||||
CVS Health Corp. | 42,461 | 3,934,436 | ||||||
Danaher Corp. | 37,802 | 9,583,563 | ||||||
Dollar Tree, Inc.* | 10,051 | 1,566,448 | ||||||
Edwards Lifesciences Corp.* | 40,589 | 3,859,608 | ||||||
Elanco Animal Health, Inc.* | 125,611 | 2,465,744 | ||||||
Electronic Arts, Inc. | 28,358 | 3,449,751 | ||||||
Elevance Health, Inc. | 19,707 | 9,510,204 | ||||||
Entergy Corp. | 36,970 | 4,164,301 | ||||||
EOG Resources, Inc. | 13,694 | 1,512,365 | ||||||
Equifax, Inc. | 15,583 | 2,848,261 | ||||||
Equinix, Inc., REIT | 7,466 | 4,905,311 | ||||||
Equitable Holdings, Inc. | 217,686 | 5,675,074 | ||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 21,746 | 5,538,054 | ||||||
Exxon Mobil Corp. | 70,049 | 5,998,996 | ||||||
Fifth Third Bancorp(a) | 47,226 | 1,586,794 | ||||||
Fiserv, Inc.* | 93,314 | 8,302,147 | ||||||
General Electric Co. | 179,088 | 11,402,533 | ||||||
Globant SA* | 4,656 | 810,144 | ||||||
Goldman Sachs Group, Inc. (The) | 16,441 | 4,883,306 | ||||||
GSK PLC | 227,100 | 4,891,775 | ||||||
Hess Corp. | 15,003 | 1,589,418 | ||||||
Hilton Worldwide Holdings, Inc. | 30,443 | 3,392,568 | ||||||
Hologic, Inc.* | 52,790 | 3,658,347 | ||||||
Huntington Bancshares, Inc. | 352,499 | 4,240,563 | ||||||
Illinois Tool Works, Inc. | 7,627 | 1,390,021 | ||||||
International Flavors & Fragrances, Inc. | 56,820 | 6,768,398 | ||||||
International Paper Co. | 222,164 | 9,293,120 | ||||||
Intuit, Inc. | 22,811 | 8,792,272 | ||||||
Johnson & Johnson | 61,623 | 10,938,699 | ||||||
Johnson Controls International PLC | 37,770 | 1,808,428 | ||||||
Kimberly-Clark Corp. | 52,639 | 7,114,161 | ||||||
Kohl’s Corp.(a) | 50,383 | 1,798,169 | ||||||
L3Harris Technologies, Inc. | 16,392 | 3,961,946 | ||||||
Lam Research Corp. | 7,436 | 3,168,851 | ||||||
Las Vegas Sands Corp.* | 81,575 | 2,740,104 | ||||||
Lululemon Athletica, Inc.* | 13,406 | 3,654,610 | ||||||
Mastercard, Inc. (Class A Stock) | 40,824 | 12,879,156 | ||||||
Match Group, Inc.* | 32,232 | 2,246,248 | ||||||
Medtronic PLC | 76,649 | 6,879,248 | ||||||
Merck & Co., Inc. | 75,518 | 6,884,976 | ||||||
Meta Platforms, Inc. (Class A Stock)* | 30,237 | 4,875,716 | ||||||
Microsoft Corp. | 188,398 | 48,386,258 | ||||||
Morgan Stanley | 30,124 | 2,291,231 | ||||||
MSCI, Inc. | 15,755 | 6,493,423 | ||||||
News Corp. (Class A Stock) | 358,854 | 5,590,945 | ||||||
NextEra Energy, Inc. | 73,973 | 5,729,949 | ||||||
NIKE, Inc. (Class B Stock) | 25,133 | 2,568,593 | ||||||
NVIDIA Corp. | 49,116 | 7,445,494 | ||||||
Pfizer, Inc. | 102,333 | 5,365,319 | ||||||
Philip Morris International, Inc. | 66,694 | 6,585,366 | ||||||
QUALCOMM, Inc. | 84,007 | 10,731,054 | ||||||
Roche Holding AG | 13,400 | 4,471,834 | ||||||
Roper Technologies, Inc. | 4,835 | 1,908,133 | ||||||
RPM International, Inc. | 35,990 | 2,833,133 | ||||||
Salesforce, Inc.* | 23,458 | 3,871,508 |
SEE NOTES TO FINANCIAL STATEMENTS.
A5
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
United States (cont’d.) | ||||||||
Sempra Energy | 59,396 | $ | 8,925,437 | |||||
ServiceNow, Inc.* | 9,605 | 4,567,370 | ||||||
Sherwin-Williams Co. (The) | 25,934 | 5,806,882 | ||||||
Signify NV, 144A | 27,400 | 909,966 | ||||||
Southern Co. (The) | 199,283 | 14,210,871 | ||||||
Southwest Airlines Co.* | 74,985 | 2,708,458 | ||||||
Stellantis NV | 74,557 | 921,072 | ||||||
Stericycle, Inc.*(a) | 62,515 | 2,741,283 | ||||||
STERIS PLC | 8,891 | 1,832,880 | ||||||
Synopsys, Inc.* | 8,786 | 2,668,308 | ||||||
Take-Two Interactive Software, Inc.* | 7,221 | 884,789 | ||||||
Tenaris SA | 150,095 | 1,928,249 | ||||||
Texas Instruments, Inc. | 32,839 | 5,045,712 | ||||||
Thermo Fisher Scientific, Inc. | 23,874 | 12,970,267 | ||||||
TJX Cos., Inc. (The) | 117,190 | 6,545,062 | ||||||
TransUnion | 42,095 | 3,367,179 | ||||||
Tyson Foods, Inc. (Class A Stock) | 10,623 | 914,215 | ||||||
United Parcel Service, Inc. (Class B Stock) | 64,795 | 11,827,679 | ||||||
UnitedHealth Group, Inc. | 3,627 | 1,862,936 | ||||||
Verisk Analytics, Inc. | 33,578 | 5,812,016 | ||||||
Vertex Pharmaceuticals, Inc.* | 18,197 | 5,127,733 | ||||||
Visa, Inc. (Class A Stock)(a) | 55,329 | 10,893,727 | ||||||
Vulcan Materials Co. | 35,248 | 5,008,741 | ||||||
Walmart, Inc. | 69,726 | 8,477,287 | ||||||
Walt Disney Co. (The)* | 81,996 | 7,740,422 | ||||||
Wells Fargo & Co. | 325,938 | 12,766,992 | ||||||
Welltower, Inc., REIT(a) | 37,362 | 3,076,761 | ||||||
Weyerhaeuser Co., REIT | 233,334 | 7,728,022 | ||||||
Zimmer Biomet Holdings, Inc. | 66,970 | 7,035,868 | ||||||
Zoetis, Inc. | 31,167 | 5,357,296 | ||||||
|
| |||||||
761,120,147 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 1,131,422,180 | ||||||
|
| |||||||
PREFERRED STOCKS — 0.3% |
| |||||||
Germany — 0.1% | ||||||||
Porsche Automobil Holding SE (PRFC) | 11,600 | 765,303 | ||||||
|
| |||||||
United States — 0.2% | ||||||||
Becton, Dickinson & Co., Series B, CVT, 6.000%, Maturing 06/01/23(a) | 18,231 | 901,705 | ||||||
Elanco Animal Health, Inc., CVT, 5.000%, Maturing 02/01/23 | 2,497 | 80,004 | ||||||
Southern Co. (The), Series 2019, CVT, 6.750%, Maturing 08/01/22 | 30,280 | 1,604,234 | ||||||
|
| |||||||
2,585,943 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| 3,351,246 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 1,134,773,426 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 6.1% |
| |||||||
AFFILIATED MUTUAL FUNDS — 5.1% |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 16,917,852 | $ | 16,917,852 | |||||
PGIM Institutional Money Market Fund (cost $42,323,930; includes $42,288,477 of cash collateral for securities on loan)(b)(wa) | 42,379,353 | 42,341,212 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 59,259,064 | ||||||
|
| |||||||
UNAFFILIATED FUND — 1.0% |
| |||||||
Dreyfus Government Cash Management (Institutional Shares) | 11,926,829 | 11,926,829 | ||||||
|
| |||||||
(cost $11,926,829) | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 71,185,893 | ||||||
|
| |||||||
TOTAL INVESTMENTS—102.8% |
| 1,205,959,319 | ||||||
Liabilities in excess of other assets — (2.8)% |
| (33,120,360 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,172,838,959 | ||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $40,911,405; cash collateral of $42,288,477 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
SEE NOTES TO FINANCIAL STATEMENTS.
A6
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Assets | ||||||||||||
Long-Term Investments | ||||||||||||
Common Stocks | ||||||||||||
Australia | $ | — | $ | 16,628,551 | $ | — | ||||||
Austria | — | 2,820,353 | — | |||||||||
Belgium | — | 4,024,923 | — | |||||||||
Brazil | 2,066,192 | 786,182 | — | |||||||||
Canada | 20,186,114 | — | — | |||||||||
China | 1,455,135 | 2,757,766 | — | |||||||||
Denmark | — | 15,647,766 | — | |||||||||
Finland | — | 4,784,436 | — | |||||||||
France | 13,547,799 | 45,615,460 | — | |||||||||
Germany | 3,987,254 | 19,635,622 | — | |||||||||
Hong Kong | — | 4,557,814 | — | |||||||||
India | 4,841,274 | 5,571,704 | — | |||||||||
Ireland | 9,167,476 | 1,717,382 | — | |||||||||
Italy | — | 4,742,115 | — | |||||||||
Japan | — | 51,197,588 | — | |||||||||
Netherlands | 3,328,305 | 15,976,060 | — | |||||||||
New Zealand | — | 1,406,237 | — | |||||||||
Norway | — | 3,256,294 | — | |||||||||
Singapore | — | 1,193,308 | — | |||||||||
South Africa | — | 1,727,535 | — | |||||||||
Spain | — | 9,211,429 | — | |||||||||
Sweden | — | 14,446,266 | — | |||||||||
Switzerland | 2,997,117 | 23,932,260 | — | |||||||||
Taiwan | — | 3,151,498 | — | |||||||||
United Kingdom | 2,594,383 | 51,342,435 | — | |||||||||
United States | 747,997,251 | 13,122,896 | — | |||||||||
Preferred Stocks | ||||||||||||
Germany | — | 765,303 | — | |||||||||
United States | 2,585,943 | — | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 59,259,064 | — | — | |||||||||
Unaffiliated Fund | 11,926,829 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 885,940,136 | $ | 320,019,183 | $ | — | ||||||
|
|
|
|
|
|
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Software | 8.2 | % | ||
Pharmaceuticals | 5.5 | |||
Affiliated Mutual Funds (3.6% represents investments purchased with collateral from securities on loan) | 5.1 | |||
Health Care Equipment & Supplies | 4.9 | |||
Banks | 4.6 | |||
Oil, Gas & Consumable Fuels | 4.4 | |||
IT Services | 4.1 | |||
Insurance | 4.0 | |||
Semiconductors & Semiconductor Equipment | 3.8 | |||
Capital Markets | 3.4 | |||
Interactive Media & Services | 3.2 |
Life Sciences Tools & Services | 3.0 | % | ||
Chemicals | 2.6 | |||
Equity Real Estate Investment Trusts (REITs) | 2.6 | |||
Electric Utilities | 2.5 | |||
Health Care Providers & Services | 2.1 | |||
Professional Services | 1.9 | |||
Aerospace & Defense | 1.8 | |||
Internet & Direct Marketing Retail | 1.7 | |||
Machinery | 1.7 | |||
Hotels, Restaurants & Leisure | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.6 | |||
Industrial Conglomerates | 1.4 |
SEE NOTES TO FINANCIAL STATEMENTS.
A7
PSF GLOBAL PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification (continued):
Multi-Utilities | 1.4 | % | ||
Air Freight & Logistics | 1.3 | |||
Food & Staples Retailing | 1.3 | |||
Media | 1.2 | |||
Food Products | 1.2 | |||
Biotechnology | 1.2 | |||
Entertainment | 1.1 | |||
Electronic Equipment, Instruments & Components | 1.1 | |||
Household Products | 1.0 | |||
Unaffiliated Fund | 1.0 | |||
Textiles, Apparel & Luxury Goods | 0.9 | |||
Specialty Retail | 0.9 | |||
Tobacco | 0.9 | |||
Containers & Packaging | 0.9 | |||
Metals & Mining | 0.9 | |||
Road & Rail | 0.8 | |||
Trading Companies & Distributors | 0.7 | |||
Automobiles | 0.7 | |||
Diversified Telecommunication Services | 0.7 | |||
Beverages | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Personal Products | 0.7 | |||
Building Products | 0.7 |
Construction & Engineering | 0.6 | % | ||
Commercial Services & Supplies | 0.6 | |||
Construction Materials | 0.6 | |||
Airlines | 0.5 | |||
Multiline Retail | 0.5 | |||
Electrical Equipment | 0.5 | |||
Communications Equipment | 0.4 | |||
Auto Components | 0.3 | |||
Household Durables | 0.2 | |||
Marine | 0.2 | |||
Energy Equipment & Services | 0.2 | |||
Real Estate Management & Development | 0.2 | |||
Consumer Finance | 0.1 | |||
Wireless Telecommunication Services | 0.1 | |||
Thrifts & Mortgage Finance | 0.1 | |||
Gas Utilities | 0.0 | * | ||
Paper & Forest Products | 0.0 | * | ||
|
| |||
102.8 | ||||
Liabilities in excess of other assets | (2.8 | ) | ||
|
| |||
100.0 | % | |||
|
|
* Less than +/- 0.05%
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio 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 | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(1) | Net Amount | |||
| ||||||
Securities on Loan | $40,911,405 | $(40,911,405) | $— | |||
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A8
PSF GLOBAL PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments at value, including securities on loan of $40,911,405: | ||||
Unaffiliated investments (cost $1,029,713,580) | $ | 1,146,700,255 | ||
Affiliated investments (cost $59,241,782) | 59,259,064 | |||
Foreign currency, at value (cost $5,346,133) | 5,219,502 | |||
Receivable for investments sold | 4,730,904 | |||
Tax reclaim receivable | 2,165,958 | |||
Dividends and interest receivable | 1,658,710 | |||
Receivable from affiliate | 12,633 | |||
Receivable for Portfolio shares sold | 3,259 | |||
Prepaid expenses | 2,109 | |||
|
| |||
Total Assets | 1,219,752,394 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 42,288,477 | |||
Payable for investments purchased | 2,777,717 | |||
Payable to affiliate | 889,560 | |||
Management fee payable | 698,476 | |||
Payable for Portfolio shares purchased | 151,910 | |||
Accrued expenses and other liabilities | 105,113 | |||
Trustees’ fees payable | 1,091 | |||
Affiliated transfer agent fee payable | 980 | |||
Distribution fee payable | 111 | |||
|
| |||
Total Liabilities | 46,913,435 | |||
|
| |||
NET ASSETS | $ | 1,172,838,959 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 1,172,838,959 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $1,172,312,397 / 26,127,928 outstanding shares of beneficial interest | $ | 44.87 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $526,562 / 11,771 outstanding shares of beneficial interest | $ | 44.73 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income (net of $1,170,809 foreign withholding tax, of which $131,084 is reimbursable by an affiliate) | $ | 14,573,154 | ||
Income from securities lending, net (including affiliated income of $20,743) | 59,027 | |||
Affiliated dividend income | 57,330 | |||
Interest income | 3,514 | |||
|
| |||
Total income | 14,693,025 | |||
|
| |||
EXPENSES | ||||
Management fee | 4,985,317 | |||
Distribution fee—Class III | 567 | |||
Custodian and accounting fees | 115,317 | |||
Shareholders’ reports | 33,164 | |||
Trustees’ fees | 15,161 | |||
Audit fee | 14,282 | |||
Legal fees and expenses | 14,050 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 28,796 | |||
|
| |||
Total expenses | 5,211,951 | |||
Less: Fee waivers and/or expense reimbursement | (269,455 | ) | ||
|
| |||
Net expenses | 4,942,496 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 9,750,529 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(7,728)) | 137,567,654 | |||
Foreign currency transactions | (258,672 | ) | ||
|
| |||
137,308,982 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $325) | (463,034,967 | ) | ||
Foreign currencies | (197,085 | ) | ||
|
| |||
(463,232,052 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (325,923,070 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (316,172,541 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended | Year Ended | |||||||
June 30, 2022 | December 31, 2021 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | 9,750,529 | $ | 12,649,098 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 137,308,982 | 117,432,711 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (463,232,052 | ) | 113,015,658 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (316,172,541 | ) | 243,097,467 | |||||
|
|
|
| |||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||
Portfolio shares sold | 9,419,887 | 17,833,148 | ||||||
Portfolio shares purchased | (39,084,285 | ) | (119,303,863 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (29,664,398 | ) | (101,470,715 | ) | ||||
|
|
|
| |||||
TOTAL INCREASE (DECREASE) | (345,836,939 | ) | 141,626,752 | |||||
NET ASSETS: | ||||||||
Beginning of period | 1,518,675,898 | 1,377,049,146 | ||||||
|
|
|
| |||||
End of period | $ | 1,172,838,959 | $ | 1,518,675,898 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A9
PSF GLOBAL PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited) |
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | |||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 56.82 | $ | 48.06 | $ | 41.49 | $ | 31.83 | $ | 34.33 | $ | 27.50 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.37 | 0.46 | 0.41 | 0.52 | 0.47 | 0.42 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (12.32 | ) | 8.30 | 6.16 | 9.14 | (2.99 | ) | 6.41 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total from investment operations | (11.95 | ) | 8.76 | 6.57 | 9.66 | (2.52 | ) | 6.83 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Capital Contributions | — | — | — | — | (b)(c) | 0.02 | (b) | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 44.87 | $ | 56.82 | $ | 48.06 | $ | 41.49 | $ | 31.83 | $ | 34.33 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total Return(d) | (21.03 | )% | 18.23 | % | 15.84 | % | 30.39 | %(e) | (7.28 | )%(f) | 24.84 | % | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,172.3 | $ | 1,518.5 | $ | 1,377.0 | $ | 1,263.7 | $ | 1,006.6 | $ | 1,132.9 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 1,340.0 | $ | 1,472.2 | $ | 1,190.6 | $ | 1,157.5 | $ | 1,139.9 | $ | 1,051.8 | |||||||||||||||||||||||
Ratios to average net assets(g): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.74 | %(h) | 0.74 | % | 0.76 | % | 0.77 | % | 0.77 | % | 0.79 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.78 | %(h) | 0.78 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.81 | % | |||||||||||||||||||||||
Net investment income (loss) | 1.47 | %(h) | 0.86 | % | 1.01 | % | 1.41 | % | 1.33 | % | 1.34 | % | |||||||||||||||||||||||
Portfolio turnover rate(i) | 36 | % | 21 | % | 34 | % | 26 | % | 28 | % | 33 | % |
Class III | ||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(j) through December 31, 2021 | |||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 56.72 | $ | 53.13 | ||||||
|
|
|
| |||||||
Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | 0.37 | 0.15 | ||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (12.36 | ) | 3.44 | |||||||
|
|
|
| |||||||
Total from investment operations | (11.99 | ) | 3.59 | |||||||
|
|
|
| |||||||
Net Asset Value, end of period | $ | 44.73 | $ | 56.72 | ||||||
|
|
|
| |||||||
Total Return(d) | (21.14 | )% | 6.76 | % | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 0.5 | $ | 0.2 | ||||||
Average net assets (in millions) | $ | 0.5 | $ | 0.1 | ||||||
Ratios to average net assets(g): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.99 | %(h) | 0.99 | %(k) | ||||||
Expenses before waivers and/or expense reimbursement | 1.03 | %(h) | 1.03 | %(k) | ||||||
Net investment income (loss) | 1.48 | %(h) | 0.40 | %(k) | ||||||
Portfolio turnover rate(i) | 36 | % | 21 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(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, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) | Total return for the year includes the impact of the capital contribution, which was not material to the total return. |
(f) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (7.34)%. |
(g) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(h) | Annualized. |
(i) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(j) | Commencement of offering. |
(k) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A10
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 85.5% |
| |||||||
COMMON STOCKS — 48.2% |
| |||||||
Aerospace & Defense — 0.8% |
| |||||||
BAE Systems PLC (United Kingdom) | 6,901 | $ | 69,672 | |||||
Boeing Co. (The)* | 19,650 | 2,686,548 | ||||||
General Dynamics Corp. | 8,200 | 1,814,250 | ||||||
Howmet Aerospace, Inc. | 14,080 | 442,816 | ||||||
Huntington Ingalls Industries, Inc. | 1,400 | 304,948 | ||||||
L3Harris Technologies, Inc. | 6,970 | 1,684,649 | ||||||
Lockheed Martin Corp. | 8,520 | 3,663,259 | ||||||
Northrop Grumman Corp. | 5,162 | 2,470,378 | ||||||
Raytheon Technologies Corp.(a) | 52,655 | 5,060,672 | ||||||
Singapore Technologies Engineering Ltd. (Singapore) | 3,400 | 9,996 | ||||||
Textron, Inc. | 8,000 | 488,560 | ||||||
TransDigm Group, Inc.* | 1,820 | 976,740 | ||||||
|
| |||||||
19,672,488 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.3% |
| |||||||
C.H. Robinson Worldwide, Inc.(a) | 4,700 | 476,439 | ||||||
Deutsche Post AG (Germany) | 2,128 | 79,959 | ||||||
DSV A/S (Denmark) | 837 | 117,679 | ||||||
Expeditors International of Washington, Inc. | 5,900 | 575,014 | ||||||
FedEx Corp. | 8,480 | 1,922,501 | ||||||
United Parcel Service, Inc. | 26,000 | 4,746,040 | ||||||
|
| |||||||
7,917,632 | ||||||||
|
| |||||||
Airlines — 0.1% |
| |||||||
Alaska Air Group, Inc.* | 4,300 | 172,215 | ||||||
American Airlines Group, Inc.*(a) | 22,500 | 285,300 | ||||||
Delta Air Lines, Inc.* | 22,200 | 643,134 | ||||||
Southwest Airlines Co.* | 20,600 | 744,072 | ||||||
United Airlines Holdings, Inc.* | 11,200 | 396,704 | ||||||
|
| |||||||
2,241,425 | ||||||||
|
| |||||||
Auto Components — 0.1% |
| |||||||
Aptiv PLC* | 9,400 | 837,258 | ||||||
BorgWarner, Inc.(a) | 8,700 | 290,319 | ||||||
Cie Generale des Etablissements Michelin SCA (France) | 6,480 | 176,464 | ||||||
Koito Manufacturing Co. Ltd. (Japan) | 5,500 | 173,388 | ||||||
Stanley Electric Co. Ltd. (Japan) | 300 | 4,894 | ||||||
|
| |||||||
1,482,323 | ||||||||
|
| |||||||
Automobiles — 1.0% |
| |||||||
Bayerische Motoren Werke AG (Germany) | 2,470 | 190,097 | ||||||
Ferrari NV (Italy) | 270 | 49,576 | ||||||
Ford Motor Co. | 138,785 | 1,544,677 | ||||||
General Motors Co.* | 51,300 | 1,629,288 | ||||||
Mazda Motor Corp. (Japan) | 1,300 | 10,542 | ||||||
Mercedes-Benz Group AG (Germany) | 1,861 | 107,667 | ||||||
Stellantis NV | 16,820 | 208,118 | ||||||
Tesla, Inc.* | 29,700 | 20,000,574 | ||||||
Toyota Motor Corp. (Japan) | 9,500 | 146,030 | ||||||
Volkswagen AG (Germany) | 65 | 11,886 | ||||||
Yamaha Motor Co. Ltd. (Japan) | 9,500 | 173,989 | ||||||
|
| |||||||
24,072,444 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Banks — 1.8% |
| |||||||
Australia & New Zealand Banking Group Ltd. (Australia) | 6,039 | $ | 91,805 | |||||
Banco Santander SA (Spain) | 66,439 | 187,489 | ||||||
Bank Hapoalim BM (Israel) | 24,327 | 203,758 | ||||||
Bank Leumi Le-Israel BM (Israel) | 24,516 | 217,931 | ||||||
Bank of America Corp. | 250,741 | 7,805,567 | ||||||
Barclays PLC (United Kingdom) | 128,706 | 241,207 | ||||||
BNP Paribas SA (France) | 2,435 | 116,705 | ||||||
Citigroup, Inc. | 68,735 | 3,161,123 | ||||||
Citizens Financial Group, Inc. | 17,100 | 610,299 | ||||||
Comerica, Inc.(a) | 4,500 | 330,210 | ||||||
Commonwealth Bank of Australia (Australia) | 585 | 36,477 | ||||||
DBS Group Holdings Ltd. (Singapore) | 12,300 | 263,202 | ||||||
Fifth Third Bancorp(a) | 23,721 | 797,026 | ||||||
First Republic Bank | 6,400 | 922,880 | ||||||
HSBC Holdings PLC (United Kingdom) | 13,944 | 91,165 | ||||||
Huntington Bancshares, Inc. | 50,236 | 604,339 | ||||||
ING Groep NV (Netherlands) | 8,003 | 79,364 | ||||||
Israel Discount Bank Ltd. (Israel) (Class A Stock) | 33,839 | 175,930 | ||||||
JPMorgan Chase & Co. | 103,945 | 11,705,246 | ||||||
KeyCorp | 32,300 | 556,529 | ||||||
Lloyds Banking Group PLC (United Kingdom) | 500,453 | 257,724 | ||||||
M&T Bank Corp. | 6,405 | 1,020,893 | ||||||
National Australia Bank Ltd. (Australia) | 3,571 | 67,479 | ||||||
NatWest Group PLC (United Kingdom) | 52,927 | 141,335 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) | 7,300 | 59,912 | ||||||
PNC Financial Services Group, Inc. (The) | 14,633 | 2,308,648 | ||||||
Regions Financial Corp. | 33,103 | 620,681 | ||||||
Signature Bank | 2,300 | 412,183 | ||||||
SVB Financial Group* | 2,040 | 805,780 | ||||||
Swedbank AB (Sweden) (Class A Stock) | 1,800 | 22,742 | ||||||
Truist Financial Corp. | 47,101 | 2,234,000 | ||||||
U.S. Bancorp | 47,685 | 2,194,464 | ||||||
United Overseas Bank Ltd. (Singapore) | 2,600 | 49,169 | ||||||
Wells Fargo & Co. | 134,164 | 5,255,204 | ||||||
Zions Bancorp NA | 5,650 | 287,585 | ||||||
|
| |||||||
43,936,051 | ||||||||
|
| |||||||
Beverages — 0.9% |
| |||||||
Brown-Forman Corp. (Class B Stock) | 6,375 | 447,270 | ||||||
Coca-Cola Co. (The) | 138,101 | 8,687,934 | ||||||
Coca-Cola HBC AG (Italy) | 6,261 | 139,094 | ||||||
Constellation Brands, Inc. | 5,900 | 1,375,054 | ||||||
Diageo PLC (United Kingdom) | 931 | 40,090 | ||||||
Heineken Holding NV (Netherlands) | 248 | 18,092 | ||||||
Keurig Dr. Pepper, Inc.(a) | 26,100 | 923,679 | ||||||
Molson Coors Beverage Co. (Class B Stock)(a) | 6,500 | 354,315 | ||||||
Monster Beverage Corp.* | 13,400 | 1,242,180 | ||||||
PepsiCo, Inc. | 49,007 | 8,167,507 | ||||||
|
| |||||||
21,395,215 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A11
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Biotechnology — 1.0% |
| |||||||
AbbVie, Inc. | 62,401 | $ | 9,557,337 | |||||
Amgen, Inc. | 19,237 | 4,680,362 | ||||||
Biogen, Inc.* | 5,260 | 1,072,724 | ||||||
Gilead Sciences, Inc. | 44,100 | 2,725,821 | ||||||
Incyte Corp.*(a) | 6,900 | 524,193 | ||||||
Moderna, Inc.* | 12,250 | 1,749,913 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,820 | 2,258,117 | ||||||
Vertex Pharmaceuticals, Inc.* | 9,000 | 2,536,110 | ||||||
|
| |||||||
25,104,577 | ||||||||
|
| |||||||
Building Products — 0.2% |
| |||||||
A.O. Smith Corp.(a) | 4,600 | 251,528 | ||||||
AGC, Inc. (Japan) | 3,700 | 128,337 | ||||||
Allegion PLC | 3,133 | 306,721 | ||||||
Assa Abloy AB (Sweden) (Class B Stock) | 2,184 | 46,527 | ||||||
Carrier Global Corp. | 30,102 | 1,073,437 | ||||||
Cie de Saint-Gobain (France) | 4,482 | 192,899 | ||||||
Fortune Brands Home & Security, Inc. | 4,900 | 293,412 | ||||||
Johnson Controls International PLC | 24,622 | 1,178,901 | ||||||
Masco Corp.(a) | 8,500 | 430,100 | ||||||
Trane Technologies PLC | 8,200 | 1,064,934 | ||||||
Xinyi Glass Holdings Ltd. (China) | 4,000 | 9,589 | ||||||
|
| |||||||
4,976,385 | ||||||||
|
| |||||||
Capital Markets — 1.4% |
| |||||||
3i Group PLC (United Kingdom) | 14,126 | 190,411 | ||||||
abrdn PLC (United Kingdom) | 4,734 | 9,208 | ||||||
Ameriprise Financial, Inc. | 4,020 | 955,474 | ||||||
Amundi SA (France), 144A | 128 | 7,006 | ||||||
ASX Ltd. (Australia) | 420 | 23,655 | ||||||
Bank of New York Mellon Corp. (The) | 26,358 | 1,099,392 | ||||||
BlackRock, Inc. | 5,030 | 3,063,471 | ||||||
Cboe Global Markets, Inc. | 3,700 | 418,803 | ||||||
Charles Schwab Corp. (The) | 53,350 | 3,370,653 | ||||||
CME Group, Inc. | 12,700 | 2,599,690 | ||||||
Daiwa Securities Group, Inc. (Japan) | 23,200 | 103,413 | ||||||
Deutsche Bank AG (Germany) | 4,410 | 38,516 | ||||||
FactSet Research Systems, Inc. | 1,400 | 538,398 | ||||||
Franklin Resources, Inc. | 9,700 | 226,107 | ||||||
Goldman Sachs Group, Inc. (The) | 12,180 | 3,617,704 | ||||||
Intercontinental Exchange, Inc. | 19,855 | 1,867,164 | ||||||
Invesco Ltd. | 11,800 | 190,334 | ||||||
Julius Baer Group Ltd. (Switzerland) | 468 | 21,573 | ||||||
Macquarie Group Ltd. (Australia) | 2,303 | 261,453 | ||||||
MarketAxess Holdings, Inc. | 1,420 | 363,534 | ||||||
Moody’s Corp. | 5,750 | 1,563,827 | ||||||
Morgan Stanley | 49,519 | 3,766,415 | ||||||
MSCI, Inc. | 2,860 | 1,178,749 | ||||||
Nasdaq, Inc. | 4,200 | 640,668 | ||||||
Northern Trust Corp. | 7,200 | 694,656 | ||||||
Raymond James Financial, Inc. | 6,750 | 603,518 | ||||||
S&P Global, Inc. | 12,260 | 4,132,356 | ||||||
SBI Holdings, Inc. (Japan) | 3,900 | 76,376 | ||||||
Singapore Exchange Ltd. (Singapore) | 1,800 | 12,262 | ||||||
State Street Corp. | 12,700 | 782,955 | ||||||
T. Rowe Price Group, Inc.(a) | 8,000 | 908,880 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Capital Markets (cont’d.) | ||||||||
UBS Group AG (Switzerland) | 20,471 | $ | 330,574 | |||||
|
| |||||||
33,657,195 | ||||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
Air Products & Chemicals, Inc. | 7,900 | 1,899,792 | ||||||
Albemarle Corp. | 4,200 | 877,716 | ||||||
Arkema SA (France) | 130 | 11,607 | ||||||
Celanese Corp. | 3,900 | 458,679 | ||||||
CF Industries Holdings, Inc. | 7,400 | 634,402 | ||||||
Corteva, Inc. | 25,347 | 1,372,287 | ||||||
Covestro AG (Germany), 144A | 422 | 14,624 | ||||||
Dow, Inc. | 25,647 | 1,323,642 | ||||||
DuPont de Nemours, Inc. | 17,947 | 997,494 | ||||||
Eastman Chemical Co. | 4,600 | 412,942 | ||||||
Ecolab, Inc. | 8,800 | 1,353,088 | ||||||
FMC Corp. | 4,600 | 492,246 | ||||||
ICL Group Ltd. (Israel) | 19,140 | 174,138 | ||||||
International Flavors & Fragrances, Inc. | 8,800 | 1,048,256 | ||||||
Linde PLC (United Kingdom)(a) | 17,800 | 5,118,034 | ||||||
LyondellBasell Industries NV (Class A Stock) | 9,100 | 795,886 | ||||||
Mitsubishi Chemical Group Corp. (Japan) | 2,800 | 15,304 | ||||||
Mitsui Chemicals, Inc. (Japan) | 7,800 | 166,124 | ||||||
Mosaic Co. (The) | 13,000 | 613,990 | ||||||
Nitto Denko Corp. (Japan) | 300 | 19,392 | ||||||
PPG Industries, Inc. | 8,200 | 937,588 | ||||||
Sherwin-Williams Co. (The) | 8,550 | 1,914,430 | ||||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 700 | 78,783 | ||||||
Solvay SA (Belgium) | 155 | 12,548 | ||||||
Sumitomo Chemical Co. Ltd. (Japan) | 3,100 | 12,069 | ||||||
Tosoh Corp. (Japan) | 13,700 | 169,865 | ||||||
Yara International ASA (Brazil) | 3,990 | 166,855 | ||||||
|
| |||||||
21,091,781 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.2% |
| |||||||
Cintas Corp. | 3,220 | 1,202,767 | ||||||
Copart, Inc.* | 7,400 | 804,084 | ||||||
Dai Nippon Printing Co. Ltd. (Japan) | 500 | 10,771 | ||||||
Rentokil Initial PLC (United Kingdom) | 3,827 | 22,130 | ||||||
Republic Services, Inc. | 7,265 | 950,770 | ||||||
Rollins, Inc.(a) | 8,700 | 303,804 | ||||||
Securitas AB (Sweden) (Class B Stock) | 663 | 5,726 | ||||||
Waste Management, Inc. | 13,942 | 2,132,847 | ||||||
|
| |||||||
5,432,899 | ||||||||
|
| |||||||
Communications Equipment — 0.4% |
| |||||||
Arista Networks, Inc.* | 7,800 | 731,172 | ||||||
Cisco Systems, Inc. | 147,000 | 6,268,080 | ||||||
F5, Inc.* | 2,200 | 336,688 | ||||||
Juniper Networks, Inc.(a) | 12,000 | 342,000 | ||||||
Motorola Solutions, Inc. | 5,889 | 1,234,334 | ||||||
Nokia OYJ (Finland) | 49,351 | 228,784 | ||||||
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 6,212 | 46,322 | ||||||
|
| |||||||
9,187,380 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A12
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Construction & Engineering — 0.0% |
| |||||||
ACS Actividades de Construccion y Servicios SA (Spain) | 500 | $ | 12,135 | |||||
Eiffage SA (France) | 642 | 57,869 | ||||||
Quanta Services, Inc.(a) | 5,100 | 639,234 | ||||||
Skanska AB (Sweden) (Class B Stock) | 9,131 | 140,254 | ||||||
Taisei Corp. (Japan) | 500 | 15,550 | ||||||
Vinci SA (France) | 1,115 | 99,427 | ||||||
|
| |||||||
964,469 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
HeidelbergCement AG (Germany) | 323 | 15,530 | ||||||
Martin Marietta Materials, Inc. | 2,280 | 682,267 | ||||||
Vulcan Materials Co. | 4,800 | 682,080 | ||||||
|
| |||||||
1,379,877 | ||||||||
|
| |||||||
Consumer Finance — 0.3% |
| |||||||
American Express Co. | 21,700 | 3,008,054 | ||||||
Capital One Financial Corp. | 13,961 | 1,454,596 | ||||||
Discover Financial Services | 10,140 | 959,041 | ||||||
Synchrony Financial | 17,772 | 490,863 | ||||||
|
| |||||||
5,912,554 | ||||||||
|
| |||||||
Containers & Packaging — 0.2% |
| |||||||
Amcor PLC(a) | 53,250 | 661,897 | ||||||
Avery Dennison Corp. | 2,900 | 469,423 | ||||||
Ball Corp. | 11,200 | 770,224 | ||||||
International Paper Co. | 13,473 | 563,576 | ||||||
Packaging Corp. of America | 3,500 | 481,250 | ||||||
Sealed Air Corp. | 5,100 | 294,372 | ||||||
Westrock Co. | 9,744 | 388,201 | ||||||
|
| |||||||
3,628,943 | ||||||||
|
| |||||||
Distributors — 0.1% |
| |||||||
Genuine Parts Co. | 4,900 | 651,700 | ||||||
LKQ Corp. | 9,300 | 456,537 | ||||||
Pool Corp. | 1,480 | 519,820 | ||||||
|
| |||||||
1,628,057 | ||||||||
|
| |||||||
Diversified Financial Services — 0.7% |
| |||||||
Berkshire Hathaway, Inc. (Class B Stock)* | 64,180 | 17,522,424 | ||||||
EXOR NV (Netherlands) | 234 | 14,604 | ||||||
Industrivarden AB (Sweden) (Class A Stock) | 49 | 1,104 | ||||||
Investor AB (Sweden) (Class A Stock) | 1,064 | 19,130 | ||||||
Investor AB (Sweden) (Class B Stock) | 3,828 | 63,028 | ||||||
ORIX Corp. (Japan) | 2,700 | 45,149 | ||||||
|
| |||||||
17,665,439 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.6% |
| |||||||
AT&T, Inc. | 253,336 | 5,309,923 | ||||||
Deutsche Telekom AG (Germany) | 10,365 | 205,864 | ||||||
Koninklijke KPN NV (Netherlands) | 48,562 | 172,970 | ||||||
Lumen Technologies, Inc.(a) | 33,779 | 368,529 | ||||||
Nippon Telegraph & Telephone Corp. (Japan) | 3,900 | 111,975 | ||||||
Spark New Zealand Ltd. (New Zealand) | 16,168 | 48,458 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Telecommunication Services (cont’d.) |
| |||||||
Telefonica Deutschland Holding AG (Germany) | 2,375 | $ | 6,813 | |||||
Telefonica SA (Spain) | 11,373 | 57,916 | ||||||
Verizon Communications, Inc. | 148,076 | 7,514,857 | ||||||
|
| |||||||
13,797,305 | ||||||||
|
| |||||||
Electric Utilities — 0.9% |
| |||||||
Alliant Energy Corp. | 8,700 | 509,907 | ||||||
American Electric Power Co., Inc.(a) | 18,160 | 1,742,270 | ||||||
CK Infrastructure Holdings Ltd. (Hong Kong) | 1,500 | 9,199 | ||||||
Constellation Energy Corp. | 11,304 | 647,267 | ||||||
Duke Energy Corp. | 27,161 | 2,911,931 | ||||||
Edison International | 13,200 | 834,768 | ||||||
Electricite de France SA (France) | 1,206 | 9,851 | ||||||
Endesa SA (Spain) | 10,083 | 190,378 | ||||||
Enel SpA (Italy) | 17,242 | 94,485 | ||||||
Entergy Corp. | 7,000 | 788,480 | ||||||
Evergy, Inc. | 7,900 | 515,475 | ||||||
Eversource Energy | 11,900 | 1,005,193 | ||||||
Exelon Corp. | 34,713 | 1,573,193 | ||||||
FirstEnergy Corp. | 19,956 | 766,111 | ||||||
Fortum OYJ (Finland) | 930 | 13,939 | ||||||
Iberdrola SA (Spain) | 19,293 | 200,042 | ||||||
NextEra Energy, Inc. | 69,600 | 5,391,216 | ||||||
NRG Energy, Inc. | 8,700 | 332,079 | ||||||
Pinnacle West Capital Corp.(a) | 4,100 | 299,792 | ||||||
Power Assets Holdings Ltd. (Hong Kong) | 3,000 | 18,879 | ||||||
PPL Corp. | 26,100 | 708,093 | ||||||
Southern Co. (The) | 37,300 | 2,659,863 | ||||||
SSE PLC (United Kingdom) | 7,676 | 151,093 | ||||||
Terna - Rete Elettrica Nazionale (Italy) | 1,554 | 12,195 | ||||||
Xcel Energy, Inc. | 19,110 | 1,352,224 | ||||||
|
| |||||||
22,737,923 | ||||||||
|
| |||||||
Electrical Equipment — 0.2% |
| |||||||
AMETEK, Inc. | 8,000 | 879,120 | ||||||
Eaton Corp. PLC | 14,137 | 1,781,121 | ||||||
Emerson Electric Co. | 20,800 | 1,654,432 | ||||||
Generac Holdings, Inc.*(a) | 2,300 | 484,334 | ||||||
Mitsubishi Electric Corp. (Japan) | 4,300 | 46,580 | ||||||
Rockwell Automation, Inc. | 4,200 | 837,102 | ||||||
|
| |||||||
5,682,689 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.3% |
| |||||||
Amphenol Corp. (Class A Stock) | 20,800 | 1,339,104 | ||||||
CDW Corp. | 4,850 | 764,166 | ||||||
Corning, Inc. | 26,700 | 841,317 | ||||||
Hamamatsu Photonics KK (Japan) | 400 | 15,507 | ||||||
Hirose Electric Co. Ltd. (Japan) | 1,000 | 132,421 | ||||||
Keysight Technologies, Inc.* | 6,400 | 882,240 | ||||||
Murata Manufacturing Co. Ltd. (Japan) | 1,300 | 71,143 | ||||||
TDK Corp. (Japan) | 900 | 27,626 | ||||||
TE Connectivity Ltd. (Switzerland) | 11,300 | 1,278,595 | ||||||
Teledyne Technologies, Inc.* | 1,660 | 622,683 | ||||||
Trimble, Inc.* | 8,700 | 506,601 |
SEE NOTES TO FINANCIAL STATEMENTS.
A13
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Equipment, Instruments & Components (cont’d.) |
| |||||||
Zebra Technologies Corp. (Class A Stock)* | 1,970 | $ | 579,082 | |||||
|
| |||||||
7,060,485 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
Baker Hughes Co.(a) | 33,098 | 955,540 | ||||||
Halliburton Co. | 31,100 | 975,296 | ||||||
Schlumberger NV | 49,524 | 1,770,978 | ||||||
|
| |||||||
3,701,814 | ||||||||
|
| |||||||
Entertainment — 0.6% | ||||||||
Activision Blizzard, Inc. | 28,500 | 2,219,010 | ||||||
Electronic Arts, Inc. | 9,800 | 1,192,170 | ||||||
Konami Group Corp. (Japan) | 200 | 11,053 | ||||||
Live Nation Entertainment, Inc.*(a) | 4,900 | 404,642 | ||||||
Netflix, Inc.* | 15,810 | 2,764,695 | ||||||
Nintendo Co. Ltd. (Japan) | 300 | 130,137 | ||||||
Take-Two Interactive Software, Inc.* | 5,400 | 661,662 | ||||||
Walt Disney Co. (The)* | 64,282 | 6,068,221 | ||||||
Warner Bros Discovery, Inc.* | 76,976 | 1,033,018 | ||||||
|
| |||||||
14,484,608 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.4% |
| |||||||
Alexandria Real Estate Equities, Inc.(a) | 5,280 | 765,758 | ||||||
American Tower Corp. | 16,460 | 4,207,011 | ||||||
AvalonBay Communities, Inc. | 5,075 | 985,819 | ||||||
Boston Properties, Inc. | 4,900 | 436,002 | ||||||
Camden Property Trust | 3,800 | 511,024 | ||||||
Crown Castle International Corp. | 15,400 | 2,593,052 | ||||||
Dexus (Australia) | 29,980 | 183,085 | ||||||
Digital Realty Trust, Inc. | 10,100 | 1,311,283 | ||||||
Duke Realty Corp. | 13,200 | 725,340 | ||||||
Equinix, Inc. | 3,184 | 2,091,952 | ||||||
Equity Residential | 12,200 | 881,084 | ||||||
Essex Property Trust, Inc. | 2,350 | 614,549 | ||||||
Extra Space Storage, Inc. | 4,800 | 816,576 | ||||||
Federal Realty OP LP | 2,400 | 229,776 | ||||||
Goodman Group (Australia) | 14,090 | 172,971 | ||||||
Healthpeak Properties, Inc. | 18,700 | 484,517 | ||||||
Host Hotels & Resorts, Inc. | 24,782 | 388,582 | ||||||
Iron Mountain, Inc.(a) | 10,602 | 516,211 | ||||||
Kimco Realty Corp.(a) | 21,400 | 423,078 | ||||||
Klepierre SA (France)* | 435 | 8,358 | ||||||
Land Securities Group PLC (United Kingdom) | 1,495 | 12,111 | ||||||
Mid-America Apartment Communities, Inc. | 4,200 | 733,614 | ||||||
Prologis, Inc. | 26,177 | 3,079,724 | ||||||
Public Storage | 5,520 | 1,725,938 | ||||||
Realty Income Corp.(a) | 21,300 | 1,453,938 | ||||||
Regency Centers Corp. | 5,600 | 332,136 | ||||||
SBA Communications Corp. | 3,800 | 1,216,190 | ||||||
Simon Property Group, Inc. | 11,393 | 1,081,424 | ||||||
Stockland (Australia) | 49,094 | 122,276 | ||||||
UDR, Inc.(a) | 10,300 | 474,212 | ||||||
Ventas, Inc. | 13,868 | 713,231 | ||||||
VICI Properties, Inc.(a) | 34,100 | 1,015,839 | ||||||
Vornado Realty Trust | 6,125 | 175,114 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Equity Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||
Welltower, Inc. | 16,100 | $ | 1,325,835 | |||||
Weyerhaeuser Co. | 26,018 | 861,716 | ||||||
|
| |||||||
32,669,326 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.7% | ||||||||
Carrefour SA (France) | 1,080 | 19,121 | ||||||
Coles Group Ltd. (Australia) | 2,544 | 31,240 | ||||||
Costco Wholesale Corp. | 15,660 | 7,505,525 | ||||||
Endeavour Group Ltd. (Australia) | 2,898 | 15,113 | ||||||
Etablissements Franz Colruyt NV (Belgium) | 120 | 3,261 | ||||||
J Sainsbury PLC (United Kingdom) | 3,717 | 9,239 | ||||||
Jeronimo Martins SGPS SA (Portugal) | 496 | 10,794 | ||||||
Kesko OYJ (Finland) (Class B Stock) | 528 | 12,452 | ||||||
Koninklijke Ahold Delhaize NV (Netherlands) | 9,594 | 250,200 | ||||||
Kroger Co. (The)(a) | 23,492 | 1,111,876 | ||||||
Sysco Corp.(a) | 17,700 | 1,499,367 | ||||||
Tesco PLC (United Kingdom) | 16,328 | 50,706 | ||||||
Walgreens Boots Alliance, Inc. | 25,000 | 947,500 | ||||||
Walmart, Inc. | 49,900 | 6,066,842 | ||||||
Woolworths Group Ltd. (Australia) | 3,879 | 95,229 | ||||||
|
| |||||||
17,628,465 | ||||||||
|
| |||||||
Food Products — 0.6% | ||||||||
Archer-Daniels-Midland Co. | 19,926 | 1,546,257 | ||||||
Campbell Soup Co.(a) | 7,000 | 336,350 | ||||||
Conagra Brands, Inc. | 16,700 | 571,808 | ||||||
General Mills, Inc. | 21,000 | 1,584,450 | ||||||
Hershey Co. (The) | 5,200 | 1,118,832 | ||||||
Hormel Foods Corp. | 10,300 | 487,808 | ||||||
J.M. Smucker Co. (The)(a) | 3,900 | 499,239 | ||||||
Kellogg Co.(a) | 8,900 | 634,926 | ||||||
Kraft Heinz Co. (The) | 24,667 | 940,799 | ||||||
Lamb Weston Holdings, Inc.(a) | 5,400 | 385,884 | ||||||
McCormick & Co., Inc.(a) | 8,740 | 727,605 | ||||||
Mondelez International, Inc. (Class A Stock) | 48,953 | 3,039,492 | ||||||
Nestle SA | 4,179 | 487,671 | ||||||
Orkla ASA (Norway) | 22,383 | 179,043 | ||||||
Tyson Foods, Inc. (Class A Stock) | 10,200 | 877,812 | ||||||
WH Group Ltd. (Hong Kong), 144A | 151,500 | 118,648 | ||||||
Wilmar International Ltd. (China) | 74,800 | 217,842 | ||||||
|
| |||||||
13,754,466 | ||||||||
|
| |||||||
Gas Utilities — 0.0% | ||||||||
Atmos Energy Corp.(a) | 4,800 | 538,080 | ||||||
Enagas SA (Spain) | 544 | 12,029 | ||||||
Osaka Gas Co. Ltd. (Japan) | 800 | 15,316 | ||||||
Snam SpA (Italy) | 937 | 4,908 | ||||||
Tokyo Gas Co. Ltd. (Japan) | 900 | 18,625 | ||||||
|
| |||||||
588,958 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.3% | ||||||||
Abbott Laboratories | 61,950 | 6,730,867 | ||||||
ABIOMED, Inc.* | 1,660 | 410,867 | ||||||
Align Technology, Inc.* | 2,640 | 624,809 | ||||||
Baxter International, Inc. | 17,400 | 1,117,602 |
SEE NOTES TO FINANCIAL STATEMENTS.
A14
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Health Care Equipment & Supplies (cont’d.) |
| |||||||
Becton, Dickinson & Co. | 10,110 | $ | 2,492,418 | |||||
Boston Scientific Corp.* | 50,367 | 1,877,178 | ||||||
Cooper Cos., Inc. (The) | 1,840 | 576,141 | ||||||
DENTSPLY SIRONA, Inc. | 8,000 | 285,840 | ||||||
Dexcom, Inc.* | 14,160 | 1,055,345 | ||||||
Edwards Lifesciences Corp.* | 21,700 | 2,063,453 | ||||||
Hologic, Inc.* | 8,800 | 609,840 | ||||||
Hoya Corp. (Japan) | 300 | 25,810 | ||||||
IDEXX Laboratories, Inc.* | 2,940 | 1,031,146 | ||||||
Intuitive Surgical, Inc.* | 12,760 | 2,561,060 | ||||||
Medtronic PLC | 47,490 | 4,262,227 | ||||||
ResMed, Inc. | 5,200 | 1,090,076 | ||||||
STERIS PLC | 3,650 | 752,448 | ||||||
Stryker Corp. | 12,000 | 2,387,160 | ||||||
Teleflex, Inc. | 1,800 | 442,530 | ||||||
Zimmer Biomet Holdings, Inc. | 7,200 | 756,432 | ||||||
|
| |||||||
31,153,249 | ||||||||
|
| |||||||
Health Care Providers & Services — 1.7% |
| |||||||
AmerisourceBergen Corp. | 5,400 | 763,992 | ||||||
Cardinal Health, Inc. | 10,250 | 535,768 | ||||||
Centene Corp.* | 20,650 | 1,747,196 | ||||||
Cigna Corp. | 11,200 | 2,951,424 | ||||||
CVS Health Corp. | 46,283 | 4,288,583 | ||||||
DaVita, Inc.* | 2,300 | 183,908 | ||||||
Elevance Health, Inc. | 8,560 | 4,130,885 | ||||||
Fresenius SE & Co. KGaA (Germany) | 910 | 27,617 | ||||||
HCA Healthcare, Inc. | 8,100 | 1,361,286 | ||||||
Henry Schein, Inc.* | 4,800 | 368,352 | ||||||
Humana, Inc. | 4,450 | 2,082,911 | ||||||
Laboratory Corp. of America Holdings | 3,300 | 773,388 | ||||||
McKesson Corp. | 5,330 | 1,738,699 | ||||||
Medipal Holdings Corp. (Japan) | 11,300 | 159,255 | ||||||
Molina Healthcare, Inc.* | 2,150 | 601,162 | ||||||
Quest Diagnostics, Inc.(a) | 4,200 | 558,516 | ||||||
Sonic Healthcare Ltd. (Australia) | 9,018 | 205,664 | ||||||
UnitedHealth Group, Inc. | 33,240 | 17,073,061 | ||||||
Universal Health Services, Inc. (Class B Stock)(a) | 2,600 | 261,846 | ||||||
|
| |||||||
39,813,513 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.9% |
| |||||||
Aristocrat Leisure Ltd. (Australia) | 1,331 | 31,486 | ||||||
Booking Holdings, Inc.* | 1,450 | 2,536,035 | ||||||
Caesars Entertainment, Inc.*(a) | 7,400 | 283,420 | ||||||
Carnival Corp.*(a) | 27,900 | 241,335 | ||||||
Chipotle Mexican Grill, Inc.* | 980 | 1,281,115 | ||||||
Compass Group PLC (United Kingdom) | 9,455 | 193,309 | ||||||
Darden Restaurants, Inc.(a) | 4,450 | 503,384 | ||||||
Domino’s Pizza, Inc. | 1,360 | 530,006 | ||||||
Evolution AB (Sweden), 144A | 1,208 | 109,628 | ||||||
Expedia Group, Inc.* | 5,250 | 497,857 | ||||||
Hilton Worldwide Holdings, Inc. | 9,700 | 1,080,968 | ||||||
InterContinental Hotels Group PLC (United Kingdom) | 730 | 38,752 | ||||||
La Francaise des Jeux SAEM (France), 144A | 4,835 | 167,625 | ||||||
Las Vegas Sands Corp.* | 12,550 | 421,554 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Hotels, Restaurants & Leisure (cont’d.) |
| |||||||
Marriott International, Inc. (Class A Stock) | 9,528 | $ | 1,295,903 | |||||
McDonald’s Corp. | 26,500 | 6,542,320 | ||||||
McDonald’s Holdings Co. Japan Ltd. (Japan) | 200 | 7,281 | ||||||
MGM Resorts International | 13,500 | 390,825 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) | 13,800 | 153,456 | ||||||
Penn National Gaming, Inc.*(a) | 6,000 | 182,520 | ||||||
Royal Caribbean Cruises Ltd.*(a) | 7,800 | 272,298 | ||||||
Sodexo SA (France) | 184 | 12,956 | ||||||
Starbucks Corp. | 40,600 | 3,101,434 | ||||||
Whitbread PLC (United Kingdom) | 456 | 13,761 | ||||||
Wynn Resorts Ltd.*(a) | 3,900 | 222,222 | ||||||
Yum! Brands, Inc. | 10,200 | 1,157,802 | ||||||
|
| |||||||
21,269,252 | ||||||||
|
| |||||||
Household Durables — 0.2% | ||||||||
Barratt Developments PLC (United Kingdom) | 2,156 | 11,990 | ||||||
Berkeley Group Holdings PLC (United Kingdom)* | 685 | 30,983 | ||||||
D.R. Horton, Inc.(a) | 11,300 | 747,947 | ||||||
Garmin Ltd. | 5,300 | 520,725 | ||||||
Lennar Corp. (Class A Stock) | 9,400 | 663,358 | ||||||
Mohawk Industries, Inc.* | 1,940 | 240,735 | ||||||
Newell Brands, Inc. | 13,814 | 263,019 | ||||||
NVR, Inc.* | 110 | 440,455 | ||||||
Open House Group Co. Ltd. (Japan) | 1,800 | 71,508 | ||||||
PulteGroup, Inc. | 8,222 | 325,838 | ||||||
Sony Group Corp. (Japan) | 1,600 | 130,158 | ||||||
Taylor Wimpey PLC (United Kingdom) | 7,960 | 11,323 | ||||||
Whirlpool Corp.(a) | 2,126 | 329,254 | ||||||
|
| |||||||
3,787,293 | ||||||||
|
| |||||||
Household Products — 0.7% | ||||||||
Church & Dwight Co., Inc. | 8,500 | 787,610 | ||||||
Clorox Co. (The)(a) | 4,200 | 592,116 | ||||||
Colgate-Palmolive Co. | 29,800 | 2,388,172 | ||||||
Essity AB (Sweden) (Class B Stock) | 1,311 | 34,206 | ||||||
Henkel AG & Co. KGaA (Germany) | 198 | 12,124 | ||||||
Kimberly-Clark Corp. | 12,500 | 1,689,375 | ||||||
Procter & Gamble Co. (The) | 84,925 | 12,211,366 | ||||||
Reckitt Benckiser Group PLC (United Kingdom) | 1,560 | 117,089 | ||||||
|
| |||||||
17,832,058 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers — 0.0% |
| |||||||
AES Corp. (The) | 24,400 | 512,644 | ||||||
|
| |||||||
Industrial Conglomerates — 0.4% | ||||||||
3M Co. | 20,000 | 2,588,200 | ||||||
CK Hutchison Holdings Ltd. (United Kingdom) | 6,000 | 40,997 | ||||||
General Electric Co. | 38,678 | 2,462,628 | ||||||
Honeywell International, Inc. | 24,212 | 4,208,288 | ||||||
Jardine Matheson Holdings Ltd. (Hong Kong) | 4,100 | 215,317 | ||||||
Lifco AB (Sweden) (Class B Stock) | 532 | 8,562 |
SEE NOTES TO FINANCIAL STATEMENTS.
A15
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Industrial Conglomerates (cont’d.) | ||||||||
Siemens AG (Germany) | 1,365 | $ | 138,559 | |||||
Smiths Group PLC (United Kingdom) | 1,787 | 30,424 | ||||||
Toshiba Corp. (Japan) | 5,300 | 215,316 | ||||||
|
| |||||||
9,908,291 | ||||||||
|
| |||||||
Insurance — 1.1% | ||||||||
Aegon NV (Netherlands) | 3,960 | 17,166 | ||||||
Aflac, Inc. | 21,100 | 1,167,463 | ||||||
Ageas SA/NV (Belgium) | 364 | 15,995 | ||||||
AIA Group Ltd. (Hong Kong) | 4,000 | 43,434 | ||||||
Allstate Corp. (The) | 9,900 | 1,254,627 | ||||||
American International Group, Inc. | 28,039 | 1,433,634 | ||||||
Aon PLC (Class A Stock) | 7,600 | 2,049,568 | ||||||
Arthur J. Gallagher & Co. | 7,400 | 1,206,496 | ||||||
Assicurazioni Generali SpA (Italy) | 2,365 | 37,782 | ||||||
Assurant, Inc. | 2,000 | 345,700 | ||||||
AXA SA (France) | 7,605 | 173,701 | ||||||
Brown & Brown, Inc. | 8,500 | 495,890 | ||||||
Chubb Ltd. | 15,186 | 2,985,264 | ||||||
Cincinnati Financial Corp. | 5,137 | 611,200 | ||||||
Dai-ichi Life Holdings, Inc. (Japan) | 12,100 | 221,188 | ||||||
Everest Re Group Ltd. | 1,540 | 431,631 | ||||||
Globe Life, Inc. | 3,425 | 333,835 | ||||||
Hartford Financial Services Group, Inc. (The) | 11,800 | 772,074 | ||||||
Japan Post Holdings Co. Ltd. (Japan) | 5,500 | 39,186 | ||||||
Japan Post Insurance Co. Ltd. (Japan) | 11,900 | 189,810 | ||||||
Lincoln National Corp. | 6,218 | 290,816 | ||||||
Loews Corp. | 6,975 | 413,338 | ||||||
Marsh & McLennan Cos., Inc. | 17,800 | 2,763,450 | ||||||
Medibank Private Ltd. (Australia) | 5,560 | 12,467 | ||||||
MetLife, Inc. | 24,350 | 1,528,936 | ||||||
MS&AD Insurance Group Holdings, Inc. (Japan) | 2,300 | 70,277 | ||||||
NN Group NV (Netherlands) | 574 | 26,079 | ||||||
Poste Italiane SpA (Italy), 144A | 3,032 | 28,377 | ||||||
Principal Financial Group, Inc. | 8,500 | 567,715 | ||||||
Progressive Corp. (The) | 20,600 | 2,395,162 | ||||||
Sampo OYJ (Finland) (Class A Stock) | 1,078 | 46,937 | ||||||
Sompo Holdings, Inc. (Japan) | 3,500 | 153,457 | ||||||
Suncorp Group Ltd. (Australia) | 22,707 | 171,954 | ||||||
Tokio Marine Holdings, Inc. (Japan) | 1,400 | 82,237 | ||||||
Travelers Cos., Inc. (The) | 8,535 | 1,443,524 | ||||||
W.R. Berkley Corp. | 7,200 | 491,472 | ||||||
Willis Towers Watson PLC | 3,940 | 777,717 | ||||||
Zurich Insurance Group AG (Switzerland) | 311 | 135,117 | ||||||
|
| |||||||
25,224,676 | ||||||||
|
| |||||||
Interactive Media & Services — 2.5% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 10,650 | 23,209,119 | ||||||
Alphabet, Inc. (Class C Stock)* | 9,763 | 21,356,074 | ||||||
Match Group, Inc.* | 9,800 | 682,962 | ||||||
Meta Platforms, Inc. (Class A Stock)* | 81,130 | 13,082,213 | ||||||
SEEK Ltd. (Australia) | 700 | 10,106 | ||||||
Twitter, Inc.* | 26,800 | 1,002,052 | ||||||
|
| |||||||
59,342,526 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Internet & Direct Marketing Retail — 1.4% |
| |||||||
Amazon.com, Inc.* | 309,700 | $ | 32,893,237 | |||||
eBay, Inc. | 19,800 | 825,066 | ||||||
Etsy, Inc.*(a) | 4,400 | 322,124 | ||||||
ZOZO, Inc. (Japan) | 300 | 5,390 | ||||||
|
| |||||||
34,045,817 | ||||||||
|
| |||||||
IT Services — 2.1% | ||||||||
Accenture PLC (Class A Stock) | 22,500 | 6,247,125 | ||||||
Adyen NV (Netherlands), 144A* | 41 | 59,659 | ||||||
Akamai Technologies, Inc.*(a) | 5,600 | 511,448 | ||||||
Automatic Data Processing, Inc. | 14,800 | 3,108,592 | ||||||
Broadridge Financial Solutions, Inc. | 4,200 | 598,710 | ||||||
Capgemini SE (France) | 938 | 160,470 | ||||||
Cognizant Technology Solutions Corp. (Class A Stock) | 18,200 | 1,228,318 | ||||||
Computershare Ltd. (Australia) | 12,943 | 219,755 | ||||||
DXC Technology Co.* | 9,028 | 273,639 | ||||||
EPAM Systems, Inc.* | 2,140 | 630,829 | ||||||
Fidelity National Information Services, Inc. | 21,500 | 1,970,905 | ||||||
Fiserv, Inc.* | 20,600 | 1,832,782 | ||||||
FleetCor Technologies, Inc.* | 2,700 | 567,297 | ||||||
Fujitsu Ltd. (Japan) | 1,800 | 224,384 | ||||||
Gartner, Inc.* | 2,800 | 677,124 | ||||||
Global Payments, Inc. | 10,077 | 1,114,919 | ||||||
International Business Machines Corp. | 31,700 | 4,475,723 | ||||||
Jack Henry & Associates, Inc. | 2,700 | 486,054 | ||||||
Mastercard, Inc. (Class A Stock) | 30,450 | 9,606,366 | ||||||
NEC Corp. (Japan) | 600 | 23,255 | ||||||
NTT Data Corp. (Japan) | 1,400 | 19,371 | ||||||
Paychex, Inc. | 11,400 | 1,298,118 | ||||||
PayPal Holdings, Inc.* | 41,200 | 2,877,408 | ||||||
VeriSign, Inc.* | 3,300 | 552,189 | ||||||
Visa, Inc. (Class A Stock)(a) | 58,300 | 11,478,687 | ||||||
|
| |||||||
50,243,127 | ||||||||
|
| |||||||
Leisure Products — 0.0% | ||||||||
Bandai Namco Holdings, Inc. (Japan) | 500 | 35,262 | ||||||
Hasbro, Inc. | 4,700 | 384,836 | ||||||
Shimano, Inc. (Japan) | 200 | 33,540 | ||||||
|
| |||||||
453,638 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.9% |
| |||||||
Agilent Technologies, Inc. | 10,514 | 1,248,748 | ||||||
Bio-Rad Laboratories, Inc. (Class A Stock)* | 740 | 366,300 | ||||||
Bio-Techne Corp. | 1,400 | 485,296 | ||||||
Charles River Laboratories International, Inc.* | 1,760 | 376,587 | ||||||
Danaher Corp. | 22,900 | 5,805,608 | ||||||
Eurofins Scientific SE (Luxembourg) | 269 | 21,196 | ||||||
Illumina, Inc.* | 5,600 | 1,032,416 | ||||||
IQVIA Holdings, Inc.* | 6,800 | 1,475,532 | ||||||
Mettler-Toledo International, Inc.* | 800 | 919,016 | ||||||
PerkinElmer, Inc.(a) | 4,600 | 654,212 | ||||||
Sartorius Stedim Biotech (France) | 57 | 17,932 | ||||||
Thermo Fisher Scientific, Inc. | 13,900 | 7,551,592 | ||||||
Waters Corp.* | 2,200 | 728,156 |
SEE NOTES TO FINANCIAL STATEMENTS.
A16
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Life Sciences Tools & Services (cont’d.) |
| |||||||
West Pharmaceutical Services, Inc. | 2,700 | $ | 816,399 | |||||
|
| |||||||
21,498,990 | ||||||||
|
| |||||||
Machinery — 0.7% | ||||||||
Atlas Copco AB (Sweden) (Class A Stock) | 5,472 | 51,180 | ||||||
Atlas Copco AB (Sweden) (Class B Stock) | 3,016 | 25,266 | ||||||
Caterpillar, Inc. | 18,900 | 3,378,564 | ||||||
CNH Industrial NV (United Kingdom) | 2,144 | 24,848 | ||||||
Cummins, Inc. | 5,100 | 987,003 | ||||||
Deere & Co. | 9,940 | 2,976,732 | ||||||
Dover Corp. | 5,000 | 606,600 | ||||||
Epiroc AB (Sweden) (Class A Stock) | 1,392 | 21,536 | ||||||
Epiroc AB (Sweden) (Class B Stock) | 784 | 10,603 | ||||||
Fortive Corp. | 12,450 | 677,031 | ||||||
GEA Group AG (Germany) | 323 | 11,163 | ||||||
IDEX Corp. | 2,710 | 492,217 | ||||||
Illinois Tool Works, Inc. | 10,100 | 1,840,725 | ||||||
Ingersoll Rand, Inc. | 14,100 | 593,328 | ||||||
Komatsu Ltd. (Japan) | 2,000 | 44,310 | ||||||
MISUMI Group, Inc. (Japan) | 700 | 14,907 | ||||||
NGK Insulators Ltd. (Japan) | 6,100 | 82,068 | ||||||
Nordson Corp. | 1,900 | 384,636 | ||||||
Otis Worldwide Corp. | 15,101 | 1,067,188 | ||||||
PACCAR, Inc. | 12,143 | 999,855 | ||||||
Parker-Hannifin Corp. | 4,665 | 1,147,823 | ||||||
Pentair PLC(a) | 5,977 | 273,567 | ||||||
Sandvik AB (Sweden) | 2,340 | 37,997 | ||||||
Schindler Holding AG (Switzerland) | 71 | 12,757 | ||||||
Snap-on, Inc.(a) | 1,900 | 374,357 | ||||||
Stanley Black & Decker, Inc. | 5,447 | 571,172 | ||||||
VAT Group AG (Switzerland), 144A | 55 | 13,063 | ||||||
Volvo AB (Sweden) (Class A Stock) | 442 | 7,117 | ||||||
Volvo AB (Sweden) (Class B Stock) | 2,970 | 46,137 | ||||||
Westinghouse Air Brake Technologies Corp. | 6,451 | 529,498 | ||||||
Xylem, Inc. | 6,200 | 484,716 | ||||||
|
| |||||||
17,787,964 | ||||||||
|
| |||||||
Marine — 0.0% | ||||||||
AP Moller - Maersk A/S (Denmark) (Class A Stock) | 6 | 13,890 | ||||||
AP Moller - Maersk A/S (Denmark) (Class B Stock) | 86 | 201,286 | ||||||
Kuehne + Nagel International AG | ||||||||
(Switzerland) | 636 | 150,232 | ||||||
Mitsui OSK Lines Ltd. (Japan) | 900 | 20,586 | ||||||
Nippon Yusen KK (Japan) | 400 | 27,382 | ||||||
SITC International Holdings Co. Ltd. (China) | 47,000 | 133,157 | ||||||
|
| |||||||
546,533 | ||||||||
|
| |||||||
Media — 0.5% | ||||||||
Charter Communications, Inc. (Class A Stock)* | 4,060 | 1,902,232 | ||||||
Comcast Corp. (Class A Stock) | 158,180 | 6,206,983 | ||||||
Dentsu Group, Inc. (Japan) | 500 | 14,986 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Media (cont’d.) | ||||||||
DISH Network Corp. (Class A | ||||||||
Stock)*(a) | 9,017 | $ | 161,675 | |||||
Fox Corp. (Class A Stock) | 11,100 | 356,976 | ||||||
Fox Corp. (Class B Stock) | 5,733 | 170,270 | ||||||
Interpublic Group of Cos., Inc. (The) | 13,631 | 375,261 | ||||||
News Corp. (Class A Stock) | 13,675 | 213,057 | ||||||
News Corp. (Class B Stock) | 4,800 | 76,272 | ||||||
Omnicom Group, Inc. | 7,300 | 464,353 | ||||||
Paramount Global (Class B Stock)(a) | 21,030 | 519,020 | ||||||
Publicis Groupe SA (France) | 4,102 | 200,809 | ||||||
WPP PLC (United Kingdom) | 18,535 | 186,836 | ||||||
|
| |||||||
10,848,730 | ||||||||
|
| |||||||
Metals & Mining — 0.2% | ||||||||
Anglo American PLC (South Africa) | 6,471 | 231,447 | ||||||
ArcelorMittal SA (Luxembourg) | 8,083 | 182,132 | ||||||
BHP Group Ltd. (Australia) | 10,741 | 304,843 | ||||||
BlueScope Steel Ltd. (Australia) | 17,094 | 186,420 | ||||||
Boliden AB (Sweden) | 578 | 18,362 | ||||||
Fortescue Metals Group Ltd. (Australia) | 3,598 | 43,374 | ||||||
Freeport-McMoRan, Inc. | 51,788 | 1,515,317 | ||||||
Glencore PLC (Australia)* | 20,720 | 112,125 | ||||||
Newmont Corp. | 28,200 | 1,682,694 | ||||||
Norsk Hydro ASA (Norway) | 2,850 | 16,017 | ||||||
Nucor Corp. | 9,500 | 991,895 | ||||||
Rio Tinto Ltd. (Australia) | 705 | 50,028 | ||||||
Rio Tinto PLC (Australia) | 5,176 | 309,939 | ||||||
South32 Ltd. (Australia) | 9,633 | 26,153 | ||||||
voestalpine AG (Austria) | 240 | 5,099 | ||||||
|
| |||||||
5,675,845 | ||||||||
|
| |||||||
Multiline Retail — 0.2% | ||||||||
Dollar General Corp. | 8,100 | 1,988,064 | ||||||
Dollar Tree, Inc.* | 7,965 | 1,241,345 | ||||||
Next PLC (United Kingdom) | 276 | 19,699 | ||||||
Target Corp. | 16,360 | 2,310,523 | ||||||
|
| |||||||
5,559,631 | ||||||||
|
| |||||||
Multi-Utilities — 0.5% | ||||||||
Ameren Corp. | 8,900 | 804,204 | ||||||
CenterPoint Energy, Inc. | 21,800 | 644,844 | ||||||
CMS Energy Corp. | 10,000 | 675,000 | ||||||
Consolidated Edison, Inc. | 12,300 | 1,169,730 | ||||||
Dominion Energy, Inc. | 28,615 | 2,283,763 | ||||||
DTE Energy Co. | 6,700 | 849,225 | ||||||
E.ON SE (Germany) | 21,647 | 181,975 | ||||||
Engie SA (France) | 15,254 | 175,706 | ||||||
NiSource, Inc. | 13,600 | 401,064 | ||||||
Public Service Enterprise Group, Inc. | 17,600 | 1,113,728 | ||||||
Sempra Energy | 11,319 | 1,700,906 | ||||||
WEC Energy Group, Inc. | 11,213 | 1,128,476 | ||||||
|
| |||||||
11,128,621 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.0% |
| |||||||
APA Corp. | 12,614 | 440,229 | ||||||
BP PLC (United Kingdom) | 41,816 | 197,112 | ||||||
Chevron Corp. | 69,522 | 10,065,395 | ||||||
ConocoPhillips | 45,919 | 4,123,985 |
SEE NOTES TO FINANCIAL STATEMENTS.
A17
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Oil, Gas & Consumable Fuels (cont’d.) |
| |||||||
Coterra Energy, Inc.(a) | 28,300 | $ | 729,857 | |||||
Devon Energy Corp. | 21,900 | 1,206,909 | ||||||
Diamondback Energy, Inc. | 5,900 | 714,785 | ||||||
Eni SpA (Italy) | 18,533 | 220,491 | ||||||
EOG Resources, Inc. | 20,700 | 2,286,108 | ||||||
Equinor ASA (Norway) | 7,504 | 261,863 | ||||||
Exxon Mobil Corp. | 149,299 | 12,785,966 | ||||||
Hess Corp. | 9,600 | 1,017,024 | ||||||
Inpex Corp. (Japan) | 20,900 | 225,521 | ||||||
Kinder Morgan, Inc. | 70,398 | 1,179,871 | ||||||
Marathon Oil Corp. | 25,082 | 563,843 | ||||||
Marathon Petroleum Corp. | 19,119 | 1,571,773 | ||||||
Occidental Petroleum Corp.(a) | 31,304 | 1,843,180 | ||||||
ONEOK, Inc. | 15,500 | 860,250 | ||||||
Phillips 66 | 17,038 | 1,396,946 | ||||||
Pioneer Natural Resources Co. | 8,050 | 1,795,794 | ||||||
Repsol SA (Spain) | 1,785 | 26,218 | ||||||
Shell PLC (Netherlands) | 16,748 | 432,374 | ||||||
TotalEnergies SE (France) | 5,455 | 287,190 | ||||||
Valero Energy Corp. | 14,500 | 1,541,060 | ||||||
Williams Cos., Inc. (The) | 43,100 | 1,345,151 | ||||||
Woodside Energy Group Ltd. (Australia) | 1,940 | 42,584 | ||||||
|
| |||||||
47,161,479 | ||||||||
|
| |||||||
Paper & Forest Products — 0.0% | ||||||||
Stora Enso OYJ (Finland) | 1,224 | 19,151 | ||||||
|
| |||||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 8,200 | �� | 2,088,294 | |||||
L’Oreal SA (France) | 602 | 208,061 | ||||||
Unilever PLC (United Kingdom) | 9,540 | 433,957 | ||||||
|
| |||||||
2,730,312 | ||||||||
|
| |||||||
Pharmaceuticals — 2.4% | ||||||||
Astellas Pharma, Inc. (Japan) | 1,600 | 24,917 | ||||||
AstraZeneca PLC (United Kingdom) | 1,532 | 201,537 | ||||||
Bayer AG (Germany) | 3,030 | 180,164 | ||||||
Bristol-Myers Squibb Co. | 76,370 | 5,880,490 | ||||||
Catalent, Inc.* | 6,300 | 675,927 | ||||||
Chugai Pharmaceutical Co. Ltd. (Japan) | 1,400 | 35,779 | ||||||
Eli Lilly & Co. | 28,000 | 9,078,440 | ||||||
GSK PLC | 20,597 | 443,663 | ||||||
Ipsen SA (France) | 2,201 | 207,241 | ||||||
Johnson & Johnson | 93,158 | 16,536,477 | ||||||
Merck & Co., Inc. | 89,533 | 8,162,724 | ||||||
Merck KGaA (Germany) | 852 | 144,019 | ||||||
Novartis AG (Switzerland) | 7,176 | 606,466 | ||||||
Novo Nordisk A/S (Denmark) (Class B Stock) | 3,734 | 415,411 | ||||||
Ono Pharmaceutical Co. Ltd. (Japan) | 800 | 20,482 | ||||||
Organon & Co. | 8,753 | 295,414 | ||||||
Pfizer, Inc. | 198,570 | 10,411,025 | ||||||
Roche Holding AG | 2,107 | 703,146 | ||||||
Sanofi (France) | 4,574 | 459,735 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Pharmaceuticals (cont’d.) | ||||||||
Takeda Pharmaceutical Co. Ltd. (Japan) | 3,400 | $ | 95,644 | |||||
Viatris, Inc. | 41,986 | 439,593 | ||||||
Zoetis, Inc. | 16,700 | 2,870,563 | ||||||
|
| |||||||
57,888,857 | ||||||||
|
| |||||||
Professional Services — 0.2% | ||||||||
Equifax, Inc. | 4,400 | 804,232 | ||||||
Jacobs Engineering Group, Inc. | 4,500 | 572,085 | ||||||
Leidos Holdings, Inc. | 4,900 | 493,479 | ||||||
Nielsen Holdings PLC | 13,200 | 306,504 | ||||||
Randstad NV (Netherlands) | 3,932 | 190,836 | ||||||
Recruit Holdings Co. Ltd. (Japan) | 9,300 | 272,847 | ||||||
Robert Half International, Inc. | 3,800 | 284,582 | ||||||
Verisk Analytics, Inc. | 5,700 | 986,613 | ||||||
Wolters Kluwer NV (Netherlands) | 552 | 53,562 | ||||||
|
| |||||||
3,964,740 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.0% |
| |||||||
Aroundtown SA (Germany) | 2,214 | 7,052 | ||||||
Capitaland Investment Ltd. (Singapore) | 5,800 | 15,964 | ||||||
CBRE Group, Inc. (Class A Stock)* | 11,600 | 853,876 | ||||||
CK Asset Holdings Ltd. (Hong Kong) | 4,500 | 31,842 | ||||||
Daito Trust Construction Co. Ltd. (Japan) | 200 | 17,249 | ||||||
ESR Group Ltd. (China), 144A* | 4,000 | 10,791 | ||||||
New World Development Co. Ltd. (Hong Kong) | 4,000 | 14,359 | ||||||
Nomura Real Estate Holdings, Inc. (Japan) | 500 | 12,214 | ||||||
|
| |||||||
963,347 | ||||||||
|
| |||||||
Road & Rail — 0.4% | ||||||||
CSX Corp. | 77,000 | 2,237,620 | ||||||
J.B. Hunt Transport Services, Inc. | 3,000 | 472,410 | ||||||
Norfolk Southern Corp. | 8,400 | 1,909,236 | ||||||
Old Dominion Freight Line, Inc. | 3,365 | 862,382 | ||||||
Union Pacific Corp. | 22,360 | 4,768,941 | ||||||
|
| |||||||
10,250,589 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.5% |
| |||||||
Advanced Micro Devices, Inc.* | 57,199 | 4,374,008 | ||||||
Analog Devices, Inc. | 18,547 | 2,709,531 | ||||||
Applied Materials, Inc. | 31,300 | 2,847,674 | ||||||
ASML Holding NV (Netherlands) | 537 | 255,583 | ||||||
Broadcom, Inc. | 14,500 | 7,044,245 | ||||||
Disco Corp. (Japan) | 100 | 23,675 | ||||||
Enphase Energy, Inc.* | 4,700 | 917,628 | ||||||
Intel Corp. | 144,700 | 5,413,227 | ||||||
KLA Corp.(a) | 5,250 | 1,675,170 | ||||||
Lam Research Corp. | 4,890 | 2,083,874 | ||||||
Microchip Technology, Inc. | 19,300 | 1,120,944 | ||||||
Micron Technology, Inc. | 39,400 | 2,178,032 | ||||||
Monolithic Power Systems, Inc. | 1,600 | 614,464 | ||||||
NVIDIA Corp. | 88,660 | 13,439,969 | ||||||
NXP Semiconductors NV (China)(a) | 9,400 | 1,391,482 | ||||||
ON Semiconductor Corp.* | 15,400 | 774,774 | ||||||
Qorvo, Inc.* | 4,007 | 377,940 |
SEE NOTES TO FINANCIAL STATEMENTS.
A18
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductors & Semiconductor Equipment (cont’d.) |
| |||||||
QUALCOMM, Inc. | 39,800 | $ | 5,084,052 | |||||
Renesas Electronics Corp. (Japan)* | 8,600 | 77,834 | ||||||
Skyworks Solutions, Inc. | 5,700 | 528,048 | ||||||
SolarEdge Technologies, Inc.* | 2,000 | 547,360 | ||||||
STMicroelectronics NV (Singapore) | 4,588 | 144,383 | ||||||
Teradyne, Inc. | 5,600 | 501,480 | ||||||
Texas Instruments, Inc. | 32,600 | 5,008,990 | ||||||
|
| |||||||
59,134,367 | ||||||||
|
| |||||||
Software — 4.2% | ||||||||
Adobe, Inc.* | 16,680 | 6,105,881 | ||||||
ANSYS, Inc.* | 3,200 | 765,728 | ||||||
Autodesk, Inc.* | 7,800 | 1,341,288 | ||||||
Cadence Design Systems, Inc.* | 9,800 | 1,470,294 | ||||||
Ceridian HCM Holding, Inc.* | 4,950 | 233,046 | ||||||
Citrix Systems, Inc. | 4,300 | 417,831 | ||||||
Dassault Systemes SE (France) | 6,438 | 236,949 | ||||||
Fortinet, Inc.*(a) | 23,500 | 1,329,630 | ||||||
Intuit, Inc. | 9,980 | 3,846,691 | ||||||
Microsoft Corp. | 264,720 | 67,988,038 | ||||||
Nemetschek SE (Germany) | 119 | 7,180 | ||||||
NortonLifeLock, Inc.(a) | 20,178 | 443,109 | ||||||
Oracle Corp. | 55,550 | 3,881,278 | ||||||
Paycom Software, Inc.* | 1,720 | 481,806 | ||||||
PTC, Inc.* | 3,600 | 382,824 | ||||||
Roper Technologies, Inc. | 3,780 | 1,491,777 | ||||||
Salesforce, Inc.* | 35,150 | 5,801,156 | ||||||
SAP SE (Germany) | 381 | 34,603 | ||||||
ServiceNow, Inc.* | 7,050 | 3,352,416 | ||||||
Synopsys, Inc.* | 5,500 | 1,670,350 | ||||||
Tyler Technologies, Inc.* | 1,510 | 502,045 | ||||||
WiseTech Global Ltd. (Australia) | 320 | 8,283 | ||||||
|
| |||||||
101,792,203 | ||||||||
|
| |||||||
Specialty Retail — 1.0% | ||||||||
Advance Auto Parts, Inc.(a) | 2,300 | 398,107 | ||||||
AutoZone, Inc.* | 700 | 1,504,384 | ||||||
Bath & Body Works, Inc.(a) | 9,206 | 247,826 | ||||||
Best Buy Co., Inc.(a) | 7,375 | 480,776 | ||||||
CarMax, Inc.*(a) | 5,600 | 506,688 | ||||||
Chow Tai Fook Jewellery Group Ltd. (China) | 7,000 | 13,118 | ||||||
Fast Retailing Co. Ltd. (Japan) | 200 | 104,648 | ||||||
Home Depot, Inc. (The) | 36,550 | 10,024,569 | ||||||
Industria de Diseno Textil SA (Spain) | 1,650 | 37,381 | ||||||
JD Sports Fashion PLC (United Kingdom) | 106,522 | 150,009 | ||||||
Lowe’s Cos., Inc. | 23,400 | 4,087,278 | ||||||
O’Reilly Automotive, Inc.* | 2,330 | 1,472,001 | ||||||
Ross Stores, Inc. | 12,300 | 863,829 | ||||||
TJX Cos., Inc. (The) | 41,800 | 2,334,530 | ||||||
Tractor Supply Co. | 3,900 | 756,015 | ||||||
Ulta Beauty, Inc.* | 1,900 | 732,412 | ||||||
USS Co. Ltd. (Japan) | 3,500 | 60,533 | ||||||
|
| |||||||
23,774,104 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.2% |
| |||||||
Apple, Inc. | 544,140 | 74,394,821 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Technology Hardware, Storage & Peripherals (cont’d.) |
| |||||||
Canon, Inc. (Japan) | 500 | $ | 11,337 | |||||
Hewlett Packard Enterprise | 45,448 | 602,640 | ||||||
HP, Inc. | 37,748 | 1,237,379 | ||||||
NetApp, Inc. | 7,700 | 502,348 | ||||||
Seagate Technology Holdings PLC(a) | 7,100 | 507,224 | ||||||
Western Digital Corp.* | 11,303 | 506,714 | ||||||
|
| |||||||
77,762,463 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
Burberry Group PLC (United Kingdom) | 874 | 17,472 | ||||||
Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 2,137 | 227,999 | ||||||
Hermes International (France) | 67 | 75,266 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 594 | 362,193 | ||||||
Moncler SpA (Italy) | 432 | 18,564 | ||||||
NIKE, Inc. (Class B Stock) | 45,000 | 4,599,000 | ||||||
Pandora A/S (Denmark) | 216 | 13,716 | ||||||
PVH Corp. | 2,400 | 136,560 | ||||||
Ralph Lauren Corp. | 1,800 | 161,370 | ||||||
Swatch Group AG (The) (Switzerland) | 77 | 3,424 | ||||||
Tapestry, Inc. | 9,500 | 289,940 | ||||||
VF Corp.(a) | 11,300 | 499,121 | ||||||
|
| |||||||
6,404,625 | ||||||||
|
| |||||||
Tobacco — 0.4% | ||||||||
Altria Group, Inc. | 63,900 | 2,669,103 | ||||||
British American Tobacco PLC (United Kingdom) | 9,851 | 421,596 | ||||||
Imperial Brands PLC (United Kingdom) | 1,916 | 42,852 | ||||||
Japan Tobacco, Inc. (Japan) | 11,600 | 200,442 | ||||||
Philip Morris International, Inc. | 54,700 | 5,401,078 | ||||||
Swedish Match AB (Sweden) | 25,564 | 260,347 | ||||||
|
| |||||||
8,995,418 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
Brenntag SE (Germany) | 2,571 | 167,699 | ||||||
Bunzl PLC (United Kingdom) | 700 | 23,136 | ||||||
Fastenal Co.(a) | 20,000 | 998,400 | ||||||
Ferguson PLC | 480 | 53,196 | ||||||
IMCD NV (Netherlands) | 120 | 16,489 | ||||||
Marubeni Corp. (Japan) | 21,600 | 194,472 | ||||||
Mitsubishi Corp. (Japan) | 1,800 | 53,669 | ||||||
Mitsui & Co. Ltd. (Japan) | 10,800 | 238,125 | ||||||
Sumitomo Corp. (Japan) | 14,100 | 193,187 | ||||||
United Rentals, Inc.*(a) | 2,600 | 631,566 | ||||||
W.W. Grainger, Inc.(a) | 1,520 | 690,733 | ||||||
|
| |||||||
3,260,672 | ||||||||
|
| |||||||
Water Utilities — 0.0% | ||||||||
American Water Works Co., Inc. | 6,300 | 937,251 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.1% |
| |||||||
KDDI Corp. (Japan) | 3,600 | 113,674 | ||||||
SoftBank Corp. (Japan) | 3,700 | 41,076 | ||||||
SoftBank Group Corp. (Japan) | 2,700 | 104,333 |
SEE NOTES TO FINANCIAL STATEMENTS.
A19
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Wireless Telecommunication Services (cont’d.) |
| |||||||
T-Mobile US, Inc.* | 20,700 | $ | 2,784,978 | |||||
|
| |||||||
3,044,061 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,158,169,210 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||
iShares Core S&P 500 ETF | 20,500 | 7,772,575 | ||||||
iShares MSCI EAFE ETF(a) | 1,959 | 122,418 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 7,894,993 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.1% |
| |||||||
Automobiles — 0.0% | ||||||||
Bayerische Motoren Werke AG | 75 | 5,331 | ||||||
Porsche Automobil Holding SE | 329 | 21,706 | ||||||
Volkswagen AG (Germany) (PRFC) | 394 | 52,738 | ||||||
|
| |||||||
79,775 | ||||||||
|
| |||||||
Banks — 0.0% | ||||||||
Citigroup Capital XIII, 7.609%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40(a) | 20,000 | 536,000 | ||||||
|
| |||||||
Capital Markets — 0.1% | ||||||||
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo) | 30,000 | 747,000 | ||||||
|
| |||||||
Household Products — 0.0% | ||||||||
Henkel AG & Co. KGaA (Germany) (PRFC) | 423 | 26,065 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,388,840 | |||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | ||||||
|
|
| ||||||
ASSET-BACKED SECURITIES — 7.5% | ||||||||
Automobiles — 2.1% | ||||||||
AmeriCredit Automobile Receivables Trust, | ||||||||
Series 2019-01, Class B | ||||||||
3.130% | 02/18/25 | 70 | 70,352 | |||||
Series 2019-02, Class C | ||||||||
2.740% | 04/18/25 | 1,400 | 1,391,052 | |||||
Series 2019-03, Class C | ||||||||
2.320% | 07/18/25 | 2,300 | 2,265,925 | |||||
Series 2021-02, Class C | ||||||||
1.010% | 01/19/27 | 900 | 834,190 | |||||
Series 2021-03, Class C | ||||||||
1.410% | 08/18/27 | 900 | 823,278 | |||||
Avis Budget Rental Car Funding AESOP LLC, | ||||||||
Series 2019-02A, Class A, 144A | ||||||||
3.350% | 09/22/25 | 2,000 | 1,965,870 | |||||
Series 2019-03A, Class A, 144A | ||||||||
2.360% | 03/20/26 | 2,700 | 2,572,562 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||
|
|
|
| |||||
ASSET-BACKED SECURITIES (continued) | ||||||||
Automobiles (cont’d.) | ||||||||
Series 2020-01A, Class A, 144A | ||||||||
2.330% | 08/20/26 | 1,300 | $ 1,235,939 | |||||
Series 2021-01A, Class A, 144A | ||||||||
1.380% | 08/20/27 | 2,400 | 2,145,740 | |||||
Series 2021-02A, Class A, 144A | ||||||||
1.660% | 02/20/28 | 2,600 | 2,317,658 | |||||
Series 2022-01A, Class A, 144A | ||||||||
3.830% | 08/21/28 | 2,900 | 2,832,501 | |||||
CarMax Auto Owner Trust, | ||||||||
Series 2021-02, Class C | ||||||||
1.340% | 02/16/27 | 800 | 739,231 | |||||
Series 2021-04, Class C | ||||||||
1.380% | 07/15/27 | 600 | 549,132 | |||||
Ford Auto Securitization Trust (Canada), | ||||||||
Series 2019-BA, Class A2, 144A | ||||||||
2.321% | 10/15/23 | CAD | 40 | 30,784 | ||||
Ford Credit Auto Owner Trust, | ||||||||
Series 2018-01, Class A, 144A | ||||||||
3.190% | 07/15/31 | 1,800 | 1,770,604 | |||||
Series 2019-01, Class A, 144A | ||||||||
3.520% | 07/15/30 | 3,300 | 3,287,058 | |||||
Series 2020-01, Class A, 144A | ||||||||
2.040% | 08/15/31 | 2,500 | 2,389,623 | |||||
Series 2020-02, Class A, 144A | ||||||||
1.060% | 04/15/33 | 900 | �� | 813,964 | ||||
Series 2021-02, Class B, 144A | ||||||||
1.910% | 05/15/34 | 400 | 361,157 | |||||
GM Financial Consumer Automobile Receivables Trust, | ||||||||
Series 2018-04, Class C | ||||||||
3.620% | 06/17/24 | 300 | 300,520 | |||||
GM Financial Revolving Receivables Trust, | ||||||||
Series 2021-01, Class B, 144A | ||||||||
1.490% | 06/12/34 | 200 | 175,916 | |||||
Hertz Vehicle Financing III LP, | ||||||||
Series 2021-02A, Class A, 144A | ||||||||
1.680% | 12/27/27 | 1,300 | 1,146,118 | |||||
Hertz Vehicle Financing LLC, | ||||||||
Series 2021-01A, Class A, 144A | ||||||||
1.210% | 12/26/25 | 1,500 | 1,402,798 | |||||
Series 2022-02A, Class A, 144A | ||||||||
2.330% | 06/26/28 | 3,300 | 2,986,211 | |||||
OneMain Direct Auto Receivables Trust, | ||||||||
Series 2019-01A, Class A, 144A | ||||||||
3.630% | 09/14/27 | 4,100 | 4,002,768 | |||||
Series 2021-01A, Class B, 144A | ||||||||
1.260% | 07/14/28 | 1,800 | 1,628,150 | |||||
Santander Drive Auto Receivables Trust, | ||||||||
Series 2020-02, Class C | ||||||||
1.460% | 09/15/25 | 496 | 494,565 | |||||
Series 2020-03, Class C | ||||||||
1.120% | 01/15/26 | 1,800 | 1,786,226 | |||||
Series 2020-04, Class C | ||||||||
1.010% | 01/15/26 | 1,100 | 1,084,177 | |||||
Series 2021-02, Class C | ||||||||
0.900% | 06/15/26 | 800 | 774,629 | |||||
Series 2021-02, Class D | ||||||||
1.350% | 07/15/27 | 2,000 | 1,875,949 |
SEE NOTES TO FINANCIAL STATEMENTS.
A20
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
|
|
|
| |||||||
ASSET-BACKED SECURITIES (continued) | ||||||||||
Automobiles (cont’d.) | ||||||||||
Series 2021-03, Class C | ||||||||||
0.950% | 09/15/27 | 1,400 | $ 1,347,054 | |||||||
Series 2021-04, Class C | ||||||||||
1.260% | 02/16/27 | 1,900 | 1,811,753 | |||||||
Series 2022-01, Class C | ||||||||||
2.560% | 04/17/28 | 1,100 | 1,046,775 | |||||||
World Omni Select Auto Trust, | ||||||||||
Series 2021-A, Class C | ||||||||||
1.090% | 11/15/27 | 400 | 369,297 | |||||||
| ||||||||||
50,629,526 | ||||||||||
| ||||||||||
Collateralized Loan Obligations — 4.3% | ||||||||||
Balboa Bay Loan Funding Ltd. (Cayman Islands), | ||||||||||
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | ||||||||||
2.263%(c) | 07/20/34 | 2,500 | 2,415,863 | |||||||
Battalion CLO Ltd. (Cayman Islands), | ||||||||||
Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) | ||||||||||
2.354%(c) | 01/25/35 | 500 | 483,615 | |||||||
Benefit Street Partners CLO Ltd. (Cayman Islands), | ||||||||||
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%) | ||||||||||
1.914%(c) | 07/15/29 | 744 | 735,732 | |||||||
BNPP AM Euro CLO DAC (Ireland), | ||||||||||
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | ||||||||||
0.600%(c) | 04/15/31 | EUR | 1,750 | 1,795,312 | ||||||
Brookside Mill CLO Ltd. (Cayman Islands), | ||||||||||
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%) | ||||||||||
1.864%(c) | 01/17/28 | 80 | 80,054 | |||||||
Canyon Capital CLO Ltd. (Cayman Islands), | ||||||||||
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) | ||||||||||
2.044%(c) | 07/15/30 | 2,750 | 2,705,319 | |||||||
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) | ||||||||||
2.143%(c) | 01/20/32 | 6,750 | 6,578,027 | |||||||
CIFC Funding Ltd. (Cayman Islands), | ||||||||||
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | ||||||||||
2.244%(c) | 10/17/31 | 7,000 | 6,869,580 | |||||||
CVC Cordatus Loan Fund DAC (Ireland), | ||||||||||
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | ||||||||||
0.850%(c) | 05/22/32 | EUR | 1,750 | 1,782,194 | ||||||
Series 14A, Class A2R, 144A | ||||||||||
1.250% | 05/22/32 | EUR | 3,800 | 3,870,135 | ||||||
Elevation CLO Ltd. (Cayman Islands), | ||||||||||
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) | ||||||||||
2.324%(c) | 07/15/29 | 479 | 474,786 | |||||||
Greenwood Park CLO Ltd., | ||||||||||
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) | ||||||||||
2.054%(c) | 04/15/31 | 1,000 | 978,025 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
|
|
|
| |||||||
ASSET-BACKED SECURITIES (continued) | ||||||||||
Collateralized Loan Obligations (cont’d.) | ||||||||||
HPS Loan Management Ltd. (Cayman Islands), | ||||||||||
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) | ||||||||||
2.363%(c) | 02/05/31 | 248 | $ 243,468 | |||||||
ICG US CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | ||||||||||
2.184%(c) | 10/19/28 | 5,429 | 5,371,171 | |||||||
Jamestown CLO Ltd. (Cayman Islands), | ||||||||||
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%) | ||||||||||
2.533%(c) | 04/20/32 | 7,500 | 7,392,260 | |||||||
Jefferson Mill CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%) | ||||||||||
2.238%(c) | 10/20/31 | 4,237 | 4,147,248 | |||||||
Madison Park Funding Ltd. (Cayman Islands), | ||||||||||
Series 2019-33A, Class AR, 144A, 3 Month Term SOFR + 1.290% (Cap N/A, Floor 1.290%) | ||||||||||
2.136%(c) | 10/15/32 | 6,000 | 5,879,890 | |||||||
MidOcean Credit CLO (Cayman Islands), | ||||||||||
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | ||||||||||
2.218%(c) | 04/21/31 | 3,459 | 3,393,552 | |||||||
Mountain View CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) | ||||||||||
2.164%(c) | 07/15/31 | 2,500 | 2,452,091 | |||||||
Northwoods Capital Ltd. (Cayman Islands), | ||||||||||
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | ||||||||||
2.883%(c) | 09/01/31 | 4,000 | 3,938,663 | |||||||
OCP CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-09A, Class A1R2, 144A, 3 Month Term SOFR + 1.250% (Cap N/A, Floor 1.250%) | ||||||||||
1.658%(c) | 01/15/33 | 2,500 | 2,436,744 | |||||||
Octagon Investment Partners 31 LLC (Cayman Islands), | ||||||||||
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | ||||||||||
2.113%(c) | 07/20/30 | 2,500 | 2,465,610 | |||||||
OZLM Ltd. (Cayman Islands), | ||||||||||
Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) | ||||||||||
2.124%(c) | 04/17/31 | 2,956 | 2,890,470 | |||||||
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) | ||||||||||
2.536%(c) | 10/30/30 | 742 | 742,140 | |||||||
Palmer Square CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) | ||||||||||
2.163%(c) | 07/20/30 | 5,000 | 4,930,562 | |||||||
Regatta Funding Ltd. (Cayman Islands), | ||||||||||
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | ||||||||||
3.246%(c) | 06/20/34 | 3,750 | 3,623,167 |
SEE NOTES TO FINANCIAL STATEMENTS.
A21
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
|
|
|
| |||||||
ASSET-BACKED SECURITIES (continued) | ||||||||||
Collateralized Loan Obligations (cont’d.) | ||||||||||
Sixth Street CLO Ltd. (Cayman Islands), | ||||||||||
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) | ||||||||||
2.383%(c) | 10/20/32 | 2,500 | $ 2,458,139 | |||||||
TCW CLO Ltd. (Cayman Islands), | ||||||||||
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | ||||||||||
2.364%(c) | 07/25/34 | 4,750 | 4,575,334 | |||||||
TIAA CLO Ltd. (Cayman Islands), | ||||||||||
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) | ||||||||||
2.263%(c) | 07/20/31 | 1,750 | 1,716,673 | |||||||
Toro European CLO DAC (Ireland), | ||||||||||
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | ||||||||||
0.990%(c) | 07/25/34 | EUR | 3,000 | 3,011,461 | ||||||
Trimaran Cavu Ltd., | ||||||||||
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) | ||||||||||
2.523%(c) | 07/20/32 | 7,500 | 7,380,184 | |||||||
Venture CLO Ltd. (Cayman Islands), | ||||||||||
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) | ||||||||||
1.924%(c) | 07/15/27 | 131 | 131,018 | |||||||
Wellfleet CLO Ltd. (Cayman Islands), | ||||||||||
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | ||||||||||
2.194%(c) | 01/17/31 | 2,000 | 1,965,232 | |||||||
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | ||||||||||
2.263%(c) | 10/20/31 | 3,750 | 3,677,897 | |||||||
| ||||||||||
103,591,616 | ||||||||||
| ||||||||||
Consumer Loans — 0.3% | ||||||||||
Lendmark Funding Trust, | ||||||||||
Series 2019-02A, Class A, 144A | ||||||||||
2.780% | 04/20/28 | 2,400 | 2,349,820 | |||||||
OneMain Financial Issuance Trust, | ||||||||||
Series 2020-01A, Class A, 144A | ||||||||||
3.840% | 05/14/32 | 699 | 696,810 | |||||||
Series 2020-02A, Class A, 144A | ||||||||||
1.750% | 09/14/35 | 1,900 | 1,691,921 | |||||||
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | ||||||||||
1.543%(c) | 06/16/36 | 2,000 | 1,890,653 | |||||||
Oportun Funding XIV LLC, | ||||||||||
Series 2021-A, Class A, 144A | ||||||||||
1.210% | 03/08/28 | 800 | 748,773 | |||||||
| ||||||||||
7,377,977 | ||||||||||
| ||||||||||
Equipment — 0.2% | ||||||||||
MMAF Equipment Finance LLC, | ||||||||||
Series 2017-B, Class A5, 144A | ||||||||||
2.720% | 06/15/40 | 2,100 | 2,053,211 | |||||||
Series 2018-A, Class A5, 144A | ||||||||||
3.610% | 03/10/42 | 500 | 496,536 | |||||||
Series 2019-A, Class A5, 144A | ||||||||||
3.080% | 11/12/41 | 1,600 | 1,568,588 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
|
|
|
| |||||||
ASSET-BACKED SECURITIES (continued) | ||||||||||
Equipment (cont’d.) | ||||||||||
Series 2019-B, Class A5, 144A | ||||||||||
2.290% | 11/12/41 | 1,600 | $ 1,508,369 | |||||||
| ||||||||||
5,626,704 | ||||||||||
| ||||||||||
Other — 0.1% | ||||||||||
Home Partners of America Trust, | ||||||||||
Series 2021-03, Class A, 144A | ||||||||||
2.200% | 01/17/41 | 947 | 847,832 | |||||||
TH MSR Issuer Trust, | ||||||||||
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%) | ||||||||||
4.424%(c) | 06/25/24 | 2,240 | 2,181,813 | |||||||
| ||||||||||
3,029,645 | ||||||||||
| ||||||||||
Residential Mortgage-Backed Securities — 0.1% | ||||||||||
Countrywide Asset-Backed Certificates, | ||||||||||
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | ||||||||||
2.374%(c) | 03/25/34 | 150 | 146,401 | |||||||
Long Beach Mortgage Loan Trust, | ||||||||||
Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%) | ||||||||||
2.419%(c) | 06/25/34 | 115 | 109,292 | |||||||
TFS (Spain), | ||||||||||
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% | ||||||||||
3.000%(c) | 04/16/23^ | EUR | 983 | 1,011,615 | ||||||
| ||||||||||
1,267,308 | ||||||||||
| ||||||||||
Student Loans — 0.4% | ||||||||||
Commonbond Student Loan Trust, | ||||||||||
Series 2017-BGS, Class A1, 144A | ||||||||||
2.680% | 09/25/42 | 577 | 553,397 | |||||||
Series 2018-AGS, Class A1, 144A | ||||||||||
3.210% | 02/25/44 | 418 | 408,024 | |||||||
Series 2018-CGS, Class A1, 144A | ||||||||||
3.870% | 02/25/46 | 116 | 113,811 | |||||||
Laurel Road Prime Student Loan Trust, | ||||||||||
Series 2017-C, Class A2B, 144A | ||||||||||
2.810% | 11/25/42 | 127 | 126,630 | |||||||
Series 2018-B, Class A2FX, 144A | ||||||||||
3.540% | 05/26/43 | 246 | 246,536 | |||||||
Series 2019-A, Class A2FX, 144A | ||||||||||
2.730% | 10/25/48 | 247 | 243,558 | |||||||
Navient Private Education Refi Loan Trust, | ||||||||||
Series 2018-A, Class A2, 144A | ||||||||||
3.190% | 02/18/42 | 356 | 355,687 | |||||||
Series 2018-CA, Class A2, 144A | ||||||||||
3.520% | 06/16/42 | 249 | 248,716 | |||||||
Series 2019-CA, Class A2, 144A | ||||||||||
3.130% | 02/15/68 | 651 | 635,415 | |||||||
Series 2020-BA, Class A2, 144A | ||||||||||
2.120% | 01/15/69 | 662 | 622,172 | |||||||
Pennsylvania Higher Education Assistance Agency, | ||||||||||
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%) | ||||||||||
2.154%(c) | 05/25/70 | 1,561 | 1,514,308 |
SEE NOTES TO FINANCIAL STATEMENTS.
A22
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||
Student Loans (cont’d.) |
| |||||||||||
SoFi Professional Loan Program LLC, |
| |||||||||||
Series 2019-A, Class A2FX, 144A |
| |||||||||||
3.690% | 06/15/48 | 559 | $ | 550,428 | ||||||||
Series 2019-B, Class A2FX, 144A |
| |||||||||||
3.090% | 08/17/48 | 648 | 633,191 | |||||||||
Series 2019-C, Class A2FX, 144A |
| |||||||||||
2.370% | 11/16/48 | 1,008 | 972,744 | |||||||||
SoFi Professional Loan Program Trust, |
| |||||||||||
Series 2018-B, Class A2FX, 144A |
| |||||||||||
3.340% | 08/25/47 | 696 | 686,450 | |||||||||
Series 2020-A, Class A2FX, 144A |
| |||||||||||
2.540% | 05/15/46 | 1,329 | 1,274,362 | |||||||||
|
| |||||||||||
9,185,429 | ||||||||||||
|
| |||||||||||
TOTAL ASSET-BACKED SECURITIES |
| 180,708,205 | ||||||||||
|
| |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1% |
| |||||||||||
Assurant Commercial Mortgage Trust, |
| |||||||||||
Series 2016-01A, Class AS, 144A |
| |||||||||||
3.172% | 05/15/49 | 3,100 | 3,006,898 | |||||||||
BANK, | ||||||||||||
Series 2021-BN35, Class A3 |
| |||||||||||
1.717% | 06/15/64 | 3,500 | 3,008,920 | |||||||||
Series 2021-BN35, Class ASB |
| |||||||||||
2.067% | 06/15/64 | 2,300 | 2,023,392 | |||||||||
Series 2021-BN37, Class A4 |
| |||||||||||
2.370% | 11/15/64 | 3,900 | 3,317,933 | |||||||||
Barclays Commercial Mortgage Securities Trust, |
| |||||||||||
Series 2018-C02, Class A4 |
| |||||||||||
4.047% | 12/15/51 | 3,850 | 3,785,416 | |||||||||
Series 2021-C12, Class A4 |
| |||||||||||
2.421% | 11/15/54 | 4,500 | 3,899,082 | |||||||||
Benchmark Mortgage Trust, |
| |||||||||||
Series 2018-B03, Class A4 |
| |||||||||||
3.761% | 04/10/51 | 3,600 | 3,476,937 | |||||||||
Series 2021-B24, Class A3 |
| |||||||||||
2.010% | 03/15/54 | 2,000 | 1,773,152 | |||||||||
BXP Trust, |
| |||||||||||
Series 2021-601L, Class A, 144A |
| |||||||||||
2.618% | 01/15/44 | 5,500 | 4,504,429 | |||||||||
CFCRE Commercial Mortgage Trust, |
| |||||||||||
Series 2016-C04, Class A3 |
| |||||||||||
3.014% | 05/10/58 | 2,090 | 1,996,997 | |||||||||
Citigroup Commercial Mortgage Trust, |
| |||||||||||
Series 2014-GC21, Class A4 |
| |||||||||||
3.575% | 05/10/47 | 689 | 681,824 | |||||||||
Series 2016-C01, Class A3 |
| |||||||||||
2.944% | 05/10/49 | 2,700 | 2,586,150 | |||||||||
Series 2017-P07, Class A3 |
| |||||||||||
3.442% | 04/14/50 | 4,000 | 3,866,021 | |||||||||
Commercial Mortgage Trust, |
| |||||||||||
Series 2014-CR18, Class A4 |
| |||||||||||
3.550% | 07/15/47 | 1,744 | 1,722,903 | |||||||||
Series 2014-LC17, Class A4 |
| |||||||||||
3.648% | 10/10/47 | 3,191 | 3,131,345 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||
CSAIL Commercial Mortgage Trust, |
| |||||||||||
Series 2015-C04, Class A3 |
| |||||||||||
3.544% | 11/15/48 | 2,483 | $ | 2,415,600 | ||||||||
Series 2017-C08, Class A3 |
| |||||||||||
3.127% | 06/15/50 | 3,678 | 3,436,053 | |||||||||
FHLMC Multifamily Structured Pass-Through Certificates, |
| |||||||||||
Series K055, Class X1, IO |
| |||||||||||
1.484%(cc) | 03/25/26 | 4,353 | 180,777 | |||||||||
GS Mortgage Securities Corp. Trust, |
| |||||||||||
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
| |||||||||||
2.312%(c) | 11/21/35 | 1,064 | 1,040,043 | |||||||||
GS Mortgage Securities Trust, |
| |||||||||||
Series 2015-GC28, Class A4 |
| |||||||||||
3.136% | 02/10/48 | 2,763 | 2,688,849 | |||||||||
Series 2015-GC34, Class A3 |
| |||||||||||
3.244% | 10/10/48 | 4,715 | 4,576,494 | |||||||||
Series 2016-GS03, Class A3 |
| |||||||||||
2.592% | 10/10/49 | 3,901 | 3,661,709 | |||||||||
Series 2016-GS04, Class A3 |
| |||||||||||
3.178% | 11/10/49 | 3,796 | 3,614,992 | |||||||||
Series 2020-GSA02, Class A4 |
| |||||||||||
1.721% | 12/12/53 | 4,150 | 3,404,618 | |||||||||
JPMBB Commercial Mortgage Securities Trust, |
| |||||||||||
Series 2014-C25, Class A4A1 |
| |||||||||||
3.408% | 11/15/47 | 577 | 567,427 | |||||||||
Series 2015-C27, Class A3A1 |
| |||||||||||
2.920% | 02/15/48 | 3,978 | 3,822,565 | |||||||||
JPMCC Commercial Mortgage Securities Trust, |
| |||||||||||
Series 2017-JP06, Class A3 |
| |||||||||||
3.109% | 07/15/50 | 3,624 | 3,546,014 | |||||||||
JPMDB Commercial Mortgage Securities Trust, |
| |||||||||||
Series 2016-C02, Class A3A |
| |||||||||||
2.881% | 06/15/49 | 2,500 | 2,395,243 | |||||||||
JPMorgan Chase Commercial Mortgage Securities Trust, |
| |||||||||||
Series 2013-LC11, Class A4 |
| |||||||||||
2.694% | 04/15/46 | 492 | 488,019 | |||||||||
MHC Commercial Mortgage Trust, |
| |||||||||||
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%) |
| |||||||||||
2.675%(c) | 04/15/38 | 2,150 | 2,036,638 | |||||||||
Morgan Stanley Capital I Trust, |
| |||||||||||
Series 2015-UBS08, Class A3 |
| |||||||||||
3.540% | 12/15/48 | 4,782 | 4,657,188 | |||||||||
Series 2016-BNK02, Class A3 |
| |||||||||||
2.791% | 11/15/49 | 2,000 | 1,881,839 | |||||||||
Series 2016-UB11, Class A3 |
| |||||||||||
2.531% | 08/15/49 | 6,300 | 5,897,822 | |||||||||
Series 2019-H06, Class A3 |
| |||||||||||
3.158% | 06/15/52 | 5,000 | 4,596,859 | |||||||||
Series 2019-H07, Class A2 |
| |||||||||||
2.492% | 07/15/52 | 9,400 | 9,044,276 | |||||||||
UBS Commercial Mortgage Trust, |
| |||||||||||
Series 2017-C02, Class ASB |
| |||||||||||
3.264% | 08/15/50 | 2,500 | 2,448,975 | |||||||||
Series 2017-C05, Class A4 |
| |||||||||||
3.212% | 11/15/50 | 5,000 | 4,695,786 |
SEE NOTES TO FINANCIAL STATEMENTS.
A23
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||
Series 2018-C09, Class A3 |
| |||||||||||
3.854% | 03/15/51 | 1,800 | $ | 1,739,908 | ||||||||
Series 2018-C14, Class A3 |
| |||||||||||
4.180% | 12/15/51 | 2,900 | 2,804,204 | |||||||||
UBS-Barclays Commercial Mortgage Trust, |
| |||||||||||
Series 2013-C06, Class A3 |
| |||||||||||
2.971% | 04/10/46 | 1,405 | 1,393,499 | |||||||||
Wells Fargo Commercial Mortgage Trust, |
| |||||||||||
Series 2016-NXS06, Class A3 |
| |||||||||||
2.642% | 11/15/49 | 4,500 | 4,264,839 | |||||||||
Series 2017-C38, Class A4 |
| |||||||||||
3.190% | 07/15/50 | 3,214 | 3,061,355 | |||||||||
Series 2019-C49, Class A3 |
| |||||||||||
3.749% | 03/15/52 | 7,300 | 7,173,622 | |||||||||
Series 2020-C58, Class A3 |
| |||||||||||
1.810% | 07/15/53 | 5,000 | 4,169,424 | |||||||||
Series 2021-C61, Class A3 |
| |||||||||||
2.406% | 11/15/54 | 9,000 | 7,695,139 | |||||||||
|
| |||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED |
| 146,181,175 | ||||||||||
|
| |||||||||||
CORPORATE BONDS — 10.4% |
| |||||||||||
Aerospace & Defense — 0.2% |
| |||||||||||
Boeing Co. (The), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.196% | 02/04/26 | 1,610 | 1,452,983 | |||||||||
3.750% | 02/01/50 | 1,470 | 1,036,558 | |||||||||
Embraer Netherlands Finance BV (Brazil), |
| |||||||||||
5.050% | 06/15/25 | 551 | 534,877 | |||||||||
Embraer Overseas Ltd. (Brazil), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.696% | 09/16/23 | 765 | 773,743 | |||||||||
Raytheon Technologies Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
4.125% | 11/16/28 | 910 | 899,027 | |||||||||
|
| |||||||||||
4,697,188 | ||||||||||||
|
| |||||||||||
Agriculture — 0.1% |
| |||||||||||
BAT Capital Corp. (United Kingdom), |
| |||||||||||
Gtd. Notes |
| |||||||||||
3.557% | 08/15/27 | 1,365 | 1,249,960 | |||||||||
Vector Group Ltd., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
5.750% | 02/01/29 | 875 | 728,540 | |||||||||
|
| |||||||||||
1,978,500 | ||||||||||||
|
| |||||||||||
Airlines — 0.1% |
| |||||||||||
American Airlines 2015-1 Class A Pass-Through Trust, |
| |||||||||||
Pass-Through Certificates |
| |||||||||||
3.375% | 11/01/28 | 1,716 | 1,536,953 | |||||||||
Continental Airlines 2012-2 Class A Pass-Through Trust, |
| |||||||||||
Pass-Through Certificates |
| |||||||||||
4.000% | 04/29/26(a) | 233 | 224,216 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Airlines (cont’d.) |
| |||||||||||
Southwest Airlines Co., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.625% | 02/10/30(a) | 1,375 | $ | 1,159,832 | ||||||||
United Airlines, Inc., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.375% | 04/15/26 | 590 | 523,283 | |||||||||
4.625% | 04/15/29 | 115 | 97,519 | |||||||||
|
| |||||||||||
3,541,803 | ||||||||||||
|
| |||||||||||
Apparel — 0.0% |
| |||||||||||
Wolverine World Wide, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.000% | 08/15/29(a) | 550 | 440,977 | |||||||||
|
| |||||||||||
Auto Manufacturers — 0.4% |
| |||||||||||
Daimler Trucks Finance North America LLC (Germany), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
1.625% | 12/13/24(a) | 3,770 | 3,546,939 | |||||||||
Ford Motor Co., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.291% | 12/08/46 | 665 | 511,192 | |||||||||
Ford Motor Credit Co. LLC, |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.900% | 02/16/28 | 200 | 161,271 | |||||||||
3.350% | 11/01/22 | 2,845 | 2,841,917 | |||||||||
General Motors Co., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
6.250% | 10/02/43 | 740 | 705,593 | |||||||||
6.600% | 04/01/36 | 585 | 593,060 | |||||||||
General Motors Financial Co., Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
3.950% | 04/13/24 | 1,700 | 1,686,749 | |||||||||
|
| |||||||||||
10,046,721 | ||||||||||||
|
| |||||||||||
Banks — 2.9% |
| |||||||||||
Banco Santander SA (Spain), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
1.849% | 03/25/26 | 800 | 719,760 | |||||||||
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
| |||||||||||
2.131%(c) | 04/12/23 | 400 | 401,118 | |||||||||
Bank of America Corp., |
| |||||||||||
Jr. Sub. Notes, Series JJ |
| |||||||||||
5.125%(ff) | 06/20/24(oo) | 1,145 | 1,065,920 | |||||||||
Jr. Sub. Notes, Series MM |
| |||||||||||
4.300%(ff) | 01/28/25(oo) | 310 | 262,770 | |||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||
1.898%(ff) | 07/23/31 | 1,805 | 1,444,159 | |||||||||
2.496%(ff) | 02/13/31 | 5,165 | 4,371,090 | |||||||||
3.194%(ff) | 07/23/30 | 1,050 | 939,179 | |||||||||
3.824%(ff) | 01/20/28 | 615 | 589,684 | |||||||||
Sub. Notes, MTN |
| |||||||||||
4.000% | 01/22/25 | 1,700 | 1,692,884 | |||||||||
4.200% | 08/26/24 | 745 | 746,655 | |||||||||
4.450% | 03/03/26 | 4,790 | 4,777,149 | |||||||||
Bank of America NA, |
| |||||||||||
Sub. Notes |
| |||||||||||
6.000% | 10/15/36 | 805 | 883,435 |
SEE NOTES TO FINANCIAL STATEMENTS.
A24
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Banks (cont’d.) |
| |||||||||||
Barclays PLC (United Kingdom), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
3.650% | 03/16/25 | 610 | $ | 597,237 | ||||||||
3.932%(ff) | 05/07/25 | 320 | 315,062 | |||||||||
4.375% | 01/12/26 | 323 | 319,110 | |||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||
4.972%(ff) | 05/16/29 | 705 | 691,864 | |||||||||
BNP Paribas SA (France), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
2.219%(ff) | 06/09/26 | 1,650 | 1,531,147 | |||||||||
3.132%(ff) | 01/20/33 | 1,335 | 1,118,085 | |||||||||
Citigroup, Inc., |
| |||||||||||
Jr. Sub. Notes, Series V |
| |||||||||||
4.700%(ff) | 01/30/25(oo) | 1,675 | 1,383,629 | |||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.561%(ff) | 05/01/32 | 2,100 | 1,731,988 | |||||||||
3.200% | 10/21/26 | 670 | 637,463 | |||||||||
3.700% | 01/12/26 | 1,610 | 1,580,238 | |||||||||
3.887%(ff) | 01/10/28 | 560 | 537,628 | |||||||||
Sub. Notes |
| |||||||||||
4.450% | 09/29/27 | 1,485 | 1,459,997 | |||||||||
4.750% | 05/18/46 | 440 | 395,349 | |||||||||
Credit Suisse Group AG (Switzerland), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
2.193%(ff) | 06/05/26 | 1,100 | 1,002,301 | |||||||||
3.091%(ff) | 05/14/32 | 560 | 447,853 | |||||||||
4.282% | 01/09/28 | 980 | 916,928 | |||||||||
Deutsche Bank AG (Germany), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.129%(ff) | 11/24/26 | 460 | 408,894 | |||||||||
Discover Bank, |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
4.250% | 03/13/26 | �� | 595 | 580,930 | ||||||||
Goldman Sachs Group, Inc. (The), |
| |||||||||||
Jr. Sub. Notes, Series O |
| |||||||||||
5.300%(ff) | 11/10/26(oo) | 560 | 524,038 | |||||||||
Sr. Unsec’d. Notes |
| |||||||||||
1.542%(ff) | 09/10/27 | 2,345 | 2,058,235 | |||||||||
3.750% | 02/25/26 | 1,165 | 1,143,963 | |||||||||
3.814%(ff) | 04/23/29 | 440 | 414,856 | |||||||||
3.850% | 01/26/27 | 2,625 | 2,539,554 | |||||||||
Sub. Notes |
| |||||||||||
6.750% | 10/01/37 | 225 | 249,251 | |||||||||
ING Groep NV (Netherlands), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
3.550% | 04/09/24 | 400 | 396,736 | |||||||||
JPMorgan Chase & Co., |
| |||||||||||
Jr. Sub. Notes, Series FF |
| |||||||||||
5.000%(ff) | 08/01/24(oo) | 540 | 476,584 | |||||||||
Jr. Sub. Notes, Series HH |
| |||||||||||
4.600%(ff) | 02/01/25(oo) | 1,245 | 1,055,777 | |||||||||
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
| |||||||||||
4.709%(c) | 10/30/22(oo) | 979 | 928,896 | |||||||||
Jr. Sub. Notes, Series II |
| |||||||||||
4.000%(ff) | 04/01/25(oo) | 230 | 189,921 | |||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.580%(ff) | 04/22/32 | 1,585 | 1,334,580 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Banks (cont’d.) |
| |||||||||||
3.782%(ff) | 02/01/28 | 270 | $ | 259,092 | ||||||||
3.964%(ff) | 11/15/48 | 2,240 | 1,909,390 | |||||||||
4.005%(ff) | 04/23/29 | 1,360 | 1,303,950 | |||||||||
Sub. Notes |
| |||||||||||
3.875% | 09/10/24 | 3,525 | 3,518,433 | |||||||||
Morgan Stanley, |
| |||||||||||
Sr. Unsec’d. Notes, GMTN |
| |||||||||||
2.239%(ff) | 07/21/32 | 2,770 | 2,250,802 | |||||||||
3.772%(ff) | 01/24/29 | 1,295 | 1,231,000 | |||||||||
3.875% | 01/27/26 | 550 | 542,573 | |||||||||
4.431%(ff) | 01/23/30 | 455 | 441,628 | |||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||
3.591%(ff) | 07/22/28 | 1,030 | 974,769 | |||||||||
Sub. Notes, GMTN |
| |||||||||||
4.350% | 09/08/26 | 3,050 | 3,018,776 | |||||||||
NatWest Group PLC (United Kingdom), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.076%(ff) | 01/27/30 | 1,570 | 1,537,772 | |||||||||
Societe Generale SA (France), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
1.488%(ff) | 12/14/26 | 3,200 | 2,822,526 | |||||||||
State Bank of India (India), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.375% | 01/24/24 | 1,255 | 1,261,699 | |||||||||
UBS Group AG (Switzerland), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
1.364%(ff) | 01/30/27 | 2,250 | 1,994,404 | |||||||||
Wells Fargo & Co., |
| |||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||
2.572%(ff) | 02/11/31 | 2,895 | 2,489,051 | |||||||||
|
| |||||||||||
70,417,762 | ||||||||||||
|
| |||||||||||
Beverages — 0.2% |
| |||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes |
| |||||||||||
4.700% | 02/01/36 | 1,220 | 1,171,104 | |||||||||
Bacardi Ltd. (Bermuda), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
2.750% | 07/15/26 | 2,785 | 2,569,510 | |||||||||
Constellation Brands, Inc., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.250% | 08/01/31 | 780 | 632,271 | |||||||||
|
| |||||||||||
4,372,885 | ||||||||||||
|
| |||||||||||
Biotechnology — 0.1% |
| |||||||||||
Amgen, Inc., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.800% | 08/15/41 | 2,840 | 2,105,653 | |||||||||
|
| |||||||||||
Building Materials — 0.0% |
| |||||||||||
Masonite International Corp., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.500% | 02/15/30(a) | 400 | 315,155 |
SEE NOTES TO FINANCIAL STATEMENTS.
A25
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Building Materials (cont’d.) |
| |||||||||||
Standard Industries, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||
4.750% | 01/15/28 | 300 | $ | 256,501 | ||||||||
|
| |||||||||||
571,656 | ||||||||||||
|
| |||||||||||
Chemicals — 0.1% | ||||||||||||
Dow Chemical Co. (The), |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
4.375% | 11/15/42 | 5 | 4,403 | |||||||||
5.250% | 11/15/41 | 350 | 346,514 | |||||||||
9.400% | 05/15/39 | 15 | 21,370 | |||||||||
LYB International Finance BV, |
| |||||||||||
Gtd. Notes | ||||||||||||
5.250% | 07/15/43 | 620 | 579,118 | |||||||||
NOVA Chemicals Corp. (Canada), |
| |||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||
4.875% | 06/01/24 | 875 | 838,977 | |||||||||
Sasol Financing USA LLC (South Africa), |
| |||||||||||
Gtd. Notes | ||||||||||||
5.875% | 03/27/24 | 600 | 588,528 | |||||||||
6.500% | 09/27/28 | 405 | 367,872 | |||||||||
|
| |||||||||||
2,746,782 | ||||||||||||
|
| |||||||||||
Commercial Services — 0.1% | ||||||||||||
ERAC USA Finance LLC, |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
4.200% | 11/01/46 | 875 | 721,138 | |||||||||
7.000% | 10/15/37 | 390 | 451,178 | |||||||||
United Rentals North America, Inc., |
| |||||||||||
Gtd. Notes | ||||||||||||
3.750% | 01/15/32 | 250 | 205,576 | |||||||||
4.875% | 01/15/28 | 735 | 695,916 | |||||||||
5.250% | 01/15/30 | 265 | 245,959 | |||||||||
University of Miami, |
| |||||||||||
Sr. Unsec’d. Notes, Series 2022 | ||||||||||||
4.063% | 04/01/52 | 815 | 734,537 | |||||||||
|
| |||||||||||
3,054,304 | ||||||||||||
|
| |||||||||||
Diversified Financial Services — 0.3% | ||||||||||||
BOC Aviation USA Corp. (Singapore), |
| |||||||||||
Gtd. Notes, 144A, MTN | ||||||||||||
1.625% | 04/29/24 | 445 | 426,540 | |||||||||
Cantor Fitzgerald LP, |
| |||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||
4.500% | 04/14/27 | 3,485 | 3,370,556 | |||||||||
CDP Financial, Inc. (Canada), |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
3.150% | 07/24/24 | 445 | 445,058 | |||||||||
Discover Financial Services, |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
3.850% | 11/21/22 | 900 | 902,779 | |||||||||
Nomura Holdings, Inc. (Japan), |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
2.608% | 07/14/31 | 1,490 | 1,185,798 | |||||||||
OneMain Finance Corp., |
| |||||||||||
Gtd. Notes | ||||||||||||
8.250% | 10/01/23 | 1,100 | 1,100,411 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Diversified Financial Services (cont’d.) |
| |||||||||||
Private Export Funding Corp., |
| |||||||||||
U.S. Gov’t. Gtd. Notes, Series NN |
| |||||||||||
3.250% | 06/15/25 | 255 | $ | 253,749 | ||||||||
|
| |||||||||||
7,684,891 | ||||||||||||
|
| |||||||||||
Electric — 1.0% | ||||||||||||
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||
2.000% | 04/29/28 | 370 | 328,780 | |||||||||
Alfa Desarrollo SpA (Chile), |
| |||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
4.550% | 09/27/51 | 439 | 313,797 | |||||||||
Baltimore Gas & Electric Co., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
6.350% | 10/01/36 | 530 | 608,804 | |||||||||
Berkshire Hathaway Energy Co., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
5.950% | 05/15/37 | 335 | 366,305 | |||||||||
Calpine Corp., |
| |||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
3.750% | 03/01/31 | 1,400 | 1,139,982 | |||||||||
CenterPoint Energy Houston Electric LLC, |
| |||||||||||
General Ref. Mortgage, Series K2 | ||||||||||||
6.950% | 03/15/33 | 300 | 356,582 | |||||||||
Comision Federal de Electricidad (Mexico), |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
4.688% | 05/15/29 | 1,000 | 895,815 | |||||||||
Connecticut Light & Power Co. (The), |
| |||||||||||
First Mortgage, Series A | ||||||||||||
2.050% | 07/01/31 | 2,290 | 1,934,400 | |||||||||
Consolidated Edison Co. of New York, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, Series 09-C | ||||||||||||
5.500% | 12/01/39 | 145 | 150,168 | |||||||||
Duke Energy Carolinas LLC, |
| |||||||||||
First Mortgage | ||||||||||||
6.050% | 04/15/38 | 530 | 592,825 | |||||||||
El Paso Electric Co., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
6.000% | 05/15/35 | 845 | 898,134 | |||||||||
Enel Finance International NV (Italy), |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
2.250% | 07/12/31(a) | 1,500 | 1,179,961 | |||||||||
Engie Energia Chile SA (Chile), |
| |||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||
3.400% | 01/28/30 | 400 | 339,170 | |||||||||
Florida Power & Light Co., |
| |||||||||||
First Mortgage | ||||||||||||
5.950% | 10/01/33 | 380 | 428,347 | |||||||||
Iberdrola International BV (Spain), |
| |||||||||||
Gtd. Notes | ||||||||||||
6.750% | 09/15/33 | 140 | 158,452 | |||||||||
Indiana Michigan Power Co., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
3.850% | 05/15/28 | 2,105 | 2,037,108 | |||||||||
Israel Electric Corp. Ltd. (Israel), |
| |||||||||||
Sr. Sec’d. Notes, 144A, GMTN | ||||||||||||
4.250% | 08/14/28 | 575 | 553,008 |
SEE NOTES TO FINANCIAL STATEMENTS.
A26
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Electric (cont’d.) |
| |||||||||||
Monongahela Power Co., |
| |||||||||||
First Mortgage, 144A | ||||||||||||
4.100% | 04/15/24 | 1,560 | $ | 1,559,787 | ||||||||
Northern States Power Co., |
| |||||||||||
First Mortgage | ||||||||||||
3.600% | 09/15/47 | 1,035 | 872,458 | |||||||||
NRG Energy, Inc., |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
3.875% | 02/15/32 | 200 | 158,779 | |||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
2.000% | 12/02/25 | 225 | 203,455 | |||||||||
2.450% | 12/02/27 | 970 | 837,756 | |||||||||
Ohio Power Co., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
4.000% | 06/01/49 | 465 | 401,800 | |||||||||
PECO Energy Co., |
| |||||||||||
First Mortgage | ||||||||||||
2.800% | 06/15/50 | 785 | 576,105 | |||||||||
Public Service Electric & Gas Co., |
| |||||||||||
First Mortgage, MTN | ||||||||||||
3.700% | 05/01/28 | 850 | 829,592 | |||||||||
Sr. Sec’d. Notes, MTN | ||||||||||||
5.800% | 05/01/37 | 515 | 576,554 | |||||||||
Public Service Enterprise Group, Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
1.600% | 08/15/30 | 1,235 | 982,379 | |||||||||
San Diego Gas & Electric Co., |
| |||||||||||
First Mortgage | ||||||||||||
4.150% | 05/15/48 | 1,010 | 930,758 | |||||||||
Southern California Edison Co., |
| |||||||||||
First Ref. Mortgage | ||||||||||||
4.000% | 04/01/47 | 350 | 283,889 | |||||||||
First Ref. Mortgage, Series C | ||||||||||||
3.600% | 02/01/45 | 690 | 516,825 | |||||||||
Vistra Operations Co. LLC, |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
5.000% | 07/31/27 | 495 | 448,680 | |||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
3.550% | 07/15/24 | 1,475 | 1,423,533 | |||||||||
Xcel Energy, Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
4.800% | 09/15/41 | 480 | 454,131 | |||||||||
|
| |||||||||||
23,338,119 | ||||||||||||
|
| |||||||||||
Engineering & Construction — 0.1% | ||||||||||||
AECOM, |
| |||||||||||
Gtd. Notes | ||||||||||||
5.125% | 03/15/27(a) | 600 | 567,106 | |||||||||
Mexico City Airport Trust (Mexico), |
| |||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
5.500% | 07/31/47 | 1,350 | 922,099 | |||||||||
|
| |||||||||||
1,489,205 | ||||||||||||
|
| |||||||||||
Entertainment — 0.0% | ||||||||||||
Magallanes, Inc., |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
5.050% | 03/15/42 | 450 | 382,698 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Entertainment (cont’d.) |
| |||||||||||
5.141% | 03/15/52 | 420 | $ | 352,605 | ||||||||
5.391% | 03/15/62 | 215 | 180,313 | |||||||||
|
| |||||||||||
915,616 | ||||||||||||
|
| |||||||||||
Foods — 0.1% | ||||||||||||
Kraft Heinz Foods Co., |
| |||||||||||
Gtd. Notes | ||||||||||||
4.875% | 10/01/49 | 1,030 | 910,898 | |||||||||
Lamb Weston Holdings, Inc., |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
4.125% | 01/31/30 | 350 | 304,491 | |||||||||
4.375% | 01/31/32 | 600 | 521,768 | |||||||||
Mars, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||
2.375% | 07/16/40 | 535 | 388,490 | |||||||||
Pilgrim’s Pride Corp., |
| |||||||||||
Gtd. Notes, 144A | ||||||||||||
5.875% | 09/30/27 | 1,200 | 1,148,547 | |||||||||
|
| |||||||||||
3,274,194 | ||||||||||||
|
| |||||||||||
Forest Products & Paper — 0.0% | ||||||||||||
Celulosa Arauco y Constitucion SA (Chile), |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
4.500% | 08/01/24 | 207 | 205,932 | |||||||||
|
| |||||||||||
Gas — 0.2% | ||||||||||||
NiSource, Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
1.700% | 02/15/31 | 835 | 651,336 | |||||||||
3.600% | 05/01/30 | 1,600 | 1,466,209 | |||||||||
Piedmont Natural Gas Co., Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
3.500% | 06/01/29 | 2,090 | 1,940,981 | |||||||||
|
| |||||||||||
4,058,526 | ||||||||||||
|
| |||||||||||
Healthcare-Products — 0.1% | ||||||||||||
DH Europe Finance II Sarl, |
| |||||||||||
Gtd. Notes | ||||||||||||
1.350% | 09/18/39 | EUR | 1,125 | 821,810 | ||||||||
Medline Borrower LP, |
| |||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||
3.875% | 04/01/29 | 475 | 404,926 | |||||||||
Medtronic Global Holdings SCA, |
| |||||||||||
Gtd. Notes | ||||||||||||
2.250% | 03/07/39 | EUR | 300 | 263,011 | ||||||||
|
| |||||||||||
1,489,747 | ||||||||||||
|
| |||||||||||
Healthcare-Services — 0.1% | ||||||||||||
Aetna, Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
6.625% | 06/15/36 | 480 | 542,540 | |||||||||
Elevance Health, Inc., |
| |||||||||||
Sr. Unsec’d. Notes | ||||||||||||
3.600% | 03/15/51 | 885 | 717,279 | |||||||||
4.625% | 05/15/42 | 330 | 313,245 | |||||||||
HCA, Inc., |
| |||||||||||
Gtd. Notes | ||||||||||||
5.125% | 06/15/39 | 665 | 582,853 |
SEE NOTES TO FINANCIAL STATEMENTS.
A27
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Healthcare-Services (cont’d.) |
| |||||||||||
Kaiser Foundation Hospitals, |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.150% | 05/01/47 | 670 | $ | 623,508 | ||||||||
Tenet Healthcare Corp., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.375% | 01/15/30 | 425 | 361,071 | |||||||||
6.125% | 06/15/30 | 225 | 210,916 | |||||||||
|
| |||||||||||
3,351,412 | ||||||||||||
|
| |||||||||||
Home Builders — 0.1% | ||||||||||||
KB Home, |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.000% | 06/15/31(a) | 400 | 308,584 | |||||||||
Taylor Morrison Communities, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.875% | 06/15/27 | 405 | 374,131 | |||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.625% | 03/01/24 | 600 | 585,453 | |||||||||
|
| |||||||||||
1,268,168 | ||||||||||||
|
| |||||||||||
Housewares — 0.1% | ||||||||||||
Newell Brands, Inc., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
4.450% | 04/01/26(a) | 2,010 | 1,913,666 | |||||||||
|
| |||||||||||
Insurance — 0.2% | ||||||||||||
Liberty Mutual Group, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.951% | 10/15/50 | 1,125 | 854,709 | |||||||||
Lincoln National Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
6.300% | 10/09/37 | 701 | 758,683 | |||||||||
Markel Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.000% | 03/30/43 | 165 | 154,440 | |||||||||
New York Life Insurance Co., |
| |||||||||||
Sub. Notes, 144A |
| |||||||||||
6.750% | 11/15/39(a) | 650 | 768,436 | |||||||||
Principal Financial Group, Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.625% | 09/15/42 | 105 | 96,824 | |||||||||
Teachers Insurance & Annuity Association of America, |
| |||||||||||
Sub. Notes, 144A |
| |||||||||||
4.270% | 05/15/47 | 1,430 | 1,268,436 | |||||||||
6.850% | 12/16/39 | 122 | 144,061 | |||||||||
|
| |||||||||||
4,045,589 | ||||||||||||
|
| |||||||||||
Media — 0.5% | ||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.000% | 03/01/23(a) | 1,000 | 994,138 | |||||||||
5.500% | 05/01/26 | 500 | 488,353 | |||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, |
| |||||||||||
Sr. Sec’d. Notes |
| |||||||||||
3.900% | 06/01/52 | 500 | 349,033 | |||||||||
6.384% | 10/23/35 | 1,695 | 1,710,738 |
Interest Rate | Maturity Date | Principal | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Media (cont’d.) |
| |||||||||||
6.484% | 10/23/45 | 1,000 | $ | 973,668 | ||||||||
Cox Communications, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
2.600% | 06/15/31(a) | 3,695 | 3,098,286 | |||||||||
CSC Holdings LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.500% | 11/15/31 | 1,000 | 772,111 | |||||||||
Discovery Communications LLC, |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.000% | 09/15/55 | 823 | 574,878 | |||||||||
Paramount Global, |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.250% | 04/01/44 | 1,340 | 1,146,778 | |||||||||
Time Warner Cable LLC, |
| |||||||||||
Sr. Sec’d. Notes |
| |||||||||||
5.500% | 09/01/41 | 270 | 237,520 | |||||||||
Walt Disney Co. (The), |
| |||||||||||
Gtd. Notes |
| |||||||||||
7.625% | 11/30/28 | 515 | 605,840 | |||||||||
|
| |||||||||||
10,951,343 | ||||||||||||
|
| |||||||||||
Miscellaneous Manufacturing — 0.1% | ||||||||||||
Amsted Industries, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.625% | 07/01/27 | 800 | 760,575 | |||||||||
Pentair Finance Sarl, |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.500% | 07/01/29 | 2,415 | 2,305,091 | |||||||||
|
| |||||||||||
3,065,666 | ||||||||||||
|
| |||||||||||
Multi-National — 0.0% | ||||||||||||
Corp. Andina de Fomento (Supranational Bank), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.750% | 01/06/23 | 385 | 384,328 | |||||||||
North American Development Bank (Supranational Bank), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
2.400% | 10/26/22 | 226 | 225,566 | |||||||||
|
| |||||||||||
609,894 | ||||||||||||
|
| |||||||||||
Office/Business Equipment — 0.1% | ||||||||||||
CDW LLC/CDW Finance Corp., |
| |||||||||||
Gtd. Notes |
| |||||||||||
2.670% | 12/01/26 | 1,270 | 1,132,400 | |||||||||
5.500% | 12/01/24 | 500 | 502,274 | |||||||||
|
| |||||||||||
1,634,674 | ||||||||||||
|
| |||||||||||
Oil & Gas — 0.4% | ||||||||||||
Cenovus Energy, Inc. (Canada), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.400% | 06/15/47 | 850 | 819,099 | |||||||||
Continental Resources, Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.500% | 04/15/23(a) | 430 | 431,534 | |||||||||
Devon Energy Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
5.600% | 07/15/41 | 225 | 223,261 |
SEE NOTES TO FINANCIAL STATEMENTS.
A28
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||
|
|
|
|
| ||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Oil & Gas (cont’d.) |
| |||||||||||
Ecopetrol SA (Colombia), |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
6.875% | 04/29/30 | 440 | $ | 389,510 | ||||||||
Energean Israel Finance Ltd. (Israel), |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.875% | 03/30/26 | 570 | 502,608 | |||||||||
Gazprom PJSC Via Gaz Capital SA (Russia), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.950% | 07/19/22 | 255 | 191,250 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
6.000% | 04/15/30 | 275 | 242,132 | |||||||||
6.250% | 04/15/32 | 325 | 284,138 | |||||||||
KazMunayGas National Co. JSC (Kazakhstan), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.750% | 04/24/25 | 400 | 374,260 | |||||||||
Lundin Energy Finance BV (Netherlands), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.100% | 07/15/31 | 530 | 440,475 | |||||||||
Occidental Petroleum Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
6.450% | 09/15/36 | 1,040 | 1,083,268 | |||||||||
Ovintiv, Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
6.625% | 08/15/37 | 240 | 250,915 | |||||||||
Petroleos Mexicanos (Mexico), |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.750% | 02/26/29 | EUR | 100 | 78,680 | ||||||||
6.350% | 02/12/48 | 458 | 274,199 | |||||||||
6.490% | 01/23/27 | 346 | 299,366 | |||||||||
6.500% | 03/13/27 | 130 | 112,850 | |||||||||
Gtd. Notes, MTN |
| |||||||||||
6.750% | 09/21/47 | 561 | 347,120 | |||||||||
6.875% | 08/04/26(a) | 770 | 693,287 | |||||||||
Qatar Energy (Qatar), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
1.375% | 09/12/26 | 1,544 | 1,392,144 | |||||||||
2.250% | 07/12/31 | 545 | 465,858 | |||||||||
Sinopec Group Overseas Development 2018 Ltd. (China), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.680% | 08/08/49 | 990 | 798,583 | |||||||||
Valero Energy Corp., |
| |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||
4.000% | 04/01/29 | 580 | 547,432 | |||||||||
|
| |||||||||||
10,241,969 | ||||||||||||
|
| |||||||||||
Packaging & Containers — 0.1% |
| |||||||||||
Ball Corp., |
| |||||||||||
Gtd. Notes |
| |||||||||||
3.125% | 09/15/31 | 300 | 242,380 | |||||||||
Berry Global, Inc., |
| |||||||||||
Sr. Sec’d. Notes |
| |||||||||||
1.570% | 01/15/26 | 3,570 | 3,187,316 | |||||||||
|
| |||||||||||
3,429,696 | ||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
|
|
|
|
| ||||||
CORPORATE BONDS (continued) |
| |||||||||
Pharmaceuticals — 0.5% | ||||||||||
AbbVie, Inc., | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
3.800% | 03/15/25 | 950 | $ | 943,469 | ||||||
4.250% | 11/21/49 | 1,000 | 886,369 | |||||||
4.500% | 05/14/35 | 1,595 | 1,547,327 | |||||||
4.550% | 03/15/35 | 1,770 | 1,724,240 | |||||||
4.700% | 05/14/45 | 855 | 805,294 | |||||||
Bayer US Finance II LLC (Germany), | ||||||||||
Gtd. Notes, 144A | ||||||||||
4.250% | 12/15/25 | 1,150 | 1,134,954 | |||||||
Becton, Dickinson & Co., | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
3.734% | 12/15/24 | 102 | 101,495 | |||||||
Bristol-Myers Squibb Co., | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
4.125% | 06/15/39 | 280 | 267,839 | |||||||
Cigna Corp., | ||||||||||
Gtd. Notes | ||||||||||
4.375% | 10/15/28 | 1,870 | 1,852,912 | |||||||
Sr. Unsec’d. Notes | ||||||||||
3.200% | 03/15/40 | 1,555 | 1,239,831 | |||||||
CVS Health Corp., | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
5.125% | 07/20/45 | 991 | 956,688 | |||||||
5.300% | 12/05/43 | 185 | 183,637 | |||||||
Mylan, Inc., | ||||||||||
Gtd. Notes | ||||||||||
5.400% | 11/29/43 | 590 | 494,104 | |||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, | ||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||
4.125% | 04/30/28 | 700 | 619,463 | |||||||
Viatris, Inc., | ||||||||||
Gtd. Notes | ||||||||||
3.850% | 06/22/40 | 520 | 366,196 | |||||||
|
| |||||||||
13,123,818 | ||||||||||
|
| |||||||||
Pipelines — 0.6% | ||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| |||||||||
Gtd. Notes, 144A | ||||||||||
7.875% | 05/15/26 | 525 | 524,499 | |||||||
Eastern Gas Transmission & Storage, Inc., | ||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||
4.600% | 12/15/44 | 45 | 41,409 | |||||||
EIG Pearl Holdings Sarl (Saudi Arabia), | ||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||
3.545% | 08/31/36 | 1,060 | 904,880 | |||||||
Energy Transfer LP, | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
4.950% | 06/15/28 | 795 | 783,373 | |||||||
5.000% | 05/15/50 | 990 | 842,279 | |||||||
6.125% | 12/15/45 | 120 | 114,990 | |||||||
Energy Transfer LP/Regency Energy Finance Corp., | ||||||||||
Sr. Unsec’d. Notes | ||||||||||
5.000% | 10/01/22 | 610 | 610,594 | |||||||
EQM Midstream Partners LP, | ||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||
7.500% | 06/01/27 | 25 | 24,084 |
SEE NOTES TO FINANCIAL STATEMENTS.
A29
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)#
| Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Pipelines (cont’d.) |
| |||||||||||||
7.500% | 06/01/30 | 25 | $ | 24,045 | ||||||||||
Kinder Morgan, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.600% | 02/15/51 | 1,575 | 1,156,534 | |||||||||||
MPLX LP, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.000% | 02/15/25 | 1,140 | 1,122,905 | |||||||||||
4.700% | 04/15/48 | 750 | 630,076 | |||||||||||
4.875% | 06/01/25 | 2,275 | 2,287,441 | |||||||||||
5.200% | 03/01/47 | 25 | 22,611 | |||||||||||
ONEOK Partners LP, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.650% | 10/01/36 | 130 | 132,238 | |||||||||||
ONEOK, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.100% | 03/15/30 | 3,495 | 3,004,008 | |||||||||||
4.500% | 03/15/50 | 245 | 195,164 | |||||||||||
4.950% | 07/13/47 | 640 | 543,023 | |||||||||||
Venture Global Calcasieu Pass LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.875% | 08/15/29 | 80 | 70,138 | |||||||||||
4.125% | 08/15/31 | 55 | 47,239 | |||||||||||
Western Midstream Operating LP, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.300% | 03/01/48 | 80 | 64,520 | |||||||||||
Williams Cos., Inc. (The), |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.850% | 03/01/48 | 230 | 208,295 | |||||||||||
4.900% | 01/15/45 | 1,100 | 984,297 | |||||||||||
|
| |||||||||||||
14,338,642 | ||||||||||||||
|
| |||||||||||||
Real Estate Investment Trusts (REITs) — 0.3% |
| |||||||||||||
Corporate Office Properties LP, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
2.900% | 12/01/33 | 945 | 732,746 | |||||||||||
GLP Capital LP/GLP Financing II, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.375% | 04/15/26 | 725 | 709,496 | |||||||||||
Kimco Realty Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
2.700% | 10/01/30 | 2,420 | 2,084,007 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.500% | 03/15/31 | 625 | 488,393 | |||||||||||
5.000% | 10/15/27 | 275 | 252,167 | |||||||||||
Realty Income Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
3.250% | 01/15/31(h) | 2,250 | 2,048,935 | |||||||||||
|
| |||||||||||||
6,315,744 | ||||||||||||||
|
| |||||||||||||
Retail — 0.3% |
| |||||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.875% | 01/15/28 | 500 | 434,925 | |||||||||||
AutoZone, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
3.750% | 04/18/29 | 1,820 | 1,718,689 | |||||||||||
Interest Rate | Maturity Date | Principal Amount (000)#
| Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Retail (cont’d.) |
| |||||||||||||
Dollar Tree, Inc., | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
4.000% | 05/15/25 | 3,395 | $ | 3,382,564 | ||||||||||
Gap, Inc. (The), | ||||||||||||||
Gtd. Notes, 144A | ||||||||||||||
3.625% | 10/01/29 | 200 | 140,625 | |||||||||||
3.875% | 10/01/31(a) | 425 | 295,529 | |||||||||||
Sally Holdings LLC/Sally Capital, Inc., | ||||||||||||||
Gtd. Notes | ||||||||||||||
5.625% | 12/01/25 | 1,020 | 958,985 | |||||||||||
|
| |||||||||||||
6,931,317 | ||||||||||||||
|
| |||||||||||||
Semiconductors — 0.1% | ||||||||||||||
Broadcom, Inc., | ||||||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||||
3.187% | 11/15/36 | 3,650 | 2,772,512 | |||||||||||
|
| |||||||||||||
Software — 0.1% | ||||||||||||||
ServiceNow, Inc., | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
1.400% | 09/01/30 | 1,425 | 1,114,453 | |||||||||||
Workday, Inc., | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
3.800% | 04/01/32(a) | 1,845 | 1,687,073 | |||||||||||
|
| |||||||||||||
2,801,526 | ||||||||||||||
|
| |||||||||||||
Telecommunications — 0.7% | ||||||||||||||
AT&T, Inc., | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
2.550% | 12/01/33 | 736 | 596,909 | |||||||||||
3.500% | 09/15/53 | 2,817 | 2,136,320 | |||||||||||
3.650% | 09/15/59 | 4 | 2,998 | |||||||||||
4.300% | 02/15/30 | 490 | 478,510 | |||||||||||
4.500% | 05/15/35 | 765 | 725,270 | |||||||||||
British Telecommunications PLC (United Kingdom), | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
9.625% | 12/15/30 | 350 | 435,376 | |||||||||||
Level 3 Financing, Inc., | ||||||||||||||
Gtd. Notes | ||||||||||||||
5.250% | 03/15/26(a) | 475 | 455,285 | |||||||||||
5.375% | 05/01/25(a) | 1,300 | 1,263,215 | |||||||||||
Sr. Sec’d. Notes, 144A | ||||||||||||||
3.400% | 03/01/27 | 250 | 216,815 | |||||||||||
T-Mobile USA, Inc., | ||||||||||||||
Sr. Sec’d. Notes | ||||||||||||||
2.550% | 02/15/31 | 965 | 811,805 | |||||||||||
3.875% | 04/15/30 | 5,500 | 5,134,968 | |||||||||||
Verizon Communications, Inc., | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
2.550% | 03/21/31 | 1,515 | 1,295,646 | |||||||||||
2.650% | 11/20/40 | 1,095 | 802,997 | |||||||||||
4.016% | 12/03/29 | 1,365 | 1,324,289 | |||||||||||
|
| |||||||||||||
15,680,403 | ||||||||||||||
|
| |||||||||||||
Transportation — 0.1% | ||||||||||||||
Burlington Northern Santa Fe LLC, | ||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||
6.700% | 08/01/28 | 735 | 826,185 |
SEE NOTES TO FINANCIAL STATEMENTS.
A30
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)#
| Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Transportation (cont’d.) |
| |||||||||||||
CSX Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
6.150% | 05/01/37 | 690 | $ | 773,133 | ||||||||||
Norfolk Southern Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.590% | 05/17/25 | 120 | 123,715 | |||||||||||
|
| |||||||||||||
1,723,033 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE BONDS |
|
| 250,629,533 |
| ||||||||||
|
| |||||||||||||
MUNICIPAL BONDS — 0.5% |
| |||||||||||||
Alabama — 0.0% |
| |||||||||||||
Alabama Economic Settlement Authority, |
| |||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||
4.263% | 09/15/32 | 180 | 179,020 | |||||||||||
|
| |||||||||||||
California — 0.2% |
| |||||||||||||
Bay Area Toll Authority, |
| |||||||||||||
Revenue Bonds, BABs, Series F2 |
| |||||||||||||
6.263% | 04/01/49 | 1,305 | 1,667,910 | |||||||||||
Taxable, Revenue Bonds |
| |||||||||||||
2.574% | 04/01/31 | 415 | 379,732 | |||||||||||
State of California, |
| |||||||||||||
General Obligation Unlimited, BABs |
| |||||||||||||
7.300% | 10/01/39 | 1,250 | 1,619,840 | |||||||||||
General Obligation Unlimited, Taxable, BABs |
| |||||||||||||
7.500% | 04/01/34 | 350 | 449,245 | |||||||||||
7.625% | 03/01/40 | 205 | 276,806 | |||||||||||
|
| |||||||||||||
4,393,533 | ||||||||||||||
|
| |||||||||||||
Colorado — 0.0% |
| |||||||||||||
Regional Transportation District Sales Tax Revenue, |
| |||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||
5.844% | 11/01/50 | 565 | 673,209 | |||||||||||
|
| |||||||||||||
Illinois — 0.1% |
| |||||||||||||
Chicago O’Hare International Airport, |
| |||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||
6.395% | 01/01/40 | 970 | 1,162,044 | |||||||||||
State of Illinois, |
| |||||||||||||
General Obligation Unlimited, Series D |
| |||||||||||||
5.000% | 11/01/22 | 2,305 | 2,325,735 | |||||||||||
|
| |||||||||||||
3,487,779 | ||||||||||||||
|
| |||||||||||||
New Jersey — 0.1% |
| |||||||||||||
New Jersey Turnpike Authority, |
| |||||||||||||
Taxable, Revenue Bonds, BABs, Series F |
| |||||||||||||
7.414% | 01/01/40 | 1,000 | 1,327,802 | |||||||||||
|
| |||||||||||||
New York — 0.1% | ||||||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, |
| |||||||||||||
Taxable, Revenue Bonds, BABs |
| |||||||||||||
5.767% | 08/01/36 | 1,100 | 1,200,107 | |||||||||||
|
| |||||||||||||
Ohio — 0.0% |
| |||||||||||||
Ohio State University (The), |
| |||||||||||||
Taxable, Revenue Bonds, BABs, Series C |
| |||||||||||||
4.910% | 06/01/40 | 415 | 449,262 | |||||||||||
Interest Rate | Maturity Date | Principal Amount (000)#
| Value | |||||||||||
MUNICIPAL BONDS (continued) |
| |||||||||||||
Ohio (cont’d.) | ||||||||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, | ||||||||||||||
Taxable, Revenue Bonds, BABs, Series B2 | ||||||||||||||
4.879% | 12/01/34 | 275 | $ | 289,402 | ||||||||||
|
| |||||||||||||
738,664 | ||||||||||||||
|
| |||||||||||||
Oregon — 0.0% |
| |||||||||||||
State of Oregon Department of Transportation, |
| |||||||||||||
Taxable, Revenue Bonds, BABs, Series A |
| |||||||||||||
5.834% | 11/15/34 | 425 | 481,241 | |||||||||||
|
| |||||||||||||
Pennsylvania — 0.0% |
| |||||||||||||
Pennsylvania Turnpike Commission, |
| |||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||
5.511% | 12/01/45 | 505 | 564,317 | |||||||||||
|
| |||||||||||||
Virginia — 0.0% |
| |||||||||||||
University of Virginia, |
| |||||||||||||
Taxable, Revenue Bonds, Series C |
| |||||||||||||
4.179% | 09/01/2117 | 355 | 304,166 | |||||||||||
|
| |||||||||||||
TOTAL MUNICIPAL BONDS |
| 13,349,838 | ||||||||||||
|
| |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.9% |
| |||||||||||||
Alternative Loan Trust, |
| |||||||||||||
Series 2004-18CB, Class 3A1 |
| |||||||||||||
5.250% | 09/25/35 | 10 | 10,349 | |||||||||||
Banc of America Mortgage Trust, |
| |||||||||||||
Series 2005-A, Class 2A1 |
| |||||||||||||
2.545%(cc) | 02/25/35 | 44 | 43,854 | |||||||||||
Bellemeade Re Ltd. (Bermuda), |
| |||||||||||||
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||
2.126%(c) | 06/25/31 | 1,783 | 1,751,851 | |||||||||||
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% |
| |||||||||||||
1.926%(c) | 09/25/31 | 1,500 | 1,461,037 | |||||||||||
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%) |
| |||||||||||||
1.926%(c) | 09/25/31 | 1,100 | 1,085,691 | |||||||||||
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% |
| |||||||||||||
2.676%(c) | 01/26/32 | 2,270 | 2,251,372 | |||||||||||
Central Park Funding Trust, |
| |||||||||||||
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
| |||||||||||||
4.402%(c) | 08/29/22 | 2,210 | 2,192,435 | |||||||||||
Chase Mortgage Finance Trust, |
| |||||||||||||
Series 2007-A01, Class 1A5 |
| |||||||||||||
2.624%(cc) | 02/25/37 | 84 | 80,645 | |||||||||||
Credit Suisse Mortgage Trust, |
| |||||||||||||
Series 2018-RPL09, Class A, 144A |
| |||||||||||||
3.850%(cc) | 09/25/57 | 558 | 541,135 | |||||||||||
Eagle Re Ltd. (Bermuda), |
| |||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| |||||||||||||
2.476%(c) | 04/25/34 | 3,840 | 3,805,149 | |||||||||||
Fannie Mae REMICS, |
| |||||||||||||
Series 2014-73, Class CZ |
| |||||||||||||
3.000% | 11/25/44 | 2,544 | 2,368,241 |
SEE NOTES TO FINANCIAL STATEMENTS.
A31
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||
Series 2021-03, Class JI, IO |
| |||||||||||||
2.500% | 02/25/51 | 2,506 | $ | 337,649 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, |
| |||||||||||||
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||
3.526%(c) | 11/25/50 | 1,468 | 1,458,911 | |||||||||||
FHLMC Structured Agency Credit Risk REMIC Trust, |
| |||||||||||||
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||
5.224%(c) | 07/25/50 | 68 | 68,434 | |||||||||||
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||
6.874%(c) | 09/25/50 | 155 | 154,620 | |||||||||||
Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||
3.026%(c) | 10/25/33 | 2,005 | 1,854,094 | |||||||||||
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||
2.576%(c) | 01/25/34 | 198 | 191,310 | |||||||||||
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.776%(c) | 09/25/41 | 4,766 | 4,601,800 | |||||||||||
Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.926%(c) | 01/25/42 | 1,270 | 1,225,353 | |||||||||||
Freddie Mac REMICS, |
| |||||||||||||
Series 4117, Class ZC |
| |||||||||||||
3.000% | 10/15/42 | 2,235 | 2,108,319 | |||||||||||
Series 4535, Class PA |
| |||||||||||||
3.000% | 03/15/44 | 419 | 413,077 | |||||||||||
Series 4680, Class GZ |
| |||||||||||||
3.500% | 03/15/47 | 1,194 | 1,135,808 | |||||||||||
Series 5023, Class IO, IO |
| |||||||||||||
2.000% | 10/25/50 | 964 | 114,283 | |||||||||||
Series 5185, Class LI, IO |
| |||||||||||||
3.000% | 01/25/52 | 940 | 144,938 | |||||||||||
Freddie Mac Strips, |
| |||||||||||||
Series 365, Class C28, IO |
| |||||||||||||
3.000% | 12/15/46 | 946 | 140,785 | |||||||||||
Government National Mortgage Assoc., |
| |||||||||||||
Series 2019-69, Class KB |
| |||||||||||||
3.000% | 06/20/49 | 2,400 | 2,165,772 | |||||||||||
Home Re Ltd. (Bermuda), |
| |||||||||||||
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||
3.274%(c) | 05/25/29 | 116 | 115,572 | |||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||
2.176%(c) | 01/25/34 | 848 | 841,289 | |||||||||||
JPMorgan Mortgage Trust, |
| |||||||||||||
Series 2007-A01, Class 4A1 |
| |||||||||||||
3.008%(cc) | 07/25/35 | 25 | 24,586 | |||||||||||
Legacy Mortgage Asset Trust, |
| |||||||||||||
Series 2021-GS01, Class A1, 144A |
| |||||||||||||
1.892% | 10/25/66 | 251 | 242,927 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||
Mello Warehouse Securitization Trust, |
| |||||||||||||
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
| |||||||||||||
1.368%(c) | 02/25/55 | 1,600 | $ | 1,572,273 | ||||||||||
MFA Trust, |
| |||||||||||||
Series 2021-RPL01, Class A1, 144A |
| |||||||||||||
1.131%(cc) | 07/25/60 | 2,018 | 1,857,655 | |||||||||||
Mill City Mortgage Loan Trust, |
| |||||||||||||
Series 2017-03, Class A1, 144A |
| |||||||||||||
2.750%(cc) | 01/25/61 | 353 | 349,624 | |||||||||||
Mortgage Repurchase Agreement Financing Trust, |
| |||||||||||||
Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%) |
| |||||||||||||
1.700%(c) | 09/10/22 | 1,800 | 1,799,889 | |||||||||||
New Residential Mortgage Loan Trust, |
| |||||||||||||
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
| |||||||||||||
2.374%(c) | 01/25/48 | 193 | 188,984 | |||||||||||
Oaktown Re II Ltd. (Bermuda), |
| |||||||||||||
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) |
| |||||||||||||
3.174%(c) | 07/25/28 | 103 | 102,982 | |||||||||||
Oaktown Re III Ltd. (Bermuda), |
| |||||||||||||
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
| |||||||||||||
3.024%(c) | 07/25/29 | 29 | 28,724 | |||||||||||
Oaktown Re VII Ltd. (Bermuda), |
| |||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| |||||||||||||
2.526%(c) | 04/25/34 | 2,700 | 2,629,734 | |||||||||||
PMT Credit Risk Transfer Trust, |
| |||||||||||||
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%) |
| |||||||||||||
5.467%(c) | 12/25/22 | 1,197 | 1,186,719 | |||||||||||
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%) |
| |||||||||||||
4.524%(c) | 02/27/24 | 1,918 | 1,870,079 | |||||||||||
Seasoned Credit Risk Transfer Trust, | ||||||||||||||
Series 2019-02, Class MA | ||||||||||||||
3.500% | 08/25/58 | 842 | 833,091 | |||||||||||
Structured Adjustable Rate Mortgage Loan Trust, | ||||||||||||||
Series 2004-01, Class 4A3 | ||||||||||||||
2.543%(cc) | 02/25/34 | 71 | 68,716 | |||||||||||
TFS (Spain), | ||||||||||||||
Series 2018-03, Class A1 | ||||||||||||||
0.000%(s) | 04/16/40^ | EUR | —(r | ) | 1,121 | |||||||||
Towd Point Mortgage Trust, | ||||||||||||||
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%) | ||||||||||||||
2.224%(c) | 02/25/57 | 586 | 580,074 | |||||||||||
Series 2020-04, Class A1, 144A | ||||||||||||||
1.750% | 10/25/60 | 640 | 587,381 | |||||||||||
|
| |||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| 46,588,332 | ||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A32
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
SOVEREIGN BONDS — 0.6% |
| |||||||||||||||
Abu Dhabi Government International Bond (United Arab Emirates), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.125% | 10/11/27 | 2,420 | $ | 2,364,932 | ||||||||||||
Bermuda Government International Bond (Bermuda), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.375% | 08/20/30 | 465 | 389,114 | |||||||||||||
Colombia Government International Bond (Colombia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 01/28/26 | 220 | 206,206 | |||||||||||||
Export-Import Bank of India (India), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.875% | 02/01/28 | 745 | 710,093 | |||||||||||||
Finnvera OYJ (Finland), |
| |||||||||||||||
Gov’t. Gtd. Notes, 144A, MTN |
| |||||||||||||||
2.375% | 06/04/25 | 400 | 391,062 | |||||||||||||
Indonesia Government International Bond (Indonesia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.375% | 07/30/25 | EUR 1,200 | 1,263,828 | |||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
2.150% | 07/18/24 | EUR 1,510 | 1,568,478 | |||||||||||||
Japan Bank for International Cooperation (Japan), |
| |||||||||||||||
Gov’t. Gtd. Notes |
| |||||||||||||||
3.375% | 10/31/23 | 200 | 200,704 | |||||||||||||
Japan Finance Organization for Municipalities (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
2.125% | 10/25/23 | 1,000 | 987,285 | |||||||||||||
3.000% | 03/12/24 | 200 | 199,232 | |||||||||||||
Panama Government International Bond (Panama), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 04/16/50 | 340 | 277,773 | |||||||||||||
Peruvian Government International Bond (Peru), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.783% | 01/23/31 | 514 | 437,321 | |||||||||||||
Qatar Government International Bond (Qatar), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.875% | 04/23/23 | 800 | 802,827 | |||||||||||||
5.103% | 04/23/48 | 665 | 694,479 | |||||||||||||
Romanian Government International Bond (Romania), |
| |||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
4.125% | 03/11/39 | EUR 960 | 729,527 | |||||||||||||
Saudi Government International Bond (Saudi Arabia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
2.875% | 03/04/23 | 1,285 | 1,281,811 | |||||||||||||
Tokyo Metropolitan Government (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.250% | 06/01/23 | 600 | 601,025 | |||||||||||||
Uruguay Government International Bond (Uruguay), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.100% | 06/18/50 | (a) | 395 | 395,681 | ||||||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS |
| 13,501,378 | ||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.4% |
| |||||||||||||||
Federal Home Loan Bank |
| |||||||||||||||
5.500% | 07/15/36 | 850 | 1,021,892 | |||||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||||||
1.500% | 11/01/50 | 1,296 | 1,077,645 | |||||||||||||
2.000% | 01/01/32 | 417 | 399,162 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
2.000% | 02/01/36 | 989 | $ | 924,367 | ||||||||||||
2.000% | 06/01/40 | 776 | 693,861 | |||||||||||||
2.000% | 10/01/40 | 1,298 | 1,160,578 | |||||||||||||
2.000% | 09/01/50 | 2,954 | 2,573,917 | |||||||||||||
2.000% | 03/01/51 | 957 | 833,992 | |||||||||||||
2.000% | 09/01/51 | 500 | 436,123 | |||||||||||||
2.500% | 03/01/30 | 234 | 229,819 | |||||||||||||
2.500% | 03/01/51 | 714 | 648,822 | |||||||||||||
2.500% | 04/01/51 | 5,869 | 5,288,329 | |||||||||||||
2.500% | 08/01/51 | 505 | 455,241 | |||||||||||||
2.500% | 08/01/51 | 2,727 | 2,456,890 | |||||||||||||
2.500% | 09/01/51 | 1,905 | 1,715,871 | |||||||||||||
2.500% | 09/01/51 | 4,677 | 4,215,922 | |||||||||||||
2.500% | 12/01/51 | 2,501 | 2,253,017 | |||||||||||||
2.500% | 06/01/52 | 500 | 450,260 | |||||||||||||
3.000% | 10/01/28 | 157 | 156,180 | |||||||||||||
3.000% | 06/01/29 | 345 | 344,439 | |||||||||||||
3.000% | 01/01/37 | 90 | 88,533 | |||||||||||||
3.000% | 06/01/42 | 146 | 139,725 | |||||||||||||
3.000% | 10/01/42 | 362 | 346,420 | |||||||||||||
3.000% | 01/01/43 | 339 | 324,387 | |||||||||||||
3.000% | 07/01/43 | 916 | 875,762 | |||||||||||||
3.000% | 11/01/49 | 1,221 | 1,139,036 | |||||||||||||
3.000% | 02/01/50 | 1,508 | 1,408,337 | |||||||||||||
3.000% | 05/01/50 | 315 | 294,308 | |||||||||||||
3.000% | 02/01/52 | 4,039 | 3,765,602 | |||||||||||||
3.000% | 05/01/52 | 993 | 926,570 | |||||||||||||
3.000% | 05/01/52 | 5,163 | 4,815,706 | |||||||||||||
3.500% | 06/01/42 | 155 | 152,388 | |||||||||||||
3.500% | 01/01/47 | 256 | 250,715 | |||||||||||||
3.500% | 02/01/47 | 427 | 418,138 | |||||||||||||
3.500% | 06/01/52 | 1,498 | 1,441,971 | |||||||||||||
4.000% | 06/01/26 | 140 | 141,459 | |||||||||||||
4.000% | 09/01/26 | 54 | 54,497 | |||||||||||||
4.000% | 03/01/38 | 180 | 180,737 | |||||||||||||
4.000% | 10/01/39 | 285 | 288,688 | |||||||||||||
4.000% | 09/01/40 | 355 | 359,750 | |||||||||||||
4.000% | 12/01/40 | 167 | 168,736 | |||||||||||||
4.000% | 10/01/41 | 149 | 150,455 | |||||||||||||
4.000% | 01/01/42 | 49 | 49,687 | |||||||||||||
4.000% | 04/01/52 | 988 | 986,243 | |||||||||||||
4.500% | 02/01/39 | 42 | 42,898 | |||||||||||||
4.500% | 09/01/39 | 61 | 63,041 | |||||||||||||
4.500% | 10/01/39 | 523 | 540,107 | |||||||||||||
4.500% | 12/01/39 | 54 | 55,634 | |||||||||||||
4.500% | 07/01/41 | 71 | 71,499 | |||||||||||||
4.500% | 07/01/41 | 1,088 | 1,121,783 | |||||||||||||
4.500% | 08/01/41 | 109 | 109,780 | |||||||||||||
4.500% | 08/01/41 | 110 | 110,465 | |||||||||||||
4.500% | 08/01/41 | 172 | 175,708 | |||||||||||||
4.500% | 10/01/41 | 98 | 99,481 | |||||||||||||
4.500% | 12/01/47 | 101 | 102,449 | |||||||||||||
4.500% | 08/01/48 | 216 | 218,923 | |||||||||||||
5.000% | 05/01/34 | 12 | 12,798 | |||||||||||||
5.000% | 05/01/34 | 146 | 153,545 | |||||||||||||
5.000% | 10/01/35 | 3 | 3,588 | |||||||||||||
5.000% | 07/01/37 | 187 | 197,294 | |||||||||||||
5.000% | 05/01/39 | 29 | 30,946 |
SEE NOTES TO FINANCIAL STATEMENTS.
A33
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
5.500% | 12/01/33 | 33 | $ | 34,095 | ||||||||||||
5.500% | 01/01/34 | 29 | 31,158 | |||||||||||||
5.500% | 06/01/34 | 58 | 62,598 | |||||||||||||
5.500% | 07/01/34 | 92 | 97,941 | |||||||||||||
5.500% | 05/01/37 | 26 | 27,630 | |||||||||||||
5.500% | 02/01/38 | 200 | 214,666 | |||||||||||||
5.500% | 05/01/38 | 22 | 23,793 | |||||||||||||
5.500% | 07/01/38 | 54 | 57,991 | |||||||||||||
6.000% | 03/01/32 | 120 | 126,474 | |||||||||||||
6.000% | 12/01/33 | 44 | 46,162 | |||||||||||||
6.000% | 11/01/36 | 26 | 27,793 | |||||||||||||
6.000% | 01/01/37 | 25 | 27,115 | |||||||||||||
6.000% | 05/01/37 | 12 | 12,672 | |||||||||||||
6.000% | 02/01/38 | 2 | 2,202 | |||||||||||||
6.000% | 08/01/39 | 35 | 38,773 | |||||||||||||
6.750% | 03/15/31 | 550 | 688,843 | |||||||||||||
7.000% | 05/01/31 | 3 | 2,867 | |||||||||||||
7.000% | 06/01/31 | 11 | 11,503 | |||||||||||||
7.000% | 08/01/31 | 92 | 97,080 | |||||||||||||
7.000% | 10/01/31 | 6 | 5,662 | |||||||||||||
Federal National Mortgage Assoc. |
| |||||||||||||||
1.500% | 02/01/42 | 493 | 422,210 | |||||||||||||
1.500% | 11/01/50 | 894 | 743,710 | |||||||||||||
1.500% | 12/01/50 | 3,581 | 2,980,127 | |||||||||||||
2.000% | 08/01/31 | 403 | 385,829 | |||||||||||||
2.000% | 02/01/41 | 1,648 | 1,473,808 | |||||||||||||
2.000% | 05/01/41 | (k) | 3,627 | 3,242,826 | ||||||||||||
2.000% | 08/01/50 | 1,210 | 1,055,313 | |||||||||||||
2.000% | 10/01/50 | 6,823 | 5,963,021 | |||||||||||||
2.000% | 11/01/50 | 1,640 | 1,429,606 | |||||||||||||
2.000% | 03/01/51 | 3,305 | 2,882,720 | |||||||||||||
2.000% | 05/01/51 | 2,923 | 2,539,512 | |||||||||||||
2.000% | 08/01/51 | 1,020 | 888,360 | |||||||||||||
2.000% | 10/01/51 | 3,071 | 2,672,726 | |||||||||||||
2.500% | TBA | 10,000 | 8,991,406 | |||||||||||||
2.500% | 10/01/43 | 356 | 324,467 | |||||||||||||
2.500% | 12/01/46 | 745 | 675,599 | |||||||||||||
2.500% | 03/01/50 | 729 | 659,307 | |||||||||||||
2.500% | 08/01/50 | 2,564 | 2,312,095 | |||||||||||||
2.500% | 04/01/51 | 2,954 | 2,662,684 | |||||||||||||
2.500% | 08/01/51 | 1,001 | 901,929 | |||||||||||||
2.500% | 08/01/51 | 1,503 | 1,355,535 | |||||||||||||
2.500% | 02/01/52 | 501 | 453,002 | |||||||||||||
2.500% | 03/01/52 | 514 | 462,776 | |||||||||||||
2.500% | 05/01/52 | 1,491 | 1,347,524 | |||||||||||||
3.000% | TBA | 11,500 | 10,708,477 | |||||||||||||
3.000% | 02/01/27 | 556 | 554,472 | |||||||||||||
3.000% | 08/01/30 | 467 | 465,724 | |||||||||||||
3.000% | 11/01/36 | 689 | 670,203 | |||||||||||||
3.000% | 12/01/42 | 599 | 572,628 | |||||||||||||
3.000% | 03/01/43 | 128 | 122,799 | |||||||||||||
3.000% | 11/01/46 | 443 | 419,426 | |||||||||||||
3.000% | 01/01/47 | 660 | 624,236 | |||||||||||||
3.000% | 02/01/47 | 697 | 659,772 | |||||||||||||
3.000% | 03/01/47 | 366 | 345,981 | |||||||||||||
3.000% | 06/01/49 | 16 | 14,554 | |||||||||||||
3.000% | 12/01/49 | 1,386 | 1,291,932 | |||||||||||||
3.000% | 01/01/50 | 500 | 466,306 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
3.000% | 02/01/50 | 509 | $ | 474,549 | ||||||||||||
3.000% | 02/01/50 | 2,839 | 2,652,860 | |||||||||||||
3.000% | 03/01/50 | 287 | 267,820 | |||||||||||||
3.000% | 03/01/52 | 988 | 923,493 | |||||||||||||
3.000% | 04/01/52 | 493 | 460,971 | |||||||||||||
3.000% | 04/01/52 | 1,005 | 939,040 | |||||||||||||
3.000% | 05/01/52 | 5,787 | 5,400,663 | |||||||||||||
3.500% | 07/01/31 | 408 | 407,978 | |||||||||||||
3.500% | 02/01/33 | 934 | 935,109 | |||||||||||||
3.500% | 06/01/39 | 277 | 272,657 | |||||||||||||
3.500% | 01/01/42 | 1,610 | 1,582,060 | |||||||||||||
3.500% | 05/01/42 | 809 | 794,653 | |||||||||||||
3.500% | 07/01/42 | 429 | 421,972 | |||||||||||||
3.500% | 08/01/42 | 161 | 158,650 | |||||||||||||
3.500% | 08/01/42 | 428 | 420,674 | |||||||||||||
3.500% | 09/01/42 | 226 | 222,454 | |||||||||||||
3.500% | 09/01/42 | 847 | 832,395 | |||||||||||||
3.500% | 11/01/42 | 115 | 112,779 | |||||||||||||
3.500% | 03/01/43 | 1,335 | 1,311,790 | |||||||||||||
3.500% | 04/01/43 | 258 | 253,611 | |||||||||||||
3.500% | 04/01/43 | 367 | 360,851 | |||||||||||||
3.500% | 01/01/46 | 662 | 653,043 | |||||||||||||
3.500% | 07/01/46 | 474 | 463,282 | |||||||||||||
3.500% | 11/01/46 | 570 | 557,422 | |||||||||||||
3.500% | 09/01/47 | 290 | 283,106 | |||||||||||||
3.500% | 01/01/48 | 2,459 | 2,403,180 | |||||||||||||
3.500% | 05/01/48 | 488 | 476,918 | |||||||||||||
3.500% | 06/01/48 | 497 | 485,205 | |||||||||||||
3.500% | 07/01/48 | 296 | 289,155 | |||||||||||||
3.500% | 03/01/49 | 5,809 | 5,661,070 | |||||||||||||
3.500% | 05/01/49 | 440 | 427,398 | |||||||||||||
3.500% | 06/01/49 | 243 | 237,307 | |||||||||||||
4.000% | TBA | 3,500 | 3,444,834 | |||||||||||||
4.000% | 10/01/41 | 1,126 | 1,139,005 | |||||||||||||
4.000% | 09/01/44 | 724 | 729,219 | |||||||||||||
4.000% | 10/01/46 | 261 | 261,189 | |||||||||||||
4.000% | 02/01/47 | 133 | 132,958 | |||||||||||||
4.000% | 09/01/47 | 462 | 463,102 | |||||||||||||
4.000% | 11/01/47 | 329 | 330,292 | |||||||||||||
4.000% | 11/01/47 | 643 | 645,526 | |||||||||||||
4.000% | 03/01/49 | 2,974 | 2,976,700 | |||||||||||||
4.500% | 07/01/33 | 24 | 24,347 | |||||||||||||
4.500% | 08/01/33 | 26 | 26,407 | |||||||||||||
4.500% | 09/01/33 | 53 | 53,987 | |||||||||||||
4.500% | 10/01/33 | 3 | 2,860 | |||||||||||||
4.500% | 10/01/33 | 19 | 19,906 | |||||||||||||
4.500% | 10/01/33 | 60 | 61,736 | |||||||||||||
4.500% | 01/01/35 | 1 | 749 | |||||||||||||
4.500% | 07/01/39 | 431 | 444,144 | |||||||||||||
4.500% | 08/01/39 | 598 | 615,199 | |||||||||||||
4.500% | 03/01/41 | 202 | 208,717 | |||||||||||||
4.500% | 11/01/47 | 1,038 | 1,055,803 | |||||||||||||
4.500% | 01/01/49 | 166 | 167,419 | |||||||||||||
5.000% | 03/01/34 | 123 | 129,138 | |||||||||||||
5.000% | 06/01/35 | 44 | 45,853 | |||||||||||||
5.000% | 07/01/35 | 57 | 60,311 | |||||||||||||
5.000% | 09/01/35 | 45 | 47,253 | |||||||||||||
5.000% | 11/01/35 | 57 | 59,926 |
SEE NOTES TO FINANCIAL STATEMENTS.
A34
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
5.000% | 02/01/36 | 53 | $ | 56,154 | ||||||||||||
5.000% | 05/01/36 | 27 | 28,046 | |||||||||||||
5.500% | 09/01/33 | 101 | 108,252 | |||||||||||||
5.500% | 10/01/33 | 47 | 49,728 | |||||||||||||
5.500% | 12/01/33 | 30 | 32,575 | |||||||||||||
5.500% | 01/01/34 | 1 | 681 | |||||||||||||
5.500% | 12/01/34 | 96 | 103,344 | |||||||||||||
5.500% | 10/01/35 | 208 | 216,628 | |||||||||||||
5.500% | 03/01/36 | 45 | 47,289 | |||||||||||||
5.500% | 05/01/36 | 105 | 111,974 | |||||||||||||
5.500% | 04/01/37 | 49 | 52,680 | |||||||||||||
6.000% | 08/01/22 | —(r | ) | 146 | ||||||||||||
6.000% | 04/01/33 | 8 | 8,078 | |||||||||||||
6.000% | 06/01/33 | 3 | 2,976 | |||||||||||||
6.000% | 10/01/33 | 180 | 191,586 | |||||||||||||
6.000% | 11/01/33 | 2 | 2,237 | |||||||||||||
6.000% | 11/01/33 | 12 | 12,772 | |||||||||||||
6.000% | 11/01/33 | 41 | 42,978 | |||||||||||||
6.000% | 01/01/34 | 185 | 200,459 | |||||||||||||
6.000% | 02/01/34 | 36 | 39,006 | |||||||||||||
6.000% | 03/01/34 | 18 | 18,894 | |||||||||||||
6.000% | 03/01/34 | 23 | 23,782 | |||||||||||||
6.000% | 07/01/34 | 123 | 132,638 | |||||||||||||
6.000% | 08/01/34 | 1 | 559 | |||||||||||||
6.000% | 10/01/34 | 2 | 2,054 | |||||||||||||
6.000% | 11/01/34 | 2 | 2,389 | |||||||||||||
6.000% | 11/01/34 | 7 | 7,502 | |||||||||||||
6.000% | 01/01/35 | 48 | 50,532 | |||||||||||||
6.000% | 01/01/35 | 94 | 99,165 | |||||||||||||
6.000% | 02/01/35 | 35 | 36,846 | |||||||||||||
6.000% | 02/01/35 | 127 | 136,709 | |||||||||||||
6.000% | 03/01/35 | 1 | 1,092 | |||||||||||||
6.000% | 04/01/35 | —(r | ) | 504 | ||||||||||||
6.000% | 07/01/36 | 18 | 19,766 | |||||||||||||
6.000% | 02/01/37 | 39 | 43,223 | |||||||||||||
6.000% | 05/01/37 | 15 | 15,913 | |||||||||||||
6.000% | 06/01/37 | —(r | ) | 318 | ||||||||||||
6.000% | 08/01/37 | 7 | 7,756 | |||||||||||||
6.000% | 09/01/37 | —(r | ) | 211 | ||||||||||||
6.000% | 10/01/37 | 28 | 30,279 | |||||||||||||
6.000% | 05/01/38 | 34 | 36,871 | |||||||||||||
6.000% | 06/01/38 | 1 | 780 | |||||||||||||
6.500% | 07/01/32 | 29 | 30,426 | |||||||||||||
6.500% | 09/01/32 | 1 | 1,401 | |||||||||||||
6.500% | 09/01/32 | 36 | 38,444 | |||||||||||||
6.500% | 09/01/32 | 41 | 43,487 | |||||||||||||
6.500% | 09/01/32 | 46 | 48,898 | |||||||||||||
6.500% | 04/01/33 | 46 | 48,912 | |||||||||||||
6.500% | 11/01/33 | 19 | 20,013 | |||||||||||||
6.500% | 01/01/34 | 19 | 20,618 | |||||||||||||
6.500% | 09/01/34 | 42 | 44,169 | |||||||||||||
6.500% | 09/01/36 | 41 | 45,013 | |||||||||||||
6.500% | 10/01/36 | 11 | 11,894 | |||||||||||||
6.500% | 11/01/36 | 19 | 19,791 | |||||||||||||
6.500% | 01/01/37 | 36 | 37,815 | |||||||||||||
6.500% | 01/01/37 | 56 | 58,635 | |||||||||||||
6.625% | 11/15/30 | 1,140 | 1,409,071 | |||||||||||||
7.000% | 02/01/32 | 10 | 10,237 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
7.000% | 05/01/32 | 10 | $ | 10,744 | ||||||||||||
7.000% | 06/01/32 | 10 | 10,052 | |||||||||||||
7.000% | 07/01/32 | 34 | 36,677 | |||||||||||||
7.125% | 01/15/30 | (k) | 3,195 | 4,009,953 | ||||||||||||
Government National Mortgage Assoc. |
| |||||||||||||||
2.000% | TBA | 2,000 | 1,775,781 | |||||||||||||
2.000% | 03/20/51 | 830 | 738,916 | |||||||||||||
2.000% | 07/20/51 | 502 | 447,993 | |||||||||||||
2.000% | 10/20/51 | 723 | 643,632 | |||||||||||||
2.500% | TBA | 2,500 | 2,287,500 | |||||||||||||
2.500% | 03/20/43 | 144 | 132,316 | |||||||||||||
2.500% | 12/20/46 | 261 | 239,758 | |||||||||||||
2.500% | 05/20/51 | 424 | 389,781 | |||||||||||||
2.500% | 08/20/51 | 738 | 676,710 | |||||||||||||
2.500% | 11/20/51 | 480 | 440,871 | |||||||||||||
3.000% | TBA | 500 | 471,289 | |||||||||||||
3.000% | 12/20/44 | 96 | 92,316 | |||||||||||||
3.000% | 03/15/45 | 272 | 258,234 | |||||||||||||
3.000% | 11/20/45 | 296 | 283,906 | |||||||||||||
3.000% | 03/20/46 | 611 | 586,177 | |||||||||||||
3.000% | 07/20/46 | 1,551 | 1,488,278 | |||||||||||||
3.000% | 08/20/46 | 409 | 392,741 | |||||||||||||
3.000% | 10/20/46 | 358 | 343,294 | |||||||||||||
3.000% | 04/20/47 | 503 | 482,236 | |||||||||||||
3.000% | 12/20/49 | 171 | 162,259 | |||||||||||||
3.000% | 01/20/50 | 1,008 | 955,069 | |||||||||||||
3.000% | 06/20/51 | 727 | 688,064 | |||||||||||||
3.000% | 10/20/51 | 1,512 | 1,428,975 | |||||||||||||
3.000% | 12/20/51 | 534 | 504,203 | |||||||||||||
3.000% | 04/20/52 | 998 | 942,513 | |||||||||||||
3.000% | 05/20/52 | 1,495 | 1,411,485 | |||||||||||||
3.500% | 12/20/42 | 583 | 578,397 | |||||||||||||
3.500% | 05/20/43 | 177 | 175,921 | |||||||||||||
3.500% | 04/20/45 | 516 | 510,896 | |||||||||||||
3.500% | 07/20/46 | 1,869 | 1,841,972 | |||||||||||||
3.500% | 07/20/48 | 1,456 | 1,429,711 | |||||||||||||
3.500% | 11/20/48 | 483 | 473,834 | |||||||||||||
3.500% | 06/20/49 | 1,817 | 1,777,685 | |||||||||||||
4.000% | 06/15/40 | 32 | 32,962 | |||||||||||||
4.000% | 05/20/41 | 30 | 30,472 | |||||||||||||
4.000% | 12/20/42 | 327 | 332,050 | |||||||||||||
4.000% | 08/20/44 | 121 | 121,564 | |||||||||||||
4.000% | 11/20/45 | 231 | 232,964 | |||||||||||||
4.000% | 12/20/45 | 631 | 637,526 | |||||||||||||
4.000% | 09/20/47 | 1,743 | 1,756,426 | |||||||||||||
4.000% | 02/20/49 | 637 | 641,470 | |||||||||||||
4.000% | 01/20/50 | 250 | 251,197 | |||||||||||||
4.500% | 04/15/40 | 189 | 197,538 | |||||||||||||
4.500% | 01/20/41 | 224 | 236,523 | |||||||||||||
4.500% | 02/20/41 | 352 | 370,655 | |||||||||||||
4.500% | 03/20/41 | 176 | 182,482 | |||||||||||||
4.500% | 06/20/44 | 261 | 275,906 | |||||||||||||
4.500% | 09/20/46 | 213 | 217,999 | |||||||||||||
4.500% | 11/20/46 | 275 | 289,184 | |||||||||||||
4.500% | 03/20/47 | 153 | 158,601 | |||||||||||||
4.500% | 05/20/48 | 247 | 252,918 | |||||||||||||
4.500% | 08/20/48 | 443 | 451,067 | |||||||||||||
5.000% | 10/20/37 | 60 | 63,690 |
SEE NOTES TO FINANCIAL STATEMENTS.
A35
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2020 (unaudited) |
Interest | Maturity Date |
| Principal Amount (000)# | Value | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||
5.000% | 04/20/45 | 299 | $ | 317,881 | ||||||||||
5.500% | 08/15/33 | 117 | 122,533 | |||||||||||
5.500% | 08/15/33 | 155 | 162,383 | |||||||||||
5.500% | 09/15/33 | 35 | 36,522 | |||||||||||
5.500% | 12/15/33 | 10 | 10,269 | |||||||||||
5.500% | 03/15/34 | 102 | 106,626 | |||||||||||
5.500% | 12/15/34 | 191 | 207,182 | |||||||||||
5.500% | 07/15/35 | 32 | 34,457 | |||||||||||
5.500% | 04/15/36 | 41 | 42,966 | |||||||||||
6.000% | 04/15/33 | 5 | 4,850 | |||||||||||
6.000% | 12/15/33 | 66 | 70,108 | |||||||||||
6.000% | 01/15/34 | 18 | 19,364 | |||||||||||
6.000% | 01/15/34 | 22 | 23,065 | |||||||||||
6.000% | 01/15/34 | 36 | 39,159 | |||||||||||
6.000% | 06/20/34 | 63 | 68,577 | |||||||||||
6.000% | 07/15/34 | 46 | 50,559 | |||||||||||
6.500% | 10/15/23 | —(r | ) | 174 | ||||||||||
6.500% | 12/15/23 | 1 | 580 | |||||||||||
6.500% | 01/15/24 | —(r | ) | 151 | ||||||||||
6.500% | 01/15/24 | 1 | 1,250 | |||||||||||
6.500% | 01/15/24 | 3 | 2,986 | |||||||||||
6.500% | 01/15/24 | 3 | 3,540 | |||||||||||
6.500% | 01/15/24 | 4 | 3,720 | |||||||||||
6.500% | 01/15/24 | 11 | 11,474 | |||||||||||
6.500% | 02/15/24 | —(r | ) | 476 | ||||||||||
6.500% | 02/15/24 | 1 | 760 | |||||||||||
6.500% | 02/15/24 | 1 | 1,478 | |||||||||||
6.500% | 02/15/24 | 2 | 1,929 | |||||||||||
6.500% | 02/15/24 | 2 | 2,430 | |||||||||||
6.500% | 03/15/24 | —(r | ) | 82 | ||||||||||
6.500% | 03/15/24 | —(r | ) | 403 | ||||||||||
6.500% | 04/15/24 | —(r | ) | 147 | ||||||||||
6.500% | 04/15/24 | 1 | 572 | |||||||||||
6.500% | 04/15/24 | 1 | 627 | |||||||||||
6.500% | 04/15/24 | 1 | 772 | |||||||||||
6.500% | 04/15/24 | 3 | 2,898 | |||||||||||
6.500% | 04/15/24 | 3 | 3,155 | |||||||||||
6.500% | 05/15/24 | 1 | 1,073 | |||||||||||
6.500% | 05/15/24 | 1 | 1,493 | |||||||||||
6.500% | 05/15/24 | 4 | 3,974 | |||||||||||
6.500% | 10/15/24 | 3 | 3,516 | |||||||||||
6.500% | 11/15/28 | 3 | 2,858 | |||||||||||
6.500% | 08/15/31 | 3 | 3,627 | |||||||||||
6.500% | 12/15/31 | 6 | 5,890 | |||||||||||
6.500% | 02/15/32 | 21 | 22,401 | |||||||||||
6.500% | 06/15/32 | 11 | 11,639 | |||||||||||
6.500% | 07/15/32 | 19 | 19,681 | |||||||||||
6.500% | 08/15/32 | 3 | 3,372 | |||||||||||
6.500% | 08/15/32 | 4 | 3,857 | |||||||||||
6.500% | 08/15/32 | 6 | 6,909 | |||||||||||
6.500% | 08/15/32 | 22 | 23,068 | |||||||||||
6.500% | 08/15/32 | 108 | 116,192 | |||||||||||
6.500% | 08/15/34 | 20 | 20,910 | |||||||||||
6.500% | 06/15/35 | 21 | 22,126 | |||||||||||
6.500% | 09/15/36 | 21 | 22,025 | |||||||||||
8.000% | 01/15/24 | 2 | 2,190 | |||||||||||
Tennessee Valley Authority, Sr. Unsec’d. Notes |
| |||||||||||||
1.500% | 09/15/31 | 200 | 168,820 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
| |||||||||||||||
7.125% | 05/01/30 | 510 | $ | 637,894 | ||||||||||||
|
| |||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| |||||||||||||||
(cost $211,774,322) |
| 201,061,580 | ||||||||||||||
|
| |||||||||||||||
U.S. TREASURY OBLIGATIONS — 1.5% |
| |||||||||||||||
U.S. Treasury Bonds |
| |||||||||||||||
2.000% | 11/15/41 | 12,720 | 10,100,475 | |||||||||||||
2.250% | 05/15/41 | 10,220 | 8,524,119 | |||||||||||||
2.375% | 02/15/42 | (h) | 12,375 | 10,491,680 | ||||||||||||
2.500% | 05/15/46 | 1,485 | 1,258,537 | |||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
2.375% | 03/31/29 | (k) | 705 | 675,038 | ||||||||||||
U.S. Treasury Strips Coupon |
| |||||||||||||||
1.760%(s) | 08/15/40 | 830 | 446,287 | |||||||||||||
2.000%(s) | 08/15/39 | 360 | 204,441 | |||||||||||||
2.378%(s) | 11/15/43 | 3,600 | 1,670,062 | |||||||||||||
2.628%(s) | 11/15/41 | 6,420 | 3,221,034 | |||||||||||||
|
| |||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| |||||||||||||||
(cost $44,092,365) |
| 36,591,673 | ||||||||||||||
|
| |||||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| |||||||||||||||
(cost $1,291,377,628) |
| 2,056,064,757 | ||||||||||||||
|
|
Shares | ||||||||
SHORT-TERM INVESTMENTS — 18.5% |
| |||||||
AFFILIATED MUTUAL FUNDS — 18.5% |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 373,803,201 | 373,803,201 | ||||||
PGIM Institutional Money Market Fund | 71,084,040 | 71,020,063 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| |||||||
(cost $444,760,252) |
| 444,823,264 | ||||||
|
|
Interest | Maturity Date | Principal Amount (000)# | ||||||||||||||
U.S. TREASURY OBLIGATION(k)(n) — 0.0% |
| |||||||||||||||
U.S. Treasury Bills |
| |||||||||||||||
1.709% | 09/15/22 | 1,100 | 1,096,310 | |||||||||||||
|
| |||||||||||||||
(cost $1,096,049) |
| |||||||||||||||
OPTIONS PURCHASED*~ — 0.0% |
| |||||||||||||||
(cost $87,583) |
| 240,913 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||||||
(cost $445,943,884) |
| 446,160,487 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.0% |
| |||||||||||||||
(cost $1,737,321,512) |
| 2,502,225,244 | ||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A36
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Value | ||||
OPTIONS WRITTEN*~ — (0.0)% | ||||
(premiums received $83,842) | $ | (70,567 | ) | |
|
| |||
TOTAL INVESTMENTS, NET OF OPTIONS | ||||
(cost $1,737,237,670) | 2,502,154,677 | |||
Liabilities in excess of other assets(z) — (4.0)% | (97,122,296 | ) | ||
|
| |||
NET ASSETS — 100.0% | $ | 2,405,032,381 | ||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,016,536 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $69,167,855; cash collateral of $70,902,939 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(n) | Rate shown reflects yield to maturity at purchased date. |
(oo) | Perpetual security. Maturity date represents next call date. |
(r) | Principal or notional amount is less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Options Purchased:
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,360 | $ | — | |||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | — | ||||||||||||||
CDX.NA.IG.38.V1, | Call | Citibank, N.A. | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,360 | — | ||||||||||||||
CDX.NA.IG.38.V1, | Call | Morgan Stanley & Co. International PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | — | ||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | 2 | ||||||||||||||
CDX.NA.IG.38.V1, | Call | Deutsche Bank AG | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 2,170 | 1 | ||||||||||||||
CDX.NA.IG.38.V1, | Call | JPMorgan Chase Bank, N.A. | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 2,170 | 1 | ||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | 50,619 | ||||||||||||||
CDX.NA.IG.38.V1, | Put | Morgan Stanley & Co. International PLC | 07/20/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | 42,670 | ||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,360 | 36,949 | ||||||||||||||
CDX.NA.IG.38.V1, | Put | Citibank, N.A. | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,360 | 36,950 |
SEE NOTES TO FINANCIAL STATEMENTS.
A37
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Options Purchased (continued):
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 08/17/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | $ | 41,098 | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | JPMorgan Chase Bank, N.A. | 08/17/22 | 0.88% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 2,170 | 17,126 | ||||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Deutsche Bank AG | 08/17/22 | 0.90% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 2,170 | 15,497 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Options Purchased (cost $87,583) | $ | 240,913 | ||||||||||||||||||||||||||
|
|
Options Written:
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.63% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | $ | (21 | ) | ||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Morgan Stanley & Co. International PLC | 07/20/22 | 0.65% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | (45 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,360 | (87 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Citibank, N.A. | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,360 | (87 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 08/17/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,520 | (416 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | JPMorgan Chase Bank, N.A. | 08/17/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 2,170 | (313 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Deutsche Bank AG | 08/17/22 | 0.80% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 2,170 | (472 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 0.95% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | (14,544 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Morgan Stanley & Co. International PLC | 07/20/22 | 0.98% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | (12,282 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,360 | (7,012 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Citibank, N.A. | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,360 | (7,012 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 08/17/22 | 1.03% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,520 | (15,440 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | JPMorgan Chase Bank, N.A. | 08/17/22 | 1.13% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 2,170 | (6,505 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Deutsche Bank AG | 08/17/22 | 1.15% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 2,170 | (5,929 | ) | |||||||||||||||||||
GS_21-PJ2A^ | Put | Goldman Sachs International | 11/15/24 | 0.50% | 0.50%(M) | GS_21-PJ2A(M) | 4,720 | (143 | ) | |||||||||||||||||||
GS_21-PJA^ | Put | Goldman Sachs International | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 9,100 | (259 | ) | |||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Options Written (premiums received $83,842) | $ | (70,567 | ) | |||||||||||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A38
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Futures contracts outstanding at June 30, 2022:
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||||||||||
Long Positions: | ||||||||||||||||
220 | 2 Year U.S. Treasury Notes | Sep. 2022 | $ | 46,203,438 | $ | (187,543 | ) | |||||||||
259 | 5 Year U.S. Treasury Notes | Sep. 2022 | 29,072,750 | (138,791 | ) | |||||||||||
295 | 10 Year U.S. Treasury Notes | Sep. 2022 | 34,966,719 | (57,522 | ) | |||||||||||
367 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2022 | 56,644,156 | (709,364 | ) | |||||||||||
6 | Mini MSCI EAFE Index | Sep. 2022 | 556,980 | (2,404 | ) | |||||||||||
80 | S&P 500 E-Mini Index | Sep. 2022 | 15,158,000 | (438,815 | ) | |||||||||||
|
| |||||||||||||||
(1,534,439 | ) | |||||||||||||||
|
| |||||||||||||||
Short Positions: | ||||||||||||||||
26 | 5 Year Euro-Bobl | Sep. 2022 | 3,383,768 | 31,028 | ||||||||||||
22 | 10 Year Euro-Bund | Sep. 2022 | 3,430,108 | 77,472 | ||||||||||||
62 | 10 Year U.S. Ultra Treasury Notes | Sep. 2022 | 7,897,250 | 62,613 | ||||||||||||
304 | 20 Year U.S. Treasury Bonds | Sep. 2022 | 42,142,000 | 375,994 | ||||||||||||
18 | Euro Schatz Index | Sep. 2022 | 2,058,813 | 4,485 | ||||||||||||
|
| |||||||||||||||
551,592 | ||||||||||||||||
|
| |||||||||||||||
$ | (982,847 | ) | ||||||||||||||
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2022:
Purchase | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||||||
Euro, | ||||||||||||||||||||||||||
Expiring 07/05/22 | The Toronto-Dominion Bank | EUR | 17,087 | $ | 18,002,124 | $ | 17,912,059 | $ | — | $ | (90,065 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Sale | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||||||
Expiring 07/19/22 | Citibank, N.A. | CAD | 768 | $ | 608,332 | $ | 596,610 | $ | 11,722 | $ | — | |||||||||||||||
Euro, | ||||||||||||||||||||||||||
Expiring 07/05/22 | The Toronto-Dominion Bank | EUR | 17,087 | 18,367,020 | 17,912,059 | 454,961 | — | |||||||||||||||||||
Expiring 08/02/22 | The Toronto-Dominion Bank | EUR | 17,087 | 18,034,812 | 17,945,736 | 89,076 | — | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 37,010,164 | $ | 36,454,405 | 555,759 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 555,759 | $ | (90,065 | ) | ||||||||||||||||||||||
|
|
|
|
Credit default swap agreement outstanding at June 30, 2022:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)# (3) | Implied Credit Spread at June 30, 2022(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^: | ||||||||||||||||||||||||||||||
GS_21-PJ2A | 07/14/22 | 0.500 | %(M) | 2,569 | 0.500% | $ | 2,140 | $ | (248 | ) | $ | 2,388 | Goldman Sachs International | |||||||||||||||||
GS_21-PJA | 07/14/22 | 0.250 | %(M) | 4,952 | * | 2,062 | (240 | ) | 2,302 | Goldman Sachs International | ||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
$ | 4,202 | $ | (488 | ) | $ | 4,690 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A39
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Credit default swap agreement outstanding at June 30, 2022 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at June 30, 2022 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): |
| |||||||||||||||||||||||
CDX.NA.IG.38.V1 | 06/20/27 | 1.000% (Q) | 20,590 | $ | (241,323 | ) | $ | (52,383 | ) | $ | 188,940 | |||||||||||||
|
|
|
|
|
|
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
* | When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Total return swap agreements outstanding at June 30, 2022:
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||||||||||||||||
OTC Total Return Swap Agreements: |
| |||||||||||||||||||||||||||
U.S. Treasury Bond(T) | | 1 Day USOIS + 2bps(T) | | | Bank of America, N.A. | | 08/10/22 | 19,230 | $ | (58,285 | ) | $ | — | $ | (58,285 | ) | ||||||||||||
U.S. Treasury Bond(T) | | 1 Day USOIS + 1bps(T) | | | JPMorgan Chase Bank, N.A. | | 08/22/22 | 13,010 | (127,839 | ) | — | (127,839 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (186,124 | ) | $ | — | $ | (186,124 | ) | |||||||||||||||||||||
|
|
|
|
|
|
(1) | On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
SEE NOTES TO FINANCIAL STATEMENTS.
A40
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
| Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||
OTC Swap Agreements | $ | — | $ | (488 | ) | $ | 4,690 | $ | (186,124 | ) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker | Cash and/or Foreign Currency | Securities Market Value | ||||||
Citigroup Global Markets, Inc. | $ | — | $ | 3,589,407 | ||||
Goldman Sachs & Co. LLC | — | 1,096,310 | ||||||
|
|
|
| |||||
Total | $ | — | $ | 4,685,717 | ||||
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Assets | ||||||||||||
Long-Term Investments | ||||||||||||
Common Stocks | $ | 1,129,158,696 | $ | 29,010,514 | $ | — | ||||||
Exchange-Traded Funds | 7,894,993 | — | — | |||||||||
Preferred Stocks | 1,283,000 | 105,840 | — | |||||||||
Asset-Backed Securities | ||||||||||||
Automobiles | — | 50,629,526 | — | |||||||||
Collateralized Loan Obligations | — | 103,591,616 | — | |||||||||
Consumer Loans | — | 7,377,977 | — | |||||||||
Equipment | — | 5,626,704 | — | |||||||||
Other | — | 3,029,645 | — | |||||||||
Residential Mortgage-Backed Securities | — | 255,693 | 1,011,615 | |||||||||
Student Loans | — | 9,185,429 | — | |||||||||
Commercial Mortgage-Backed Securities | — | 146,181,175 | — | |||||||||
Corporate Bonds | — | 250,629,533 | — | |||||||||
Municipal Bonds | — | 13,349,838 | — | |||||||||
Residential Mortgage-Backed Securities | — | 46,587,211 | 1,121 | |||||||||
Sovereign Bonds | — | 13,501,378 | — | |||||||||
U.S. Government Agency Obligations | — | 201,061,580 | — | |||||||||
U.S. Treasury Obligations | — | 36,591,673 | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 444,823,264 | — | — | |||||||||
U.S. Treasury Obligation | — | 1,096,310 | — | |||||||||
Options Purchased | — | 240,913 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 1,583,159,953 | $ | 918,052,555 | $ | 1,012,736 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Options Written | $ | — | $ | (70,165 | ) | $ | (402 | ) | ||||
|
|
|
|
|
| |||||||
Other Financial Instruments* | ||||||||||||
Assets | ||||||||||||
Futures Contracts | $ | 551,592 | $ | — | $ | — | ||||||
OTC Forward Foreign Currency Exchange Contracts | — | 555,759 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A41
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Level 1 | Level 2 | Level 3 | ||||||||||
Other Financial Instruments* (continued) | ||||||||||||
AssetsAssets (continued) | ||||||||||||
Centrally Cleared Credit Default Swap Agreement | $ | — | $ | 188,940 | $ | — | ||||||
OTC Credit Default Swap Agreements | — | — | 4,202 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 551,592 | $ | 744,699 | $ | 4,202 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (1,534,439 | ) | $ | — | $ | — | |||||
OTC Forward Foreign Currency Exchange Contract | — | (90,065 | ) | — | ||||||||
OTC Total Return Swap Agreements | — | (186,124 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total | $ | (1,534,439 | ) | $ | (276,189 | ) | $ | — | ||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Affiliated Mutual Funds (2.9% represents investments purchased with collateral from securities on loan) | 18.5 | % | ||
U.S. Government Agency Obligations | 8.4 | |||
Commercial Mortgage-Backed Securities | 6.1 | |||
Banks | 4.7 | |||
Software | 4.3 | |||
Collateralized Loan Obligations | 4.3 | |||
Technology Hardware, Storage & Peripherals | 3.2 | |||
Automobiles | 3.1 | |||
Pharmaceuticals | 2.9 | |||
Interactive Media & Services | 2.5 | |||
Semiconductors & Semiconductor Equipment | 2.5 | |||
IT Services | 2.1 | |||
Residential Mortgage-Backed Securities | 2.0 | |||
Oil, Gas & Consumable Fuels | 2.0 | |||
Health Care Providers & Services | 1.7 | |||
U.S. Treasury Obligations | 1.5 | |||
Capital Markets | 1.5 | |||
Internet & Direct Marketing Retail | 1.4 | |||
Equity Real Estate Investment Trusts (REITs) | 1.4 | |||
Health Care Equipment & Supplies | 1.3 | |||
Insurance | 1.3 | |||
Biotechnology | 1.1 | |||
Beverages | 1.1 | |||
Diversified Financial Services | 1.0 | |||
Aerospace & Defense | 1.0 | |||
Chemicals | 1.0 | |||
Specialty Retail | 1.0 | |||
Electric | 1.0 | |||
Media | 1.0 | |||
Electric Utilities | 0.9 | |||
Life Sciences Tools & Services | 0.9 | |||
Hotels, Restaurants & Leisure | 0.9 | |||
Household Products | 0.7 | |||
Machinery | 0.7 | |||
Food & Staples Retailing | 0.7 | |||
Telecommunications | 0.7 | |||
Entertainment | 0.6 | |||
Pipelines | 0.6 |
Diversified Telecommunication Services | 0.6 | % | ||
Food Products | 0.6 | |||
Sovereign Bonds | 0.6 | |||
Municipal Bonds | 0.5 | |||
Multi-Utilities | 0.5 | |||
Road & Rail | 0.4 | |||
Oil & Gas | 0.4 | |||
Auto Manufacturers | 0.4 | |||
Industrial Conglomerates | 0.4 | |||
Communications Equipment | 0.4 | |||
Student Loans | 0.4 | |||
Tobacco | 0.4 | |||
Air Freight & Logistics | 0.3 | |||
Exchange-Traded Funds | 0.3 | |||
Consumer Loans | 0.3 | |||
Electronic Equipment, Instruments & Components | 0.3 | |||
Retail | 0.3 | |||
Textiles, Apparel & Luxury Goods | 0.3 | |||
Real Estate Investment Trusts (REITs) | 0.3 | |||
Consumer Finance | 0.3 | |||
Airlines | 0.2 | |||
Electrical Equipment | 0.2 | |||
Metals & Mining | 0.2 | |||
Equipment | 0.2 | |||
Multiline Retail | 0.2 | |||
Commercial Services & Supplies | 0.2 | |||
Building Products | 0.2 | |||
Gas | 0.2 | |||
Professional Services | 0.2 | |||
Household Durables | 0.2 | |||
Energy Equipment & Services | 0.2 | |||
Containers & Packaging | 0.2 | |||
Packaging & Containers | 0.1 | |||
Healthcare-Services | 0.1 | |||
Foods | 0.1 | |||
Trading Companies & Distributors | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Commercial Services | 0.1 | |||
Wireless Telecommunication Services | 0.1 |
SEE NOTES TO FINANCIAL STATEMENTS.
A42
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification (continued):
Other | 0.1 | % | ||
Semiconductors | 0.1 | |||
Personal Products | 0.1 | |||
Agriculture | 0.1 | |||
Housewares | 0.1 | |||
Transportation | 0.1 | |||
Office/Business Equipment | 0.1 | |||
Distributors | 0.1 | |||
Healthcare-Products | 0.1 | |||
Engineering & Construction | 0.1 | |||
Auto Components | 0.1 | |||
Construction Materials | 0.1 | |||
Home Builders | 0.1 | |||
Construction & Engineering | 0.0 | * | ||
Real Estate Management & Development | 0.0 | * | ||
Water Utilities | 0.0 | * | ||
Multi-National | 0.0 | * |
Gas Utilities | 0.0 | *% | ||
Building Materials | 0.0 | * | ||
Marine | 0.0 | * | ||
Independent Power & Renewable Electricity Producers | 0.0 | * | ||
Leisure Products | 0.0 | * | ||
Apparel | 0.0 | * | ||
Options Purchased | 0.0 | * | ||
Forest Products & Paper | 0.0 | * | ||
Paper & Forest Products | 0.0 | * | ||
|
| |||
104.0 | ||||
Options Written | (0.0 | )* | ||
Liabilities in excess of other assets | (4.0 | ) | ||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2022 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as | Statement of | Fair Value | Statement of | Fair Value | ||||||||
Credit contracts | Due from/to broker-variation margin swaps | $ | 188,940 | * | — | $ | — | |||||
Credit contracts | — | — | Premiums received for OTC swap agreements | 488 | ||||||||
Credit contracts | Unaffiliated investments | 240,913 | Options written outstanding, at value | 70,567 | ||||||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 4,690 | — | — | ||||||||
Equity contracts | — | — | Due from/to broker-variation margin futures | 441,219 | * | |||||||
Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 555,759 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 90,065 | ||||||||
Interest rate contracts | Due from/to broker-variation margin futures | 551,592 | * | Due from/to broker-variation margin futures | 1,093,220 | * | ||||||
Interest rate contracts | — | — | Unrealized depreciation on OTC swap agreements | 186,124 | ||||||||
|
|
|
| |||||||||
$ | 1,541,894 | $ | 1,881,683 | |||||||||
|
|
|
|
* | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
SEE NOTES TO FINANCIAL STATEMENTS.
A43
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||
Derivatives not accounted for as hedging | Options Purchased(1) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | |||||||||||||||
Credit contracts | $ | (143,476 | ) | $ | 133,654 | $ | — | $ | — | $ | 259,287 | |||||||||
Equity contracts | — | — | (4,494,193 | ) | — | — | ||||||||||||||
Foreign exchange contracts | — | — | — | 987,599 | — | |||||||||||||||
Interest rate contracts | — | — | (17,516,282 | ) | — | (7,493,254 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (143,476 | ) | $ | 133,654 | $ | (22,010,475 | ) | $ | 987,599 | $ | (7,233,967 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
(1) | Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||||||||||||||
Derivatives not accounted for | Options Purchased(2) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | |||||||||||||||
Credit contracts | $ | 186,617 | $ | 30,256 | $ | — | $ | — | $ | 188,773 | ||||||||||
Equity contracts | — | — | (800,329 | ) | — | — | ||||||||||||||
Foreign exchange contracts | — | — | — | 709,069 | — | |||||||||||||||
Interest rate contracts | — | — | (1,850,424 | ) | — | 1,888,464 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 186,617 | $ | 30,256 | $ | (2,650,753 | ) | $ | 709,069 | $ | 2,077,237 | |||||||||
|
|
|
|
|
|
|
|
|
|
(2) | Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows: |
Derivative Contract Type | Average Volume of Derivative Activities* | |||
Options Purchased (1) | $ | 85,575 | ||
Options Written (2) | 70,693,333 | |||
Futures Contracts - Long Positions (2) | 212,675,331 | |||
Futures Contracts - Short Positions (2) | 48,153,840 | |||
Forward Foreign Currency Exchange Contracts - Purchased (3) | 12,439,509 | |||
Forward Foreign Currency Exchange Contracts - Sold (3) | 34,183,346 | |||
Credit Default Swap Agreements - Buy Protection (2) | 12,323,333 | |||
Credit Default Swap Agreements - Sell Protection (2) | 10,918,227 | |||
Total Return Swap Agreements (2) | 25,830,000 | |||
Inflation Swap Agreements (2) | 9,558,333 |
* | Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022. |
(1) | Cost. |
(2) | Notional Amount in USD. |
(3) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.
SEE NOTES TO FINANCIAL STATEMENTS.
A44
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Offsetting of financial instrument/transaction assets and liabilities:
Description | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | |||||||||||||
Securities on Loan | $ | 69,167,855 | $ | (69,167,855 | ) | $ | — |
Offsetting of OTC derivative assets and liabilities:
Counterparty | Gross Amounts of Recognized Assets(1) | Gross Amounts of Recognized Liabilities(1) | Net Amounts of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | |||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | — | $ | (58,285 | ) | $ | (58,285 | ) | $ | 58,285 | $ | — | ||||||||||||||||||||||||
Barclays Bank PLC | 128,668 | (37,520 | ) | 91,148 | — | 91,148 | ||||||||||||||||||||||||||||||
Citibank, N.A. | 48,672 | (7,099 | ) | 41,573 | — | 41,573 | ||||||||||||||||||||||||||||||
Deutsche Bank AG | 15,498 | (6,401 | ) | 9,097 | — | 9,097 | ||||||||||||||||||||||||||||||
Goldman Sachs International | 4,690 | (890 | ) | 3,800 | — | 3,800 | ||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. | 17,127 | (134,657 | ) | (117,530 | ) | — | (117,530 | ) | ||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC | 42,670 | (12,327 | ) | 30,343 | — | 30,343 | ||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | 544,037 | (90,065 | ) | 453,972 | (360,000 | ) | 93,972 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 801,362 | $ | (347,244 | ) | $ | 454,118 | $ | (301,715 | ) | $ | 152,403 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
(2) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A45
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited) | ||||
as of June 30, 2022 | ||||
ASSETS | ||||
Investments at value, including securities on loan of $69,167,855: | ||||
Unaffiliated investments (cost $1,292,561,260) | $ | 2,057,401,980 | ||
Affiliated investments (cost $444,760,252) | 444,823,264 | |||
Foreign currency, at value (cost $958,251) | 952,863 | |||
Cash | 3,904 | |||
Receivable for investments sold | 31,103,705 | |||
Dividends and interest receivable | 5,881,129 | |||
Due from broker-variation margin futures | 793,709 | |||
Unrealized appreciation on OTC forward foreign currency exchange contracts | 555,759 | |||
Tax reclaim receivable | 326,117 | |||
Receivable for Portfolio shares sold | 84,173 | |||
Unrealized appreciation on OTC swap agreements | 4,690 | |||
Receivable from affiliate | 2,606 | |||
Prepaid expenses and other assets | 62,722 | |||
|
| |||
Total Assets | 2,541,996,621 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 70,902,939 | |||
Payable for investments purchased | 63,822,317 | |||
Management fee payable | 1,104,625 | |||
Accrued expenses and other liabilities | 287,775 | |||
Payable for Portfolio shares purchased | 245,157 | |||
Unrealized depreciation on OTC swap agreements | 186,124 | |||
Due to broker-variation margin futures | 129,790 | |||
Unrealized depreciation on OTC forward foreign currency exchange contracts | 90,065 | |||
Payable to affiliate | 73,693 | |||
Options written outstanding, at value (premiums received $83,842) | 70,567 | |||
Due to broker-variation margin swaps | 48,649 | |||
Distribution fee payable | 1,071 | |||
Affiliated transfer agent fee payable | 980 | |||
Premiums received for OTC swap agreements | 488 | |||
|
| |||
Total Liabilities | 136,964,240 | |||
|
| |||
NET ASSETS | $ | 2,405,032,381 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 2,405,032,381 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $2,399,735,058 / 70,961,829 outstanding shares of beneficial interest | $ | 33.82 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $5,297,323 / 157,109 outstanding shares of beneficial interest | $ | 33.72 | ||
|
|
STATEMENT OF OPERATIONS (unaudited) | ||||
Six Months Ended June 30, 2022 | ||||
NET INVESTMENT INCOME (LOSS) INCOME | ||||
Interest income (net of $498 foreign withholding tax) | $ | 12,539,254 | ||
Unaffiliated dividend income (net of $99,916 foreign withholding tax, of which $11,802 is reimbursable by an affiliate) | 10,615,222 | |||
Affiliated dividend income | 975,724 | |||
Income from securities lending, net (including affiliated income of $19,945) | 20,686 | |||
|
| |||
Total income | 24,150,886 | |||
|
| |||
EXPENSES | ||||
Management fee | 7,201,123 | |||
Distribution fee—Class III | 5,344 | |||
Custodian and accounting fees | 129,920 | |||
Shareholders’ reports | 82,854 | |||
Audit fee | 24,547 | |||
Trustees’ fees | 23,329 | |||
Legal fees and expenses | 16,077 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 36,517 | |||
|
| |||
Total expenses | 7,525,008 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 16,625,878 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $7,760) | 67,587,279 | |||
Futures transactions | (22,010,475 | ) | ||
Forward currency contract transactions | 987,599 | |||
Options written transactions | 133,654 | |||
Swap agreements transactions | (7,233,967 | ) | ||
Foreign currency transactions | (462,486 | ) | ||
|
| |||
39,001,604 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(14,826)) | (477,382,172 | ) | ||
Futures | (2,650,753 | ) | ||
Forward currency contracts | 709,069 | |||
Options written | 30,256 | |||
Swap agreements | 2,077,237 | |||
Foreign currencies | (35,650 | ) | ||
|
| |||
(477,252,013 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (438,250,409 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (421,624,531 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||
INCREASE (DECREASE) IN NET ASSETS OPERATIONS | ||||||||
Net investment income (loss) | $ | 16,625,878 | $ | 29,759,603 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 39,001,604 | 183,271,608 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (477,252,013 | ) | 138,627,524 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (421,624,531 | ) | 351,658,735 | |||||
|
|
|
| |||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||
Portfolio shares sold | 13,588,568 | 16,716,926 | ||||||
Portfolio shares purchased | (85,974,224 | ) | (179,291,386 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (72,385,656 | ) | (162,574,460 | ) | ||||
|
|
|
| |||||
TOTAL INCREASE (DECREASE) | (494,010,187 | ) | 189,084,275 | |||||
NET ASSETS: | ||||||||
Beginning of period | 2,899,042,568 | 2,709,958,293 | ||||||
|
|
|
| |||||
End of period | $ | 2,405,032,381 | $ | 2,899,042,568 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A46
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited) |
Class I | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 39.67 | $ | 34.99 | $ | 31.40 | $ | 26.50 | $ | 27.17 | $ | 24.18 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.23 | 0.40 | 0.50 | 0.59 | 0.53 | 0.45 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (6.08 | ) | 4.28 | 3.09 | 4.31 | (1.20 | ) | 2.54 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | (5.85 | ) | 4.68 | 3.59 | 4.90 | (0.67 | ) | 2.99 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Contributions | — | — | — | — | (b)(c) | — | (b)(c) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value, end of period | $ | 33.82 | $ | 39.67 | $ | 34.99 | $ | 31.40 | $ | 26.50 | $ | 27.17 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | (14.75 | )% | 13.38 | % | 11.43 | % | 18.49 | %(e) | (2.47 | )%(e) | 12.37 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 2,400 | $ | 2,896 | $ | 2,710 | $ | 2,597 | $ | 2,370 | $ | 2,595 | ||||||||||||||||
Average net assets (in millions) | $ | 2,636 | $ | 2,800 | $ | 2,540 | $ | 2,506 | $ | 2,535 | $ | 2,535 | ||||||||||||||||
Ratios to average net assets(f): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.57 | %(g) | 0.57 | % | 0.58 | % | 0.59 | % | 0.59 | % | 0.58 | % | ||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.57 | %(g) | 0.57 | % | 0.58 | % | 0.59 | % | 0.59 | % | 0.58 | % | ||||||||||||||||
Net investment income (loss) | 1.27 | %(g) | 1.06 | % | 1.58 | % | 2.02 | % | 1.94 | % | 1.75 | % | ||||||||||||||||
Portfolio turnover rate(h)(i) | 27 | % | 69 | % | 75 | % | 90 | % | 101 | % | 136 | % |
Class III | ||||||||
Six Months Ended June 30, 2022 | April 26, 2021(j) through December 31, 2021 | |||||||
Per Share Operating Performance(a): | ||||||||
Net Asset Value, beginning of period | $ | 39.60 | $ | 36.75 | ||||
|
|
|
| |||||
Income (Loss) From Investment Operations: | ||||||||
Net investment income (loss) | 0.19 | 0.21 | ||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (6.07 | ) | 2.64 | |||||
|
|
|
| |||||
Total from investment operations | (5.88 | ) | 2.85 | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 33.72 | $ | 39.60 | ||||
|
|
|
| |||||
Total Return(d) | (14.85 | )% | 7.76 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (in millions) | $ | 5 | $ | 3 | ||||
Average net assets (in millions) | $ | 4 | $ | 1 | ||||
Ratios to average net assets(f): | ||||||||
Expenses after waivers and/or expense reimbursement | 0.82 | %(g) | 0.81 | %(k) | ||||
Expenses before waivers and/or expense reimbursement | 0.82 | %(g) | 0.81 | %(k) | ||||
Net investment income (loss) | 1.07 | %(g) | 0.76 | %(k) | ||||
Portfolio turnover rate(h)(i) | 27 | % | 69 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(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, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) | Total return for the year includes the impact of the capital contribution, which was not material to the total return. |
(f) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(g) | Annualized. |
(h) | The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(i) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(j) | Commencement of offering. |
(k) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A47
PSF PGIM FLEXIBLE MANAGED PORTFOLIO |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 90.3% |
| |||||||
COMMON STOCKS — 59.6% | ||||||||
Aerospace & Defense — 1.1% | ||||||||
BAE Systems PLC (United Kingdom) | 9,579 | $ | 96,709 | |||||
Dassault Aviation SA (France) | 78 | 12,163 | ||||||
General Dynamics Corp. | 32,300 | 7,146,375 | ||||||
Howmet Aerospace, Inc. | 224,200 | 7,051,090 | ||||||
Lockheed Martin Corp. | 19,800 | 8,513,208 | ||||||
Northrop Grumman Corp. | 10,700 | 5,120,699 | ||||||
Raytheon Technologies Corp. | 120,600 | 11,590,866 | ||||||
Singapore Technologies Engineering | 4,800 | 14,112 | ||||||
Textron, Inc. | 36,000 | 2,198,520 | ||||||
TransDigm Group, Inc.* | 9,100 | 4,883,697 | ||||||
|
| |||||||
46,627,439 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.3% | ||||||||
Deutsche Post AG (Germany) | 2,951 | 110,883 | ||||||
DSV A/S (Denmark) | 596 | 83,795 | ||||||
FedEx Corp. | 24,600 | 5,577,066 | ||||||
United Parcel Service, Inc. (Class B | 38,500 | 7,027,790 | ||||||
|
| |||||||
12,799,534 | ||||||||
|
| |||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc.* | 50,700 | 2,030,535 | ||||||
Southwest Airlines Co.* | 214,700 | 7,754,964 | ||||||
|
| |||||||
9,785,499 | ||||||||
|
| |||||||
Auto Components — 0.0% | ||||||||
Cie Generale des Etablissements | 9,008 | 245,307 | ||||||
Koito Manufacturing Co. Ltd. (Japan) | 7,700 | 242,744 | ||||||
Stanley Electric Co. Ltd. (Japan) | 400 | 6,525 | ||||||
|
| |||||||
494,576 | ||||||||
|
| |||||||
Automobiles — 1.4% | ||||||||
Bayerische Motoren Werke AG | 2,911 | 224,037 | ||||||
Ferrari NV (Italy) | 375 | 68,855 | ||||||
Ford Motor Co. | 359,600 | 4,002,348 | ||||||
General Motors Co.* | 22,200 | 705,072 | ||||||
Mazda Motor Corp. (Japan) | 1,700 | 13,786 | ||||||
Mercedes-Benz Group AG (Germany) | 2,592 | 149,959 | ||||||
Stellantis NV | 22,822 | 282,383 | ||||||
Tesla, Inc.* | 73,100 | 49,227,002 | ||||||
Toyota Motor Corp. (Japan) | 13,200 | 202,904 | ||||||
Volkswagen AG (Germany) | 88 | 16,092 | ||||||
Yamaha Motor Co. Ltd. (Japan) | 13,200 | 241,754 | ||||||
|
| |||||||
55,134,192 | ||||||||
|
| |||||||
Banks — 2.4% | ||||||||
Australia & New Zealand Banking | 8,339 | 126,770 | ||||||
Banco Santander SA (Spain) | 83,114 | 234,545 | ||||||
Bank Hapoalim BM (Israel) | 32,484 | 272,079 | ||||||
Bank Leumi Le-Israel BM (Israel) | 37,764 | 335,697 | ||||||
Bank of America Corp. | 487,600 | 15,178,988 | ||||||
Barclays PLC (United Kingdom) | 176,482 | 330,744 | ||||||
BNP Paribas SA (France) | 3,334 | 159,792 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Banks (cont’d.) | ||||||||
Citigroup, Inc. | 176,050 | $ | 8,096,539 | |||||
Citizens Financial Group, Inc. | 272,000 | 9,707,680 | ||||||
Commonwealth Bank of Australia | 811 | 50,570 | ||||||
DBS Group Holdings Ltd. (Singapore) | 16,900 | 361,636 | ||||||
Fifth Third Bancorp(a) | 24,700 | 829,920 | ||||||
HSBC Holdings PLC (United Kingdom) | 19,277 | 126,032 | ||||||
ING Groep NV (Netherlands) | 11,115 | 110,224 | ||||||
Israel Discount Bank Ltd. (Israel) | 44,378 | 230,723 | ||||||
JPMorgan Chase & Co. | 150,394 | 16,935,868 | ||||||
KeyCorp(a) | 388,600 | 6,695,578 | ||||||
Lloyds Banking Group PLC (United | 695,750 | 358,299 | ||||||
National Australia Bank Ltd. (Australia) | 1,368 | 25,850 | ||||||
NatWest Group PLC (United Kingdom) | 110,556 | 295,227 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 10,000 | 82,071 | ||||||
Regions Financial Corp. | 78,200 | 1,466,250 | ||||||
Truist Financial Corp. | 194,200 | 9,210,906 | ||||||
U.S. Bancorp | 87,000 | 4,003,740 | ||||||
United Overseas Bank Ltd. (Singapore) | 5,000 | 94,555 | ||||||
Wells Fargo & Co. | 561,500 | 21,993,955 | ||||||
|
| |||||||
97,314,238 | ||||||||
|
| |||||||
Beverages — 1.1% | ||||||||
Coca-Cola Co. (The) | 345,100 | 21,710,241 | ||||||
Coca-Cola HBC AG (Italy) | 602 | 13,374 | ||||||
Diageo PLC (United Kingdom) | 3,465 | 149,209 | ||||||
Heineken Holding NV (Netherlands) | 341 | 24,876 | ||||||
PepsiCo, Inc. | 142,200 | 23,699,052 | ||||||
|
| |||||||
45,596,752 | ||||||||
|
| |||||||
Biotechnology — 1.4% | ||||||||
AbbVie, Inc. | 121,100 | 18,547,676 | ||||||
Exelixis, Inc.* | 258,700 | 5,386,134 | ||||||
Gilead Sciences, Inc. | 188,550 | 11,654,276 | ||||||
Moderna, Inc.* | 39,600 | 5,656,860 | ||||||
United Therapeutics Corp.* | 3,400 | 801,176 | ||||||
Vertex Pharmaceuticals, Inc.* | 56,800 | 16,005,672 | ||||||
|
| |||||||
58,051,794 | ||||||||
|
| |||||||
Building Products — 0.2% | ||||||||
AGC, Inc. (Japan) | 5,900 | 204,645 | ||||||
Assa Abloy AB (Sweden) (Class B | 2,997 | 63,847 | ||||||
Carlisle Cos., Inc. | 12,600 | 3,006,486 | ||||||
Cie de Saint-Gobain (France) | 6,230 | 268,130 | ||||||
Kingspan Group PLC (Ireland) | 406 | 24,469 | ||||||
Owens Corning | 80,000 | 5,944,800 | ||||||
Xinyi Glass Holdings Ltd. (China) | 6,000 | 14,383 | ||||||
|
| |||||||
9,526,760 | ||||||||
|
| |||||||
Capital Markets — 1.6% | ||||||||
3i Group PLC (United Kingdom) | 19,248 | 259,452 | ||||||
abrdn PLC (United Kingdom) | 6,455 | 12,556 | ||||||
Ameriprise Financial, Inc. | 22,300 | 5,300,264 | ||||||
Amundi SA (France), 144A | 180 | 9,852 |
SEE NOTES TO FINANCIAL STATEMENTS.
A48
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
| Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Capital Markets (cont’d.) | ||||||||
ASX Ltd. (Australia) | 420 | $ | 23,655 | |||||
Bank of New York Mellon Corp. (The) | 53,500 | 2,231,485 | ||||||
Cboe Global Markets, Inc. | 73,100 | 8,274,189 | ||||||
Charles Schwab Corp. (The) | 40,500 | 2,558,790 | ||||||
CME Group, Inc. | 27,400 | 5,608,780 | ||||||
Daiwa Securities Group, Inc. (Japan) | 36,700 | 163,588 | ||||||
Deutsche Bank AG (Germany) | 6,160 | 53,800 | ||||||
FactSet Research Systems, Inc. | 11,600 | 4,461,012 | ||||||
Goldman Sachs Group, Inc. (The) | 38,000 | 11,286,760 | ||||||
Intercontinental Exchange, Inc. | 35,600 | 3,347,824 | ||||||
Julius Baer Group Ltd. (Switzerland) | 656 | 30,239 | ||||||
Macquarie Group Ltd. (Australia) | 3,191 | 362,265 | ||||||
Morgan Stanley | 102,500 | 7,796,150 | ||||||
MSCI, Inc. | 4,400 | 1,813,460 | ||||||
Raymond James Financial, Inc. | 20,900 | 1,868,669 | ||||||
SBI Holdings, Inc. (Japan) | 5,600 | 109,669 | ||||||
Singapore Exchange Ltd. (Singapore) | 2,500 | 17,031 | ||||||
State Street Corp. | 100,100 | 6,171,165 | ||||||
Stifel Financial Corp. | 47,700 | 2,672,154 | ||||||
UBS Group AG (Switzerland) | 28,007 | 452,268 | ||||||
Virtu Financial, Inc. (Class A Stock) | 86,500 | 2,024,965 | ||||||
|
| |||||||
66,910,042 | ||||||||
|
| |||||||
Chemicals — 1.0% | ||||||||
Arkema SA (France) | 182 | 16,249 | ||||||
Celanese Corp. | 10,100 | 1,187,861 | ||||||
CF Industries Holdings, Inc. | 108,600 | 9,310,278 | ||||||
Dow, Inc. | 182,200 | 9,403,342 | ||||||
DuPont de Nemours, Inc. | 152,300 | 8,464,834 | ||||||
Eastman Chemical Co. | 29,700 | 2,666,169 | ||||||
ICL Group Ltd. (Israel) | 25,110 | 228,454 | ||||||
Linde PLC (United Kingdom)(a) | 36,000 | 10,351,080 | ||||||
Mitsubishi Chemical Group Corp. | ||||||||
(Japan) | 3,800 | 20,770 | ||||||
Mitsui Chemicals, Inc. (Japan) | 10,800 | 230,018 | ||||||
Nitto Denko Corp. (Japan) | 500 | 32,319 | ||||||
OCI NV (Netherlands) | 336 | 11,112 | ||||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 500 | 56,274 | ||||||
Solvay SA (Belgium) | 217 | 17,567 | ||||||
Sumitomo Chemical Co. Ltd. (Japan) | 4,400 | 17,131 | ||||||
Tosoh Corp. (Japan) | 19,700 | 244,258 | ||||||
Yara International ASA (Brazil) | 4,237 | 177,184 | ||||||
|
| |||||||
42,434,900 | ||||||||
|
| |||||||
Commercial Services & Supplies��—0.2% | ||||||||
Cintas Corp. | 4,100 | 1,531,473 | ||||||
Dai Nippon Printing Co. Ltd. (Japan) | 700 | 15,079 | ||||||
Rentokil Initial PLC (United Kingdom) | 5,306 | 30,682 | ||||||
Securitas AB (Sweden) (Class B Stock) | 918 | 7,929 | ||||||
Waste Management, Inc. | 32,100 | 4,910,658 | ||||||
|
| |||||||
6,495,821 | ||||||||
|
| |||||||
Communications Equipment — 0.4% | ||||||||
Cisco Systems, Inc. | 389,500 | 16,608,280 | ||||||
Nokia OYJ (Finland) | 68,532 | 317,704 | ||||||
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 8,648 | 64,487 | ||||||
|
| |||||||
16,990,471 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Construction & Engineering — 0.0% | ||||||||
ACS Actividades de Construccion y | ||||||||
Servicios SA (Spain) | 680 | $ | 16,503 | |||||
Eiffage SA (France) | 250 | 22,535 | ||||||
Skanska AB (Sweden) (Class B Stock) | 12,740 | 195,689 | ||||||
Taisei Corp. (Japan) | 600 | 18,660 | ||||||
Vinci SA (France) | 1,638 | 146,065 | ||||||
|
| |||||||
399,452 | ||||||||
|
| |||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 70,200 | 7,717,788 | ||||||
HeidelbergCement AG (Germany) | 434 | 20,867 | ||||||
|
| |||||||
7,738,655 | ||||||||
|
| |||||||
Consumer Finance — 0.4% | ||||||||
American Express Co. | 18,600 | 2,578,332 | ||||||
Capital One Financial Corp. | 105,900 | 11,033,721 | ||||||
Synchrony Financial | 41,600 | 1,148,992 | ||||||
|
| |||||||
14,761,045 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
International Paper Co. | 36,300 | 1,518,429 | ||||||
Westrock Co. | 236,500 | 9,422,160 | ||||||
|
| |||||||
10,940,589 | ||||||||
|
| |||||||
Distributors — 0.2% | ||||||||
Genuine Parts Co. | 38,100 | 5,067,300 | ||||||
LKQ Corp. | 15,000 | 736,350 | ||||||
|
| |||||||
5,803,650 | ||||||||
|
| |||||||
Diversified Financial Services — 0.9% | ||||||||
Berkshire Hathaway, Inc. (Class B Stock)* | 125,750 | 34,332,265 | ||||||
EXOR NV (Netherlands) | 324 | 20,222 | ||||||
Industrivarden AB (Sweden) (Class A Stock) | 380 | 8,561 | ||||||
Investor AB (Sweden) (Class A Stock) | 1,443 | 25,944 | ||||||
Investor AB (Sweden) (Class B Stock) | 5,289 | 87,083 | ||||||
ORIX Corp. (Japan) | 3,600 | 60,199 | ||||||
|
| |||||||
34,534,274 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.6% |
| |||||||
AT&T, Inc. | 80,300 | 1,683,088 | ||||||
Deutsche Telekom AG (Germany) | 14,433 | 286,661 | ||||||
Koninklijke KPN NV (Netherlands) | 60,727 | 216,300 | ||||||
Nippon Telegraph & Telephone Corp. (Japan) | 7,300 | 209,595 | ||||||
Spark New Zealand Ltd. (New Zealand) | 5,580 | 16,724 | ||||||
Telefonica Deutschland Holding AG (Germany) | 3,036 | 8,709 | ||||||
Telefonica SA (Spain) | 15,779 | 80,353 | ||||||
Verizon Communications, Inc. | 462,488 | 23,471,266 | ||||||
|
| |||||||
25,972,696 | ||||||||
|
| |||||||
Electric Utilities — 1.1% | ||||||||
Edison International | 208,300 | 13,172,892 | ||||||
Electricite de France SA (France) | 1,326 | 10,832 | ||||||
Endesa SA (Spain) | 14,834 | 280,082 |
SEE NOTES TO FINANCIAL STATEMENTS.
A49
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Electric Utilities (cont’d.) |
| |||||||
Enel SpA (Italy) | 27,957 | $ | 153,202 | |||||
Evergy, Inc. | 71,400 | 4,658,850 | ||||||
Exelon Corp. | 334,700 | 15,168,604 | ||||||
Fortum OYJ (Finland) | 1,266 | 18,976 | ||||||
Iberdrola SA (Spain) | 22,677 | 235,129 | ||||||
NRG Energy, Inc. | 144,900 | 5,530,833 | ||||||
Power Assets Holdings Ltd. (Hong Kong) | 4,500 | 28,318 | ||||||
PPL Corp. | 163,100 | 4,424,903 | ||||||
Red Electrica Corp. SA (Spain) | 769 | 14,537 | ||||||
SSE PLC (United Kingdom) | 9,338 | 183,807 | ||||||
|
| |||||||
43,880,965 | ||||||||
|
| |||||||
Electrical Equipment — 0.3% |
| |||||||
Emerson Electric Co. | 161,600 | 12,853,664 | ||||||
Hubbell, Inc. | 4,200 | 750,036 | ||||||
Mitsubishi Electric Corp. (Japan) | 6,000 | 64,995 | ||||||
|
| |||||||
13,668,695 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.5% |
| |||||||
CDW Corp. | 11,400 | 1,796,184 | ||||||
Corning, Inc. | 292,100 | 9,204,071 | ||||||
Hamamatsu Photonics KK (Japan) | 500 | 19,384 | ||||||
Hirose Electric Co. Ltd. (Japan) | 2,000 | 264,843 | ||||||
Jabil, Inc. | 137,600 | 7,046,496 | ||||||
Keysight Technologies, Inc.* | 5,400 | 744,390 | ||||||
Murata Manufacturing Co. Ltd. (Japan) | 1,800 | 98,506 | ||||||
TDK Corp. (Japan) | 1,200 | 36,834 | ||||||
|
| |||||||
19,210,708 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
Halliburton Co. | 139,000 | 4,359,040 | ||||||
Schlumberger NV | 106,800 | 3,819,168 | ||||||
|
| |||||||
8,178,208 | ||||||||
|
| |||||||
Entertainment — 0.8% |
| |||||||
Electronic Arts, Inc. | 30,600 | 3,722,490 | ||||||
Konami Group Corp. (Japan) | 300 | 16,580 | ||||||
Netflix, Inc.* | 46,200 | 8,078,994 | ||||||
Nintendo Co. Ltd. (Japan) | 500 | 216,895 | ||||||
Walt Disney Co. (The)* | 161,100 | 15,207,840 | ||||||
Warner Bros Discovery, Inc.* | 241,600 | 3,242,272 | ||||||
|
| |||||||
30,485,071 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.6% |
| |||||||
Camden Property Trust | 29,400 | 3,953,712 | ||||||
Crown Castle International Corp. | 11,200 | 1,885,856 | ||||||
Dexus (Australia) | 41,774 | 255,110 | ||||||
EPR Properties | 57,000 | 2,675,010 | ||||||
Equinix, Inc. | 9,200 | 6,044,584 | ||||||
Goodman Group (Australia) | 19,591 | 240,503 | ||||||
Host Hotels & Resorts, Inc. | 292,900 | 4,592,672 | ||||||
Klepierre SA (France)* | 574 | 11,028 | ||||||
Lamar Advertising Co. (Class A Stock) | 16,000 | 1,407,520 | ||||||
Land Securities Group PLC (United Kingdom) | 2,093 | 16,956 | ||||||
Prologis, Inc. | 98,400 | 11,576,760 | ||||||
Public Storage | 11,200 | 3,501,904 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Equity Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||
SBA Communications Corp. | 19,000 | $ | 6,080,950 | |||||
Simon Property Group, Inc. | 68,100 | 6,464,052 | ||||||
Stockland (Australia) | 69,197 | 172,345 | ||||||
Ventas, Inc. | 22,500 | 1,157,175 | ||||||
Welltower, Inc.(a) | 17,000 | 1,399,950 | ||||||
Weyerhaeuser Co. | 386,500 | 12,800,880 | ||||||
|
| |||||||
64,236,967 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% |
| |||||||
Albertson’s Cos., Inc. (Class A Stock) | 156,800 | 4,189,696 | ||||||
Carrefour SA (France) | 1,718 | 30,417 | ||||||
Coles Group Ltd. (Australia) | 3,495 | 42,918 | ||||||
Costco Wholesale Corp. | 54,500 | 26,120,760 | ||||||
Endeavour Group Ltd. (Australia) | 1,580 | 8,240 | ||||||
J Sainsbury PLC (United Kingdom) | 4,128 | 10,260 | ||||||
Jeronimo Martins SGPS SA (Portugal) | 860 | 18,716 | ||||||
Kesko OYJ (Finland) (Class B Stock) | 1,394 | 32,874 | ||||||
Koninklijke Ahold Delhaize NV (Netherlands) | 13,373 | 348,752 | ||||||
Kroger Co. (The)(a) | 16,200 | 766,746 | ||||||
Tesco PLC (United Kingdom) | 50,883 | 158,014 | ||||||
US Foods Holding Corp.* | 81,600 | 2,503,488 | ||||||
Walgreens Boots Alliance, Inc. | 141,400 | 5,359,060 | ||||||
Walmart, Inc. | 17,300 | 2,103,334 | ||||||
Woolworths Group Ltd. (Australia) | 3,570 | 87,644 | ||||||
|
| |||||||
41,780,919 | ||||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Archer-Daniels-Midland Co. | 58,100 | 4,508,560 | ||||||
Darling Ingredients, Inc.* | 56,200 | 3,360,760 | ||||||
Kraft Heinz Co. (The) | 115,800 | 4,416,612 | ||||||
Nestle SA | 7,192 | 839,275 | ||||||
Orkla ASA (Norway) | 10,287 | 82,286 | ||||||
Pilgrim’s Pride Corp.* | 186,100 | 5,811,903 | ||||||
Tyson Foods, Inc. (Class A Stock) | 163,900 | 14,105,234 | ||||||
WH Group Ltd. (Hong Kong), 144A | 274,000 | 214,584 | ||||||
Wilmar International Ltd. (China) | 104,000 | 302,882 | ||||||
|
| |||||||
33,642,096 | ||||||||
|
| |||||||
Gas Utilities — 0.0% |
| |||||||
Enagas SA (Spain) | 765 | 16,916 | ||||||
Osaka Gas Co. Ltd. (Japan) | 1,100 | 21,060 | ||||||
Snam SpA (Italy) | 5,797 | 30,362 | ||||||
Tokyo Gas Co. Ltd. (Japan) | 1,200 | 24,834 | ||||||
|
| |||||||
93,172 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.5% |
| |||||||
Abbott Laboratories | 243,900 | 26,499,735 | ||||||
Boston Scientific Corp.* | 122,400 | 4,561,848 | ||||||
DENTSPLY SIRONA, Inc. | 36,400 | 1,300,572 | ||||||
Edwards Lifesciences Corp.* | 143,500 | 13,645,415 | ||||||
Envista Holdings Corp.*(a) | 19,500 | 751,530 | ||||||
Hologic, Inc.* | 44,300 | 3,069,990 | ||||||
Hoya Corp. (Japan) | 500 | 43,017 | ||||||
Medtronic PLC | 134,000 | 12,026,500 | ||||||
|
| |||||||
61,898,607 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A50
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Health Care Providers & Services — 2.2% |
| |||||||
Centene Corp.* | 38,600 | $ | 3,265,946 | |||||
Cigna Corp. | 34,300 | 9,038,736 | ||||||
CVS Health Corp. | 157,900 | 14,631,014 | ||||||
Elevance Health, Inc. | 25,000 | 12,064,500 | ||||||
Fresenius SE & Co. KGaA (Germany) | 1,240 | 37,632 | ||||||
McKesson Corp. | 20,100 | 6,556,821 | ||||||
Medipal Holdings Corp. (Japan) | 15,000 | 211,401 | ||||||
Sonic Healthcare Ltd. (Australia) | 12,522 | 285,576 | ||||||
UnitedHealth Group, Inc. | 84,900 | 43,607,187 | ||||||
|
| |||||||
89,698,813 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.0% |
| |||||||
Aristocrat Leisure Ltd. (Australia) | 1,715 | 40,570 | ||||||
Chipotle Mexican Grill, Inc.* | 2,100 | 2,745,246 | ||||||
Compass Group PLC (United Kingdom) | 10,836 | 221,544 | ||||||
Evolution AB (Sweden), 144A | 1,676 | 152,099 | ||||||
Hilton Worldwide Holdings, Inc. | 82,500 | 9,193,800 | ||||||
InterContinental Hotels Group PLC (United Kingdom) | 528 | 28,029 | ||||||
La Francaise des Jeux SAEM (France), 144A | 6,964 | 241,436 | ||||||
Marriott International, Inc. (Class A Stock) | 61,100 | 8,310,211 | ||||||
McDonald’s Corp. | 44,500 | 10,986,160 | ||||||
McDonald’s Holdings Co. Japan Ltd. (Japan) | 300 | 10,921 | ||||||
Oriental Land Co. Ltd. (Japan) | 600 | 84,317 | ||||||
Sodexo SA (France) | 253 | 17,814 | ||||||
Starbucks Corp. | 119,200 | 9,105,688 | ||||||
Travel + Leisure Co. | 24,000 | 931,680 | ||||||
Whitbread PLC (United Kingdom) | 364 | 10,984 | ||||||
|
| |||||||
42,080,499 | ||||||||
|
| |||||||
Household Durables — 0.2% |
| |||||||
Barratt Developments PLC (United Kingdom) | 3,024 | 16,818 | ||||||
Berkeley Group Holdings PLC (United Kingdom)* | 2,586 | 116,968 | ||||||
Lennar Corp. (Class A Stock) | 100,200 | 7,071,114 | ||||||
Open House Group Co. Ltd. (Japan) | 1,900 | 75,480 | ||||||
Sony Group Corp. (Japan) | 1,300 | 105,753 | ||||||
Toll Brothers, Inc. | 51,100 | 2,279,060 | ||||||
|
| |||||||
9,665,193 | ||||||||
|
| |||||||
Household Products — 1.0% |
| |||||||
Essity AB (Sweden) (Class B Stock) | 1,830 | 47,747 | ||||||
Henkel AG & Co. KGaA (Germany) | 279 | 17,084 | ||||||
Kimberly-Clark Corp. | 105,300 | 14,231,295 | ||||||
Procter & Gamble Co. (The) | 188,605 | 27,119,513 | ||||||
Reckitt Benckiser Group PLC (United Kingdom) | 2,156 | 161,824 | ||||||
|
| |||||||
41,577,463 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers — 0.2% |
| |||||||
AES Corp. (The) | 281,300 | 5,910,113 | ||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Industrial Conglomerates — 0.4% |
| |||||||
CK Hutchison Holdings Ltd. (United Kingdom) | 8,000 | $ | 54,663 | |||||
Honeywell International, Inc. | 91,100 | 15,834,091 | ||||||
Jardine Matheson Holdings Ltd. (Hong Kong) | 5,600 | 294,091 | ||||||
Lifco AB (Sweden) (Class B Stock) | 624 | 10,042 | ||||||
Siemens AG (Germany) | 2,242 | 227,582 | ||||||
Smiths Group PLC (United Kingdom) | 1,215 | 20,686 | ||||||
Toshiba Corp. (Japan) | 4,900 | 199,065 | ||||||
|
| |||||||
16,640,220 | ||||||||
|
| |||||||
Insurance — 1.2% |
| |||||||
Aegon NV (Netherlands) | 5,511 | 23,889 | ||||||
Ageas SA/NV (Belgium) | 513 | 22,542 | ||||||
AIA Group Ltd. (Hong Kong) | 5,600 | 60,808 | ||||||
American Financial Group, Inc. | 24,600 | 3,414,726 | ||||||
American International Group, Inc. | 201,200 | 10,287,356 | ||||||
Assicurazioni Generali SpA (Italy) | 3,268 | 52,207 | ||||||
AXA SA (France) | 11,159 | 254,876 | ||||||
Chubb Ltd. | 89,300 | 17,554,594 | ||||||
Dai-ichi Life Holdings, Inc. (Japan) | 16,700 | 305,276 | ||||||
Japan Post Insurance Co. Ltd. (Japan) | 16,500 | 263,181 | ||||||
Lincoln National Corp. | 49,500 | 2,315,115 | ||||||
Marsh & McLennan Cos., Inc. | 67,700 | 10,510,425 | ||||||
Medibank Private Ltd. (Australia) | 7,700 | 17,266 | ||||||
MetLife, Inc. | 58,700 | 3,685,773 | ||||||
MS&AD Insurance Group Holdings, Inc. (Japan) | 1,300 | 39,722 | ||||||
NN Group NV (Netherlands) | 800 | 36,348 | ||||||
Poste Italiane SpA (Italy), 144A | 15,516 | 145,215 | ||||||
Sampo OYJ (Finland) (Class A Stock) | 1,501 | 65,355 | ||||||
Sompo Holdings, Inc. (Japan) | 3,100 | 135,919 | ||||||
Suncorp Group Ltd. (Australia) | 39,609 | 299,948 | ||||||
Tokio Marine Holdings, Inc. (Japan) | 1,900 | 111,607 | ||||||
W.R. Berkley Corp. | 15,750 | 1,075,095 | ||||||
Zurich Insurance Group AG (Switzerland) | 442 | 192,031 | ||||||
|
| |||||||
50,869,274 | ||||||||
|
| |||||||
Interactive Media & Services — 3.2% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 24,250 | 52,847,055 | ||||||
Alphabet, Inc. (Class C Stock)* | 21,632 | 47,318,918 | ||||||
Meta Platforms, Inc. (Class A Stock)* | 192,350 | 31,016,438 | ||||||
SEEK Ltd. (Australia) | 1,008 | 14,553 | ||||||
|
| |||||||
131,196,964 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.7% |
| |||||||
Amazon.com, Inc.* | 556,000 | 59,052,760 | ||||||
eBay, Inc. | 289,300 | 12,055,131 | ||||||
ZOZO, Inc. (Japan) | 400 | 7,187 | ||||||
|
| |||||||
71,115,078 | ||||||||
|
| |||||||
IT Services — 2.6% |
| |||||||
Accenture PLC (Class A Stock) | 57,950 | 16,089,817 | ||||||
Adyen NV (Netherlands), 144A* | 56 | 81,485 | ||||||
Automatic Data Processing, Inc. | 64,900 | 13,631,596 | ||||||
Capgemini SE (France) | 1,780 | 304,516 | ||||||
Computershare Ltd. (Australia) | 4,836 | 82,109 |
SEE NOTES TO FINANCIAL STATEMENTS.
A51
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
IT Services (cont’d.) | ||||||||
DXC Technology Co.* | 61,300 | $ | 1,858,003 | |||||
Fiserv, Inc.* | 8,500 | 756,245 | ||||||
Fujitsu Ltd. (Japan) | 2,500 | 311,645 | ||||||
Gartner, Inc.* | 30,000 | 7,254,900 | ||||||
International Business Machines Corp. | 6,600 | 931,854 | ||||||
Mastercard, Inc. (Class A Stock) | 91,800 | 28,961,064 | ||||||
NEC Corp. (Japan) | 800 | 31,007 | ||||||
NTT Data Corp. (Japan) | 1,900 | 26,289 | ||||||
Visa, Inc. (Class A | 184,900 | 36,404,961 | ||||||
|
| |||||||
106,725,491 | ||||||||
|
| |||||||
Leisure Products — 0.0% |
| |||||||
Bandai Namco Holdings, Inc. (Japan) | 600 | 42,315 | ||||||
Shimano, Inc. (Japan) | 400 | 67,079 | ||||||
|
| |||||||
109,394 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% |
| |||||||
Danaher Corp. | 74,900 | 18,988,648 | ||||||
Eurofins Scientific SE (Luxembourg) | 373 | 29,390 | ||||||
IQVIA Holdings, Inc.* | 54,500 | 11,825,955 | ||||||
Maravai LifeSciences Holdings, Inc. (Class A Stock)* | 146,600 | 4,164,906 | ||||||
Sartorius Stedim Biotech (France) | 80 | 25,168 | ||||||
Thermo Fisher Scientific, Inc. | 20,300 | 11,028,584 | ||||||
|
| |||||||
46,062,651 | ||||||||
|
| |||||||
Machinery — 0.8% | ||||||||
ANDRITZ AG (Austria) | 1,065 | 42,780 | ||||||
Atlas Copco AB (Sweden) (Class A Stock) | 7,616 | 71,233 | ||||||
Atlas Copco AB (Sweden) (Class B Stock) | 4,168 | 34,917 | ||||||
Caterpillar, Inc. | 29,300 | 5,237,668 | ||||||
CNH Industrial NV (United Kingdom) | 2,961 | 34,316 | ||||||
Deere & Co. | 6,500 | 1,946,555 | ||||||
Epiroc AB (Sweden) (Class A Stock) | 1,968 | 30,448 | ||||||
Epiroc AB (Sweden) (Class B Stock) | 1,075 | 14,539 | ||||||
Esab Corp.(a) | 25,900 | 1,133,125 | ||||||
Gates Industrial Corp. PLC* | 170,900 | 1,847,429 | ||||||
GEA Group AG (Germany) | 456 | 15,759 | ||||||
Ingersoll Rand, Inc. | 44,500 | 1,872,560 | ||||||
Komatsu Ltd. (Japan) | 2,800 | 62,034 | ||||||
Kubota Corp. (Japan) | 3,100 | 46,205 | ||||||
MISUMI Group, Inc. (Japan) | 3,600 | 76,663 | ||||||
NGK Insulators Ltd. (Japan) | 5,100 | 68,614 | ||||||
PACCAR, Inc. | 148,000 | 12,186,320 | ||||||
Parker-Hannifin Corp. | 35,200 | 8,660,960 | ||||||
Sandvik AB (Sweden) | 3,240 | 52,611 | ||||||
Schindler Holding AG (Switzerland) | 55 | 9,882 | ||||||
VAT Group AG (Switzerland), 144A | 76 | 18,051 | ||||||
Volvo AB (Sweden) (Class A Stock) | 612 | 9,854 | ||||||
Volvo AB (Sweden) (Class B Stock) | 4,116 | 63,939 | ||||||
|
| |||||||
33,536,462 | ||||||||
|
| |||||||
Marine — 0.0% | ||||||||
AP Moller - Maersk A/S (Denmark) (Class A Stock) | 9 | 20,834 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Marine (cont’d.) | ||||||||
AP Moller - Maersk A/S (Denmark) (Class B Stock) | 117 | $ | 273,843 | |||||
Kuehne + Nagel International AG (Switzerland) | 981 | 231,726 | ||||||
Nippon Yusen KK (Japan) | 500 | 34,228 | ||||||
SITC International Holdings Co. Ltd. (China) | 87,000 | 246,482 | ||||||
|
| |||||||
807,113 | ||||||||
|
| |||||||
Media — 0.4% | ||||||||
Comcast Corp. (Class A Stock) | 382,400 | 15,005,376 | ||||||
Dentsu Group, Inc. (Japan) | 700 | 20,980 | ||||||
Fox Corp. (Class A Stock) | 71,600 | 2,302,656 | ||||||
Publicis Groupe SA (France) | 5,624 | 275,316 | ||||||
WPP PLC (United Kingdom) | 26,273 | 264,837 | ||||||
|
| |||||||
17,869,165 | ||||||||
|
| |||||||
Metals & Mining — 0.2% | ||||||||
Anglo American PLC (South Africa) | 8,626 | 308,524 | ||||||
ArcelorMittal SA (Luxembourg) | 11,758 | 264,940 | ||||||
BHP Group Ltd. (Australia) | 14,927 | 423,647 | ||||||
BlueScope Steel Ltd. (Australia) | 23,757 | 259,084 | ||||||
Boliden AB (Sweden) | 814 | 25,859 | ||||||
Fortescue Metals Group Ltd. (Australia) | 5,007 | 60,360 | ||||||
Freeport-McMoRan, Inc. | 226,300 | 6,621,538 | ||||||
Glencore PLC (Australia)* | 29,055 | 157,229 | ||||||
Norsk Hydro ASA (Norway) | 3,960 | 22,255 | ||||||
Rio Tinto Ltd. (Australia) | 1,099 | 77,987 | ||||||
Rio Tinto PLC (Australia) | 7,193 | 430,717 | ||||||
South32 Ltd. (Australia) | 13,377 | 36,317 | ||||||
voestalpine AG (Austria) | 338 | 7,182 | ||||||
|
| |||||||
8,695,639 | ||||||||
|
| |||||||
Multiline Retail — 0.2% | ||||||||
Dollar General Corp. | 25,900 | 6,356,896 | ||||||
Next PLC (United Kingdom) | 384 | 27,407 | ||||||
Target Corp. | 8,800 | 1,242,824 | ||||||
|
| |||||||
7,627,127 | ||||||||
|
| |||||||
Multi-Utilities — 0.5% | ||||||||
DTE Energy Co. | 24,800 | 3,143,400 | ||||||
E.ON SE (Germany) | 30,336 | 255,018 | ||||||
Engie SA (France) | 19,517 | 224,810 | ||||||
Public Service Enterprise Group, Inc. | 62,100 | 3,929,688 | ||||||
Sempra Energy | 72,000 | 10,819,440 | ||||||
|
| |||||||
18,372,356 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.5% |
| |||||||
BP PLC (United Kingdom) | 48,268 | 227,525 | ||||||
Cheniere Energy, Inc. | 22,200 | 2,953,266 | ||||||
Chevron Corp. | 188,400 | 27,276,552 | ||||||
ConocoPhillips | 189,800 | 17,045,938 | ||||||
Diamondback Energy, Inc. | 41,700 | 5,051,955 | ||||||
Eni SpA (Italy) | 25,742 | 306,258 | ||||||
Equinor ASA (Norway) | 10,826 | 377,789 | ||||||
Exxon Mobil Corp. | 339,700 | 29,091,908 | ||||||
Inpex Corp. (Japan) | 28,800 | 310,766 | ||||||
Marathon Oil Corp. | 109,600 | 2,463,808 |
SEE NOTES TO FINANCIAL STATEMENTS.
A52
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Oil, Gas & Consumable Fuels (cont’d.) |
| |||||||
Marathon Petroleum Corp. | 120,400 | $ | 9,898,084 | |||||
New Fortress Energy, | 19,200 | 759,744 | ||||||
Occidental Petroleum | 12,700 | 747,776 | ||||||
Phillips 66 | 39,600 | 3,246,804 | ||||||
Pioneer Natural Resources Co. | 7,400 | 1,650,792 | ||||||
Shell PLC (Netherlands) | 25,458 | 657,235 | ||||||
TotalEnergies SE (France) | 7,594 | 399,802 | ||||||
Valero Energy Corp. | 9,700 | 1,030,916 | ||||||
Woodside Energy Group Ltd. (Australia) | 2,697 | 59,201 | ||||||
|
| |||||||
103,556,119 | ||||||||
|
| |||||||
Paper & Forest Products — 0.0% |
| |||||||
Stora Enso OYJ (Finland) (Class R Stock) | 1,700 | 26,598 | ||||||
|
| |||||||
Personal Products — 0.0% | ||||||||
L’Oreal SA (France) | 755 | 260,940 | ||||||
Unilever PLC (United Kingdom) | 13,246 | 602,536 | ||||||
|
| |||||||
863,476 | ||||||||
|
| |||||||
Pharmaceuticals — 2.9% | ||||||||
Astellas Pharma, Inc. (Japan) | 1,500 | 23,360 | ||||||
AstraZeneca PLC (United Kingdom) | 2,121 | 279,021 | ||||||
Bayer AG (Germany) | 4,203 | 249,911 | ||||||
Bristol-Myers Squibb Co. | 109,500 | 8,431,500 | ||||||
Chugai Pharmaceutical Co. Ltd. (Japan) | 2,000 | 51,112 | ||||||
Eli Lilly & Co. | 52,100 | 16,892,383 | ||||||
GSK PLC | 28,503 | 613,960 | ||||||
Hikma Pharmaceuticals PLC (Jordan) | 504 | 9,948 | ||||||
Ipsen SA (France) | 3,051 | 287,274 | ||||||
Johnson & Johnson | 161,548 | 28,676,385 | ||||||
Merck & Co., Inc. | 297,900 | 27,159,543 | ||||||
Merck KGaA (Germany) | 1,649 | 278,741 | ||||||
Novartis AG (Switzerland) | 9,664 | 816,735 | ||||||
Novo Nordisk A/S (Denmark) (Class B Stock) | 5,189 | 577,281 | ||||||
Ono Pharmaceutical Co. Ltd. (Japan) | 1,100 | 28,163 | ||||||
Pfizer, Inc. | 664,300 | 34,829,249 | ||||||
Roche Holding AG | 2,837 | 946,761 | ||||||
Sanofi (France) | 6,191 | 622,261 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan) | 4,800 | 135,027 | ||||||
|
| |||||||
120,908,615 | ||||||||
|
| |||||||
Professional Services — 0.2% |
| |||||||
CoStar Group, Inc.* | 52,800 | 3,189,648 | ||||||
Jacobs Engineering Group, Inc. | 5,900 | 750,067 | ||||||
Leidos Holdings, Inc. | 9,500 | 956,745 | ||||||
Randstad NV (Netherlands) | 5,442 | 264,122 | ||||||
Recruit Holdings Co. Ltd. (Japan) | 12,900 | 378,465 | ||||||
Robert Half International, Inc. | 51,100 | 3,826,879 | ||||||
Wolters Kluwer NV (Netherlands) | 760 | 73,745 | ||||||
|
| |||||||
9,439,671 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
Aroundtown SA (Germany) | 3,078 | 9,804 | ||||||
Azrieli Group Ltd. (Israel) | 130 | 9,132 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Management & Development (cont’d.) |
| |||||||
Capitaland Investment Ltd. (Singapore) | 7,800 | $ | 21,469 | |||||
CBRE Group, Inc. (Class A Stock)* | 53,000 | 3,901,330 | ||||||
CK Asset Holdings Ltd. (Hong Kong) | 6,000 | 42,456 | ||||||
Daito Trust Construction Co. Ltd. (Japan) | 300 | 25,874 | ||||||
ESR Group Ltd. (China), 144A* | 5,600 | 15,107 | ||||||
Jones Lang LaSalle, Inc.* | 6,200 | 1,084,132 | ||||||
New World Development Co. Ltd. (Hong Kong) | 5,000 | 17,949 | ||||||
Nomura Real Estate Holdings, Inc. (Japan) | 11,300 | 276,026 | ||||||
|
| |||||||
5,403,279 | ||||||||
|
| |||||||
Road & Rail — 0.5% | ||||||||
CSX Corp. | 262,400 | 7,625,344 | ||||||
Schneider National, Inc. (Class B Stock) | 32,700 | 731,826 | ||||||
Union Pacific Corp. | 52,800 | 11,261,184 | ||||||
|
| |||||||
19,618,354 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.1% |
| |||||||
Advanced Micro Devices, Inc.* | 59,100 | 4,519,377 | ||||||
Applied Materials, Inc. | 37,000 | 3,366,260 | ||||||
ASML Holding NV (Netherlands) | 723 | 344,109 | ||||||
Broadcom, Inc. | 48,400 | 23,513,204 | ||||||
Disco Corp. (Japan) | 100 | 23,675 | ||||||
Enphase Energy, Inc.* | 19,500 | 3,807,180 | ||||||
Intel Corp. | 594,350 | 22,234,634 | ||||||
KLA Corp.(a) | 22,400 | 7,147,392 | ||||||
Microchip Technology, Inc. | 64,600 | 3,751,968 | ||||||
Micron Technology, Inc. | 184,400 | 10,193,632 | ||||||
NVIDIA Corp. | 125,400 | 19,009,386 | ||||||
NXP Semiconductors NV (China) | 13,800 | 2,042,814 | ||||||
ON Semiconductor Corp.* | 102,800 | 5,171,868 | ||||||
QUALCOMM, Inc. | 174,200 | 22,252,308 | ||||||
Renesas Electronics Corp. (Japan)* | 12,000 | 108,606 | ||||||
STMicroelectronics NV (Singapore) | 6,773 | 213,144 | ||||||
|
| |||||||
127,699,557 | ||||||||
|
| |||||||
Software — 5.4% | ||||||||
Adobe, Inc.* | 44,150 | 16,161,549 | ||||||
Cadence Design Systems, Inc.* | 6,600 | 990,198 | ||||||
Dassault Systemes SE (France) | 8,947 | 329,292 | ||||||
Fortinet, Inc.*(a) | 128,000 | 7,242,240 | ||||||
Microsoft Corp. | 594,500 | 152,685,435 | ||||||
Nemetschek SE (Germany) | 160 | 9,653 | ||||||
Oracle Corp. | 125,750 | 8,786,153 | ||||||
Paycom Software, Inc.* | 36,600 | 10,252,392 | ||||||
Roper Technologies, Inc. | 26,100 | 10,300,365 | ||||||
Salesforce, Inc.* | 7,000 | 1,155,280 | ||||||
SAP SE (Germany) | 528 | 47,954 | ||||||
Synopsys, Inc.* | 48,500 | 14,729,450 | ||||||
WiseTech Global Ltd. (Australia) | 448 | 11,596 | ||||||
|
| |||||||
222,701,557 | ||||||||
|
| |||||||
Specialty Retail — 1.2% | ||||||||
AutoNation, Inc.*(a) | 65,500 | 7,320,280 | ||||||
AutoZone, Inc.* | 900 | 1,934,208 |
SEE NOTES TO FINANCIAL STATEMENTS.
A53
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Specialty Retail (cont’d.) |
| |||||||
Bath & Body Works, Inc. | 67,600 | $ | 1,819,792 | |||||
Chow Tai Fook Jewellery Group Ltd. (China) | 36,400 | 68,214 | ||||||
Fast Retailing Co. Ltd. (Japan) | 200 | 104,648 | ||||||
Foot Locker, Inc.(a) | 36,000 | 909,000 | ||||||
Home Depot, Inc. (The) | 61,100 | 16,757,897 | ||||||
Industria de Diseno Textil SA (Spain) | 3,290 | 74,536 | ||||||
JD Sports Fashion PLC (United Kingdom) | 147,860 | 208,224 | ||||||
Lowe’s Cos., Inc. | 48,400 | 8,454,028 | ||||||
Penske Automotive Group, Inc. | 35,600 | 3,726,964 | ||||||
TJX Cos., Inc. (The) | 21,800 | 1,217,530 | ||||||
Ulta Beauty, Inc.* | 16,500 | 6,360,420 | ||||||
USS Co. Ltd. (Japan) | 6,600 | 114,148 | ||||||
|
| |||||||
49,069,889 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.9% |
| |||||||
Apple, Inc. | 1,160,600 | 158,677,232 | ||||||
Brother Industries Ltd. (Japan) | 700 | 12,285 | ||||||
Canon, Inc. (Japan) | 3,000 | 68,021 | ||||||
Pure Storage, Inc. (Class A Stock)* | 108,700 | 2,794,677 | ||||||
|
| |||||||
161,552,215 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
Burberry Group PLC (United Kingdom) | 1,180 | 23,590 | ||||||
Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 3,086 | 329,248 | ||||||
Hermes International (France) | 97 | 108,967 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 825 | 503,046 | ||||||
Moncler SpA (Italy) | 598 | 25,697 | ||||||
NIKE, Inc. (Class B Stock) | 54,800 | 5,600,560 | ||||||
Pandora A/S (Denmark) | 270 | 17,145 | ||||||
PVH Corp. | 44,100 | 2,509,290 | ||||||
Ralph Lauren Corp.(a) | 48,200 | 4,321,130 | ||||||
Swatch Group AG (The) (Switzerland) | 140 | 6,225 | ||||||
|
| |||||||
13,444,898 | ||||||||
|
| |||||||
Tobacco — 0.3% |
| |||||||
Altria Group, Inc. | 201,450 | 8,414,567 | ||||||
British American Tobacco PLC (United Kingdom) | 13,687 | 585,767 | ||||||
Imperial Brands PLC (United Kingdom) | 2,561 | 57,277 | ||||||
Japan Tobacco, Inc. (Japan) | 16,200 | 279,928 | ||||||
Philip Morris International, Inc. | 41,500 | 4,097,710 | ||||||
Swedish Match AB (Sweden) | 35,524 | 361,780 | ||||||
|
| |||||||
13,797,029 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Brenntag SE (Germany) | 3,293 | 214,793 | ||||||
Bunzl PLC (United Kingdom) | 957 | 31,631 | ||||||
Ferguson PLC | 661 | 73,255 | ||||||
IMCD NV (Netherlands) | 165 | 22,672 | ||||||
Marubeni Corp. (Japan) | 29,900 | 269,199 | ||||||
Mitsubishi Corp. (Japan) | 1,700 | 50,688 | ||||||
Mitsui & Co. Ltd. (Japan) | 15,900 | 350,572 | ||||||
Sumitomo Corp. (Japan) | 19,600 | 268,544 | ||||||
Univar Solutions, Inc.* | 159,000 | 3,954,330 |
Shares | Value | |||||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||
Trading Companies & Distributors (cont’d.) |
| |||||||||||||||
W.W. Grainger, Inc.(a) |
| 9,700 | $ | 4,407,971 | ||||||||||||
|
| |||||||||||||||
9,643,655 | ||||||||||||||||
|
| |||||||||||||||
Water Utilities — 0.1% |
| |||||||||||||||
American Water Works Co., Inc. |
| 37,500 | 5,578,875 | |||||||||||||
|
| |||||||||||||||
Wireless Telecommunication Services — 0.2% |
| |||||||||||||||
KDDI Corp. (Japan) |
| 4,900 | 154,723 | |||||||||||||
SoftBank Group Corp. (Japan) |
| 3,700 | 142,975 | |||||||||||||
T-Mobile US, Inc.* |
| 40,000 | 5,381,600 | |||||||||||||
|
| |||||||||||||||
5,679,298 | ||||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS |
| 2,452,929,887 | ||||||||||||||
|
| |||||||||||||||
EXCHANGE-TRADED FUND — 0.0% |
| |||||||||||||||
iShares MSCI EAFE ETF(a) |
| 2,688 | 167,973 | |||||||||||||
|
| |||||||||||||||
(cost $147,366) |
| |||||||||||||||
PREFERRED STOCKS — 0.0% |
| |||||||||||||||
Automobiles — 0.0% |
| |||||||||||||||
Bayerische Motoren Werke AG (Germany) (PRFC) |
| 151 | 10,732 | |||||||||||||
Porsche Automobil Holding SE (Germany) (PRFC) |
| 460 | 30,348 | |||||||||||||
Volkswagen AG (Germany) (PRFC) |
| 555 | 74,289 | |||||||||||||
|
| |||||||||||||||
115,369 | ||||||||||||||||
|
| |||||||||||||||
Banks — 0.0% |
| |||||||||||||||
Citigroup Capital XIII, 7.609%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 |
| 22,000 | 589,600 | |||||||||||||
|
| |||||||||||||||
Household Products — 0.0% |
| |||||||||||||||
Henkel AG & Co. KGaA (Germany) (PRFC) |
| 525 | 32,351 | |||||||||||||
|
| |||||||||||||||
TOTAL PREFERRED STOCKS |
| 737,320 | ||||||||||||||
|
| |||||||||||||||
Interest | Maturity Date | Principal Amount (000)# | ||||||||||||||
ASSET-BACKED SECURITIES — 6.3% |
| |||||||||||||||
Automobiles — 1.9% |
| |||||||||||||||
AmeriCredit Automobile Receivables Trust, |
| |||||||||||||||
Series 2019-01, Class B |
| |||||||||||||||
3.130% | 02/18/25 | 117 | 117,253 | |||||||||||||
Series 2019-02, Class C |
| |||||||||||||||
2.740% | 04/18/25 | 2,000 | 1,987,217 | |||||||||||||
Series 2019-03, Class C |
| |||||||||||||||
2.320% | 07/18/25 | 3,400 | 3,349,628 | |||||||||||||
Series 2021-02, Class C |
| |||||||||||||||
1.010% | 01/19/27 | 1,300 | 1,204,942 | |||||||||||||
Series 2021-03, Class C |
| |||||||||||||||
1.410% | 08/18/27 | 1,300 | 1,189,179 | |||||||||||||
Avis Budget Rental Car Funding AESOP LLC, |
| |||||||||||||||
Series 2019-02A, Class A, 144A |
| |||||||||||||||
3.350% | 09/22/25 | 3,000 | 2,948,805 | |||||||||||||
Series 2019-03A, Class A, 144A |
| |||||||||||||||
2.360% | 03/20/26 | 4,000 | 3,811,203 |
SEE NOTES TO FINANCIAL STATEMENTS.
A54
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Automobiles (cont’d.) |
| |||||||||||||||
Series 2020-01A, Class A, 144A |
| |||||||||||||||
2.330% | 08/20/26 | 1,800 | $ | 1,711,301 | ||||||||||||
Series 2021-01A, Class A, 144A |
| |||||||||||||||
1.380% | 08/20/27 | 3,500 | 3,129,204 | |||||||||||||
Series 2021-02A, Class A, 144A |
| |||||||||||||||
1.660% | 02/20/28 | 3,700 | 3,298,206 | |||||||||||||
Series 2022-01A, Class A, 144A |
| |||||||||||||||
3.830% | 08/21/28 | 4,200 | 4,102,243 | |||||||||||||
CarMax Auto Owner Trust, |
| |||||||||||||||
Series 2021-02, Class C |
| |||||||||||||||
1.340% | 02/16/27 | 1,100 | 1,016,443 | |||||||||||||
Series 2021-04, Class C |
| |||||||||||||||
1.380% | 07/15/27 | 800 | 732,176 | |||||||||||||
Ford Auto Securitization Trust (Canada), |
| |||||||||||||||
Series 2019-BA, Class A2, 144A |
| |||||||||||||||
2.321% | 10/15/23 | CAD | 58 | 45,271 | ||||||||||||
Series 2020-AA, Class A3, 144A |
| |||||||||||||||
1.153% | 11/15/25 | CAD | 3,600 | 2,668,285 | ||||||||||||
Ford Credit Auto Owner Trust, |
| |||||||||||||||
Series 2018-01, Class A, 144A |
| |||||||||||||||
3.190% | 07/15/31 | 2,500 | 2,459,172 | |||||||||||||
Series 2019-01, Class A, 144A |
| |||||||||||||||
3.520% | 07/15/30 | 5,000 | 4,980,391 | |||||||||||||
Series 2020-01, Class A, 144A |
| |||||||||||||||
2.040% | 08/15/31 | 3,600 | 3,441,057 | |||||||||||||
Series 2020-02, Class A, 144A |
| |||||||||||||||
1.060% | 04/15/33 | 1,300 | 1,175,726 | |||||||||||||
Series 2021-02, Class B, 144A |
| |||||||||||||||
1.910% | 05/15/34 | 500 | 451,446 | |||||||||||||
GM Financial Consumer Automobile Receivables Trust, |
| |||||||||||||||
Series 2018-04, Class C |
| |||||||||||||||
3.620% | 06/17/24 | 500 | 500,866 | |||||||||||||
GM Financial Revolving Receivables Trust, |
| |||||||||||||||
Series 2021-01, Class B, 144A |
| |||||||||||||||
1.490% | 06/12/34 | 200 | 175,915 | |||||||||||||
Hertz Vehicle Financing III LP, |
| |||||||||||||||
Series 2021-02A, Class A, 144A |
| |||||||||||||||
1.680% | 12/27/27 | 1,900 | 1,675,095 | |||||||||||||
Hertz Vehicle Financing LLC, |
| |||||||||||||||
Series 2021-01A, Class A, 144A |
| |||||||||||||||
1.210% | 12/26/25 | 2,100 | 1,963,917 | |||||||||||||
Series 2022-02A, Class A, 144A |
| |||||||||||||||
2.330% | 06/26/28 | 4,700 | 4,253,089 | |||||||||||||
OneMain Direct Auto Receivables Trust, |
| |||||||||||||||
Series 2019-01A, Class A, 144A |
| |||||||||||||||
3.630% | 09/14/27 | 6,300 | 6,150,594 | |||||||||||||
Series 2021-01A, Class B, 144A |
| |||||||||||||||
1.260% | 07/14/28 | 2,600 | 2,351,772 | |||||||||||||
Santander Drive Auto Receivables Trust, |
| |||||||||||||||
Series 2020-02, Class C |
| |||||||||||||||
1.460% | 09/15/25 | 662 | 659,420 | |||||||||||||
Series 2020-03, Class C |
| |||||||||||||||
1.120% | 01/15/26 | 2,600 | 2,580,104 | |||||||||||||
Series 2020-04, Class C |
| |||||||||||||||
1.010% | 01/15/26 | 1,600 | 1,576,985 | |||||||||||||
Series 2021-02, Class C |
| |||||||||||||||
0.900% | 06/15/26 | 1,100 | 1,065,114 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Automobiles (cont’d.) |
| |||||||||||||||
Series 2021-02, Class D |
| |||||||||||||||
1.350% | 07/15/27 | 2,800 | $ | 2,626,329 | ||||||||||||
Series 2021-03, Class C |
| |||||||||||||||
0.950% | 09/15/27 | 2,000 | 1,924,363 | |||||||||||||
Series 2021-04, Class C |
| |||||||||||||||
1.260% | 02/16/27 | 2,700 | 2,574,597 | |||||||||||||
Series 2022-01, Class C |
| |||||||||||||||
2.560% | 04/17/28 | 1,600 | 1,522,582 | |||||||||||||
World Omni Select Auto Trust, |
| |||||||||||||||
Series 2021-A, Class C |
| |||||||||||||||
1.090% | 11/15/27 | 600 | 553,946 | |||||||||||||
|
| |||||||||||||||
75,973,836 | ||||||||||||||||
|
| |||||||||||||||
Collateralized Loan Obligations — 3.5% |
| |||||||||||||||
Bain Capital Credit CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| |||||||||||||||
2.144%(c) | 10/17/32 | 5,000 | 4,868,505 | |||||||||||||
Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 07/20/34 | 3,750 | 3,623,795 | |||||||||||||
Ballyrock CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) |
| |||||||||||||||
2.024%(c) | 10/15/28 | 2,406 | 2,383,510 | |||||||||||||
Battalion CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| |||||||||||||||
2.354%(c) | 01/25/35 | 700 | 677,061 | |||||||||||||
Benefit Street Partners CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%) |
| |||||||||||||||
1.914%(c) | 07/15/29 | 1,117 | 1,103,598 | |||||||||||||
BNPP AM Euro CLO DAC (Ireland), |
| |||||||||||||||
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| |||||||||||||||
0.600%(c) | 04/15/31 | EUR | 3,000 | 3,077,679 | ||||||||||||
Brookside Mill CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.864%(c) | 01/17/28 | 120 | 120,082 | |||||||||||||
Canyon Capital CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| |||||||||||||||
2.044%(c) | 07/15/30 | 3,000 | 2,951,257 | |||||||||||||
Carlyle Euro CLO DAC (Ireland), |
| |||||||||||||||
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| |||||||||||||||
0.990%(c) | 10/15/35 | EUR | 5,000 | 5,006,876 | ||||||||||||
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) |
| |||||||||||||||
2.143%(c) | 01/20/32 | 9,750 | 9,501,594 | |||||||||||||
CIFC Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.244%(c) | 10/17/31 | 9,750 | 9,568,344 |
SEE NOTES TO FINANCIAL STATEMENTS.
A55
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Loan Obligations (cont’d.) |
| |||||||||||||||
Elevation CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) |
| |||||||||||||||
2.324%(c) | 07/15/29 | 479 | $ | 474,786 | ||||||||||||
Greenwood Park CLO Ltd., |
| |||||||||||||||
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.054%(c) | 04/15/31 | 2,000 | 1,956,051 | |||||||||||||
Greywolf CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.244%(c) | 04/26/31 | 4,000 | 3,920,092 | |||||||||||||
HPS Loan Management Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.363%(c) | 02/05/31 | 248 | 243,468 | |||||||||||||
ICG US CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) |
| |||||||||||||||
2.184%(c) | 10/19/28 | 7,755 | 7,673,102 | |||||||||||||
Jamestown CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%) |
| |||||||||||||||
2.533%(c) | 04/20/32 | 5,750 | 5,667,400 | |||||||||||||
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 10/20/34 | 4,875 | 4,687,638 | |||||||||||||
Jefferson Mill CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.238%(c) | 10/20/31 | 6,729 | 6,586,805 | |||||||||||||
MidOcean Credit CLO (Cayman Islands), |
| |||||||||||||||
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
| |||||||||||||||
2.218%(c) | 04/21/31 | 2,372 | 2,327,007 | |||||||||||||
Northwoods Capital Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%) |
| |||||||||||||||
3.306%(c) | 06/20/34 | 9,500 | 9,158,463 | |||||||||||||
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| |||||||||||||||
2.883%(c) | 09/01/31 | 5,750 | 5,661,828 | |||||||||||||
Octagon Investment Partners 31 LLC (Cayman Islands), |
| |||||||||||||||
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) |
| |||||||||||||||
2.113%(c) | 07/20/30 | 3,500 | 3,451,854 | |||||||||||||
OZLM Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.536%(c) | 10/30/30 | 1,484 | 1,484,281 | |||||||||||||
Palmer Square CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) |
| |||||||||||||||
2.174%(c) | 01/17/31 | 1,500 | 1,475,620 | |||||||||||||
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.144%(c) | 07/16/31 | 2,350 | 2,296,499 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Loan Obligations (cont’d.) |
| |||||||||||||||
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-01A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| |||||||||||||||
2.063%(c) | 10/20/31 | 8,750 | $ | 8,547,912 | ||||||||||||
Regatta Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
| |||||||||||||||
3.246%(c) | 06/20/34 | 5,500 | 5,313,978 | |||||||||||||
Romark CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%) |
| |||||||||||||||
2.359%(c) | 07/25/31 | 1,000 | 977,523 | |||||||||||||
TCW CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) |
| |||||||||||||||
2.364%(c) | 07/25/34 | 6,750 | 6,501,790 | |||||||||||||
Telos CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.284%(c) | 01/17/30 | 2,450 | 2,426,064 | |||||||||||||
TICP CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%) |
| |||||||||||||||
1.903%(c) | 04/20/28 | 1,829 | 1,812,442 | |||||||||||||
Toro European CLO DAC (Ireland), |
| |||||||||||||||
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| |||||||||||||||
0.990%(c) | 07/25/34 | EUR | 4,500 | 4,517,191 | ||||||||||||
Trimaran Cavu Ltd., |
| |||||||||||||||
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) |
| |||||||||||||||
2.523%(c) | 07/20/32 | 3,000 | 2,952,074 | |||||||||||||
Venture CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.924%(c) | 07/15/27 | 131 | 131,018 | |||||||||||||
Wellfleet CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
| |||||||||||||||
2.194%(c) | 01/17/31 | 2,750 | 2,702,193 | |||||||||||||
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| |||||||||||||||
2.144%(c) | 07/17/31 | 3,500 | 3,425,937 | |||||||||||||
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 10/20/31 | 5,750 | 5,639,442 | |||||||||||||
|
| |||||||||||||||
144,894,759 | ||||||||||||||||
|
| |||||||||||||||
Consumer Loans — 0.3% |
| |||||||||||||||
Lendmark Funding Trust, |
| |||||||||||||||
Series 2019-02A, Class A, 144A |
| |||||||||||||||
2.780% | 04/20/28 | 3,300 | 3,231,002 | |||||||||||||
OneMain Financial Issuance Trust, |
| |||||||||||||||
Series 2020-01A, Class A, 144A |
| |||||||||||||||
3.840% | 05/14/32 | 1,048 | 1,045,214 | |||||||||||||
Series 2020-02A, Class A, 144A |
| |||||||||||||||
1.750% | 09/14/35 | 2,900 | 2,582,406 |
SEE NOTES TO FINANCIAL STATEMENTS.
A56
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Consumer Loans (cont’d.) |
| |||||||||||||||
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% |
| |||||||||||||||
1.543%(c) | 06/16/36 | 2,800 | $ | 2,646,914 | ||||||||||||
Oportun Funding XIV LLC, |
| |||||||||||||||
Series 2021-A, Class A, 144A |
| |||||||||||||||
1.210% | 03/08/28 | 1,300 | 1,216,757 | |||||||||||||
|
| |||||||||||||||
10,722,293 | ||||||||||||||||
|
| |||||||||||||||
Equipment — 0.2% |
| |||||||||||||||
MMAF Equipment Finance LLC, |
| |||||||||||||||
Series 2017-B, Class A5, 144A |
| |||||||||||||||
2.720% | 06/15/40 | 2,800 | 2,737,615 | |||||||||||||
Series 2018-A, Class A5, 144A |
| |||||||||||||||
3.610% | 03/10/42 | 800 | 794,458 | |||||||||||||
Series 2019-A, Class A5, 144A |
| |||||||||||||||
3.080% | 11/12/41 | 2,500 | 2,450,919 | |||||||||||||
Series 2019-B, Class A5, 144A |
| |||||||||||||||
2.290% | 11/12/41 | 2,400 | 2,262,553 | |||||||||||||
|
| |||||||||||||||
8,245,545 | ||||||||||||||||
|
| |||||||||||||||
Other — 0.1% |
| |||||||||||||||
Home Partners of America Trust, |
| |||||||||||||||
Series 2021-03, Class A, 144A |
| |||||||||||||||
2.200% | 01/17/41 | 1,325 | 1,186,964 | |||||||||||||
TH MSR Issuer Trust, |
| |||||||||||||||
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%) |
| |||||||||||||||
4.424%(c) | 06/25/24 | 3,250 | 3,165,577 | |||||||||||||
|
| |||||||||||||||
4,352,541 | ||||||||||||||||
|
| |||||||||||||||
Residential Mortgage-Backed Securities — 0.0% |
| |||||||||||||||
Long Beach Mortgage Loan Trust, |
| |||||||||||||||
Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%) |
| |||||||||||||||
2.419%(c) | 06/25/34 | 115 | 109,292 | |||||||||||||
TFS (Spain), |
| |||||||||||||||
Series 2018-03, Class A1 |
| |||||||||||||||
0.000%(s) | 04/16/40^ | EUR | — | (r) | 1,561 | |||||||||||
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% |
| |||||||||||||||
3.000%(c) | 04/16/23^ | EUR | 1,369 | 1,408,698 | ||||||||||||
|
| |||||||||||||||
1,519,551 | ||||||||||||||||
|
| |||||||||||||||
Student Loans — 0.3% |
| |||||||||||||||
Commonbond Student Loan Trust, |
| |||||||||||||||
Series 2017-BGS, Class A1, 144A |
| |||||||||||||||
2.680% | 09/25/42 | 789 | 756,309 | |||||||||||||
Series 2018-AGS, Class A1, 144A |
| |||||||||||||||
3.210% | 02/25/44 | 580 | 566,700 | |||||||||||||
Series 2018-CGS, Class A1, 144A |
| |||||||||||||||
3.870% | 02/25/46 | 174 | 170,716 | |||||||||||||
Laurel Road Prime Student Loan Trust, |
| |||||||||||||||
Series 2017-C, Class A2B, 144A |
| |||||||||||||||
2.810% | 11/25/42 | 170 | 168,840 | |||||||||||||
Series 2018-B, Class A2FX, 144A |
| |||||||||||||||
3.540% | 05/26/43 | 336 | 336,185 | |||||||||||||
Series 2019-A, Class A2FX, 144A |
| |||||||||||||||
2.730% | 10/25/48 | 345 | 340,982 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Student Loans (cont’d.) |
| |||||||||||||||
Navient Private Education Refi Loan Trust, |
| |||||||||||||||
Series 2018-A, Class A2, 144A |
| |||||||||||||||
3.190% | 02/18/42 | 496 | $ | 495,807 | ||||||||||||
Series 2018-CA, Class A2, 144A |
| |||||||||||||||
3.520% | 06/16/42 | 353 | 352,349 | |||||||||||||
Series 2019-CA, Class A2, 144A |
| |||||||||||||||
3.130% | 02/15/68 | 976 | 953,122 | |||||||||||||
Series 2020-BA, Class A2, 144A |
| |||||||||||||||
2.120% | 01/15/69 | 963 | 904,977 | |||||||||||||
Pennsylvania Higher Education Assistance Agency, |
| |||||||||||||||
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% |
| |||||||||||||||
2.154%(c) | 05/25/70 | 2,218 | 2,151,911 | |||||||||||||
SoFi Professional Loan Program LLC, |
| |||||||||||||||
Series 2019-A, Class A2FX, 144A |
| |||||||||||||||
3.690% | 06/15/48 | 817 | 804,472 | |||||||||||||
Series 2019-B, Class A2FX, 144A |
| |||||||||||||||
3.090% | 08/17/48 | 971 | 949,786 | |||||||||||||
Series 2019-C, Class A2FX, 144A |
| |||||||||||||||
2.370% | 11/16/48 | 1,482 | 1,430,506 | |||||||||||||
SoFi Professional Loan Program Trust, |
| |||||||||||||||
Series 2018-B, Class A2FX, 144A |
| |||||||||||||||
3.340% | 08/25/47 | 981 | 967,270 | |||||||||||||
Series 2020-A, Class A2FX, 144A |
| |||||||||||||||
2.540% | 05/15/46 | 1,877 | 1,799,100 | |||||||||||||
|
| |||||||||||||||
13,149,032 | ||||||||||||||||
|
| |||||||||||||||
TOTAL ASSET-BACKED SECURITIES |
| 258,857,557 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.0% |
| |||||||||||||||
Arbor Multifamily Mortgage Securities Trust, |
| |||||||||||||||
Series 2021-MF03, Class A3, 144A |
| |||||||||||||||
2.168% | 10/15/54 | 8,000 | 7,017,439 | |||||||||||||
Series 2021-MF03, Class ASB, 144A |
| |||||||||||||||
2.378% | 10/15/54 | 3,800 | 3,371,245 | |||||||||||||
Assurant Commercial Mortgage Trust, |
| |||||||||||||||
Series 2016-01A, Class AS, 144A |
| |||||||||||||||
3.172% | 05/15/49 | 4,000 | 3,879,869 | |||||||||||||
BANK, |
| |||||||||||||||
Series 2017-BNK04, Class A3 |
| |||||||||||||||
3.362% | 05/15/50 | 6,500 | 6,248,086 | |||||||||||||
Series 2021-BN35, Class A3 |
| |||||||||||||||
1.717% | 06/15/64 | 4,900 | 4,212,488 | |||||||||||||
Series 2021-BN35, Class ASB |
| |||||||||||||||
2.067% | 06/15/64 | 3,200 | 2,815,154 | |||||||||||||
Barclays Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2018-C02, Class A4 |
| |||||||||||||||
4.047% | 12/15/51 | 5,400 | 5,309,415 | |||||||||||||
Benchmark Mortgage Trust, |
| |||||||||||||||
Series 2018-B03, Class A4 |
| |||||||||||||||
3.761% | 04/10/51 | 5,000 | 4,829,079 | |||||||||||||
Series 2018-B08, Class A4 |
| |||||||||||||||
3.963% | 01/15/52 | 6,700 | 6,552,927 | |||||||||||||
Series 2021-B24, Class A3 |
| |||||||||||||||
2.010% | 03/15/54 | 2,900 | 2,571,071 |
SEE NOTES TO FINANCIAL STATEMENTS.
A57
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date |
| Principal Amount (000)# | Value | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
BXP Trust, |
| |||||||||||||||
Series 2021-601L, Class A, 144A |
| |||||||||||||||
2.618% | 01/15/44 | 7,750 | $ | 6,347,150 | ||||||||||||
Cantor Commercial Real Estate Lending, |
| |||||||||||||||
Series 2019-CF02, Class A3 |
| |||||||||||||||
2.647% | 11/15/52 | 8,000 | 7,586,181 | |||||||||||||
Citigroup Commercial Mortgage Trust, |
| |||||||||||||||
Series 2014-GC21, Class A4 |
| |||||||||||||||
3.575% | 05/10/47 | 907 | 897,137 | |||||||||||||
Series 2014-GC23, Class A3 |
| |||||||||||||||
3.356% | 07/10/47 | 1,549 | 1,524,054 | |||||||||||||
Series 2016-C01, Class A3 |
| |||||||||||||||
2.944% | 05/10/49 | 5,000 | 4,789,166 | |||||||||||||
Series 2016-GC37, Class A3 |
| |||||||||||||||
3.050% | 04/10/49 | 4,555 | 4,372,730 | |||||||||||||
Series 2017-P07, Class A3 |
| |||||||||||||||
3.442% | 04/14/50 | 5,500 | 5,315,779 | |||||||||||||
Commercial Mortgage Trust, |
| |||||||||||||||
Series 2014-CR18, Class A4 |
| |||||||||||||||
3.550% | 07/15/47 | 2,325 | 2,297,204 | |||||||||||||
Series 2014-CR20, Class A3 |
| |||||||||||||||
3.326% | 11/10/47 | 4,525 | 4,437,143 | |||||||||||||
Series 2015-CR27, Class A3 |
| |||||||||||||||
3.349% | 10/10/48 | 5,914 | 5,711,827 | |||||||||||||
CSAIL Commercial Mortgage Trust, |
| |||||||||||||||
Series 2015-C04, Class A3 |
| |||||||||||||||
3.544% | 11/15/48 | 2,979 | 2,898,720 | |||||||||||||
Series 2017-C08, Class A3 |
| |||||||||||||||
3.127% | 06/15/50 | 5,129 | 4,792,389 | |||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, |
| |||||||||||||||
Series K055, Class X1, IO |
| |||||||||||||||
1.484%(cc) | 03/25/26 | 13,057 | 542,234 | |||||||||||||
GS Mortgage Securities Corp. Trust, |
| |||||||||||||||
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
| |||||||||||||||
2.312%(c) | 11/21/35 | 1,534 | 1,499,598 | |||||||||||||
GS Mortgage Securities Trust, |
| |||||||||||||||
Series 2015-GC28, Class A4 |
| |||||||||||||||
3.136% | 02/10/48 | 3,684 | 3,585,132 | |||||||||||||
Series 2015-GC32, Class A3 |
| |||||||||||||||
3.498% | 07/10/48 | 5,800 | 5,684,521 | |||||||||||||
Series 2016-GS03, Class A3 |
| |||||||||||||||
2.592% | 10/10/49 | 5,387 | 5,056,646 | |||||||||||||
Series 2016-GS04, Class A3 |
| |||||||||||||||
3.178% | 11/10/49 | 5,219 | 4,970,614 | |||||||||||||
Series 2020-GSA02, Class A4 |
| |||||||||||||||
1.721% | 12/12/53 | 6,000 | 4,922,340 | |||||||||||||
Series 2021-GSA03, Class A4 |
| |||||||||||||||
2.369% | 12/15/54 | 5,800 | 4,939,905 | |||||||||||||
JPMBB Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2014-C25, Class A4A1 |
| |||||||||||||||
3.408% | 11/15/47 | 734 | 721,442 | |||||||||||||
Series 2015-C27, Class A3A1 |
| |||||||||||||||
2.920% | 02/15/48 | 4,774 | 4,587,078 | |||||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2013-LC11, Class A4 |
| |||||||||||||||
2.694% | 04/15/46 | 626 | 621,115 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
MHC Commercial Mortgage Trust, |
| |||||||||||||||
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%) |
| |||||||||||||||
2.675%(c) | 04/15/38 | 3,000 | $ | 2,841,821 | ||||||||||||
Morgan Stanley Capital I Trust, |
| |||||||||||||||
Series 2016-BNK02, Class A3 |
| |||||||||||||||
2.791% | 11/15/49 | 3,000 | 2,822,758 | |||||||||||||
Series 2016-UB11, Class A3 |
| |||||||||||||||
2.531% | 08/15/49 | 10,400 | 9,736,087 | |||||||||||||
Series 2018-H04, Class A3 |
| |||||||||||||||
4.043% | 12/15/51 | 1,900 | 1,848,456 | |||||||||||||
Series 2019-H07, Class A2 |
| |||||||||||||||
2.492% | 07/15/52 | 13,500 | 12,989,120 | |||||||||||||
UBS Commercial Mortgage Trust, |
| |||||||||||||||
Series 2017-C02, Class ASB |
| |||||||||||||||
3.264% | 08/15/50 | 3,500 | 3,428,565 | |||||||||||||
Series 2017-C05, Class A4 |
| |||||||||||||||
3.212% | 11/15/50 | 6,750 | 6,339,311 | |||||||||||||
Series 2018-C09, Class A3 |
| |||||||||||||||
3.854% | 03/15/51 | 2,500 | 2,416,538 | |||||||||||||
Series 2018-C14, Class A3 |
| |||||||||||||||
4.180% | 12/15/51 | 4,100 | 3,964,565 | |||||||||||||
UBS-Barclays Commercial Mortgage Trust, |
| |||||||||||||||
Series 2013-C06, Class A3 |
| |||||||||||||||
2.971% | 04/10/46 | 1,686 | 1,672,198 | |||||||||||||
Wells Fargo Commercial Mortgage Trust, |
| |||||||||||||||
Series 2016-NXS06, Class A3 |
| |||||||||||||||
2.642% | 11/15/49 | 8,000 | 7,581,935 | |||||||||||||
Series 2017-C38, Class A4 |
| |||||||||||||||
3.190% | 07/15/50 | 4,480 | 4,267,343 | |||||||||||||
Series 2018-C48, Class A4 |
| |||||||||||||||
4.037% | 01/15/52 | 7,000 | 6,849,433 | |||||||||||||
Series 2020-C58, Class A3 |
| |||||||||||||||
1.810% | 07/15/53 | 7,100 | 5,920,582 | |||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
| 207,585,590 | ||||||||||||||
|
| |||||||||||||||
CORPORATE BONDS — 8.9% |
| |||||||||||||||
Aerospace & Defense — 0.2% |
| |||||||||||||||
Boeing Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.196% | 02/04/26 | 2,160 | 1,949,344 | |||||||||||||
3.750% | 02/01/50 | 2,130 | 1,501,951 | |||||||||||||
Embraer Netherlands Finance BV (Brazil), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.050% | 06/15/25 | 906 | 879,488 | |||||||||||||
Embraer Overseas Ltd. (Brazil), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.696% | 09/16/23 | 950 | 960,858 | |||||||||||||
Raytheon Technologies Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.125% | 11/16/28 | 1,270 | 1,254,687 | |||||||||||||
|
| |||||||||||||||
6,546,328 | ||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A58
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Agriculture — 0.1% |
| |||||||||||||||
Altria Group, Inc., |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
3.400% | 02/04/41 | 2,545 | $ | 1,691,091 | ||||||||||||
BAT Capital Corp. (United Kingdom), |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
3.557% | 08/15/27 | 1,895 | 1,735,293 | |||||||||||||
Vector Group Ltd., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
5.750% | 02/01/29 | 1,250 | 1,040,771 | |||||||||||||
|
| |||||||||||||||
4,467,155 | ||||||||||||||||
|
| |||||||||||||||
Airlines — 0.1% |
| |||||||||||||||
American Airlines 2015-1 Class A Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
3.375% | 11/01/28 | 2,123 | 1,901,505 | |||||||||||||
Continental Airlines 2012-2 Class A Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
4.000% | 04/29/26 | (a) | 406 | 390,303 | ||||||||||||
Southwest Airlines Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.125% | 06/15/27 | 905 | 913,014 | |||||||||||||
United Airlines, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.375% | 04/15/26 | 840 | 745,014 | |||||||||||||
4.625% | 04/15/29 | 165 | 139,919 | |||||||||||||
|
| |||||||||||||||
4,089,755 | ||||||||||||||||
|
| |||||||||||||||
Apparel — 0.0% |
| |||||||||||||||
Wolverine World Wide, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.000% | 08/15/29 | (a) | 725 | 581,288 | ||||||||||||
|
| |||||||||||||||
Auto Manufacturers — 0.4% |
| |||||||||||||||
Daimler Trucks Finance North America LLC (Germany), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
1.625% | 12/13/24 | 5,350 | 5,033,455 | |||||||||||||
Ford Motor Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.291% | 12/08/46 | 1,220 | 937,826 | |||||||||||||
Ford Motor Credit Co. LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 02/16/28 | 200 | 161,271 | |||||||||||||
3.350% | 11/01/22 | 4,205 | 4,200,443 | |||||||||||||
General Motors Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.250% | 10/02/43 | 980 | 934,434 | |||||||||||||
6.600% | 04/01/36 | 760 | 770,471 | |||||||||||||
General Motors Financial Co., Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.950% | 04/13/24 | 2,800 | 2,778,175 | |||||||||||||
|
| |||||||||||||||
14,816,075 | ||||||||||||||||
|
| |||||||||||||||
Banks — 2.7% |
| |||||||||||||||
Banco Santander SA (Spain), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.849% | 03/25/26 | 1,000 | 899,700 | |||||||||||||
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
| |||||||||||||||
2.131%(c) | 04/12/23 | 800 | 802,235 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
Bank of America Corp., |
| |||||||||||||||
Jr. Sub. Notes, Series JJ |
| |||||||||||||||
5.125%(ff) | 06/20/24 | (oo) | 1,665 | $ | 1,550,005 | |||||||||||
Jr. Sub. Notes, Series MM |
| |||||||||||||||
4.300%(ff) | 01/28/25 | (oo) | 1,440 | 1,220,610 | ||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
1.898%(ff) | 07/23/31 | 2,600 | 2,080,229 | |||||||||||||
2.496%(ff) | 02/13/31 | 3,085 | 2,610,806 | |||||||||||||
3.824%(ff) | 01/20/28 | 955 | 915,688 | |||||||||||||
4.271%(ff) | 07/23/29 | 510 | 490,458 | |||||||||||||
Sr. Unsec’d. Notes, Series N |
| |||||||||||||||
1.658%(ff) | 03/11/27 | 2,550 | 2,292,369 | |||||||||||||
Sub. Notes, MTN |
| |||||||||||||||
4.000% | 01/22/25 | 2,000 | 1,991,629 | |||||||||||||
4.450% | 03/03/26 | 8,455 | 8,432,316 | |||||||||||||
Bank of America NA, |
| |||||||||||||||
Sub. Notes |
| |||||||||||||||
6.000% | 10/15/36 | 410 | 449,948 | |||||||||||||
Barclays PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.650% | 03/16/25 | 850 | 832,216 | |||||||||||||
3.932%(ff) | 05/07/25 | 585 | 575,972 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
4.972%(ff) | 05/16/29 | 3,825 | 3,753,731 | |||||||||||||
BNP Paribas SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.323%(ff) | 01/13/27 | 1,800 | 1,589,580 | |||||||||||||
2.219%(ff) | 06/09/26 | 2,330 | 2,162,165 | |||||||||||||
3.132%(ff) | 01/20/33 | 1,505 | 1,260,463 | |||||||||||||
Citigroup, Inc., | ||||||||||||||||
Jr. Sub. Notes, Series V |
| |||||||||||||||
4.700%(ff) | 01/30/25 | (oo) | 1,400 | 1,156,466 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.561%(ff) | 05/01/32 | 1,260 | 1,039,193 | |||||||||||||
3.200% | 10/21/26 | 1,870 | 1,779,188 | |||||||||||||
3.700% | 01/12/26 | 6,180 | 6,065,758 | |||||||||||||
Sub. Notes | ||||||||||||||||
4.450% | 09/29/27 | 5,965 | 5,864,565 | |||||||||||||
4.750% | 05/18/46 | 820 | 736,787 | |||||||||||||
Credit Agricole SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.247%(ff) | 01/26/27 | 1,495 | 1,318,072 | |||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
1.907%(ff) | 06/16/26 | 1,160 | 1,068,137 | |||||||||||||
Credit Suisse Group AG (Switzerland), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.193%(ff) | 06/05/26 | 1,560 | 1,421,444 | |||||||||||||
3.091%(ff) | 05/14/32 | 885 | 707,768 | |||||||||||||
4.282% | 01/09/28 | 1,370 | 1,281,828 | |||||||||||||
Deutsche Bank AG (Germany), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.129%(ff) | 11/24/26 | 440 | 391,116 | |||||||||||||
Discover Bank, | ||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.250% | 03/13/26 | 970 | 947,062 |
SEE NOTES TO FINANCIAL STATEMENTS.
A59
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
Goldman Sachs Group, Inc. (The), |
| |||||||||||||||
Jr. Sub. Notes, Series O |
| |||||||||||||||
5.300%(ff) | 11/10/26 | (oo) | 740 | $ | 692,479 | |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.500% | 01/23/25 | 4,100 | 4,052,842 | |||||||||||||
3.750% | 02/25/26 | 1,010 | 991,762 | |||||||||||||
3.814%(ff) | 04/23/29 | 540 | 509,141 | |||||||||||||
3.850% | 01/26/27 | 2,910 | 2,815,277 | |||||||||||||
Sub. Notes |
| |||||||||||||||
6.750% | 10/01/37 | 104 | 115,210 | |||||||||||||
JPMorgan Chase & Co., |
| |||||||||||||||
Jr. Sub. Notes, Series HH |
| |||||||||||||||
4.600%(ff) | 02/01/25 | (oo) | 1,645 | 1,394,982 | ||||||||||||
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
| |||||||||||||||
4.709%(c) | 10/30/22 | (oo) | 978 | 927,947 | ||||||||||||
Jr. Sub. Notes, Series II |
| |||||||||||||||
4.000%(ff) | 04/01/25 | (a)(oo) | 1,045 | 862,904 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.782%(ff) | 02/01/28 | 695 | 666,922 | |||||||||||||
3.964%(ff) | 11/15/48 | 3,250 | 2,770,320 | |||||||||||||
4.005%(ff) | 04/23/29 | 2,170 | 2,080,567 | |||||||||||||
4.452%(ff) | 12/05/29 | 3,350 | 3,261,118 | |||||||||||||
Sub. Notes |
| |||||||||||||||
3.875% | 09/10/24 | 3,775 | 3,767,967 | |||||||||||||
Morgan Stanley, |
| |||||||||||||||
Sr. Unsec’d. Notes, GMTN |
| |||||||||||||||
2.239%(ff) | 07/21/32 | 630 | 511,915 | |||||||||||||
3.772%(ff) | 01/24/29 | 8,775 | 8,341,330 | |||||||||||||
3.875% | 01/27/26 | 675 | 665,885 | |||||||||||||
4.431%(ff) | 01/23/30 | 515 | 499,865 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
3.591%(ff) | 07/22/28 | 1,255 | 1,187,703 | |||||||||||||
Sub. Notes, GMTN |
| |||||||||||||||
4.350% | 09/08/26 | 3,825 | 3,785,842 | |||||||||||||
Societe Generale SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.488%(ff) | 12/14/26 | 4,400 | 3,880,974 | |||||||||||||
State Bank of India (India), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.375% | 01/24/24 | 1,925 | 1,935,275 | |||||||||||||
Texas Capital Bank NA, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500% |
| |||||||||||||||
6.750%(c) | 09/30/24 | 2,670 | 2,561,515 | |||||||||||||
Wells Fargo & Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
2.572%(ff) | 02/11/31 | 4,175 | 3,589,564 | |||||||||||||
|
| |||||||||||||||
109,556,810 | ||||||||||||||||
|
| |||||||||||||||
Beverages — 0.2% |
| |||||||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.900% | 02/01/46 | 620 | 584,765 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.550% | 01/23/49 | 450 | 459,840 | |||||||||||||
8.000% | 11/15/39 | 1,285 | 1,632,189 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Beverages (cont’d.) |
| |||||||||||||||
8.200% | 01/15/39 | 250 | $ | 323,913 | ||||||||||||
Bacardi Ltd. (Bermuda), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.750% | 07/15/26 | 3,975 | 3,667,434 | |||||||||||||
Constellation Brands, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 08/01/31 | 1,015 | 822,763 | |||||||||||||
|
| |||||||||||||||
7,490,904 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology — 0.1% |
| |||||||||||||||
Amgen, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.800% | 08/15/41 | 4,050 | 3,002,779 | |||||||||||||
|
| |||||||||||||||
Building Materials — 0.0% |
| |||||||||||||||
Masonite International Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.500% | 02/15/30 | (a) | 550 | 433,338 | ||||||||||||
Standard Industries, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.375% | 07/15/30 | 760 | 601,129 | |||||||||||||
4.750% | 01/15/28 | 700 | 598,501 | |||||||||||||
|
| |||||||||||||||
1,632,968 | ||||||||||||||||
|
| |||||||||||||||
Chemicals — 0.1% |
| |||||||||||||||
Dow Chemical Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.375% | 11/15/42 | 95 | 83,655 | |||||||||||||
5.250% | 11/15/41 | 45 | 44,552 | |||||||||||||
9.400% | 05/15/39 | 155 | 220,823 | |||||||||||||
NOVA Chemicals Corp. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.875% | 06/01/24 | 1,300 | 1,246,481 | |||||||||||||
Nutrien Ltd. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.150% | 10/01/22 | 780 | 778,862 | |||||||||||||
Sasol Financing USA LLC (South Africa), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.875% | 03/27/24 | 700 | 686,616 | |||||||||||||
6.500% | 09/27/28 | 670 | 608,578 | |||||||||||||
|
| |||||||||||||||
3,669,567 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services — 0.1% |
| |||||||||||||||
ERAC USA Finance LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.200% | 11/01/46 | 975 | 803,553 | |||||||||||||
6.700% | 06/01/34 | 420 | 471,660 | |||||||||||||
7.000% | 10/15/37 | 380 | 439,610 | |||||||||||||
Massachusetts Institute of Technology, |
| |||||||||||||||
Unsec’d. Notes |
| |||||||||||||||
3.885% | 07/01/2116 | 1,500 | 1,257,852 | |||||||||||||
United Rentals North America, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.750% | 01/15/32 | 325 | 267,249 | |||||||||||||
4.875% | 01/15/28 | 1,190 | 1,126,720 | |||||||||||||
5.250% | 01/15/30 | 385 | 357,337 |
SEE NOTES TO FINANCIAL STATEMENTS.
A60
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Commercial Services (cont’d.) |
| |||||||||||||||
University of Miami, |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 2022 |
| |||||||||||||||
4.063% | 04/01/52 | 1,170 | $ | 1,054,488 | ||||||||||||
|
| |||||||||||||||
5,778,469 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services — 0.2% |
| |||||||||||||||
BOC Aviation USA Corp. (Singapore), |
| |||||||||||||||
Gtd. Notes, 144A, MTN |
| |||||||||||||||
1.625% | 04/29/24 | 670 | 642,206 | |||||||||||||
Cantor Fitzgerald LP, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.500% | 04/14/27 | 4,985 | 4,821,298 | |||||||||||||
CDP Financial, Inc. (Canada), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.150% | 07/24/24 | 480 | 480,063 | |||||||||||||
Discover Financial Services, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.850% | 11/21/22 | 900 | 902,779 | |||||||||||||
Nomura Holdings, Inc. (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.608% | 07/14/31 | 2,055 | 1,635,446 | |||||||||||||
OneMain Finance Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
8.250% | 10/01/23 | 1,600 | 1,600,597 | |||||||||||||
Private Export Funding Corp., |
| |||||||||||||||
U.S. Gov’t. Gtd. Notes, Series NN |
| |||||||||||||||
3.250% | 06/15/25 | 330 | 328,381 | |||||||||||||
|
| |||||||||||||||
10,410,770 | ||||||||||||||||
|
| |||||||||||||||
Electric — 0.8% |
| |||||||||||||||
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
2.000% | 04/29/28 | 525 | 466,512 | |||||||||||||
Alfa Desarrollo SpA (Chile), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.550% | 09/27/51 | 628 | 449,300 | |||||||||||||
Baltimore Gas & Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.350% | 10/01/36 | 550 | 631,777 | |||||||||||||
Berkshire Hathaway Energy Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.950% | 05/15/37 | 305 | 333,501 | |||||||||||||
Calpine Corp., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.750% | 03/01/31 | 2,000 | 1,628,546 | |||||||||||||
CenterPoint Energy Houston Electric LLC, |
| |||||||||||||||
General Ref. Mortgage, Series K2 |
| |||||||||||||||
6.950% | 03/15/33 | 590 | 701,279 | |||||||||||||
Comision Federal de Electricidad (Mexico), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.688% | 05/15/29 | 1,400 | 1,254,141 | |||||||||||||
Commonwealth Edison Co., |
| |||||||||||||||
First Mortgage, Series 123 |
| |||||||||||||||
3.750% | 08/15/47 | 1,610 | 1,381,485 | |||||||||||||
Connecticut Light & Power Co. (The), |
| |||||||||||||||
First Mortgage, Series A |
| |||||||||||||||
2.050% | 07/01/31 | 3,255 | 2,749,552 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
Consolidated Edison Co. of New York, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 09-C |
| |||||||||||||||
5.500% | 12/01/39 | 220 | $ | 227,842 | ||||||||||||
Duke Energy Carolinas LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
6.050% | 04/15/38 | 550 | 615,195 | |||||||||||||
First Ref. Mortgage |
| |||||||||||||||
4.000% | 09/30/42 | 570 | 508,382 | |||||||||||||
El Paso Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.000% | 05/15/35 | 670 | 712,130 | |||||||||||||
Enel Finance International NV (Italy), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.250% | 07/12/31 | (a) | 2,140 | 1,683,410 | ||||||||||||
Engie Energia Chile SA (Chile), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.400% | 01/28/30 | 400 | 339,170 | |||||||||||||
Florida Power & Light Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
5.950% | 10/01/33 | 295 | 332,532 | |||||||||||||
Iberdrola International BV (Spain), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.750% | 09/15/33 | 145 | 164,111 | |||||||||||||
Indiana Michigan Power Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.850% | 05/15/28 | (h) | 2,910 | 2,816,145 | ||||||||||||
Israel Electric Corp. Ltd. (Israel), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A, GMTN |
| |||||||||||||||
4.250% | 08/14/28 | 470 | 452,024 | |||||||||||||
Monongahela Power Co., |
| |||||||||||||||
First Mortgage, 144A |
| |||||||||||||||
4.100% | 04/15/24 | 2,170 | 2,169,704 | |||||||||||||
Northern States Power Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.600% | 09/15/47 | 1,580 | 1,331,868 | |||||||||||||
NRG Energy, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.875% | 02/15/32 | 275 | 218,321 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
2.000% | 12/02/25 | 320 | 289,359 | |||||||||||||
2.450% | 12/02/27 | 1,395 | 1,204,814 | |||||||||||||
PECO Energy Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.800% | 06/15/50 | 1,110 | 814,620 | |||||||||||||
Public Service Electric & Gas Co., |
| |||||||||||||||
First Mortgage, MTN |
| |||||||||||||||
2.050% | 08/01/50 | 1,005 | 629,758 | |||||||||||||
3.700% | 05/01/28 | 1,280 | 1,249,268 | |||||||||||||
Sr. Sec’d. Notes, MTN |
| |||||||||||||||
5.800% | 05/01/37 | 535 | 598,945 | |||||||||||||
Public Service Enterprise Group, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.600% | 08/15/30 | 710 | 564,768 | |||||||||||||
Puget Energy, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
2.379% | 06/15/28 | 1,115 | 975,740 |
SEE NOTES TO FINANCIAL STATEMENTS.
A61
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
San Diego Gas & Electric Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
4.150% | 05/15/48 | 1,400 | $ | 1,290,160 | ||||||||||||
Southern California Edison Co., |
| |||||||||||||||
First Ref. Mortgage |
| |||||||||||||||
4.000% | 04/01/47 | 580 | 470,445 | |||||||||||||
First Ref. Mortgage, Series C |
| |||||||||||||||
3.600% | 02/01/45 | 860 | 644,158 | |||||||||||||
Vistra Operations Co. LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.000% | 07/31/27 | 725 | 657,157 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.550% | 07/15/24 | 2,135 | 2,060,503 | |||||||||||||
Xcel Energy, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.800% | 09/15/41 | 480 | 454,131 | |||||||||||||
|
| |||||||||||||||
33,070,753 | ||||||||||||||||
|
| |||||||||||||||
Engineering & Construction — 0.0% |
| |||||||||||||||
AECOM, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.125% | 03/15/27 | (a) | 700 | 661,624 | ||||||||||||
Mexico City Airport Trust (Mexico), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 04/30/28 | 500 | 430,978 | |||||||||||||
5.500% | 07/31/47 | 800 | 546,429 | |||||||||||||
|
| |||||||||||||||
1,639,031 | ||||||||||||||||
|
| |||||||||||||||
Entertainment — 0.0% |
| |||||||||||||||
Magallanes, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.050% | 03/15/42 | 865 | 735,631 | |||||||||||||
5.141% | 03/15/52 | 810 | 680,025 | |||||||||||||
5.391% | 03/15/62 | 405 | 339,658 | |||||||||||||
|
| |||||||||||||||
1,755,314 | ||||||||||||||||
|
| |||||||||||||||
Foods — 0.1% |
| |||||||||||||||
Kraft Heinz Foods Co., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.875% | 10/01/49 | 1,290 | 1,140,834 | |||||||||||||
Lamb Weston Holdings, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.125% | 01/31/30 | 500 | 434,988 | |||||||||||||
4.375% | 01/31/32 | 875 | 760,911 | |||||||||||||
Mars, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.375% | 07/16/40 | 660 | 479,259 | |||||||||||||
Pilgrim’s Pride Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.875% | 09/30/27 | (a) | 1,625 | 1,555,323 | ||||||||||||
|
| |||||||||||||||
4,371,315 | ||||||||||||||||
|
| |||||||||||||||
Gas — 0.1% |
| |||||||||||||||
NiSource, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.700% | 02/15/31 | 1,205 | 939,953 | |||||||||||||
3.490% | 05/15/27 | (a) | 1,415 | 1,354,683 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Gas (cont’d.) |
| |||||||||||||||
3.600% | 05/01/30 | 1,270 | $ | 1,163,803 | ||||||||||||
|
| |||||||||||||||
3,458,439 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products — 0.1% |
| |||||||||||||||
DH Europe Finance II Sarl, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.350% | 09/18/39 | EUR | 1,635 | 1,194,365 | ||||||||||||
Medline Borrower LP, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 04/01/29 | 675 | 575,421 | |||||||||||||
Medtronic Global Holdings SCA, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.625% | 03/07/31 | EUR | 100 | 95,223 | ||||||||||||
2.250% | 03/07/39 | EUR | 400 | 350,681 | ||||||||||||
|
| |||||||||||||||
2,215,690 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services — 0.1% |
| |||||||||||||||
Aetna, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.625% | 06/15/36 | 515 | 582,100 | |||||||||||||
Elevance Health, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.625% | 05/15/42 | 390 | 370,199 | |||||||||||||
HCA, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.375% | 02/01/25 | 305 | 304,414 | |||||||||||||
Gtd. Notes, MTN |
| |||||||||||||||
7.750% | 07/15/36 | 450 | 516,133 | |||||||||||||
Kaiser Foundation Hospitals, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.150% | 05/01/47 | 940 | 874,772 | |||||||||||||
Providence St. Joseph Health Obligated Group, |
| |||||||||||||||
Unsec’d. Notes, Series 19A |
| |||||||||||||||
2.532% | 10/01/29 | 765 | 677,064 | |||||||||||||
Tenet Healthcare Corp., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.375% | 01/15/30 | 625 | 530,986 | |||||||||||||
6.125% | 06/15/30 | 325 | 304,656 | |||||||||||||
|
| |||||||||||||||
4,160,324 | ||||||||||||||||
|
| |||||||||||||||
Home Builders — 0.0% |
| |||||||||||||||
KB Home, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.000% | 06/15/31 | (a) | 575 | 443,591 | ||||||||||||
Taylor Morrison Communities, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.875% | 06/15/27 | 525 | 484,984 | |||||||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.625% | 03/01/24 | 800 | 780,604 | |||||||||||||
|
| |||||||||||||||
1,709,179 | ||||||||||||||||
|
| |||||||||||||||
Housewares — 0.0% |
| |||||||||||||||
Newell Brands, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.450% | 04/01/26 | 275 | 261,820 |
SEE NOTES TO FINANCIAL STATEMENTS.
A62
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Housewares (cont’d.) |
| |||||||||||||||
4.875% | 06/01/25 | (a) | 1,420 | $ | 1,400,646 | |||||||||||
|
| |||||||||||||||
1,662,466 | ||||||||||||||||
|
| |||||||||||||||
Insurance — 0.1% |
| |||||||||||||||
Liberty Mutual Group, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.951% | 10/15/50 | 1,215 | 923,086 | |||||||||||||
Lincoln National Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.300% | 10/09/37 | 772 | 835,525 | |||||||||||||
Markel Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.150% | 09/17/50 | 410 | 338,038 | |||||||||||||
5.000% | 03/30/43 | 200 | 187,200 | |||||||||||||
New York Life Insurance Co., |
| |||||||||||||||
Sub. Notes, 144A |
| |||||||||||||||
6.750% | 11/15/39 | 660 | 780,258 | |||||||||||||
Principal Financial Group, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.625% | 09/15/42 | 130 | 119,878 | |||||||||||||
Teachers Insurance & Annuity Association of America, |
| |||||||||||||||
Sub. Notes, 144A |
| |||||||||||||||
4.270% | 05/15/47 | 1,450 | 1,286,176 | |||||||||||||
6.850% | 12/16/39 | 124 | 146,422 | |||||||||||||
|
| |||||||||||||||
4,616,583 | ||||||||||||||||
|
| |||||||||||||||
Media — 0.3% |
| |||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.500% | 05/01/26 | 750 | 732,529 | |||||||||||||
Charter Communications Operating LLC/Charter Communications |
| |||||||||||||||
Operating Capital, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
3.900% | 06/01/52 | 580 | 404,878 | |||||||||||||
5.375% | 04/01/38 | 1,950 | 1,737,130 | |||||||||||||
6.384% | 10/23/35 | 875 | 883,124 | |||||||||||||
6.484% | 10/23/45 | 1,386 | 1,349,504 | |||||||||||||
Comcast Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.950% | 10/15/25 | 225 | 226,146 | |||||||||||||
Cox Communications, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.600% | 06/15/31 | 5,275 | 4,423,128 | |||||||||||||
CSC Holdings LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.500% | 11/15/31 | 1,400 | 1,080,955 | |||||||||||||
Paramount Global, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.250% | 04/01/44 | 1,450 | 1,240,917 | |||||||||||||
Time Warner Cable LLC, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
5.500% | 09/01/41 | 360 | 316,694 | |||||||||||||
|
| |||||||||||||||
12,395,005 | ||||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Mining — 0.1% |
| |||||||||||||||
Freeport Indonesia PT (Indonesia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
4.763% | 04/14/27 | 215 | $ | 206,634 | ||||||||||||
Yamana Gold, Inc. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.630% | 08/15/31 | 3,050 | 2,451,672 | |||||||||||||
|
| |||||||||||||||
2,658,306 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||||||||||
Amsted Industries, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.625% | 07/01/27 | 1,200 | 1,140,863 | |||||||||||||
|
| |||||||||||||||
Multi-National — 0.0% |
| |||||||||||||||
Corp. Andina de Fomento (Supranational Bank), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.750% | 01/06/23 | 315 | 314,450 | |||||||||||||
North American Development Bank (Supranational Bank), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.400% | 10/26/22 | 289 | 288,446 | |||||||||||||
|
| |||||||||||||||
602,896 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment — 0.1% |
| |||||||||||||||
CDW LLC/CDW Finance Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.670% | 12/01/26 | 1,810 | 1,613,893 | |||||||||||||
5.500% | 12/01/24 | 700 | 703,184 | |||||||||||||
|
| |||||||||||||||
2,317,077 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas — 0.3% |
| |||||||||||||||
Cenovus Energy, Inc. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.400% | 06/15/47 | 1,200 | 1,156,375 | |||||||||||||
Devon Energy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.600% | 07/15/41 | 300 | 297,682 | |||||||||||||
Ecopetrol SA (Colombia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.875% | 04/29/30 | 637 | 563,905 | |||||||||||||
Energean Israel Finance Ltd. (Israel), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.875% | 03/30/26 | 795 | 701,005 | |||||||||||||
Gazprom PJSC Via Gaz Capital SA (Russia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.950% | 07/19/22 | 350 | 262,500 | |||||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
6.000% | 04/15/30 | 400 | 352,192 | |||||||||||||
6.250% | 04/15/32 | 500 | 437,136 | |||||||||||||
KazMunayGas National Co. JSC (Kazakhstan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.750% | 04/24/25 | 550 | 514,607 | |||||||||||||
Lundin Energy Finance BV (Netherlands), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.100% | 07/15/31 | 755 | 627,469 | |||||||||||||
Occidental Petroleum Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.450% | 09/15/36 | 1,155 | 1,203,052 |
SEE NOTES TO FINANCIAL STATEMENTS.
A63
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||||
Ovintiv, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.500% | 08/15/34 | 370 | $ | 384,918 | ||||||||||||
6.625% | 08/15/37 | 275 | 287,507 | |||||||||||||
Petroleos Mexicanos (Mexico), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.950% | 01/28/31 | 2,146 | 1,561,679 | |||||||||||||
6.490% | 01/23/27 | 471 | 407,519 | |||||||||||||
6.500% | 03/13/27 | 330 | 286,466 | |||||||||||||
Gtd. Notes, MTN |
| |||||||||||||||
6.750% | 09/21/47 | 373 | 230,795 | |||||||||||||
6.875% | 08/04/26 | (a) | 670 | 603,249 | ||||||||||||
Qatar Energy (Qatar), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.375% | 09/12/26 | 2,159 | 1,946,658 | |||||||||||||
2.250% | 07/12/31 | 820 | 700,923 | |||||||||||||
Sinopec Group Overseas Development 2018 Ltd. (China), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.680% | 08/08/49 | 1,445 | 1,165,608 | |||||||||||||
|
| |||||||||||||||
13,691,245 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers — 0.1% |
| |||||||||||||||
Ball Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.125% | 09/15/31 | (a) | 425 | 343,372 | ||||||||||||
Berry Global, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
1.570% | 01/15/26 | 5,135 | 4,584,557 | |||||||||||||
|
| |||||||||||||||
4,927,929 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals — 0.7% |
| |||||||||||||||
AbbVie, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.800% | 03/15/25 | 1,175 | 1,166,923 | |||||||||||||
4.250% | 11/21/49 | 1,750 | 1,551,146 | |||||||||||||
4.500% | 05/14/35 | 1,910 | 1,852,911 | |||||||||||||
4.550% | 03/15/35 | 2,190 | 2,133,382 | |||||||||||||
4.700% | 05/14/45 | 1,460 | 1,375,122 | |||||||||||||
Bayer US Finance II LLC (Germany), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.250% | 12/15/25 | 1,600 | 1,579,066 | |||||||||||||
Becton, Dickinson & Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.734% | 12/15/24 | 130 | 129,356 | |||||||||||||
Bristol-Myers Squibb Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.125% | 06/15/39 | 410 | 392,193 | |||||||||||||
Cigna Corp., |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
4.375% | 10/15/28 | 9,285 | 9,200,153 | |||||||||||||
CVS Health Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.780% | 03/25/38 | 3,810 | 3,606,268 | |||||||||||||
5.125% | 07/20/45 | 610 | 588,880 | |||||||||||||
5.300% | 12/05/43 | 250 | 248,158 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Pharmaceuticals (cont’d.) |
| |||||||||||||||
Mylan, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.200% | 04/15/48 | 1,375 | $ | 1,092,288 | ||||||||||||
5.400% | 11/29/43 | 845 | 707,657 | |||||||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.125% | 04/30/28 | 1,125 | 995,566 | |||||||||||||
Viatris, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.850% | 06/22/40 | 470 | 330,985 | |||||||||||||
Wyeth LLC, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.450% | 02/01/24 | 60 | 62,750 | |||||||||||||
|
| |||||||||||||||
27,012,804 | ||||||||||||||||
|
| |||||||||||||||
Pipelines — 0.6% |
| |||||||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.750% | 01/15/28 | 750 | 683,190 | |||||||||||||
Boardwalk Pipelines LP, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.400% | 02/15/31 | 1,625 | 1,387,624 | |||||||||||||
Eastern Gas Transmission & Storage, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.600% | 12/15/44 | 65 | 59,812 | |||||||||||||
EIG Pearl Holdings Sarl (Saudi Arabia), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.545% | 08/31/36 | 1,429 | 1,219,880 | |||||||||||||
Energy Transfer LP, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.950% | 06/15/28 | 1,115 | 1,098,693 | |||||||||||||
5.000% | 05/15/50 | 1,435 | 1,220,880 | |||||||||||||
6.125% | 12/15/45 | 180 | 172,486 | |||||||||||||
Energy Transfer LP/Regency Energy Finance Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.000% | 10/01/22 | 675 | 675,657 | |||||||||||||
EQM Midstream Partners LP, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
7.500% | 06/01/27 | 50 | 48,169 | |||||||||||||
7.500% | 06/01/30 | 50 | 48,090 | |||||||||||||
Kinder Morgan, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.600% | 02/15/51 | 2,260 | 1,659,534 | |||||||||||||
MPLX LP, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 02/15/25 | 1,430 | 1,408,557 | |||||||||||||
4.000% | 03/15/28 | 1,980 | 1,877,830 | |||||||||||||
4.875% | 06/01/25 | 3,250 | 3,267,773 | |||||||||||||
5.200% | 03/01/47 | 40 | 36,178 | |||||||||||||
5.500% | 02/15/49 | 395 | 366,879 | |||||||||||||
ONEOK Partners LP, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.650% | 10/01/36 | 145 | 147,496 | |||||||||||||
ONEOK, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.100% | 03/15/30 | 5,205 | 4,473,781 | |||||||||||||
4.500% | 03/15/50 | 295 | 234,994 |
SEE NOTES TO FINANCIAL STATEMENTS.
A64
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Pipelines (cont’d.) |
| |||||||||||||||
4.950% | 07/13/47 | 935 | $ | 793,322 | ||||||||||||
Venture Global Calcasieu Pass LLC, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 08/15/29 | 115 | 100,823 | |||||||||||||
4.125% | 08/15/31 | 90 | 77,299 | |||||||||||||
Western Midstream Operating LP, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.300% | 03/01/48 | 125 | 100,812 | |||||||||||||
Williams Cos., Inc. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.850% | 03/01/48 | 315 | 285,273 | |||||||||||||
4.900% | 01/15/45 | 1,000 | 894,816 | |||||||||||||
5.100% | 09/15/45 | 500 | 465,832 | |||||||||||||
|
| |||||||||||||||
22,805,680 | ||||||||||||||||
|
| |||||||||||||||
Real Estate Investment Trusts (REITs) — 0.3% |
| |||||||||||||||
Alexandria Real Estate Equities, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.000% | 05/18/32 | (a) | 1,815 | 1,433,548 | ||||||||||||
Corporate Office Properties LP, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.900% | 12/01/33 | 1,345 | 1,042,902 | |||||||||||||
GLP Capital LP/GLP Financing II, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.375% | 04/15/26 | 1,050 | 1,027,546 | |||||||||||||
Kimco Realty Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.700% | 10/01/30 | 3,480 | 2,996,837 | |||||||||||||
MPT Operating Partnership LP/MPT Finance Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.500% | 03/15/31 | 950 | 742,356 | |||||||||||||
5.000% | 10/15/27 | (a) | 400 | 366,789 | ||||||||||||
Public Storage, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 11/09/31 | 1,288 | 1,067,426 | |||||||||||||
Realty Income Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 01/15/31 | (h) | 3,235 | 2,945,914 | ||||||||||||
|
| |||||||||||||||
11,623,318 | ||||||||||||||||
|
| |||||||||||||||
Retail — 0.2% |
| |||||||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 01/15/28 | 675 | 587,149 | |||||||||||||
AutoZone, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.650% | 01/15/31 | 770 | 603,263 | |||||||||||||
Dollar Tree, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 05/15/25 | 4,705 | 4,687,765 | |||||||||||||
Gap, Inc. (The), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.625% | 10/01/29 | 275 | 193,360 | |||||||||||||
3.875% | 10/01/31 | 275 | 191,224 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Retail (cont’d.) |
| |||||||||||||||
Sally Holdings LLC/Sally Capital, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.625% | 12/01/25 | 1,375 | $ | 1,292,750 | ||||||||||||
|
| |||||||||||||||
7,555,511 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors — 0.1% |
| |||||||||||||||
Broadcom, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.137% | 11/15/35 | 320 | 244,432 | |||||||||||||
3.187% | 11/15/36 | 5,175 | 3,930,891 | |||||||||||||
|
| |||||||||||||||
4,175,323 | ||||||||||||||||
|
| |||||||||||||||
Software — 0.1% |
| |||||||||||||||
Microsoft Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.525% | 06/01/50 | 1,425 | 1,049,104 | |||||||||||||
ServiceNow, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.400% | 09/01/30 | 2,055 | 1,607,159 | |||||||||||||
|
| |||||||||||||||
2,656,263 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications — 0.5% |
| |||||||||||||||
AT&T, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.550% | 12/01/33 | 1,216 | 986,197 | |||||||||||||
3.500% | 09/15/53 | 5,308 | 4,025,412 | |||||||||||||
3.650% | 09/15/59 | 160 | 119,893 | |||||||||||||
4.300% | 02/15/30 | 615 | 600,577 | |||||||||||||
Level 3 Financing, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.375% | 05/01/25 | (a) | 1,900 | 1,846,237 | ||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.400% | 03/01/27 | 300 | 260,178 | |||||||||||||
T-Mobile USA, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
2.550% | 02/15/31 | 1,385 | 1,165,130 | |||||||||||||
3.875% | 04/15/30 | 8,000 | 7,469,045 | |||||||||||||
Verizon Communications, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.550% | 03/21/31 | 1,600 | 1,368,339 | |||||||||||||
2.650% | 11/20/40 | 1,575 | 1,154,995 | |||||||||||||
4.016% | 12/03/29 | 1,900 | 1,843,333 | |||||||||||||
|
| |||||||||||||||
20,839,336 | ||||||||||||||||
|
| |||||||||||||||
Transportation — 0.0% |
| |||||||||||||||
Burlington Northern Santa Fe LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.700% | 08/01/28 | 670 | 753,121 | |||||||||||||
CSX Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.150% | 05/01/37 | 715 | 801,145 |
SEE NOTES TO FINANCIAL STATEMENTS.
A65
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Transportation (cont’d.) |
| |||||||||||||||
Norfolk Southern Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.590% | 05/17/25 | 100 | $ | 103,096 | ||||||||||||
|
| |||||||||||||||
1,657,362 | ||||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS |
| 366,760,880 | ||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS — 0.4% |
| |||||||||||||||
Alabama — 0.0% |
| |||||||||||||||
Alabama Economic Settlement Authority, |
| |||||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||||
4.263% | 09/15/32 | 240 | 238,694 | |||||||||||||
|
| |||||||||||||||
California — 0.2% |
| |||||||||||||||
Bay Area Toll Authority, |
| |||||||||||||||
Revenue Bonds, BABs, Series F2 |
| |||||||||||||||
6.263% | 04/01/49 | 1,325 | 1,693,471 | |||||||||||||
Taxable, Revenue Bonds |
| |||||||||||||||
2.574% | 04/01/31 | 1,210 | 1,107,171 | |||||||||||||
State of California, |
| |||||||||||||||
General Obligation Unlimited, BABs |
| |||||||||||||||
7.300% | 10/01/39 | 1,270 | 1,645,757 | |||||||||||||
General Obligation Unlimited, Taxable, BABs |
| |||||||||||||||
7.500% | 04/01/34 | 475 | 609,690 | |||||||||||||
7.625% | 03/01/40 | 215 | 290,309 | |||||||||||||
7.550% | 04/01/39 | 245 | 333,045 | |||||||||||||
|
| |||||||||||||||
5,679,443 | ||||||||||||||||
|
| |||||||||||||||
Colorado — 0.0% |
| |||||||||||||||
Regional Transportation District Sales Tax Revenue, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
5.844% | 11/01/50 | 680 | 810,234 | |||||||||||||
|
| |||||||||||||||
Illinois — 0.1% |
| |||||||||||||||
Chicago O’Hare International Airport, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
6.395% | 01/01/40 | 1,030 | 1,233,923 | |||||||||||||
State of Illinois, |
| |||||||||||||||
General Obligation Unlimited, Series D |
| |||||||||||||||
5.000% | 11/01/22 | 3,190 | 3,218,697 | |||||||||||||
|
| |||||||||||||||
4,452,620 | ||||||||||||||||
|
| |||||||||||||||
New Jersey — 0.1% |
| |||||||||||||||
New Jersey Turnpike Authority, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series F |
| |||||||||||||||
7.414% | 01/01/40 | 1,070 | 1,420,748 | |||||||||||||
|
| |||||||||||||||
New York — 0.0% |
| |||||||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs |
| |||||||||||||||
5.767% | 08/01/36 | 1,130 | 1,232,837 | |||||||||||||
|
| |||||||||||||||
Ohio — 0.0% |
| |||||||||||||||
Ohio State University (The), |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series C |
| |||||||||||||||
4.910% | 06/01/40 | 455 | 492,564 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
MUNICIPAL BONDS (continued) |
| |||||||||||||||
Ohio (cont’d.) |
| |||||||||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series B2 |
| |||||||||||||||
4.879% | 12/01/34 | 300 | $ | 315,712 | ||||||||||||
|
| |||||||||||||||
808,276 | ||||||||||||||||
|
| |||||||||||||||
Oregon — 0.0% |
| |||||||||||||||
State of Oregon Department of Transportation, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series A |
| |||||||||||||||
5.834% | 11/15/34 | 445 | 503,888 | |||||||||||||
|
| |||||||||||||||
Pennsylvania — 0.0% |
| |||||||||||||||
Pennsylvania Turnpike Commission, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
5.511% | 12/01/45 | 550 | 614,602 | |||||||||||||
|
| |||||||||||||||
Virginia — 0.0% |
| |||||||||||||||
University of Virginia, |
| |||||||||||||||
Taxable, Revenue Bonds, Series C |
| |||||||||||||||
4.179% | 09/01/2117 | 495 | 424,118 | |||||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS |
| 16,185,460 | ||||||||||||||
|
| |||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.7% |
| |||||||||||||||
Alternative Loan Trust, |
| |||||||||||||||
Series 2004-18CB, Class 3A1 |
| |||||||||||||||
5.250% | 09/25/35 | 8 | 8,170 | |||||||||||||
Banc of America Mortgage Trust, |
| |||||||||||||||
Series 2005-A, Class 2A1 |
| |||||||||||||||
2.545%(cc) | 02/25/35 | 119 | 118,699 | |||||||||||||
Bellemeade Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| |||||||||||||||
3.224%(c) | 07/25/29 | 490 | 488,169 | |||||||||||||
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.126%(c) | 06/25/31 | 2,544 | 2,499,910 | |||||||||||||
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%) |
| |||||||||||||||
1.926%(c) | 09/25/31 | 2,100 | 2,045,451 | |||||||||||||
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%) |
| |||||||||||||||
1.926%(c) | 09/25/31 | 1,600 | 1,579,187 | |||||||||||||
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%) |
| |||||||||||||||
2.676%(c) | 01/26/32 | 3,260 | 3,233,248 | |||||||||||||
Central Park Funding Trust, |
| |||||||||||||||
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
| |||||||||||||||
4.402%(c) | 08/29/22 | 3,181 | 3,156,046 | |||||||||||||
Chase Mortgage Finance Trust, |
| |||||||||||||||
Series 2007-A01, Class 1A5 |
| |||||||||||||||
2.624%(cc) | 02/25/37 | 87 | 83,525 | |||||||||||||
Connecticut Avenue Securities Trust, |
| |||||||||||||||
Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.826%(c) | 12/25/41 | 1,760 | 1,585,513 | |||||||||||||
Credit Suisse Mortgage Trust, |
| |||||||||||||||
Series 2018-RPL09, Class A, 144A |
| |||||||||||||||
3.850%(cc) | 09/25/57 | 754 | 731,378 |
SEE NOTES TO FINANCIAL STATEMENTS.
A66
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Eagle Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.424%(c) | 04/25/29 | 180 | $ | 178,886 | ||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| |||||||||||||||
2.476%(c) | 04/25/34 | 5,460 | 5,410,446 | |||||||||||||
Fannie Mae REMICS, |
| |||||||||||||||
Series 2014-73, Class CZ |
| |||||||||||||||
3.000% | 11/25/44 | 1,526 | 1,420,944 | |||||||||||||
Series 2021-03, Class JI, IO |
| |||||||||||||||
2.500% | 02/25/51 | 3,341 | 450,199 | |||||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, |
| |||||||||||||||
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.526%(c) | 11/25/50 | 2,116 | 2,103,061 | |||||||||||||
FHLMC Structured Agency Credit Risk REMIC Trust, |
| |||||||||||||||
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
5.224%(c) | 07/25/50 | 99 | 98,533 | |||||||||||||
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
6.874%(c) | 09/25/50 | 225 | 224,449 | |||||||||||||
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.576%(c) | 01/25/34 | 293 | 282,410 | |||||||||||||
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.776%(c) | 09/25/41 | 6,840 | 6,605,047 | |||||||||||||
Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.926%(c) | 01/25/42 | 1,610 | 1,553,400 | |||||||||||||
Freddie Mac REMICS, |
| |||||||||||||||
Series 4117, Class ZC |
| |||||||||||||||
3.000% | 10/15/42 | 2,550 | 2,405,727 | |||||||||||||
Series 4535, Class PA |
| |||||||||||||||
3.000% | 03/15/44 | 606 | 596,515 | |||||||||||||
Series 4680, Class GZ |
| |||||||||||||||
3.500% | 03/15/47 | 3,565 | 3,390,387 | |||||||||||||
Series 5023, Class IO, IO |
| |||||||||||||||
2.000% | 10/25/50 | 964 | 114,283 | |||||||||||||
Series 5185, Class LI, IO |
| |||||||||||||||
3.000% | 01/25/52 | 1,881 | 289,876 | |||||||||||||
Freddie Mac Strips, |
| |||||||||||||||
Series 365, Class C28, IO |
| |||||||||||||||
3.000% | 12/15/46 | 946 | 140,785 | |||||||||||||
Government National Mortgage Assoc., |
| |||||||||||||||
Series 2015-124, Class VZ |
| |||||||||||||||
3.500% | 09/20/45 | 2,532 | 2,498,847 | |||||||||||||
Series 2019-69, Class KB |
| |||||||||||||||
3.000% | 06/20/49 | 3,423 | 3,088,932 | |||||||||||||
Home Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.274%(c) | 05/25/29 | 168 | 167,855 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.176%(c) | 01/25/34 | 1,232 | $ | 1,222,083 | ||||||||||||
JPMorgan Mortgage Trust, |
| |||||||||||||||
Series 2007-A01, Class 4A1 |
| |||||||||||||||
3.008%(cc) | 07/25/35 | 27 | 26,536 | |||||||||||||
Legacy Mortgage Asset Trust, |
| |||||||||||||||
Series 2021-GS01, Class A1, 144A |
| |||||||||||||||
1.892% | 10/25/66 | 360 | 348,195 | |||||||||||||
Mello Warehouse Securitization Trust, |
| |||||||||||||||
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
| |||||||||||||||
1.368%(c) | 02/25/55 | 2,400 | 2,358,410 | |||||||||||||
MFA Trust, | ||||||||||||||||
Series 2021-RPL01, Class A1, 144A |
| |||||||||||||||
1.131%(cc) | 07/25/60 | 2,878 | 2,650,126 | |||||||||||||
Mill City Mortgage Loan Trust, |
| |||||||||||||||
Series 2017-03, Class A1, 144A |
| |||||||||||||||
2.750%(cc) | 01/25/61 | 490 | 485,862 | |||||||||||||
Mortgage Repurchase Agreement Financing Trust, |
| |||||||||||||||
Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%) |
| |||||||||||||||
1.700%(c) | 09/10/22 | 6,700 | 6,699,587 | |||||||||||||
New Residential Mortgage Loan Trust, |
| |||||||||||||||
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
| |||||||||||||||
2.374%(c) | 01/25/48 | 303 | 296,975 | |||||||||||||
Oaktown Re II Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.174%(c) | 07/25/28 | 136 | 135,936 | |||||||||||||
Oaktown Re III Ltd. (Bermuda), |
| |||||||||||||||
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
| |||||||||||||||
3.024%(c) | 07/25/29 | 47 | 47,369 | |||||||||||||
Oaktown Re VII Ltd. (Bermuda), |
| |||||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| |||||||||||||||
2.526%(c) | 04/25/34 | 1,300 | 1,266,168 | |||||||||||||
PMT Credit Risk Transfer Trust, |
| |||||||||||||||
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%) |
| |||||||||||||||
5.467%(c) | 12/25/22 | 1,725 | 1,709,844 | |||||||||||||
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%) |
| |||||||||||||||
4.524%(c) | 02/27/24 | 2,754 | 2,685,242 | |||||||||||||
Seasoned Credit Risk Transfer Trust, |
| |||||||||||||||
Series 2019-02, Class MA |
| |||||||||||||||
3.500% | 08/25/58 | 711 | 702,921 | |||||||||||||
Structured Adjustable Rate Mortgage Loan Trust, |
| |||||||||||||||
Series 2004-01, Class 4A3 |
| |||||||||||||||
2.543%(cc) | 02/25/34 | 57 | 54,973 | |||||||||||||
Towd Point Mortgage Trust, |
| |||||||||||||||
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.224%(c) | 02/25/57 | 834 | 824,993 |
SEE NOTES TO FINANCIAL STATEMENTS.
A67
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2020-04, Class A1, 144A |
| |||||||||||||||
1.750% | 10/25/60 | 845 | $ | 775,459 | ||||||||||||
|
| |||||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| 68,840,557 | ||||||||||||||
|
| |||||||||||||||
SOVEREIGN BONDS — 0.4% |
| |||||||||||||||
Abu Dhabi Government International Bond (United Arab Emirates), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.125% | 10/11/27 | 3,350 | 3,273,769 | |||||||||||||
Bermuda Government International Bond (Bermuda), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.375% | 08/20/30 | 710 | 594,132 | |||||||||||||
Colombia Government International Bond (Colombia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 02/26/24 | 175 | 170,013 | |||||||||||||
Export-Import Bank of India (India), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.875% | 02/01/28 | 1,040 | 991,271 | |||||||||||||
Finnvera OYJ (Finland), |
| |||||||||||||||
Gov’t. Gtd. Notes, 144A, MTN |
| |||||||||||||||
2.375% | 06/04/25 | 400 | 391,062 | |||||||||||||
Indonesia Government International Bond (Indonesia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.375% | 07/30/25 | EUR | 1,500 | 1,579,785 | ||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
2.150% | 07/18/24 | EUR | 2,100 | 2,181,326 | ||||||||||||
Japan Finance Organization for Municipalities (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
2.125% | 10/25/23 | 1,400 | 1,382,200 | |||||||||||||
3.000% | 03/12/24 | 400 | 398,463 | |||||||||||||
Panama Government International Bond (Panama), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 09/22/24 | 305 | 304,783 | |||||||||||||
4.500% | 04/16/50 | 475 | 388,066 | |||||||||||||
Peruvian Government International Bond (Peru), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.783% | 01/23/31 | 453 | 385,421 | |||||||||||||
Qatar Government International Bond (Qatar), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.875% | 04/23/23 | 1,105 | 1,108,904 | |||||||||||||
5.103% | 04/23/48 | 915 | 955,562 | |||||||||||||
Romanian Government International Bond (Romania), |
| |||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
4.125% | 03/11/39 | EUR | 1,395 | 1,060,094 | ||||||||||||
Saudi Government International Bond (Saudi Arabia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
2.875% | 03/04/23 | 1,785 | 1,780,570 | |||||||||||||
Tokyo Metropolitan Government (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.250% | 06/01/23 | 800 | 801,367 | |||||||||||||
Uruguay Government International Bond (Uruguay), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.100% | 06/18/50 | (a) | 545 | 545,940 | ||||||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS |
| 18,292,728 | ||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.8% |
| |||||||||||||||
Federal Home Loan Bank |
| |||||||||||||||
5.500% | 07/15/36 | (k) | 1,080 | $ | 1,298,404 | |||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||||||
1.500% | 11/01/50 | 1,740 | 1,446,503 | |||||||||||||
2.000% | 01/01/32 | 454 | 434,693 | |||||||||||||
2.000% | 02/01/36 | 1,483 | 1,386,551 | |||||||||||||
2.000% | 06/01/40 | 1,164 | 1,040,525 | |||||||||||||
2.000% | 10/01/40 | 1,731 | 1,547,215 | |||||||||||||
2.000% | 09/01/50 | 3,403 | 2,965,143 | |||||||||||||
2.000% | 10/01/50 | 2,797 | 2,437,465 | |||||||||||||
2.000% | 03/01/51 | 1,325 | 1,154,964 | |||||||||||||
2.000% | 09/01/51 | 500 | 436,123 | |||||||||||||
2.500% | 03/01/30 | 234 | 229,819 | |||||||||||||
2.500% | 10/01/32 | 490 | 480,124 | |||||||||||||
2.500% | 03/01/51 | 1,151 | 1,045,324 | |||||||||||||
2.500% | 04/01/51 | 8,595 | 7,744,149 | |||||||||||||
2.500% | 08/01/51 | 505 | 455,241 | |||||||||||||
2.500% | 09/01/51 | 2,858 | 2,573,807 | |||||||||||||
2.500% | 10/01/51 | 4,364 | 3,949,744 | |||||||||||||
2.500% | 11/01/51 | 2,500 | 2,250,939 | |||||||||||||
2.500% | 12/01/51 | 3,504 | 3,156,063 | |||||||||||||
3.000% | 10/01/28 | 157 | 156,180 | |||||||||||||
3.000% | 06/01/29 | 432 | 430,549 | |||||||||||||
3.000% | 03/01/32 | 503 | 501,832 | |||||||||||||
3.000% | 01/01/37 | 211 | 206,576 | |||||||||||||
3.000% | 01/01/43 | 452 | 432,515 | |||||||||||||
3.000% | 07/01/43 | 916 | 875,762 | |||||||||||||
3.000% | 01/01/47 | 2,272 | 2,151,412 | |||||||||||||
3.000% | 02/01/50 | 1,885 | 1,760,257 | |||||||||||||
3.000% | 05/01/52 | 474 | 441,988 | |||||||||||||
3.000% | 06/01/52 | 8,371 | 7,805,539 | |||||||||||||
3.000% | 07/01/52 | 2,000 | 1,864,923 | |||||||||||||
3.500% | 03/01/42 | 216 | 212,662 | |||||||||||||
3.500% | 06/01/42 | 155 | 152,388 | |||||||||||||
3.500% | 01/01/47 | 384 | 376,181 | |||||||||||||
3.500% | 02/01/47 | 558 | 546,137 | |||||||||||||
3.500% | 04/01/52 | 323 | 311,314 | |||||||||||||
3.500% | 04/01/52 | 934 | 900,385 | |||||||||||||
3.500% | 04/01/52 | 1,175 | 1,131,774 | |||||||||||||
3.500% | 04/01/52 | 2,995 | 2,890,294 | |||||||||||||
3.500% | 05/01/52 | 1,550 | 1,492,729 | |||||||||||||
3.500% | 07/01/52 | 1,000 | 962,885 | |||||||||||||
4.000% | 06/01/26 | 163 | 165,036 | |||||||||||||
4.000% | 09/01/26 | 91 | 91,828 | |||||||||||||
4.000% | 10/01/39 | 380 | 384,918 | |||||||||||||
4.000% | 12/01/40 | 167 | 168,736 | |||||||||||||
4.000% | 10/01/41 | 149 | 150,455 | |||||||||||||
4.000% | 01/01/42 | 53 | 53,575 | |||||||||||||
4.000% | 10/01/45 | 178 | 179,277 | |||||||||||||
4.000% | 04/01/52 | 1,482 | 1,479,364 | |||||||||||||
4.500% | 09/01/39 | 122 | 126,082 | |||||||||||||
4.500% | 10/01/39 | 665 | 687,409 | |||||||||||||
4.500% | 12/01/39 | 215 | 222,534 | |||||||||||||
4.500% | 07/01/41 | 74 | 75,016 | |||||||||||||
4.500% | 07/01/41 | 1,141 | 1,176,953 | |||||||||||||
4.500% | 08/01/41 | 114 | 115,179 | |||||||||||||
4.500% | 08/01/41 | 115 | 115,898 | |||||||||||||
4.500% | 08/01/41 | 181 | 184,349 |
SEE NOTES TO FINANCIAL STATEMENTS.
A68
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
4.500% | 10/01/41 | 98 | $ | 99,481 | ||||||||||
4.500% | 10/01/46 | 112 | 113,944 | |||||||||||
4.500% | 12/01/47 | 475 | 481,954 | |||||||||||
5.000% | 05/01/34 | 12 | 12,217 | |||||||||||
5.000% | 05/01/34 | 117 | 122,836 | |||||||||||
5.000% | 08/01/35 | 12 | 12,526 | |||||||||||
5.000% | 09/01/35 | 25 | 26,758 | |||||||||||
5.000% | 10/01/36 | 19 | 20,191 | |||||||||||
5.000% | 05/01/37 | 11 | 11,802 | |||||||||||
5.000% | 07/01/37 | 194 | 205,107 | |||||||||||
5.000% | 09/01/38 | 27 | 28,380 | |||||||||||
5.000% | 09/01/38 | 28 | 29,968 | |||||||||||
5.000% | 09/01/38 | 32 | 34,207 | |||||||||||
5.000% | 02/01/39 | 11 | 11,184 | |||||||||||
5.000% | 06/01/39 | 32 | 33,641 | |||||||||||
5.500% | 02/01/34 | 28 | 29,283 | |||||||||||
5.500% | 04/01/34 | 270 | 282,014 | |||||||||||
5.500% | 06/01/34 | 46 | 49,698 | |||||||||||
5.500% | 06/01/34 | 120 | 129,206 | |||||||||||
5.500% | 05/01/37 | 26 | 27,630 | |||||||||||
5.500% | 02/01/38 | 200 | 214,666 | |||||||||||
5.500% | 05/01/38 | 37 | 39,656 | |||||||||||
5.500% | 07/01/38 | 178 | 191,371 | |||||||||||
6.000% | 03/01/32 | 120 | 126,474 | |||||||||||
6.000% | 12/01/33 | 44 | 46,162 | |||||||||||
6.000% | 07/01/36 | 3 | 2,772 | |||||||||||
6.000% | 12/01/36 | 4 | 4,887 | |||||||||||
6.000% | 05/01/37 | 7 | 7,465 | |||||||||||
6.000% | 12/01/37 | 13 | 13,650 | |||||||||||
6.000% | 01/01/38 | 3 | 3,247 | |||||||||||
6.000% | 01/01/38 | 7 | 7,503 | |||||||||||
6.000% | 01/01/38 | 115 | 124,955 | |||||||||||
6.000% | 10/01/38 | 53 | 57,423 | |||||||||||
6.000% | 08/01/39 | 25 | 27,006 | |||||||||||
6.750% | 03/15/31 | 500 | 626,221 | |||||||||||
7.000% | 01/01/31 | 12 | 12,259 | |||||||||||
7.000% | 06/01/31 | 11 | 11,189 | |||||||||||
7.000% | 09/01/31 | 2 | 2,168 | |||||||||||
7.000% | 10/01/31 | 24 | 25,609 | |||||||||||
7.000% | 10/01/32 | 26 | 26,877 | |||||||||||
Federal National Mortgage Assoc. |
| |||||||||||||
1.500% | 02/01/42 | 493 | 422,210 | |||||||||||
1.500% | 10/01/50 | 412 | 342,767 | |||||||||||
1.500% | 11/01/50 | 894 | 743,710 | |||||||||||
1.500% | 12/01/50 | 4,922 | 4,095,868 | |||||||||||
2.000% | 08/01/31 | 672 | 643,048 | |||||||||||
2.000% | 02/01/41 | 2,372 | 2,120,517 | |||||||||||
2.000% | 05/01/41(k) | 5,278 | 4,718,666 | |||||||||||
2.000% | 08/01/50 | 1,210 | 1,055,313 | |||||||||||
2.000% | 10/01/50 | 12,299 | 10,748,849 | |||||||||||
2.000% | 02/01/51(k) | 12,733 | 11,103,492 | |||||||||||
2.000% | 03/01/51 | 1,717 | 1,497,892 | |||||||||||
2.000% | 05/01/51 | 2,463 | 2,140,284 | |||||||||||
2.000% | 08/01/51 | 2,055 | 1,789,367 | |||||||||||
2.000% | 10/01/51 | 3,071 | 2,672,726 | |||||||||||
2.500% | TBA | 12,500 | 11,239,258 | |||||||||||
2.500% | 10/01/43 | 534 | 486,701 | |||||||||||
2.500% | 12/01/46 | 964 | 874,305 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
2.500% | 03/01/50 | 729 | $ | 659,307 | ||||||||||
2.500% | 08/01/50 | 3,205 | 2,890,282 | |||||||||||
2.500% | 12/01/50 | 333 | 302,155 | |||||||||||
2.500% | 04/01/51 | 3,791 | 3,416,658 | |||||||||||
2.500% | 08/01/51 | 1,001 | 901,928 | |||||||||||
2.500% | 08/01/51 | 1,002 | 903,690 | |||||||||||
2.500% | 02/01/52 | 501 | 453,002 | |||||||||||
2.500% | 03/01/52 | 1,028 | 925,553 | |||||||||||
2.500% | 05/01/52 | 994 | 898,350 | |||||||||||
3.000% | TBA | 19,500 | 18,157,852 | |||||||||||
3.000% | 02/01/27 | 615 | 613,446 | |||||||||||
3.000% | 08/01/30 | 467 | 465,724 | |||||||||||
3.000% | 11/01/36 | 918 | 893,603 | |||||||||||
3.000% | 12/01/42 | 506 | 483,540 | |||||||||||
3.000% | 12/01/42 | 719 | 687,154 | |||||||||||
3.000% | 03/01/43 | 128 | 122,799 | |||||||||||
3.000% | 11/01/46 | 123 | 116,645 | |||||||||||
3.000% | 01/01/47 | 990 | 937,014 | |||||||||||
3.000% | 02/01/47 | 697 | 659,772 | |||||||||||
3.000% | 03/01/47 | 549 | 518,971 | |||||||||||
3.000% | 11/01/49 | 549 | 512,651 | |||||||||||
3.000% | 12/01/49 | 342 | 321,322 | |||||||||||
3.000% | 12/01/49 | 468 | 436,131 | |||||||||||
3.000% | 01/01/50 | 500 | 466,306 | |||||||||||
3.000% | 02/01/50 | 487 | 456,829 | |||||||||||
3.000% | 02/01/50 | 509 | 474,549 | |||||||||||
3.000% | 02/01/50 | 5,784 | 5,403,784 | |||||||||||
3.000% | 03/01/50 | 402 | 374,898 | |||||||||||
3.000% | 03/01/52 | 68 | 63,035 | |||||||||||
3.000% | 03/01/52 | 1,976 | 1,846,986 | |||||||||||
3.000% | 04/01/52 | 56 | 51,871 | |||||||||||
3.000% | 04/01/52 | 987 | 921,941 | |||||||||||
3.000% | 04/01/52 | 2,010 | 1,878,079 | |||||||||||
3.000% | 05/01/52 | 3,980 | 3,711,687 | |||||||||||
3.000% | 05/01/52 | 3,987 | 3,720,393 | |||||||||||
3.500% | 07/01/31 | 408 | 407,978 | |||||||||||
3.500% | 11/01/32 | 228 | 228,747 | |||||||||||
3.500% | 02/01/33 | 462 | 462,773 | |||||||||||
3.500% | 05/01/33 | 630 | 631,001 | |||||||||||
3.500% | 06/01/39 | 346 | 340,821 | |||||||||||
3.500% | 01/01/42 | 2,367 | 2,326,559 | |||||||||||
3.500% | 05/01/42 | 1,132 | 1,112,425 | |||||||||||
3.500% | 07/01/42 | 429 | 421,972 | |||||||||||
3.500% | 08/01/42 | 161 | 158,650 | |||||||||||
3.500% | 08/01/42 | 428 | 420,674 | |||||||||||
3.500% | 09/01/42 | 453 | 444,907 | |||||||||||
3.500% | 09/01/42 | 811 | 797,069 | |||||||||||
3.500% | 11/01/42 | 230 | 225,558 | |||||||||||
3.500% | 03/01/43 | 1,699 | 1,669,552 | |||||||||||
3.500% | 04/01/43 | 258 | 253,611 | |||||||||||
3.500% | 04/01/43 | 612 | 601,419 | |||||||||||
3.500% | 07/01/43 | 117 | 115,131 | |||||||||||
3.500% | 06/01/45 | 2,204 | 2,155,955 | |||||||||||
3.500% | 07/01/46 | 294 | 287,104 | |||||||||||
3.500% | 11/01/46 | 570 | 557,422 | |||||||||||
3.500% | 09/01/47 | 536 | 523,886 | |||||||||||
3.500% | 01/01/48 | 5,362 | 5,240,724 | |||||||||||
3.500% | 05/01/48 | 488 | 476,918 |
SEE NOTES TO FINANCIAL STATEMENTS.
A69
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
3.500% | 06/01/48 | 2,551 | $ | 2,494,337 | ||||||||||
3.500% | 05/01/52 | 500 | 481,442 | |||||||||||
3.500% | 06/01/52 | 996 | 959,136 | |||||||||||
4.000% | TBA | 4,000 | 3,936,953 | |||||||||||
4.000% | 12/01/36 | 454 | 461,625 | |||||||||||
4.000% | 10/01/41 | 1,408 | 1,423,756 | |||||||||||
4.000% | 07/01/44 | 518 | 521,752 | |||||||||||
4.000% | 09/01/44 | 828 | 833,393 | |||||||||||
4.000% | 10/01/46 | 414 | 414,090 | |||||||||||
4.000% | 06/01/47 | 369 | 369,606 | |||||||||||
4.000% | 09/01/47 | 137 | 137,769 | |||||||||||
4.000% | 11/01/47 | 460 | 462,075 | |||||||||||
4.000% | 11/01/47 | 573 | 574,589 | |||||||||||
4.000% | 12/01/47 | 1,890 | 1,897,753 | |||||||||||
4.000% | 03/01/49 | 3,866 | 3,869,710 | |||||||||||
4.500% | 07/01/33 | 24 | 24,347 | |||||||||||
4.500% | 08/01/33 | 8 | 8,047 | |||||||||||
4.500% | 09/01/33 | 23 | 23,283 | |||||||||||
4.500% | 10/01/33 | 60 | 61,736 | |||||||||||
4.500% | 03/01/34 | 18 | 18,035 | |||||||||||
4.500% | 01/01/35 | 1 | 1,099 | |||||||||||
4.500% | 07/01/39 | 431 | 444,144 | |||||||||||
4.500% | 08/01/39 | 299 | 307,599 | |||||||||||
4.500% | 09/01/39 | 179 | 184,403 | |||||||||||
4.500% | 12/01/39 | 2 | 2,418 | |||||||||||
4.500% | 03/01/41 | 708 | 730,510 | |||||||||||
4.500% | 07/01/42 | 64 | 66,466 | |||||||||||
5.000% | 03/01/34 | 123 | 129,138 | |||||||||||
5.000% | 04/01/35 | 290 | 304,385 | |||||||||||
5.000% | 06/01/35 | 69 | 72,838 | |||||||||||
5.000% | 07/01/35 | 67 | 70,612 | |||||||||||
5.000% | 07/01/35 | 69 | 72,373 | |||||||||||
5.000% | 09/01/35 | 49 | 51,978 | |||||||||||
5.000% | 11/01/35 | 63 | 65,919 | |||||||||||
5.000% | 02/01/36 | 38 | 40,293 | |||||||||||
5.500% | 02/01/33 | 50 | 53,272 | |||||||||||
5.500% | 08/01/33 | 127 | 134,191 | |||||||||||
5.500% | 10/01/33 | 31 | 33,152 | |||||||||||
5.500% | 12/01/33 | 30 | 32,575 | |||||||||||
5.500% | 12/01/34 | 77 | 82,675 | |||||||||||
5.500% | 10/01/35 | 187 | 194,965 | |||||||||||
5.500% | 03/01/36 | 45 | 46,764 | |||||||||||
5.500% | 04/01/36 | 47 | 48,546 | |||||||||||
5.500% | 01/01/37 | 38 | 40,897 | |||||||||||
5.500% | 04/01/37 | 19 | 20,044 | |||||||||||
5.500% | 05/01/37 | 115 | 124,007 | |||||||||||
5.500% | 08/01/37 | 142 | 151,994 | |||||||||||
6.000% | 10/01/33 | 154 | 164,217 | |||||||||||
6.000% | 11/01/33 | 13 | 13,560 | |||||||||||
6.000% | 11/01/33 | 20 | 20,542 | |||||||||||
6.000% | 01/01/34 | 162 | 175,402 | |||||||||||
6.000% | 02/01/34 | 58 | 62,517 | |||||||||||
6.000% | 03/01/34 | 1 | 1,320 | |||||||||||
6.000% | 03/01/34 | 10 | 10,097 | |||||||||||
6.000% | 03/01/34 | 12 | 12,596 | |||||||||||
6.000% | 11/01/34 | 16 | 16,990 | |||||||||||
6.000% | 01/01/35 | 27 | 28,600 | |||||||||||
6.000% | 01/01/35 | 71 | 74,374 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
6.000% | 02/01/35 | 2 | $ | 1,982 | ||||||||||
6.000% | 02/01/35 | 96 | 100,697 | |||||||||||
6.000% | 02/01/35 | 110 | 118,205 | |||||||||||
6.000% | 04/01/35 | 10 | 10,398 | |||||||||||
6.000% | 05/01/36 | 17 | 18,608 | |||||||||||
6.000% | 06/01/36 | 13 | 13,261 | |||||||||||
6.000% | 02/01/37 | 39 | 43,223 | |||||||||||
6.000% | 06/01/37 | 16 | 17,192 | |||||||||||
6.000% | 05/01/38 | 98 | 107,007 | |||||||||||
6.500% | 09/01/32 | 1 | 934 | |||||||||||
6.500% | 09/01/32 | 12 | 12,075 | |||||||||||
6.500% | 09/01/32 | 23 | 24,572 | |||||||||||
6.500% | 09/01/32 | 28 | 28,992 | |||||||||||
6.500% | 10/01/32 | 28 | 29,853 | |||||||||||
6.500% | 04/01/33 | 30 | 32,166 | |||||||||||
6.500% | 11/01/33 | 19 | 20,013 | |||||||||||
6.500% | 01/01/34 | 19 | 20,618 | |||||||||||
6.500% | 09/01/34 | 35 | 36,621 | |||||||||||
6.500% | 09/01/36 | 91 | 99,389 | |||||||||||
6.500% | 10/01/36 | 16 | 17,069 | |||||||||||
6.500% | 11/01/36 | 33 | 35,117 | |||||||||||
6.500% | 01/01/37 | 36 | 37,815 | |||||||||||
6.500% | 01/01/37 | 56 | 58,635 | |||||||||||
6.500% | 09/01/37 | 11 | 11,541 | |||||||||||
6.625% | 11/15/30 | 1,080 | 1,334,909 | |||||||||||
7.000% | 02/01/32 | 10 | 10,237 | |||||||||||
7.000% | 05/01/32 | 10 | 10,744 | |||||||||||
7.000% | 06/01/32 | 7 | 7,180 | |||||||||||
7.000% | 07/01/32 | 34 | 36,677 | |||||||||||
7.125% | 01/15/30(k) | 3,600 | 4,518,257 | |||||||||||
Government National Mortgage Assoc. |
| |||||||||||||
2.000% | TBA | 4,000 | 3,551,563 | |||||||||||
2.000% | 03/20/51 | 1,660 | 1,477,084 | |||||||||||
2.000% | 07/20/51 | 502 | 447,993 | |||||||||||
2.000% | 10/20/51 | 1,025 | 911,812 | |||||||||||
2.500% | TBA | 2,500 | 2,287,500 | |||||||||||
2.500% | 03/20/43 | 386 | 354,319 | |||||||||||
2.500% | 12/20/46 | 359 | 329,668 | |||||||||||
2.500% | 05/20/51 | 1,696 | 1,559,123 | |||||||||||
2.500% | 08/20/51 | 1,107 | 1,015,487 | |||||||||||
2.500% | 11/20/51 | 480 | 440,871 | |||||||||||
3.000% | TBA | 1,500 | 1,413,867 | |||||||||||
3.000% | 03/15/45 | 340 | 322,792 | |||||||||||
3.000% | 11/20/45 | 444 | 425,771 | |||||||||||
3.000% | 03/20/46 | 2,648 | 2,540,101 | |||||||||||
3.000% | 07/20/46 | 1,723 | 1,653,157 | |||||||||||
3.000% | 10/20/46 | 573 | 549,349 | |||||||||||
3.000% | 02/20/47 | 865 | 829,609 | |||||||||||
3.000% | 12/20/49 | 171 | 162,259 | |||||||||||
3.000% | 01/20/50 | 1,513 | 1,432,603 | |||||||||||
3.000% | 06/20/51 | 396 | 374,731 | |||||||||||
3.000% | 10/20/51 | 1,512 | 1,428,975 | |||||||||||
3.000% | 11/20/51 | 985 | 931,242 | |||||||||||
3.000% | 12/20/51 | 534 | 504,203 | |||||||||||
3.000% | 04/20/52 | 998 | 942,513 | |||||||||||
3.000% | 05/20/52 | 1,495 | 1,411,485 | |||||||||||
3.500% | 12/20/42 | 874 | 867,595 | |||||||||||
3.500% | 05/20/43 | 177 | 175,921 |
SEE NOTES TO FINANCIAL STATEMENTS.
A70
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
3.500% | 03/20/45 | 550 | $ | 544,131 | ||||||||||
3.500% | 04/20/45 | 737 | 729,851 | |||||||||||
3.500% | 07/20/46 | 2,548 | 2,511,780 | |||||||||||
3.500% | 06/20/49 | 3,350 | 3,276,785 | |||||||||||
4.000% | 06/15/40 | 66 | 67,190 | |||||||||||
4.000% | 05/20/41 | 134 | 136,672 | |||||||||||
4.000% | 12/20/42 | 327 | 332,050 | |||||||||||
4.000% | 08/20/44 | 121 | 121,565 | |||||||||||
4.000% | 11/20/45 | 577 | 582,409 | |||||||||||
4.000% | 12/20/45 | 631 | 637,526 | |||||||||||
4.000% | 11/20/46 | 135 | 135,828 | |||||||||||
4.000% | 09/20/47 | 1,776 | 1,789,567 | |||||||||||
4.000% | 02/20/49 | 1,021 | 1,026,988 | |||||||||||
4.000% | 01/20/50 | 1,000 | 1,005,462 | |||||||||||
4.500% | 04/15/40 | 237 | 246,922 | |||||||||||
4.500% | 01/20/41 | 611 | 643,693 | |||||||||||
4.500% | 02/20/41 | 365 | 384,723 | |||||||||||
4.500% | 06/20/44 | 393 | 414,373 | |||||||||||
4.500% | 09/20/46 | 213 | 217,999 | |||||||||||
4.500% | 11/20/46 | 366 | 385,579 | |||||||||||
4.500% | 03/20/47 | 306 | 317,203 | |||||||||||
4.500% | 05/20/48 | 308 | 314,579 | |||||||||||
4.500% | 06/20/48 | 405 | 413,904 | |||||||||||
4.500% | 08/20/48 | 1,345 | 1,368,444 | |||||||||||
5.000% | 10/20/37 | 79 | 83,918 | |||||||||||
5.000% | 04/20/45 | 395 | 419,950 | |||||||||||
5.500% | 11/15/32 | 33 | 34,545 | |||||||||||
5.500% | 02/15/33 | 26 | 28,865 | |||||||||||
5.500% | 08/15/33 | 47 | 49,697 | |||||||||||
5.500% | 08/15/33 | 65 | 67,913 | |||||||||||
5.500% | 09/15/33 | 36 | 37,600 | |||||||||||
5.500% | 09/15/33 | 58 | 61,134 | |||||||||||
5.500% | 10/15/33 | 46 | 49,198 | |||||||||||
5.500% | 12/15/33 | 5 | 5,134 | |||||||||||
5.500% | 04/15/34 | 162 | 175,920 | |||||||||||
5.500% | 07/15/35 | 32 | 34,457 | |||||||||||
5.500% | 02/15/36 | 86 | 92,975 | |||||||||||
6.000% | 02/15/33 | 2 | 1,675 | |||||||||||
6.000% | 04/15/33 | 12 | 12,984 | |||||||||||
6.000% | 09/15/33 | 9 | 10,069 | |||||||||||
6.000% | 12/15/33 | 23 | 24,734 | |||||||||||
6.000% | 12/15/33 | 66 | 70,108 | |||||||||||
6.000% | 01/15/34 | 11 | 12,445 | |||||||||||
6.000% | 01/15/34 | 22 | 23,065 | |||||||||||
6.000% | 06/20/34 | 42 | 45,718 | |||||||||||
6.000% | 07/15/34 | 92 | 101,117 | |||||||||||
6.000% | 10/15/34 | 109 | 115,951 | |||||||||||
6.500% | 10/15/23 | —(r | ) | 174 | ||||||||||
6.500% | 12/15/23 | 1 | 580 | |||||||||||
6.500% | 01/15/24 | —(r | ) | 331 | ||||||||||
6.500% | 01/15/24 | 1 | 970 | |||||||||||
6.500% | 01/15/24 | 2 | 2,071 | |||||||||||
6.500% | 01/15/24 | 3 | 2,986 | |||||||||||
6.500% | 01/15/24 | 11 | 11,474 | |||||||||||
6.500% | 02/15/24 | —(r | ) | 71 | ||||||||||
6.500% | 02/15/24 | —(r | ) | 96 | ||||||||||
6.500% | 02/15/24 | —(r | ) | 483 | ||||||||||
6.500% | 02/15/24 | 1 | 671 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
6.500% | 02/15/24 | 1 | $ | 790 | ||||||||||
6.500% | 02/15/24 | 2 | 2,430 | |||||||||||
6.500% | 02/15/24 | 3 | 3,040 | |||||||||||
6.500% | 02/15/24 | 3 | 3,103 | |||||||||||
6.500% | 02/15/24 | 11 | 11,596 | |||||||||||
6.500% | 04/15/24 | —(r | ) | 134 | ||||||||||
6.500% | 04/15/24 | —(r | ) | 417 | ||||||||||
6.500% | 04/15/24 | 1 | 772 | |||||||||||
6.500% | 04/15/24 | 3 | 3,155 | |||||||||||
6.500% | 05/15/24 | 3 | 2,695 | |||||||||||
6.500% | 05/15/24 | 5 | 5,190 | |||||||||||
6.500% | 10/15/24 | 3 | 3,516 | |||||||||||
6.500% | 12/15/30 | 5 | 5,120 | |||||||||||
6.500% | 01/15/32 | 14 | 14,832 | |||||||||||
6.500% | 02/15/32 | 10 | 10,248 | |||||||||||
6.500% | 07/15/32 | 20 | 21,044 | |||||||||||
6.500% | 08/15/32 | 3 | 3,581 | |||||||||||
6.500% | 08/15/32 | 7 | 7,300 | |||||||||||
6.500% | 08/15/32 | 23 | 24,498 | |||||||||||
6.500% | 08/15/32 | 115 | 123,412 | |||||||||||
6.500% | 06/15/35 | 20 | 21,672 | |||||||||||
6.500% | 07/15/35 | 6 | 6,558 | |||||||||||
8.000% | 01/15/24 | 2 | 2,190 | |||||||||||
8.000% | 04/15/25 | 1 | 1,147 | |||||||||||
Tennessee Valley Authority, Sr. Unsec’d. Notes |
| |||||||||||||
1.500% | 09/15/31 | 625 | 527,564 | |||||||||||
|
| |||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| 280,757,802 | ||||||||||||
|
| |||||||||||||
U.S. TREASURY OBLIGATIONS — 1.2% |
| |||||||||||||
U.S. Treasury Bonds |
| |||||||||||||
1.750% | 08/15/41 | 9,990 | 7,597,083 | |||||||||||
2.000% | 11/15/41(h) | 18,640 | 14,801,325 | |||||||||||
2.250% | 05/15/41 | 2,145 | 1,789,064 | |||||||||||
2.375% | 02/15/42 | 11,610 | 9,843,103 | |||||||||||
2.500% | 05/15/46 | 8,190 | 6,941,025 | |||||||||||
U.S. Treasury Notes |
| |||||||||||||
3.125% | 11/15/28(k) | 100 | 100,195 | |||||||||||
U.S. Treasury Strips Coupon |
| |||||||||||||
2.000%(s) | 08/15/39 | 3,780 | 2,146,627 | |||||||||||
2.228%(s) | 05/15/28 | 718 | 599,474 | |||||||||||
2.365%(s) | 08/15/44 | 3,095 | 1,396,981 | |||||||||||
2.395%(s) | 11/15/43 | 1,156 | 536,276 | |||||||||||
2.628%(s) | 11/15/41 | 9,150 | 4,590,726 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| 50,341,879 | ||||||||||||
|
| |||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 3,721,457,633 | ||||||||||||
|
| |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 12.6% |
| |||||||||||||
AFFILIATED MUTUAL FUNDS — 12.6% |
| |||||||||||||
PGIM Core Ultra Short Bond Fund(wa) |
| 432,051,922 | 432,051,922 |
SEE NOTES TO FINANCIAL STATEMENTS.
A71
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||||||||||
AFFILIATED MUTUAL FUNDS (continued) |
| |||||||||||||||
PGIM Institutional Money Market Fund (cost $86,200,720; includes $86,131,134 of cash collateral for securities on loan)(b)(wa) |
| 86,343,851 | $ | 86,266,142 | ||||||||||||
|
| |||||||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 518,318,064 | ||||||||||||||
|
| |||||||||||||||
Interest Rate | Maturity Date | Principal Amount (000)# | ||||||||||||||
U.S. TREASURY OBLIGATION(k)(n) — 0.0% |
| |||||||||||||||
U.S. Treasury Bills |
| |||||||||||||||
1.426% | 09/15/22 | 160 | 159,464 | |||||||||||||
|
| |||||||||||||||
(cost $159,521) |
| |||||||||||||||
OPTIONS PURCHASED*~ — 0.0% |
| |||||||||||||||
(cost $124,982) |
| 343,756 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 518,821,284 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS |
| |||||||||||||||
WRITTEN—102.9% |
| |||||||||||||||
(cost $3,917,381,166) |
| 4,240,278,917 | ||||||||||||||
|
| |||||||||||||||
OPTIONS WRITTEN*~ — (0.0)% |
| |||||||||||||||
(premiums received $119,642) |
| (100,695 | ) | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, NET OF OPTIONS |
| |||||||||||||||
WRITTEN—102.9% |
| |||||||||||||||
(cost $3,917,261,524) |
| 4,240,178,222 | ||||||||||||||
Liabilities in excess of other assets(z) — (2.9)% |
| (121,472,285 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS — 100.0% |
| $ | 4,118,705,937 | |||||||||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,415,898 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $82,871,768; cash collateral of $86,131,134 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(n) | Rate shown reflects yield to maturity at purchased date. |
(oo) | Perpetual security. Maturity date represents next call date. |
(r) | Principal or notional amount is less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Options Purchased:
OTC Swaptions
Description | Call/ | Counterparty | Expiration | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 4,800 | $ | — | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | — | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Citibank, N.A. | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 4,800 | — | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Morgan Stanley & Co. International PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A72
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Options Purchased (continued):
OTC Swaptions
Description | Call/ | Counterparty | Expiration | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | $ | 3 | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Deutsche Bank AG | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,100 | 2 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | JP Morgan Chase Bank, N.A. | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,090 | 2 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 07/20/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | 72,190 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Morgan Stanley & Co. International PLC | 07/20/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | 60,853 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 4,800 | 52,785 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Citibank, N.A. | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 4,800 | 52,785 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 08/17/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | 58,611 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | JP Morgan Chase Bank, N.A. | 08/17/22 | 0.88% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,090 | 24,387 | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Deutsche Bank AG | 08/17/22 | 0.90% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,100 | 22,138 | ||||||||||||
|
| |||||||||||||||||||
Total Options Purchased (cost $124,982) | $ | 343,756 | ||||||||||||||||||
|
|
Options Written:
OTC Swaptions
Description | Call/ | Counterparty | Expiration | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 07/20/22 | 0.63% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | $ | (30 | ) | ||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Morgan Stanley & Co. International PLC | 07/20/22 | 0.65% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | (63 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 4,800 | (125 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Citibank, N.A. | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 4,800 | (125 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Barclays Bank PLC | 08/17/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 5,020 | (593 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | JP Morgan Chase Bank, N.A. | 08/17/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,090 | (446 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Call | Deutsche Bank AG | 08/17/22 | 0.80% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 3,100 | (674 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 07/20/22 | 0.95% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | (20,742 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Morgan Stanley & Co. International PLC | 07/20/22 | 0.98% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | (17,515 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 4,800 | (10,018 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Citibank, N.A. | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 4,800 | (10,018 | ) | |||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Barclays Bank PLC | 08/17/22 | 1.03% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 5,020 | (22,019 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
A73
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Options Written (continued):
OTC Swaptions
Description | Call/ | Counterparty | Expiration | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | JP Morgan Chase Bank, N.A. | 08/17/22 | 1.13% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,090 | $ | (9,263 | ) | ||||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | Deutsche Bank AG | 08/17/22 | 1.15% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 3,100 | (8,469 | ) | |||||||||||
GS_21-PJ2A^ | Put | Goldman Sachs International | 11/15/24 | 0.50% | 0.50%(M) | GS_21-PJ2A(M) | 7,000 | (211 | ) | |||||||||||
GS_21-PJA^ | Put | Goldman Sachs International | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 13,500 | (384 | ) | |||||||||||
|
| |||||||||||||||||||
Total Options Written (premiums received $119,642) | $ | (100,695 | ) | |||||||||||||||||
|
|
Futures contracts outstanding at June 30, 2022:
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||||||||
Long Positions: | ||||||||||||||
322 | 2 Year U.S. Treasury Notes | Sep. 2022 | $ | 67,625,032 | $ | (261,510 | ) | |||||||
129 | 5 Year U.S. Treasury Notes | Sep. 2022 | 14,480,250 | (69,058 | ) | |||||||||
617 | 10 Year U.S. Treasury Notes | Sep. 2022 | 73,133,781 | (198,493 | ) | |||||||||
464 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2022 | 71,615,500 | (901,063 | ) | |||||||||
7 | Mini MSCI EAFE Index | Sep. 2022 | 649,810 | (2,805 | ) | |||||||||
6 | S&P 500 E-Mini Index | Sep. 2022 | 1,136,850 | (33,327 | ) | |||||||||
|
| |||||||||||||
(1,466,256 | ) | |||||||||||||
|
| |||||||||||||
Short Positions: | ||||||||||||||
14 | 5 Year Euro-Bobl | Sep. 2022 | 1,822,029 | 16,514 | ||||||||||
30 | 10 Year Euro-Bund | Sep. 2022 | 4,677,420 | 103,904 | ||||||||||
28 | 10 Year U.S. Ultra Treasury Notes | Sep. 2022 | 3,566,500 | 28,166 | ||||||||||
374 | 20 Year U.S. Treasury Bonds | Sep. 2022 | 51,845,750 | 453,691 | ||||||||||
18 | Euro Schatz Index | Sep. 2022 | 2,058,813 | 4,485 | ||||||||||
|
| |||||||||||||
606,760 | ||||||||||||||
|
| |||||||||||||
$ | (859,496 | ) | ||||||||||||
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2022:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||||||
Expiring 07/19/22 | Morgan Stanley & Co. International PLC | CAD | 353 | $ | 272,299 | $ | 273,996 | $ | 1,697 | $ | — | |||||||||||||||
Euro, | ||||||||||||||||||||||||||
Expiring 07/05/22 | The Toronto-Dominion Bank | EUR | 21,213 | 22,348,556 | 22,236,747 | — | (111,809 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 22,620,855 | $ | 22,510,743 | 1,697 | (111,809 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||||||
Expiring 07/19/22 | Citibank, N.A. | CAD | 4,639 | $ | 3,674,879 | $ | 3,604,068 | $ | 70,811 | $ | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A74
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Forward foreign currency exchange contracts outstanding at June 30, 2022 (continued):
Sale | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| ||||||||||||||||||||||||||||||||
Euro, | |||||||||||||||||||||||||||||||||
Expiring 07/05/22 | Morgan Stanley & Co. International PLC | EUR | 21,213 | $ | 22,819,838 | $ | 22,236,747 | $ | 583,091 | $ | — | ||||||||||||||||||||||
Expiring 08/02/22 | The Toronto-Dominion Bank | EUR | 21,213 | 22,389,136 | 22,278,554 | 110,582 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
$ | 48,883,853 | $ | 48,119,369 | 764,484 | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
$ | 766,181 | $ | (111,809 | ) | |||||||||||||||||||||||||||||
|
|
|
|
Credit default swap agreements outstanding at June 30, 2022:
Reference Entity/ | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at June 30, 2022(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^: |
| |||||||||||||||||||||||||||||||||||||||
GS_21-PJ2A | 07/14/22 | 0.500 | %(M) | 3,809 | 0.500 | % | $ | 3,174 | $ | (368 | ) | $ | 3,542 | Goldman Sachs International | ||||||||||||||||||||||||||
GS_21-PJA | 07/14/22 | 0.250 | %(M) | 7,347 | * | 3,060 | (355 | ) | 3,415 | Goldman Sachs International | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
$ | 6,234 | $ | (723 | ) | $ | 6,957 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at June 30, 2022 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): |
| |||||||||||||||||||||||||||||
CDX.NA.IG.38.V1 | 06/20/27 | 1.000 | %(Q) | 29,380 | $ | (358,093 | ) | $ | 337 | $ | 358,430 | |||||||||||||||||||
|
|
|
|
|
|
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
* | When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold |
SEE NOTES TO FINANCIAL STATEMENTS.
A75
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Total return swap agreements outstanding at June 30, 2022:
Reference Entity | Financing | Counterparty | Termination | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | ||||||||||||||||||||
OTC Total Return Swap Agreements: | |||||||||||||||||||||||||||
U.S. Treasury Bond(T) | 1 Day USOIS +2bps(T) | Bank of America, N.A. | 08/10/22 | 27,440 | $ | (83,169 | ) | $ | — | $ | (83,169 | ) | |||||||||||||||
U.S. Treasury Bond(T) | 1 Day USOIS +1bps(T) | JP Morgan Chase Bank, N.A. | 08/22/22 | 18,765 | (184,388 | ) | — | (184,388 | ) | ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
$ | (267,557 | ) | $ | — | $ | (267,557 | ) | ||||||||||||||||||||
|
|
|
|
|
|
(1) | On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||
| ||||||||
OTC Swap Agreements | $— | $(723) | $6,957 | $(267,557) | ||||
|
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker | Cash and/or Foreign Currency | Securities Market Value | ||||||||
Citigroup Global Markets, Inc. | $ | — | $ | 4,783,617 | ||||||
Goldman Sachs & Co. LLC | — | 159,464 | ||||||||
|
|
|
| |||||||
Total | $ | — | $ | 4,943,081 | ||||||
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Assets | ||||||||||||
Long-Term Investments | ||||||||||||
Common Stocks | $ | 2,412,647,290 | $ | 40,282,597 | $ | — | ||||||
Exchange-Traded Fund | 167,973 | — | — | |||||||||
Preferred Stocks | 589,600 | 147,720 | — | |||||||||
Asset-Backed Securities | ||||||||||||
Automobiles | — | 75,973,836 | — | |||||||||
Collateralized Loan Obligations | — | 144,894,759 | — | |||||||||
Consumer Loans | — | 10,722,293 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A76
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Assets (continued) | ||||||||||||
Long-Term Investments (continued) | ||||||||||||
Asset-Backed Securities (continued) | ||||||||||||
Equipment | $ | — | $ | 8,245,545 | $ | — | ||||||
Other | — | 4,352,541 | — | |||||||||
Residential Mortgage-Backed Securities | — | 109,292 | 1,410,259 | |||||||||
Student Loans | — | 13,149,032 | — | |||||||||
Commercial Mortgage-Backed Securities | — | 207,585,590 | — | |||||||||
Corporate Bonds | — | 366,760,880 | — | |||||||||
Municipal Bonds | — | 16,185,460 | — | |||||||||
Residential Mortgage-Backed Securities | — | 68,840,557 | — | |||||||||
Sovereign Bonds | — | 18,292,728 | — | |||||||||
U.S. Government Agency Obligations | — | 280,757,802 | — | |||||||||
U.S. Treasury Obligations | — | 50,341,879 | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 518,318,064 | — | — | |||||||||
U.S. Treasury Obligation | — | 159,464 | — | |||||||||
Options Purchased | — | 343,756 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,931,722,927 | $ | 1,307,145,731 | $ | 1,410,259 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Options Written | $ | — | $ | (100,100 | ) | $ | (595 | ) | ||||
|
|
|
|
|
| |||||||
Other Financial Instruments* | ||||||||||||
Assets | ||||||||||||
Futures Contracts | $ | 606,760 | $ | — | $ | — | ||||||
OTC Forward Foreign Currency Exchange Contracts | — | 766,181 | — | |||||||||
Centrally Cleared Credit Default Swap Agreement | — | 358,430 | — | |||||||||
OTC Credit Default Swap Agreements | — | — | 6,234 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 606,760 | $ | 1,124,611 | $ | 6,234 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (1,466,256 | ) | $ | — | $ | — | |||||
OTC Forward Foreign Currency Exchange Contract | — | (111,809 | ) | — | ||||||||
OTC Total Return Swap Agreements | — | (267,557 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total | $ | (1,466,256 | ) | $ | (379,366 | ) | $ | — | ||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Affiliated Mutual Funds (2.1% represents investments purchased with collateral from securities on loan) | 12.6 | % | ||
U.S. Government Agency Obligations | 6.8 | |||
Software | 5.5 | |||
Banks | 5.1 | |||
Commercial Mortgage-Backed Securities | 5.0 | |||
Technology Hardware, Storage & Peripherals | 3.9 | |||
Pharmaceuticals | 3.6 | |||
Collateralized Loan Obligations | 3.5 | |||
Automobiles | 3.3 | |||
Interactive Media & Services | 3.2 | |||
Semiconductors & Semiconductor Equipment | 3.1 | |||
IT Services | 2.6 | |||
Oil, Gas & Consumable Fuels | 2.5 |
Health Care Providers & Services | 2.2 | % | ||
Internet & Direct Marketing Retail | 1.7 | |||
Residential Mortgage-Backed Securities | 1.7 | |||
Capital Markets | 1.6 | |||
Equity Real Estate Investment Trusts (REITs) | 1.6 | |||
Health Care Equipment & Supplies | 1.5 | |||
Biotechnology | 1.5 | |||
Insurance | 1.3 | |||
Aerospace & Defense | 1.3 | |||
Beverages | 1.3 | |||
U.S. Treasury Obligations | 1.2 | |||
Specialty Retail | 1.2 | |||
Chemicals | 1.1 | |||
Life Sciences Tools & Services | 1.1 |
SEE NOTES TO FINANCIAL STATEMENTS.
A77
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification (continued):
Diversified Financial Services | 1.1 | % | ||
Electric Utilities | 1.1 | |||
Hotels, Restaurants & Leisure | 1.0 | |||
Food & Staples Retailing | 1.0 | |||
Household Products | 1.0 | |||
Food Products | 0.8 | |||
Machinery | 0.8 | |||
Electric | 0.8 | |||
Entertainment | 0.8 | |||
Media | 0.7 | |||
Diversified Telecommunication Services | 0.6 | |||
Pipelines | 0.6 | |||
Telecommunications | 0.5 | |||
Road & Rail | 0.5 | |||
Electronic Equipment, Instruments & Components | 0.5 | |||
Multi-Utilities | 0.5 | |||
Sovereign Bonds | 0.4 | |||
Communications Equipment | 0.4 | |||
Industrial Conglomerates | 0.4 | |||
Municipal Bonds | 0.4 | |||
Auto Manufacturers | 0.4 | |||
Consumer Finance | 0.4 | |||
Airlines | 0.4 | |||
Tobacco | 0.3 | |||
Oil & Gas | 0.3 | |||
Electrical Equipment | 0.3 | |||
Textiles, Apparel & Luxury Goods | 0.3 | |||
Student Loans | 0.3 | |||
Air Freight & Logistics | 0.3 | |||
Real Estate Investment Trusts (REITs) | 0.3 | |||
Containers & Packaging | 0.3 | |||
Consumer Loans | 0.3 | |||
Household Durables | 0.2 | |||
Trading Companies & Distributors | 0.2 | |||
Building Products | 0.2 | |||
Professional Services | 0.2 | |||
Metals & Mining | 0.2 | |||
Equipment | 0.2 | |||
Energy Equipment & Services | 0.2 | |||
Construction Materials | 0.2 | |||
Multiline Retail | 0.2 | |||
Retail | 0.2 |
Commercial Services & Supplies | 0.2 | % | ||
Independent Power & Renewable Electricity Producers | 0.2 | |||
Distributors | 0.2 | |||
Wireless Telecommunication Services | 0.2 | |||
Commercial Services | 0.1 | |||
Water Utilities | 0.1 | |||
Real Estate Management & Development | 0.1 | |||
Packaging & Containers | 0.1 | |||
Agriculture | 0.1 | |||
Foods | 0.1 | |||
Other | 0.1 | |||
Semiconductors | 0.1 | |||
Healthcare-Services | 0.1 | |||
Gas | 0.1 | |||
Mining | 0.1 | |||
Office/Business Equipment | 0.1 | |||
Healthcare-Products | 0.1 | |||
Home Builders | 0.0 | * | ||
Housewares | 0.0 | * | ||
Transportation | 0.0 | * | ||
Engineering & Construction | 0.0 | * | ||
Building Materials | 0.0 | * | ||
Miscellaneous Manufacturing | 0.0 | * | ||
Personal Products | 0.0 | * | ||
Marine | 0.0 | * | ||
Multi-National | 0.0 | * | ||
Apparel | 0.0 | * | ||
Auto Components | 0.0 | * | ||
Construction & Engineering | 0.0 | * | ||
Options Purchased | 0.0 | * | ||
Exchange-Traded Fund | 0.0 | * | ||
Leisure Products | 0.0 | * | ||
Gas Utilities | 0.0 | * | ||
Paper & Forest Products | 0.0 | * | ||
|
| |||
102.9 | ||||
Options Written | (0.0 | )* | ||
Liabilities in excess of other assets | (2.9 | ) | ||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below. Fair values of derivative instruments as of June 30, 2022 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as | Statement of | Fair Value | Statement of | Fair Value | ||||||||
Credit contracts | Due from/to broker-variation margin swaps | $ | 358,430 | * | — | $ | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A78
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Statement of | Fair Value | Statement of | Fair Value | ||||||||
Credit contracts | — | $ | — | Premiums received for OTC swap agreements | $ | 723 | ||||||
Credit contracts | Unaffiliated investments | 343,756 | Options written outstanding, at value | 100,695 | ||||||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 6,957 | — | — | ||||||||
Equity contracts | — | — | Due from/to broker-variation margin futures | 36,132 | * | |||||||
Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 766,181 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 111,809 | ||||||||
Interest rate contracts | Due from/to broker-variation margin futures | 606,760 | * | Due from/to broker-variation margin futures | 1,430,124 | * | ||||||
Interest rate contracts | — | — | Unrealized depreciation on OTC swap agreements | 267,557 | ||||||||
|
|
|
| |||||||||
$ | 2,082,084 | $ | 1,947,040 | |||||||||
|
|
|
|
* | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Options Purchased(1) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | |||||||||||||||
Credit contracts | $ | (204,689 | ) | $ | 190,679 | $ | — | $ | — | $ | 284,161 | |||||||||
Equity contracts | — | — | (374,234 | ) | — | — | ||||||||||||||
Foreign exchange contracts | — | — | — | 1,342,904 | — | |||||||||||||||
Interest rate contracts | — | — | (25,355,801 | ) | — | (10,753,236 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (204,689 | ) | $ | 190,679 | $ | (25,730,035 | ) | $ | 1,342,904 | $ | (10,469,075 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
(1) | Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||||||||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Options Purchased(2) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | |||||||||||||||
Credit contracts | $ | 266,258 | $ | 43,214 | $ | — | $ | — | $ | 358,182 | ||||||||||
Equity contracts | — | — | (68,960 | ) | — | — | ||||||||||||||
Foreign exchange contracts | — | — | — | 849,610 | — | |||||||||||||||
Interest rate contracts | — | — | (2,725,592 | ) | — | 2,713,770 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 266,258 | $ | 43,214 | $ | (2,794,552 | ) | $ | 849,610 | $ | 3,071,952 | |||||||||
|
|
|
|
|
|
|
|
|
|
(2) | Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |
For | the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows: |
Derivative Contract Type | Average Volume of Derivative Activities* | |
Options Purchased (1) | $ 122,113 | |
Options Written (2) | 101,653,333 |
SEE NOTES TO FINANCIAL STATEMENTS.
A79
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Derivative Contract Type | Average Volume of Derivative Activities* | ||||
Futures Contracts - Long Positions (2) | $254,684,716 | ||||
Futures Contracts - Short Positions (2) | 48,883,563 | ||||
Forward Foreign Currency Exchange Contracts - Purchased (3) | 15,868,367 | ||||
Forward Foreign Currency Exchange Contracts - Sold (3) | 43,952,909 | ||||
Credit Default Swap Agreements - Buy Protection (2) | 17,576,667 | ||||
Credit Default Swap Agreements - Sell Protection (2) | 16,195,633 | ||||
Total Return Swap Agreements (2) | 37,058,333 | ||||
Inflation Swap Agreements (2) | 13,738,333 |
* | Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022. |
(1) | Cost. |
(2) | Notional Amount in USD. |
(3) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and liabilities:
Description | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | ||||||||||||
Securities on Loan | $ | 82,871,768 | $ | (82,871,768 | ) | $ | — |
Offsetting of OTC derivative assets and liabilities:
Counterparty | Gross Amounts of Recognized Assets(1) | Gross Amounts of Recognized Liabilities(1) | Net Amounts of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | ||||||||||||||||||||
Bank of America, N.A. | $ | — | $ | (83,169 | ) | $ | (83,169 | ) | $ | 83,169 | $ | — | |||||||||||||
Barclays Bank PLC | 183,589 | (53,527 | ) | 130,062 | — | 130,062 | |||||||||||||||||||
Citibank, N.A. | 123,596 | (10,143 | ) | 113,453 | — | 113,453 | |||||||||||||||||||
Deutsche Bank AG | 22,140 | (9,143 | ) | 12,997 | — | 12,997 | |||||||||||||||||||
Goldman Sachs International | 6,957 | (1,318 | ) | 5,639 | — | 5,639 | |||||||||||||||||||
JP Morgan Chase Bank, N.A. | 24,389 | (194,097 | ) | (169,708 | ) | 169,708 | — | ||||||||||||||||||
Morgan Stanley & Co. International PLC | 645,641 | (17,578 | ) | 628,063 | (580,000 | ) | 48,063 | ||||||||||||||||||
The Toronto-Dominion Bank | 110,582 | (111,809 | ) | (1,227 | ) | — | (1,227 | ) | |||||||||||||||||
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|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 1,116,894 | $ | (480,784 | ) | $ | 636,110 | $ | (327,123 | ) | $ | 308,987 | ||||||||||||||
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|
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|
|
(1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
(2) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A80
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments at value, including securities on loan of $82,871,768: | ||||
Unaffiliated investments (cost $3,399,128,524) | $ | 3,721,960,853 | ||
Affiliated investments (cost $518,252,642) | 518,318,064 | |||
Foreign currency, at value (cost $310,193) | 310,597 | |||
Cash | 37,161 | |||
Receivable for investments sold | 35,572,489 | |||
Dividends and interest receivable | 8,639,638 | |||
Due from broker-variation margin futures | 1,238,706 | |||
Unrealized appreciation on OTC forward foreign currency exchange contracts | 766,181 | |||
Tax reclaim receivable | 488,224 | |||
Receivable for Portfolio shares sold | 69,303 | |||
Unrealized appreciation on OTC swap agreements | 6,957 | |||
Due from broker-variation margin swaps | 5,685 | |||
Receivable from affiliate | 3,467 | |||
Prepaid expenses and other assets | 530,135 | |||
|
| |||
Total Assets | 4,287,947,460 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 86,131,134 | |||
Payable for investments purchased | 78,217,562 | |||
Management fee payable | 2,074,997 | |||
Payable for Portfolio shares purchased | 1,939,313 | |||
Accrued expenses and other liabilities | 273,319 | |||
Unrealized depreciation on OTC swap agreements | 267,557 | |||
Unrealized depreciation on OTC forward foreign currency exchange contracts | 111,809 | |||
Payable to affiliate | 107,829 | |||
Options written outstanding, at value (premiums received $119,642) | 100,695 | |||
Due to broker-variation margin futures | 12,780 | |||
Trustees’ fees payable | 2,201 | |||
Affiliated transfer agent fee payable | 980 | |||
Premiums received for OTC swap agreements | 723 | |||
Distribution fee payable | 624 | |||
|
| |||
Total Liabilities | 169,241,523 | |||
|
| |||
NET ASSETS | $ | 4,118,705,937 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 4,118,705,937 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $4,115,543,552 / 109,193,503 outstanding shares of beneficial interest | $ | 37.69 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $3,162,385 / 84,153 outstanding shares of beneficial interest | $ | 37.58 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) INCOME | ||||
Unaffiliated dividend income (net of $136,610 foreign withholding tax, of which $16,140 is reimbursable by an affiliate) | $ | 22,172,075 | ||
Interest income | 17,956,446 | |||
Affiliated dividend income | 1,121,385 | |||
Income from securities lending, net (including affiliated income of $19,996) | 21,798 | |||
|
| |||
Total income | 41,271,704 | |||
|
| |||
EXPENSES | ||||
Management fee | 13,572,357 | |||
Distribution fee—Class III | 3,326 | |||
Custodian and accounting fees | 179,974 | |||
Shareholders’ reports | 63,754 | |||
Trustees’ fees | 39,911 | |||
Audit fee | 23,307 | |||
Legal fees and expenses | 20,682 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 52,297 | |||
|
| |||
Total expenses | 13,960,905 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 27,310,799 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(8,518)) | 68,771,497 | |||
Futures transactions | (25,730,035 | ) | ||
Forward currency contract transactions | 1,342,904 | |||
Options written transactions | 190,679 | |||
Swap agreements transactions | (10,469,075 | ) | ||
Foreign currency transactions | (108,790 | ) | ||
|
| |||
33,997,180 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(2,413)) | (777,013,813 | ) | ||
Futures | (2,794,552 | ) | ||
Forward currency contracts | 849,610 | |||
Options written | 43,214 | |||
Swap agreements | 3,071,952 | |||
Foreign currencies | (39,555 | ) | ||
|
| |||
(775,883,144 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (741,885,964 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (714,575,165 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | 27,310,799 | $ | 56,460,238 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 33,997,180 | 523,923,693 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (775,883,144 | ) | 177,114,878 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (714,575,165 | ) | 757,498,809 | |||||
|
|
|
| |||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||
Portfolio shares sold | 3,468,792 | 10,264,950 | ||||||
Portfolio shares purchased | (139,959,561 | ) | (277,076,354 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (136,490,769 | ) | (266,811,404 | ) | ||||
|
|
|
| |||||
TOTAL INCREASE (DECREASE) | (851,065,934 | ) | 490,687,405 | |||||
NET ASSETS: | ||||||||
Beginning of period | 4,969,771,871 | 4,479,084,466 | ||||||
|
|
|
| |||||
End of period | $ | 4,118,705,937 | $ | 4,969,771,871 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A81
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited) |
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | |||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 44.14 | $ | 37.61 | $ | 34.32 | $ | 28.63 | $ | 29.88 | $ | 25.99 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.25 | 0.49 | 0.56 | 0.61 | 0.53 | 0.45 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (6.70 | ) | 6.04 | 2.73 | 5.08 | (1.78 | ) | 3.44 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total from investment operations | (6.45 | ) | 6.53 | 3.29 | 5.69 | (1.25 | ) | 3.89 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Capital Contributions | — | — | — | — | (b)(c) | — | (b)(c) | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 37.69 | $ | 44.14 | $ | 37.61 | $ | 34.32 | $ | 28.63 | $ | 29.88 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total Return(d) | (14.61 | )% | 17.36 | % | 9.59 | % | 19.87 | %(e) | (4.18 | )%(e) | 14.97 | % | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 4,116 | $ | 4,968 | $ | 4,479 | $ | 4,328 | $ | 3,834 | $ | 4,230 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 4,559 | $ | 4,766 | $ | 4,171 | $ | 4,127 | $ | 4,157 | $ | 4,043 | |||||||||||||||||||||||
Ratios to average net assets(f): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.62 | %(g) | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.62 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.62 | %(g) | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.62 | % | |||||||||||||||||||||||
Net investment income (loss) | 1.21 | %(g) | 1.18 | % | 1.64 | % | 1.92 | % | 1.75 | % | 1.62 | % | |||||||||||||||||||||||
Portfolio turnover rate(h)(i) | 57 | % | 119 | % | 120 | % | 125 | % | 139 | % | 175 | % |
Class III | ||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(j) through December 31, 2021 | |||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 44.06 | $ | 40.73 | ||||||
|
|
|
| |||||||
Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | 0.20 | 0.26 | ||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (6.68 | ) | 3.07 | |||||||
|
|
|
| |||||||
Total from investment operations | (6.48 | ) | 3.33 | |||||||
|
|
|
| |||||||
Net Asset Value, end of period | $ | 37.58 | $ | 44.06 | ||||||
|
|
|
| |||||||
Total Return(d) | (14.71 | )% | 8.18 | % | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 3 | $ | 2 | ||||||
Average net assets (in millions) | $ | 3 | $ | 1 | ||||||
Ratios to average net assets(f): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.87 | %(g) | 0.86 | %(k) | ||||||
Expenses before waivers and/or expense reimbursement | 0.87 | %(g) | 0.86 | %(k) | ||||||
Net investment income (loss) | 0.98 | %(g) | 0.86 | %(k) | ||||||
Portfolio turnover rate(h)(i) | 57 | % | 119 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(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, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) | Total return for the year includes the impact of the capital contribution, which was not material to the total return. |
(f) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(g) | Annualized. |
(h) | The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(i) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(j) | Commencement of offering. |
(k) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A82
PSF PGIM GOVERNMENT INCOME PORTFOLIO |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
LONG-TERM INVESTMENTS — 97.4% |
| |||||||||||||||
ASSET-BACKED SECURITIES — 10.6% |
| |||||||||||||||
Collateralized Loan Obligations |
| |||||||||||||||
AGL Core CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-02A, Class A1, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| |||||||||||||||
2.453%(c) | 04/20/32 | 1,000 | $ | 982,635 | ||||||||||||
Bain Capital Credit CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| |||||||||||||||
2.144%(c) | 10/17/32 | 500 | 486,850 | |||||||||||||
Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 07/20/34 | 3,000 | 2,899,036 | |||||||||||||
Battalion CLO Ltd., |
| |||||||||||||||
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| |||||||||||||||
2.394%(c) | 01/17/33 | 2,500 | 2,440,100 | |||||||||||||
Jamestown CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 10/20/34 | 500 | 480,783 | |||||||||||||
OZLM Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.536%(c) | 10/30/30 | 3,709 | 3,710,703 | |||||||||||||
Regatta Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
| |||||||||||||||
3.246%(c) | 06/20/34 | 3,250 | 3,140,078 | |||||||||||||
TCW CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) |
| |||||||||||||||
2.419%(c) | 10/29/34 | 500 | 481,009 | |||||||||||||
Trimaran Cavu Ltd., |
| |||||||||||||||
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) |
| |||||||||||||||
2.523%(c) | 07/20/32 | 2,500 | 2,460,061 | |||||||||||||
Venture CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%) |
| |||||||||||||||
2.284%(c) | 04/15/34 | 2,250 | 2,167,738 | |||||||||||||
Wellfleet CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.123%(c) | 10/20/29 | 1,105 | 1,091,458 | |||||||||||||
Wind River CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%) |
| |||||||||||||||
2.254%(c) | 10/15/34 | 500 | 481,268 | |||||||||||||
|
| |||||||||||||||
TOTAL ASSET-BACKED SECURITIES |
| 20,821,719 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2% |
| |||||||||||||||
Barclays Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2019-C04, Class A4 |
| |||||||||||||||
2.661% | 08/15/52 | 3,000 | 2,713,050 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
CD Mortgage Trust, |
| |||||||||||||||
Series 2019-CD08, Class A3 |
| |||||||||||||||
2.657% | 08/15/57 | 4,000 | $ | 3,546,933 | ||||||||||||
Fannie Mae-Aces, |
| |||||||||||||||
Series 2022-M03, Class A2 |
| |||||||||||||||
1.764%(cc) | 11/25/31 | 4,000 | 3,394,590 | |||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, |
| |||||||||||||||
Series K025, Class X1, IO |
| |||||||||||||||
0.877%(cc) | 10/25/22 | 21,783 | 27,575 | |||||||||||||
Series K151, Class A3 |
| |||||||||||||||
3.511% | 04/25/30 | 400 | 399,139 | |||||||||||||
Series K152, Class A2 |
| |||||||||||||||
3.080% | 01/25/31 | 140 | 135,261 | |||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
| 10,216,548 | ||||||||||||||
|
| |||||||||||||||
CORPORATE BOND — 0.4% |
| |||||||||||||||
Diversified Financial Services |
| |||||||||||||||
Private Export Funding Corp., |
| |||||||||||||||
U.S. Gov’t. Gtd. Notes, Series PP |
| |||||||||||||||
1.400% | 07/15/28 | 885 | 780,266 | |||||||||||||
|
| |||||||||||||||
(cost $883,114) |
| |||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1% |
| |||||||||||||||
Government National Mortgage Assoc., |
| |||||||||||||||
Series 2015-143, Class WA |
| |||||||||||||||
4.000% | 10/20/45 | 204 | 206,812 | |||||||||||||
Merrill Lynch Mortgage Investors Trust, |
| |||||||||||||||
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%) |
| |||||||||||||||
2.244%(c) | 10/25/28 | 7 | 6,760 | |||||||||||||
Structured Adjustable Rate Mortgage Loan Trust, |
| |||||||||||||||
Series 2004-01, Class 4A3 |
| |||||||||||||||
2.543%(cc) | 02/25/34 | 33 | 31,609 | |||||||||||||
|
| |||||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| 245,181 | ||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 46.4% |
| |||||||||||||||
Federal Farm Credit Bank |
| |||||||||||||||
5.480% | 06/27/42 | 500 | 499,683 | |||||||||||||
Federal Home Loan Bank |
| |||||||||||||||
3.250% | 11/16/28 | 1,025 | 1,029,188 | |||||||||||||
5.500% | 07/15/36 | 1,000 | 1,202,226 | |||||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||||||
1.500% | 11/01/50 | 445 | 369,582 | |||||||||||||
2.000% | 01/01/32 | 133 | 127,345 | |||||||||||||
2.000% | 12/01/50 | 1,850 | 1,612,754 | |||||||||||||
2.000% | 05/01/51 | 490 | 426,024 | |||||||||||||
2.000% | 02/01/52 | 489 | 425,013 | |||||||||||||
2.000% | 05/01/52 | 995 | 864,628 | |||||||||||||
2.500% | 03/01/30 | 234 | 229,819 | |||||||||||||
2.500% | 11/01/46 | 269 | 243,416 | |||||||||||||
2.500% | 04/01/51 | 2,726 | 2,455,820 | |||||||||||||
3.000% | 06/01/29 | 173 | 172,219 | |||||||||||||
3.000% | 01/01/37 | 292 | 286,256 | |||||||||||||
3.000% | 06/01/45 | 154 | 146,832 |
SEE NOTES TO FINANCIAL STATEMENTS.
A83
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
3.000% | 01/01/48 | 228 | $ | 214,941 | ||||||||||
3.000% | 10/01/49 | 79 | 73,763 | |||||||||||
3.000% | 04/01/52 | 498 | 465,599 | |||||||||||
3.000% | 05/01/52 | 780 | 727,766 | |||||||||||
3.000% | 06/01/52 | 1,993 | 1,858,514 | |||||||||||
3.500% | 12/01/32 | 264 | 264,676 | |||||||||||
3.500% | 07/01/42 | 259 | 254,494 | |||||||||||
3.500% | 10/01/42 | 483 | 474,740 | |||||||||||
3.500% | 08/01/43 | 488 | 479,848 | |||||||||||
3.500% | 09/01/45 | 169 | 165,674 | |||||||||||
3.500% | 10/01/45 | 147 | 144,140 | |||||||||||
3.500% | 02/01/47 | 192 | 188,162 | |||||||||||
3.500% | 07/01/47 | 299 | 293,591 | |||||||||||
3.500% | 03/01/48 | 407 | 398,531 | |||||||||||
4.000% | 06/01/26 | 14 | 14,216 | |||||||||||
4.000% | 09/01/26 | 60 | 61,219 | |||||||||||
4.000% | 09/01/40 | 130 | 131,654 | |||||||||||
4.000% | 12/01/40 | 146 | 147,382 | |||||||||||
4.000% | 12/01/40 | 167 | 168,736 | |||||||||||
4.000% | 11/01/43 | 323 | 327,004 | |||||||||||
4.000% | 09/01/48 | 7 | 6,957 | |||||||||||
4.500% | 09/01/39 | 549 | 567,369 | |||||||||||
4.500% | 08/01/48 | 152 | 154,057 | |||||||||||
5.000% | 06/01/33 | 153 | 160,755 | |||||||||||
5.000% | 05/01/34 | 81 | 84,771 | |||||||||||
5.500% | 05/01/37 | 26 | 27,630 | |||||||||||
5.500% | 02/01/38 | 86 | 92,000 | |||||||||||
5.500% | 05/01/38 | 37 | 39,656 | |||||||||||
6.000% | 09/01/34 | 42 | 44,436 | |||||||||||
6.000% | 01/01/37 | 46 | 50,057 | |||||||||||
6.000% | 09/01/38 | 26 | 28,567 | |||||||||||
6.000% | 08/01/39 | 35 | 38,773 | |||||||||||
6.250% | 07/15/32 | 2,500 | 3,102,979 | |||||||||||
6.500% | 09/01/32 | 12 | 12,362 | |||||||||||
Federal Home Loan Mortgage Corp., MTN |
| |||||||||||||
1.899%(s) | 11/15/38 | 600 | 322,510 | |||||||||||
Federal National Mortgage Assoc. |
| |||||||||||||
0.875% | 08/05/30 | 500 | 413,650 | |||||||||||
1.500% | 11/01/50 | 1,370 | 1,139,919 | |||||||||||
1.500% | 12/01/50 | 871 | 724,942 | |||||||||||
2.000% | 08/01/31 | 134 | 128,610 | |||||||||||
2.000% | 05/01/36 | 839 | 784,037 | |||||||||||
2.000% | 06/01/40 | 344 | 307,887 | |||||||||||
2.000% | 07/01/40 | 366 | 326,939 | |||||||||||
2.000% | 02/01/41 | 1,664 | 1,488,029 | |||||||||||
2.000% | 05/01/41 | 1,988 | 1,777,119 | |||||||||||
2.000% | 09/01/50 | 1,430 | 1,246,840 | |||||||||||
2.000% | 10/01/50 | 1,619 | 1,414,558 | |||||||||||
2.000% | 12/01/50 | 411 | 358,051 | |||||||||||
2.000% | 02/01/51 | 3,659 | 3,191,124 | |||||||||||
2.000% | 05/01/51 | 483 | 419,820 | |||||||||||
2.500% | 06/01/28 | 770 | 759,056 | |||||||||||
2.500% | 05/01/41 | 1,044 | 961,251 | |||||||||||
2.500% | 02/01/43 | 101 | 92,074 | |||||||||||
2.500% | 12/01/46 | 350 | 317,929 | |||||||||||
2.500% | 01/01/50 | 716 | 647,615 | |||||||||||
2.500% | 03/01/50 | 215 | 194,778 | |||||||||||
2.500% | 05/01/50 | 948 | 855,839 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
2.500% | 08/01/50 | 2,195 | $ | 1,979,556 | ||||||||||
2.500% | 09/01/50 | 1,697 | 1,543,451 | |||||||||||
2.500% | 10/01/50 | 2,483 | 2,239,926 | |||||||||||
2.500% | 04/01/51 | 1,156 | 1,049,720 | |||||||||||
2.500% | 04/01/51 | 1,668 | 1,503,437 | |||||||||||
2.500% | 11/01/51 | 1,006 | 906,204 | |||||||||||
2.500% | 04/01/52 | 995 | 895,584 | |||||||||||
2.500% | 05/01/52 | 994 | 898,350 | |||||||||||
3.000% | 02/01/31 | 312 | 310,386 | |||||||||||
3.000% | 11/01/36 | 230 | 223,401 | |||||||||||
3.000% | 03/01/43 | 380 | 363,309 | |||||||||||
3.000% | 07/01/43 | 475 | 453,663 | |||||||||||
3.000% | 07/01/43 | 638 | 609,024 | |||||||||||
3.000% | 09/01/46 | 321 | 304,118 | |||||||||||
3.000% | 11/01/46 | 149 | 140,584 | |||||||||||
3.000% | 11/01/46 | 196 | 185,888 | |||||||||||
3.000% | 11/01/46 | 830 | 785,439 | |||||||||||
3.000% | 12/01/47 | 445 | 425,315 | |||||||||||
3.000% | 02/01/50 | 185 | 173,198 | |||||||||||
3.000% | 06/01/50 | 320 | 298,758 | |||||||||||
3.000% | 11/01/51 | 987 | 920,799 | |||||||||||
3.000% | 04/01/52 | 496 | 462,488 | |||||||||||
3.000% | 04/01/52 | 498 | 464,991 | |||||||||||
3.000% | 04/01/52 | 710 | 662,983 | |||||||||||
3.000% | 04/01/52 | 987 | 921,525 | |||||||||||
3.000% | 04/01/52 | 994 | 927,430 | |||||||||||
3.000% | 04/01/52 | 998 | 936,206 | |||||||||||
3.000% | 05/01/52 | 1,995 | 1,862,082 | |||||||||||
3.500% | 07/01/31 | 408 | 407,978 | |||||||||||
3.500% | 02/01/33 | 67 | 66,880 | |||||||||||
3.500% | 06/01/39 | 139 | 136,329 | |||||||||||
3.500% | 04/01/42 | 228 | 223,717 | |||||||||||
3.500% | 06/01/42 | 344 | 338,139 | |||||||||||
3.500% | 07/01/42 | 182 | 179,125 | |||||||||||
3.500% | 07/01/42 | 429 | 421,972 | |||||||||||
3.500% | 06/01/45 | 580 | 567,252 | |||||||||||
3.500% | 07/01/46 | 187 | 182,703 | |||||||||||
3.500% | 12/01/46 | 171 | 166,919 | |||||||||||
3.500% | 12/01/46 | 427 | 419,768 | |||||||||||
3.500% | 11/01/48 | 308 | 301,579 | |||||||||||
4.000% | TBA | 500 | 492,119 | |||||||||||
4.000% | 09/01/40 | 559 | 565,156 | |||||||||||
4.000% | 06/01/42 | 320 | 323,069 | |||||||||||
4.000% | 09/01/44 | 207 | 208,348 | |||||||||||
4.000% | 09/01/44 | 394 | 397,186 | |||||||||||
4.000% | 04/01/45 | 196 | 197,038 | |||||||||||
4.000% | 07/01/45 | 137 | 137,615 | |||||||||||
4.000% | 10/01/45 | 226 | 226,964 | |||||||||||
4.000% | 10/01/46 | 72 | 72,928 | |||||||||||
4.000% | 02/01/47 | 66 | 66,479 | |||||||||||
4.000% | 06/01/47 | 118 | 118,274 | |||||||||||
4.000% | 07/01/47 | 122 | 122,361 | |||||||||||
4.000% | 10/01/47 | 387 | 387,998 | |||||||||||
4.000% | 11/01/47 | 98 | 98,290 | |||||||||||
4.000% | 11/01/47 | 132 | 132,652 | |||||||||||
4.500% | 05/01/40 | 473 | 481,575 | |||||||||||
4.500% | 04/01/42 | 328 | 338,636 | |||||||||||
5.000% | 12/01/31 | 22 | 22,325 |
SEE NOTES TO FINANCIAL STATEMENTS.
A84
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
5.000% | 03/01/34 | 164 | $ | 172,185 | ||||||||||
5.000% | 06/01/35 | 69 | 72,838 | |||||||||||
5.000% | 07/01/35 | 34 | 36,187 | |||||||||||
5.000% | 05/01/36 | 46 | 48,206 | |||||||||||
5.500% | 02/01/34 | 104 | 111,679 | |||||||||||
5.500% | 09/01/34 | 117 | 123,808 | |||||||||||
5.500% | 02/01/35 | 146 | 154,085 | |||||||||||
5.500% | 06/01/35 | 31 | 32,677 | |||||||||||
5.500% | 06/01/35 | 65 | 67,765 | |||||||||||
5.500% | 09/01/35 | 32 | 32,837 | |||||||||||
5.500% | 09/01/35 | 67 | 69,507 | |||||||||||
5.500% | 10/01/35 | 109 | 114,210 | |||||||||||
5.500% | 11/01/35 | 42 | 43,287 | |||||||||||
5.500% | 11/01/35 | 57 | 59,152 | |||||||||||
5.500% | 11/01/35 | 242 | 259,652 | |||||||||||
6.000% | 12/01/33 | 9 | 9,285 | |||||||||||
6.000% | 02/01/34 | 58 | 62,518 | |||||||||||
6.000% | 08/01/34 | —(r) | 207 | |||||||||||
6.000% | 11/01/34 | —(r) | 286 | |||||||||||
6.000% | 01/01/35 | 4 | 4,454 | |||||||||||
6.000% | 01/01/36 | 54 | 56,428 | |||||||||||
6.000% | 05/01/38 | 21 | 23,379 | |||||||||||
6.500% | 07/01/32 | 104 | 110,955 | |||||||||||
6.500% | 08/01/32 | 49 | 51,886 | |||||||||||
6.500% | 10/01/32 | 129 | 138,692 | |||||||||||
6.500% | 10/01/37 | 75 | 80,929 | |||||||||||
6.625% | 11/15/30 | 3,000 | 3,708,081 | |||||||||||
7.000% | 12/01/31 | 25 | 26,366 | |||||||||||
7.000% | 01/01/36 | 13 | 13,729 | |||||||||||
8.000% | 10/01/23 | —(r) | 22 | |||||||||||
8.000% | 09/01/24 | —(r) | 440 | |||||||||||
8.000% | 11/01/24 | 1 | 552 | |||||||||||
8.000% | 01/01/26 | —(r) | 29 | |||||||||||
9.000% | 02/01/25 | 3 | 2,776 | |||||||||||
9.000% | 04/01/25 | 1 | 1,140 | |||||||||||
Government National Mortgage Assoc. |
| |||||||||||||
2.000% | 09/20/51 | 335 | 297,952 | |||||||||||
2.500% | 12/20/46 | 98 | 89,909 | |||||||||||
2.500% | 05/20/51 | 424 | 389,781 | |||||||||||
3.000% | 03/15/45 | 408 | 387,351 | |||||||||||
3.000% | 07/20/46 | 393 | 376,676 | |||||||||||
3.000% | 09/20/46 | 421 | 404,177 | |||||||||||
3.000% | 10/20/46 | 106 | 101,587 | |||||||||||
3.000% | 04/20/47 | 491 | 470,754 | |||||||||||
3.000% | 12/20/48 | 319 | 304,754 | |||||||||||
3.000% | 04/20/49 | 304 | 289,958 | |||||||||||
3.000% | 07/20/49 | 79 | 75,259 | |||||||||||
3.000% | 12/20/49 | 329 | 311,475 | |||||||||||
3.500% | 01/20/43 | 467 | 462,081 | |||||||||||
3.500% | 04/20/43 | 219 | 217,648 | |||||||||||
3.500% | 03/20/45 | 275 | 272,065 | |||||||||||
3.500% | 04/20/45 | 221 | 218,663 | |||||||||||
3.500% | 04/20/46 | 370 | 364,358 | |||||||||||
3.500% | 07/20/46 | 539 | 530,867 | |||||||||||
3.500% | 07/20/48 | 448 | 439,866 | |||||||||||
3.500% | 11/20/48 | 118 | 115,288 | |||||||||||
3.500% | 01/20/49 | 210 | 207,178 | |||||||||||
3.500% | 05/20/49 | 390 | 381,022 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
4.000% | 06/15/40 | 67 | $ | 68,456 | ||||||||||
4.000% | 08/20/46 | 225 | 225,931 | |||||||||||
4.000% | 11/20/46 | 135 | 135,828 | |||||||||||
4.000% | 09/20/47 | 181 | 182,271 | |||||||||||
4.000% | 06/20/48 | 278 | 279,787 | |||||||||||
4.000% | 02/20/49 | 252 | 254,048 | |||||||||||
4.500% | 02/20/41 | 211 | 222,393 | |||||||||||
4.500% | 03/20/41 | 179 | 185,384 | |||||||||||
4.500% | 06/20/44 | 136 | 143,409 | |||||||||||
4.500% | 09/20/46 | 158 | 162,268 | |||||||||||
4.500% | 11/20/46 | 275 | 289,184 | |||||||||||
4.500% | 01/20/47 | 36 | 38,070 | |||||||||||
5.000% | 07/15/33 | 68 | 72,022 | |||||||||||
5.000% | 09/15/33 | 124 | 131,144 | |||||||||||
5.000% | 04/15/34 | 69 | 71,344 | |||||||||||
5.000% | 10/20/48 | 53 | 54,798 | |||||||||||
5.500% | 03/15/34 | 128 | 138,284 | |||||||||||
5.500% | 03/15/36 | 35 | 37,651 | |||||||||||
6.500% | 07/15/32 | 8 | 8,629 | |||||||||||
6.500% | 08/15/32 | 1 | 1,477 | |||||||||||
6.500% | 08/15/32 | 3 | 2,998 | |||||||||||
6.500% | 08/15/32 | 10 | 10,207 | |||||||||||
6.500% | 08/15/32 | 47 | 50,764 | |||||||||||
7.000% | 05/15/23 | —(r) | 165 | |||||||||||
7.000% | 06/15/23 | —(r) | 209 | |||||||||||
7.000% | 06/15/23 | 1 | 674 | |||||||||||
7.000% | 06/15/23 | 1 | 880 | |||||||||||
7.000% | 07/15/23 | —(r) | 58 | |||||||||||
7.000% | 07/15/23 | 3 | 3,143 | |||||||||||
7.000% | 08/15/23 | —(r) | 221 | |||||||||||
7.000% | 08/15/23 | 1 | 772 | |||||||||||
7.000% | 09/15/23 | —(r) | 374 | |||||||||||
7.000% | 10/15/23 | —(r) | 205 | |||||||||||
7.000% | 11/15/23 | 1 | 772 | |||||||||||
7.000% | 11/15/23 | 2 | 1,841 | |||||||||||
7.000% | 01/15/24 | 3 | 2,847 | |||||||||||
7.000% | 05/15/24 | 6 | 6,087 | |||||||||||
7.000% | 08/15/28 | 20 | 21,102 | |||||||||||
7.500% | 12/15/25 | 16 | 16,042 | |||||||||||
7.500% | 02/15/26 | 3 | 3,147 | |||||||||||
8.500% | 09/15/24 | 17 | 16,701 | |||||||||||
8.500% | 04/15/25 | 1 | 1,384 | |||||||||||
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes |
| |||||||||||||
5.500% | 09/18/33 | 300 | 353,138 | |||||||||||
Resolution Funding Corp. Interest Strips, Bonds |
| |||||||||||||
2.895%(s) | 01/15/30 | 350 | 264,202 | |||||||||||
3.555%(s) | 04/15/30 | 675 | 516,864 | |||||||||||
Resolution Funding Corp. Principal Strips, Bonds |
| |||||||||||||
3.143%(s) | 04/15/30 | 2,305 | 1,769,546 | |||||||||||
3.330%(s) | 01/15/30 | 1,475 | 1,143,795 | |||||||||||
Tennessee Valley Authority, Sr. Unsec’d. Notes |
| |||||||||||||
0.750% | 05/15/25 | 325 | 303,958 | |||||||||||
1.500% | 09/15/31 | 500 | 422,051 | |||||||||||
2.875% | 02/01/27 | 175 | 172,754 | |||||||||||
5.880% | 04/01/36 | 230 | 277,192 | |||||||||||
6.750% | 11/01/25 | 510 | 568,316 |
SEE NOTES TO FINANCIAL STATEMENTS.
A85
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||||
7.125% | 05/01/30 | 530 | $ | 662,909 | ||||||||||||
|
| |||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| 91,174,184 | ||||||||||||||
|
| |||||||||||||||
U.S. TREASURY OBLIGATIONS — 34.7% |
| |||||||||||||||
U.S. Treasury Bonds |
| |||||||||||||||
1.375% | 11/15/40 | 6,870 | 4,946,400 | |||||||||||||
2.000% | 11/15/41 | 830 | 659,072 | |||||||||||||
2.250% | 05/15/41 | (k) | 23,295 | 19,429,486 | ||||||||||||
2.250% | 02/15/52 | (a) | 415 | 341,532 | ||||||||||||
2.375% | 02/15/42 | 245 | 207,714 | |||||||||||||
2.500% | 02/15/46 | 710 | 601,947 | |||||||||||||
2.500% | 05/15/46 | 1,485 | 1,258,537 | |||||||||||||
2.875% | 05/15/43 | (k) | 1,515 | 1,380,307 | ||||||||||||
3.000% | 05/15/47 | 340 | 317,794 | |||||||||||||
3.625% | 08/15/43 | 125 | 128,223 | |||||||||||||
3.750% | 11/15/43 | 3,645 | 3,810,734 | |||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
0.750% | 12/31/23 | 1,460 | 1,412,265 | |||||||||||||
0.875% | 11/15/30 | 1,435 | 1,211,454 | |||||||||||||
1.250% | 09/30/28 | 3,745 | 3,354,408 | |||||||||||||
2.750% | 05/31/29 | 5,555 | 5,447,372 | |||||||||||||
3.125% | 11/15/28 | 8,120 | 8,135,859 | |||||||||||||
U.S. Treasury Strips Coupon |
| |||||||||||||||
0.807%(s) | 11/15/29 | 15 | 11,917 | |||||||||||||
1.225%(s) | 02/15/41 | 130 | 68,479 | |||||||||||||
1.417%(s) | 02/15/38 | 525 | 317,338 | |||||||||||||
1.450%(s) | 08/15/42 | 60 | 29,081 | |||||||||||||
1.463%(s) | 11/15/42 | 155 | 74,418 | |||||||||||||
1.488%(s) | 11/15/41 | 730 | 366,255 | |||||||||||||
1.775%(s) | 02/15/40 | 535 | 296,277 | |||||||||||||
1.982%(s) | 08/15/39 | 2,120 | 1,203,928 | |||||||||||||
1.990%(s) | 02/15/39 | 2,825 | 1,635,300 | |||||||||||||
2.010%(s) | 08/15/30 | 945 | 734,701 | |||||||||||||
2.056%(s) | 11/15/38 | 220 | 128,863 | |||||||||||||
2.169%(s) | 05/15/39 | 990 | 566,814 | |||||||||||||
2.172%(s) | 02/15/28 | 530 | 444,724 | |||||||||||||
2.353%(s) | 02/15/44 | 780 | 358,434 | |||||||||||||
2.361%(s) | 05/15/41 | 1,945 | 1,004,258 | |||||||||||||
2.365%(s) | 05/15/44 | 2,790 | 1,268,360 | |||||||||||||
2.373%(s) | 08/15/41 | 2,315 | 1,177,033 | |||||||||||||
2.415%(s) | 11/15/40 | 525 | 279,193 | |||||||||||||
2.416%(s) | 05/15/42 | 80 | 39,213 | |||||||||||||
2.434%(s) | 11/15/45 | 345 | 150,493 | |||||||||||||
2.436%(s) | 02/15/46 | 390 | 168,751 | |||||||||||||
2.443%(s) | 08/15/44 | 210 | 94,787 | |||||||||||||
2.452%(s) | 08/15/43 | 1,145 | 534,751 | |||||||||||||
2.486%(s) | 02/15/45 | 200 | 88,875 | |||||||||||||
2.506%(s) | 11/15/43 | 4,315 | 2,001,755 | |||||||||||||
2.857%(s) | 05/15/31 | 145 | 110,211 | |||||||||||||
3.176%(s) | 08/15/40 | 800 | 430,156 | |||||||||||||
3.979%(s) | 02/15/42 | 3,945 | 1,950,155 | |||||||||||||
|
| |||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| 68,177,624 | ||||||||||||||
|
| |||||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 191,415,522 | ||||||||||||||
|
|
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS — 2.8% |
| |||||||||||
AFFILIATED MUTUAL FUNDS |
| |||||||||||
PGIM Core Ultra Short Bond | 5,055,796 | $ | 5,055,796 | |||||||||
PGIM Institutional Money Market Fund | 331,714 | 331,415 | ||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 5,387,211 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS—100.2% |
| 196,802,733 | ||||||||||
Liabilities in excess of other assets(z) — (0.2)% |
| (339,611 | ) | |||||||||
|
| |||||||||||
NET ASSETS — 100.0% |
| $ | 196,463,122 | |||||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
# | Principal amount is shown in U.S. dollars unless otherwise stated. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $330,639; cash collateral of $331,235 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(r) | Principal or notional amount is less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
SEE NOTES TO FINANCIAL STATEMENTS.
A86
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Futures contracts outstanding at June 30, 2022:
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||||||||||||||
Long Positions: | ||||||||||||||||||||
129 | 2 Year U.S. Treasury Notes | Sep. 2022 | $ | 27,092,016 | $ | (88,146 | ) | |||||||||||||
284 | 5 Year U.S. Treasury Notes | Sep. 2022 | 31,879,000 | (52,781 | ) | |||||||||||||||
425 | 10 Year U.S. Treasury Notes | Sep. 2022 | 50,375,781 | (299,601 | ) | |||||||||||||||
47 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2022 | 7,254,156 | (87,336 | ) | |||||||||||||||
|
| |||||||||||||||||||
(527,864 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Short Positions: | ||||||||||||||||||||
281 | 10 Year U.S. Ultra Treasury Notes | Sep. 2022 | 35,792,375 | 282,463 | ||||||||||||||||
387 | 20 Year U.S. Treasury Bonds | Sep. 2022 | 53,647,875 | 326,110 | ||||||||||||||||
|
| |||||||||||||||||||
608,573 | ||||||||||||||||||||
|
| |||||||||||||||||||
$ | 80,709 | |||||||||||||||||||
|
|
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker | Cash and/or Foreign Currency | Securities Market Value | ||||||||
Citigroup Global Markets, Inc. | $ | — | $ | 1,690,923 | ||||||
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | |||||||||||||
Investments in Securities | |||||||||||||||
Assets | |||||||||||||||
Long-Term Investments | |||||||||||||||
Asset-Backed Securities | |||||||||||||||
Collateralized Loan Obligations | $ | — | $ | 20,821,719 | $ | — | |||||||||
Commercial Mortgage-Backed Securities | — | 10,216,548 | — | ||||||||||||
Corporate Bond | — | 780,266 | — | ||||||||||||
Residential Mortgage-Backed Securities | — | 245,181 | — | ||||||||||||
U.S. Government Agency Obligations | — | 91,174,184 | — | ||||||||||||
U.S. Treasury Obligations | — | 68,177,624 | — | ||||||||||||
Short-Term Investments | |||||||||||||||
Affiliated Mutual Funds | 5,387,211 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total | $ | 5,387,211 | $ | 191,415,522 | $ | — | |||||||||
|
|
|
|
|
| ||||||||||
Other Financial Instruments* | |||||||||||||||
Assets | |||||||||||||||
Futures Contracts | $ | 608,573 | $ | — | $ | — | |||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Futures Contracts | $ | (527,864 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
SEE NOTES TO FINANCIAL STATEMENTS.
A87
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
U.S. Government Agency Obligations | 46.4 | % | ||
U.S. Treasury Obligations | 34.7 | |||
Collateralized Loan Obligations | 10.6 | |||
Commercial Mortgage-Backed Securities | 5.2 | |||
Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan) | 2.8 | |||
Diversified Financial Services | 0.4 |
Residential Mortgage-Backed Securities | 0.1 | % | ||
|
| |||
100.2 | ||||
Liabilities in excess of other assets | (0.2 | ) | ||
|
| |||
100.0 | % | |||
|
|
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2022 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging | Statement of | Fair Value | Statement of | Fair Value | ||||||||
Interest rate contracts | Due from/to broker-variation margin futures | $ | 608,573 | * | Due from/to broker-variation margin futures | $ | 527,864 | * | ||||
|
|
|
|
* | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||
Derivatives not accounted for as hedging | Futures | Swaps | ||||||
Interest rate contracts | $ | 1,891,979 | $ | (779,452 | ) | |||
|
|
|
| |||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Futures | Swaps | ||||||
Interest rate contracts | $ | 421,826 | $ | 786,295 | ||||
|
|
|
|
For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:
Derivative Contract Type | Average Volume of Derivative Activities* | ||||
Futures Contracts - Long Positions (1) | $ | 119,980,583 | |||
Futures Contracts - Short Positions (1) | 91,542,135 | ||||
Inflation Swap Agreements (1) | 3,556,667 |
* | Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022. |
(1) | Notional Amount in USD. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio 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.
SEE NOTES TO FINANCIAL STATEMENTS.
A88
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Offsetting of financial instrument/transaction assets and liabilities:
Description | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(1) | Net Amount | |||||
Securities on Loan | $330,639 | $(330,639) | $— |
(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
SEE NOTES TO FINANCIAL STATEMENTS.
A89
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments at value, including securities on loan of $330,639: | ||||
Unaffiliated investments (cost $211,025,671) | $ | 191,415,522 | ||
Affiliated investments (cost $5,387,241) | 5,387,211 | |||
Dividends and interest receivable | 657,434 | |||
Receivable for investments sold | 486,601 | |||
Receivable for Portfolio shares sold | 190,180 | |||
Prepaid expenses | 361 | |||
|
| |||
Total Assets | 198,137,309 | |||
|
| |||
LIABILITIES | ||||
Payable for investments purchased | 986,102 | |||
Payable to broker for collateral for securities on loan | 331,235 | |||
Due to broker-variation margin futures | 212,221 | |||
Accrued expenses and other liabilities | 72,089 | |||
Management fee payable | 64,495 | |||
Payable for Portfolio shares purchased | 6,232 | |||
Affiliated transfer agent fee payable | 980 | |||
Trustees’ fees payable | 528 | |||
Distribution fee payable | 305 | |||
|
| |||
Total Liabilities | 1,674,187 | |||
|
| |||
NET ASSETS | $ | 196,463,122 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 196,463,122 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $194,912,433 / 15,432,936 outstanding shares of beneficial interest | $ | 12.63 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $1,550,689 / 123,126 outstanding shares of beneficial interest | $ | 12.59 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) INCOME | ||||
Interest income | $ | 2,479,527 | ||
Affiliated dividend income | 17,587 | |||
Income from securities lending, net (including affiliated income of $645) | 756 | |||
|
| |||
Total income | 2,497,870 | |||
|
| |||
EXPENSES | ||||
Management fee | 412,384 | |||
Distribution fee—Class III | 1,428 | |||
Custodian and accounting fees | 24,560 | |||
Audit fee | 17,505 | |||
Shareholders’ reports | 17,047 | |||
Legal fees and expenses | 9,986 | |||
Trustees’ fees | 6,328 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 8,872 | |||
|
| |||
Total expenses | 503,407 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 1,994,463 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(2,423)) | (2,048,583 | ) | ||
Futures transactions | 1,891,979 | |||
Swap agreements transactions | (779,452 | ) | ||
|
| |||
(936,056 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(30)) | (24,683,916 | ) | ||
Futures | 421,826 | |||
Swap agreements | 786,295 | |||
|
| |||
(23,475,795 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | (24,411,851 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,417,388 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 1,994,463 | $ | 3,127,986 | ||||||
Net realized gain (loss) on investment transactions | (936,056 | ) | 1,187,150 | |||||||
Net change in unrealized appreciation (depreciation) on investments | (23,475,795 | ) | (11,901,520 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (22,417,388 | ) | (7,586,384 | ) | ||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 6,832,049 | 3,780,217 | ||||||||
Portfolio shares purchased | (11,328,597 | ) | (19,045,491 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (4,496,548 | ) | (15,265,274 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | (26,913,936 | ) | (22,851,658 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | 223,377,058 | 246,228,716 | ||||||||
|
|
|
| |||||||
End of period | $ | 196,463,122 | $ | 223,377,058 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A90
PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited)
Class I | ||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||
June 30, 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 14.05 | $ | 14.51 | $ | 13.54 | $ | 12.70 | $ | 12.62 | $ | 12.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||
Net investment income (loss) | 0.13 | 0.19 | 0.23 | 0.31 | 0.28 | 0.23 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.55 | ) | (0.65 | ) | 0.74 | 0.53 | (0.20 | ) | 0.13 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (1.42 | ) | (0.46 | ) | 0.97 | 0.84 | 0.08 | 0.36 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Capital Contributions | — | — | — | — | — | (b)(c) | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 12.63 | $ | 14.05 | $ | 14.51 | $ | 13.54 | $ | 12.70 | $ | 12.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total Return(d) | (10.11 | )% | (3.17 | )% | 7.16 | % | 6.61 | % | 0.63 | %(e) | 2.94 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 194.9 | $ | 223.1 | $ | 246.2 | $ | 238.6 | $ | 221.1 | $ | 244.1 | ||||||||||||||||||
Average net assets (in millions) | $ | 206.7 | $ | 231.5 | $ | 246.6 | $ | 234.6 | $ | 230.5 | $ | 252.4 | ||||||||||||||||||
Ratios to average net assets(f): | ||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.49 | %(g) | 0.48 | % | 0.51 | % | 0.52 | % | 0.51 | % | 0.53 | % | ||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.49 | %(g) | 0.48 | % | 0.51 | % | 0.52 | % | 0.51 | % | 0.53 | % | ||||||||||||||||||
Net investment income (loss) | 1.94 | %(g) | 1.35 | % | 1.58 | % | 2.34 | % | 2.28 | % | 1.84 | % | ||||||||||||||||||
Portfolio turnover rate(h)(i) | 75 | % | 222 | % | 150 | % | 269 | % | 284 | % | 495 | % |
Class III | ||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(j) through December 31, 2021 | |||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 14.03 | $ | 14.17 | ||||||
|
|
|
| |||||||
Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | 0.12 | 0.11 | ||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.56 | ) | (0.25 | ) | ||||||
|
|
|
| |||||||
Total from investment operations | (1.44 | ) | (0.14 | ) | ||||||
|
|
|
| |||||||
Net Asset Value, end of period | $ | 12.59 | $ | 14.03 | ||||||
|
|
|
| |||||||
Total Return(d) | (10.26 | )% | (0.99 | )% | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 1.6 | $ | 0.3 | ||||||
Average net assets (in millions) | $ | 1.2 | $ | 0.2 | ||||||
Ratios to average net assets(f): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.74 | %(g) | 0.68 | %(k) | ||||||
Expenses before waivers and/or expense reimbursement | 0.74 | %(g) | 0.68 | %(k) | ||||||
Net investment income (loss) | 1.79 | %(g) | 1.09 | %(k) | ||||||
Portfolio turnover rate(h)(i) | 75 | % | 222 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(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, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) | Total return for the year includes the impact of the capital contribution, which was not material to the total return. |
(f) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(g) | Annualized. |
(h) | The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(i) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(j) | Commencement of offering. |
(k) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A91
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
REPURCHASE AGREEMENTS — 32.6% |
| |||||||||
Bank of America Securities, Inc. | ||||||||||
1.550%, dated 06/30/22, due 07/01/22 in the amount of $75,003,229 collateralized by FNMA (coupon rates 2.000%-5.000%, maturity dates 02/01/51-06/01/52) with the aggregate value, including accrued interest, of $76,500,000 | 75,000 | $ | 75,000,000 | |||||||
Canadian Imperial Bank of Commerce |
| |||||||||
1.550%, dated 06/16/22, due 07/28/22 in the amount of $15,027,125 collateralized by U.S. Treasury Securities (coupon rates 0.125%-2.375%, maturity dates 05/15/23-02/15/51) with the aggregate value, including accrued interest, of $15,309,882 | 15,000 | 15,000,000 | ||||||||
Credit Agricole Corporate & Investment Bank | ||||||||||
1.520%, dated 06/30/22, due 07/01/22 in the amount of $2,801,118 collateralized by FHLMC (coupon rate 3.500%, maturity date 06/01/52) with the aggregate value, including accrued interest, of $2,857,021 | 2,801 | 2,801,000 | ||||||||
Goldman Sachs & Co. | ||||||||||
1.550%, dated 06/30/22, due 07/07/22 in the amount of $25,007,535 collateralized by GNMA (coupon rates 2.500%-5.500%, maturity dates 09/15/39-05/20/51) with the aggregate value, including accrued interest, of $25,500,000 | 25,000 | 25,000,000 | ||||||||
ING Financial Markets LLC | ||||||||||
1.290%, dated 05/19/22, due 08/19/22 in the amount of $5,016,483 collateralized by FHLMC (coupon rates 2.372%-3.500%, maturity dates 07/01/36-05/01/52) and FNMA (coupon rates 2.000%- 4.500%, maturity dates 08/01/34-09/01/57) with the aggregate value, including accrued interest, of $5,100,001 | 5,000 | 5,000,000 | ||||||||
1.150%, dated 06/08/22, due 07/05/22 in the amount of $1,000,863 collateralized by FHLMC (coupon rates 2.150%-4.500%, maturity dates 07/01/36-07/01/48) and FNMA (coupon rates 2.136%-3.500%, maturity dates 12/01/40-09/01/51) with the aggregate value, including accrued interest, of $1,020,000 | 1,000 | 1,000,000 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||
REPURCHASE AGREEMENTS (continued) |
| |||||||||
1.550%, dated 06/16/22, due 07/28/22 in the amount of $35,063,292 collateralized by FHLMC (coupon rates 2.150%-2.372%, maturity dates 07/01/36-09/01/40) and FNMA (coupon rates 1.567%-5.000%, maturity dates 08/01/28-09/01/57) with the aggregate value, including accrued interest, of $35,700,000 | 35,000 | $ | 35,000,000 | |||||||
NatWest Markets Securities, Inc. |
| |||||||||
1.500%, dated 06/30/22, due 07/01/22 in the amount of $15,000,625 collateralized by FFCSB (coupon rate 1.545%, maturity date 01/23/24) with the aggregate value, including accrued interest, of $15,300,971 | 15,000 | 15,000,000 | ||||||||
RBC Dominion Securities, Inc. |
| |||||||||
1.550%, dated 06/30/22, due 07/01/22 in the amount of $70,003,014 collateralized by FHLMC (coupon rates 3.000%-3.500%, maturity dates 08/01/49-01/01/50), FNMA (coupon rates 2.000%-5.000%, maturity dates 04/01/38-03/01/52), GNMA (coupon rates 2.500%-4.000%, maturity dates 11/20/41-04/20/52) and U.S. Treasury Securities (coupon rates 0.000%-3.375%, maturity dates 08/15/23-05/15/52) with the aggregate value, including accrued interest, of $71,400,000 | 70,000 | 70,000,000 | ||||||||
Standard Chartered Bank |
| |||||||||
1.460%, dated 06/30/22, due 07/01/22 in the amount of $60,002,433 collateralized by Inter-American Development Bank (coupon rate 0.625%, maturity date 07/15/25) and U.S. Treasury Securities (coupon rates 0.125%-2.875%, maturity dates 08/31/23-05/15/52) with the aggregate value, including accrued interest, of $61,202,482 | 60,000 | 60,000,000 | ||||||||
|
| |||||||||
TOTAL REPURCHASE AGREEMENTS |
| |||||||||
(amortized cost $303,801,000) |
| 303,801,000 | ||||||||
|
| |||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 65.7% |
| |||||||||
Federal Farm Credit Bank |
| |||||||||
1.452%(n) | 07/27/22 | 13,000 | 12,986,386 | |||||||
Federal Farm Credit Bank, SOFR + 0.008% (Cap N/A, Floor 0.000%) |
| |||||||||
1.518%(c) | 02/07/23 | 8,750 | 8,749,336 | |||||||
Federal Farm Credit Bank, SOFR + 0.014% (Cap N/A, Floor 0.000%) |
| |||||||||
1.524%(c) | 07/18/22 | 16,500 | 16,500,055 | |||||||
Federal Farm Credit Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%) |
| |||||||||
1.525%(c) | 05/02/23 | 10,000 | 9,999,574 | |||||||
Federal Farm Credit Bank, SOFR + 0.025% |
| |||||||||
1.535%(c) | 10/27/23 | 11,450 | 11,449,092 | |||||||
Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) |
| |||||||||
1.535%(c) | 09/27/23 | 9,350 | 9,349,412 |
SEE NOTES TO FINANCIAL STATEMENTS.
A92
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.545%(c) | 05/12/23 | 10,500 | $ | 10,500,458 | ||||||||||
Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.550%(c) | 07/08/22 | 6,000 | 5,999,994 | |||||||||||
1.550%(c) | 07/11/22 | 5,250 | 5,250,048 | |||||||||||
1.550%(c) | 03/10/23 | 4,500 | 4,500,390 | |||||||||||
Federal Farm Credit Bank, SOFR + 0.045% |
| |||||||||||||
1.550%(c) | 08/25/22 | 10,500 | 10,500,519 | |||||||||||
Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.560%(c) | 11/09/23 | 2,825 | 2,825,578 | |||||||||||
Federal Home Loan Bank |
| |||||||||||||
0.891%(n) | 07/27/22 | 16,000 | 15,989,727 | |||||||||||
0.902%(n) | 07/29/22 | 17,500 | 17,487,750 | |||||||||||
1.003%(n) | 08/12/22 | 17,250 | 17,229,875 | |||||||||||
1.010%(n) | 08/10/22 | 16,750 | 16,731,259 | |||||||||||
1.013%(n) | 08/15/22 | 16,000 | 15,979,800 | |||||||||||
1.073%(n) | 08/22/22 | 17,000 | 16,973,726 | |||||||||||
1.088%(n) | 08/17/22 | 17,500 | 17,475,211 | |||||||||||
1.140%(n) | 08/19/22 | 17,000 | 16,973,691 | |||||||||||
1.244%(n) | 08/24/22 | 17,000 | 16,968,380 | |||||||||||
1.314%(n) | 09/07/22 | 17,000 | 16,957,934 | |||||||||||
1.355%(n) | 09/09/22 | 17,000 | 16,955,375 | |||||||||||
1.356%(n) | 07/15/22 | 17,000 | 16,991,042 | |||||||||||
1.422%(n) | 07/20/22 | 15,000 | 14,988,758 | |||||||||||
1.452%(n) | 07/28/22 | 6,500 | 6,492,931 | |||||||||||
Federal Home Loan Bank, SOFR + 0.005% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.515%(c) | 07/18/22 | 16,400 | 16,400,076 | |||||||||||
1.515%(c) | 07/29/22 | 17,000 | 16,999,905 | |||||||||||
1.515%(c) | 08/30/22 | 18,000 | 17,999,816 | |||||||||||
1.515%(c) | 09/15/22 | 17,000 | 17,000,000 | |||||||||||
Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.520%(c) | 07/26/22 | 17,000 | 17,000,059 | |||||||||||
1.520%(c) | 08/02/22 | 16,500 | 16,499,974 | |||||||||||
1.520%(c) | 08/05/22 | 16,500 | 16,499,973 | |||||||||||
1.520%(c) | 09/16/22 | 17,000 | 17,000,000 | |||||||||||
1.520%(c) | 10/06/22 | 16,500 | 16,499,769 | |||||||||||
Federal Home Loan Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.525%(c) | 02/08/23 | 8,750 | 8,749,598 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||
Federal Home Loan Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.530%(c) | 12/19/22 | 17,000 | $ | 17,000,000 | ||||||||||
Federal Home Loan Bank, SOFR + 0.090% |
| |||||||||||||
1.600%(c) | 08/19/22 | 16,500 | 16,502,158 | |||||||||||
Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| |||||||||||||
1.600%(c) | 08/12/22 | 26,500 | 26,502,414 | |||||||||||
Federal Home Loan Mortgage Corp., MTN, SOFR + 0.090% (Cap N/A, |
| |||||||||||||
Floor 0.000%) |
| |||||||||||||
1.600%(c) | 08/03/22 | 16,500 | 16,501,217 | |||||||||||
1.600%(c) | 08/18/22 | 16,500 | 16,501,723 | |||||||||||
Federal National Mortgage Assoc. |
| |||||||||||||
1.183%(n) | 08/31/22 | 8,250 | 8,233,505 | |||||||||||
1.375% | 09/06/22 | 965 | 967,269 | |||||||||||
Federal National Mortgage Assoc., SOFR + 0.180% (Cap N/A, Floor |
| |||||||||||||
0.000%) |
| |||||||||||||
1.690%(c) | 07/08/22 | 16,000 | 16,000,574 | |||||||||||
|
| |||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| |||||||||||||
(amortized cost $611,664,331) |
| 611,664,331 | ||||||||||||
|
| |||||||||||||
U.S. TREASURY OBLIGATION(n) — 1.7% |
| |||||||||||||
U.S. Treasury Bills |
| |||||||||||||
0.892% | 07/28/22 | 16,000 | 15,989,320 | |||||||||||
|
| |||||||||||||
(cost $15,989,320) |
| |||||||||||||
TOTAL INVESTMENTS—100.0% |
| |||||||||||||
(amortized cost $931,454,651) |
| 931,454,651 | ||||||||||||
Liabilities in excess of other assets — (0.0)% |
| (42,533 | ) | |||||||||||
|
| |||||||||||||
NET ASSETS — 100.0% |
| $ | 931,412,118 | |||||||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual 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 June 30, 2022. |
(n) | Rate shown reflects yield to maturity at purchased date. |
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Assets | ||||||||||||
Short-Term Investments | ||||||||||||
Repurchase Agreements | $— | $303,801,000 | $— |
SEE NOTES TO FINANCIAL STATEMENTS.
A93
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Assets (continued) | ||||||||||||
Short-Term Investments (continued) | ||||||||||||
U.S. Government Agency Obligations | $— | $611,664,331 | $— | |||||||||
U.S. Treasury Obligation | — | 15,989,320 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $— | $931,454,651 | $— | |||||||||
|
|
|
|
|
|
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
U.S. Government Agency Obligations | 65.7 | % | |||
Repurchase Agreements | 32.6 | ||||
U.S. Treasury Obligation | 1.7 | ||||
|
| ||||
100.0 | |||||
Liabilities in excess of other assets | (0.0 | )* | |||
|
| ||||
100.0 | % | ||||
|
|
* Less than +/- 0.05%
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio 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 Assets/(Liabilities) | Collateral Pledged/(Received)(1) | Net Amount | ||||||||
Repurchase Agreements | Bank of America Securities, Inc. | $ 75,000,000 | $(75,000,000) | $— | ||||||||
Repurchase Agreements | Canadian Imperial Bank of Commerce | 15,000,000 | (15,000,000) | — | ||||||||
Repurchase Agreements | Credit Agricole Corporate & Investment Bank | 2,801,000 | (2,801,000) | — | ||||||||
Repurchase Agreements | Goldman Sachs & Co. | 25,000,000 | (25,000,000) | — | ||||||||
Repurchase Agreements | ING Financial Markets LLC | 41,000,000 | (41,000,000) | — | ||||||||
Repurchase Agreements | NatWest Markets Securities, Inc. | 15,000,000 | (15,000,000) | — | ||||||||
Repurchase Agreements | RBC Dominion Securities, Inc. | 70,000,000 | (70,000,000) | — | ||||||||
Repurchase Agreements | Standard Chartered Bank | 60,000,000 | (60,000,000) | — | ||||||||
$303,801,000 |
(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
SEE NOTES TO FINANCIAL STATEMENTS.
A94
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments, at amortized cost which approximates fair value: | $ | 627,653,651 | ||
Repurchase Agreements | 303,801,000 | |||
Cash | 994 | |||
Receivable for Portfolio shares sold | 2,774,716 | |||
Interest receivable | 545,550 | |||
Prepaid expenses | 933 | |||
|
| |||
Total Assets | 934,776,844 | |||
|
| |||
LIABILITIES | ||||
Payable for Portfolio shares purchased | 3,041,484 | |||
Management fee payable | 229,227 | |||
Accrued expenses and other liabilities | 64,657 | |||
Distribution fee payable | 28,378 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 3,364,726 | |||
|
| |||
NET ASSETS | $ | 931,412,118 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 931,412,118 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $792,316,205 / 79,228,720 outstanding shares of beneficial interest | $ | 10.00 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $139,095,913 / 13,909,753 outstanding shares of beneficial interest | $ | 10.00 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) | ||||
Interest income | $ | 1,863,879 | ||
|
| |||
EXPENSES | ||||
Management fee | 1,369,846 | |||
Distribution fee—Class III | 168,072 | |||
Custodian and accounting fees | 41,487 | |||
Shareholders’ reports | 25,906 | |||
Audit fee | 12,447 | |||
Legal fees and expenses | 11,845 | |||
Trustees’ fees | 10,677 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 10,744 | |||
|
| |||
Total expenses | 1,656,321 | |||
Less: Fee waivers and/or expense reimbursement | (503,442 | ) | ||
Less: Distribution fee waiver—Class III | (113,784 | ) | ||
|
| |||
Net expenses | 1,039,095 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 824,784 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS | ||||
Net realized gain (loss) on investment transactions | 4,226 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 829,010 | ||
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 824,784 | $ | — | ||||||
Net realized gain (loss) on investment transactions | 4,226 | 381,775 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 829,010 | 381,775 | ||||||||
|
|
|
| |||||||
DISTRIBUTIONS | ||||||||||
Class I | (753,970 | ) | (331,630 | ) | ||||||
Class III | (75,240 | ) | (50,145 | ) | ||||||
|
|
|
| |||||||
(829,210 | ) | (381,775 | ) | |||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 521,178,714 | 1,118,916,318 | ||||||||
Portfolio shares issued in reinvestment of distributions | 829,210 | 381,775 | ||||||||
Portfolio shares purchased | (459,433,260 | ) | (1,108,241,533 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | 62,574,664 | 11,056,560 | ||||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 62,574,464 | 11,056,560 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 868,837,654 | 857,781,094 | ||||||||
|
|
|
| |||||||
End of period | $ | 931,412,118 | $ | 868,837,654 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A95
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited)
Class I | ||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||
June 30, 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||
Net investment income (loss) and realized gains (losses) | 0.01 | — | (b) | 0.03 | 0.19 | 0.15 | 0.06 | |||||||||||||||||||||||
Less Dividends and Distributions | (0.01 | ) | (— | )(b) | (0.03 | ) | (0.19 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total Return(c) | 0.09 | % | 0.04 | % | 0.30 | % | 1.92 | % | 1.53 | % | 0.56 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 792 | $ | 725 | $ | 792 | $ | 600 | $ | 536 | $ | 560 | ||||||||||||||||||
Average net assets (in millions) | $ | 785 | $ | 748 | $ | 667 | $ | 563 | $ | 560 | $ | 665 | ||||||||||||||||||
Ratios to average net assets(d): | ||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.22 | %(e) | 0.06 | % | 0.21 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.33 | %(e) | 0.32 | % | 0.34 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net investment income (loss) | 0.19 | %(e) | — | % | 0.26 | % | 1.88 | % | 1.52 | % | 0.55 | % |
Class III | |||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | May 18, 2020(f) through December 31, 2020 | |||||||||||||
Per Share Operating Performance(a): | |||||||||||||||
Net Asset Value, beginning of period | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||
|
|
|
|
|
| ||||||||||
Income (Loss) From Investment Operations: | |||||||||||||||
Net investment income (loss) and realized gains (losses) | 0.01 | — | (b) | — | (b) | ||||||||||
Less Dividends and Distributions: | (0.01 | ) | (— | )(b) | (— | )(b) | |||||||||
|
|
|
|
|
| ||||||||||
Net Asset Value, end of period | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||
|
|
|
|
|
| ||||||||||
Total Return(c) | 0.05 | % | 0.04 | % | — | %(b) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of period (in millions) | $ | 139 | $ | 144 | $ | 66 | |||||||||
Average net assets (in millions) | $ | 136 | $ | 118 | $ | 34 | |||||||||
Ratios to average net assets(d): | |||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.29 | %(e) | 0.06 | % | 0.13 | %(e) | |||||||||
Expenses before waivers and/or expense reimbursement | 0.57 | %(e) | 0.58 | % | 0.58 | %(e) | |||||||||
Net investment income (loss) | 0.11 | %(e) | — | % | — | %(b)(e) |
(a) | Calculated based on average shares outstanding during the period. |
(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 period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(e) | Annualized. |
(f) | Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
A96
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 97.5% |
| |||||||
COMMON STOCKS |
| |||||||
Aerospace & Defense — 2.0% |
| |||||||
Airbus SE (France) | 382,007 | $ | 37,185,108 | |||||
Raytheon Technologies Corp. | 562,751 | 54,085,999 | ||||||
|
| |||||||
91,271,107 | ||||||||
|
| |||||||
Automobiles — 4.3% | ||||||||
General Motors Co.* | 776,455 | 24,660,211 | ||||||
Tesla, Inc.* | 256,625 | 172,816,407 | ||||||
|
| |||||||
197,476,618 | ||||||||
|
| |||||||
Banks — 5.7% | ||||||||
Bank of America Corp. | 1,940,927 | 60,421,058 | ||||||
Citigroup, Inc. | 527,563 | 24,262,622 | ||||||
JPMorgan Chase & Co. | 624,948 | 70,375,394 | ||||||
PNC Financial Services Group, Inc. (The) | 331,447 | 52,292,393 | ||||||
Truist Financial Corp. | 1,106,342 | 52,473,801 | ||||||
|
| |||||||
259,825,268 | ||||||||
|
| |||||||
Beverages — 0.9% | ||||||||
PepsiCo, Inc. | 249,820 | 41,635,001 | ||||||
|
| |||||||
Biotechnology — 0.3% | ||||||||
Vertex Pharmaceuticals, Inc.* | 42,187 | 11,887,875 | ||||||
|
| |||||||
Building Products — 1.0% | ||||||||
Johnson Controls International PLC | 913,682 | 43,747,094 | ||||||
|
| |||||||
Capital Markets — 2.5% | ||||||||
Blackstone, Inc. | 317,680 | 28,981,947 | ||||||
Goldman Sachs Group, Inc. (The) | 283,714 | 84,268,732 | ||||||
|
| |||||||
113,250,679 | ||||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
Linde PLC (United Kingdom)(a) | 232,057 | 66,723,349 | ||||||
|
| |||||||
Communications Equipment — 0.7% |
| |||||||
Cisco Systems, Inc. | 701,099 | 29,894,861 | ||||||
|
| |||||||
Consumer Finance — 0.6% | ||||||||
SLM Corp.(a) | 1,832,340 | 29,207,500 | ||||||
|
| |||||||
Containers & Packaging — 1.3% |
| |||||||
Crown Holdings, Inc. | 628,934 | 57,968,847 | ||||||
|
| |||||||
Electric Utilities — 0.9% | ||||||||
NextEra Energy, Inc. | 520,122 | 40,288,650 | ||||||
|
| |||||||
Energy Equipment & Services — 0.5% |
| |||||||
Schlumberger NV | 674,923 | 24,135,246 | ||||||
|
| |||||||
Entertainment — 0.9% | ||||||||
Netflix, Inc.* | 129,320 | 22,614,189 | ||||||
ROBLOX Corp. (Class A | 168,626 | 5,541,050 | ||||||
Spotify Technology SA* | 141,933 | 13,317,573 | ||||||
|
| |||||||
41,472,812 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.5% |
| |||||||
American Tower Corp. | 97,852 | 25,009,993 | ||||||
|
| |||||||
Food & Staples Retailing — 2.0% |
| |||||||
Costco Wholesale Corp. | 84,208 | 40,359,210 | ||||||
Walmart, Inc. | 429,613 | 52,232,349 | ||||||
|
| |||||||
92,591,559 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Food Products — 1.1% | ||||||||
Mondelez International, Inc. (Class A Stock) | 834,573 | $ | 51,818,638 | |||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
Abbott Laboratories | 929,302 | 100,968,663 | ||||||
Intuitive Surgical, Inc.* | 107,399 | 21,556,053 | ||||||
|
| |||||||
122,524,716 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.4% |
| |||||||
Centene Corp.* | 505,908 | 42,804,876 | ||||||
Cigna Corp. | 104,539 | 27,548,117 | ||||||
Laboratory Corp. of America Holdings | 161,900 | 37,942,884 | ||||||
UnitedHealth Group, Inc. | 87,831 | 45,112,637 | ||||||
|
| |||||||
153,408,514 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.7% |
| |||||||
Airbnb, Inc. (Class A Stock)* | 311,950 | 27,788,506 | ||||||
Chipotle Mexican Grill, Inc.* | 11,361 | 14,851,781 | ||||||
Marriott International, Inc. (Class A Stock) | 140,480 | 19,106,685 | ||||||
McDonald’s Corp. | 247,669 | 61,144,522 | ||||||
|
| |||||||
122,891,494 | ||||||||
|
| |||||||
Household Products — 1.4% | ||||||||
Procter & Gamble Co. (The) | 427,008 | 61,399,480 | ||||||
|
| |||||||
Insurance — 3.5% | ||||||||
Chubb Ltd. | 366,753 | 72,096,305 | ||||||
Marsh & McLennan Cos., Inc. | 298,606 | 46,358,581 | ||||||
MetLife, Inc. | 677,761 | 42,556,613 | ||||||
|
| |||||||
161,011,499 | ||||||||
|
| |||||||
Interactive Media & Services — 5.5% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 68,594 | 149,484,160 | ||||||
Alphabet, Inc. (Class C Stock)* | 36,305 | 79,415,372 | ||||||
Meta Platforms, Inc. (Class A Stock)* | 131,607 | 21,221,629 | ||||||
|
| |||||||
250,121,161 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.0% |
| |||||||
Amazon.com, Inc.* | 1,290,800 | 137,095,868 | ||||||
MercadoLibre, Inc. (Brazil)* | 67,721 | 43,129,473 | ||||||
|
| |||||||
180,225,341 | ||||||||
|
| |||||||
IT Services — 4.4% | ||||||||
Adyen NV (Netherlands), 144A* | 28,823 | 41,940,071 | ||||||
Affirm Holdings, Inc.*(a) | 541,863 | 9,786,046 | ||||||
Mastercard, Inc. (Class A Stock) | 166,657 | 52,576,950 | ||||||
Shopify, Inc. (Canada) (Class A Stock)*(a) | 265,130 | 8,282,661 | ||||||
Snowflake, Inc. (Class A Stock)* | 123,517 | 17,176,274 | ||||||
Visa, Inc. (Class A Stock)(a) | 354,557 | 69,808,728 | ||||||
|
| |||||||
199,570,730 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.5% |
| |||||||
Danaher Corp. | 266,783 | 67,634,826 | ||||||
|
| |||||||
Machinery — 2.2% | ||||||||
Deere & Co. | 99,732 | 29,866,742 | ||||||
Fortive Corp. | 593,239 | 32,260,337 |
SEE NOTES TO FINANCIAL STATEMENTS.
A97
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Machinery (cont’d.) | ||||||||
Otis Worldwide Corp. | 507,234 | $ | 35,846,227 | |||||
|
| |||||||
97,973,306 | ||||||||
|
| |||||||
Multi-Utilities — 1.3% | ||||||||
Dominion Energy, Inc. | 744,252 | 59,398,752 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.2% | ||||||||
ConocoPhillips | 2,615,582 | 234,905,419 | ||||||
|
| |||||||
Personal Products — 0.9% | ||||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 164,817 | 41,973,945 | ||||||
|
| |||||||
Pharmaceuticals — 8.2% | ||||||||
AstraZeneca PLC (United Kingdom), ADR | 1,418,681 | 93,732,254 | ||||||
Bristol-Myers Squibb Co. | 1,308,386 | 100,745,722 | ||||||
Eli Lilly & Co. | 466,475 | 151,245,189 | ||||||
Novo Nordisk A/S (Denmark), ADR | 236,579 | 26,361,998 | ||||||
|
| |||||||
372,085,163 | ||||||||
|
| |||||||
Road & Rail — 1.5% | ||||||||
Uber Technologies, Inc.* | 1,378,732 | 28,208,857 | ||||||
Union Pacific Corp. | 184,052 | 39,254,610 | ||||||
|
| |||||||
67,463,467 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.7% |
| |||||||
Broadcom, Inc. | 90,625 | 44,026,531 | ||||||
Lam Research Corp. | 62,817 | 26,769,465 | ||||||
NVIDIA Corp. | 446,888 | 67,743,752 | ||||||
NXP Semiconductors NV (China) | 235,378 | 34,843,005 | ||||||
QUALCOMM, Inc. | 327,647 | 41,853,628 | ||||||
|
| |||||||
215,236,381 | ||||||||
|
| |||||||
Software — 9.4% | ||||||||
Adobe, Inc.* | 173,626 | 63,557,534 | ||||||
Atlassian Corp. PLC (Class A Stock)* | 155,792 | 29,195,421 | ||||||
Crowdstrike Holdings, Inc. (Class A Stock)* | 223,220 | 37,625,963 | ||||||
Microsoft Corp. | 775,462 | 199,161,905 | ||||||
Salesforce, Inc.* | 469,347 | 77,461,029 | ||||||
Trade Desk, Inc. (The) (Class A | 522,276 | 21,878,142 | ||||||
|
| |||||||
428,879,994 | ||||||||
|
| |||||||
Specialty Retail — 1.0% | ||||||||
Home Depot, Inc. (The) | 100,952 | 27,688,105 | ||||||
Lowe’s Cos., Inc. | 114,088 | 19,927,751 | ||||||
|
| |||||||
47,615,856 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Technology Hardware, Storage & Peripherals — 4.9% |
| |||||||
Apple, Inc. | 1,631,259 | $ | 223,025,731 | |||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 2.4% |
| |||||||
Lululemon Athletica, Inc.* | 95,147 | 25,938,024 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 95,634 | 58,313,085 | ||||||
NIKE, Inc. (Class B Stock) | 237,333 | 24,255,432 | ||||||
|
| |||||||
108,506,541 | ||||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS | 4,434,057,413 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 5.9% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 111,296,914 | 111,296,914 | ||||||
PGIM Institutional Money Market Fund | 157,791,309 | 157,649,297 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 268,946,211 | ||||||
|
| |||||||
TOTAL INVESTMENTS—103.4% |
| 4,703,003,624 | ||||||
Liabilities in excess of other assets — (3.4)% |
| (156,198,922 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| $ | 4,546,804,702 | |||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $151,239,106; cash collateral of $157,344,016 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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.
SEE NOTES TO FINANCIAL STATEMENTS.
A98
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
The following is a summary of the inputs used as of June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | |||||||||||||
Investments in Securities | |||||||||||||||
Assets | |||||||||||||||
Long-Term Investments | |||||||||||||||
Common Stocks | |||||||||||||||
Aerospace & Defense | $ | 54,085,999 | $ | 37,185,108 | $ | — | |||||||||
Automobiles | 197,476,618 | — | — | ||||||||||||
Banks | 259,825,268 | — | — | ||||||||||||
Beverages | 41,635,001 | — | — | ||||||||||||
Biotechnology | 11,887,875 | — | — | ||||||||||||
Building Products | 43,747,094 | — | — | ||||||||||||
Capital Markets | 113,250,679 | — | — | ||||||||||||
Chemicals | 66,723,349 | — | — | ||||||||||||
Communications Equipment | 29,894,861 | — | — | ||||||||||||
Consumer Finance | 29,207,500 | — | — | ||||||||||||
Containers & Packaging | 57,968,847 | — | — | ||||||||||||
Electric Utilities | 40,288,650 | — | — | ||||||||||||
Energy Equipment & Services | 24,135,246 | — | — | ||||||||||||
Entertainment | 41,472,812 | — | — | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 25,009,993 | — | — | ||||||||||||
Food & Staples Retailing | 92,591,559 | — | — | ||||||||||||
Food Products | 51,818,638 | — | — | ||||||||||||
Health Care Equipment & Supplies | 122,524,716 | — | — | ||||||||||||
Health Care Providers & Services | 153,408,514 | — | — | ||||||||||||
Hotels, Restaurants & Leisure | 122,891,494 | — | — | ||||||||||||
Household Products | 61,399,480 | — | — | ||||||||||||
Insurance | 161,011,499 | — | — | ||||||||||||
Interactive Media & Services | 250,121,161 | — | — | ||||||||||||
Internet & Direct Marketing Retail | 180,225,341 | — | — | ||||||||||||
IT Services | 157,630,659 | 41,940,071 | — | ||||||||||||
Life Sciences Tools & Services | 67,634,826 | — | — | ||||||||||||
Machinery | 97,973,306 | — | — | ||||||||||||
Multi-Utilities | 59,398,752 | — | — | ||||||||||||
Oil, Gas & Consumable Fuels | 234,905,419 | — | — | ||||||||||||
Personal Products | 41,973,945 | — | — | ||||||||||||
Pharmaceuticals | 372,085,163 | — | — | ||||||||||||
Road & Rail | 67,463,467 | — | — | ||||||||||||
Semiconductors & Semiconductor Equipment | 215,236,381 | — | — | ||||||||||||
Software | 428,879,994 | — | — | ||||||||||||
Specialty Retail | 47,615,856 | — | — | ||||||||||||
Technology Hardware, Storage & Peripherals | 223,025,731 | — | — | ||||||||||||
Textiles, Apparel & Luxury Goods | 50,193,456 | 58,313,085 | — | ||||||||||||
Short-Term Investments | |||||||||||||||
Affiliated Mutual Funds | 268,946,211 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total | $ | 4,565,565,360 | $ | 137,438,264 | $ | — | |||||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A99
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Software | 9.4 | % | ||
Pharmaceuticals | 8.2 | |||
Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan) | 5.9 | |||
Banks | 5.7 | |||
Interactive Media & Services | 5.5 | |||
Oil, Gas & Consumable Fuels | 5.2 | |||
Technology Hardware, Storage & Peripherals | 4.9 | |||
Semiconductors & Semiconductor Equipment | 4.7 | |||
IT Services | 4.4 | |||
Automobiles | 4.3 | |||
Internet & Direct Marketing Retail | 4.0 | |||
Insurance | 3.5 | |||
Health Care Providers & Services | 3.4 | |||
Hotels, Restaurants & Leisure | 2.7 | |||
Health Care Equipment & Supplies | 2.7 | |||
Capital Markets | 2.5 | |||
Textiles, Apparel & Luxury Goods | 2.4 | |||
Machinery | 2.2 | |||
Food & Staples Retailing | 2.0 | |||
Aerospace & Defense | 2.0 | |||
Life Sciences Tools & Services | 1.5 |
Road & Rail | 1.5 | % | ||
Chemicals | 1.5 | |||
Household Products | 1.4 | |||
Multi-Utilities | 1.3 | |||
Containers & Packaging | 1.3 | |||
Food Products | 1.1 | |||
Specialty Retail | 1.0 | |||
Building Products | 1.0 | |||
Personal Products | 0.9 | |||
Beverages | 0.9 | |||
Entertainment | 0.9 | |||
Electric Utilities | 0.9 | |||
Communications Equipment | 0.7 | |||
Consumer Finance | 0.6 | |||
Equity Real Estate Investment Trusts (REITs) | 0.5 | |||
Energy Equipment & Services | 0.5 | |||
Biotechnology | 0.3 | |||
|
| |||
103.4 | ||||
Liabilities in excess of other assets | (3.4 | ) | ||
|
| |||
100.0 | % | |||
|
|
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio 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: | ||||||
Gross Market | ||||||
Value of | ||||||
Recognized | Collateral | Net | ||||
Description | Assets/(Liabilities) | Pledged/(Received)(1) | Amount | |||
Securities on Loan | $151,239,106 | $(151,239,106) | $— |
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A100
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments at value, including securities on loan of $151,239,106: | ||||
Unaffiliated investments (cost $2,984,593,442) | $ | 4,434,057,413 | ||
Affiliated investments (cost $268,774,918) | 268,946,211 | |||
Cash | 44 | |||
Dividends receivable | 4,194,653 | |||
Tax reclaim receivable | 1,101,616 | |||
Receivable for Portfolio shares sold | 11,177 | |||
Prepaid expenses and other assets | 432,195 | |||
|
| |||
Total Assets | 4,708,743,309 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 157,344,016 | |||
Management fee payable | 1,749,014 | |||
Payable for investments purchased | 1,541,476 | |||
Payable for Portfolio shares purchased | 618,994 | |||
Payable to affiliate | 404,054 | |||
Accrued expenses and other liabilities | 278,265 | |||
Trustees’ fees payable | 1,001 | |||
Affiliated transfer agent fee payable | 980 | |||
Distribution fee payable | 508 | |||
Administration fee payable | 299 | |||
|
| |||
Total Liabilities | 161,938,607 | |||
|
| |||
NET ASSETS | $ | 4,546,804,702 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 4,546,804,702 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $4,544,425,005 / 62,954,897 outstanding shares of beneficial interest | $ | 72.19 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $1,623,105 / 23,108 outstanding shares of beneficial interest | $ | 70.24 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $756,592 / 10,512 outstanding shares of beneficial interest | $ | 71.97 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income (net of $293,922 foreign withholding tax, of which $17,374 is reimbursable by an affiliate) | $ | 34,884,691 | ||
Affiliated dividend income | 355,325 | |||
Income from securities lending, net (including affiliated income of $43,119) | 43,373 | |||
|
| |||
Total income | 35,283,389 | |||
|
| |||
EXPENSES | ||||
Management fee | 12,058,464 | |||
Distribution fee—Class II | 2,425 | |||
Distribution fee—Class III | 890 | |||
Administration fee—Class II | 1,455 | |||
Custodian and accounting fees | 148,002 | |||
Shareholders’ reports | 57,461 | |||
Trustees’ fees | 44,510 | |||
Legal fees and expenses | 23,597 | |||
Audit fee | 12,397 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 56,066 | |||
|
| |||
Total expenses | 12,410,564 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 22,872,825 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $36,368) | (13,383,884 | ) | ||
Foreign currency transactions | 14,764 | |||
|
| |||
(13,369,120 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(47,116)) | (1,669,722,190 | ) | ||
Foreign currencies | (10,314 | ) | ||
|
| |||
(1,669,732,504 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (1,683,101,624 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,660,228,799 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | 22,872,825 | $ | 27,094,027 | ||||
Net realized gain (loss) on investment and foreign currency transactions | (13,369,120 | ) | 458,080,561 | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (1,669,732,504 | ) | 633,394,382 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (1,660,228,799 | ) | 1,118,568,970 | |||||
|
|
|
| |||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||
Portfolio shares sold | 1,852,482 | 8,893,934 | ||||||
Portfolio shares purchased | (177,022,743 | ) | (419,616,091 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (175,170,261 | ) | (410,722,157 | ) | ||||
|
|
|
| |||||
TOTAL INCREASE (DECREASE) | (1,835,399,060 | ) | 707,846,813 | |||||
NET ASSETS: | ||||||||
Beginning of period | 6,382,203,762 | 5,674,356,949 | ||||||
|
|
|
| |||||
End of period | $ | 4,546,804,702 | $ | 6,382,203,762 | ||||
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|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A101
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)
|
FINANCIAL HIGHLIGHTS (unaudited)
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | |||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 98.09 | $ | 81.50 | $ | 63.18 | $ | 49.02 | $ | 51.52 | $ | 40.96 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.36 | 0.40 | 0.53 | 0.66 | 0.53 | 0.41 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (26.26 | ) | 16.19 | 17.79 | 13.50 | (3.07 | ) | 10.15 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total from investment operations | (25.90 | ) | 16.59 | 18.32 | 14.16 | (2.54 | ) | 10.56 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | 0.04 | (b) | — | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 72.19 | $ | 98.09 | $ | 81.50 | $ | 63.18 | $ | 49.02 | $ | 51.52 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total Return(d) | (26.40 | )% | 20.36 | % | 29.00 | % | 28.89 | %(e) | (4.85 | )%(f) | 25.78 | % | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 4,544.4 | $ | 6,379.2 | $ | 5,672.4 | $ | 4,711.0 | $ | 3,919.6 | $ | 4,415.6 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 5,401.1 | $ | 6,084.1 | $ | 4,776.8 | $ | 4,406.8 | $ | 4,497.1 | $ | 4,098.8 | |||||||||||||||||||||||
Ratios to average net assets(g): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.46 | %(h) | 0.46 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.46 | %(h) | 0.46 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | |||||||||||||||||||||||
Net investment income (loss) | 0.85 | %(h) | 0.45 | % | 0.80 | % | 1.16 | % | 0.98 | % | 0.89 | % | |||||||||||||||||||||||
Portfolio turnover rate(i) | 12 | % | 29 | % | 62 | % | 43 | % | 37 | % | 55 | % |
Class II | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | |||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 95.64 | $ | 79.78 | $ | 62.09 | $ | 48.37 | $ | 51.04 | $ | 40.74 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.18 | 0.04 | 0.26 | 0.43 | 0.32 | 0.23 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (25.58 | ) | 15.82 | 17.43 | 13.29 | (3.03 | ) | 10.07 | |||||||||||||||||||||||||||
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Total from investment operations | (25.40 | ) | 15.86 | 17.69 | 13.72 | (2.71 | ) | 10.30 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | 0.04 | (b) | — | |||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 70.24 | $ | 95.64 | $ | 79.78 | $ | 62.09 | $ | 48.37 | $ | 51.04 | |||||||||||||||||||||||
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Total Return(d) | (26.56 | )% | 19.88 | % | 28.49 | % | 28.36 | %(e) | (5.23 | )%(f) | 25.28 | % | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1.6 | $ | 2.3 | $ | 2.0 | $ | 1.7 | $ | 1.5 | $ | 1.7 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 2.0 | $ | 2.2 | $ | 1.7 | $ | 1.6 | $ | 1.8 | $ | 1.8 | |||||||||||||||||||||||
Ratios to average net assets(g): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.86 | %(h) | 0.86 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.86 | %(h) | 0.86 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | |||||||||||||||||||||||
Net investment income (loss) | 0.45 | %(h) | 0.04 | % | 0.40 | % | 0.76 | % | 0.59 | % | 0.50 | % | |||||||||||||||||||||||
Portfolio turnover rate(i) | 12 | % | 29 | % | 62 | % | 43 | % | 37 | % | 55 | % |
SEE NOTES TO FINANCIAL STATEMENTS.
A102
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)
|
FINANCIAL HIGHLIGHTS (unaudited)
Class III | ||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(j) through December 31, 2021 | |||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 97.92 | $ | 87.74 | ||||||
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| |||||||
Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | 0.27 | 0.12 | ||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (26.22 | ) | 10.06 | |||||||
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| |||||||
Total from investment operations | (25.95 | ) | 10.18 | |||||||
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| |||||||
Net Asset Value, end of period | $ | 71.97 | $ | 97.92 | ||||||
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| |||||||
Total Return(d) | (26.50 | )% | 11.60 | % | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 0.8 | $ | 0.6 | ||||||
Average net assets (in millions) | $ | 0.7 | $ | 0.2 | ||||||
Ratios to average net assets(g): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.71 | %(h) | 0.70 | %(k) | ||||||
Expenses before waivers and/or expense reimbursement | 0.71 | %(h) | 0.70 | %(k) | ||||||
Net investment income (loss) | 0.64 | %(h) | 0.18 | %(k) | ||||||
Portfolio turnover rate(i) | 12 | % | 29 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(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, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) | Total return for the year includes the impact of the capital contribution, which was not material to the total return. |
(f) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (4.93)% and (5.31)% for Class I and Class II, respectively. |
(g) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(h) | Annualized. |
(i) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(j) | Commencement of offering. |
(k) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A103
PSF PGIM TOTAL RETURN BOND PORTFOLIO
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
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| ||||||||||
LONG-TERM INVESTMENTS — 100.7% |
| |||||||||||||||
ASSET-BACKED SECURITIES — 23.0% |
| |||||||||||||||
Automobiles — 1.2% |
| |||||||||||||||
AmeriCredit Automobile Receivables Trust, |
| |||||||||||||||
Series 2020-02, Class D |
| |||||||||||||||
2.130% | 03/18/26 | 300 | $ | 288,782 | ||||||||||||
Avis Budget Rental Car Funding AESOP LLC, |
| |||||||||||||||
Series 2020-02A, Class A, 144A |
| |||||||||||||||
2.020% | 02/20/27 | 600 | 551,093 | |||||||||||||
Exeter Automobile Receivables Trust, |
| |||||||||||||||
Series 2020-03A, Class C |
| |||||||||||||||
1.320% | 07/15/25 | 300 | 297,431 | |||||||||||||
Series 2020-03A, Class D |
| |||||||||||||||
1.730% | 07/15/26 | 200 | 194,348 | |||||||||||||
Series 2021-02A, Class C |
| |||||||||||||||
0.980% | 06/15/26 | 10 | 9,618 | |||||||||||||
Series 2021-02A, Class D |
| |||||||||||||||
1.400% | 04/15/27 | 20 | 18,639 | |||||||||||||
Series 2022-01A, Class E, 144A |
| |||||||||||||||
5.020% | 10/15/29 | 1,300 | 1,182,911 | |||||||||||||
GM Financial Automobile Leasing Trust, |
| |||||||||||||||
Series 2020-02, Class C |
| |||||||||||||||
2.560% | 07/22/24 | 1 | 991 | |||||||||||||
Hertz Vehicle Financing III LLC, |
| |||||||||||||||
Series 2022-01A, Class C, 144A |
| |||||||||||||||
2.630% | 06/25/26 | 200 | 185,076 | |||||||||||||
Hertz Vehicle Financing III LP, |
| |||||||||||||||
Series 2021-02A, Class A, 144A |
| |||||||||||||||
1.680% | 12/27/27 | 2,300 | 2,027,746 | |||||||||||||
Series 2021-02A, Class B, 144A |
| |||||||||||||||
2.120% | 12/27/27 | 200 | 176,566 | |||||||||||||
Hertz Vehicle Financing LLC, |
| |||||||||||||||
Series 2021-01A, Class C, 144A |
| |||||||||||||||
2.050% | 12/26/25 | 100 | 92,144 | |||||||||||||
Series 2022-02A, Class B, 144A |
| |||||||||||||||
2.650% | 06/26/28 | 400 | 361,148 | |||||||||||||
JPMorgan Chase Bank, NA, |
| |||||||||||||||
Series 2020-01, Class R, 144A |
| |||||||||||||||
33.784% | 01/25/28 | 739 | 905,442 | |||||||||||||
Series 2020-02, Class D, 144A |
| |||||||||||||||
1.487% | 02/25/28 | 461 | 451,384 | |||||||||||||
OneMain Direct Auto Receivables Trust, |
| |||||||||||||||
Series 2019-01A, Class A, 144A |
| |||||||||||||||
3.630% | 09/14/27 | 3,500 | 3,416,997 | |||||||||||||
Series 2019-01A, Class B, 144A |
| |||||||||||||||
3.950% | 11/14/28 | 800 | 777,243 | |||||||||||||
Santander Bank Auto Credit-Linked Notes, |
| |||||||||||||||
Series 2022-A, Class C, 144A |
| |||||||||||||||
7.375% | 05/15/32 | 762 | 755,641 | |||||||||||||
Santander Drive Auto Receivables Trust, |
| |||||||||||||||
Series 2019-03, Class C |
| |||||||||||||||
2.490% | 10/15/25 | — | (r) | 475 | ||||||||||||
Series 2020-02, Class D |
| |||||||||||||||
2.220% | 09/15/26 | 400 | 391,462 | |||||||||||||
Series 2020-03, Class D |
| |||||||||||||||
1.640% | 11/16/26 | 1,400 | 1,365,323 | |||||||||||||
|
| |||||||||||||||
13,450,460 | ||||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Debt Obligations — 0.4% |
| |||||||||||||||
Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| |||||||||||||||
2.229%(c) | 01/15/37 | 3,000 | $ | 2,909,809 | ||||||||||||
MF1 Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| |||||||||||||||
2.142%(c) | 02/19/37 | 1,550 | 1,490,360 | |||||||||||||
|
| |||||||||||||||
4,400,169 | ||||||||||||||||
|
| |||||||||||||||
Collateralized Loan Obligations — 18.8% |
| |||||||||||||||
AlbaCore Euro CLO DAC (Ireland), |
| |||||||||||||||
Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) |
| |||||||||||||||
2.600%(c) | 07/15/35 | EUR | 5,500 | 5,439,245 | ||||||||||||
Ares European CLO DAC (Ireland), |
| |||||||||||||||
Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| |||||||||||||||
0.770%(c) | 04/15/32 | EUR | 10,000 | 10,104,648 | ||||||||||||
Atrium (Cayman Islands), |
| |||||||||||||||
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.966%(c) | 04/22/27 | 6,989 | 6,895,703 | |||||||||||||
Bain Capital Credit CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| |||||||||||||||
2.144%(c) | 10/17/32 | 3,500 | 3,407,953 | |||||||||||||
Ballyrock CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) |
| |||||||||||||||
2.024%(c) | 10/15/28 | 1,337 | 1,324,173 | |||||||||||||
Battalion CLO Ltd., |
| |||||||||||||||
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) |
| |||||||||||||||
2.514%(c) | 05/17/31 | 3,000 | 2,932,399 | |||||||||||||
Carlyle Euro CLO DAC (Ireland), |
| |||||||||||||||
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| |||||||||||||||
0.990%(c) | 10/15/35 | EUR | 6,500 | 6,508,939 | ||||||||||||
Carlyle Euro CLO Ltd. (Ireland), |
| |||||||||||||||
Series 2021-02A, Class A2B, 144A |
| |||||||||||||||
2.100% | 10/15/35 | EUR | 6,250 | 6,017,776 | ||||||||||||
Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), |
| |||||||||||||||
Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) |
| |||||||||||||||
0.750%(c) | 11/15/31 | EUR | 10,000 | 10,188,345 | ||||||||||||
Carlyle US CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) |
| |||||||||||||||
2.224%(c) | 01/15/30 | 4,000 | 3,921,720 | |||||||||||||
CIFC Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) |
| |||||||||||||||
2.164%(c) | 04/24/31 | 1,500 | 1,467,836 | |||||||||||||
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) |
| |||||||||||||||
2.246%(c) | 01/22/31 | 3,750 | 3,682,586 |
SEE NOTES TO FINANCIAL STATEMENTS.
A104
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Loan Obligations (cont’d.) |
| |||||||||||||||
Elevation CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.274%(c) | 10/15/29 | 7,195 | $ | 7,118,477 | ||||||||||||
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) |
| |||||||||||||||
2.324%(c) | 07/15/29 | 240 | 237,393 | |||||||||||||
Generate CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
| |||||||||||||||
2.286%(c) | 01/22/31 | 2,000 | 1,966,259 | |||||||||||||
Greenwood Park CLO Ltd., |
| |||||||||||||||
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.054%(c) | 04/15/31 | 6,000 | 5,868,152 | |||||||||||||
Greywolf CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.244%(c) | 04/26/31 | 3,500 | 3,430,081 | |||||||||||||
Hayfin Emerald CLO DAC (Ireland), |
| |||||||||||||||
Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| |||||||||||||||
1.100%(c) | 11/17/32 | EUR | 10,500 | 10,800,835 | ||||||||||||
HPS Loan Management Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.363%(c) | 02/05/31 | 3,973 | 3,895,481 | |||||||||||||
ICG US CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.214%(c) | 04/25/31 | 2,494 | 2,445,895 | |||||||||||||
Jamestown CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 10/20/34 | 6,625 | 6,370,379 | |||||||||||||
Series 2019-14A, Class A2R, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%) |
| |||||||||||||||
2.813%(c) | 10/20/34 | 6,750 | 6,310,674 | |||||||||||||
Madison Park Funding Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
| |||||||||||||||
2.304%(c) | 04/25/32 | 2,000 | 1,954,743 | |||||||||||||
MidOcean Credit CLO (Cayman Islands), |
| |||||||||||||||
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
| |||||||||||||||
2.218%(c) | 04/21/31 | 9,635 | 9,453,466 | |||||||||||||
Mountain View CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.164%(c) | 07/15/31 | 6,000 | 5,885,018 | |||||||||||||
OCP CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%) |
| |||||||||||||||
2.153%(c) | 07/20/32 | 5,000 | 4,870,106 | |||||||||||||
OZLM Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.536%(c) | 10/30/30 | 1,236 | 1,236,901 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Loan Obligations (cont’d.) |
| |||||||||||||||
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) |
| |||||||||||||||
2.224%(c) | 10/15/34 | 7,000 | $ | 6,724,215 | ||||||||||||
Romark WM-R Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.093%(c) | 04/20/31 | 3,958 | 3,883,154 | |||||||||||||
Shackleton CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.471%(c) | 05/07/31 | 4,955 | 4,843,803 | |||||||||||||
Signal Peak CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) |
| |||||||||||||||
2.294%(c) | 04/25/31 | 5,750 | 5,640,223 | |||||||||||||
Sixth Street CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) |
| |||||||||||||||
2.383%(c) | 10/20/32 | 12,500 | 12,290,694 | |||||||||||||
Sound Point CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) |
| |||||||||||||||
2.284%(c) | 01/26/31 | 3,500 | 3,440,671 | |||||||||||||
TCW CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) |
| |||||||||||||||
2.419%(c) | 10/29/34 | 3,000 | 2,886,052 | |||||||||||||
Series 2017-01A, Class BRR, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) |
| |||||||||||||||
2.939%(c) | 10/29/34 | 4,000 | 3,786,672 | |||||||||||||
Telos CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.284%(c) | 01/17/30 | 3,430 | 3,396,490 | |||||||||||||
TICP CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) |
| |||||||||||||||
2.203%(c) | 01/20/31 | 3,000 | 2,949,434 | |||||||||||||
Toro European CLO DAC (Ireland), |
| |||||||||||||||
Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| |||||||||||||||
0.990%(c) | 07/15/34 | EUR | 8,000 | 8,028,451 | ||||||||||||
Trinitas Euro CLO DAC (Ireland), |
| |||||||||||||||
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%) |
| |||||||||||||||
3.750%(c) | 04/15/35 | EUR | 4,500 | 4,458,072 | ||||||||||||
Voya CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%) |
| |||||||||||||||
2.154%(c) | 04/25/31 | 3,000 | 2,929,487 | |||||||||||||
Wellfleet CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
| |||||||||||||||
2.194%(c) | 01/17/31 | 6,500 | 6,387,003 | |||||||||||||
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.263%(c) | 10/20/31 | 2,750 | 2,697,124 |
SEE NOTES TO FINANCIAL STATEMENTS.
A105
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Collateralized Loan Obligations (cont’d.) |
| |||||||||||||||
Wind River CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%) |
| |||||||||||||||
2.254%(c) | 10/15/34 | 1,750 | $ | 1,684,437 | ||||||||||||
Zais CLO Ltd. (Cayman Islands), |
| |||||||||||||||
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.994%(c) | 04/15/29 | 4,902 | 4,840,425 | |||||||||||||
|
| |||||||||||||||
214,601,590 | ||||||||||||||||
|
| |||||||||||||||
Consumer Loans — 0.8% |
| |||||||||||||||
Fairstone Financial Issuance Trust (Canada), |
| |||||||||||||||
Series 2020-01A, Class A, 144A |
| |||||||||||||||
2.509% | 10/20/39 | CAD | 400 | 292,300 | ||||||||||||
Lending Funding Trust, |
| |||||||||||||||
Series 2020-02A, Class A, 144A |
| |||||||||||||||
2.320% | 04/21/31 | 300 | 270,084 | |||||||||||||
Lendmark Funding Trust, |
| |||||||||||||||
Series 2019-02A, Class A, 144A |
| |||||||||||||||
2.780% | 04/20/28 | 1,000 | 979,092 | |||||||||||||
Series 2021-01A, Class B, 144A |
| |||||||||||||||
2.470% | 11/20/31 | 100 | 83,288 | |||||||||||||
Mariner Finance Issuance Trust, |
| |||||||||||||||
Series 2019-AA, Class A, 144A |
| |||||||||||||||
2.960% | 07/20/32 | 700 | 694,528 | |||||||||||||
Series 2020-AA, Class A, 144A |
| |||||||||||||||
2.190% | 08/21/34 | 500 | 480,277 | |||||||||||||
OneMain Financial Issuance Trust, |
| |||||||||||||||
Series 2020-01A, Class A, 144A |
| |||||||||||||||
3.840% | 05/14/32 | 874 | 871,012 | |||||||||||||
Series 2020-02A, Class A, 144A |
| |||||||||||||||
1.750% | 09/14/35 | 1,500 | 1,335,727 | |||||||||||||
Oportun Funding XIII LLC, |
| |||||||||||||||
Series 2019-A, Class A, 144A |
| |||||||||||||||
3.080% | 08/08/25 | 1,400 | 1,393,202 | |||||||||||||
Series 2019-A, Class D, 144A |
| |||||||||||||||
6.220% | 08/08/25 | 1,800 | 1,717,640 | |||||||||||||
Oportun Funding XIV LLC, |
| |||||||||||||||
Series 2021-A, Class B, 144A |
| |||||||||||||||
1.760% | 03/08/28 | 300 | 282,252 | |||||||||||||
Regional Management Issuance Trust, |
| |||||||||||||||
Series 2022-01, Class A, 144A |
| |||||||||||||||
3.070% | 03/15/32 | 1,200 | 1,133,806 | |||||||||||||
|
| |||||||||||||||
9,533,208 | ||||||||||||||||
|
| |||||||||||||||
Credit Cards — 0.2% |
| |||||||||||||||
Newday Partnership Funding PLC (United Kingdom), |
| |||||||||||||||
Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.340%(c) | 11/15/28 | GBP | 1,625 | 1,980,476 | ||||||||||||
|
| |||||||||||||||
Home Equity Loans — 0.0% |
| |||||||||||||||
Floating Rate Mortgage Pass-Through Certificates, |
| |||||||||||||||
Series 2001-02, Class M3, 1 Month LIBOR + 2.925% (Cap N/A, Floor 2.925%) |
| |||||||||||||||
4.549%(c) | 10/25/31 | 169 | 176,828 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Home Equity Loans (cont’d.) |
| |||||||||||||||
Merrill Lynch Mortgage Investors Trust, |
| |||||||||||||||
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| |||||||||||||||
2.824%(c) | 08/25/35 | 81 | $ | 79,193 | ||||||||||||
Morgan Stanley ABS Capital I, Inc. Trust, |
| |||||||||||||||
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) |
| |||||||||||||||
2.644%(c) | 10/25/33 | 120 | 117,588 | |||||||||||||
|
| |||||||||||||||
373,609 | ||||||||||||||||
|
| |||||||||||||||
Other — 0.2% |
| |||||||||||||||
PNMAC FMSR Issuer Trust, |
| |||||||||||||||
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.974%(c) | 04/25/23 | 220 | 217,656 | |||||||||||||
TH MSR Issuer Trust, |
| |||||||||||||||
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%) |
| |||||||||||||||
4.424%(c) | 06/25/24 | 2,250 | 2,191,553 | |||||||||||||
|
| |||||||||||||||
2,409,209 | ||||||||||||||||
|
| |||||||||||||||
Residential Mortgage-Backed Securities — 0.5% |
| |||||||||||||||
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| |||||||||||||||
Series 2004-W010, Class A2, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.780%) |
| |||||||||||||||
2.404%(c) | 10/25/34 | 534 | 518,313 | |||||||||||||
LSF11 Boson Investments Sarl Compartment 2 (Luxembourg), |
| |||||||||||||||
Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) |
| |||||||||||||||
1.637%(c) | 11/25/60 | EUR | 915 | 937,561 | ||||||||||||
Merrill Lynch Mortgage Investors Trust, |
| |||||||||||||||
Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%) |
| |||||||||||||||
2.144%(c) | 06/25/35 | 132 | 131,302 | |||||||||||||
Rathlin Residential DAC (Ireland), |
| |||||||||||||||
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
1.500%(c) | 09/27/75 | EUR | 1,447 | 1,456,016 | ||||||||||||
TFS (Spain), |
| |||||||||||||||
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% |
| |||||||||||||||
3.000%(c) | 04/16/23^ | EUR | 2,021 | 2,079,956 | ||||||||||||
|
| |||||||||||||||
5,123,148 | ||||||||||||||||
|
| |||||||||||||||
Student Loans — 0.9% |
| |||||||||||||||
Laurel Road Prime Student Loan Trust, |
| |||||||||||||||
Series 2018-A, Class A, 144A |
| |||||||||||||||
0.000% | 02/25/43 | 2,980 | 820,653 | |||||||||||||
Series 2018-C, Class A, 144A |
| |||||||||||||||
0.000%(cc) | 08/25/43 | 874 | 852,313 | |||||||||||||
Series 2018-D, Class A, 144A |
| |||||||||||||||
0.000%(cc) | 11/25/43 | 889 | 872,330 | |||||||||||||
Series 2019-A, Class R, 144A |
| |||||||||||||||
0.000% | 10/25/48^ | 1,574 | 326,803 | |||||||||||||
Navient Private Education Refi Loan Trust, |
| |||||||||||||||
Series 2020-DA, Class A, 144A |
| |||||||||||||||
1.690% | 05/15/69 | 37 | 34,570 |
SEE NOTES TO FINANCIAL STATEMENTS.
A106
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||||||||||
Student Loans (cont’d.) |
| |||||||||||||||
SoFi Alternative Trust, |
| |||||||||||||||
Series 2019-B, Class PT, 144A |
| |||||||||||||||
0.000%(cc) | 12/15/45 | 2,205 | $ | 2,154,838 | ||||||||||||
Series 2019-D, Class 1PT, 144A |
| |||||||||||||||
3.018%(cc) | 01/16/46 | 1,873 | 1,825,469 | |||||||||||||
Series 2019-F, Class PT1, 144A |
| |||||||||||||||
3.932%(cc) | 02/15/45 | 1,846 | 1,778,396 | |||||||||||||
SoFi RR Funding II Trust, |
| |||||||||||||||
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| |||||||||||||||
2.874%(c) | 11/29/24 | 397 | 396,515 | |||||||||||||
SoFi RR Funding III Trust, |
| |||||||||||||||
Series 2020-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| |||||||||||||||
2.874%(c) | 11/29/24 | 1,116 | 1,115,833 | |||||||||||||
|
| |||||||||||||||
10,177,720 | ||||||||||||||||
|
| |||||||||||||||
TOTAL ASSET-BACKED SECURITIES |
| 262,049,589 | ||||||||||||||
|
| |||||||||||||||
BANK LOANS — 1.3% |
| |||||||||||||||
Airlines — 0.1% |
| |||||||||||||||
United Airlines, Inc., |
| |||||||||||||||
Class B Term Loan, 1 Month LIBOR + 3.750% |
| |||||||||||||||
5.392%(c) | 04/21/28 | 682 | 629,838 | |||||||||||||
|
| |||||||||||||||
Chemicals — 0.0% |
| |||||||||||||||
Axalta Coating Systems U.S. Holdings, Inc., |
| |||||||||||||||
Term Loan, 3 Month LIBOR 1.750% |
| |||||||||||||||
4.000%(c) | 06/01/24 | 1 | 1,005 | |||||||||||||
Starfruit Finco BV (Netherlands), |
| |||||||||||||||
Initial Dollar Term Loan, 3 Month LIBOR + 3.000% |
| |||||||||||||||
5.250%(c) | 10/01/25 | 155 | 146,140 | |||||||||||||
TPC Group, Inc., |
| |||||||||||||||
Term Loan, Term SOFR + 10.000% |
| |||||||||||||||
11.241%(c) | 05/31/23 | ^ | 21 | 21,204 | ||||||||||||
|
| |||||||||||||||
168,349 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services — 0.0% |
| |||||||||||||||
Adtalem Global Education, Inc., |
| |||||||||||||||
Term B Loan, 1 Month LIBOR + 4.000% |
| |||||||||||||||
5.595%(c) | 08/12/28 | 336 | 319,448 | |||||||||||||
|
| |||||||||||||||
Computers — 0.2% |
| |||||||||||||||
McAfee Corp., |
| |||||||||||||||
Tranche B-1 Term Loan, Term SOFR + 4.000% |
| |||||||||||||||
5.145%(c) | 03/01/29 | 1,350 | 1,221,750 | |||||||||||||
Peraton Corp., |
| |||||||||||||||
First Lien Term B Loan, 1 Month LIBOR + 3.750% |
| |||||||||||||||
5.416%(c) | 02/01/28 | 751 | 704,484 | |||||||||||||
|
| |||||||||||||||
1,926,234 | ||||||||||||||||
|
| |||||||||||||||
Insurance — 0.1% |
| |||||||||||||||
AmWINS Group, Inc., |
| |||||||||||||||
Term Loan, 1 Month LIBOR + 2.250% |
| |||||||||||||||
3.916%(c) | 02/19/28 | 181 | 170,452 | |||||||||||||
Asurion LLC, |
| |||||||||||||||
New B-7 Term Loan, 1 Month LIBOR + 3.000% |
| |||||||||||||||
4.666%(c) | 11/03/24 | 463 | 432,921 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
BANK LOANS (continued) |
| |||||||||||||||
Insurance (cont’d.) |
| |||||||||||||||
New B-9 Term Loan, 1 Month LIBOR + 3.250% |
| |||||||||||||||
4.916%(c) | 07/31/27 | 346 | $ | 311,926 | ||||||||||||
|
| |||||||||||||||
915,299 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining — 0.0% |
| |||||||||||||||
Vertiv Group Corp., |
| |||||||||||||||
Term B Loan, 1 Month LIBOR + 2.750% |
| |||||||||||||||
3.870%(c) | 03/02/27 | 246 | 228,437 | |||||||||||||
|
| |||||||||||||||
Media — 0.1% |
| |||||||||||||||
CSC Holdings LLC, |
| |||||||||||||||
2017 Refinancing Term Loan, 1 Month LIBOR + 2.250% |
| |||||||||||||||
3.574%(c) | 07/17/25 | 345 | 320,409 | |||||||||||||
September 2019 Term Loan, 1 Month LIBOR + 2.500% |
| |||||||||||||||
3.824%(c) | 04/15/27 | 770 | 714,797 | |||||||||||||
Diamond Sports Group LLC, |
| |||||||||||||||
First Lien Term Loan, Term SOFR + 8.000% |
| |||||||||||||||
9.181%(c) | 05/25/26 | 146 | 143,312 | |||||||||||||
Second Lien Term Loan, Term SOFR + 3.250% |
| |||||||||||||||
4.431%(c) | 08/24/26 | 494 | 113,862 | |||||||||||||
iHeartCommunications, Inc., |
| |||||||||||||||
New Term Loan, 1 Month LIBOR + 3.000% |
| |||||||||||||||
4.666%(c) | 05/01/26 | 314 | 290,491 | |||||||||||||
|
| |||||||||||||||
1,582,871 | ||||||||||||||||
|
| |||||||||||||||
Metal Fabricate/Hardware — 0.1% |
| |||||||||||||||
Tank Holding Corp., |
| |||||||||||||||
Initial Term Loan, Term SOFR + 6.000% |
| |||||||||||||||
7.625%(c) | 03/31/28 | ^ | 1,425 | 1,353,750 | ||||||||||||
|
| |||||||||||||||
Oil & Gas — 0.0% |
| |||||||||||||||
Ascent Resources Utica Holdings LLC, |
| |||||||||||||||
Second Lien Term Loan, 3 Month LIBOR + 9.000% |
| |||||||||||||||
10.021%(c) | 11/01/25 | 388 | 407,400 | |||||||||||||
|
| |||||||||||||||
Pharmaceuticals — 0.2% |
| |||||||||||||||
Change Healthcare Holdings LLC, |
| |||||||||||||||
Closing Date Term Loan, 1 Month LIBOR + 2.500% |
| |||||||||||||||
4.166%(c) | 03/01/24 | 1,885 | 1,828,789 | |||||||||||||
|
| |||||||||||||||
Real Estate Investment Trusts (REITs) — 0.0% |
| |||||||||||||||
Blackstone Mortgage Trust, Inc., |
| |||||||||||||||
Term Loan, 1 Month LIBOR + 2.250% |
| |||||||||||||||
3.916%(c) | 04/23/26 | ^ | 492 | 462,861 | ||||||||||||
|
| |||||||||||||||
Retail — 0.3% |
| |||||||||||||||
EG Group Ltd. (United Kingdom), |
| |||||||||||||||
Term Loan, 3 Month EURIBOR + 7.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
7.000%(c) | 04/30/27 | EUR | 3,500 | 3,062,634 | ||||||||||||
|
| |||||||||||||||
Software — 0.1% |
| |||||||||||||||
Dun & Bradstreet Corp., |
| |||||||||||||||
Term Loan B, 1 Month LIBOR + 3.250% |
| |||||||||||||||
4.874%(c) | 02/06/26 | 761 | 716,959 | |||||||||||||
|
| |||||||||||||||
Telecommunications — 0.1% |
| |||||||||||||||
CenturyLink, Inc., |
| |||||||||||||||
Term B Loan, 1 Month LIBOR + 2.250% |
| |||||||||||||||
3.916%(c) | 03/15/27 | 399 | 365,835 |
SEE NOTES TO FINANCIAL STATEMENTS.
A107
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
BANK LOANS (continued) |
| |||||||||||||||
Telecommunications (cont’d.) |
| |||||||||||||||
Digicel International Finance Ltd. (Saint Lucia), |
| |||||||||||||||
First Lien Initial Term B Loan, 3 Month LIBOR + 3.250% |
| |||||||||||||||
4.916%(c) | 05/27/24 | 1,382 | $ | 1,210,474 | ||||||||||||
|
| |||||||||||||||
1,576,309 | ||||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOANS |
| 15,179,178 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.8% |
| |||||||||||||||
BANK, |
| |||||||||||||||
Series 2017-BNK05, Class A4 |
| |||||||||||||||
3.131% | 06/15/60 | 4,400 | 4,159,095 | |||||||||||||
Series 2017-BNK06, Class A4 |
| |||||||||||||||
3.254% | 07/15/60 | 920 | 888,125 | |||||||||||||
Series 2017-BNK08, Class A3 |
| |||||||||||||||
3.229% | 11/15/50 | 1,950 | 1,868,081 | |||||||||||||
Series 2019-BN18, Class A3 |
| |||||||||||||||
3.325% | 05/15/62 | 1,500 | 1,412,691 | |||||||||||||
Series 2020-BN29, Class A3 |
| |||||||||||||||
1.742% | 11/15/53 | 1,000 | 826,343 | |||||||||||||
Bank of America Merrill Lynch Commercial Mortgage Trust, |
| |||||||||||||||
Series 2016-UB10, Class A3 |
| |||||||||||||||
2.903% | 07/15/49 | 1,039 | 996,129 | |||||||||||||
Barclays Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2016-ETC, Class A, 144A |
| |||||||||||||||
2.937% | 08/14/36 | 1,170 | 1,071,824 | |||||||||||||
Series 2016-ETC, Class B, 144A |
| |||||||||||||||
3.189% | 08/14/36 | 510 | 456,958 | |||||||||||||
Series 2016-ETC, Class C, 144A |
| |||||||||||||||
3.391% | 08/14/36 | 430 | 373,021 | |||||||||||||
Series 2016-ETC, Class D, 144A |
| |||||||||||||||
3.729%(cc) | 08/14/36 | 1,560 | 1,309,930 | |||||||||||||
Benchmark Mortgage Trust, |
| |||||||||||||||
Series 2019-B09, Class A4 |
| |||||||||||||||
3.751% | 03/15/52 | 3,400 | 3,244,357 | |||||||||||||
Series 2020-B18, Class A4 |
| |||||||||||||||
1.672% | 07/15/53 | 2,900 | 2,410,050 | |||||||||||||
Series 2020-B21, Class A4 |
| |||||||||||||||
1.704% | 12/17/53 | 1,000 | 827,903 | |||||||||||||
BMO Mortgage Trust, |
| |||||||||||||||
Series 2022-C01, Class A5 |
| |||||||||||||||
3.374%(cc) | 02/15/55 | 4,200 | 3,845,662 | |||||||||||||
BX Commercial Mortgage Trust, |
| |||||||||||||||
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) |
| |||||||||||||||
3.324%(c) | 10/15/36 | 2,125 | 2,039,481 | |||||||||||||
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%) |
| |||||||||||||||
3.624%(c) | 10/15/36 | 1,360 | 1,288,620 | |||||||||||||
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%) |
| |||||||||||||||
3.974%(c) | 10/15/36 | 2,975 | 2,796,547 | |||||||||||||
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%) |
| |||||||||||||||
3.522%(c) | 11/15/38 | 3,350 | 3,157,439 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
BX Trust, |
| |||||||||||||||
Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| |||||||||||||||
3.979%(c) | 01/15/39 | 5,000 | $ | 4,723,056 | ||||||||||||
Cantor Commercial Real Estate Lending, |
| |||||||||||||||
Series 2019-CF02, Class A3 |
| |||||||||||||||
2.647% | 11/15/52 | 7,700 | 7,301,699 | |||||||||||||
CD Mortgage Trust, |
| |||||||||||||||
Series 2017-CD05, Class A3 |
| |||||||||||||||
3.171% | 08/15/50 | 3,500 | 3,309,688 | |||||||||||||
CFK Trust, |
| |||||||||||||||
Series 2020-MF02, Class A, 144A |
| |||||||||||||||
2.387% | 03/15/39 | 6,550 | 5,846,861 | |||||||||||||
CityLine Commercial Mortgage Trust, |
| |||||||||||||||
Series 2016-CLNE, Class B, 144A |
| |||||||||||||||
2.871%(cc) | 11/10/31 | 2,400 | 2,321,131 | |||||||||||||
Series 2016-CLNE, Class C, 144A |
| |||||||||||||||
2.871%(cc) | 11/10/31 | 900 | 865,343 | |||||||||||||
Cold Storage Trust, |
| |||||||||||||||
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%) |
| |||||||||||||||
4.090%(c) | 11/15/37 | 1,327 | 1,284,474 | |||||||||||||
Commercial Mortgage Trust, |
| |||||||||||||||
Series 2014-UBS04, Class A4 |
| |||||||||||||||
3.420% | 08/10/47 | 3,200 | 3,145,575 | |||||||||||||
Series 2015-DC01, Class A4 |
| |||||||||||||||
3.078% | 02/10/48 | 5,000 | 4,871,443 | |||||||||||||
Series 2016-COR01, Class A3 |
| |||||||||||||||
2.826% | 10/10/49 | 2,474 | 2,327,440 | |||||||||||||
Series 2017-COR02, Class A2 |
| |||||||||||||||
3.239% | 09/10/50 | 3,867 | 3,663,473 | |||||||||||||
Credit Suisse Mortgage Capital Certificates, |
| |||||||||||||||
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%) |
| |||||||||||||||
3.474%(c) | 05/15/36 | 2,600 | 2,495,250 | |||||||||||||
CSAIL Commercial Mortgage Trust, |
| |||||||||||||||
Series 2019-C16, Class A2 |
| |||||||||||||||
3.067% | 06/15/52 | 1,200 | 1,102,605 | |||||||||||||
DBGS Mortgage Trust, |
| |||||||||||||||
Series 2018-BIOD, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%) |
| |||||||||||||||
3.690%(c) | 05/15/35 | 2,990 | 2,810,286 | |||||||||||||
DBWF Mortgage Trust, |
| |||||||||||||||
Series 2016-85T, Class D, 144A |
| |||||||||||||||
3.935%(cc) | 12/10/36 | 1,400 | 1,179,657 | |||||||||||||
Deutsche Bank Commercial Mortgage Trust, |
| |||||||||||||||
Series 2017-C06, Class A4 |
| |||||||||||||||
3.071% | 06/10/50 | 2,800 | 2,668,088 | |||||||||||||
Eleven Madison Mortgage Trust, |
| |||||||||||||||
Series 2015-11MD, Class C, 144A |
| |||||||||||||||
3.673%(cc) | 09/10/35 | 3,000 | 2,801,425 | |||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, |
| |||||||||||||||
Series K025, Class X1, IO |
| |||||||||||||||
0.877%(cc) | 10/25/22 | 8,823 | 11,168 | |||||||||||||
Series K027, Class X1, IO |
| |||||||||||||||
0.818%(cc) | 01/25/23 | 117,233 | 263,962 |
SEE NOTES TO FINANCIAL STATEMENTS.
A108
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series K044, Class X1, IO |
| |||||||||||||||
0.865%(cc) | 01/25/25 | 62,828 | $ | 1,013,441 | ||||||||||||
Series K053, Class X1, IO |
| |||||||||||||||
1.017%(cc) | 12/25/25 | 85,702 | 2,186,947 | |||||||||||||
Series K055, Class X1, IO |
| |||||||||||||||
1.484%(cc) | 03/25/26 | 13,059 | 542,330 | |||||||||||||
Series KG03, Class X1, IO |
| |||||||||||||||
1.483%(cc) | 06/25/30 | 29,348 | 2,532,131 | |||||||||||||
GS Mortgage Securities Trust, |
| |||||||||||||||
Series 2015-GC30, Class A3 |
| |||||||||||||||
3.119% | 05/10/50 | 2,860 | 2,774,079 | |||||||||||||
Series 2017-GS06, Class A2 |
| |||||||||||||||
3.164% | 05/10/50 | 3,327 | 3,145,545 | |||||||||||||
Series 2019-GC38, Class A3 |
| |||||||||||||||
3.703% | 02/10/52 | 5,800 | 5,582,364 | |||||||||||||
IMT Trust, |
| |||||||||||||||
Series 2017-APTS, Class AFX, 144A |
| |||||||||||||||
3.478% | 06/15/34 | 310 | 302,456 | |||||||||||||
JPMDB Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2016-C02, Class A3A |
| |||||||||||||||
2.881% | 06/15/49 | 1,070 | 1,025,164 | |||||||||||||
Series 2017-C05, Class A4 |
| |||||||||||||||
3.414% | 03/15/50 | 1,423 | 1,358,674 | |||||||||||||
Series 2017-C07, Class A4 |
| |||||||||||||||
3.147% | 10/15/50 | 3,600 | 3,416,009 | |||||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust, |
| |||||||||||||||
Series 2016-JP02, Class A3 |
| |||||||||||||||
2.559% | 08/15/49 | 1,639 | 1,534,999 | |||||||||||||
Series 2018-AON, Class E, 144A |
| |||||||||||||||
4.767%(cc) | 07/05/31 | 5,875 | 5,698,073 | |||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, |
| |||||||||||||||
Series 2013-C10, Class A3 |
| |||||||||||||||
4.094%(cc) | 07/15/46 | 3,950 | 3,937,299 | |||||||||||||
Morgan Stanley Capital I Trust, |
| |||||||||||||||
Series 2017-H01, Class A4 |
| |||||||||||||||
3.259% | 06/15/50 | 2,750 | 2,623,651 | |||||||||||||
Series 2017-HR02, Class A3 |
| |||||||||||||||
3.330% | 12/15/50 | 5,500 | 5,209,157 | |||||||||||||
Series 2019-L03, Class A3 |
| |||||||||||||||
2.874% | 11/15/52 | 1,200 | 1,081,385 | |||||||||||||
Series 2019-MEAD, Class E, 144A |
| |||||||||||||||
3.283%(cc) | 11/10/36 | 575 | 503,445 | |||||||||||||
Shops at Crystals Trust, |
| |||||||||||||||
Series 2016-CSTL, Class A, 144A |
| |||||||||||||||
3.126% | 07/05/36 | 140 | 127,703 | |||||||||||||
UBS Commercial Mortgage Trust, |
| |||||||||||||||
Series 2017-C02, Class A3 |
| |||||||||||||||
3.225% | 08/15/50 | 3,100 | 2,964,282 | |||||||||||||
Series 2017-C07, Class A3 |
| |||||||||||||||
3.418% | 12/15/50 | 5,600 | 5,324,512 | |||||||||||||
Series 2018-C10, Class A3 |
| |||||||||||||||
4.048% | 05/15/51 | 2,200 | 2,148,319 | |||||||||||||
Series 2019-C17, Class A3 |
| |||||||||||||||
2.669% | 10/15/52 | 2,000 | 1,792,904 | |||||||||||||
Wells Fargo Commercial Mortgage Trust, |
| |||||||||||||||
Series 2014-LC16, Class A4 |
| |||||||||||||||
3.548% | 08/15/50 | 3,415 | 3,329,035 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2016-C32, Class A3 |
| |||||||||||||||
3.294% | 01/15/59 | 2,042 | $ | 1,984,081 | ||||||||||||
Series 2016-C34, Class A3 |
| |||||||||||||||
2.834% | 06/15/49 | 2,500 | 2,394,036 | |||||||||||||
Series 2016-C35, Class A3 |
| |||||||||||||||
2.674% | 07/15/48 | 4,451 | 4,193,891 | |||||||||||||
Series 2017-C40, Class A3 |
| |||||||||||||||
3.317% | 10/15/50 | 1,370 | 1,315,214 | |||||||||||||
Series 2019-C54, Class A3 |
| |||||||||||||||
2.892% | 12/15/52 | 1,200 | 1,080,926 | |||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
| 157,086,932 | ||||||||||||||
|
| |||||||||||||||
CORPORATE BONDS — 36.9% |
| |||||||||||||||
Advertising — 0.0% |
| |||||||||||||||
Interpublic Group of Cos., Inc. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.750% | 03/30/30 | 10 | 9,820 | |||||||||||||
|
| |||||||||||||||
Aerospace & Defense — 0.9% |
| |||||||||||||||
BAE Systems PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.900% | 02/15/31 | 2,770 | 2,219,749 | |||||||||||||
3.400% | 04/15/30 | 385 | 352,056 | |||||||||||||
Boeing Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.167% | 02/04/23 | 10 | 9,885 | |||||||||||||
1.875% | 06/15/23 | 10 | 9,789 | |||||||||||||
1.950% | 02/01/24 | 20 | 19,319 | |||||||||||||
2.196% | 02/04/26 | 180 | 162,445 | |||||||||||||
2.750% | 02/01/26 | 90 | 83,563 | |||||||||||||
2.850% | 10/30/24 | 30 | 29,114 | |||||||||||||
2.950% | 02/01/30 | 5 | 4,149 | |||||||||||||
3.900% | 05/01/49 | 50 | 35,540 | |||||||||||||
3.950% | 08/01/59 | 1,450 | 979,005 | |||||||||||||
4.508% | 05/01/23 | 20 | 20,086 | |||||||||||||
5.150% | 05/01/30 | 25 | 23,985 | |||||||||||||
5.805% | 05/01/50 | 25 | 23,021 | |||||||||||||
5.930% | 05/01/60 | 23 | 21,041 | |||||||||||||
6.875% | 03/15/39 | 20 | 20,771 | |||||||||||||
7.950% | 08/15/24 | 50 | 53,420 | |||||||||||||
Bombardier, Inc. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
7.500% | 12/01/24 | 1,280 | 1,200,719 | |||||||||||||
7.500% | 03/15/25 | 1,321 | 1,194,104 | |||||||||||||
7.875% | 04/15/27 | (a) | 2,575 | 2,143,222 | ||||||||||||
General Dynamics Corp., |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
1.150% | 06/01/26 | 20 | 18,116 | |||||||||||||
3.250% | 04/01/25 | 10 | 9,917 | |||||||||||||
3.500% | 04/01/27 | 30 | 29,492 | |||||||||||||
4.250% | 04/01/40 | 5 | 4,784 | |||||||||||||
L3 Technologies, Inc., |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
3.850% | 06/15/23 | 25 | 24,991 |
SEE NOTES TO FINANCIAL STATEMENTS.
A109
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Aerospace & Defense (cont’d.) |
| |||||||||||||||
L3Harris Technologies, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 12/15/29 | 40 | $ | 35,510 | ||||||||||||
4.400% | 06/15/28 | 37 | 36,378 | |||||||||||||
4.400% | 06/15/28 | 15 | 14,733 | |||||||||||||
Lockheed Martin Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.800% | 06/15/50 | 10 | 7,471 | |||||||||||||
4.500% | 05/15/36 | 30 | 29,977 | |||||||||||||
Northrop Grumman Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.930% | 01/15/25 | 30 | 29,372 | |||||||||||||
3.250% | 01/15/28 | 40 | 38,001 | |||||||||||||
5.250% | 05/01/50 | 10 | 10,561 | |||||||||||||
Raytheon Technologies Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.500% | 03/15/27 | 5 | 4,886 | |||||||||||||
4.125% | 11/16/28 | 1,165 | 1,150,953 | |||||||||||||
4.450% | 11/16/38 | 20 | 19,241 | |||||||||||||
4.500% | 06/01/42 | 15 | 14,292 | |||||||||||||
Teledyne Technologies, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.750% | 04/01/31 | 60 | 50,178 | |||||||||||||
|
| |||||||||||||||
10,133,836 | ||||||||||||||||
|
| |||||||||||||||
Agriculture — 0.3% |
| |||||||||||||||
Altria Group, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.450% | 02/04/32 | 60 | 45,186 | |||||||||||||
2.625% | 09/16/26 | 35 | 31,994 | |||||||||||||
3.400% | 02/04/41 | 50 | 33,224 | |||||||||||||
3.700% | 02/04/51 | 100 | 64,295 | |||||||||||||
3.875% | 09/16/46 | 10 | 6,736 | |||||||||||||
4.000% | 02/04/61 | 5 | 3,301 | |||||||||||||
4.400% | 02/14/26 | 43 | 42,095 | |||||||||||||
4.800% | 02/14/29 | 11 | 10,425 | |||||||||||||
5.950% | 02/14/49 | 30 | 26,330 | |||||||||||||
BAT Capital Corp. (United Kingdom), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.259% | 03/25/28 | 1,570 | 1,313,915 | |||||||||||||
2.726% | 03/25/31 | 10 | 7,876 | |||||||||||||
3.462% | 09/06/29 | 10 | 8,563 | |||||||||||||
3.557% | 08/15/27 | 1,500 | 1,373,582 | |||||||||||||
4.540% | 08/15/47 | 20 | 14,696 | |||||||||||||
BAT International Finance PLC (United Kingdom), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.668% | 03/25/26 | 145 | 128,607 | |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.950% | 06/15/25 | 150 | 147,113 | |||||||||||||
Cargill, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
0.750% | 02/02/26 | 40 | 35,774 | |||||||||||||
Philip Morris International, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.875% | 05/01/26 | 40 | 35,419 | |||||||||||||
1.500% | 05/01/25 | 15 | 14,036 | |||||||||||||
2.500% | 11/02/22 | 30 | 29,962 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Agriculture (cont’d.) |
| |||||||||||||||
Reynolds American, Inc. (United Kingdom), |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
4.450% | 06/12/25 | 20 | $ | 19,923 | ||||||||||||
|
| |||||||||||||||
3,393,052 | ||||||||||||||||
|
| |||||||||||||||
Airlines — 0.5% |
| |||||||||||||||
Air Canada (Canada), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 08/15/26 | 50 | 42,439 | |||||||||||||
Alaska Airlines 2020-1 Class A Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates, 144A |
| |||||||||||||||
4.800% | 02/15/29 | 44 | 43,281 | |||||||||||||
American Airlines 2016-1 Class AA Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
3.575% | 07/15/29 | 1,428 | 1,325,703 | |||||||||||||
American Airlines 2017-2 Class AA Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
3.350% | 04/15/31 | 39 | 35,983 | |||||||||||||
British Airways 2020-1 Class A Pass-Through Trust (United Kingdom), |
| |||||||||||||||
Pass-Through Certificates, 144A |
| |||||||||||||||
4.250% | 05/15/34 | 56 | 53,417 | |||||||||||||
Delta Air Lines, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.750% | 10/28/29 | 10 | 7,911 | |||||||||||||
3.800% | 04/19/23 | 50 | 49,759 | |||||||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.500% | 10/20/25 | 15 | 14,570 | |||||||||||||
4.750% | 10/20/28 | 75 | 70,788 | |||||||||||||
JetBlue 2019-1 Class AA Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
2.750% | 11/15/33 | 44 | 38,518 | |||||||||||||
JetBlue 2020-1 Class A Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
4.000% | 05/15/34 | 27 | 24,853 | |||||||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
6.500% | 06/20/27 | 30 | 29,463 | |||||||||||||
Southwest Airlines Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.125% | 06/15/27 | 3,355 | 3,384,709 | |||||||||||||
United Airlines 2019-1 Class AA Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
4.150% | 02/25/33 | 44 | 41,138 | |||||||||||||
United Airlines 2019-2 Class AA Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
2.700% | 11/01/33 | 55 | 45,933 | |||||||||||||
United Airlines 2020-1 Class A Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
5.875% | 04/15/29 | 110 | 108,196 | |||||||||||||
United Airlines 2020-1 Class B Pass-Through Trust, |
| |||||||||||||||
Pass-Through Certificates |
| |||||||||||||||
4.875% | 07/15/27 | 21 | 19,704 | |||||||||||||
United Airlines, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.375% | 04/15/26 | 825 | 731,710 |
SEE NOTES TO FINANCIAL STATEMENTS.
A110
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Airlines (cont’d.) |
| |||||||||||||||
4.625% | 04/15/29 | 195 | $ | 165,359 | ||||||||||||
|
| |||||||||||||||
6,233,434 | ||||||||||||||||
|
| |||||||||||||||
Auto Manufacturers — 1.0% |
| |||||||||||||||
American Honda Finance Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
1.000% | 09/10/25 | 35 | 31,903 | |||||||||||||
1.200% | 07/08/25 | 15 | 13,854 | |||||||||||||
2.050% | 01/10/23 | 30 | 29,823 | |||||||||||||
2.150% | 09/10/24 | 20 | 19,379 | |||||||||||||
2.350% | 01/08/27 | 14 | 13,036 | |||||||||||||
BMW US Capital LLC (Germany), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
0.800% | 04/01/24 | 40 | 38,178 | |||||||||||||
Daimler Finance North America LLC (Germany), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
1.450% | 03/02/26 | 150 | 135,852 | |||||||||||||
Ford Motor Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 02/12/32 | 10 | 7,475 | |||||||||||||
4.346% | 12/08/26 | 20 | 18,500 | |||||||||||||
4.750% | 01/15/43 | 1,125 | 801,921 | |||||||||||||
5.291% | 12/08/46 | 290 | 222,926 | |||||||||||||
Ford Motor Credit Co. LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 02/16/28 | 275 | 221,748 | |||||||||||||
3.350% | 11/01/22 | 2,600 | 2,597,183 | |||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
1.744% | 07/19/24 | EUR | 100 | 96,866 | ||||||||||||
General Motors Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 04/01/25 | 17 | 16,771 | |||||||||||||
4.875% | 10/02/23 | 1,350 | 1,362,792 | |||||||||||||
5.000% | 04/01/35 | 1,365 | 1,222,841 | |||||||||||||
5.150% | 04/01/38 | 1,000 | 875,598 | |||||||||||||
5.200% | 04/01/45 | 10 | 8,422 | |||||||||||||
6.125% | 10/01/25 | 40 | 41,361 | |||||||||||||
6.250% | 10/02/43 | 1,455 | 1,387,348 | |||||||||||||
6.600% | 04/01/36 | 285 | 288,926 | |||||||||||||
General Motors Financial Co., Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.250% | 01/05/23 | 85 | 84,937 | |||||||||||||
3.700% | 05/09/23 | 20 | 19,992 | |||||||||||||
4.250% | 05/15/23 | 50 | 50,053 | |||||||||||||
4.300% | 07/13/25 | 70 | 68,902 | |||||||||||||
5.250% | 03/01/26 | 28 | 28,047 | |||||||||||||
Jr. Sub. Notes, Series C |
| |||||||||||||||
5.700%(ff) | 09/30/30 | (oo) | 5 | 4,333 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.350% | 01/08/31 | 20 | 15,534 | |||||||||||||
2.400% | 04/10/28 | 1,065 | 900,381 | |||||||||||||
2.700% | 08/20/27 | 10 | 8,781 | |||||||||||||
3.100% | 01/12/32 | 45 | 36,166 | |||||||||||||
3.550% | 07/08/22 | 15 | 15,001 | |||||||||||||
5.100% | 01/17/24 | 45 | 45,449 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Auto Manufacturers (cont’d.) |
| |||||||||||||||
Hyundai Capital America, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.000% | 09/17/24 | 30 | $ | 27,884 | ||||||||||||
1.800% | 10/15/25 | 40 | 36,603 | |||||||||||||
2.375% | 10/15/27 | 15 | 13,199 | |||||||||||||
2.650% | 02/10/25 | 15 | 14,326 | |||||||||||||
2.850% | 11/01/22 | 80 | 79,910 | |||||||||||||
3.400% | 06/20/24 | 40 | 39,352 | |||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
0.800% | 01/08/24 | 60 | 57,026 | |||||||||||||
1.800% | 01/10/28 | 15 | 12,729 | |||||||||||||
Nissan Motor Acceptance Co. LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.050% | 03/08/24 | 90 | 84,630 | |||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
1.850% | 09/16/26 | 54 | 45,493 | |||||||||||||
Sr. Unsec’d. Notes, 144A, MTN, 3 Month LIBOR + 0.690% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.924%(c) | 09/28/22 | 22 | 21,984 | |||||||||||||
Toyota Motor Credit Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.330% |
| |||||||||||||||
1.117%(c) | 01/11/24 | 100 | 98,993 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
1.150% | 08/13/27 | 25 | 21,760 | |||||||||||||
1.800% | 02/13/25 | 50 | 47,728 | |||||||||||||
1.900% | 04/06/28 | 50 | 44,466 | |||||||||||||
2.150% | 02/13/30 | 10 | 8,662 | |||||||||||||
|
| |||||||||||||||
11,385,024 | ||||||||||||||||
|
| |||||||||||||||
Auto Parts & Equipment — 0.2% |
| |||||||||||||||
American Axle & Manufacturing, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.500% | 04/01/27 | (a) | 670 | 593,215 | ||||||||||||
Aptiv PLC/Aptiv Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.150% | 05/01/52 | 20 | 15,317 | |||||||||||||
BorgWarner, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.000% | 10/01/25 | 60 | 60,852 | |||||||||||||
Cooper-Standard Automotive, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.625% | 11/15/26 | 1,150 | 551,660 | |||||||||||||
Dana Financing Luxembourg Sarl, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.750% | 04/15/25 | 875 | 841,234 | |||||||||||||
Dana, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.375% | 11/15/27 | (a) | 350 | 304,427 | ||||||||||||
|
| |||||||||||||||
2,366,705 | ||||||||||||||||
|
| |||||||||||||||
Banks — 10.4% |
| |||||||||||||||
Banco Santander SA (Spain), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.849% | 03/25/26 | 600 | 539,820 | |||||||||||||
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
| |||||||||||||||
2.131%(c) | 04/12/23 | 400 | 401,117 |
SEE NOTES TO FINANCIAL STATEMENTS.
A111
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
Sub. Notes |
| |||||||||||||||
2.749% | 12/03/30 | 1,000 | $ | 794,296 | ||||||||||||
Bank of America Corp., |
| |||||||||||||||
Jr. Sub. Notes, Series JJ |
| |||||||||||||||
5.125%(ff) | 06/20/24 | (oo) | 1,655 | 1,540,696 | ||||||||||||
Jr. Sub. Notes, Series MM |
| |||||||||||||||
4.300%(ff) | 01/28/25 | (oo) | 1,575 | 1,335,042 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.734%(ff) | 07/22/27 | 45 | 40,105 | |||||||||||||
2.299%(ff) | 07/21/32 | 20 | 16,166 | |||||||||||||
2.572%(ff) | 10/20/32 | 10 | 8,251 | |||||||||||||
2.687%(ff) | 04/22/32 | 2,565 | 2,155,303 | |||||||||||||
3.419%(ff) | 12/20/28 | 10 | 9,315 | |||||||||||||
Sr. Unsec’d. Notes, GMTN |
| |||||||||||||||
3.593%(ff) | 07/21/28 | 740 | 698,432 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
1.898%(ff) | 07/23/31 | 50 | 40,004 | |||||||||||||
1.922%(ff) | 10/24/31 | 20 | 15,940 | |||||||||||||
2.496%(ff) | 02/13/31 | 92 | 77,859 | |||||||||||||
2.676%(ff) | 06/19/41 | 20 | 14,433 | |||||||||||||
3.093%(ff) | 10/01/25 | 50 | 48,486 | |||||||||||||
3.824%(ff) | 01/20/28 | 3,410 | 3,269,629 | |||||||||||||
3.974%(ff) | 02/07/30 | 685 | 643,580 | |||||||||||||
4.078%(ff) | 04/23/40 | 2,340 | 2,056,751 | |||||||||||||
4.271%(ff) | 07/23/29 | 945 | 908,789 | |||||||||||||
4.330%(ff) | 03/15/50 | 20 | 17,980 | |||||||||||||
Sr. Unsec’d. Notes, Series N |
| |||||||||||||||
2.651%(ff) | 03/11/32 | 5,020 | 4,214,569 | |||||||||||||
Sub. Notes |
| |||||||||||||||
2.482%(ff) | 09/21/36 | 10 | 7,777 | |||||||||||||
Sub. Notes, MTN |
| |||||||||||||||
4.000% | 01/22/25 | 1,122 | 1,117,304 | |||||||||||||
4.450% | 03/03/26 | 1,735 | 1,730,345 | |||||||||||||
Sub. Notes, Series L, MTN |
| |||||||||||||||
3.950% | 04/21/25 | 90 | 88,951 | |||||||||||||
4.183% | 11/25/27 | 50 | 48,652 | |||||||||||||
Bank of New York Mellon Corp. (The), |
| |||||||||||||||
Jr. Sub. Notes, Series H |
| |||||||||||||||
3.700%(ff) | 03/20/26 | (oo) | 15 | 13,352 | ||||||||||||
Barclays PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.650% | 03/16/25 | 700 | 685,354 | |||||||||||||
3.932%(ff) | 05/07/25 | 480 | 472,592 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
4.972%(ff) | 05/16/29 | (a) | 475 | 466,150 | ||||||||||||
Sub. Notes |
| |||||||||||||||
4.836% | 05/09/28 | 720 | 693,102 | |||||||||||||
BNP Paribas SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.323%(ff) | 01/13/27 | 710 | 627,001 | |||||||||||||
1.904%(ff) | 09/30/28 | 2,200 | 1,877,885 | |||||||||||||
2.871%(ff) | 04/19/32 | 1,815 | 1,507,670 | |||||||||||||
3.375% | 01/09/25 | 855 | 835,527 | |||||||||||||
BPCE SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
3.500% | 10/23/27 | 300 | 278,210 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
Sub. Notes, 144A, MTN |
| |||||||||||||||
4.500% | 03/15/25 | 1,120 | $ | 1,100,807 | ||||||||||||
4.875% | 04/01/26 | (a) | 380 | 374,418 | ||||||||||||
Citigroup, Inc., |
| |||||||||||||||
Jr. Sub. Notes |
| |||||||||||||||
3.875%(ff) | 02/18/26 | (oo) | 1,880 | 1,560,701 | ||||||||||||
Jr. Sub. Notes, Series V |
| |||||||||||||||
4.700%(ff) | 01/30/25 | (oo) | 1,445 | 1,193,638 | ||||||||||||
Jr. Sub. Notes, Series W |
| |||||||||||||||
4.000%(ff) | 12/10/25 | (oo) | 890 | 769,850 | ||||||||||||
Jr. Sub. Notes, Series Y |
| |||||||||||||||
4.150%(ff) | 11/15/26 | (oo) | 25 | 20,011 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.520%(ff) | 11/03/32 | 10 | 8,108 | |||||||||||||
2.561%(ff) | 05/01/32 | 2,015 | 1,661,884 | |||||||||||||
2.572%(ff) | 06/03/31 | 70 | 58,886 | |||||||||||||
2.666%(ff) | 01/29/31 | 1,225 | 1,040,319 | |||||||||||||
2.976%(ff) | 11/05/30 | 20 | 17,454 | |||||||||||||
3.200% | 10/21/26 | 3,255 | 3,096,929 | |||||||||||||
3.668%(ff) | 07/24/28 | 30 | 28,366 | |||||||||||||
3.785%(ff) | 03/17/33 | 1,160 | 1,047,513 | |||||||||||||
3.887%(ff) | 01/10/28 | 1,725 | 1,656,087 | |||||||||||||
4.075%(ff) | 04/23/29 | 40 | 38,057 | |||||||||||||
Sub. Notes |
| |||||||||||||||
4.300% | 11/20/26 | 110 | 108,598 | |||||||||||||
4.450% | 09/29/27 | 2,735 | 2,688,950 | |||||||||||||
Credit Suisse Group AG (Switzerland), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.091%(ff) | 05/14/32 | 1,695 | 1,355,555 | |||||||||||||
Deutsche Bank AG (Germany), |
| |||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
1.750%(ff) | 11/19/30 | EUR | 100 | 86,420 | ||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
3.700% | 05/30/24 | 159 | 157,302 | |||||||||||||
Sub. Notes |
| |||||||||||||||
3.742%(ff) | 01/07/33 | 2,415 | 1,785,480 | |||||||||||||
Discover Bank, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.450% | 07/27/26 | 280 | 264,914 | |||||||||||||
4.250% | 03/13/26 | 1,150 | 1,122,806 | |||||||||||||
FNB Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.200% | 02/24/23 | 15 | 14,765 | |||||||||||||
Goldman Sachs Group, Inc. (The), |
| |||||||||||||||
Jr. Sub. Notes, Series U |
| |||||||||||||||
3.650%(ff) | 08/10/26 | (oo) | 950 | 741,996 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.093%(ff) | 12/09/26 | 85 | 75,558 | |||||||||||||
1.948%(ff) | 10/21/27 | 50 | 44,276 | |||||||||||||
1.992%(ff) | 01/27/32 | 20 | 15,814 | |||||||||||||
2.383%(ff) | 07/21/32 | 1,480 | 1,197,899 | |||||||||||||
2.615%(ff) | 04/22/32 | 4,715 | 3,911,908 | |||||||||||||
2.650%(ff) | 10/21/32 | 10 | 8,244 | |||||||||||||
2.908%(ff) | 07/21/42 | 25 | 18,231 | |||||||||||||
3.272%(ff) | 09/29/25 | 4,063 | 3,951,877 | |||||||||||||
3.436%(ff) | 02/24/43 | 35 | 27,536 | |||||||||||||
3.500% | 01/23/25 | 20 | 19,770 |
SEE NOTES TO FINANCIAL STATEMENTS.
A112
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
3.691%(ff) | 06/05/28 | 50 | $ | 47,395 | ||||||||||||
3.750% | 02/25/26 | 125 | 122,743 | |||||||||||||
3.800% | 03/15/30 | 35 | 32,423 | |||||||||||||
3.814%(ff) | 04/23/29 | 1,080 | 1,018,282 | |||||||||||||
3.850% | 01/26/27 | 1,765 | 1,707,548 | |||||||||||||
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 1.750% |
| |||||||||||||||
2.988%(c) | 10/28/27 | 21 | 20,760 | |||||||||||||
Sub. Notes |
| |||||||||||||||
5.150% | 05/22/45 | 20 | 19,032 | |||||||||||||
HSBC Holdings PLC (United Kingdom), |
| |||||||||||||||
Sub. Notes |
| |||||||||||||||
7.625% | 05/17/32 | 10 | 11,448 | |||||||||||||
JPMorgan Chase & Co., |
| |||||||||||||||
Jr. Sub. Notes, Series FF |
| |||||||||||||||
5.000%(ff) | 08/01/24 | (oo) | 1,025 | 904,628 | ||||||||||||
Jr. Sub. Notes, Series HH |
| |||||||||||||||
4.600%(ff) | 02/01/25 | (oo) | 1,940 | 1,645,146 | ||||||||||||
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
| |||||||||||||||
4.709%(c) | 10/30/22 | (oo) | 2,998 | 2,844,566 | ||||||||||||
Jr. Sub. Notes, Series II |
| |||||||||||||||
4.000%(ff) | 04/01/25 | (a)(oo) | 1,350 | 1,114,756 | ||||||||||||
Jr. Sub. Notes, Series KK |
| |||||||||||||||
3.650%(ff) | 06/01/26 | (a)(oo) | 1,860 | 1,537,110 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.563%(ff) | 02/16/25 | 20 | 18,856 | |||||||||||||
1.045%(ff) | 11/19/26 | 20 | 17,800 | |||||||||||||
1.578%(ff) | 04/22/27 | 785 | 700,659 | |||||||||||||
1.953%(ff) | 02/04/32 | 130 | 103,838 | |||||||||||||
2.301%(ff) | 10/15/25 | 5 | 4,766 | |||||||||||||
2.525%(ff) | 11/19/41 | 2,330 | 1,658,916 | |||||||||||||
2.545%(ff) | 11/08/32 | 1,135 | 943,045 | |||||||||||||
2.580%(ff) | 04/22/32 | 1,775 | 1,494,561 | |||||||||||||
2.947%(ff) | 02/24/28 | 905 | 838,508 | |||||||||||||
2.950% | 10/01/26 | 2,075 | 1,981,024 | |||||||||||||
3.509%(ff) | 01/23/29 | 1,455 | 1,362,027 | |||||||||||||
3.782%(ff) | 02/01/28 | 1,235 | 1,185,105 | |||||||||||||
3.897%(ff) | 01/23/49 | 10 | 8,432 | |||||||||||||
3.964%(ff) | 11/15/48 | 985 | 839,620 | |||||||||||||
4.005%(ff) | 04/23/29 | 1,200 | 1,150,544 | |||||||||||||
4.203%(ff) | 07/23/29 | 50 | 48,217 | |||||||||||||
4.323%(ff) | 04/26/28 | 695 | 684,347 | |||||||||||||
4.452%(ff) | 12/05/29 | 17 | 16,549 | |||||||||||||
Sub. Notes | ||||||||||||||||
2.956%(ff) | 05/13/31 | 155 | 134,134 | |||||||||||||
4.125% | 12/15/26 | 40 | 39,706 | |||||||||||||
4.250% | 10/01/27 | 420 | 415,905 | |||||||||||||
M&T Bank Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.650% | 12/06/22 | 1,675 | 1,676,722 | |||||||||||||
Macquarie Group Ltd. (Australia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.340%(ff) | 01/12/27 | 50 | 44,069 | |||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.407% | 03/07/24 | 45 | 44,677 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
Morgan Stanley, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.217%(ff) | 04/22/42 | 10 | $ | 7,844 | ||||||||||||
Sr. Unsec’d. Notes, GMTN |
| |||||||||||||||
1.512%(ff) | 07/20/27 | 15 | 13,188 | |||||||||||||
2.239%(ff) | 07/21/32 | 4,303 | 3,496,463 | |||||||||||||
2.699%(ff) | 01/22/31 | 35 | 30,343 | |||||||||||||
3.772%(ff) | 01/24/29 | 2,010 | 1,910,664 | |||||||||||||
4.431%(ff) | 01/23/30 | 1,340 | 1,300,619 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
0.529%(ff) | 01/25/24 | 20 | 19,621 | |||||||||||||
1.794%(ff) | 02/13/32 | 1,015 | 799,172 | |||||||||||||
1.928%(ff) | 04/28/32 | 193 | 153,109 | |||||||||||||
2.511%(ff) | 10/20/32 | 1,590 | 1,316,579 | |||||||||||||
2.943%(ff) | 01/21/33 | (a) | 1,470 | 1,260,198 | ||||||||||||
3.125% | 07/27/26 | 2,725 | 2,600,613 | |||||||||||||
Sub. Notes |
| |||||||||||||||
2.484%(ff) | 09/16/36 | 20 | 15,379 | |||||||||||||
Sub. Notes, GMTN |
| |||||||||||||||
4.350% | 09/08/26 | 756 | 748,261 | |||||||||||||
NatWest Group PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.359%(ff) | 05/22/24 | 200 | 196,290 | |||||||||||||
PNC Financial Services Group, Inc. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.200% | 11/01/24 | 21 | 20,342 | |||||||||||||
Santander Holdings USA, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.490%(ff) | 01/06/28 | 15 | 13,239 | |||||||||||||
3.450% | 06/02/25 | 30 | 28,926 | |||||||||||||
4.500% | 07/17/25 | 50 | 49,834 | |||||||||||||
Societe Generale SA (France), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.797%(ff) | 01/19/28 | 2,210 | 1,973,872 | |||||||||||||
3.337%(ff) | 01/21/33 | (a) | 1,580 | 1,293,784 | ||||||||||||
Standard Chartered PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.819%(ff) | 01/30/26 | 25 | 23,731 | |||||||||||||
State Street Corp., |
| |||||||||||||||
Sub. Notes |
| |||||||||||||||
2.200% | 03/03/31 | 4,130 | 3,370,599 | |||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.740% |
| |||||||||||||||
1.784%(c) | 01/17/23 | 22 | 21,991 | |||||||||||||
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.860% |
| |||||||||||||||
1.904%(c) | 07/19/23 | 20 | 19,992 | |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.364% | 07/12/27 | 50 | 47,550 | |||||||||||||
Texas Capital Bank NA, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500% |
| |||||||||||||||
6.750%(c) | 09/30/24 | 3,340 | 3,204,293 | |||||||||||||
U.S. Bancorp, |
| |||||||||||||||
Jr. Sub. Notes |
| |||||||||||||||
3.700%(ff) | 01/15/27 | (oo) | 30 | 23,127 | ||||||||||||
Jr. Sub. Notes, Series J |
| |||||||||||||||
5.300%(ff) | 04/15/27 | (oo) | 25 | 21,520 |
SEE NOTES TO FINANCIAL STATEMENTS.
A113
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Banks (cont’d.) |
| |||||||||||||||
UBS Group AG (Switzerland), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.859%(ff) | 08/15/23 | 1,100 | $ | 1,099,599 | ||||||||||||
UniCredit SpA (Italy), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.569%(ff) | 09/22/26 | 685 | 614,564 | |||||||||||||
3.127%(ff) | 06/03/32 | 1,225 | 961,077 | |||||||||||||
Wells Fargo & Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.068%(ff) | 04/30/41 | 2,690 | 2,096,566 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
2.393%(ff) | 06/02/28 | 60 | 53,771 | |||||||||||||
2.572%(ff) | 02/11/31 | 3,525 | 3,030,709 | |||||||||||||
5.013%(ff) | 04/04/51 | 20 | 19,618 | |||||||||||||
Sub. Notes, MTN |
| |||||||||||||||
4.100% | 06/03/26 | 20 | 19,659 | |||||||||||||
Westpac Banking Corp. (Australia), |
| |||||||||||||||
Sub. Notes |
| |||||||||||||||
2.668%(ff) | 11/15/35 | 15 | 12,037 | |||||||||||||
3.133% | 11/18/41 | 5 | 3,678 | |||||||||||||
|
| |||||||||||||||
118,897,647 | ||||||||||||||||
|
| |||||||||||||||
Beverages — 0.3% |
| |||||||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.700% | 02/01/36 | 31 | 29,758 | |||||||||||||
4.900% | 02/01/46 | 1,947 | 1,836,351 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.500% | 06/01/30 | 30 | 28,112 | |||||||||||||
4.500% | 06/01/50 | 35 | 31,445 | |||||||||||||
4.600% | 04/15/48 | 10 | 9,004 | |||||||||||||
4.750% | 01/23/29 | 118 | 120,249 | |||||||||||||
4.750% | 04/15/58 | 5 | 4,510 | |||||||||||||
5.550% | 01/23/49 | 1,465 | 1,497,035 | |||||||||||||
Coca-Cola Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.375% | 03/15/31 | 10 | 8,143 | |||||||||||||
1.650% | 06/01/30 | 10 | 8,475 | |||||||||||||
Constellation Brands, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.875% | 05/01/30 | 70 | 60,821 | |||||||||||||
Keurig Dr. Pepper, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.417% | 05/25/25 | 20 | 20,181 | |||||||||||||
PepsiCo, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.875% | 10/15/49 | 15 | 11,907 | |||||||||||||
|
| |||||||||||||||
3,665,991 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology — 0.0% |
| |||||||||||||||
Amgen, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.000% | 01/15/32 | 10 | 8,137 | |||||||||||||
2.250% | 08/19/23 | 30 | 29,659 | |||||||||||||
2.770% | 09/01/53 | 19 | 12,819 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Biotechnology (cont’d.) |
| |||||||||||||||
3.150% | 02/21/40 | 20 | $ | 15,868 | ||||||||||||
5.150% | 11/15/41 | 16 | 15,846 | |||||||||||||
Baxalta, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.000% | 06/23/25 | 75 | 74,427 | |||||||||||||
Gilead Sciences, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.800% | 10/01/50 | 10 | 6,998 | |||||||||||||
2.950% | 03/01/27 | 7 | 6,627 | |||||||||||||
4.750% | 03/01/46 | 10 | 9,575 | |||||||||||||
|
| |||||||||||||||
179,956 | ||||||||||||||||
|
| |||||||||||||||
Building Materials — 0.2% |
| |||||||||||||||
Carrier Global Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.242% | 02/15/25 | 5 | 4,750 | |||||||||||||
2.493% | 02/15/27 | 5 | 4,563 | |||||||||||||
2.722% | 02/15/30 | 45 | 38,893 | |||||||||||||
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.750% | 09/15/30 | 20 | 16,296 | |||||||||||||
Martin Marietta Materials, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.400% | 07/15/31 | 15 | 12,254 | |||||||||||||
Masco Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.000% | 10/01/30 | 945 | 746,292 | |||||||||||||
2.000% | 02/15/31 | 50 | 39,253 | |||||||||||||
Masonite International Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.375% | 02/01/28 | 475 | 428,459 | |||||||||||||
Mohawk Industries, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.850% | 02/01/23 | 294 | 294,576 | |||||||||||||
Owens Corning, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.950% | 08/15/29 | 40 | 37,078 | |||||||||||||
4.300% | 07/15/47 | 20 | 16,385 | |||||||||||||
SRM Escrow Issuer LLC, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
6.000% | 11/01/28 | 1,275 | 1,090,106 | |||||||||||||
Vulcan Materials Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.500% | 06/01/30 | 15 | 13,519 | |||||||||||||
|
| |||||||||||||||
2,742,424 | ||||||||||||||||
|
| |||||||||||||||
Chemicals — 1.1% |
| |||||||||||||||
Ashland LLC, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.875% | 05/15/43 | 1,400 | 1,408,654 | |||||||||||||
Ashland Services BV, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.000% | 01/30/28 | EUR | 1,600 | 1,370,324 | ||||||||||||
Celanese US Holdings LLC, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.400% | 08/05/26 | 55 | 47,281 |
SEE NOTES TO FINANCIAL STATEMENTS.
A114
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Chemicals (cont’d.) |
| |||||||||||||||
CF Industries, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.950% | 06/01/43 | 675 | $ | 605,813 | ||||||||||||
Dow Chemical Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.600% | 11/15/50 | 5 | 3,817 | |||||||||||||
5.250% | 11/15/41 | 35 | 34,651 | |||||||||||||
DuPont de Nemours, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.493% | 11/15/25 | 13 | 13,091 | |||||||||||||
Ecolab, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.700% | 12/15/51 | 7 | 5,001 | |||||||||||||
3.950% | 12/01/47 | 25 | 22,709 | |||||||||||||
INEOS Quattro Finance 2 PLC (United Kingdom), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
2.500% | 01/15/26 | EUR | 2,300 | 2,030,904 | ||||||||||||
International Flavors & Fragrances, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.468% | 12/01/50 | 9 | 6,555 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.230% | 10/01/25 | 87 | 78,555 | |||||||||||||
2.300% | 11/01/30 | 10 | 8,225 | |||||||||||||
LYB International Finance BV, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.250% | 07/15/43 | 1,000 | 934,062 | |||||||||||||
LYB International Finance III LLC, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.250% | 10/01/25 | 35 | 31,672 | |||||||||||||
3.375% | 10/01/40 | 60 | 45,967 | |||||||||||||
4.200% | 10/15/49 | 5 | 4,063 | |||||||||||||
Mosaic Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 11/15/22 | 95 | 95,105 | |||||||||||||
5.625% | 11/15/43 | 155 | 159,259 | |||||||||||||
NOVA Chemicals Corp. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.875% | 06/01/24 | 1,150 | 1,102,656 | |||||||||||||
Nutrien Ltd. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.900% | 06/01/43 | 870 | 838,459 | |||||||||||||
5.250% | 01/15/45 | 305 | 304,180 | |||||||||||||
PPG Industries, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.200% | 03/15/26 | 20 | 17,922 | |||||||||||||
Sasol Financing International Ltd. (South Africa), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.500% | 11/14/22 | 1,525 | 1,515,648 | |||||||||||||
Sasol Financing USA LLC (South Africa), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.375% | 09/18/26 | (a) | 460 | 403,630 | ||||||||||||
5.875% | 03/27/24 | 375 | 367,830 | |||||||||||||
Sherwin-Williams Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.300% | 05/15/30 | 20 | 16,864 | |||||||||||||
3.125% | 06/01/24 | 14 | 13,888 | |||||||||||||
3.450% | 08/01/25 | 449 | 440,829 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Chemicals (cont’d.) |
| |||||||||||||||
TPC Group, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
10.500% | 08/01/24 | (d) | 450 | $ | 245,994 | |||||||||||
10.875% | 08/01/24 | (d) | 111 | 109,565 | ||||||||||||
Yara International ASA (Brazil), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.750% | 06/01/28 | 40 | 38,315 | |||||||||||||
|
| |||||||||||||||
12,321,488 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services — 0.8% |
| |||||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.625% | 06/01/28 | 1,300 | 1,067,848 | |||||||||||||
Element Fleet Management Corp. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.600% | 04/06/24 | 10 | 9,505 | |||||||||||||
ERAC USA Finance LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.200% | 11/01/46 | 50 | 41,208 | |||||||||||||
6.700% | 06/01/34 | 920 | 1,033,160 | |||||||||||||
7.000% | 10/15/37 | 770 | 890,788 | |||||||||||||
Gartner, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.500% | 07/01/28 | 230 | 209,277 | |||||||||||||
Global Payments, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.200% | 03/01/26 | 145 | 127,914 | |||||||||||||
2.650% | 02/15/25 | 40 | 38,145 | |||||||||||||
3.200% | 08/15/29 | 30 | 26,212 | |||||||||||||
Loxam SAS (France), |
| |||||||||||||||
Sr. Sub. Notes |
| |||||||||||||||
4.500% | 04/15/27 | EUR | 1,650 | 1,305,484 | ||||||||||||
Nexi SpA (Italy), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.125% | 04/30/29 | (a) | EUR | 2,640 | 1,925,599 | |||||||||||
PayPal Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.650% | 06/01/25 | 5 | 4,716 | |||||||||||||
2.300% | 06/01/30 | 20 | 17,220 | |||||||||||||
3.250% | 06/01/50 | 3 | 2,265 | |||||||||||||
S&P Global, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.250% | 08/15/30 | 35 | 27,757 | |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.250% | 05/01/29 | 60 | 59,429 | |||||||||||||
United Rentals North America, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.750% | 01/15/32 | 50 | 41,115 | |||||||||||||
3.875% | 02/15/31 | (a) | 392 | 331,105 | ||||||||||||
4.875% | 01/15/28 | 1,325 | 1,254,542 | |||||||||||||
5.250% | 01/15/30 | 525 | 487,278 | |||||||||||||
|
| |||||||||||||||
8,900,567 | ||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A115
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Computers — 0.1% |
| |||||||||||||||
Apple, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.700% | 02/08/26 | 40 | $ | 36,440 | ||||||||||||
1.200% | 02/08/28 | 100 | 87,489 | |||||||||||||
1.400% | 08/05/28 | 29 | 25,411 | |||||||||||||
1.650% | 02/08/31 | 55 | 46,196 | |||||||||||||
2.375% | 02/08/41 | 40 | 30,612 | |||||||||||||
2.650% | 05/11/50 | 15 | 11,087 | |||||||||||||
2.650% | 02/08/51 | 15 | 11,086 | |||||||||||||
2.700% | 08/05/51 | 5 | 3,747 | |||||||||||||
2.800% | 02/08/61 | 100 | 71,580 | |||||||||||||
2.950% | 09/11/49 | 25 | 19,664 | |||||||||||||
3.350% | 02/09/27 | 70 | 69,547 | |||||||||||||
3.850% | 08/04/46 | 15 | 13,755 | |||||||||||||
Dell International LLC/EMC Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.900% | 10/01/26 | 50 | 50,038 | |||||||||||||
5.300% | 10/01/29 | 5 | 4,931 | |||||||||||||
6.020% | 06/15/26 | 37 | 38,376 | |||||||||||||
6.200% | 07/15/30 | 12 | 12,484 | |||||||||||||
Fortinet, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.000% | 03/15/26 | 45 | 39,612 | |||||||||||||
2.200% | 03/15/31 | 60 | 48,707 | |||||||||||||
Genpact Luxembourg Sarl, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.375% | 12/01/24 | 90 | 88,468 | |||||||||||||
HP, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.450% | 06/17/26 | 100 | 88,475 | |||||||||||||
International Business Machines Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.300% | 05/15/26 | 100 | 97,692 | |||||||||||||
Kyndryl Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.050% | 10/15/26 | 10 | 8,456 | |||||||||||||
3.150% | 10/15/31 | 20 | 14,650 | |||||||||||||
NetApp, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.300% | 09/29/24 | 40 | 39,254 | |||||||||||||
Seagate HDD Cayman, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.875% | 06/01/27 | 40 | 38,085 | |||||||||||||
|
| |||||||||||||||
995,842 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services — 0.5% |
| |||||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
3.000% | 10/29/28 | 150 | 126,192 | |||||||||||||
3.400% | 10/29/33 | 150 | 118,317 | |||||||||||||
Air Lease Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.875% | 08/15/26 | 56 | 48,475 | |||||||||||||
3.375% | 07/01/25 | 15 | 14,137 | |||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
2.300% | 02/01/25 | 20 | 18,698 | |||||||||||||
2.875% | 01/15/26 | 15 | 13,772 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Diversified Financial Services (cont’d.) |
| |||||||||||||||
4.250% | 02/01/24 | 10 | $ | 9,891 | ||||||||||||
Aircastle Ltd., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.250% | 08/11/25 | 10 | 9,685 | |||||||||||||
Ally Financial, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.200% | 11/02/28 | 5 | 4,074 | |||||||||||||
Sub. Notes |
| |||||||||||||||
5.750% | 11/20/25 | 25 | 24,656 | |||||||||||||
American Express Co., |
| |||||||||||||||
Jr. Sub. Notes |
| |||||||||||||||
3.550%(ff) | 09/15/26 | (oo) | 10 | 8,185 | ||||||||||||
Aviation Capital Group LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.950% | 09/20/26 | 25 | 21,270 | |||||||||||||
Avolon Holdings Funding Ltd. (Ireland), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.528% | 11/18/27 | 23 | 18,910 | |||||||||||||
2.875% | 02/15/25 | 10 | 9,210 | |||||||||||||
3.950% | 07/01/24 | 10 | 9,637 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.750% | 02/21/28 | 30 | 24,355 | |||||||||||||
Blackstone Holdings Finance Co. LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.550% | 03/30/32 | 20 | 16,758 | |||||||||||||
Blackstone Private Credit Fund, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
5.610% | 05/03/27^ | 1,100 | 1,058,257 | |||||||||||||
Brookfield Finance, Inc. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.850% | 03/29/29 | 25 | 24,704 | |||||||||||||
Cantor Fitzgerald LP, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.875% | 05/01/24 | 50 | 50,572 | |||||||||||||
Capital One Financial Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.800% | 01/31/28 | 5 | 4,714 | |||||||||||||
Sub. Notes |
| |||||||||||||||
2.359%(ff) | 07/29/32 | 45 | 34,261 | |||||||||||||
Charles Schwab Corp. (The), |
| |||||||||||||||
Jr. Sub. Notes, Series H |
| |||||||||||||||
4.000%(ff) | 12/01/30 | (oo) | 20 | 15,471 | ||||||||||||
Jr. Sub. Notes, Series I |
| |||||||||||||||
4.000%(ff) | 06/01/26 | (oo) | 35 | 29,762 | ||||||||||||
CI Financial Corp. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.200% | 12/17/30 | 30 | 23,355 | |||||||||||||
Credit Acceptance Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.125% | 12/31/24 | 15 | 14,192 | |||||||||||||
GTP Acquisition Partners I LLC, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.482% | 06/15/50 | 100 | 98,472 | |||||||||||||
Intercontinental Exchange, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.100% | 06/15/30 | 50 | 41,873 | |||||||||||||
3.000% | 06/15/50 | 35 | 25,537 |
SEE NOTES TO FINANCIAL STATEMENTS.
A116
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Diversified Financial Services (cont’d.) |
| |||||||||||||||
Jefferies Group LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.500% | 01/20/43 | 555 | $ | 554,286 | ||||||||||||
Mastercard, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.900% | 03/15/31 | 15 | 12,808 | |||||||||||||
3.300% | 03/26/27 | 10 | 9,834 | |||||||||||||
3.850% | 03/26/50 | 20 | 18,344 | |||||||||||||
Nasdaq, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.500% | 12/21/40 | 20 | 13,795 | |||||||||||||
Nationstar Mortgage Holdings, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.500% | 08/15/28 | (a) | 880 | 707,506 | ||||||||||||
6.000% | 01/15/27 | 275 | 238,927 | |||||||||||||
Nomura Holdings, Inc. (Japan), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.608% | 07/14/31 | 515 | 409,856 | |||||||||||||
OneMain Finance Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.375% | 11/15/29 | (a) | 1,125 | 912,227 | ||||||||||||
Power Finance Corp. Ltd. (India), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
6.150% | 12/06/28 | (a) | 400 | 417,779 | ||||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.875% | 10/15/26 | 10 | 8,288 | |||||||||||||
Synchrony Financial, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.950% | 12/01/27 | 40 | 36,389 | |||||||||||||
Visa, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.100% | 02/15/31 | 10 | 7,994 | |||||||||||||
2.050% | 04/15/30 | 10 | 8,766 | |||||||||||||
4.300% | 12/14/45 | 20 | 19,751 | |||||||||||||
Western Union Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.850% | 01/10/25 | 30 | 28,807 | |||||||||||||
|
| |||||||||||||||
5,322,749 | ||||||||||||||||
|
| |||||||||||||||
Electric — 2.9% |
| |||||||||||||||
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.625% | 01/12/23 | 200 | 200,474 | |||||||||||||
AEP Transmission Co. LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.750% | 12/01/47 | 100 | 84,723 | |||||||||||||
AES Corp. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.375% | 01/15/26 | 35 | 30,880 | |||||||||||||
2.450% | 01/15/31 | 15 | 12,065 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.300% | 07/15/25 | 45 | 42,458 | |||||||||||||
3.950% | 07/15/30 | 5 | 4,488 | |||||||||||||
Alliant Energy Finance LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.750% | 06/15/23 | 10 | 9,996 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
Ameren Illinois Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
4.500% | 03/15/49 | 40 | $ | 38,662 | ||||||||||||
American Electric Power Co., Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series J |
| |||||||||||||||
4.300% | 12/01/28 | 45 | 43,802 | |||||||||||||
American Transmission Systems, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.650% | 01/15/32 | 10 | 8,463 | |||||||||||||
Arizona Public Service Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.200% | 12/15/31 | 25 | 20,289 | |||||||||||||
Atlantic City Electric Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.300% | 03/15/31 | 25 | 21,580 | |||||||||||||
Ausgrid Finance Pty Ltd. (Australia), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.850% | 05/01/23 | 75 | 74,983 | |||||||||||||
Avangrid, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.800% | 06/01/29 | 10 | 9,356 | |||||||||||||
Baltimore Gas & Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 06/15/31 | 5 | 4,262 | |||||||||||||
2.900% | 06/15/50 | 25 | 18,412 | |||||||||||||
3.350% | 07/01/23 | (a) | 550 | 548,020 | ||||||||||||
Berkshire Hathaway Energy Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.050% | 04/15/25 | 35 | 35,283 | |||||||||||||
4.250% | 10/15/50 | 20 | 18,267 | |||||||||||||
Black Hills Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.050% | 10/15/29 | 25 | 22,173 | |||||||||||||
Calpine Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.625% | 02/01/29 | 600 | 498,396 | |||||||||||||
5.000% | 02/01/31 | (a) | 750 | 618,418 | ||||||||||||
5.125% | 03/15/28 | (a) | 1,700 | 1,507,601 | ||||||||||||
CenterPoint Energy, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.950% | 03/01/30 | 36 | 32,017 | |||||||||||||
CMS Energy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.000% | 05/15/26 | 20 | 19,203 | |||||||||||||
Comision Federal de Electricidad (Mexico), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.688% | 05/15/29 | 1,325 | 1,186,955 | |||||||||||||
Consolidated Edison Co. of New York, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 12/01/45 | 10 | 9,192 | |||||||||||||
Sr. Unsec’d. Notes, Series C |
| |||||||||||||||
3.000% | 12/01/60 | 20 | 13,685 | |||||||||||||
4.300% | 12/01/56 | 235 | 205,832 | |||||||||||||
Constellation Energy Generation LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 06/01/25 | 20 | 19,180 |
SEE NOTES TO FINANCIAL STATEMENTS.
A117
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
Consumers Energy Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.500% | 05/01/60 | 5 | $ | 3,197 | ||||||||||||
Dominion Energy South Carolina, Inc., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
4.600% | 06/15/43 | 2,025 | 1,917,360 | |||||||||||||
Dominion Energy, Inc., |
| |||||||||||||||
Jr. Sub. Notes |
| |||||||||||||||
3.071% | 08/15/24 | 5 | 4,883 | |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.900% | 10/01/25 | 15 | 14,949 | |||||||||||||
Sr. Unsec’d. Notes, Series B |
| |||||||||||||||
3.300% | 04/15/41 | 5 | 3,937 | |||||||||||||
Sr. Unsec’d. Notes, Series C |
| |||||||||||||||
3.375% | 04/01/30 | 10 | 9,145 | |||||||||||||
DPL, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.125% | 07/01/25 | 10 | 9,323 | |||||||||||||
DTE Electric Co., |
| |||||||||||||||
First Mortgage, Series C |
| |||||||||||||||
2.625% | 03/01/31 | 10 | 8,878 | |||||||||||||
Duke Energy Carolinas LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.950% | 11/15/28 | 40 | 39,462 | |||||||||||||
Duke Energy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.450% | 06/01/30 | 5 | 4,215 | |||||||||||||
Duke Energy Florida LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
1.750% | 06/15/30 | 50 | 41,588 | |||||||||||||
2.500% | 12/01/29 | 75 | 66,689 | |||||||||||||
3.850% | 11/15/42 | 25 | 21,733 | |||||||||||||
Duke Energy Indiana LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.750% | 04/01/50 | 10 | 7,069 | |||||||||||||
Duke Energy Ohio, Inc., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.125% | 06/01/30 | 30 | 25,333 | |||||||||||||
Duke Energy Progress LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.450% | 03/15/29 | 45 | 42,813 | |||||||||||||
Duquesne Light Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.532% | 10/01/30 | 25 | 20,635 | |||||||||||||
Edison International, |
| |||||||||||||||
Jr. Sub. Notes, Series A |
| |||||||||||||||
5.375%(ff) | 03/15/26 | (oo) | 10 | 8,128 | ||||||||||||
Jr. Sub. Notes, Series B |
| |||||||||||||||
5.000%(ff) | 12/15/26 | (oo) | 20 | 15,982 | ||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.125% | 11/15/22 | 5 | 4,988 | |||||||||||||
3.550% | 11/15/24 | 85 | 82,992 | |||||||||||||
4.950% | 04/15/25 | 5 | 5,017 | |||||||||||||
El Paso Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.000% | 05/15/35 | 2,325 | 2,471,197 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
Emera US Finance LP (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
0.833% | 06/15/24 | 20 | $ | 18,667 | ||||||||||||
3.550% | 06/15/26 | 20 | 19,157 | |||||||||||||
Entergy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.900% | 09/15/25 | 10 | 9,009 | |||||||||||||
2.400% | 06/15/31 | 48 | 39,054 | |||||||||||||
2.800% | 06/15/30 | 10 | 8,590 | |||||||||||||
Entergy Louisiana LLC, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.350% | 06/15/32 | 120 | 100,423 | |||||||||||||
Entergy Texas, Inc., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.550% | 09/30/49 | 25 | 20,036 | |||||||||||||
Eskom Holdings SOC Ltd. (South Africa), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
7.125% | 02/11/25 | 390 | 329,126 | |||||||||||||
Eversource Energy, |
| |||||||||||||||
Sr. Unsec’d. Notes, Series M |
| |||||||||||||||
3.300% | 01/15/28 | 40 | 37,701 | |||||||||||||
Sr. Unsec’d. Notes, Series U |
| |||||||||||||||
1.400% | 08/15/26 | 20 | 17,823 | |||||||||||||
Exelon Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.400% | 04/15/26 | 5 | 4,852 | |||||||||||||
3.950% | 06/15/25 | 35 | 34,904 | |||||||||||||
4.050% | 04/15/30 | 25 | 23,991 | |||||||||||||
FirstEnergy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series C |
| |||||||||||||||
5.350% | 07/15/47 | 4 | 3,380 | |||||||||||||
FirstEnergy Transmission LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.350% | 01/15/25 | 3,771 | 3,710,646 | |||||||||||||
5.450% | 07/15/44 | 280 | 259,600 | |||||||||||||
Florida Power & Light Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.875% | 12/04/51 | 5 | 3,750 | |||||||||||||
3.150% | 10/01/49 | 36 | 28,667 | |||||||||||||
Georgia Power Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series B |
| |||||||||||||||
2.650% | 09/15/29 | 95 | 83,621 | |||||||||||||
Iberdrola International BV (Spain), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.750% | 09/15/33 | 1,150 | 1,301,572 | |||||||||||||
Interstate Power & Light Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 12/01/24 | 20 | 19,761 | |||||||||||||
3.600% | 04/01/29 | 50 | 47,653 | |||||||||||||
Israel Electric Corp. Ltd. (Israel), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A, GMTN |
| |||||||||||||||
4.250% | 08/14/28 | 680 | 653,991 | |||||||||||||
Jersey Central Power & Light Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.700% | 04/01/24 | 50 | 50,290 |
SEE NOTES TO FINANCIAL STATEMENTS.
A118
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
Kentucky Utilities Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
4.375% | 10/01/45 | 3,050 | $ | 2,774,264 | ||||||||||||
Liberty Utilities Finance GP1, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.050% | 09/15/30 | 45 | 36,975 | |||||||||||||
MidAmerican Energy Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.150% | 04/15/50 | 5 | 3,908 | |||||||||||||
3.650% | 04/15/29 | 20 | 19,463 | |||||||||||||
3.650% | 08/01/48 | 20 | 16,860 | |||||||||||||
Narragansett Electric Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.395% | 04/09/30 | 1,050 | 985,370 | |||||||||||||
NextEra Energy Capital Holdings, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.900% | 06/15/28 | 15 | 13,056 | |||||||||||||
2.250% | 06/01/30 | 20 | 16,802 | |||||||||||||
2.440% | 01/15/32 | 11 | 9,161 | |||||||||||||
3.000% | 01/15/52 | 58 | 41,479 | |||||||||||||
Northern States Power Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.250% | 04/01/31 | 10 | 8,755 | |||||||||||||
2.600% | 06/01/51 | 5 | 3,529 | |||||||||||||
3.600% | 09/15/47 | 10 | 8,430 | |||||||||||||
NRG Energy, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.875% | 02/15/32 | (a) | 425 | 337,405 | ||||||||||||
5.250% | 06/15/29 | 375 | 335,011 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
2.000% | 12/02/25 | 285 | 257,710 | |||||||||||||
2.450% | 12/02/27 | 1,245 | 1,075,265 | |||||||||||||
3.750% | 06/15/24 | 50 | 49,014 | |||||||||||||
Ohio Power Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series P |
| |||||||||||||||
2.600% | 04/01/30 | 25 | 22,072 | |||||||||||||
Sr. Unsec’d. Notes, Series Q |
| |||||||||||||||
1.625% | 01/15/31 | 5 | 4,036 | |||||||||||||
Sr. Unsec’d. Notes, Series R |
| |||||||||||||||
2.900% | 10/01/51 | 5 | 3,579 | |||||||||||||
Oncor Electric Delivery Co. LLC, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
3.700% | 11/15/28 | 40 | 38,921 | |||||||||||||
3.800% | 06/01/49 | 6 | 5,290 | |||||||||||||
Pacific Gas & Electric Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
2.100% | 08/01/27 | 10 | 8,399 | |||||||||||||
3.250% | 06/15/23 | 25 | 24,636 | |||||||||||||
3.450% | 07/01/25 | 13 | 12,210 | |||||||||||||
3.750% | 08/15/42 | 50 | 33,821 | |||||||||||||
3.850% | 11/15/23 | 40 | 39,549 | |||||||||||||
4.000% | 12/01/46 | 15 | 10,447 | |||||||||||||
4.450% | 04/15/42 | 5 | 3,764 | |||||||||||||
4.550% | 07/01/30 | 1,748 | 1,551,809 | |||||||||||||
4.950% | 07/01/50 | 69 | 55,022 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
PacifiCorp, |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.300% | 03/15/51 | 390 | $ | 306,084 | ||||||||||||
Perusahaan Listrik Negara PT (Indonesia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.875% | 11/05/31 | EUR | 324 | 256,895 | ||||||||||||
PG&E Energy Recovery Funding LLC, |
| |||||||||||||||
Sr. Sec’d. Notes, Series A-3 |
| |||||||||||||||
2.822% | 07/15/48 | 20 | 15,846 | |||||||||||||
Progress Energy, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
7.000% | 10/30/31 | 90 | 101,232 | |||||||||||||
Public Service Co. of Colorado, |
| |||||||||||||||
First Mortgage, Series 34 |
| |||||||||||||||
3.200% | 03/01/50 | 5 | 3,948 | |||||||||||||
Public Service Electric & Gas Co., |
| |||||||||||||||
First Mortgage, MTN |
| |||||||||||||||
2.050% | 08/01/50 | 45 | 28,198 | |||||||||||||
Public Service Enterprise Group, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.600% | 08/15/30 | 35 | 27,841 | |||||||||||||
Rochester Gas & Electric Corp., |
| |||||||||||||||
First Mortgage, 144A |
| |||||||||||||||
3.100% | 06/01/27 | 45 | 42,853 | |||||||||||||
San Diego Gas & Electric Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
4.150% | 05/15/48 | 20 | 18,431 | |||||||||||||
5.350% | 05/15/35 | 40 | 41,639 | |||||||||||||
First Mortgage, Series WWW |
| |||||||||||||||
2.950% | 08/15/51 | 5 | 3,708 | |||||||||||||
Sr. Sec’d. Notes, Series VVV |
| |||||||||||||||
1.700% | 10/01/30 | 10 | 8,221 | |||||||||||||
Sempra Energy, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.400% | 02/01/28 | 35 | 33,053 | |||||||||||||
4.000% | 02/01/48 | 5 | 4,141 | |||||||||||||
Sierra Pacific Power Co., |
| |||||||||||||||
General Ref. Mortgage |
| |||||||||||||||
2.600% | 05/01/26 | 20 | 19,029 | |||||||||||||
Southern California Edison Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
1.100% | 04/01/24 | 135 | 128,419 | |||||||||||||
2.250% | 06/01/30 | 35 | 29,366 | |||||||||||||
2.850% | 08/01/29 | 40 | 35,454 | |||||||||||||
3.650% | 02/01/50 | 25 | 19,130 | |||||||||||||
First Mortgage, SOFR Index + 0.640% |
| |||||||||||||||
2.153%(c) | 04/03/23 | 40 | 39,878 | |||||||||||||
First Mortgage, Series 20A |
| |||||||||||||||
2.950% | 02/01/51 | 5 | 3,400 | |||||||||||||
First Mortgage, Series A |
| |||||||||||||||
4.200% | 03/01/29 | 20 | 19,261 | |||||||||||||
First Mortgage, Series G |
| |||||||||||||||
2.500% | 06/01/31 | 10 | 8,398 | |||||||||||||
First Mortgage, Series H |
| |||||||||||||||
3.650% | 06/01/51 | 5 | 3,894 | |||||||||||||
First Ref. Mortgage |
| |||||||||||||||
5.500% | 03/15/40 | 10 | 9,866 |
SEE NOTES TO FINANCIAL STATEMENTS.
A119
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electric (cont’d.) |
| |||||||||||||||
First Ref. Mortgage, Series C |
| |||||||||||||||
4.125% | 03/01/48 | 50 | $ | 41,268 | ||||||||||||
Southwestern Public Service Co., |
| |||||||||||||||
First Mortgage |
| |||||||||||||||
3.750% | 06/15/49 | 30 | 25,186 | |||||||||||||
Tampa Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.450% | 03/15/51 | 40 | 31,811 | |||||||||||||
Toledo Edison Co. (The), |
| |||||||||||||||
First Mortgage, 144A |
| |||||||||||||||
2.650% | 05/01/28 | 10 | 9,314 | |||||||||||||
Trans-Allegheny Interstate Line Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.850% | 06/01/25 | 100 | 98,461 | |||||||||||||
Tucson Electric Power Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 06/15/50 | 1,500 | 1,268,496 | |||||||||||||
Virginia Electric & Power Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.450% | 09/01/22 | 25 | 24,974 | |||||||||||||
4.450% | 02/15/44 | 15 | 13,948 | |||||||||||||
Vistra Corp., |
| |||||||||||||||
Jr. Sub. Notes, 144A |
| |||||||||||||||
7.000%(ff) | 12/15/26 | (oo) | 625 | 568,750 | ||||||||||||
8.000%(ff) | 10/15/26 | (oo) | 2,075 | 1,991,203 | ||||||||||||
Vistra Operations Co. LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.000% | 07/31/27 | 450 | 407,891 | |||||||||||||
5.625% | 02/15/27 | 600 | 564,132 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.550% | 07/15/24 | 130 | 125,464 | |||||||||||||
3.700% | 01/30/27 | 2,000 | 1,846,008 | |||||||||||||
|
| |||||||||||||||
33,045,995 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment — 0.1% |
| |||||||||||||||
Emerson Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.000% | 12/21/28 | 10 | 8,828 | |||||||||||||
2.800% | 12/21/51 | 10 | 7,308 | |||||||||||||
WESCO Distribution, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
7.125% | 06/15/25 | 575 | 573,665 | |||||||||||||
7.250% | 06/15/28 | 550 | 543,803 | |||||||||||||
|
| |||||||||||||||
1,133,604 | ||||||||||||||||
|
| |||||||||||||||
Electronics — 0.1% |
| |||||||||||||||
Agilent Technologies, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.300% | 03/12/31 | 45 | 36,609 | |||||||||||||
Arrow Electronics, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.875% | 01/12/28 | 5 | 4,762 | |||||||||||||
Honeywell International, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.100% | 03/01/27 | 20 | 17,792 | |||||||||||||
1.950% | 06/01/30 | 30 | 25,767 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Electronics (cont’d.) |
| |||||||||||||||
Sensata Technologies BV, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.000% | 10/01/25 | 1,000 | $ | 961,557 | ||||||||||||
TD SYNNEX Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.250% | 08/09/24 | 30 | 27,971 | |||||||||||||
2.650% | 08/09/31 | 25 | 20,129 | |||||||||||||
Vontier Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.400% | 04/01/28 | 20 | 16,490 | |||||||||||||
|
| |||||||||||||||
1,111,077 | ||||||||||||||||
|
| |||||||||||||||
Engineering & Construction — 0.4% |
| |||||||||||||||
Cellnex Telecom SA (Spain), |
| |||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
1.750% | 10/23/30 | EUR | 2,800 | 2,098,471 | ||||||||||||
GMR Hyderabad International Airport Ltd. (India), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.250% | 10/27/27 | (a) | 345 | 289,686 | ||||||||||||
Mexico City Airport Trust (Mexico), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.250% | 10/31/26 | 605 | 557,306 | |||||||||||||
5.500% | 07/31/47 | 1,690 | 1,154,332 | |||||||||||||
|
| |||||||||||||||
4,099,795 | ||||||||||||||||
|
| |||||||||||||||
Entertainment — 0.4% |
| |||||||||||||||
AMC Entertainment Holdings, Inc., |
| |||||||||||||||
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% |
| |||||||||||||||
10.000% | 06/15/26 | 366 | 243,775 | |||||||||||||
Caesars Entertainment, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
6.250% | 07/01/25 | 860 | 828,869 | |||||||||||||
Golden Entertainment, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
7.625% | 04/15/26 | (a) | 875 | 873,873 | ||||||||||||
Magallanes, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.528% | 03/15/24 | 20 | 19,602 | |||||||||||||
5.050% | 03/15/42 | 1,065 | 905,719 | |||||||||||||
5.141% | 03/15/52 | 1,015 | 852,130 | |||||||||||||
5.391% | 03/15/62 | 485 | 406,751 | |||||||||||||
Penn National Gaming, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.625% | 01/15/27 | (a) | 800 | 705,524 | ||||||||||||
|
| |||||||||||||||
4,836,243 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control — 0.0% |
| |||||||||||||||
Republic Services, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.875% | 11/15/25 | 10 | 9,018 | |||||||||||||
2.500% | 08/15/24 | 30 | 29,062 | |||||||||||||
3.950% | 05/15/28 | 20 | 19,655 | |||||||||||||
Waste Connections, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.500% | 05/01/29 | 35 | 32,925 |
SEE NOTES TO FINANCIAL STATEMENTS.
A120
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Environmental Control (cont’d.) |
| |||||||||||||||
Waste Management, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.400% | 05/15/23 | 30 | $ | 29,805 | ||||||||||||
|
| |||||||||||||||
120,465 | ||||||||||||||||
|
| |||||||||||||||
Foods — 0.8% |
| |||||||||||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.250% | 03/15/26 | 20 | 17,483 | |||||||||||||
Bellis Acquisition Co. PLC (United Kingdom), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.250% | 02/16/26 | GBP | 3,100 | 2,937,060 | ||||||||||||
Bellis Finco PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.000% | 02/16/27 | GBP | 1,600 | 1,345,214 | ||||||||||||
Campbell Soup Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.950% | 03/15/25 | 45 | 44,927 | |||||||||||||
4.800% | 03/15/48 | 55 | 51,286 | |||||||||||||
Conagra Brands, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.375% | 11/01/27 | 60 | 50,020 | |||||||||||||
General Mills, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 10/14/31 | 5 | 4,103 | |||||||||||||
Hershey Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.700% | 06/01/30 | 10 | 8,383 | |||||||||||||
Kraft Heinz Foods Co., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.000% | 06/01/26 | 47 | 44,413 | |||||||||||||
4.625% | 10/01/39 | 645 | 565,461 | |||||||||||||
4.875% | 10/01/49 | 1,325 | 1,171,787 | |||||||||||||
Market Bidco Finco PLC (United Kingdom), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
5.500% | 11/04/27 | GBP | 2,500 | 2,312,870 | ||||||||||||
Mars, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.875% | 04/01/39 | 440 | 395,783 | |||||||||||||
3.950% | 04/01/49 | 25 | 22,727 | |||||||||||||
4.200% | 04/01/59 | 380 | 345,444 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.375% | 07/16/40 | 10 | 7,261 | |||||||||||||
Mondelez International, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.500% | 02/04/31 | 30 | 23,539 | |||||||||||||
Smithfield Foods, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.000% | 10/15/30 | 10 | 8,334 | |||||||||||||
Tyson Foods, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.100% | 09/28/48 | 15 | 15,111 | |||||||||||||
|
| |||||||||||||||
9,371,206 | ||||||||||||||||
|
|
Interest Rate | Maturity Date | Principal (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Forest Products & Paper — 0.0% |
| |||||||||||||||
Georgia-Pacific LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
0.950% | 05/15/26 | 40 | $ | 35,485 | ||||||||||||
Suzano Austria GmbH (Brazil), |
| |||||||||||||||
Gtd. Notes, Series DM3N |
| |||||||||||||||
3.125% | 01/15/32 | 10 | 7,544 | |||||||||||||
|
| |||||||||||||||
43,029 | ||||||||||||||||
|
| |||||||||||||||
Gas — 0.3% |
| |||||||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.875% | 08/20/26 | 1,100 | 1,030,249 | |||||||||||||
APT Pipelines Ltd. (Australia), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.250% | 07/15/27 | 50 | 48,672 | |||||||||||||
Atmos Energy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.500% | 01/15/31 | 55 | 44,001 | |||||||||||||
2.625% | 09/15/29 | 15 | 13,368 | |||||||||||||
2.850% | 02/15/52 | 5 | 3,604 | |||||||||||||
CenterPoint Energy Resources Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.700% | 03/02/23 | 105 | 102,936 | |||||||||||||
1.750% | 10/01/30 | 10 | 8,120 | |||||||||||||
NiSource, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.950% | 08/15/25 | 75 | 67,301 | |||||||||||||
1.700% | 02/15/31 | 370 | 288,616 | |||||||||||||
3.600% | 05/01/30 | 36 | 32,990 | |||||||||||||
4.800% | 02/15/44 | 300 | 270,285 | |||||||||||||
Piedmont Natural Gas Co., Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.100% | 09/18/34 | 20 | 18,255 | |||||||||||||
Southern California Gas Co., |
| |||||||||||||||
First Mortgage, Series WW |
| |||||||||||||||
3.950% | 02/15/50 | 45 | 38,724 | |||||||||||||
Southern Co. Gas Capital Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.400% | 06/01/43 | 1,050 | 911,838 | |||||||||||||
|
| |||||||||||||||
2,878,959 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products — 0.3% |
| |||||||||||||||
Abbott Laboratories, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.750% | 11/30/36 | 10 | 10,605 | |||||||||||||
Baxter International, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.539% | 02/01/32 | 35 | 29,522 | |||||||||||||
DH Europe Finance II Sarl, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.350% | 09/18/39 | EUR | 1,275 | 931,385 | ||||||||||||
Medline Borrower LP, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
3.875% | 04/01/29 | 325 | 277,055 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.250% | 10/01/29 | (a) | 225 | 187,013 |
SEE NOTES TO FINANCIAL STATEMENTS.
A121
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Healthcare-Products (cont’d.) |
| |||||||||||||||
Medtronic Global Holdings SCA, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.375% | 10/15/40 | EUR | 540 | $ | 399,805 | |||||||||||
1.625% | 10/15/50 | EUR | 495 | 339,956 | ||||||||||||
2.250% | 03/07/39 | EUR | 300 | 263,011 | ||||||||||||
PerkinElmer, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 09/15/31 | 15 | 11,861 | |||||||||||||
3.300% | 09/15/29 | 18 | 15,824 | |||||||||||||
Stryker Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.125% | 11/30/27 | EUR | 510 | 512,125 | ||||||||||||
3.650% | 03/07/28 | 30 | 29,049 | |||||||||||||
Thermo Fisher Scientific, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||
1.500% | 10/01/39 | EUR | 600 | 453,915 | ||||||||||||
1.875% | 10/01/49 | EUR | 425 | 304,907 | ||||||||||||
|
| |||||||||||||||
3,766,033 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services — 0.7% |
| |||||||||||||||
Adventist Health System/West, Bonds |
| |||||||||||||||
2.952% | 03/01/29 | 10 | 9,170 | |||||||||||||
Advocate Health & Hospitals Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.387% | 10/15/49 | 20 | 16,270 | |||||||||||||
Aetna, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.800% | 06/15/23 | 20 | 19,755 | |||||||||||||
3.875% | 08/15/47 | 3 | 2,479 | |||||||||||||
6.750% | 12/15/37 | 1,900 | 2,157,659 | |||||||||||||
AHS Hospital Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 2021 |
| |||||||||||||||
2.780% | 07/01/51 | 10 | 7,054 | |||||||||||||
Ascension Health, |
| |||||||||||||||
Sr. Unsec’d. Notes, Series B |
| |||||||||||||||
3.106% | 11/15/39 | 20 | 16,465 | |||||||||||||
Baylor Scott & White Holdings, |
| |||||||||||||||
Unsec’d. Notes, Series 2021 |
| |||||||||||||||
2.839% | 11/15/50 | 10 | 7,291 | |||||||||||||
Bon Secours Mercy Health, Inc., |
| |||||||||||||||
Sec’d. Notes, Series 20-2 |
| |||||||||||||||
2.095% | 06/01/31 | 10 | 8,250 | |||||||||||||
Centene Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.450% | 07/15/28 | 30 | 25,024 | |||||||||||||
2.500% | 03/01/31 | 35 | 27,942 | |||||||||||||
3.375% | 02/15/30 | 5 | 4,240 | |||||||||||||
4.250% | 12/15/27 | 35 | 32,682 | |||||||||||||
4.625% | 12/15/29 | 10 | 9,325 | |||||||||||||
City of Hope, |
| |||||||||||||||
Sr. Sec’d. Notes, Series 2013 |
| |||||||||||||||
5.623% | 11/15/43 | 20 | 21,498 | |||||||||||||
CommonSpirit Health, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
1.547% | 10/01/25 | 35 | 32,088 | |||||||||||||
2.782% | 10/01/30 | 5 | 4,270 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Healthcare-Services (cont’d.) |
| |||||||||||||||
3.910% | 10/01/50 | 5 | $ | 4,001 | ||||||||||||
4.187% | 10/01/49 | 30 | 25,219 | |||||||||||||
Duke University Health System, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 2017 |
| |||||||||||||||
3.920% | 06/01/47 | 25 | 22,644 | |||||||||||||
Elevance Health, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.375% | 01/15/25 | 15 | 14,460 | |||||||||||||
4.650% | 01/15/43 | 385 | 366,353 | |||||||||||||
HCA, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.500% | 07/15/51 | 10 | 6,895 | |||||||||||||
5.000% | 03/15/24 | 110 | 110,380 | |||||||||||||
5.375% | 02/01/25 | (a) | 855 | 853,356 | ||||||||||||
7.500% | 11/06/33 | 500 | 562,594 | |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.625% | 03/15/52 | 5 | 4,000 | |||||||||||||
Gtd. Notes, MTN |
| |||||||||||||||
7.750% | 07/15/36 | 500 | 573,481 | |||||||||||||
Kaiser Foundation Hospitals, |
| |||||||||||||||
Unsec’d. Notes, Series 2021 |
| |||||||||||||||
3.002% | 06/01/51 | 10 | 7,477 | |||||||||||||
Laboratory Corp. of America Holdings, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.950% | 12/01/29 | 25 | 21,962 | |||||||||||||
3.600% | 02/01/25 | 675 | 665,427 | |||||||||||||
Mount Sinai Hospitals Group, Inc., |
| |||||||||||||||
Sec’d. Notes, Series 2017 |
| |||||||||||||||
3.981% | 07/01/48 | 2 | 1,749 | |||||||||||||
Sec’d. Notes, Series 2019 |
| |||||||||||||||
3.737% | 07/01/49 | 29 | 24,253 | |||||||||||||
Unsec’d. Notes, Series 2020 |
| |||||||||||||||
3.391% | 07/01/50 | 10 | 7,515 | |||||||||||||
Northwell Healthcare, Inc., |
| |||||||||||||||
Sec’d. Notes |
| |||||||||||||||
3.809% | 11/01/49 | 10 | 8,255 | |||||||||||||
Orlando Health Obligated Group, |
| |||||||||||||||
Unsec’d. Notes |
| |||||||||||||||
4.089% | 10/01/48 | 25 | 22,376 | |||||||||||||
PeaceHealth Obligated Group, |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 2020 |
| |||||||||||||||
1.375% | 11/15/25 | 10 | 9,200 | |||||||||||||
Piedmont Healthcare, Inc., |
| |||||||||||||||
Sec’d. Notes, Series 2032 |
| |||||||||||||||
2.044% | 01/01/32 | 10 | 8,198 | |||||||||||||
Providence St. Joseph Health Obligated Group, |
| |||||||||||||||
Unsec’d. Notes, Series 19A |
| |||||||||||||||
2.532% | 10/01/29 | 50 | 44,252 | |||||||||||||
Quest Diagnostics, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.950% | 06/30/30 | 50 | 44,050 | |||||||||||||
Sutter Health, |
| |||||||||||||||
Unsec’d. Notes, Series 20A |
| |||||||||||||||
2.294% | 08/15/30 | 6 | 5,133 | |||||||||||||
3.361% | 08/15/50 | 4 | 3,067 |
SEE NOTES TO FINANCIAL STATEMENTS.
A122
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Healthcare-Services (cont’d.) |
| |||||||||||||||
Tenet Healthcare Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
6.125% | 10/01/28 | 25 | $ | 21,512 | ||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||
6.250% | 02/01/27 | 175 | 161,739 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.625% | 06/15/28 | 285 | 248,750 | |||||||||||||
4.875% | 01/01/26 | 650 | 599,629 | |||||||||||||
5.125% | 11/01/27 | 600 | 542,095 | |||||||||||||
Trinity Health Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series 2019 |
| |||||||||||||||
3.434% | 12/01/48 | 30 | 24,995 | |||||||||||||
UnitedHealth Group, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 05/15/50 | 20 | 14,862 | |||||||||||||
3.050% | 05/15/41 | 895 | 723,475 | |||||||||||||
3.250% | 05/15/51 | 5 | 3,933 | |||||||||||||
3.500% | 08/15/39 | 25 | 21,805 | |||||||||||||
3.950% | 10/15/42 | 220 | 198,090 | |||||||||||||
4.450% | 12/15/48 | 10 | 9,579 | |||||||||||||
Universal Health Services, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
2.650% | 10/15/30 | 25 | 19,923 | |||||||||||||
|
| |||||||||||||||
8,408,146 | ||||||||||||||||
|
| |||||||||||||||
Home Builders — 0.1% |
| |||||||||||||||
D.R. Horton, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.500% | 10/15/24 | 45 | 42,982 | |||||||||||||
MDC Holdings, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.500% | 01/15/31 | 10 | 7,412 | |||||||||||||
Taylor Morrison Communities, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
5.875% | 06/15/27 | 875 | 808,307 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.125% | 08/01/30 | 45 | 37,354 | |||||||||||||
|
| |||||||||||||||
896,055 | ||||||||||||||||
|
| |||||||||||||||
Household Products/Wares — 0.0% |
| |||||||||||||||
Clorox Co. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.800% | 05/15/30 | 10 | 8,176 | |||||||||||||
Kimberly-Clark Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.050% | 09/15/27 | 10 | 8,727 | |||||||||||||
|
| |||||||||||||||
16,903 | ||||||||||||||||
|
| |||||||||||||||
Housewares — 0.1% |
| |||||||||||||||
Newell Brands, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.875% | 06/01/25 | (a) | 670 | 660,868 | ||||||||||||
|
| |||||||||||||||
Insurance — 0.6% |
| |||||||||||||||
Allianz SE (Germany), |
| |||||||||||||||
Jr. Sub. Notes, 144A |
| |||||||||||||||
3.500%(ff) | 11/17/25 | (oo) | 200 | 166,087 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Insurance (cont’d.) |
| |||||||||||||||
American International Group, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.800% | 07/10/45 | 3 | $ | 2,791 | ||||||||||||
AmFam Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
2.805% | 03/11/31 | 20 | 16,698 | |||||||||||||
Aon Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.800% | 05/15/30 | 10 | 8,752 | |||||||||||||
Brighthouse Financial Global Funding, |
| |||||||||||||||
Sr. Sec’d. Notes, 144A, MTN |
| |||||||||||||||
1.000% | 04/12/24 | 5 | 4,724 | |||||||||||||
CNO Financial Group, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.250% | 05/30/29 | 35 | 33,817 | |||||||||||||
Everest Reinsurance Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.500% | 10/15/50 | 20 | 15,267 | |||||||||||||
GA Global Funding Trust, |
| |||||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||
1.000% | 04/08/24 | 10 | 9,429 | |||||||||||||
1.625% | 01/15/26 | 20 | 18,011 | |||||||||||||
Great-West Lifeco US Finance 2020 LP (Canada), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
0.904% | 08/12/25 | 25 | 22,736 | |||||||||||||
Hanover Insurance Group, Inc. (The), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.500% | 09/01/30 | 30 | 25,075 | |||||||||||||
Liberty Mutual Finance Europe DAC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
1.750% | 03/27/24 | EUR | 800 | 831,994 | ||||||||||||
Liberty Mutual Group, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.951% | 10/15/50 | 1,030 | 782,534 | |||||||||||||
Lincoln National Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
7.000% | 06/15/40 | 405 | 460,664 | |||||||||||||
Markel Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.150% | 09/17/50 | 180 | 148,407 | |||||||||||||
5.000% | 03/30/43 | 350 | 327,600 | |||||||||||||
Marsh & McLennan Cos., Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 11/15/30 | 5 | 4,221 | |||||||||||||
2.375% | 12/15/31 | 15 | 12,645 | |||||||||||||
New York Life Insurance Co., |
| |||||||||||||||
Sub. Notes, 144A |
| |||||||||||||||
3.750% | 05/15/50 | 25 | 20,451 | |||||||||||||
Principal Financial Group, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.625% | 09/15/42 | 150 | 138,320 | |||||||||||||
Protective Life Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.400% | 01/15/30 | 15 | 13,659 | |||||||||||||
Reliance Standard Life Global Funding II, |
| |||||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||
2.500% | 10/30/24 | 20 | 19,259 |
SEE NOTES TO FINANCIAL STATEMENTS.
A123
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Insurance (cont’d.) |
| |||||||||||||||
Sompo International Holdings Ltd. (Bermuda), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
7.000% | 07/15/34 | 1,350 | $ | 1,548,378 | ||||||||||||
Teachers Insurance & Annuity Association of America, |
| |||||||||||||||
Sub. Notes, 144A |
| |||||||||||||||
3.300% | 05/15/50 | 10 | 7,732 | |||||||||||||
4.270% | 05/15/47 | 2,310 | 2,049,011 | |||||||||||||
6.850% | 12/16/39 | 196 | 231,441 | |||||||||||||
W.R. Berkley Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.000% | 05/12/50 | 15 | 12,407 | |||||||||||||
|
| |||||||||||||||
6,932,110 | ||||||||||||||||
|
| |||||||||||||||
Internet — 0.1% |
| |||||||||||||||
Alibaba Group Holding Ltd. (China), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.125% | 02/09/31 | 200 | 165,480 | |||||||||||||
Alphabet, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.100% | 08/15/30 | 20 | 16,407 | |||||||||||||
1.900% | 08/15/40 | 15 | 10,722 | |||||||||||||
2.050% | 08/15/50 | 5 | 3,360 | |||||||||||||
Amazon.com, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.000% | 05/12/26 | 100 | 90,965 | |||||||||||||
1.200% | 06/03/27 | 20 | 17,811 | |||||||||||||
2.100% | 05/12/31 | 30 | 25,695 | |||||||||||||
2.500% | 06/03/50 | 25 | 17,702 | |||||||||||||
2.700% | 06/03/60 | 5 | 3,383 | |||||||||||||
3.100% | 05/12/51 | 25 | 19,719 | |||||||||||||
3.150% | 08/22/27 | 45 | 43,834 | |||||||||||||
3.250% | 05/12/61 | 10 | 7,625 | |||||||||||||
3.875% | 08/22/37 | 50 | 47,246 | |||||||||||||
Arches Buyer, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.250% | 06/01/28 | 25 | 20,403 | |||||||||||||
Booking Holdings, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.550% | 03/15/28 | 25 | 24,079 | |||||||||||||
eBay, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.600% | 05/10/31 | 10 | 8,307 | |||||||||||||
Expedia Group, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.950% | 03/15/31 | 5 | 3,986 | |||||||||||||
3.250% | 02/15/30 | 35 | �� | 29,067 | ||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
6.250% | 05/01/25 | 3 | 3,094 | |||||||||||||
Netflix, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.375% | 11/15/26 | 18 | 17,230 | |||||||||||||
5.750% | 03/01/24 | 5 | 5,116 | |||||||||||||
|
| |||||||||||||||
581,231 | ||||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Investment Companies — 0.0% |
| |||||||||||||||
Blackstone Private Credit Fund, |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.250% | 03/15/27 | 20 | $ | 16,975 | ||||||||||||
FS KKR Capital Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.625% | 01/15/27 | 25 | 21,014 | |||||||||||||
|
| |||||||||||||||
37,989 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel — 0.0% |
| |||||||||||||||
ArcelorMittal SA (Luxembourg), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.600% | 07/16/24 | 50 | 49,342 | |||||||||||||
Nucor Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.000% | 06/01/25 | 5 | 4,706 | |||||||||||||
Steel Dynamics, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.650% | 10/15/27 | 5 | 4,288 | |||||||||||||
2.400% | 06/15/25 | 5 | 4,735 | |||||||||||||
3.250% | 01/15/31 | 20 | 17,392 | |||||||||||||
3.250% | 10/15/50 | 5 | 3,460 | |||||||||||||
Vale Overseas Ltd. (Brazil), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.250% | 08/10/26 | 50 | 52,239 | |||||||||||||
|
| |||||||||||||||
136,162 | ||||||||||||||||
|
| |||||||||||||||
Lodging — 0.3% |
| |||||||||||||||
Hyatt Hotels Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.800% | 10/01/24 | 20 | 18,929 | |||||||||||||
Las Vegas Sands Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 06/25/25 | 40 | 35,700 | |||||||||||||
3.200% | 08/08/24 | 105 | 99,269 | |||||||||||||
3.500% | 08/18/26 | 30 | 26,239 | |||||||||||||
Marriott International, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.125% | 02/15/23 | 5 | 4,977 | |||||||||||||
3.600% | 04/15/24 | 30 | 29,716 | |||||||||||||
3.750% | 10/01/25 | 5 | 4,897 | |||||||||||||
Sr. Unsec’d. Notes, Series EE |
| |||||||||||||||
5.750% | 05/01/25 | 59 | 61,117 | |||||||||||||
Sr. Unsec’d. Notes, Series GG |
| |||||||||||||||
3.500% | 10/15/32 | 1,825 | 1,573,272 | |||||||||||||
MGM Resorts International, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.750% | 10/15/28 | 950 | 799,588 | |||||||||||||
Sands China Ltd. (Macau), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.125% | 08/08/25 | 400 | 336,947 | |||||||||||||
|
| |||||||||||||||
2,990,651 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining — 0.0% |
| |||||||||||||||
Caterpillar Financial Services Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||
0.800% | 11/13/25 | 10 | 9,089 | |||||||||||||
1.100% | 09/14/27 | 10 | 8,783 |
SEE NOTES TO FINANCIAL STATEMENTS.
A124
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Machinery-Construction & Mining (cont’d.) |
| |||||||||||||||
Caterpillar, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.600% | 04/09/30 | 10 | $ | 9,074 | ||||||||||||
3.250% | 04/09/50 | 10 | 8,276 | |||||||||||||
|
| |||||||||||||||
35,222 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Diversified — 0.0% |
| |||||||||||||||
Deere & Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.100% | 04/15/30 | 10 | 9,337 | |||||||||||||
3.750% | 04/15/50 | 10 | 9,141 | |||||||||||||
Otis Worldwide Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.565% | 02/15/30 | 10 | 8,645 | |||||||||||||
3.112% | 02/15/40 | 3 | 2,326 | |||||||||||||
Westinghouse Air Brake Technologies Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.400% | 03/15/24 | 35 | 34,926 | |||||||||||||
4.950% | 09/15/28 | 30 | 28,851 | |||||||||||||
|
| |||||||||||||||
93,226 | ||||||||||||||||
|
| |||||||||||||||
Media — 1.6% |
| |||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 05/01/32 | 450 | 364,324 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.500% | 08/15/30 | 5 | 4,178 | |||||||||||||
4.750% | 03/01/30 | 8 | 6,843 | |||||||||||||
5.375% | 06/01/29 | 800 | 728,892 | |||||||||||||
5.500% | 05/01/26 | 1,650 | 1,611,564 | |||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
2.250% | 01/15/29 | 10 | 8,230 | |||||||||||||
2.800% | 04/01/31 | 100 | 80,124 | |||||||||||||
3.500% | 06/01/41 | 45 | 31,674 | |||||||||||||
3.500% | 03/01/42 | 50 | 34,809 | |||||||||||||
3.950% | 06/30/62 | 10 | 6,665 | |||||||||||||
4.200% | 03/15/28 | 30 | 28,042 | |||||||||||||
4.500% | 02/01/24 | 30 | 30,185 | |||||||||||||
4.908% | 07/23/25 | 65 | 65,167 | |||||||||||||
5.050% | 03/30/29 | 85 | 81,969 | |||||||||||||
5.375% | 05/01/47 | �� | 20 | 17,120 | ||||||||||||
5.750% | 04/01/48 | 20 | 17,985 | |||||||||||||
6.384% | 10/23/35 | 2,487 | 2,510,092 | |||||||||||||
6.484% | 10/23/45 | 1,140 | 1,109,982 | |||||||||||||
Comcast Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.350% | 01/15/27 | 30 | 27,984 | |||||||||||||
2.650% | 08/15/62 | 17 | 10,940 | |||||||||||||
2.937% | 11/01/56 | 26 | 18,043 | |||||||||||||
3.150% | 02/15/28 | 80 | 76,256 | |||||||||||||
3.250% | 11/01/39 | 35 | 28,771 | |||||||||||||
3.400% | 04/01/30 | 10 | 9,372 | |||||||||||||
3.900% | 03/01/38 | 25 | 22,661 | |||||||||||||
3.999% | 11/01/49 | 85 | 74,239 | |||||||||||||
4.000% | 03/01/48 | 40 | 34,880 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Media (cont’d.) |
| |||||||||||||||
4.150% | 10/15/28 | 50 | $ | 49,873 | ||||||||||||
Cox Communications, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.950% | 10/01/50 | 60 | 39,792 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.150% | 08/15/24 | 965 | 940,086 | |||||||||||||
3.500% | 08/15/27 | 65 | 61,738 | |||||||||||||
CSC Holdings LLC, |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.375% | 02/15/31 | (a) | 1,000 | 742,047 | ||||||||||||
5.500% | 04/15/27 | 650 | 589,568 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.625% | 12/01/30 | (a) | 1,000 | 669,810 | ||||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
6.625% | 08/15/27 | 520 | 62,158 | |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||
5.375% | 08/15/26 | 855 | 218,152 | |||||||||||||
Discovery Communications LLC, |
| |||||||||||||||
Gtd. Notes | ||||||||||||||||
2.950% | 03/20/23 | 20 | 19,876 | |||||||||||||
5.300% | 05/15/49 | 275 | 236,995 | |||||||||||||
DISH DBS Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
7.375% | 07/01/28 | (a) | 400 | 272,065 | ||||||||||||
Fox Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.050% | 04/07/25 | 5 | 4,847 | |||||||||||||
4.030% | 01/25/24 | 30 | 30,000 | |||||||||||||
NBCUniversal Media LLC, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.450% | 01/15/43 | 10 | 9,283 | |||||||||||||
Paramount Global, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.850% | 09/01/43 | 2 | 1,868 | |||||||||||||
Sirius XM Radio, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.125% | 09/01/26 | 15 | 13,411 | |||||||||||||
4.000% | 07/15/28 | 15 | 12,979 | |||||||||||||
TCI Communications, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
7.875% | 02/15/26 | 750 | 841,912 | |||||||||||||
Time Warner Cable LLC, |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
6.550% | 05/01/37 | 40 | 40,052 | |||||||||||||
TWDC Enterprises 18 Corp., |
| |||||||||||||||
Gtd. Notes, MTN |
| |||||||||||||||
1.850% | 07/30/26 | 30 | 27,717 | |||||||||||||
Univision Communications, Inc., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
5.125% | 02/15/25 | 1,175 | 1,108,304 | |||||||||||||
6.625% | 06/01/27 | 975 | 929,779 | |||||||||||||
Virgin Media Secured Finance PLC (United Kingdom), |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
4.125% | 08/15/30 | GBP | 900 | 874,004 | ||||||||||||
4.250% | 01/15/30 | GBP | 800 | 783,841 |
SEE NOTES TO FINANCIAL STATEMENTS.
A125
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Media (cont’d.) |
| |||||||||||||||
Walt Disney Co. (The), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.650% | 09/01/22 | 30 | $ | 29,964 | ||||||||||||
3.800% | 03/22/30 | 85 | 82,087 | |||||||||||||
6.400% | 12/15/35 | 31 | 36,043 | |||||||||||||
7.625% | 11/30/28 | 500 | 588,194 | |||||||||||||
Ziggo BV (Netherlands), |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
2.875% | 01/15/30 | EUR | 1,910 | 1,526,208 | ||||||||||||
|
| |||||||||||||||
17,883,644 | ||||||||||||||||
|
| |||||||||||||||
Mining — 0.2% |
| |||||||||||||||
Barrick Gold Corp. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.250% | 04/01/42 | 680 | 670,055 | |||||||||||||
Barrick North America Finance LLC (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.700% | 05/30/41 | 10 | 10,349 | |||||||||||||
5.750% | 05/01/43 | 420 | 437,922 | |||||||||||||
BHP Billiton Finance USA Ltd. (Australia), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.420% | 03/01/26 | 120 | 129,930 | |||||||||||||
FMG Resources August 2006 Pty Ltd. (Australia), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
4.375% | 04/01/31 | 25 | 20,566 | |||||||||||||
Freeport Indonesia PT (Indonesia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
5.315% | 04/14/32 | 450 | 412,193 | |||||||||||||
Freeport-McMoRan, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.875% | 03/15/23 | 20 | 20,024 | |||||||||||||
5.450% | 03/15/43 | 20 | 18,503 | |||||||||||||
Glencore Canada Corp. (Switzerland), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
6.200% | 06/15/35 | 50 | 49,472 | |||||||||||||
Glencore Funding LLC (Australia), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.625% | 09/23/31 | 25 | 20,161 | |||||||||||||
3.875% | 04/27/51 | 25 | 18,774 | |||||||||||||
4.125% | 03/12/24 | 15 | 14,924 | |||||||||||||
Kinross Gold Corp. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.500% | 07/15/27 | 25 | 24,357 | |||||||||||||
5.950% | 03/15/24 | 50 | 51,181 | |||||||||||||
Newmont Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.250% | 10/01/30 | 5 | 4,159 | |||||||||||||
2.800% | 10/01/29 | 30 | 26,527 | |||||||||||||
Southern Copper Corp. (Peru), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.875% | 04/23/25 | 50 | 49,451 | |||||||||||||
Teck Resources Ltd. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.900% | 07/15/30 | 30 | 27,592 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Mining (cont’d.) |
| |||||||||||||||
Yamana Gold, Inc. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.625% | 12/15/27 | 45 | $ | 42,966 | ||||||||||||
|
| |||||||||||||||
2,049,106 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||||||||||
3M Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.375% | 08/26/29 | 30 | 26,852 | |||||||||||||
Carlisle Cos., Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.200% | 03/01/32 | 15 | 11,741 | |||||||||||||
Eaton Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.750% | 11/02/22 | 10 | 9,992 | |||||||||||||
General Electric Co., |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.380% |
| |||||||||||||||
1.743%(c) | 05/05/26 | 95 | 89,978 | |||||||||||||
Hillenbrand, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
5.000% | 09/15/26 | 100 | 94,575 | |||||||||||||
Pentair Finance Sarl, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.500% | 07/01/29 | 50 | 47,724 | |||||||||||||
Textron, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.450% | 03/15/31 | 64 | 52,588 | |||||||||||||
|
| |||||||||||||||
333,450 | ||||||||||||||||
|
| |||||||||||||||
Multi-National — 0.1% |
| |||||||||||||||
Inter-American Development Bank (Supranational Bank), |
| |||||||||||||||
Unsec’d. Notes |
| |||||||||||||||
6.950% | 08/01/26 | 1,500 | 1,693,902 | |||||||||||||
|
| |||||||||||||||
Office/Business Equipment — 0.0% |
| |||||||||||||||
CDW LLC/CDW Finance Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.670% | 12/01/26 | 20 | 17,833 | |||||||||||||
3.276% | 12/01/28 | 25 | 21,582 | |||||||||||||
5.500% | 12/01/24 | 14 | 14,064 | |||||||||||||
|
| |||||||||||||||
53,479 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas — 2.4% |
| |||||||||||||||
Antero Resources Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
8.375% | 07/15/26 | 366 | 386,887 | |||||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
7.000% | 11/01/26 | 350 | 326,388 | |||||||||||||
9.000% | 11/01/27 | 204 | 259,562 | |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
8.250% | 12/31/28 | 450 | 433,297 | |||||||||||||
BP Capital Markets America, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.749% | 08/10/30 | 10 | 8,217 | |||||||||||||
2.772% | 11/10/50 | 145 | 100,857 | |||||||||||||
2.939% | 06/04/51 | 1,845 | 1,318,414 | |||||||||||||
3.000% | 02/24/50 | 60 | 43,659 |
SEE NOTES TO FINANCIAL STATEMENTS.
A126
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||||
3.060% | 06/17/41 | 7 | $ | 5,452 | ||||||||||||
3.194% | 04/06/25 | 30 | 29,653 | |||||||||||||
3.379% | 02/08/61 | 5 | 3,705 | |||||||||||||
4.234% | 11/06/28 | 50 | 49,679 | |||||||||||||
Canadian Natural Resources Ltd. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.950% | 01/15/23 | 50 | 49,841 | |||||||||||||
2.950% | 07/15/30 | 10 | 8,779 | |||||||||||||
Cenovus Energy, Inc. (Canada), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.750% | 02/15/52 | 340 | 258,605 | |||||||||||||
5.250% | 06/15/37 | 30 | 29,231 | |||||||||||||
5.400% | 06/15/47 | 1,030 | 992,555 | |||||||||||||
Chevron Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.954% | 05/16/26 | 20 | 19,542 | |||||||||||||
3.078% | 05/11/50 | 10 | 7,966 | |||||||||||||
Chevron USA, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.018% | 08/12/27 | 10 | 8,730 | |||||||||||||
2.343% | 08/12/50 | 10 | 6,921 | |||||||||||||
3.850% | 01/15/28 | 10 | 9,948 | |||||||||||||
3.900% | 11/15/24 | 50 | 50,482 | |||||||||||||
Cimarex Energy Co., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.375% | 03/15/29 | 10 | 8,778 | |||||||||||||
CITGO Petroleum Corp., |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
7.000% | 06/15/25 | 800 | 774,038 | |||||||||||||
Continental Resources, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.800% | 06/01/24 | 10 | 9,906 | |||||||||||||
4.500% | 04/15/23 | 5 | 5,018 | |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.268% | 11/15/26 | 10 | 8,871 | |||||||||||||
Coterra Energy, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.900% | 05/15/27 | 25 | 24,040 | |||||||||||||
4.375% | 03/15/29 | 20 | 19,609 | |||||||||||||
Devon Energy Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 01/15/30 | 6 | 5,656 | |||||||||||||
4.750% | 05/15/42 | 6 | 5,424 | |||||||||||||
5.250% | 09/15/24 | 2 | 2,043 | |||||||||||||
5.250% | 10/15/27 | 15 | 15,087 | |||||||||||||
5.600% | 07/15/41 | 870 | 863,277 | |||||||||||||
5.850% | 12/15/25 | 30 | 31,248 | |||||||||||||
Devon OEI Operating LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
7.500% | 09/15/27 | 20 | 21,844 | |||||||||||||
Diamondback Energy, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.125% | 03/24/31 | 25 | 21,776 | |||||||||||||
3.250% | 12/01/26 | 20 | 19,520 | |||||||||||||
Ecopetrol SA (Colombia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.875% | 09/18/23 | (a) | 1,195 | 1,194,521 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||||
6.875% | 04/29/30 | 497 | $ | 439,970 | ||||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
5.750% | 01/30/28 | 1,300 | 1,238,272 | |||||||||||||
Energean Israel Finance Ltd. (Israel), |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.500% | 03/30/24 | 300 | 285,114 | |||||||||||||
4.875% | 03/30/26 | 547 | 482,327 | |||||||||||||
5.375% | 03/30/28 | 890 | 753,676 | |||||||||||||
EOG Resources, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.375% | 04/15/30 | 15 | 15,072 | |||||||||||||
EQT Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
3.125% | 05/15/26 | 10 | 9,377 | |||||||||||||
Equinor ASA (Norway), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.750% | 01/22/26 | 10 | 9,327 | |||||||||||||
Exxon Mobil Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.992% | 03/19/25 | 15 | 14,781 | |||||||||||||
3.452% | 04/15/51 | 25 | 20,528 | |||||||||||||
3.482% | 03/19/30 | 10 | 9,584 | |||||||||||||
Gazprom PJSC Via Gaz Capital SA (Russia), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.950% | 07/19/22 | 390 | 292,500 | |||||||||||||
Gazprom PJSC via Gaz Finance PLC (Russia), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.500% | 02/17/27 | EUR | 100 | 28,819 | ||||||||||||
Helmerich & Payne, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 09/29/31 | 25 | 21,407 | |||||||||||||
Hess Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.300% | 04/01/27 | 45 | 43,887 | |||||||||||||
5.600% | 02/15/41 | 15 | 14,617 | |||||||||||||
7.300% | 08/15/31 | 5 | 5,595 | |||||||||||||
KazMunayGas National Co. JSC (Kazakhstan), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
4.750% | 04/24/25 | 1,160 | 1,085,354 | |||||||||||||
4.750% | 04/19/27 | 200 | 178,072 | |||||||||||||
Lundin Energy Finance BV (Netherlands), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.100% | 07/15/31 | 705 | 585,915 | |||||||||||||
Marathon Oil Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.400% | 07/15/27 | 30 | 29,310 | |||||||||||||
Marathon Petroleum Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
5.125% | 12/15/26 | 50 | 51,284 | |||||||||||||
MEG Energy Corp. (Canada), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
7.125% | 02/01/27 | 425 | 428,749 | |||||||||||||
Occidental Petroleum Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
6.450% | 09/15/36 | 945 | 984,316 |
SEE NOTES TO FINANCIAL STATEMENTS.
A127
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||||
Ovintiv, Inc., | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
6.625% | 08/15/37 | 200 | $ | 209,096 | ||||||||||||
Petrobras Global Finance BV (Brazil), | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
6.250% | 03/17/24 | 30 | 30,656 | |||||||||||||
6.625% | 01/16/34 | GBP | 680 | 760,324 | ||||||||||||
7.375% | 01/17/27 | 172 | 182,395 | |||||||||||||
Petroleos Mexicanos (Mexico), | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
4.750% | 02/26/29 | EUR | 394 | 309,998 | ||||||||||||
5.350% | 02/12/28 | 157 | 124,417 | |||||||||||||
5.950% | 01/28/31 | 20 | 14,554 | |||||||||||||
6.350% | 02/12/48 | 840 | 502,898 | |||||||||||||
6.490% | 01/23/27 | 1,550 | 1,341,092 | |||||||||||||
6.500% | 03/13/27 | 1,753 | 1,521,742 | |||||||||||||
6.500% | 01/23/29 | (a) | 700 | 562,830 | ||||||||||||
6.700% | 02/16/32 | 16 | 12,199 | |||||||||||||
6.840% | 01/23/30 | 306 | 242,378 | |||||||||||||
Gtd. Notes, EMTN | ||||||||||||||||
3.750% | 02/21/24 | EUR | 400 | 404,593 | ||||||||||||
4.875% | 02/21/28 | EUR | 1,530 | 1,272,076 | ||||||||||||
Phillips 66, | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
1.300% | 02/15/26 | 22 | 19,818 | |||||||||||||
2.150% | 12/15/30 | 53 | 43,270 | |||||||||||||
Phillips 66 Co., | ||||||||||||||||
Gtd. Notes, 144A | ||||||||||||||||
2.450% | 12/15/24 | 50 | 47,884 | |||||||||||||
4.680% | 02/15/45 | 1,900 | 1,748,941 | |||||||||||||
Pioneer Natural Resources Co., | ||||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||||
0.550% | 05/15/23 | 55 | 53,588 | |||||||||||||
1.125% | 01/15/26 | 25 | 22,358 | |||||||||||||
1.900% | 08/15/30 | 2,135 | 1,743,328 | |||||||||||||
2.150% | 01/15/31 | 5 | 4,120 | |||||||||||||
Qatar Energy (Qatar), | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | ||||||||||||||||
1.375% | 09/12/26 | 200 | 180,330 | |||||||||||||
3.125% | 07/12/41 | 640 | 502,387 | |||||||||||||
Shell International Finance BV (Netherlands), | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
3.250% | 04/06/50 | 10 | 7,896 | |||||||||||||
4.000% | 05/10/46 | 20 | 17,709 | |||||||||||||
Suncor Energy, Inc. (Canada), | ||||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||||
3.750% | 03/04/51 | 15 | 12,160 | |||||||||||||
TotalEnergies Capital International SA (France), | ||||||||||||||||
Gtd. Notes | ||||||||||||||||
3.127% | 05/29/50 | 4 | 3,062 | |||||||||||||
Transocean, Inc., | ||||||||||||||||
Gtd. Notes, 144A | ||||||||||||||||
8.000% | 02/01/27 | 125 | 83,905 | |||||||||||||
Valero Energy Corp., | ||||||||||||||||
Sr. Unsec’d. Notes | ||||||||||||||||
2.150% | 09/15/27 | (a) | 845 | 753,241 | ||||||||||||
2.850% | 04/15/25 | 2 | 1,934 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||||
4.000% | 04/01/29 | 50 | $ | 47,192 | ||||||||||||
Woodside Finance Ltd. (Australia), | ||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.650% | 03/05/25 | 100 | 98,240 | |||||||||||||
3.700% | 09/15/26 | 45 | 43,361 | |||||||||||||
|
| |||||||||||||||
27,392,851 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services — 0.0% |
| |||||||||||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.080% | 12/15/47 | 20 | 16,904 | |||||||||||||
Cameron International Corp., | ||||||||||||||||
Gtd. Notes |
| |||||||||||||||
7.000% | 07/15/38 | 450 | 507,075 | |||||||||||||
Halliburton Co., | ||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.920% | 03/01/30 | 6 | 5,314 | |||||||||||||
3.800% | 11/15/25 | 8 | 7,914 | |||||||||||||
|
| |||||||||||||||
537,207 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers — 0.4% |
| |||||||||||||||
Amcor Flexibles North America, Inc., | ||||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.630% | 06/19/30 | 55 | 45,134 | |||||||||||||
ARD Finance SA (Luxembourg), | ||||||||||||||||
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750% | ||||||||||||||||
5.000% | 06/30/27 | EUR | 938 | 707,699 | ||||||||||||
Berry Global, Inc., | ||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
0.950% | 02/15/24 | 30 | 28,417 | |||||||||||||
1.570% | 01/15/26 | 90 | 80,352 | |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
4.875% | 07/15/26 | 20 | 19,099 | |||||||||||||
Graphic Packaging International LLC, | ||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
1.512% | 04/15/26 | 30 | 26,877 | |||||||||||||
Silgan Holdings, Inc., | ||||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.250% | 06/01/28 | EUR | 2,100 | 1,725,272 | ||||||||||||
Verallia SA (France), | ||||||||||||||||
Gtd. Notes |
| |||||||||||||||
1.625% | 05/14/28 | (a) | EUR | 2,500 | 2,148,673 | |||||||||||
WRKCo, Inc., | ||||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.000% | 06/15/33 | 5 | 4,213 | |||||||||||||
3.900% | 06/01/28 | 16 | 15,445 | |||||||||||||
4.650% | 03/15/26 | 25 | 25,143 | |||||||||||||
4.900% | 03/15/29 | 15 | 15,085 | |||||||||||||
|
| |||||||||||||||
4,841,409 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals — 2.4% |
| |||||||||||||||
AbbVie, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.950% | 11/21/26 | 300 | 284,352 | |||||||||||||
3.200% | 11/21/29 | 150 | 137,915 | |||||||||||||
3.800% | 03/15/25 | 1,040 | 1,032,851 | |||||||||||||
4.050% | 11/21/39 | 5,170 | 4,607,630 |
SEE NOTES TO FINANCIAL STATEMENTS.
A128
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||
Pharmaceuticals (cont’d.) |
| |||||||||||||||||
4.250% | 11/14/28 | 50 | $ | 49,430 | ||||||||||||||
4.300% | 05/14/36 | 10 | 9,396 | |||||||||||||||
4.500% | 05/14/35 | 1,715 | 1,663,740 | |||||||||||||||
4.550% | 03/15/35 | 2,040 | 1,987,260 | |||||||||||||||
4.875% | 11/14/48 | 35 | 33,725 | |||||||||||||||
Astrazeneca Finance LLC (United Kingdom), |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
2.250% | 05/28/31 | 8 | 6,960 | |||||||||||||||
AstraZeneca PLC (United Kingdom), |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
0.700% | 04/08/26 | 45 | 40,105 | |||||||||||||||
Bausch Health Americas, Inc., |
| |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||
8.500% | 01/31/27 | (a) | 320 | 224,444 | ||||||||||||||
Bausch Health Cos., Inc., |
| |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||
5.000% | 01/30/28 | (a) | 430 | 229,114 | ||||||||||||||
5.000% | 02/15/29 | 250 | 129,871 | |||||||||||||||
5.250% | 01/30/30 | 325 | 169,209 | |||||||||||||||
5.250% | 02/15/31 | 225 | 115,536 | |||||||||||||||
6.250% | 02/15/29 | 1,150 | 613,901 | |||||||||||||||
Becton, Dickinson & Co., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
1.957% | 02/11/31 | 20 | 16,177 | |||||||||||||||
3.363% | 06/06/24 | 13 | 12,865 | |||||||||||||||
3.700% | 06/06/27 | 136 | 131,645 | |||||||||||||||
3.794% | 05/20/50 | 60 | 49,575 | |||||||||||||||
4.685% | 12/15/44 | 10 | 9,264 | |||||||||||||||
Bristol-Myers Squibb Co., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.350% | 11/13/40 | 10 | 7,416 | |||||||||||||||
4.125% | 06/15/39 | 470 | 449,588 | |||||||||||||||
Cardinal Health, Inc., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
3.750% | 09/15/25 | 20 | 19,772 | |||||||||||||||
4.500% | 11/15/44 | 5 | 4,270 | |||||||||||||||
4.900% | 09/15/45 | 20 | 18,181 | |||||||||||||||
Cigna Corp., |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.250% | 04/15/25 | 20 | 19,621 | |||||||||||||||
3.875% | 10/15/47 | 20 | 16,467 | |||||||||||||||
4.125% | 11/15/25 | 45 | 45,121 | |||||||||||||||
4.375% | 10/15/28 | 1,390 | 1,377,298 | |||||||||||||||
4.500% | 02/25/26 | 3,690 | 3,738,602 | |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.400% | 03/15/30 | 140 | 120,208 | |||||||||||||||
3.200% | 03/15/40 | 460 | 366,767 | |||||||||||||||
3.400% | 03/15/50 | 1,325 | 1,013,272 | |||||||||||||||
CVS Health Corp., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
1.750% | 08/21/30 | 60 | 48,154 | |||||||||||||||
1.875% | 02/28/31 | (a) | 830 | 665,484 | ||||||||||||||
2.125% | 09/15/31 | 40 | 32,398 | |||||||||||||||
2.625% | 08/15/24 | 100 | 97,848 | |||||||||||||||
2.700% | 08/21/40 | 480 | 345,600 | |||||||||||||||
3.000% | 08/15/26 | 12 | 11,498 | |||||||||||||||
3.625% | 04/01/27 | 50 | 48,697 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||
Pharmaceuticals (cont’d.) |
| |||||||||||||||||
3.750% | 04/01/30 | 110 | $ | 102,901 | ||||||||||||||
4.300% | 03/25/28 | 98 | 97,029 | |||||||||||||||
4.780% | 03/25/38 | 290 | 274,493 | |||||||||||||||
5.125% | 07/20/45 | 580 | 559,918 | |||||||||||||||
Johnson & Johnson, |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.100% | 09/01/40 | 10 | 7,320 | |||||||||||||||
Merck & Co., Inc., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
1.450% | 06/24/30 | 25 | 20,766 | |||||||||||||||
2.350% | 06/24/40 | 10 | 7,529 | |||||||||||||||
2.750% | 12/10/51 | 15 | 11,116 | |||||||||||||||
Mylan, Inc., |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
5.200% | 04/15/48 | 890 | 707,008 | |||||||||||||||
Novartis Capital Corp. (Switzerland), |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
2.750% | 08/14/50 | 10 | 7,777 | |||||||||||||||
Pfizer, Inc., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.550% | 05/28/40 | 15 | 11,819 | |||||||||||||||
3.000% | 12/15/26 | 20 | 19,555 | |||||||||||||||
Shire Acquisitions Investments Ireland DAC, |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
2.875% | 09/23/23 | 16 | 15,823 | |||||||||||||||
3.200% | 09/23/26 | 3,785 | 3,634,434 | |||||||||||||||
Takeda Pharmaceutical Co. Ltd. (Japan), |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
3.025% | 07/09/40 | 525 | 403,875 | |||||||||||||||
Utah Acquisition Sub, Inc., |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.950% | 06/15/26 | 30 | 28,285 | |||||||||||||||
5.250% | 06/15/46 | 185 | 149,041 | |||||||||||||||
Viatris, Inc., |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.850% | 06/22/40 | 5 | 3,521 | |||||||||||||||
4.000% | 06/22/50 | 1,292 | 860,875 | |||||||||||||||
Zoetis, Inc., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
3.900% | 08/20/28 | 30 | 29,078 | |||||||||||||||
|
| |||||||||||||||||
26,953,390 | ||||||||||||||||||
|
| |||||||||||||||||
Pipelines — 1.9% |
| |||||||||||||||||
Boardwalk Pipelines LP, |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.400% | 02/15/31 | 1,805 | 1,541,331 | |||||||||||||||
4.450% | 07/15/27 | 60 | 58,173 | |||||||||||||||
Cameron LNG LLC, |
| |||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||||
2.902% | 07/15/31 | 10 | 8,811 | |||||||||||||||
3.302% | 01/15/35 | 45 | 38,503 | |||||||||||||||
3.701% | 01/15/39 | 10 | 8,449 | |||||||||||||||
Cheniere Corpus Christi Holdings LLC, |
| |||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||||
5.125% | 06/30/27 | 75 | 75,319 | |||||||||||||||
5.875% | 03/31/25 | 130 | 133,071 |
SEE NOTES TO FINANCIAL STATEMENTS.
A129
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||
Pipelines (cont’d.) |
| |||||||||||||||||
Cheniere Energy Partners LP, |
| |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||
3.250% | 01/31/32 | 15 | $ | 11,824 | ||||||||||||||
DCP Midstream Operating LP, |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.250% | 02/15/32 | 18 | 14,130 | |||||||||||||||
Enbridge, Inc. (Canada), |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
0.550% | 10/04/23 | 10 | 9,628 | |||||||||||||||
2.900% | 07/15/22 | 25 | 24,993 | |||||||||||||||
4.000% | 11/15/49 | 5 | 4,191 | |||||||||||||||
4.250% | 12/01/26 | 10 | 9,894 | |||||||||||||||
Gtd. Notes, SOFR + 0.400% |
| |||||||||||||||||
1.639%(c) | 02/17/23 | 10 | 9,946 | |||||||||||||||
Energy Transfer LP, |
| |||||||||||||||||
Jr. Sub. Notes, Series B |
| |||||||||||||||||
6.625%(ff) | 02/15/28 | (oo) | 10 | 7,469 | ||||||||||||||
Jr. Sub. Notes, Series G |
| |||||||||||||||||
7.125%(ff) | 05/15/30 | (oo) | 895 | 769,713 | ||||||||||||||
Jr. Sub. Notes, Series H |
| |||||||||||||||||
6.500%(ff) | 11/15/26 | (a)(oo) | 1,365 | 1,216,386 | ||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.900% | 05/15/25 | 5 | 4,757 | |||||||||||||||
3.600% | 02/01/23 | 13 | 12,961 | |||||||||||||||
3.750% | 05/15/30 | 60 | 54,027 | |||||||||||||||
4.000% | 10/01/27 | 20 | 18,919 | |||||||||||||||
4.050% | 03/15/25 | 50 | 49,258 | |||||||||||||||
4.200% | 04/15/27 | 100 | 96,111 | |||||||||||||||
4.250% | 04/01/24 | 5 | 4,985 | |||||||||||||||
4.900% | 02/01/24 | 10 | 10,080 | |||||||||||||||
4.950% | 06/15/28 | 20 | 19,708 | |||||||||||||||
5.000% | 05/15/50 | 293 | 249,281 | |||||||||||||||
5.150% | 03/15/45 | 55 | 47,073 | |||||||||||||||
5.250% | 04/15/29 | 25 | 24,774 | |||||||||||||||
5.300% | 04/15/47 | 120 | 103,882 | |||||||||||||||
5.400% | 10/01/47 | 60 | 52,763 | |||||||||||||||
5.500% | 06/01/27 | 50 | 50,742 | |||||||||||||||
6.125% | 12/15/45 | 90 | 86,243 | |||||||||||||||
6.250% | 04/15/49 | 1,470 | 1,425,872 | |||||||||||||||
6.500% | 02/01/42 | 5 | 5,013 | |||||||||||||||
Sr. Unsec’d. Notes, Series 05Y |
| |||||||||||||||||
4.200% | 09/15/23 | 17 | 17,000 | |||||||||||||||
Sr. Unsec’d. Notes, Series 20Y |
| |||||||||||||||||
5.800% | 06/15/38 | 20 | 18,786 | |||||||||||||||
Energy Transfer LP/Regency Energy Finance Corp., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
5.000% | 10/01/22 | 33 | 33,032 | |||||||||||||||
Enterprise Products Operating LLC, |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
2.800% | 01/31/30 | 5 | 4,382 | |||||||||||||||
3.125% | 07/31/29 | 30 | 27,011 | |||||||||||||||
3.200% | 02/15/52 | 870 | 624,023 | |||||||||||||||
3.300% | 02/15/53 | 15 | 10,936 | |||||||||||||||
3.700% | 01/31/51 | 130 | 101,561 | |||||||||||||||
4.150% | 10/16/28 | 30 | 29,266 | |||||||||||||||
4.250% | 02/15/48 | 45 | 37,929 | |||||||||||||||
4.800% | 02/01/49 | 30 | 27,228 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Pipelines (cont’d.) |
| |||||||||||||||||||
4.850% | 03/15/44 | 25 | $ | 22,710 | ||||||||||||||||
4.900% | 05/15/46 | 2,115 | 1,944,997 | |||||||||||||||||
Gtd. Notes, Series D |
| |||||||||||||||||||
6.875% | 03/01/33 | 10 | 11,472 | |||||||||||||||||
Fermaca Enterprises S de RL de CV (Mexico), |
| |||||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||||||
6.375% | 03/30/38 | 349 | 331,838 | |||||||||||||||||
Florida Gas Transmission Co. LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
2.300% | 10/01/31 | 30 | 24,377 | |||||||||||||||||
Gray Oak Pipeline LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
2.000% | 09/15/23 | 40 | 38,873 | |||||||||||||||||
2.600% | 10/15/25 | 10 | 9,350 | |||||||||||||||||
3.450% | 10/15/27 | 5 | 4,627 | |||||||||||||||||
Kinder Morgan Energy Partners LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
4.300% | 05/01/24 | 30 | 30,060 | |||||||||||||||||
4.700% | 11/01/42 | 5 | 4,236 | |||||||||||||||||
5.400% | 09/01/44 | 13 | 11,915 | |||||||||||||||||
7.300% | 08/15/33 | 10 | 11,198 | |||||||||||||||||
Kinder Morgan, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
1.750% | 11/15/26 | 30 | 26,609 | |||||||||||||||||
3.250% | 08/01/50 | (a) | 782 | 543,875 | ||||||||||||||||
3.600% | 02/15/51 | 1,178 | 865,014 | |||||||||||||||||
4.300% | 06/01/25 | 30 | 29,914 | |||||||||||||||||
5.300% | 12/01/34 | 23 | 22,392 | |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
5.625% | 11/15/23 | 37 | 37,665 | |||||||||||||||||
Magellan Midstream Partners LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
3.950% | 03/01/50 | 30 | 23,674 | |||||||||||||||||
4.200% | 03/15/45 | 1,000 | 777,295 | |||||||||||||||||
MPLX LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.750% | 03/01/26 | 85 | 76,687 | |||||||||||||||||
2.650% | 08/15/30 | 30 | 25,046 | |||||||||||||||||
3.375% | 03/15/23 | 50 | 49,881 | |||||||||||||||||
4.000% | 02/15/25 | 55 | 54,175 | |||||||||||||||||
4.125% | 03/01/27 | 50 | 48,390 | |||||||||||||||||
4.500% | 04/15/38 | 970 | 850,267 | |||||||||||||||||
4.800% | 02/15/29 | 40 | 39,382 | |||||||||||||||||
4.875% | 06/01/25 | 10 | 10,055 | |||||||||||||||||
4.950% | 03/14/52 | 15 | 12,974 | |||||||||||||||||
5.200% | 03/01/47 | 115 | 104,010 | |||||||||||||||||
5.500% | 02/15/49 | 40 | 37,152 | |||||||||||||||||
NGPL PipeCo LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
4.875% | 08/15/27 | 255 | 252,250 | |||||||||||||||||
Northern Natural Gas Co., |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
3.400% | 10/16/51 | 5 | 3,752 | |||||||||||||||||
Northwest Pipeline LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
7.125% | 12/01/25 | 40 | 43,051 |
SEE NOTES TO FINANCIAL STATEMENTS.
A130
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Pipelines (cont’d.) |
| |||||||||||||||||||
ONEOK Partners LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
5.000% | 09/15/23 | 30 | $ | 30,305 | ||||||||||||||||
6.850% | 10/15/37 | 1,250 | 1,279,600 | |||||||||||||||||
ONEOK, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
2.200% | 09/15/25 | 50 | 46,579 | |||||||||||||||||
3.100% | 03/15/30 | 75 | 64,464 | |||||||||||||||||
4.350% | 03/15/29 | 100 | 94,032 | |||||||||||||||||
4.500% | 03/15/50 | 2,685 | 2,138,840 | |||||||||||||||||
4.950% | 07/13/47 | 450 | 381,813 | |||||||||||||||||
Plains All American Pipeline LP/PAA Finance Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
3.550% | 12/15/29 | 20 | 17,648 | |||||||||||||||||
3.850% | 10/15/23 | 40 | 39,795 | |||||||||||||||||
4.300% | 01/31/43 | 5 | 3,757 | |||||||||||||||||
4.650% | 10/15/25 | 10 | 9,928 | |||||||||||||||||
5.150% | 06/01/42 | 15 | 12,489 | |||||||||||||||||
Rockies Express Pipeline LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
3.600% | 05/15/25 | 75 | 67,380 | |||||||||||||||||
Sabine Pass Liquefaction LLC, |
| |||||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||||||
4.200% | 03/15/28 | 25 | 24,042 | |||||||||||||||||
4.500% | 05/15/30 | 5 | 4,803 | |||||||||||||||||
5.000% | 03/15/27 | 80 | 80,332 | |||||||||||||||||
5.625% | 03/01/25 | 25 | 25,542 | |||||||||||||||||
5.875% | 06/30/26 | 20 | 20,663 | |||||||||||||||||
Southern Natural Gas Co. LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
8.000% | 03/01/32 | 10 | 11,637 | |||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
0.625% | 04/28/23 | 20 | 19,387 | |||||||||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| |||||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
7.500% | 10/01/25 | 1,150 | 1,117,125 | |||||||||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
5.500% | 03/01/30 | 15 | 14,282 | |||||||||||||||||
Tennessee Gas Pipeline Co. LLC, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
7.000% | 03/15/27 | 10 | 10,743 | |||||||||||||||||
7.000% | 10/15/28 | 10 | 10,861 | |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
2.900% | 03/01/30 | 10 | 8,658 | |||||||||||||||||
TransCanada PipeLines Ltd. (Canada), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.100% | 04/15/30 | 40 | 38,230 | |||||||||||||||||
Transcontinental Gas Pipe Line Co. LLC, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
3.250% | 05/15/30 | 80 | 71,845 | |||||||||||||||||
Venture Global Calcasieu Pass LLC, |
| |||||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||||||
3.875% | 08/15/29 | 115 | 100,823 | |||||||||||||||||
4.125% | 08/15/31 | 80 | 68,711 |
Interest Rate | Maturity Date | Principal | Value | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||
Pipelines (cont’d.) |
| |||||||||||||||||
Western Midstream Operating LP, |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
5.450% | 04/01/44 | 575 | $ | 477,467 | ||||||||||||||
5.750%(cc) | 02/01/50 | 5 | 4,040 | |||||||||||||||
Williams Cos., Inc. (The), |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.600% | 03/15/31 | 30 | 25,138 | |||||||||||||||
3.750% | 06/15/27 | 25 | 23,907 | |||||||||||||||
4.000% | 09/15/25 | 60 | 59,118 | |||||||||||||||
4.850% | 03/01/48 | 30 | 27,169 | |||||||||||||||
4.900% | 01/15/45 | 1,200 | 1,073,779 | |||||||||||||||
8.750% | 03/15/32 | 10 | 12,626 | |||||||||||||||
|
| |||||||||||||||||
21,086,155 | ||||||||||||||||||
|
| |||||||||||||||||
Private Equity — 0.0% |
| |||||||||||||||||
Carlyle Finance Subsidiary LLC, |
| |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||
3.500% | 09/19/29 | 26 | 23,555 | |||||||||||||||
|
| |||||||||||||||||
Real Estate — 0.1% |
| |||||||||||||||||
Greystar Real Estate Partners LLC, |
| |||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||||
5.750% | 12/01/25 | 1,200 | 1,138,972 | |||||||||||||||
|
| |||||||||||||||||
Real Estate Investment Trusts (REITs) — 0.7% |
| |||||||||||||||||
Alexandria Real Estate Equities, Inc., |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
1.875% | 02/01/33 | 5 | 3,761 | |||||||||||||||
2.000% | 05/18/32 | 5 | 3,949 | |||||||||||||||
3.800% | 04/15/26 | 25 | 24,537 | |||||||||||||||
American Campus Communities Operating Partnership LP, |
| |||||||||||||||||
Gtd. Notes |
| |||||||||||||||||
3.300% | 07/15/26 | 35 | 34,187 | |||||||||||||||
American Finance Trust, Inc./American Finance Operating Partner LP, |
| |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||
4.500% | 09/30/28 | 10 | 7,904 | |||||||||||||||
American Tower Corp., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
1.300% | 09/15/25 | 25 | 22,607 | |||||||||||||||
1.600% | 04/15/26 | 50 | 44,804 | |||||||||||||||
2.700% | 04/15/31 | 90 | 74,105 | |||||||||||||||
3.600% | 01/15/28 | 17 | 15,803 | |||||||||||||||
4.000% | 06/01/25 | 75 | 74,184 | |||||||||||||||
4.400% | 02/15/26 | 25 | 24,871 | |||||||||||||||
Boston Properties LP, |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.450% | 10/01/33 | 15 | 11,485 | |||||||||||||||
3.250% | 01/30/31 | 3 | 2,572 | |||||||||||||||
Brixmor Operating Partnership LP, |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
3.900% | 03/15/27 | 35 | 33,517 | |||||||||||||||
4.050% | 07/01/30 | 1,145 | 1,031,844 | |||||||||||||||
Camden Property Trust, |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
2.800% | 05/15/30 | 5 | 4,413 | |||||||||||||||
Crown Castle International Corp., |
| |||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||
1.350% | 07/15/25 | 25 | 22,840 | |||||||||||||||
2.250% | 01/15/31 | 75 | 60,867 |
SEE NOTES TO FINANCIAL STATEMENTS.
A131
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||||||||||||||
2.500% | 07/15/31 | 35 | $ | 28,733 | ||||||||||||||||
3.300% | 07/01/30 | 30 | 26,473 | |||||||||||||||||
4.000% | 03/01/27 | 10 | 9,704 | |||||||||||||||||
5.200% | 02/15/49 | 10 | 9,606 | |||||||||||||||||
Diversified Healthcare Trust, |
| |||||||||||||||||||
Gtd. Notes | ||||||||||||||||||||
9.750% | 06/15/25 | 500 | 494,069 | |||||||||||||||||
Duke Realty LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.750% | 02/01/31 | 25 | 20,301 | |||||||||||||||||
Equinix, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.150% | 07/15/30 | 30 | 24,361 | |||||||||||||||||
3.000% | 07/15/50 | 5 | 3,419 | |||||||||||||||||
3.200% | 11/18/29 | 31 | 27,563 | |||||||||||||||||
Essex Portfolio LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
1.650% | 01/15/31 | 25 | 19,493 | |||||||||||||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, |
| |||||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
3.750% | 12/15/27 | 20 | 16,673 | |||||||||||||||||
GLP Capital LP/GLP Financing II, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.350% | 09/01/24 | 70 | 67,250 | |||||||||||||||||
4.000% | 01/15/30 | 50 | 43,929 | |||||||||||||||||
4.000% | 01/15/31 | 10 | 8,669 | |||||||||||||||||
5.375% | 11/01/23 | 50 | 49,812 | |||||||||||||||||
5.750% | 06/01/28 | 50 | 48,826 | |||||||||||||||||
Healthpeak Properties, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.350% | 02/01/27 | 15 | 13,171 | |||||||||||||||||
Host Hotels & Resorts LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes, Series E |
| |||||||||||||||||||
4.000% | 06/15/25 | 40 | 39,082 | |||||||||||||||||
Kilroy Realty LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.450% | 12/15/24 | 5 | 4,875 | |||||||||||||||||
Kimco Realty Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.250% | 12/01/31 | 20 | 16,172 | |||||||||||||||||
Mid-America Apartments LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.700% | 02/15/31 | 5 | 3,955 | |||||||||||||||||
3.950% | 03/15/29 | 20 | 19,089 | |||||||||||||||||
MPT Operating Partnership LP/MPT Finance Corp., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
0.993% | 10/15/26 | EUR | 675 | 584,002 | ||||||||||||||||
3.500% | 03/15/31 | 925 | 722,821 | |||||||||||||||||
Physicians Realty LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
4.300% | 03/15/27 | 5 | 4,900 | |||||||||||||||||
Piedmont Operating Partnership LP, |
| |||||||||||||||||||
Gtd. Notes | ||||||||||||||||||||
3.400% | 06/01/23 | 25 | 24,861 | |||||||||||||||||
Prologis LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.250% | 10/15/30 | 10 | 7,943 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||||||||||||||
Realty Income Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.800% | 03/15/33 | 15 | $ | 11,461 | ||||||||||||||||
2.200% | 06/15/28 | 5 | 4,398 | |||||||||||||||||
2.850% | 12/15/32 | 530 | 454,205 | |||||||||||||||||
3.950% | 08/15/27 | 91 | 88,939 | |||||||||||||||||
4.875% | 06/01/26 | 50 | 50,980 | |||||||||||||||||
Regency Centers LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.600% | 02/01/27 | 20 | 19,352 | |||||||||||||||||
Simon Property Group LP, |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.450% | 09/13/29 | 40 | 33,964 | |||||||||||||||||
3.250% | 11/30/26 | 20 | 19,082 | |||||||||||||||||
Spirit Realty LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
2.100% | 03/15/28 | 15 | 12,552 | |||||||||||||||||
2.700% | 02/15/32 | 2,190 | 1,710,906 | |||||||||||||||||
UDR, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.000% | 08/15/31 | 5 | 4,272 | |||||||||||||||||
Ventas Realty LP, |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.000% | 01/15/30 | 5 | 4,382 | |||||||||||||||||
VICI Properties LP/VICI Note Co., Inc., |
| |||||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
3.500% | 02/15/25 | 25 | 23,491 | |||||||||||||||||
4.625% | 06/15/25 | 405 | 385,898 | |||||||||||||||||
Welltower, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.050% | 01/15/29 | 15 | 12,623 | |||||||||||||||||
2.700% | 02/15/27 | 25 | 23,114 | |||||||||||||||||
2.800% | 06/01/31 | 35 | 29,474 | |||||||||||||||||
Weyerhaeuser Co., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
7.375% | 03/15/32 | 6 | 6,934 | |||||||||||||||||
WP Carey, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.250% | 04/01/33 | (a) | 1,930 | 1,484,507 | ||||||||||||||||
|
| |||||||||||||||||||
8,218,536 | ||||||||||||||||||||
|
| |||||||||||||||||||
Retail — 0.7% |
| |||||||||||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), |
| |||||||||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||||||
4.000% | 10/15/30 | 1,500 | 1,204,016 | |||||||||||||||||
7-Eleven, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
0.950% | 02/10/26 | 79 | 69,805 | |||||||||||||||||
Alimentation Couche-Tard, Inc. (Canada), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
3.800% | 01/25/50 | 20 | 15,112 | |||||||||||||||||
At Home Group, Inc., |
| |||||||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||||||
4.875% | 07/15/28 | 275 | 201,125 | |||||||||||||||||
AutoNation, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.750% | 06/01/30 | 25 | 23,475 |
SEE NOTES TO FINANCIAL STATEMENTS.
A132
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Retail (cont’d.) |
| |||||||||||||||||||
AutoZone, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.650% | 01/15/31 | 375 | $ | 293,797 | ||||||||||||||||
Best Buy Co., Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.950% | 10/01/30 | 535 | 425,077 | |||||||||||||||||
Costco Wholesale Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.750% | 04/20/32 | 55 | 45,272 | |||||||||||||||||
Dollar Tree, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.650% | 12/01/31 | (a) | 1,340 | 1,102,000 | ||||||||||||||||
4.200% | 05/15/28 | 30 | 29,120 | |||||||||||||||||
eG Global Finance PLC (United Kingdom), |
| |||||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||||||
6.250% | 10/30/25 | EUR | 1,600 | 1,502,987 | ||||||||||||||||
Home Depot, Inc. (The), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.950% | 06/15/29 | 49 | 45,793 | |||||||||||||||||
3.350% | 04/15/50 | 5 | 4,051 | |||||||||||||||||
3.900% | 12/06/28 | 10 | 10,004 | |||||||||||||||||
4.875% | 02/15/44 | 10 | 10,162 | |||||||||||||||||
Lowe’s Cos., Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.300% | 04/15/28 | 65 | 54,949 | |||||||||||||||||
1.700% | 09/15/28 | 20 | 17,049 | |||||||||||||||||
1.700% | 10/15/30 | 10 | 8,032 | |||||||||||||||||
2.800% | 09/15/41 | 25 | 18,110 | |||||||||||||||||
3.650% | 04/05/29 | 30 | 28,347 | |||||||||||||||||
3.700% | 04/15/46 | 15 | 12,051 | |||||||||||||||||
McDonald’s Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||||||
3.800% | 04/01/28 | 30 | 29,454 | |||||||||||||||||
Nordstrom, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.300% | 04/08/24 | 20 | 18,929 | |||||||||||||||||
O’Reilly Automotive, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.750% | 03/15/31 | (a) | 2,155 | 1,704,381 | ||||||||||||||||
QVC, Inc., |
| |||||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||||||
4.450% | 02/15/25 | 40 | 35,684 | |||||||||||||||||
Ross Stores, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.875% | 04/15/31 | 50 | 39,573 | |||||||||||||||||
4.600% | 04/15/25 | 50 | 50,564 | |||||||||||||||||
4.700% | 04/15/27 | 2 | 2,012 | |||||||||||||||||
Sally Holdings LLC/Sally Capital, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
5.625% | 12/01/25 | 454 | 426,842 | |||||||||||||||||
TJX Cos., Inc. (The), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.150% | 05/15/28 | 20 | 17,003 | |||||||||||||||||
Tractor Supply Co., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.750% | 11/01/30 | 55 | 43,187 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||||||
Retail (cont’d.) |
| |||||||||||||||||||
Walmart, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.800% | 09/22/31 | 10 | $ | 8,501 | ||||||||||||||||
2.375% | 09/24/29 | 2 | 1,817 | |||||||||||||||||
2.500% | 09/22/41 | 15 | 11,621 | |||||||||||||||||
2.650% | 09/22/51 | 10 | 7,533 | |||||||||||||||||
|
| |||||||||||||||||||
7,517,435 | ||||||||||||||||||||
|
| |||||||||||||||||||
Semiconductors — 0.6% |
| |||||||||||||||||||
Analog Devices, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.800% | 10/01/41 | 5 | 3,921 | |||||||||||||||||
2.950% | 04/01/25 | 5 | 4,901 | |||||||||||||||||
2.950% | 10/01/51 | 30 | 22,943 | |||||||||||||||||
Applied Materials, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.750% | 06/01/50 | 10 | 7,454 | |||||||||||||||||
3.300% | 04/01/27 | 10 | 9,778 | |||||||||||||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
3.875% | 01/15/27 | 80 | 77,121 | |||||||||||||||||
Broadcom, Inc., |
| |||||||||||||||||||
Gtd. Notes |
| |||||||||||||||||||
4.150% | 11/15/30 | 9 | 8,253 | |||||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||||||
2.450% | 02/15/31 | 30 | 24,122 | |||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
3.137% | 11/15/35 | 3,576 | 2,731,530 | |||||||||||||||||
3.187% | 11/15/36 | 2,000 | 1,519,185 | |||||||||||||||||
3.419% | 04/15/33 | 1,442 | 1,192,059 | |||||||||||||||||
3.469% | 04/15/34 | 50 | 40,555 | |||||||||||||||||
4.926% | 05/15/37 | 100 | 89,819 | |||||||||||||||||
Intel Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.800% | 08/12/41 | 5 | 3,805 | |||||||||||||||||
3.050% | 08/12/51 | 15 | 11,170 | |||||||||||||||||
3.100% | 02/15/60 | 10 | 7,160 | |||||||||||||||||
3.900% | 03/25/30 | 20 | 19,617 | |||||||||||||||||
KLA Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.100% | 03/15/29 | 50 | 49,562 | |||||||||||||||||
5.000% | 03/15/49 | 50 | 50,294 | |||||||||||||||||
Lam Research Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.900% | 06/15/30 | 25 | 21,102 | |||||||||||||||||
Microchip Technology, Inc., |
| |||||||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||||||
0.972% | 02/15/24 | 65 | 61,759 | |||||||||||||||||
Micron Technology, Inc., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.703% | 04/15/32 | 10 | 7,985 | |||||||||||||||||
NVIDIA Corp., |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.550% | 06/15/28 | 30 | 26,316 | |||||||||||||||||
3.500% | 04/01/40 | 10 | 8,738 |
SEE NOTES TO FINANCIAL STATEMENTS.
A133
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Semiconductors (cont’d.) |
| |||||||||||||||
NXP BV/NXP Funding LLC (China), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.875% | 03/01/24 | 75 | $ | 75,771 | ||||||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. (China), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.500% | 05/11/31 | 65 | 53,451 | |||||||||||||
2.650% | 02/15/32 | 35 | 28,765 | |||||||||||||
3.400% | 05/01/30 | 40 | 35,633 | |||||||||||||
4.300% | 06/18/29 | 110 | 105,574 | |||||||||||||
QUALCOMM, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.300% | 05/20/28 | 25 | 21,652 | |||||||||||||
Texas Instruments, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.700% | 09/15/51 | 5 | 3,812 | |||||||||||||
2.900% | 11/03/27 | 10 | 9,563 | |||||||||||||
|
| |||||||||||||||
6,333,370 | ||||||||||||||||
|
| |||||||||||||||
Shipbuilding — 0.0% |
| |||||||||||||||
Huntington Ingalls Industries, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
4.200% | 05/01/30 | 20 | 18,848 | |||||||||||||
|
| |||||||||||||||
Software — 0.3% |
| |||||||||||||||
Adobe, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.150% | 02/01/27 | 20 | 18,702 | |||||||||||||
2.300% | 02/01/30 | 30 | 26,513 | |||||||||||||
Autodesk, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.400% | 12/15/31 | 30 | 24,437 | |||||||||||||
Boxer Parent Co., Inc., |
| |||||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||||
9.125% | 03/01/26 | 850 | 793,078 | |||||||||||||
Citrix Systems, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
4.500% | 12/01/27 | 25 | 24,751 | |||||||||||||
Electronic Arts, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.850% | 02/15/31 | 65 | 52,855 | |||||||||||||
Fidelity National Information Services, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.100% | 03/01/41 | 10 | 7,313 | |||||||||||||
Fiserv, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.250% | 06/01/27 | 21 | 18,801 | |||||||||||||
2.750% | 07/01/24 | 50 | 48,808 | |||||||||||||
3.500% | 07/01/29 | 40 | 36,485 | |||||||||||||
3.800% | 10/01/23 | 15 | 15,026 | |||||||||||||
4.200% | 10/01/28 | 40 | 38,644 | |||||||||||||
Intuit, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
0.650% | 07/15/23 | 10 | 9,717 | |||||||||||||
Microsoft Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.400% | 08/08/26 | 10 | 9,641 | |||||||||||||
2.525% | 06/01/50 | 1,842 | 1,356,105 | |||||||||||||
2.921% | 03/17/52 | 89 | 70,265 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Software (cont’d.) |
| |||||||||||||||
Oracle Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.650% | 03/25/26 | 80 | $ | 71,655 | ||||||||||||
2.500% | 04/01/25 | 20 | 18,999 | |||||||||||||
2.650% | 07/15/26 | 50 | 46,101 | |||||||||||||
2.950% | 04/01/30 | 100 | 85,360 | |||||||||||||
3.600% | 04/01/50 | 31 | 21,635 | |||||||||||||
3.650% | 03/25/41 | 10 | 7,452 | |||||||||||||
3.850% | 04/01/60 | 5 | 3,450 | |||||||||||||
3.950% | 03/25/51 | 5 | 3,671 | |||||||||||||
4.000% | 11/15/47 | 25 | 18,577 | |||||||||||||
Roper Technologies, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.400% | 09/15/27 | 20 | 17,135 | |||||||||||||
1.750% | 02/15/31 | 5 | 3,894 | |||||||||||||
Salesforce, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.500% | 07/15/28 | 10 | 8,732 | |||||||||||||
1.950% | 07/15/31 | 45 | 38,244 | |||||||||||||
2.700% | 07/15/41 | 5 | 3,871 | |||||||||||||
VMware, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.800% | 08/15/28 | 10 | 8,308 | |||||||||||||
2.200% | 08/15/31 | 30 | 23,598 | |||||||||||||
3.900% | 08/21/27 | 35 | 33,613 | |||||||||||||
4.700% | 05/15/30 | 43 | 41,280 | |||||||||||||
|
| |||||||||||||||
3,006,716 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications — 1.9% |
| |||||||||||||||
AT&T, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.700% | 03/25/26 | 200 | 182,913 | |||||||||||||
2.250% | 02/01/32 | 45 | 36,735 | |||||||||||||
2.300% | 06/01/27 | 75 | 68,498 | |||||||||||||
2.550% | 12/01/33 | 737 | 597,720 | |||||||||||||
2.750% | 06/01/31 | 110 | 95,061 | |||||||||||||
3.500% | 09/15/53 | 4,881 | 3,701,589 | |||||||||||||
3.550% | 09/15/55 | 972 | 728,429 | |||||||||||||
3.650% | 09/15/59 | 180 | 134,880 | |||||||||||||
3.800% | 12/01/57 | 13 | 10,082 | |||||||||||||
4.250% | 03/01/27 | 10 | 9,982 | |||||||||||||
4.300% | 02/15/30 | 545 | 532,219 | |||||||||||||
4.350% | 03/01/29 | 45 | 44,348 | |||||||||||||
4.500% | 05/15/35 | 570 | 540,397 | |||||||||||||
4.500% | 03/09/48 | 10 | 8,895 | |||||||||||||
6.950% | 01/15/28 | 10 | 10,978 | |||||||||||||
Bell Telephone Co. of Canada or Bell Canada (The) (Canada), |
| |||||||||||||||
Gtd. Notes, Series US-3 |
| |||||||||||||||
0.750% | 03/17/24 | 40 | 38,096 | |||||||||||||
Deutsche Telekom International Finance BV (Germany), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
8.750% | 06/15/30 | 10 | 12,354 | |||||||||||||
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), |
| |||||||||||||||
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% |
| |||||||||||||||
13.000% | 12/31/25 | 535 | 463,824 |
SEE NOTES TO FINANCIAL STATEMENTS.
A134
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Telecommunications (cont’d.) |
| |||||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||||
8.750% | 05/25/24 | 200 | $ | 186,261 | ||||||||||||
8.750% | 05/25/24 | 997 | 927,897 | |||||||||||||
Digicel Ltd. (Jamaica), |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
6.750% | 03/01/23 | 500 | 300,548 | |||||||||||||
Level 3 Financing, Inc., |
| |||||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
3.625% | 01/15/29 | 40 | 30,698 | |||||||||||||
Lumen Technologies, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes, Series P |
| |||||||||||||||
7.600% | 09/15/39 | 550 | 434,192 | |||||||||||||
Motorola Solutions, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.300% | 11/15/30 | 49 | 38,326 | |||||||||||||
4.600% | 05/23/29 | 60 | 57,204 | |||||||||||||
Rogers Communications, Inc. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.700% | 11/15/49 | 2 | 1,523 | |||||||||||||
4.300% | 02/15/48 | 2 | 1,675 | |||||||||||||
Sprint Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
7.625% | 02/15/25 | 2,502 | 2,611,888 | |||||||||||||
7.625% | 03/01/26 | 100 | 105,483 | |||||||||||||
7.875% | 09/15/23 | 2,000 | 2,065,696 | |||||||||||||
T-Mobile USA, Inc., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.250% | 02/15/26 | 25 | 22,520 | |||||||||||||
2.625% | 02/15/29 | 10 | 8,409 | |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||||
2.250% | 02/15/26 | 20 | 18,068 | |||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
2.250% | 11/15/31 | 100 | 81,219 | |||||||||||||
2.550% | 02/15/31 | 10 | 8,413 | |||||||||||||
3.300% | 02/15/51 | 5 | 3,649 | |||||||||||||
3.750% | 04/15/27 | 125 | 120,248 | |||||||||||||
3.875% | 04/15/30 | 137 | 127,907 | |||||||||||||
4.375% | 04/15/40 | 435 | 389,489 | |||||||||||||
4.500% | 04/15/50 | 3,140 | 2,789,717 | |||||||||||||
Verizon Communications, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
1.500% | 09/18/30 | 75 | 59,986 | |||||||||||||
1.680% | 10/30/30 | 32 | 25,745 | |||||||||||||
1.750% | 01/20/31 | 40 | 32,125 | |||||||||||||
2.100% | 03/22/28 | 230 | 204,285 | |||||||||||||
2.355% | 03/15/32 | 110 | 91,251 | |||||||||||||
2.550% | 03/21/31 | 80 | 68,417 | |||||||||||||
2.650% | 11/20/40 | 3,440 | 2,522,656 | |||||||||||||
2.850% | 09/03/41 | 10 | 7,496 | |||||||||||||
2.875% | 11/20/50 | 10 | 7,097 | |||||||||||||
3.150% | 03/22/30 | 35 | 31,818 | |||||||||||||
3.400% | 03/22/41 | 1,185 | 964,408 | |||||||||||||
3.550% | 03/22/51 | 90 | 72,157 | |||||||||||||
4.016% | 12/03/29 | 140 | 135,825 | |||||||||||||
4.125% | 03/16/27 | 20 | 19,954 | |||||||||||||
4.329% | 09/21/28 | 115 | 114,455 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Telecommunications (cont’d.) |
| |||||||||||||||
Vodafone Group PLC (United Kingdom), |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.750% | 01/16/24 | 20 | $ | 20,090 | ||||||||||||
4.375% | 05/30/28 | 25 | 24,858 | |||||||||||||
|
| |||||||||||||||
21,950,653 | ||||||||||||||||
|
| |||||||||||||||
Toys/Games/Hobbies — 0.0% |
| |||||||||||||||
Hasbro, Inc., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.550% | 11/19/26 | 140 | 133,776 | |||||||||||||
3.900% | 11/19/29 | 20 | 18,365 | |||||||||||||
|
| |||||||||||||||
152,141 | ||||||||||||||||
|
| |||||||||||||||
Transportation — 0.1% |
| |||||||||||||||
Burlington Northern Santa Fe LLC, |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.875% | 06/15/52 | 5 | 3,715 | |||||||||||||
3.550% | 02/15/50 | 5 | 4,181 | |||||||||||||
4.900% | 04/01/44 | 10 | 10,055 | |||||||||||||
Canadian Pacific Railway Co. (Canada), |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
2.050% | 03/05/30 | 5 | 4,232 | |||||||||||||
2.450% | 12/02/31 | 30 | 25,738 | |||||||||||||
3.000% | 12/02/41 | 10 | 7,859 | |||||||||||||
3.100% | 12/02/51 | 10 | 7,368 | |||||||||||||
CSX Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.250% | 06/01/27 | 10 | 9,594 | |||||||||||||
3.800% | 03/01/28 | 16 | 15,639 | |||||||||||||
FedEx Corp., |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.100% | 08/05/29 | 10 | 9,124 | |||||||||||||
4.250% | 05/15/30 | 20 | 19,487 | |||||||||||||
Indian Railway Finance Corp. Ltd. (India), |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||
3.570% | 01/21/32 | 480 | 412,280 | |||||||||||||
Kansas City Southern, |
| |||||||||||||||
Gtd. Notes |
| |||||||||||||||
3.500% | 05/01/50 | 25 | 19,512 | |||||||||||||
Lima Metro Line 2 Finance Ltd. (Peru), |
| |||||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||||
5.875% | 07/05/34 | 97 | 95,742 | |||||||||||||
Norfolk Southern Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
2.900% | 06/15/26 | 14 | 13,400 | |||||||||||||
3.050% | 05/15/50 | 20 | 14,702 | |||||||||||||
3.800% | 08/01/28 | 54 | 53,033 | |||||||||||||
Union Pacific Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.750% | 03/15/24 | 20 | 20,045 | |||||||||||||
3.799% | 10/01/51 | 9 | 7,728 | |||||||||||||
3.950% | 08/15/59 | 35 | 29,856 | |||||||||||||
|
| |||||||||||||||
783,290 | ||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A135
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||||
Trucking & Leasing — 0.0% |
| |||||||||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||
1.200% | 11/15/25 | 20 | $ | 17,824 | ||||||||||||
1.700% | 06/15/26 | 30 | 26,688 | |||||||||||||
2.700% | 11/01/24 | 20 | 19,217 | |||||||||||||
4.000% | 07/15/25 | 25 | 24,569 | |||||||||||||
4.125% | 08/01/23 | 5 | 5,016 | |||||||||||||
|
| |||||||||||||||
93,314 | ||||||||||||||||
|
| |||||||||||||||
Water — 0.0% |
| |||||||||||||||
American Water Capital Corp., |
| |||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||
3.450% | 05/01/50 | 625 | 497,803 | |||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS |
| 420,302,730 | ||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS — 1.7% |
| |||||||||||||||
Arizona — 0.0% |
| |||||||||||||||
Salt River Project Agricultural Improvement & Power District, |
| |||||||||||||||
Revenue Bonds, BABs |
| |||||||||||||||
4.839% | 01/01/41 | 30 | 31,746 | |||||||||||||
|
| |||||||||||||||
California — 0.4% |
| |||||||||||||||
Bay Area Toll Authority, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series S3 |
| |||||||||||||||
6.907% | 10/01/50 | 1,125 | 1,566,017 | |||||||||||||
State of California, |
| |||||||||||||||
General Obligation Unlimited, BABs |
| |||||||||||||||
7.300% | 10/01/39 | 1,550 | 2,008,601 | |||||||||||||
General Obligation Unlimited, Taxable, BABs |
| |||||||||||||||
7.625% | 03/01/40 | 725 | 978,949 | |||||||||||||
|
| |||||||||||||||
4,553,567 | ||||||||||||||||
|
| |||||||||||||||
Colorado — 0.1% |
| |||||||||||||||
Colorado Health Facilities Authority, |
| |||||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||||
2.800% | 12/01/26 | 10 | 9,490 | |||||||||||||
Regional Transportation District Sales Tax Revenue, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
5.844% | 11/01/50 | 770 | 917,471 | |||||||||||||
|
| |||||||||||||||
926,961 | ||||||||||||||||
|
| |||||||||||||||
Illinois — 0.4% |
| |||||||||||||||
Chicago O’Hare International Airport, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
6.395% | 01/01/40 | 1,380 | 1,653,217 | |||||||||||||
State of Illinois, |
| |||||||||||||||
General Obligation Unlimited, Series A |
| |||||||||||||||
5.000% | 10/01/22 | 20 | 20,138 | |||||||||||||
General Obligation Unlimited, Series D |
| |||||||||||||||
5.000% | 11/01/22 | 2,650 | 2,673,839 | |||||||||||||
General Obligation Unlimited, Taxable, Series A |
| |||||||||||||||
3.140% | 10/01/24 | 35 | 34,138 | |||||||||||||
|
| |||||||||||||||
4,381,332 | ||||||||||||||||
|
|
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
MUNICIPAL BONDS (continued) |
| |||||||||||||||
Missouri — 0.0% |
| |||||||||||||||
Health & Educational Facilities Authority of the State of Missouri, |
| |||||||||||||||
Taxable, Revenue Bonds, Series A |
| |||||||||||||||
3.652% | 08/15/57 | 20 | $ | 17,932 | ||||||||||||
|
| |||||||||||||||
New Jersey — 0.4% |
| |||||||||||||||
New Jersey Turnpike Authority, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series A |
| |||||||||||||||
7.102% | 01/01/41 | 1,175 | 1,518,988 | |||||||||||||
Taxable, Revenue Bonds, BABs, Series F |
| |||||||||||||||
7.414% | 01/01/40 | 2,050 | 2,721,994 | |||||||||||||
|
| |||||||||||||||
4,240,982 | ||||||||||||||||
|
| |||||||||||||||
New York — 0.0% |
| |||||||||||||||
New York State Urban Development Corp., |
| |||||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||||
2.590% | 03/15/35 | 20 | 16,284 | |||||||||||||
Port Authority of New York & New Jersey, |
| |||||||||||||||
Revenue Bonds |
| |||||||||||||||
6.040% | 12/01/29 | 25 | 28,088 | |||||||||||||
|
| |||||||||||||||
44,372 | ||||||||||||||||
|
| |||||||||||||||
Ohio — 0.1% |
| |||||||||||||||
Ohio State University (The), |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series C |
| |||||||||||||||
4.910% | 06/01/40 | 695 | 752,378 | |||||||||||||
|
| |||||||||||||||
Oregon — 0.1% |
| |||||||||||||||
State of Oregon Department of Transportation, |
| |||||||||||||||
Taxable, Revenue Bonds, BABs, Series A |
| |||||||||||||||
5.834% | 11/15/34 | 615 | 696,384 | |||||||||||||
|
| |||||||||||||||
Pennsylvania — 0.1% |
| |||||||||||||||
Pennsylvania Turnpike Commission, |
| |||||||||||||||
Revenue Bonds, BABs, Series B |
| |||||||||||||||
5.511% | 12/01/45 | 825 | 921,903 | |||||||||||||
|
| |||||||||||||||
Puerto Rico — 0.1% |
| |||||||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, |
| |||||||||||||||
Revenue Bonds, Series A-1 |
| |||||||||||||||
5.000% | 07/01/58 | 1,710 | 1,675,911 | |||||||||||||
|
| |||||||||||||||
Texas — 0.0% |
| |||||||||||||||
Grand Parkway Transportation Corp., |
| |||||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||||
3.236% | 10/01/52 | 20 | 16,058 | |||||||||||||
Texas Private Activity Bond Surface Transportation Corp., |
| |||||||||||||||
Taxable, Revenue Bonds, Series B |
| |||||||||||||||
3.922% | 12/31/49 | 450 | 394,944 | |||||||||||||
|
| |||||||||||||||
411,002 | ||||||||||||||||
|
| |||||||||||||||
Virginia — 0.0% |
| |||||||||||||||
University of Virginia, |
| |||||||||||||||
Taxable, Revenue Bonds, Series C |
| |||||||||||||||
4.179% | 09/01/2117 | 425 | 364,142 | |||||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS |
| 19,018,612 | ||||||||||||||
|
| |||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.8% |
| |||||||||||||||
Alternative Loan Trust, |
| |||||||||||||||
Series 2004-18CB, Class 3A1 |
| |||||||||||||||
5.250% | 09/25/35 | 13 | 12,800 |
SEE NOTES TO FINANCIAL STATEMENTS.
A136
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Bellemeade Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) |
| |||||||||||||||
3.474%(c) | 10/25/28 | 335 | $ | 333,715 | ||||||||||||
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) |
| |||||||||||||||
3.074%(c) | 04/25/29 | 268 | 267,310 | |||||||||||||
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) |
| |||||||||||||||
3.624%(c) | 10/25/29 | 173 | 172,910 | |||||||||||||
Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%) |
| |||||||||||||||
5.624%(c) | 08/26/30 | 120 | 119,886 | |||||||||||||
Series 2020-03A, Class M1B, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) |
| |||||||||||||||
4.474%(c) | 10/25/30 | 149 | 149,063 | |||||||||||||
Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%) |
| |||||||||||||||
5.324%(c) | 10/25/30 | 275 | 275,712 | |||||||||||||
Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| |||||||||||||||
2.326%(c) | 09/25/31 | 200 | 185,407 | |||||||||||||
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) |
| |||||||||||||||
3.076%(c) | 01/26/32 | 490 | 474,371 | |||||||||||||
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| |||||||||||||||
4.626%(c) | 01/26/32 | 1,240 | 1,184,785 | |||||||||||||
BVRT Financing Trust, |
| |||||||||||||||
Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000% |
| |||||||||||||||
2.783%(c) | 09/12/26^ | 2,242 | 2,231,091 | |||||||||||||
Central Park Funding Trust, |
| |||||||||||||||
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
| |||||||||||||||
4.402%(c) | 08/29/22 | 4,090 | 4,057,773 | |||||||||||||
Citigroup Mortgage Loan Trust, |
| |||||||||||||||
Series 2011-12, Class 3A2, 144A |
| |||||||||||||||
2.920%(cc) | 09/25/47 | 279 | 255,403 | |||||||||||||
Connecticut Avenue Securities Trust, |
| |||||||||||||||
Series 2018-R07, Class 1B1, 144A, 1 Month LIBOR + 4.350% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
5.974%(c) | 04/25/31 | 370 | 366,846 | |||||||||||||
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.724%(c) | 10/25/39 | 98 | 96,884 | |||||||||||||
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
6.176%(c) | 03/25/42 | 260 | 242,432 | |||||||||||||
Credit Suisse Mortgage Trust, |
| |||||||||||||||
Series 2020-RPL05, Class A1, 144A |
| |||||||||||||||
3.023%(cc) | 08/25/60 | 369 | 355,584 | |||||||||||||
Eagle Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) |
| |||||||||||||||
3.324%(c) | 11/25/28 | 585 | 582,683 |
Interest | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.424%(c) | 04/25/29 | 180 | $ | 178,886 | ||||||||||||
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) |
| |||||||||||||||
3.076%(c) | 10/25/33 | 605 | 603,021 | |||||||||||||
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| |||||||||||||||
3.626%(c) | 10/25/33 | 940 | 937,931 | |||||||||||||
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| |||||||||||||||
4.376%(c) | 04/25/34 | 910 | 856,106 | |||||||||||||
Fannie Mae Connecticut Avenue Securities, |
| |||||||||||||||
Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%) |
| |||||||||||||||
4.024%(c) | 05/25/30 | 381 | 381,249 | |||||||||||||
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%) |
| |||||||||||||||
3.774%(c) | 10/25/30 | 239 | 239,713 | |||||||||||||
Fannie Mae REMICS, |
| |||||||||||||||
Series 2011-116, Class ZA |
| |||||||||||||||
3.500% | 11/25/41 | 1,868 | 1,828,012 | |||||||||||||
Series 2012-34, Class EB |
| |||||||||||||||
4.000% | 04/25/42 | 1,575 | 1,563,242 | |||||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, |
| |||||||||||||||
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.926%(c) | 11/25/50 | 900 | 847,580 | |||||||||||||
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.526%(c) | 11/25/50 | 3,059 | 3,039,689 | |||||||||||||
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.326%(c) | 08/25/33 | 3,035 | 2,632,589 | |||||||||||||
Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.576%(c) | 11/25/41 | 755 | 645,825 | |||||||||||||
FHLMC Structured Agency Credit Risk REMIC Trust, |
| |||||||||||||||
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.474%(c) | 02/25/50 | 618 | 612,360 | |||||||||||||
Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
6.724%(c) | 06/25/50 | 182 | 185,353 | |||||||||||||
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
7.624%(c) | 08/25/50 | 1,570 | 1,634,955 | |||||||||||||
Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
5.374%(c) | 08/25/50 | 50 | 49,873 | |||||||||||||
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
5.726%(c) | 10/25/50 | 670 | 677,315 | |||||||||||||
Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.726%(c) | 10/25/50 | 246 | 246,658 |
SEE NOTES TO FINANCIAL STATEMENTS.
A137
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.724%(c) | 03/25/50 | 43 | $ | 42,793 | ||||||||||||
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
5.224%(c) | 07/25/50 | 139 | 139,086 | |||||||||||||
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
6.874%(c) | 09/25/50 | 320 | 319,216 | |||||||||||||
Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.774%(c) | 09/25/50 | 22 | 21,600 | |||||||||||||
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.976%(c) | 01/25/34 | 590 | 506,382 | |||||||||||||
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.576%(c) | 01/25/34 | 368 | 355,290 | |||||||||||||
Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.176%(c) | 08/25/33 | 4,200 | 3,890,849 | |||||||||||||
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.276%(c) | 09/25/41 | 540 | 453,166 | |||||||||||||
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.026%(c) | 09/25/41 | 1,020 | 891,501 | |||||||||||||
Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.676%(c) | 12/25/41 | 260 | 214,623 | |||||||||||||
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.276%(c) | 12/25/41 | 700 | 604,022 | |||||||||||||
Freddie Mac REMICS, |
| |||||||||||||||
Series 4289, Class WZ |
| |||||||||||||||
3.000% | 01/15/44 | 779 | 746,101 | |||||||||||||
Series 4768, Class GA |
| |||||||||||||||
3.500% | 09/15/45 | 584 | 584,562 | |||||||||||||
Series 4939, Class KT |
| |||||||||||||||
3.000% | 07/15/48 | 508 | 485,152 | |||||||||||||
GCAT Asset-Backed Notes, |
| |||||||||||||||
Series 2021-01, Class A1, 144A |
| |||||||||||||||
2.487% | 11/25/49 | 3,137 | 2,991,414 | |||||||||||||
Home Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.224%(c) | 10/25/28 | 61 | 60,467 | |||||||||||||
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.274%(c) | 05/25/29 | 179 | 178,862 | |||||||||||||
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 3.250% (Cap N/A, Floor 3.250%) |
| |||||||||||||||
4.874%(c) | 10/25/30 | 36 | 35,680 | |||||||||||||
Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%) |
| |||||||||||||||
5.774%(c) | 10/25/30 | 200 | 200,533 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||
|
|
|
|
|
|
| ||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
2.526%(c) | 01/25/34 | 530 | $ | 517,577 | ||||||||||||
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.726%(c) | 01/25/34 | 815 | 767,478 | |||||||||||||
Legacy Mortgage Asset Trust, |
| |||||||||||||||
Series 2019-GS06, Class A1, 144A |
| |||||||||||||||
3.000% | 06/25/59 | 447 | 446,558 | |||||||||||||
Series 2020-GS01, Class A1, 144A |
| |||||||||||||||
2.882% | 10/25/59 | 1,014 | 1,007,392 | |||||||||||||
Series 2020-SL01, Class A, 144A |
| |||||||||||||||
2.734% | 01/25/60 | 459 | 447,154 | |||||||||||||
New Residential Mortgage Loan Trust, |
| |||||||||||||||
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
| |||||||||||||||
2.374%(c) | 01/25/48 | 496 | 485,960 | |||||||||||||
Oaktown Re II Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.174%(c) | 07/25/28 | 103 | 102,982 | |||||||||||||
Oaktown Re III Ltd. (Bermuda), |
| |||||||||||||||
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
| |||||||||||||||
3.024%(c) | 07/25/29 | 46 | 46,362 | |||||||||||||
Oaktown Re V Ltd. (Bermuda), |
| |||||||||||||||
Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%) |
| |||||||||||||||
5.224%(c) | 10/25/30 | 126 | 125,620 | |||||||||||||
Oaktown Re VII Ltd. (Bermuda), |
| |||||||||||||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| |||||||||||||||
3.826%(c) | 04/25/34 | 900 | 839,306 | |||||||||||||
PNMAC GMSR Issuer Trust, |
| |||||||||||||||
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) |
| |||||||||||||||
4.474%(c) | 02/25/23 | 1,280 | 1,272,077 | |||||||||||||
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.274%(c) | 08/25/25 | 1,200 | 1,184,140 | |||||||||||||
Radnor Re Ltd. (Bermuda), |
| |||||||||||||||
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
3.024%(c) | 03/25/28 | 27 | 27,083 | |||||||||||||
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%) |
| |||||||||||||||
4.324%(c) | 03/25/28 | 960 | 952,316 | |||||||||||||
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) |
| |||||||||||||||
2.574%(c) | 01/25/30 | 500 | 489,721 | |||||||||||||
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) |
| |||||||||||||||
3.074%(c) | 01/25/30 | 1,500 | 1,471,108 | |||||||||||||
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| |||||||||||||||
2.776%(c) | 11/25/31 | 770 | 762,269 |
SEE NOTES TO FINANCIAL STATEMENTS.
A138
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| |||||||||||||||||||
4.626%(c) | 11/25/31 | 900 | $ | 864,267 | ||||||||||||||||
Structured Adjustable Rate Mortgage Loan Trust, |
| |||||||||||||||||||
Series 2004-01, Class 4A3 |
| |||||||||||||||||||
2.543%(cc) | 02/25/34 | 200 | 192,405 | |||||||||||||||||
Series 2004-18, Class 3A1 |
| |||||||||||||||||||
3.122%(cc) | 12/25/34 | 1,197 | 1,138,197 | |||||||||||||||||
TFS (Spain), |
| |||||||||||||||||||
Series 2018-03 |
| |||||||||||||||||||
0.000%(s) | 04/16/40^ | EUR | — | (r) | 2,305 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| |||||||||||||||||||
(cost $56,719,246) |
| 54,388,588 | ||||||||||||||||||
|
| |||||||||||||||||||
SOVEREIGN BONDS — 2.6% |
| |||||||||||||||||||
1MDB Global Investments Ltd. (Malaysia), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.400% | 03/09/23 | 2,000 | 1,944,627 | |||||||||||||||||
Bermuda Government International Bond (Bermuda), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
2.375% | 08/20/30 | 570 | 476,979 | |||||||||||||||||
Brazil Minas SPE via State of Minas Gerais (Brazil), |
| |||||||||||||||||||
Gov’t. Gtd. Notes |
| |||||||||||||||||||
5.333% | 02/15/28 | 963 | 944,873 | |||||||||||||||||
Colombia Government International Bond (Colombia), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.500% | 01/28/26 | 250 | 234,324 | |||||||||||||||||
Dominican Republic International Bond (Dominican Republic), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
5.500% | 02/22/29 | 1,180 | 1,028,823 | |||||||||||||||||
6.000% | 07/19/28 | 575 | 534,746 | |||||||||||||||||
Egypt Government International Bond (Egypt), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||||||
4.750% | 04/16/26 | EUR | 300 | 235,526 | ||||||||||||||||
Hellenic Republic Government International Bond (Greece), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
5.200% | 07/17/34 | EUR | 1,500 | 1,681,194 | ||||||||||||||||
Hungary Government International Bond (Hungary), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
5.375% | 03/25/24 | 290 | 295,743 | |||||||||||||||||
Indonesia Government International Bond (Indonesia), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.100% | 03/12/33 | EUR | 410 | 305,058 | ||||||||||||||||
1.450% | 09/18/26 | EUR | 375 | 361,256 | ||||||||||||||||
3.375% | 07/30/25 | EUR | 3,125 | 3,291,218 | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||||||
3.750% | 06/14/28 | EUR | 1,250 | 1,283,739 | ||||||||||||||||
Japan Bank for International Cooperation (Japan), |
| |||||||||||||||||||
Gov’t. Gtd. Notes |
| |||||||||||||||||||
2.500% | 05/23/24 | 1,000 | 987,167 | |||||||||||||||||
Japan Finance Organization for Municipalities (Japan), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
3.375% | 09/27/23 | 600 | 602,223 | |||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||||||
1.750% | 09/05/24 | 600 | 581,872 | |||||||||||||||||
3.000% | 03/12/24 | 600 | 597,695 |
Interest Rate | Maturity Date | Principal | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
SOVEREIGN BONDS (continued) |
| |||||||||||||||||||
Panama Government International Bond (Panama), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
3.750% | 03/16/25 | 450 | $ | 444,828 | ||||||||||||||||
Peruvian Government International Bond (Peru), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.783% | 01/23/31 | 10 | 8,508 | |||||||||||||||||
Qatar Government International Bond (Qatar), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
5.103% | 04/23/48 | 780 | 814,577 | |||||||||||||||||
Republic of Italy Government International Bond (Italy), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
2.875% | 10/17/29 | 200 | 176,703 | |||||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||||||
6.000% | 08/04/28 | GBP | 1,995 | 2,705,078 | ||||||||||||||||
Sr. Unsec’d. Notes, MTN |
| |||||||||||||||||||
5.375% | 06/15/33 | 4,730 | 4,964,451 | |||||||||||||||||
Romanian Government International Bond (Romania), |
| |||||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN |
| |||||||||||||||||||
3.875% | 10/29/35 | EUR | 1,156 | 896,651 | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN |
| |||||||||||||||||||
3.875% | 10/29/35 | EUR | 940 | 729,110 | ||||||||||||||||
4.125% | 03/11/39 | EUR | 254 | 193,021 | ||||||||||||||||
Serbia International Bond (Serbia), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
1.500% | 06/26/29 | EUR | 442 | 335,050 | ||||||||||||||||
3.125% | 05/15/27 | EUR | 1,267 | 1,165,298 | ||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
1.650% | 03/03/33 | EUR | 610 | 400,281 | ||||||||||||||||
Ukraine Government International Bond (Ukraine), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
7.750% | 09/01/22 | 920 | 496,800 | |||||||||||||||||
8.994% | 02/01/24 | 200 | 50,000 | |||||||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||||||||
4.375% | 01/27/30 | EUR | 1,090 | 274,144 | ||||||||||||||||
7.750% | 09/01/22 | (a) | 930 | 502,200 | ||||||||||||||||
8.994% | 02/01/24 | 200 | 50,000 | |||||||||||||||||
9.750% | 11/01/28 | 400 | 98,000 | |||||||||||||||||
Uruguay Government International Bond (Uruguay), |
| |||||||||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||||||||
4.975% | 04/20/55 | (a) | 500 | 492,402 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL SOVEREIGN BONDS |
| |||||||||||||||||||
(cost $36,634,506) |
| 30,184,165 | ||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.1% |
| |||||||||||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||||||||||
3.500% | 02/01/47 | 831 | 817,065 | |||||||||||||||||
5.500% | 10/01/33 | 392 | 419,408 | |||||||||||||||||
5.500% | 06/01/34 | 3 | 3,021 | |||||||||||||||||
6.000% | 11/01/33 | 62 | 65,163 | |||||||||||||||||
6.000% | 05/01/34 | 44 | 46,341 | |||||||||||||||||
6.000% | 06/01/34 | 68 | 71,467 | |||||||||||||||||
6.250% | 07/15/32 | (k) | 830 | 1,030,189 | ||||||||||||||||
6.500% | 07/01/32 | 5 | 5,036 | |||||||||||||||||
6.500% | 07/01/32 | 9 | 9,862 | |||||||||||||||||
6.500% | 08/01/32 | 21 | 22,638 | |||||||||||||||||
6.500% | 08/01/32 | 22 | 23,527 | |||||||||||||||||
6.500% | 08/01/32 | 24 | 25,201 | |||||||||||||||||
6.500% | 09/01/32 | 25 | 25,752 |
SEE NOTES TO FINANCIAL STATEMENTS.
A139
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||
|
|
|
|
|
| |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||||||
6.500% | 09/01/32 | 72 | $ | 75,683 | ||||||||||||||
6.750% | 03/15/31 | 600 | 751,465 | |||||||||||||||
Federal National Mortgage Assoc. |
| |||||||||||||||||
3.000% | TBA | 26,000 | 24,210,469 | |||||||||||||||
3.500% | TBA(tt) | 39,500 | 37,984,805 | |||||||||||||||
3.500% | TBA | 7,500 | 7,202,902 | |||||||||||||||
4.000% | TBA | 9,000 | 8,858,145 | |||||||||||||||
4.000% | TBA(tt) | 12,000 | 11,832,891 | |||||||||||||||
4.500% | TBA | 4,000 | 4,015,156 | |||||||||||||||
4.500% | 08/01/40 | 946 | 976,299 | |||||||||||||||
5.500% | 02/01/33 | 6 | 5,758 | |||||||||||||||
5.500% | 02/01/33 | 9 | 9,112 | |||||||||||||||
5.500% | 03/01/33 | 14 | 14,925 | |||||||||||||||
5.500% | 03/01/33 | 22 | 23,329 | |||||||||||||||
5.500% | 03/01/33 | 23 | 24,511 | |||||||||||||||
5.500% | 04/01/33 | 3 | 3,099 | |||||||||||||||
5.500% | 04/01/33 | 15 | 15,782 | |||||||||||||||
5.500% | 04/01/33 | 18 | 19,624 | |||||||||||||||
5.500% | 04/01/33 | 21 | 22,413 | |||||||||||||||
5.500% | 07/01/33 | 14 | 14,841 | |||||||||||||||
5.500% | 07/01/33 | 18 | 19,332 | |||||||||||||||
5.500% | 08/01/33 | 14 | 14,470 | |||||||||||||||
5.500% | 02/01/34 | 15 | 16,321 | |||||||||||||||
5.500% | 04/01/34 | 14 | 14,356 | |||||||||||||||
5.500% | 06/01/34 | 17 | 17,840 | |||||||||||||||
6.000% | 10/01/33 | 2 | 1,617 | |||||||||||||||
6.000% | 10/01/33 | 168 | 178,497 | |||||||||||||||
6.000% | 03/01/34 | 24 | 25,192 | |||||||||||||||
6.000% | 02/01/35 | 105 | 112,366 | |||||||||||||||
6.000% | 11/01/36 | 29 | 31,244 | |||||||||||||||
6.500% | 08/01/32 | 70 | 73,497 | |||||||||||||||
6.500% | 09/01/32 | 69 | 72,479 | |||||||||||||||
6.500% | 09/01/32 | 105 | 112,171 | |||||||||||||||
6.500% | 10/01/32 | 39 | 41,305 | |||||||||||||||
6.500% | 04/01/33 | 77 | 82,726 | |||||||||||||||
6.500% | 11/01/33 | 3 | 2,927 | |||||||||||||||
6.625% | 11/15/30(k) | 830 | 1,025,902 | |||||||||||||||
7.000% | 05/01/32 | 49 | 50,374 | |||||||||||||||
7.000% | 06/01/32 | 4 | 4,045 | |||||||||||||||
7.125% | 01/15/30 | 785 | 985,231 | |||||||||||||||
Government National Mortgage Assoc. |
| |||||||||||||||||
3.500% | 01/20/48 | 121 | 118,796 | |||||||||||||||
4.000% | 02/20/49 | 252 | 254,048 | |||||||||||||||
5.500% | 01/15/33 | 35 | 38,294 | |||||||||||||||
5.500% | 02/15/33 | 22 | 24,182 | |||||||||||||||
5.500% | 05/15/33 | 53 | 54,903 | |||||||||||||||
5.500% | 05/15/33 | 140 | 146,101 | |||||||||||||||
5.500% | 06/15/33 | 154 | 162,831 | |||||||||||||||
5.500% | 09/15/33 | 29 | 29,812 | |||||||||||||||
5.500% | 07/15/35 | 32 | 34,457 | |||||||||||||||
6.000% | 12/15/32 | 68 | 74,363 | |||||||||||||||
6.000% | 11/15/33 | 26 | 27,956 | |||||||||||||||
6.000% | 01/15/34 | 6 | 7,020 | |||||||||||||||
6.000% | 06/20/34 | 188 | 205,733 | |||||||||||||||
6.000% | 11/15/34 | 257 | 278,611 | |||||||||||||||
6.500% | 09/15/32 | 30 | 31,953 | |||||||||||||||
6.500% | 09/15/32 | 86 | 90,834 | |||||||||||||||
6.500% | 09/15/32 | 123 | 129,428 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||||||||||||||
6.500% | 11/15/33 | 70 | $ | 73,906 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| |||||||||||||||||||
(cost $103,646,552) |
| 103,290,999 | ||||||||||||||||||
|
| |||||||||||||||||||
U.S. TREASURY OBLIGATIONS — 6.9% |
| |||||||||||||||||||
U.S. Treasury Bonds |
| |||||||||||||||||||
1.125% | 05/15/40 | 30 | 20,883 | |||||||||||||||||
1.750% | 08/15/41 | 1,240 | 942,981 | |||||||||||||||||
1.875% | 02/15/41 | 138 | 107,830 | |||||||||||||||||
2.000% | 11/15/41 | 2,719 | 2,159,056 | |||||||||||||||||
2.250% | 05/15/41 | (h) | 65,845 | 54,918,845 | ||||||||||||||||
2.375% | 02/15/42 | 1,255 | 1,064,005 | |||||||||||||||||
2.500% | 02/15/46 | (k) | 1,580 | 1,339,544 | ||||||||||||||||
2.500% | 05/15/46 | (k) | 965 | 817,838 | ||||||||||||||||
3.000% | 05/15/45 | (k) | 4,065 | 3,770,287 | ||||||||||||||||
3.125% | 02/15/43 | (k) | 2,460 | 2,336,231 | ||||||||||||||||
U.S. Treasury Notes |
| |||||||||||||||||||
2.375% | 03/31/29 | (k) | 615 | 588,863 | ||||||||||||||||
2.875% | 05/15/32 | 5 | 4,945 | |||||||||||||||||
U.S. Treasury Strips Coupon |
| |||||||||||||||||||
1.467%(s) | 11/15/41 | 500 | 250,859 | |||||||||||||||||
2.056%(s) | 11/15/38 | 130 | 76,146 | |||||||||||||||||
2.071%(s) | 08/15/41 | 150 | 76,266 | |||||||||||||||||
2.208%(s) | 05/15/39 | 2,790 | 1,597,384 | |||||||||||||||||
2.335%(s) | 08/15/44 | 2,500 | 1,128,418 | |||||||||||||||||
2.364%(s) | 05/15/45 | 3,420 | 1,510,010 | |||||||||||||||||
2.377%(s) | 08/15/45 | 1,250 | 547,900 | |||||||||||||||||
2.387%(s) | 05/15/43 | 4,015 | 1,890,187 | |||||||||||||||||
2.395%(s) | 11/15/43 | 619 | 287,158 | |||||||||||||||||
2.423%(s) | 11/15/40 | 430 | 228,673 | |||||||||||||||||
2.423%(s) | 05/15/44 | (k) | 7,225 | 3,284,553 | ||||||||||||||||
3.176%(s) | 08/15/40 | 120 | 64,523 | |||||||||||||||||
|
| |||||||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| |||||||||||||||||||
(cost $99,353,585) |
| 79,013,385 | ||||||||||||||||||
|
| |||||||||||||||||||
Shares | ||||||||||||||||||||
COMMON STOCKS — 0.4% |
| |||||||||||||||||||
Gas Utilities — 0.1% |
| |||||||||||||||||||
Ferrellgas Partners LP (Class B Stock)^ |
| 6,372 | 1,312,632 | |||||||||||||||||
Oil, Gas & Consumable Fuels — 0.3% |
| |||||||||||||||||||
Chesapeake Energy Corp.(a) |
| 37,737 | 3,060,471 | |||||||||||||||||
Chesapeake Energy Corp. Backstop Commitment |
| 517 | 41,929 | |||||||||||||||||
|
| |||||||||||||||||||
3,102,400 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL COMMON STOCKS |
| |||||||||||||||||||
(cost $1,551,940) |
| 4,415,032 | ||||||||||||||||||
|
| |||||||||||||||||||
PREFERRED STOCKS — 0.2% |
| |||||||||||||||||||
Banks — 0.1% |
| |||||||||||||||||||
Citigroup Capital XIII, 7.609%(c), 3 |
| |||||||||||||||||||
Month LIBOR + 6.370%, Maturing 10/30/40 |
| 45,000 | 1,206,000 | |||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A140
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS
| as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
PREFERRED STOCKS (continued) |
| |||||||
Capital Markets — 0.1% | ||||||||
State Street Corp., 5.350%(c), | 35,000 | $ | 871,500 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(cost $2,000,000) | 2,077,500 | |||||||
|
| |||||||
Units | ||||||||
WARRANTS* — 0.0% | ||||||||
Chemicals | ||||||||
TPC Group, Inc., expiring 08/01/24^ | 315,256 | 32 | ||||||
|
| |||||||
(cost $0) | ||||||||
TOTAL LONG-TERM INVESTMENTS |
| |||||||
(cost $1,266,176,916) |
| 1,147,006,742 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS — 8.7% |
| |||||||
AFFILIATED MUTUAL FUNDS — 8.6% |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 71,650,326 | 71,650,326 | ||||||
PGIM Institutional Money Market Fund (cost $26,304,421; includes $26,268,750 of cash collateral for securities on loan)(b)(wa) | 26,340,001 | 26,316,295 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| |||||||
(cost $97,954,747) | 97,966,621 | |||||||
|
| |||||||
OPTIONS PURCHASED*~ — 0.1% |
| |||||||
(cost $428,323) | 1,100,229 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(cost $98,383,070) | 99,066,850 | |||||||
|
| |||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—109.4% | ||||||||
(cost $1,364,559,986) | 1,246,073,592 | |||||||
|
| |||||||
OPTIONS WRITTEN*~ — (0.1)% |
| |||||||
(premiums received $668,291) | (724,347 | ) | ||||||
|
| |||||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—109.3% |
| |||||||
(cost $1,363,891,695) | 1,245,349,245 | |||||||
Liabilities in excess of other assets(z) — (9.3)% |
| (105,897,508 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,139,451,737 | ||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $8,810,040 and 0.8% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $25,299,891; cash collateral of $26,268,750 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(r) | Principal or notional amount is less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 51,500,000 is 4.5% of net assets. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
SEE NOTES TO FINANCIAL STATEMENTS.
A141
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
|
SCHEDULE OF INVESTMENTS
| as of June 30, 2022 (unaudited) |
Unfunded loan commitment outstanding at June 30, 2022:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||
TPC Group, Inc., DIP Facility, Term SOFR + 0.000%, 0.000%(c), Maturity Date 05/31/23 (cost $35,120)^ | 35 | $35,118 | $— | $(2) | ||||||
|
|
|
|
Options Purchased:
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 14,640 | $ | — | |||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | — | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | Citibank, N.A. Morgan Stanley & Co. | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 14,640 | — | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | International PLC | 07/20/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | — | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | 8 | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | Deutsche Bank AG JPMorgan | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 12,030 | 6 | ||||||||||||||||
CDX.NA.IG.38.V1, | Call | Chase Bank, N.A. Morgan Stanley & Co. | 08/17/22 | 0.35% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 12,030 | 6 | ||||||||||||||||
CDX.NA.HY.38.V1, | Put | International PLC | 07/20/22 | $93.00 | CDX.NA.HY.38.V1(Q) | 5.00%(Q) | 3,700 | 12,093 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC Morgan Stanley & Co. | 07/20/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | 220,454 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | International PLC | 07/20/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | 185,831 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 14,640 | 160,996 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Citibank, N.A. | 07/20/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 14,640 | 160,996 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC JPMorgan | 08/17/22 | 0.78% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | 178,987 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Chase Bank, N.A. | 08/17/22 | 0.88% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 12,030 | 94,942 | ||||||||||||||||
CDX.NA.IG.38.V1, | Put | Deutsche Bank AG | 08/17/22 | 0.90% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 12,030 | 85,910 | ||||||||||||||||
|
| |||||||||||||||||||||||
Total Options Purchased (cost $428,323) |
| $ | 1,100,229 | |||||||||||||||||||||
|
|
Options Written:
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.63% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | $ | (91 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
A142
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Options Written (continued):
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Morgan Stanley & Co. International PLC | 07/20/22 | 0.65% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | $ | (194 | ) | ||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 14,640 | (380 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Citibank, N.A. | 07/20/22 | 0.68% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 14,640 | (380 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Barclays Bank PLC | 08/17/22 | 0.70% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 15,330 | (1,810 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | JPMorgan Chase Bank, N.A. | 08/17/22 | 0.75% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 12,030 | (1,736 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Call | Deutsche Bank AG Morgan Stanley & Co. | 08/17/22 | 0.80% | CDX.NA.IG.38.V1(Q) | 1.00%(Q) | 12,030 | (2,617 | ) | |||||||||||||||||||
CDX.NA.HY.38.V1, | Put | International PLC | | 08/17/22 | | $ | 98.00 | 5.00%(Q) | CDX.NA.HY.38.V1(Q) | 3,700 | (102,632 | ) | ||||||||||||||||
CDX.NA.HY.38.V1, | Put | Morgan Stanley & Co. | 09/21/22 | $ | 96.00 | 5.00%(Q) | CDX.NA.HY.38.V1(Q) | 3,700 | (100,781 | ) | ||||||||||||||||||
CDX.NA.IG.38.V1, | Put | International PLC Morgan Stanley & Co. | 07/20/22 | 0.95% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | (63,340 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | International PLC | 07/20/22 | 0.98% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | (53,488 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 14,640 | (30,554 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Citibank, N.A. | 07/20/22 | 1.05% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 14,640 | (30,554 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 08/17/22 | 1.03% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 15,330 | (67,242 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | JPMorgan Chase Bank, N.A. | 08/17/22 | 1.13% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 12,030 | (36,063 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Deutsche Bank AG | 08/17/22 | 1.15% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 12,030 | (32,867 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC | 09/21/22 | 1.33% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 11,160 | (32,933 | ) | |||||||||||||||||||
CDX.NA.IG.38.V1, | Put | Barclays Bank PLC Goldman Sachs | 09/21/22 | 1.45% | 1.00%(Q) | CDX.NA.IG.38.V1(Q) | 11,160 | (24,884 | ) | |||||||||||||||||||
GS_21-PJ2A^ | Put | International Goldman Sachs | 11/15/24 | 0.50% | 0.50%(M) | GS_21-PJ2A(M) | 7,830 | (236 | ) | |||||||||||||||||||
GS_21-PJA††^ | Put | International | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 15,090 | (430 | ) | |||||||||||||||||||
iTraxx.XO.36.V1, | Put | Barclays Bank PLC | 09/21/22 | 8.00% | 5.00%(Q) | iTraxx.XO.36.V1(Q) | EUR 10,000 | (95,981 | ) | |||||||||||||||||||
iTraxx.XO.36.V1, | Put | Barclays Bank PLC | 09/21/22 | 9.00% | 5.00%(Q) | iTraxx.XO.36.V1(Q) | EUR 5,710 | (45,154 | ) | |||||||||||||||||||
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| |||||||||||||||||||||||||||
Total Options Written (premiums received $668,291) | $ | (724,347 | ) | |||||||||||||||||||||||||
|
|
†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.
SEE NOTES TO FINANCIAL STATEMENTS.
A143
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Futures contracts outstanding at June 30, 2022:
Number of | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | |||||||||||||
Long Positions: | |||||||||||||||||
497 | 2 Year U.S.Treasury Notes | Sep. 2022 | $104,377,766 | $ (150,107) | |||||||||||||
1,165 | 5 Year U.S.Treasury Notes | Sep. 2022 | 130,771,250 | (169,931 | ) | ||||||||||||
686 | 10 Year U.S. Treasury Notes | Sep. 2022 | 81,312,438 | (442,530 | ) | ||||||||||||
235 | 10 Year U.S. Ultra Treasury Notes | Sep. 2022 | 29,933,125 | (166,664 | ) | ||||||||||||
337 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2022 | 52,013,844 | (579,160 | ) | ||||||||||||
|
| ||||||||||||||||
(1,508,392 | ) | ||||||||||||||||
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| ||||||||||||||||
Short Positions: | |||||||||||||||||
92 | 5 Year Euro-Bobl | Sep. 2022 | 11,973,332 | 109,597 | |||||||||||||
136 | 10 Year Euro-Bund | Sep. 2022 | 21,204,304 | 461,354 | |||||||||||||
215 | 20 Year U.S. Treasury Bonds | Sep. 2022 | 29,804,375 | 257,670 | |||||||||||||
54 | Euro Schatz Index | Sep. 2022 | 6,176,439 | 13,454 | |||||||||||||
|
| ||||||||||||||||
842,075 | |||||||||||||||||
|
| ||||||||||||||||
$ (666,317) | |||||||||||||||||
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2022:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: | ||||||||||||||||||||||||||||||||
British Pound, | ||||||||||||||||||||||||||||||||
Expiring 07/05/22 | Bank of America, N.A. | GBP | 186 | $ | 233,922 | $ | 226,546 | $ — | $ (7,376 | ) | ||||||||||||||||||||||
Expiring 07/05/22 | BNP Paribas S.A. | GBP | 12,476 | 15,299,271 | 15,187,768 | — | (111,503 | ) | ||||||||||||||||||||||||
Expiring 07/05/22 | JPMorgan Chase Bank, N.A. | GBP | 33 | 41,652 | 40,409 | — | (1,243 | ) | ||||||||||||||||||||||||
Expiring 08/02/22 | Bank of America, N.A. | GBP | 8 | 9,193 | 9,142 | — | (51 | ) | ||||||||||||||||||||||||
Expiring 08/02/22 | UBS AG | GBP | 185 | 226,357 | 225,642 | — | (715 | ) | ||||||||||||||||||||||||
Euro, | ||||||||||||||||||||||||||||||||
Expiring 07/05/22 | Bank of America, N.A. | EUR | 104,819 | 110,374,791 | 109,879,740 | — | (495,051 | ) | ||||||||||||||||||||||||
Expiring 07/05/22 | JPMorgan Chase Bank, N.A. | EUR | 256 | 275,602 | 268,802 | — | (6,800 | ) | ||||||||||||||||||||||||
Expiring 07/05/22 | JPMorgan Chase Bank, N.A. | EUR | 87 | 93,105 | 91,210 | — | (1,895 | ) | ||||||||||||||||||||||||
Expiring 07/05/22 | Standard Chartered Bank | EUR | 117 | 125,000 | 122,201 | — | (2,799 | ) | ||||||||||||||||||||||||
Expiring 08/02/22 | The Toronto-Dominion Bank | EUR | 2,159 | 2,266,806 | 2,267,217 | 411 | — | |||||||||||||||||||||||||
Hungarian Forint, Expiring 07/19/22 | JPMorgan Chase Bank, N.A. | HUF | 201,022 | 575,840 | 529,716 | — | (46,124 | ) | ||||||||||||||||||||||||
Mexican Peso, Expiring 09/21/22 | HSBC Bank PLC | MXN | 15,980 | 796,060 | 782,526 | — | (13,534 | ) | ||||||||||||||||||||||||
New Zealand Dollar, Expiring 07/19/22 | Morgan Stanley & Co. International PLC | NZD | 1,620 | 1,089,120 | 1,011,937 | — | (77,183 | ) | ||||||||||||||||||||||||
Polish Zloty, Expiring 07/19/22 | UBS AG | PLN | 2,565 | 589,575 | 570,772 | — | (18,803 | ) | ||||||||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 131,996,294 | $ | 131,213,628 | 411 | (783,077 | ) | ||||||||||||||||||||||||||
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|
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|
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Sale Contracts | Counterparty | Notional Amount (000) | Value at Date | Current Value | Unrealized | Unrealized | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: | ||||||||||||||||||||||||||
British Pound, | ||||||||||||||||||||||||||
Expiring 07/05/22 | BNP Paribas S.A. | GBP | 12,695 | $ | 15,870,891 | $ | 15,454,723 | $ 416,168 | $ — | |||||||||||||||||
Expiring 08/02/22 | BNP Paribas S.A. | GBP | 12,476 | 15,306,695 | 15,195,801 | 110,894 | — | |||||||||||||||||||
Euro, | ||||||||||||||||||||||||||
Expiring 07/05/22 | Barclays Bank PLC | EUR | 105,279 | 113,137,843 | 110,361,953 | 2,775,890 | — | |||||||||||||||||||
Expiring 08/02/22 | Bank of America, N.A. | EUR | 104,819 | 110,575,206 | 110,086,324 | 488,882 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A144
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Forward foreign currency exchange contracts outstanding at June 30, 2022 (continued):
Sale | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
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South African Rand, | |||||||||||||||||||||||||||||||||
Expiring 09/21/22 | Standard Chartered Bank | ZAR | 11,532 | $ | 735,924 | $ | 702,841 | $ 33,083 | $ | — | |||||||||||||||||||||||
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$ | 255,626,559 | $ | 251,801,642 | 3,824,917 | — | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||
$3,825,328 | $(783,077) | ||||||||||||||||||||||||||||||||
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|
|
Credit default swap agreements outstanding at June 30, 2022:
Reference Entity/ | Termination | Fixed | Notional | Implied | Fair | Upfront | Unrealized | Counterparty | ||||||||||||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^: |
| |||||||||||||||||||||||||||||||||||||||
GS_21-PJ2A | 07/14/22 | 0.500%(M) | 4,261 | 0.500% | $ | 3,550 | $(412) | $3,962 | Goldman Sachs International | |||||||||||||||||||||||||||||||
GS_21-PJA | 07/14/22 | 0.250%(M) | 8,212 | * | 3,421 | (397) | 3,818 | Goldman Sachs International | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
$ | 6,971 | $(809) | $7,780 | |||||||||||||||||||||||||||||||||||||
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|
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Reference Entity/ Obligation | Termination | Fixed | Notional | Fair | Upfront | Unrealized | Counterparty | ||||||||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1): |
| ||||||||||||||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 665 | $ | (1,464 | ) | $ | 948 | $ | (2,412 | ) | Citibank, N.A. | |||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 655 | (1,442 | ) | 2,366 | (3,808 | ) | Citibank, N.A. | ||||||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 220 | (484 | ) | 890 | (1,374 | ) | Citibank, N.A. | ||||||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 220 | (484 | ) | 817 | (1,301 | ) | Citibank, N.A. | ||||||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 215 | (473 | ) | 288 | (761 | ) | Citibank, N.A. | ||||||||||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 115 | (253 | ) | 164 | (417 | ) | Citibank, N.A. | ||||||||||||||||||||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 160 | 651 | 558 | 93 | Citibank, N.A. | ||||||||||||||||||||||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 130 | 528 | 542 | (14 | ) | Citibank, N.A. | |||||||||||||||||||||||||||
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$ | (3,421 | ) | $ | 6,573 | $ | (9,994 | ) | ||||||||||||||||||||||||||||
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Reference Entity/ | Termination | Fixed | Notional | Implied | Fair Value | Upfront | Unrealized | Counterparty | ||||||||||||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2): |
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Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 2,205 | 4.556 | % | $ | (73,560 | ) | $ | (14,428 | ) | $ | (59,132 | ) | | Credit Suisse International | ||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 550 | 4.556 | % | (18,348 | ) | (6,967 | ) | (11,381 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 545 | 4.556 | % | (18,182 | ) | (8,287 | ) | (9,895 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 185 | 4.556 | % | (6,172 | ) | (2,883 | ) | (3,289 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 185 | 4.556 | % | (6,171 | ) | (2,830 | ) | (3,341 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 180 | 4.556 | % | (6,005 | ) | (2,291 | ) | (3,714 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 06/20/23 | 1.000%(Q) | 90 | 4.556 | % | (3,002 | ) | (1,139 | ) | (1,863 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 160 | 5.799 | % | (17,003 | ) | (7,469 | ) | (9,534 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 130 | 5.799 | % | (13,815 | ) | (6,140 | ) | (7,675 | ) | Citibank, N.A. | ||||||||||||||||||||||||||||
Republic of Italy | 09/20/22 | 1.000%(Q) | 815 | 0.320 | % | 1,505 | 1,689 | (184 | ) | Bank of America, N.A. | ||||||||||||||||||||||||||||||
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$ | (160,753 | ) | $ | (50,745 | ) | $ | (110,008 | ) | ||||||||||||||||||||||||||||||||
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SEE NOTES TO FINANCIAL STATEMENTS.
A145
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Credit default swap agreements outstanding at June 30, 2022 (continued):
Reference Entity/ Obligation | Termination | Fixed | Notional | Value at | Value at | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | ||||||||||||||||||||||||||||||||||||||||
CDX.NA.IG.38.V1 | 06/20/27 | 1.000%(Q) | 107,490 | $(1,328,360) | $1,233 | $1,329,593 | ||||||||||||||||||||||||||||||||||
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The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
* | When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest rate swap agreements outstanding at June 30, 2022:
Notional Amount (000)# | | Fixed | Floating Rate | Value at | Value at | Unrealized | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements: |
| |||||||||||||||||||||||
GBP | 635 | 05/08/23 | 0.950%(A) | 1DaySONIA(1)(A) | $(14,468) | $ 9,536 | $ 24,004 | |||||||||||||||||
GBP | 3,946 | 05/08/26 | 1.000%(A) | 1DaySONIA(1)(A) | (184,608) | 266,164 | 450,772 | |||||||||||||||||
GBP | 2,920 | 05/08/27 | 1.050%(A) | 1DaySONIA(1)(A) | 150,731 | 230,669 | 79,938 | |||||||||||||||||
GBP | 977 | 10/22/28 | 0.680%(A) | 1DaySONIA(1)(A) | — | 116,958 | 116,958 | |||||||||||||||||
GBP | 2,100 | 05/08/30 | 1.100%(A) | 1DaySONIA(1)(A) | (145,549) | 225,822 | 371,371 | |||||||||||||||||
GBP | 767 | 05/08/31 | 1.150%(A) | 1DaySONIA(2)(A) | 43,467 | (86,898) | (130,365) | |||||||||||||||||
GBP | 740 | 05/08/32 | 1.150%(A) | 1DaySONIA(1)(A) | 52,659 | 92,018 | 39,359 | |||||||||||||||||
GBP | 230 | 05/08/34 | 1.200%(A) | 1DaySONIA(1)(A) | (9,088) | 31,931 | 41,019 | |||||||||||||||||
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| |||||||||||||||||||
$(106,856) | $886,200 | $993,056 | ||||||||||||||||||||||
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(1) | The Portfolio pays the fixed rate and receives the floating rate. |
(2) | The Portfolio pays the floating rate and receives the fixed rate. |
SEE NOTES TO FINANCIAL STATEMENTS.
A146
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Total return swap agreements outstanding at June 30, 2022:
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) | Fair Value | Upfront Premiums Paid (Received) | Unrealized | ||||||||||||||||||||||
OTC Total Return Swap Agreement: |
| ||||||||||||||||||||||||||||
U.S. Treasury Bonds(T) | | 1 Day USOIS + 3 bps(T) |
| | Goldman Sachs International | 08/03/22 | 4,046 | $(87,420) | $— | $(87,420) | |||||||||||||||||||
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|
(1) | On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||
| ||||||||
OTC Swap Agreements | $8,262 | $(53,243) | $7,873 | $(207,515) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker | Cash and/or Foreign Currency | Securities Market Value | ||||||||
Citigroup Global Markets, Inc | $ | — | $ | 9,545,419 | ||||||
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Assets | ||||||||||||
Long-Term Investments | ||||||||||||
Asset-Backed Securities | ||||||||||||
Automobiles | $ | — | $ | 13,450,460 | $ | — | ||||||
Collateralized Debt Obligations | — | 4,400,169 | — | |||||||||
Collateralized Loan Obligations | — | 214,601,590 | — | |||||||||
Consumer Loans | — | 9,533,208 | — | |||||||||
Credit Cards | — | 1,980,476 | — | |||||||||
Home Equity Loans | — | 373,609 | — | |||||||||
Other | — | 2,409,209 | — | |||||||||
Residential Mortgage-Backed Securities | — | 3,043,192 | 2,079,956 | |||||||||
Student Loans | — | 9,850,917 | 326,803 | |||||||||
Bank Loans | — | 13,341,363 | 1,837,815 | |||||||||
Commercial Mortgage-Backed Securities | — | 157,086,932 | — | |||||||||
Corporate Bonds | — | 419,244,473 | 1,058,257 | |||||||||
Municipal Bonds | — | 19,018,612 | — | |||||||||
Residential Mortgage-Backed Securities | — | 52,155,192 | 2,233,396 | |||||||||
Sovereign Bonds | — | 30,184,165 | — | |||||||||
U.S. Government Agency Obligations | — | 103,290,999 | — | |||||||||
U.S. Treasury Obligations | — | 79,013,385 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A147
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Assets (continued) | ||||||||||||
Long-Term Investments (continued) | ||||||||||||
Common Stocks | $ | 3,060,471 | $ | 41,929 | $ | 1,312,632 | ||||||
Preferred Stocks | 2,077,500 | — | — | |||||||||
Warrants | — | — | 32 | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 97,966,621 | — | — | |||||||||
Options Purchased | — | 1,100,229 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 103,104,592 | $ | 1,134,120,109 | $ | 8,848,891 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Options Written | $ | — | $ | (678,527 | ) | $ | (45,820 | ) | ||||
|
|
|
|
|
| |||||||
Other Financial Instruments* | ||||||||||||
Assets | ||||||||||||
Futures Contracts | $ | 842,075 | $ | — | $ | — | ||||||
OTC Forward Foreign Currency Exchange Contracts | — | 3,825,328 | — | |||||||||
Centrally Cleared Credit Default Swap Agreement | — | 1,329,593 | — | |||||||||
OTC Credit Default Swap Agreements | — | 2,684 | 6,971 | |||||||||
Centrally Cleared Interest Rate Swap Agreements | — | 1,123,421 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 842,075 | $ | 6,281,026 | $ | 6,971 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Unfunded Loan Commitment | $ | — | $ | — | $ | (2 | ) | |||||
Futures Contracts | (1,508,392 | ) | — | — | ||||||||
OTC Forward Foreign Currency Exchange Contracts | — | (783,077 | ) | — | ||||||||
OTC Credit Default Swap Agreements | — | (166,858 | ) | — | ||||||||
Centrally Cleared Interest Rate Swap Agreement | — | (130,365 | ) | — | ||||||||
OTC Total Return Swap Agreement | — | (87,420 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total | $ | (1,508,392 | ) | $ | (1,167,720 | ) | $ | (2 | ) | |||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Collateralized Loan Obligations | 18.8 | % | ||
Commercial Mortgage-Backed Securities | 13.8 | |||
Banks | 10.5 | |||
U.S. Government Agency Obligations | 9.1 | |||
Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan) | 8.6 | |||
U.S. Treasury Obligations | 6.9 | |||
Residential Mortgage-Backed Securities | 5.3 | |||
Electric | 2.9 | |||
Sovereign Bonds | 2.6 | |||
Pharmaceuticals | 2.6 | |||
Oil & Gas | 2.4 | |||
Telecommunications | 2.0 | |||
Pipelines | 1.9 | |||
Media | 1.7 | |||
Municipal Bonds | 1.7 | |||
Automobiles | 1.2 | |||
Chemicals | 1.1 | |||
Auto Manufacturers | 1.0 |
Retail | 1.0 | % | ||
Student Loans | 0.9 | |||
Aerospace & Defense | 0.9 | |||
Consumer Loans | 0.8 | |||
Foods | 0.8 | |||
Commercial Services | 0.8 | |||
Real Estate Investment Trusts (REITs) | 0.7 | |||
Healthcare-Services | 0.7 | |||
Insurance | 0.7 | |||
Airlines | 0.6 | |||
Semiconductors | 0.6 | |||
Diversified Financial Services | 0.5 | |||
Packaging & Containers | 0.4 | |||
Entertainment | 0.4 | |||
Collateralized Debt Obligations | 0.4 | |||
Engineering & Construction | 0.4 | |||
Software | 0.4 | |||
Healthcare-Products | 0.3 | |||
Beverages | 0.3 |
SEE NOTES TO FINANCIAL STATEMENTS.
A148
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification (continued):
Agriculture | 0.3 | % | ||
Oil, Gas & Consumable Fuels | 0.3 | |||
Lodging | 0.3 | |||
Computers | 0.3 | |||
Gas | 0.3 | |||
Building Materials | 0.2 | |||
Other | 0.2 | |||
Auto Parts & Equipment | 0.2 | |||
Mining | 0.2 | |||
Credit Cards | 0.2 | |||
Multi-National | 0.1 | |||
Metal Fabricate/Hardware | 0.1 | |||
Gas Utilities | 0.1 | |||
Real Estate | 0.1 | |||
Electrical Components & Equipment | 0.1 | |||
Electronics | 0.1 | |||
Options Purchased | 0.1 | |||
Home Builders | 0.1 | |||
Capital Markets | 0.1 | |||
Transportation | 0.1 | |||
Housewares | 0.1 | |||
Internet | 0.1 | |||
Oil & Gas Services | 0.0 | * | ||
Water | 0.0 | * |
Home Equity Loans | 0.0 | *% | ||
Miscellaneous Manufacturing | 0.0 | * | ||
Machinery-Construction & Mining | 0.0 | * | ||
Biotechnology | 0.0 | * | ||
Toys/Games/Hobbies | 0.0 | * | ||
Iron/Steel | 0.0 | * | ||
Environmental Control | 0.0 | * | ||
Trucking & Leasing | 0.0 | * | ||
Machinery-Diversified | 0.0 | * | ||
Office/Business Equipment | 0.0 | * | ||
Forest Products & Paper | 0.0 | * | ||
Investment Companies | 0.0 | * | ||
Private Equity | 0.0 | * | ||
Shipbuilding | 0.0 | * | ||
Household Products/Wares | 0.0 | * | ||
Advertising | 0.0 | * | ||
|
| |||
109.4 | ||||
Options Written | (0.1 | ) | ||
Liabilities in excess of other assets | (9.3 | ) | ||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2022 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | ||||||||
Credit contracts | Due from/to broker-variation margin swaps | $ | 1,329,593 | * | — | $ | — | |||||
Credit contracts | Premiums paid for OTC swap agreements | 8,262 | Premiums received for OTC swap agreements | 53,243 | ||||||||
Credit contracts | Unaffiliated investments Unrealized appreciation on OTC | 1,100,229 | Options written outstanding, at value Unrealized depreciation on OTC | 724,347 | ||||||||
Credit contracts | swap agreements Unrealized appreciation on OTC forward foreign currency | 7,873 | swap agreements Unrealized depreciation on OTC forward foreign currency | 120,095 | ||||||||
Foreign exchange contracts | exchange contracts Due from/to broker-variation | 3,825,328 | exchange contracts Due from/to broker-variation | 783,077 | ||||||||
Interest rate contracts | margin futures Due from/to broker-variation | 842,075 | * | margin futures Due from/to broker-variation | 1,508,392 | * | ||||||
Interest rate contracts | margin swaps | 1,123,421 | * | margin swaps Unrealized depreciation on OTC | 130,365 | * | ||||||
Interest rate contracts | — | — | swap agreements | 87,420 | ||||||||
|
|
|
| |||||||||
$ | 8,236,781 | $ | 3,406,939 | |||||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A149
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
* | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |||||||||||||||||||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Options Purchased(1) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | ||||||||||||||||||||
Credit contracts | $(786,147) | $ | 756,987 | $ | — | $ | — | $ | 927,942 | ||||||||||||||||
Foreign exchange contracts | — | — | — | 6,787,635 | — | ||||||||||||||||||||
Interest rate contracts | — | — | (25,433,356 | ) | — | (14,153,770 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total | $(786,147) | $ | 756,987 | $ | (25,433,356 | ) | $ | 6,787,635 | $ | (13,225,828 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |||||||||||||||||||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Options Purchased(2) | Options Written | Futures | Forward Currency Exchange Contracts | Swaps | ||||||||||||||||||||
Credit contracts | $861,539 | $ | (79,975 | ) | $ | — | $ | — | $ | 1,216,522 | |||||||||||||||
Foreign exchange contracts | — | — | — | 4,432,944 | — | ||||||||||||||||||||
Interest rate contracts | — | — | (3,776,820 | ) | — | 9,949,733 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total | $861,539 | $ | (79,975 | ) | $ | (3,776,820 | ) | $ | 4,432,944 | $ | 11,166,255 | ||||||||||||||
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|
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|
|
|
|
(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.
For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:
Derivative Contract Type
| Average Volume of Derivative Activities*
| |||||
Options Purchased (1) | $ 439,178 | |||||
Options Written (2) | 333,948,041 | |||||
Futures Contracts - Long Positions (2) | 413,474,444 | |||||
Futures Contracts - Short Positions (2) | 307,123,850 | |||||
Forward Foreign Currency Exchange Contracts - Purchased (3) | 88,992,212 | |||||
Forward Foreign Currency Exchange Contracts - Sold (3) | 212,037,616 | |||||
Interest Rate Swap Agreements (2) | 45,013,060 | |||||
Credit Default Swap Agreements - Buy Protection (2) | 62,545,000 | |||||
Credit Default Swap Agreements - Sell Protection (2) | 24,162,508 | |||||
Total Return Swap Agreements (2) | 4,046,000 | |||||
Inflation Swap Agreements (2) | 6,060,000 |
* | Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022. |
(1) | Cost. |
(2) | Notional Amount in USD. |
(3) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.
SEE NOTES TO FINANCIAL STATEMENTS.
A150
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Offsetting of financial instrument/transaction assets and liabilities:
Description | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | |||||
Securities on Loan | $25,299,891 | $(25,299,891) | $— |
Offsetting of OTC derivative assets and liabilities:
Counterparty | Gross Amounts of Recognized Assets(1) | Gross Amounts of Recognized Liabilities(1) | Net Amounts of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(2) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | 490,571 | $ | (502,662 | ) | $ | (12,091 | ) | $ | — | $ | (12,091 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Barclays Bank PLC | 3,336,335 | (362,369 | ) | 2,973,966 | (1,589,706 | ) | 1,384,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BNP Paribas S.A. | 527,062 | (111,503 | ) | 415,559 | (308,755 | ) | 106,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Citibank, N.A. | 167,662 | (129,719 | ) | 37,943 | — | 37,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Suisse International | — | (73,560 | ) | (73,560 | ) | 73,560 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deutsche Bank AG | 85,916 | (35,484 | ) | 50,432 | — | 50,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 7,780 | (88,895 | ) | (81,115 | ) | 81,115 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank PLC | — | (13,534 | ) | (13,534 | ) | — | (13,534 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. | 94,948 | (93,861 | ) | 1,087 | — | 1,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC | 197,924 | (334,278 | ) | (136,354 | ) | — | (136,354 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 33,083 | (2,799 | ) | 30,284 | — | 30,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | 411 | — | 411 | — | 411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
UBS AG | — | (19,518 | ) | (19,518 | ) | — | (19,518 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 4,941,692 | $ | (1,768,182 | ) | $ | 3,173,510 | $ | (1,743,786 | ) | $ | 1,429,724 | |||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
(1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
(2) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A151
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
ASSETS | ||||
Investments at value, including securities on loan of $25,299,891: | ||||
Unaffiliated investments (cost $1,266,605,239) | $ | 1,148,106,971 | ||
Affiliated investments (cost $97,954,747) | 97,966,621 | |||
Foreign currency, at value (cost $543,004) | 543,172 | |||
Cash | 99,451 | |||
Dividends and interest receivable | 8,492,575 | |||
Receivable for investments sold | 6,953,797 | |||
Unrealized appreciation on OTC forward foreign currency exchange contracts | 3,825,328 | |||
Due from broker-variation margin futures | 2,150,209 | |||
Receivable for Portfolio shares sold | 124,438 | |||
Premiums paid for OTC swap agreements | 8,262 | |||
Unrealized appreciation on OTC swap agreements | 7,873 | |||
Prepaid expenses and other assets | 52,361 | |||
|
| |||
Total Assets | 1,268,331,058 | |||
|
| |||
LIABILITIES | ||||
Payable for investments purchased | 99,875,705 | |||
Payable to broker for collateral for securities on loan | 26,268,750 | |||
Unrealized depreciation on OTC forward foreign currency exchange contracts | 783,077 | |||
Options written outstanding, at value (premiums received $668,291) | 724,347 | |||
Management fee payable | 376,713 | |||
Payable for Portfolio shares purchased | 333,799 | |||
Unrealized depreciation on OTC swap agreements | 207,515 | |||
Accrued expenses and other liabilities | 174,212 | |||
Due to broker-variation margin swaps | 79,359 | |||
Premiums received for OTC swap agreements | 53,243 | |||
Distribution fee payable | 1,596 | |||
Affiliated transfer agent fee payable | 980 | |||
Trustees’ fees payable | 23 | |||
Unrealized depreciation on unfunded loan commitments | 2 | |||
|
| |||
Total Liabilities | 128,879,321 | |||
|
| |||
NET ASSETS | $ | 1,139,451,737 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 1,139,451,737 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $1,131,361,161 / 82,589,394 outstanding shares of beneficial interest | $ | 13.70 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $8,090,576 / 592,310 outstanding shares of beneficial interest | $ | 13.66 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
NET INVESTMENT INCOME (LOSS) INCOME | ||||
Interest income | $ | 19,017,475 | ||
Unaffiliated dividend income | 411,499 | |||
Affiliated dividend income | 120,766 | |||
Income from securities lending, net (including affiliated income of $26,404) | 31,724 | |||
|
| |||
Total income | 19,581,464 | |||
|
| |||
EXPENSES | ||||
Management fee | 2,410,437 | |||
Distribution fee—Class III | 8,587 | |||
Custodian and accounting fees | 58,894 | |||
Shareholders’ reports | 30,015 | |||
Audit fee | 27,472 | |||
Trustees’ fees | 13,074 | |||
Legal fees and expenses | 12,822 | |||
Transfer agent’s fees and expenses (including affiliated expense of $5,198) | 5,305 | |||
Miscellaneous | 19,128 | |||
|
| |||
Total expenses | 2,585,734 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 16,995,730 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(6,547)) | (2,984,069 | ) | ||
Futures transactions | (25,433,356 | ) | ||
Forward and cross currency contract transactions | 6,787,635 | |||
Options written transactions | 756,987 | |||
Swap agreements transactions | (13,225,828 | ) | ||
Foreign currency transactions | 274,299 | |||
|
| |||
(33,824,332 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $920) | (159,644,446 | ) | ||
Futures | (3,776,820 | ) | ||
Forward and cross currency contracts | 4,432,944 | |||
Options written | (79,975 | ) | ||
Swap agreements | 11,166,255 | |||
Foreign currencies | 412,865 | |||
Unfunded loan commitments | (2 | ) | ||
|
| |||
(147,489,179 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | (181,313,511 | ) | ||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (164,317,781 | ) | |
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 16,995,730 | $ | 32,937,027 | ||||||||||||||||||||
Net realized gain (loss) on investment and foreign currency transactions | (33,824,332 | ) | 2,301,462 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (147,489,179 | ) | (44,183,411 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (164,317,781 | ) | (8,944,922 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||||||||||||||||
Portfolio shares sold | 22,474,318 | 111,700,386 | ||||||||||||||||||||||
Net asset value of shares issued in merger | 46,303,369 | — | ||||||||||||||||||||||
Portfolio shares purchased | (68,068,635 | ) | (92,303,055 | ) | ||||||||||||||||||||
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|
| |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | 709,052 | 19,397,331 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
TOTAL INCREASE (DECREASE) | (163,608,729 | ) | 10,452,409 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 1,303,060,466 | 1,292,608,057 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
End of period | $ | 1,139,451,737 | $ | 1,303,060,466 | ||||||||||||||||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A152
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited) |
Class I | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 15.66 | $ | 15.78 | $ | 14.55 | $ | 13.12 | $ | 13.14 | $ | 12.28 | ||||||||||||||||||||||||
|
|
|
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|
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|
|
|
|
|
| |||||||||||||||||||||||||
Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.20 | 0.40 | 0.45 | 0.49 | 0.45 | 0.42 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.16 | ) | (0.52 | ) | 0.78 | 0.94 | (0.48 | ) | 0.44 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total from investment operations | (1.96 | ) | (0.12 | ) | 1.23 | 1.43 | (0.03 | ) | 0.86 | |||||||||||||||||||||||||||
|
|
|
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|
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|
|
|
|
| |||||||||||||||||||||||||
Capital Contributions | — | — | — | — | 0.01 | (b) | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net Asset Value, end of period | $ | 13.70 | $ | 15.66 | $ | 15.78 | $ | 14.55 | $ | 13.12 | $ | 13.14 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total Return(c) | (12.52 | )% | (0.76 | )% | 8.45 | % | 10.90 | % | (0.15 | )%(d) | 7.00 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,131 | $ | 1,298 | $ | 1,293 | $ | 1,190 | $ | 1,123 | $ | 1,145 | ||||||||||||||||||||||||
Average net assets (in millions) | $ | 1,208 | $ | 1,292 | $ | 1,235 | $ | 1,166 | $ | 1,132 | $ | 1,123 | ||||||||||||||||||||||||
Ratios to average net assets(e): | ||||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.43 | %(f) | 0.42 | % | 0.43 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.43 | %(f) | 0.42 | % | 0.43 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Net investment income (loss) | 2.82 | %(f) | 2.55 | % | 2.99 | % | 3.53 | % | 3.44 | % | 3.28 | % | ||||||||||||||||||||||||
Portfolio turnover rate(g) | 41 | % | 49 | % | 35 | % | 48 | % | 51 | % | 71 | % |
Class III | ||||||||||||||||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(h) through December 31, 2021 | |||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 15.64 | $ | 15.35 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Income (Loss) From Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.19 | 0.24 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.17 | ) | 0.05 | (i) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total from investment operations | (1.98 | ) | 0.29 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net Asset Value, end of period | $ | 13.66 | $ | 15.64 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Return(c) | (12.66 | )% | 1.89 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 8 | $ | 5 | ||||||||||||||||||||
Average net assets (in millions) | $ | 7 | $ | 2 | ||||||||||||||||||||
Ratios to average net assets(e): | ||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.68 | %(f) | 0.66 | %(j) | ||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.68 | %(f) | 0.66 | %(j) | ||||||||||||||||||||
Net investment income (loss) | 2.59 | %(f) | 2.24 | %(j) | ||||||||||||||||||||
Portfolio turnover rate(g) | 41 | % | 49 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(d) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (0.23)%. |
(e) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(f) | Annualized. |
(g) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(h) | Commencement of offering. |
(i) | The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values. |
(j) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A153
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 98.1% |
| |||||||
COMMON STOCKS — 97.3% | ||||||||
Aerospace & Defense — 1.7% | ||||||||
Boeing Co. (The)* | 98,136 | $ | 13,417,154 | |||||
General Dynamics Corp.(a) | 40,660 | 8,996,025 | ||||||
Howmet Aerospace, Inc. | 67,292 | 2,116,333 | ||||||
Huntington Ingalls Industries, Inc. | 7,200 | 1,568,304 | ||||||
L3Harris Technologies, Inc. | 34,080 | 8,237,136 | ||||||
Lockheed Martin Corp. | 41,808 | 17,975,768 | ||||||
Northrop Grumman Corp.(a) | 25,766 | 12,330,835 | ||||||
Raytheon Technologies Corp.(a) | 262,448 | 25,223,877 | ||||||
Textron, Inc. | 37,950 | 2,317,607 | ||||||
TransDigm Group, Inc.* | 9,150 | 4,910,530 | ||||||
|
| |||||||
97,093,569 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.7% | ||||||||
C.H. Robinson Worldwide, Inc.(a) | 22,500 | 2,280,825 | ||||||
Expeditors International of Washington, Inc. | 29,700 | 2,894,562 | ||||||
FedEx Corp. | 42,140 | 9,553,559 | ||||||
United Parcel Service, Inc. (Class B Stock) | 129,700 | 23,675,438 | ||||||
|
| |||||||
38,404,384 | ||||||||
|
| |||||||
Airlines — 0.2% | ||||||||
Alaska Air Group, Inc.* | 21,900 | 877,095 | ||||||
American Airlines Group, Inc.*(a) | 114,700 | 1,454,396 | ||||||
Delta Air Lines, Inc.* | 113,200 | 3,279,404 | ||||||
Southwest Airlines Co.* | 104,837 | 3,786,712 | ||||||
United Airlines Holdings, Inc.* | 57,700 | 2,043,734 | ||||||
|
| |||||||
11,441,341 | ||||||||
|
| |||||||
Auto Components — 0.1% | ||||||||
Aptiv PLC* | 47,900 | 4,266,453 | ||||||
BorgWarner, Inc.(a) | 41,600 | 1,388,192 | ||||||
|
| |||||||
5,654,645 | ||||||||
|
| |||||||
Automobiles — 2.0% | ||||||||
Ford Motor Co. | 697,059 | 7,758,267 | ||||||
General Motors Co.* | 257,400 | 8,175,024 | ||||||
Tesla, Inc.* | 148,210 | 99,807,578 | ||||||
|
| |||||||
115,740,869 | ||||||||
|
| |||||||
Banks — 3.6% | ||||||||
Bank of America Corp. | 1,251,532 | 38,960,191 | ||||||
Citigroup, Inc. | 342,822 | 15,766,384 | ||||||
Citizens Financial Group, Inc. | 86,900 | 3,101,461 | ||||||
Comerica, Inc.(a) | 23,250 | 1,706,085 | ||||||
Fifth Third Bancorp(a) | 121,149 | 4,070,606 | ||||||
First Republic Bank | 31,600 | 4,556,720 | ||||||
Huntington Bancshares, Inc. | 254,675 | 3,063,740 | ||||||
JPMorgan Chase & Co. | 518,795 | 58,421,505 | ||||||
KeyCorp(a) | 163,000 | 2,808,490 | ||||||
M&T Bank Corp.(a) | 31,661 | 5,046,447 | ||||||
PNC Financial Services Group, Inc. (The) | 73,043 | 11,523,994 | ||||||
Regions Financial Corp.(a) | 166,412 | 3,120,225 | ||||||
Signature Bank | 11,100 | 1,989,231 | ||||||
SVB Financial Group* | 10,490 | 4,143,445 | ||||||
Truist Financial Corp. | 235,126 | 11,152,026 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Banks (cont’d.) | ||||||||
U.S. Bancorp | 238,681 | $ | 10,984,100 | |||||
Wells Fargo & Co. | 669,076 | 26,207,707 | ||||||
Zions Bancorp NA | 26,700 | 1,359,030 | ||||||
|
| |||||||
207,981,387 | ||||||||
|
| |||||||
Beverages — 1.8% | ||||||||
Brown-Forman Corp. (Class B Stock) | 32,025 | 2,246,874 | ||||||
Coca-Cola Co. (The) | 688,650 | 43,322,972 | ||||||
Constellation Brands, Inc. (Class A Stock) | 28,800 | 6,712,128 | ||||||
Keurig Dr. Pepper, Inc.(a) | 130,200 | 4,607,778 | ||||||
Molson Coors Beverage Co. (Class B Stock)(a) | 33,400 | 1,820,634 | ||||||
Monster Beverage Corp.* | 66,200 | 6,136,740 | ||||||
PepsiCo, Inc. | 244,244 | 40,705,705 | ||||||
|
| |||||||
105,552,831 | ||||||||
|
| |||||||
Biotechnology — 2.2% | ||||||||
AbbVie, Inc. | 312,089 | 47,799,551 | ||||||
Amgen, Inc. | 94,394 | 22,966,060 | ||||||
Biogen, Inc.* | 25,955 | 5,293,263 | ||||||
Gilead Sciences, Inc. | 221,400 | 13,684,734 | ||||||
Incyte Corp.*(a) | 33,300 | 2,529,801 | ||||||
Moderna, Inc.* | 61,100 | 8,728,135 | ||||||
Regeneron Pharmaceuticals, Inc.* | 19,070 | 11,272,849 | ||||||
Vertex Pharmaceuticals, Inc.* | 45,160 | 12,725,637 | ||||||
|
| |||||||
125,000,030 | ||||||||
|
| |||||||
Building Products — 0.4% | ||||||||
A.O. Smith Corp.(a) | 23,500 | 1,284,980 | ||||||
Allegion PLC | 15,833 | 1,550,051 | ||||||
Carrier Global Corp. | 150,267 | 5,358,521 | ||||||
Fortune Brands Home & Security, Inc. | 23,100 | 1,383,228 | ||||||
Johnson Controls International PLC | 123,415 | 5,909,110 | ||||||
Masco Corp.(a) | 42,130 | 2,131,778 | ||||||
Trane Technologies PLC | 41,300 | 5,363,631 | ||||||
|
| |||||||
22,981,299 | ||||||||
|
| |||||||
Capital Markets — 2.8% | ||||||||
Ameriprise Financial, Inc.(a) | 19,450 | 4,622,876 | ||||||
Bank of New York Mellon Corp. (The) | 131,249 | 5,474,396 | ||||||
BlackRock, Inc. | 25,140 | 15,311,265 | ||||||
Cboe Global Markets, Inc. | 18,800 | 2,127,972 | ||||||
Charles Schwab Corp. (The) | 266,200 | 16,818,516 | ||||||
CME Group, Inc. | 63,560 | 13,010,732 | ||||||
FactSet Research Systems, Inc. | 6,700 | 2,576,619 | ||||||
Franklin Resources, Inc.(a) | 48,900 | 1,139,859 | ||||||
Goldman Sachs Group, Inc. (The) | 60,670 | 18,020,203 | ||||||
Intercontinental Exchange, Inc. | 98,690 | 9,280,808 | ||||||
Invesco Ltd. | 59,200 | 954,896 | ||||||
MarketAxess Holdings, Inc. | 6,800 | 1,740,868 | ||||||
Moody’s Corp. | 28,470 | 7,742,986 | ||||||
Morgan Stanley | 247,078 | 18,792,753 | ||||||
MSCI, Inc. | 14,380 | 5,926,717 | ||||||
Nasdaq, Inc. | 20,400 | 3,111,816 | ||||||
Northern Trust Corp. | 36,500 | 3,521,520 | ||||||
Raymond James Financial, Inc. | 34,150 | 3,053,351 | ||||||
S&P Global, Inc. | 61,446 | 20,710,989 |
SEE NOTES TO FINANCIAL STATEMENTS.
A154
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Capital Markets (cont’d.) | ||||||||
State Street Corp. | 64,775 | $ | 3,993,379 | |||||
T. Rowe Price Group, Inc.(a) | 40,300 | 4,578,483 | ||||||
|
| |||||||
162,511,004 | ||||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Air Products & Chemicals, Inc. | 39,150 | 9,414,792 | ||||||
Albemarle Corp. | 20,700 | 4,325,886 | ||||||
Celanese Corp. | 19,100 | 2,246,351 | ||||||
CF Industries Holdings, Inc. | 36,800 | 3,154,864 | ||||||
Corteva, Inc. | 128,356 | 6,949,194 | ||||||
Dow, Inc. | 128,522 | 6,633,020 | ||||||
DuPont de Nemours, Inc. | 90,056 | 5,005,312 | ||||||
Eastman Chemical Co. | 22,700 | 2,037,779 | ||||||
Ecolab, Inc. | 43,900 | 6,750,064 | ||||||
FMC Corp. | 22,250 | 2,380,973 | ||||||
International Flavors & Fragrances, Inc. | 44,840 | 5,341,341 | ||||||
Linde PLC (United Kingdom)(a) | 88,900 | 25,561,417 | ||||||
LyondellBasell Industries NV (Class A Stock) | 45,900 | 4,014,414 | ||||||
Mosaic Co. (The) | 63,900 | 3,017,997 | ||||||
PPG Industries, Inc. | 41,900 | 4,790,846 | ||||||
Sherwin-Williams Co. (The) | 42,300 | 9,471,393 | ||||||
|
| |||||||
101,095,643 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.5% |
| |||||||
Cintas Corp. | 15,500 | 5,789,715 | ||||||
Copart, Inc.* | 37,850 | 4,112,781 | ||||||
Republic Services, Inc. | 36,835 | 4,820,597 | ||||||
Rollins, Inc.(a) | 39,825 | 1,390,689 | ||||||
Waste Management, Inc. | 67,530 | 10,330,739 | ||||||
|
| |||||||
26,444,521 | ||||||||
|
| |||||||
Communications Equipment — 0.8% | ||||||||
Arista Networks, Inc.* | 39,600 | 3,712,104 | ||||||
Cisco Systems, Inc. | 733,275 | 31,266,846 | ||||||
F5, Inc.* | 10,650 | 1,629,876 | ||||||
Juniper Networks, Inc.(a) | 57,400 | 1,635,900 | ||||||
Motorola Solutions, Inc. | 29,527 | 6,188,859 | ||||||
|
| |||||||
44,433,585 | ||||||||
|
| |||||||
Construction & Engineering — 0.1% | ||||||||
Quanta Services, Inc.(a) | 25,400 | 3,183,636 | ||||||
|
| |||||||
Construction Materials — 0.1% | ||||||||
Martin Marietta Materials, Inc. | 11,000 | 3,291,640 | ||||||
Vulcan Materials Co. | 23,400 | 3,325,140 | ||||||
|
| |||||||
6,616,780 | ||||||||
|
| |||||||
Consumer Finance — 0.5% | ||||||||
American Express Co. | 107,650 | 14,922,443 | ||||||
Capital One Financial Corp. | 69,369 | 7,227,556 | ||||||
Discover Financial Services | 49,605 | 4,691,641 | ||||||
Synchrony Financial | 88,530 | 2,445,199 | ||||||
|
| |||||||
29,286,839 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
Amcor PLC(a) | 266,300 | 3,310,109 | ||||||
Avery Dennison Corp. | 14,400 | 2,330,928 | ||||||
Ball Corp. | 56,900 | 3,913,013 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Containers & Packaging (cont’d.) | ||||||||
International Paper Co. | 65,467 | $ | 2,738,485 | |||||
Packaging Corp. of America | 16,700 | 2,296,250 | ||||||
Sealed Air Corp. | 26,020 | 1,501,874 | ||||||
Westrock Co. | 44,961 | 1,791,246 | ||||||
|
| |||||||
17,881,905 | ||||||||
|
| |||||||
Distributors — 0.1% | ||||||||
Genuine Parts Co.(a) | 25,225 | 3,354,925 | ||||||
LKQ Corp. | 45,900 | 2,253,231 | ||||||
Pool Corp. | 7,120 | 2,500,758 | ||||||
|
| |||||||
8,108,914 | ||||||||
|
| |||||||
Diversified Financial Services — 1.5% |
| |||||||
Berkshire Hathaway, Inc. (Class B Stock)* | 319,510 | 87,232,620 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.1% | ||||||||
AT&T, Inc. | 1,263,671 | 26,486,544 | ||||||
Lumen Technologies, Inc.(a) | 164,243 | 1,791,891 | ||||||
Verizon Communications, Inc. | 741,288 | 37,620,366 | ||||||
|
| |||||||
65,898,801 | ||||||||
|
| |||||||
Electric Utilities — 1.9% | ||||||||
Alliant Energy Corp. | 44,300 | 2,596,423 | ||||||
American Electric Power Co., Inc.(a) | 90,640 | 8,696,002 | ||||||
Constellation Energy Corp. | 57,524 | 3,293,824 | ||||||
Duke Energy Corp.(a) | 135,948 | 14,574,985 | ||||||
Edison International(a) | 67,300 | 4,256,052 | ||||||
Entergy Corp.(a) | 35,900 | 4,043,776 | ||||||
Evergy, Inc. | 40,200 | 2,623,050 | ||||||
Eversource Energy | 60,900 | 5,144,223 | ||||||
Exelon Corp.(a) | 173,073 | 7,843,669 | ||||||
FirstEnergy Corp. | 100,780 | 3,868,944 | ||||||
NextEra Energy, Inc. | 346,800 | 26,863,128 | ||||||
NRG Energy, Inc. | 41,900 | 1,599,323 | ||||||
Pinnacle West Capital Corp.(a) | 19,600 | 1,433,152 | ||||||
PPL Corp. | 129,900 | 3,524,187 | ||||||
Southern Co. (The) | 187,600 | 13,377,756 | ||||||
Xcel Energy, Inc. | 96,195 | 6,806,758 | ||||||
|
| |||||||
110,545,252 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% | ||||||||
AMETEK, Inc. | 40,800 | 4,483,512 | ||||||
Eaton Corp. PLC(a) | 70,511 | 8,883,681 | ||||||
Emerson Electric Co. | 104,900 | 8,343,746 | ||||||
Generac Holdings, Inc.*(a) | 11,300 | 2,379,554 | ||||||
Rockwell Automation, Inc. | 20,620 | 4,109,772 | ||||||
|
| |||||||
28,200,265 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.6% |
| |||||||
Amphenol Corp. (Class A Stock) | 105,400 | 6,785,652 | ||||||
CDW Corp. | 24,000 | 3,781,440 | ||||||
Corning, Inc.(a) | 133,500 | 4,206,585 | ||||||
Keysight Technologies, Inc.* | 32,300 | 4,452,555 | ||||||
TE Connectivity Ltd. (Switzerland) | 56,900 | 6,438,235 | ||||||
Teledyne Technologies, Inc.* | 8,279 | 3,105,536 | ||||||
Trimble, Inc.* | 43,900 | 2,556,297 |
SEE NOTES TO FINANCIAL STATEMENTS.
A155
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Equipment, Instruments & Components (cont’d.) |
| |||||||
Zebra Technologies Corp. (Class A Stock)* | 9,380 | $ | 2,757,251 | |||||
|
| |||||||
|
34,083,551 |
| ||||||
|
| |||||||
Energy Equipment & Services — 0.3% |
| |||||||
Baker Hughes Co.(a) | 165,148 | 4,767,823 | ||||||
Halliburton Co. | 159,200 | 4,992,512 | ||||||
Schlumberger NV(a) | 249,498 | 8,922,048 | ||||||
|
| |||||||
18,682,383 | ||||||||
|
| |||||||
Entertainment — 1.2% |
| |||||||
Activision Blizzard, Inc. | 138,400 | 10,775,824 | ||||||
Electronic Arts, Inc. | 49,700 | 6,046,005 | ||||||
Live Nation Entertainment, Inc.*(a) | 24,200 | 1,998,436 | ||||||
Netflix, Inc.* | 78,490 | 13,725,546 | ||||||
Take-Two Interactive Software, Inc.* | 27,950 | 3,424,714 | ||||||
Walt Disney Co. (The)* | 321,522 | 30,351,677 | ||||||
Warner Bros Discovery, Inc.* | 388,408 | 5,212,435 | ||||||
|
| |||||||
|
71,534,637 |
| ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.8% |
| |||||||
Alexandria Real Estate Equities, | 26,280 | 3,811,388 | ||||||
American Tower Corp. | 82,100 | 20,983,939 | ||||||
AvalonBay Communities, Inc. | 24,768 | 4,811,184 | ||||||
Boston Properties, Inc. | 25,100 | 2,233,398 | ||||||
Camden Property Trust | 18,800 | 2,528,224 | ||||||
Crown Castle International Corp. | 76,450 | 12,872,651 | ||||||
Digital Realty Trust, Inc.(a) | 50,300 | 6,530,449 | ||||||
Duke Realty Corp. | 67,900 | 3,731,105 | ||||||
Equinix, Inc. | 16,075 | 10,561,596 | ||||||
Equity Residential | 60,400 | 4,362,088 | ||||||
Essex Property Trust, Inc. | 11,670 | 3,051,822 | ||||||
Extra Space Storage, Inc. | 23,700 | 4,031,844 | ||||||
Federal Realty OP LP | 12,700 | 1,215,898 | ||||||
Healthpeak Properties, Inc. | 94,400 | 2,445,904 | ||||||
Host Hotels & Resorts, Inc. | 124,926 | 1,958,840 | ||||||
Iron Mountain, Inc.(a) | 50,730 | 2,470,044 | ||||||
Kimco Realty Corp.(a) | 108,300 | 2,141,091 | ||||||
Mid-America Apartment Communities, Inc. | 20,300 | 3,545,801 | ||||||
Prologis, Inc. | 130,728 | 15,380,149 | ||||||
Public Storage | 26,950 | 8,426,456 | ||||||
Realty Income Corp.(a) | 106,200 | 7,249,212 | ||||||
Regency Centers Corp. | 27,400 | 1,625,094 | ||||||
SBA Communications Corp. | 19,130 | 6,122,556 | ||||||
Simon Property Group, Inc. | 58,011 | 5,506,404 | ||||||
UDR, Inc.(a) | 52,500 | 2,417,100 | ||||||
Ventas, Inc. | 70,604 | 3,631,164 | ||||||
VICI Properties, Inc.(a) | 170,000 | 5,064,300 | ||||||
Vornado Realty Trust | 28,057 | 802,150 | ||||||
Welltower, Inc.(a) | 80,200 | 6,604,470 | ||||||
Weyerhaeuser Co. | 131,430 | 4,352,962 | ||||||
|
| |||||||
|
160,469,283 |
| ||||||
|
| |||||||
Food & Staples Retailing — 1.5% |
| |||||||
Costco Wholesale Corp. | 78,312 | 37,533,375 | ||||||
Kroger Co. (The)(a) | 115,800 | 5,480,814 | ||||||
Sysco Corp.(a) | 89,900 | 7,615,429 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Food & Staples Retailing (cont’d.) |
| |||||||
Walgreens Boots Alliance, Inc. | 126,600 | $ | 4,798,140 | |||||
Walmart, Inc. | 248,000 | 30,151,840 | ||||||
|
| |||||||
|
85,579,598 |
| ||||||
|
| |||||||
Food Products — 1.1% | ||||||||
Archer-Daniels-Midland Co. | 99,338 | 7,708,629 | ||||||
Campbell Soup Co.(a) | 35,800 | 1,720,190 | ||||||
Conagra Brands, Inc. | 84,000 | 2,876,160 | ||||||
General Mills, Inc.(a) | 106,000 | 7,997,700 | ||||||
Hershey Co. (The) | 25,900 | 5,572,644 | ||||||
Hormel Foods Corp. | 49,600 | 2,349,056 | ||||||
J.M. Smucker Co. (The)(a) | 19,000 | 2,432,190 | ||||||
Kellogg Co.(a) | 44,950 | 3,206,733 | ||||||
Kraft Heinz Co. (The) | 125,337 | 4,780,353 | ||||||
Lamb Weston Holdings, Inc.(a) | 25,700 | 1,836,522 | ||||||
McCormick & Co., Inc.(a) | 43,900 | 3,654,675 | ||||||
Mondelez International, Inc. (Class A Stock) | 244,411 | 15,175,479 | ||||||
Tyson Foods, Inc. (Class A Stock) | 51,600 | 4,440,696 | ||||||
|
| |||||||
|
63,751,027 |
| ||||||
|
| |||||||
Gas Utilities — 0.0% | ||||||||
Atmos Energy Corp.(a) | 24,600 | 2,757,660 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
Abbott Laboratories | 309,125 | 33,586,431 | ||||||
ABIOMED, Inc.* | 8,000 | 1,980,080 | ||||||
Align Technology, Inc.* | 12,920 | 3,057,776 | ||||||
Baxter International, Inc. | 89,000 | 5,716,470 | ||||||
Becton, Dickinson & Co. | 50,299 | 12,400,212 | ||||||
Boston Scientific Corp.* | 252,349 | 9,405,047 | ||||||
Cooper Cos., Inc. (The) | 8,780 | 2,749,194 | ||||||
DENTSPLY SIRONA, Inc. | 38,200 | 1,364,886 | ||||||
Dexcom, Inc.* | 69,320 | 5,166,420 | ||||||
Edwards Lifesciences Corp.* | 109,550 | 10,417,110 | ||||||
Hologic, Inc.* | 44,250 | 3,066,525 | ||||||
IDEXX Laboratories, Inc.* | 14,880 | 5,218,862 | ||||||
Intuitive Surgical, Inc.* | 63,380 | 12,721,000 | ||||||
Medtronic PLC | 236,928 | 21,264,288 | ||||||
ResMed, Inc. | 25,900 | 5,429,417 | ||||||
STERIS PLC | 17,700 | 3,648,855 | ||||||
Stryker Corp. | 59,470 | 11,830,367 | ||||||
Teleflex, Inc. | 8,350 | 2,052,848 | ||||||
Zimmer Biomet Holdings, Inc. | 37,086 | 3,896,255 | ||||||
|
| |||||||
154,972,043 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.4% |
| |||||||
AmerisourceBergen Corp.(a) | 26,600 | 3,763,368 | ||||||
Cardinal Health, Inc. | 48,175 | 2,518,107 | ||||||
Centene Corp.* | 103,368 | 8,745,966 | ||||||
Cigna Corp. | 56,032 | 14,765,553 | ||||||
CVS Health Corp. | 231,599 | 21,459,963 | ||||||
DaVita, Inc.*(a) | 11,000 | 879,560 | ||||||
Elevance Health, Inc.(a) | 42,560 | 20,538,605 | ||||||
HCA Healthcare, Inc. | 40,200 | 6,756,012 | ||||||
Henry Schein, Inc.* | 24,300 | 1,864,782 | ||||||
Humana, Inc. | 22,350 | 10,461,365 | ||||||
Laboratory Corp. of America Holdings | 16,400 | 3,843,504 | ||||||
McKesson Corp. | 25,707 | 8,385,880 |
SEE NOTES TO FINANCIAL STATEMENTS.
A156
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Health Care Providers & Services (cont’d.) |
| |||||||
Molina Healthcare, Inc.* | 10,500 | $ | 2,935,905 | |||||
Quest Diagnostics, Inc.(a) | 20,800 | 2,765,984 | ||||||
UnitedHealth Group, Inc.(a) | 165,730 | 85,123,900 | ||||||
Universal Health Services, Inc. (Class B Stock)(a) | 11,900 | 1,198,449 | ||||||
|
| |||||||
196,006,903 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.8% |
| |||||||
Booking Holdings, Inc.* | 7,170 | 12,540,258 | ||||||
Caesars Entertainment, | 37,600 | 1,440,080 | ||||||
Carnival Corp.*(a) | 140,700 | 1,217,055 | ||||||
Chipotle Mexican Grill, Inc.* | 4,945 | 6,464,401 | ||||||
Darden Restaurants, Inc.(a) | 22,000 | 2,488,640 | ||||||
Domino’s Pizza, Inc. | 6,400 | 2,494,144 | ||||||
Expedia Group, Inc.* | 26,700 | 2,531,961 | ||||||
Hilton Worldwide Holdings, Inc. | 49,100 | 5,471,704 | ||||||
Las Vegas Sands Corp.*(a) | 60,700 | 2,038,913 | ||||||
Marriott International, Inc. (Class A Stock) | 48,573 | 6,606,414 | ||||||
McDonald’s Corp. | 130,660 | 32,257,341 | ||||||
MGM Resorts International | 62,400 | 1,806,480 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) | 72,700 | 808,424 | ||||||
Penn National Gaming, | 28,800 | 876,096 | ||||||
Royal Caribbean Cruises | 39,200 | 1,368,472 | ||||||
Starbucks Corp. | 202,300 | 15,453,697 | ||||||
Wynn Resorts Ltd.*(a) | 18,400 | 1,048,432 | ||||||
Yum! Brands, Inc. | 50,400 | 5,720,904 | ||||||
|
| |||||||
102,633,416 | ||||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
D.R. Horton, Inc.(a) | 57,000 | 3,772,830 | ||||||
Garmin Ltd. | 26,700 | 2,623,275 | ||||||
Lennar Corp. (Class A Stock) | 45,900 | 3,239,163 | ||||||
Mohawk Industries, Inc.*(a) | 9,100 | 1,129,219 | ||||||
Newell Brands, Inc.(a) | 65,749 | 1,251,861 | ||||||
NVR, Inc.* | 550 | 2,202,277 | ||||||
PulteGroup, Inc. | 41,985 | 1,663,866 | ||||||
Whirlpool Corp.(a) | 9,967 | 1,543,589 | ||||||
|
| |||||||
17,426,080 | ||||||||
|
| |||||||
Household Products — 1.5% |
| |||||||
Church & Dwight Co., Inc.(a) | 42,800 | 3,965,848 | ||||||
Clorox Co. (The)(a) | 21,700 | 3,059,266 | ||||||
Colgate-Palmolive Co. | 148,100 | 11,868,734 | ||||||
Kimberly-Clark Corp. | 59,638 | 8,060,076 | ||||||
Procter & Gamble Co. (The) | 423,876 | 60,949,130 | ||||||
|
| |||||||
|
87,903,054 |
| ||||||
|
| |||||||
Independent Power & Renewable Electricity Producers — 0.0% |
| |||||||
AES Corp. (The) | 118,000 | 2,479,180 | ||||||
|
| |||||||
Industrial Conglomerates — 0.8% |
| |||||||
3M Co. | 100,570 | 13,014,764 | ||||||
General Electric Co. | 194,455 | 12,380,950 | ||||||
Honeywell International, Inc. | 120,250 | 20,900,652 | ||||||
|
| |||||||
46,296,366 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Insurance — 2.1% | ||||||||
Aflac, Inc.(a) | 104,600 | $ | 5,787,518 | |||||
Allstate Corp. (The) | 48,628 | 6,162,627 | ||||||
American International Group, Inc. | 139,829 | 7,149,457 | ||||||
Aon PLC (Class A Stock) | 37,525 | 10,119,742 | ||||||
Arthur J. Gallagher & Co. | 37,050 | 6,040,632 | ||||||
Assurant, Inc. | 9,600 | 1,659,360 | ||||||
Brown & Brown, Inc. | 41,100 | 2,397,774 | ||||||
Chubb Ltd. | 74,830 | 14,710,081 | ||||||
Cincinnati Financial Corp.(a) | 26,428 | 3,144,403 | ||||||
Everest Re Group Ltd.(a) | 7,100 | 1,989,988 | ||||||
Globe Life, Inc.(a) | 16,175 | 1,576,577 | ||||||
Hartford Financial Services Group, Inc. (The) | 58,100 | 3,801,483 | ||||||
Lincoln National Corp.(a) | 28,563 | 1,335,892 | ||||||
Loews Corp. | 34,326 | 2,034,159 | ||||||
Marsh & McLennan Cos., Inc. | 88,600 | 13,755,150 | ||||||
MetLife, Inc. | 122,080 | 7,665,403 | ||||||
Principal Financial Group, Inc.(a) | 41,500 | 2,771,785 | ||||||
Progressive Corp. (The)(a) | 103,300 | 12,010,691 | ||||||
Prudential Financial, Inc.(a) | 66,000 | 6,314,880 | ||||||
Travelers Cos., Inc. (The) | 42,448 | 7,179,230 | ||||||
W.R. Berkley Corp. | 36,900 | 2,518,794 | ||||||
Willis Towers Watson PLC(a) | 19,700 | 3,888,583 | ||||||
|
| |||||||
124,014,209 | ||||||||
|
| |||||||
Interactive Media & Services — 5.1% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 53,119 | 115,760,112 | ||||||
Alphabet, Inc. (Class C Stock)* | 48,705 | 106,539,752 | ||||||
Match Group, Inc.* | 50,400 | 3,512,376 | ||||||
Meta Platforms, Inc. (Class A Stock)* | 405,120 | 65,325,600 | ||||||
Twitter, Inc.* | 134,700 | 5,036,433 | ||||||
|
| |||||||
|
296,174,273 |
| ||||||
|
| |||||||
Internet & Direct Marketing Retail — 2.9% |
| |||||||
Amazon.com, Inc.* | 1,545,300 | 164,126,313 | ||||||
eBay, Inc. | 98,800 | 4,116,996 | ||||||
Etsy, Inc.*(a) | 22,200 | 1,625,262 | ||||||
|
| |||||||
169,868,571 | ||||||||
|
| |||||||
IT Services — 4.3% | ||||||||
Accenture PLC (Class A Stock) | 111,850 | 31,055,152 | ||||||
Akamai Technologies, Inc.*(a) | 28,500 | 2,602,905 | ||||||
Automatic Data Processing, Inc. | 73,910 | 15,524,056 | ||||||
Broadridge Financial Solutions, Inc. | 20,700 | 2,950,785 | ||||||
Cognizant Technology Solutions Corp. (Class A Stock) | 92,300 | 6,229,327 | ||||||
DXC Technology Co.* | 43,950 | 1,332,125 | ||||||
EPAM Systems, Inc.* | 10,140 | 2,989,069 | ||||||
Fidelity National Information Services, Inc. | 107,800 | 9,882,026 | ||||||
Fiserv, Inc.* | 102,700 | 9,137,219 | ||||||
FleetCor Technologies, Inc.* | 13,700 | 2,878,507 | ||||||
Gartner, Inc.* | 14,250 | 3,446,078 | ||||||
Global Payments, Inc. | 49,913 | 5,522,374 | ||||||
International Business Machines Corp.(a) | 158,825 | 22,424,502 | ||||||
Jack Henry & Associates, Inc. | 12,950 | 2,331,259 | ||||||
Mastercard, Inc. (Class A Stock) | 151,650 | 47,842,542 |
SEE NOTES TO FINANCIAL STATEMENTS.
A157
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
IT Services (cont’d.) |
| |||||||
Paychex, Inc. | 56,550 | $ | 6,439,349 | |||||
PayPal Holdings, Inc.* | 204,400 | 14,275,296 | ||||||
VeriSign, Inc.* | 16,800 | 2,811,144 | ||||||
Visa, Inc. (Class A Stock)(a) | 290,700 | 57,235,923 | ||||||
|
| |||||||
|
246,909,638 |
| ||||||
|
| |||||||
Leisure Products — 0.0% |
| |||||||
Hasbro, Inc.(a) | 22,950 | 1,879,146 | ||||||
|
| |||||||
Life Sciences Tools & Services — 1.8% |
| |||||||
Agilent Technologies, Inc. | 52,782 | 6,268,918 | ||||||
Bio-Rad Laboratories, Inc. (Class A Stock)* | 3,860 | 1,910,700 | ||||||
Bio-Techne Corp. | 7,030 | 2,436,879 | ||||||
Charles River Laboratories International, Inc.* | 9,100 | 1,947,127 | ||||||
Danaher Corp. | 114,400 | 29,002,688 | ||||||
Illumina, Inc.* | 27,810 | 5,127,052 | ||||||
IQVIA Holdings, Inc.* | 33,500 | 7,269,165 | ||||||
Mettler-Toledo International, Inc.* | 4,010 | 4,606,568 | ||||||
PerkinElmer, Inc.(a) | 22,300 | 3,171,506 | ||||||
Thermo Fisher Scientific, Inc. | 69,100 | 37,540,648 | ||||||
Waters Corp.* | 10,750 | 3,558,035 | ||||||
West Pharmaceutical Services, Inc. | 13,200 | 3,991,284 | ||||||
|
| |||||||
|
106,830,570 |
| ||||||
|
| |||||||
Machinery — 1.5% | ||||||||
Caterpillar, Inc. | 94,150 | 16,830,254 | ||||||
Cummins, Inc. | 25,050 | 4,847,926 | ||||||
Deere & Co. | 49,350 | 14,778,844 | ||||||
Dover Corp. | 25,400 | 3,081,528 | ||||||
Fortive Corp. | 62,800 | 3,415,064 | ||||||
IDEX Corp.(a) | 13,400 | 2,433,842 | ||||||
Illinois Tool Works, Inc.(a) | 50,075 | 9,126,169 | ||||||
Ingersoll Rand, Inc. | 71,337 | 3,001,861 | ||||||
Nordson Corp. | 9,600 | 1,943,424 | ||||||
Otis Worldwide Corp. | 74,583 | 5,270,781 | ||||||
PACCAR, Inc. | 61,428 | 5,057,982 | ||||||
Parker-Hannifin Corp. | 22,687 | 5,582,136 | ||||||
Pentair PLC(a) | 28,907 | 1,323,073 | ||||||
Snap-on, Inc.(a) | 9,550 | 1,881,637 | ||||||
Stanley Black & Decker, Inc. | 26,635 | 2,792,946 | ||||||
Westinghouse Air Brake Technologies Corp.(a) | 32,212 | 2,643,961 | ||||||
Xylem, Inc. | 31,600 | 2,470,488 | ||||||
|
| |||||||
|
86,481,916 |
| ||||||
|
| |||||||
Media — 0.9% | ||||||||
Charter Communications, Inc. (Class A Stock)*(a) | 20,450 | 9,581,438 | ||||||
Comcast Corp. (Class A Stock) | 789,092 | 30,963,970 | ||||||
DISH Network Corp. (Class A Stock)*(a) | 43,175 | 774,128 | ||||||
Fox Corp. (Class A Stock)(a) | 55,566 | 1,787,003 | ||||||
Fox Corp. (Class B Stock) | 25,766 | 765,250 | ||||||
Interpublic Group of Cos., Inc. (The) | 69,162 | 1,904,030 | ||||||
News Corp. (Class A Stock) | 67,925 | 1,058,271 | ||||||
News Corp. (Class B Stock) | 21,400 | 340,046 | ||||||
Omnicom Group, Inc. | 36,700 | 2,334,487 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Media (cont’d.) |
| |||||||
Paramount Global (Class B | 107,466 | $ | 2,652,261 | |||||
|
| |||||||
|
52,160,884 |
| ||||||
|
| |||||||
Metals & Mining — 0.4% | ||||||||
Freeport-McMoRan, Inc. | 255,812 | 7,485,059 | ||||||
Newmont Corp.(a) | 140,103 | 8,359,946 | ||||||
Nucor Corp.(a) | 47,000 | 4,907,270 | ||||||
|
| |||||||
|
20,752,275 |
| ||||||
|
| |||||||
Multiline Retail — 0.5% | ||||||||
Dollar General Corp.(a) | 40,400 | 9,915,776 | ||||||
Dollar Tree, Inc.* | 39,647 | 6,178,985 | ||||||
Target Corp. | 81,668 | 11,533,972 | ||||||
|
| |||||||
|
27,628,733 |
| ||||||
|
| |||||||
Multi-Utilities — 0.9% | ||||||||
Ameren Corp. | 45,300 | 4,093,308 | ||||||
CenterPoint Energy, Inc. | 111,210 | 3,289,592 | ||||||
CMS Energy Corp. | 51,200 | 3,456,000 | ||||||
Consolidated Edison, Inc. | 62,300 | 5,924,730 | ||||||
Dominion Energy, Inc. | 143,240 | 11,431,984 | ||||||
DTE Energy Co. | 34,100 | 4,322,175 | ||||||
NiSource, Inc. | 71,650 | 2,112,958 | ||||||
Public Service Enterprise Group, Inc. | 88,600 | 5,606,608 | ||||||
Sempra Energy | 55,554 | 8,348,100 | ||||||
WEC Energy Group, Inc. | 55,576 | 5,593,169 | ||||||
|
| |||||||
|
54,178,624 |
| ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.9% |
| |||||||
APA Corp. | 59,750 | 2,085,275 | ||||||
Chevron Corp. | 346,859 | 50,218,246 | ||||||
ConocoPhillips | 228,361 | 20,509,101 | ||||||
Coterra Energy, Inc.(a) | 143,100 | 3,690,549 | ||||||
Devon Energy Corp.(a) | 108,400 | 5,973,924 | ||||||
Diamondback Energy, Inc. | 29,500 | 3,573,925 | ||||||
EOG Resources, Inc.(a) | 103,400 | 11,419,496 | ||||||
Exxon Mobil Corp. | 744,004 | 63,716,503 | ||||||
Hess Corp. | 48,675 | 5,156,630 | ||||||
Kinder Morgan, Inc. | 344,243 | 5,769,513 | ||||||
Marathon Oil Corp. | 124,894 | 2,807,617 | ||||||
Marathon Petroleum Corp. | 95,487 | 7,849,986 | ||||||
Occidental Petroleum Corp.(a) | 157,128 | 9,251,697 | ||||||
ONEOK, Inc. | 78,840 | 4,375,620 | ||||||
Phillips 66 | 84,964 | 6,966,198 | ||||||
Pioneer Natural Resources Co. | 39,700 | 8,856,276 | ||||||
Valero Energy Corp.(a) | 71,900 | 7,641,532 | ||||||
Williams Cos., Inc. (The)(a) | 215,000 | 6,710,150 | ||||||
|
| |||||||
|
226,572,238 |
| ||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 41,000 | 10,441,470 | ||||||
|
| |||||||
Pharmaceuticals — 4.7% | ||||||||
Bristol-Myers Squibb Co. | 376,090 | 28,958,930 | ||||||
Catalent, Inc.*(a) | 31,800 | 3,411,822 | ||||||
Eli Lilly & Co. | 139,400 | 45,197,662 | ||||||
Johnson & Johnson | 464,746 | 82,497,062 | ||||||
Merck & Co., Inc. | 446,403 | 40,698,562 |
SEE NOTES TO FINANCIAL STATEMENTS.
A158
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Pharmaceuticals (cont’d.) | ||||||||
Organon & Co.(a) | 44,790 | $ | 1,511,663 | |||||
Pfizer, Inc. | 991,023 | 51,959,336 | ||||||
Viatris, Inc. | 213,994 | 2,240,517 | ||||||
Zoetis, Inc. | 83,100 | 14,284,059 | ||||||
|
| |||||||
|
270,759,613 |
| ||||||
|
| |||||||
Professional Services — 0.3% | ||||||||
Equifax, Inc. | 21,650 | 3,957,187 | ||||||
Jacobs Engineering Group, Inc. | 22,800 | 2,898,564 | ||||||
Leidos Holdings, Inc. | 24,350 | 2,452,288 | ||||||
Nielsen Holdings PLC | 63,100 | 1,465,182 | ||||||
Robert Half International, Inc. | 19,500 | 1,460,355 | ||||||
Verisk Analytics, Inc. | 27,900 | 4,829,211 | ||||||
|
| |||||||
|
17,062,787 |
| ||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
CBRE Group, Inc. (Class A Stock)* | 57,700 | 4,247,297 | ||||||
|
| |||||||
Road & Rail — 0.9% | ||||||||
CSX Corp. | 384,016 | 11,159,505 | ||||||
J.B. Hunt Transport Services, Inc. | 14,800 | 2,330,556 | ||||||
Norfolk Southern Corp. | 42,100 | 9,568,909 | ||||||
Old Dominion Freight Line, | 16,200 | 4,151,736 | ||||||
Union Pacific Corp.(a) | 110,950 | 23,663,416 | ||||||
|
| |||||||
|
50,874,122 |
| ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.1% |
| |||||||
Advanced Micro Devices, Inc.* | 286,095 | 21,877,685 | ||||||
Analog Devices, Inc. | 92,594 | 13,527,057 | ||||||
Applied Materials, Inc. | 156,300 | 14,220,174 | ||||||
Broadcom, Inc. | 72,070 | 35,012,327 | ||||||
Enphase Energy, Inc.* | 23,900 | 4,666,236 | ||||||
Intel Corp. | 721,800 | 27,002,538 | ||||||
KLA Corp.(a) | 26,400 | 8,423,712 | ||||||
Lam Research Corp. | 24,500 | 10,440,675 | ||||||
Microchip Technology, Inc. | 98,200 | 5,703,456 | ||||||
Micron Technology, Inc.(a) | 197,200 | 10,901,216 | ||||||
Monolithic Power Systems, Inc. | 7,800 | 2,995,512 | ||||||
NVIDIA Corp. | 442,310 | 67,049,773 | ||||||
NXP Semiconductors NV (China)(a) | 46,400 | 6,868,592 | ||||||
ON Semiconductor Corp.*(a) | 76,700 | 3,858,777 | ||||||
Qorvo, Inc.*(a) | 19,286 | 1,819,055 | ||||||
QUALCOMM, Inc. | 197,750 | 25,260,585 | ||||||
Skyworks Solutions, Inc. | 28,600 | 2,649,504 | ||||||
SolarEdge Technologies, | 9,800 | 2,682,064 | ||||||
Teradyne, Inc. | 28,600 | 2,561,130 | ||||||
Texas Instruments, Inc. | 162,800 | 25,014,220 | ||||||
|
| |||||||
|
292,534,288 |
| ||||||
|
| |||||||
Software — 8.7% | ||||||||
Adobe, Inc.* | 83,595 | 30,600,786 | ||||||
ANSYS, Inc.* | 15,400 | 3,685,066 | ||||||
Autodesk, Inc.* | 38,370 | 6,598,105 | ||||||
Cadence Design Systems, Inc.* | 48,800 | 7,321,464 | ||||||
Ceridian HCM Holding, Inc.*(a) | 24,000 | 1,129,920 | ||||||
Citrix Systems, Inc. | 22,050 | 2,142,599 | ||||||
Fortinet, Inc.*(a) | 117,500 | 6,648,150 | ||||||
Intuit, Inc. | 49,960 | 19,256,582 | ||||||
Microsoft Corp. | 1,320,980 | 339,267,293 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Software (cont’d.) | ||||||||
NortonLifeLock, Inc.(a) | 102,211 | $ | 2,244,554 | |||||
Oracle Corp. | 277,895 | 19,416,524 | ||||||
Paycom Software, Inc.* | 8,600 | 2,409,032 | ||||||
PTC, Inc.* | 18,600 | 1,977,924 | ||||||
Roper Technologies, Inc.(a) | 18,700 | 7,379,955 | ||||||
Salesforce, Inc.* | 175,400 | 28,948,016 | ||||||
ServiceNow, Inc.*(a) | 35,410 | 16,838,163 | ||||||
Synopsys, Inc.* | 27,000 | 8,199,900 | ||||||
Tyler Technologies, Inc.*(a) | 7,380 | 2,453,702 | ||||||
|
| |||||||
|
506,517,735 |
| ||||||
|
| |||||||
Specialty Retail — 2.0% |
| |||||||
Advance Auto Parts, Inc.(a) | 10,760 | 1,862,448 | ||||||
AutoZone, Inc.* | 3,510 | 7,543,411 | ||||||
Bath & Body Works, Inc.(a) | 42,096 | 1,133,224 | ||||||
Best Buy Co., Inc.(a) | 35,725 | 2,328,913 | ||||||
CarMax, Inc.*(a) | 28,500 | 2,578,680 | ||||||
Home Depot, Inc. (The) | 182,469 | 50,045,773 | ||||||
Lowe’s Cos., Inc. | 116,675 | 20,379,622 | ||||||
O’Reilly Automotive, Inc.* | 11,600 | 7,328,416 | ||||||
Ross Stores, Inc. | 62,100 | 4,361,283 | ||||||
TJX Cos., Inc. (The) | 207,300 | 11,577,705 | ||||||
Tractor Supply Co. | 19,900 | 3,857,615 | ||||||
Ulta Beauty, Inc.* | 9,270 | 3,573,400 | ||||||
|
| |||||||
|
116,570,490 |
| ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 6.7% |
| |||||||
Apple, Inc. | 2,715,720 | 371,293,239 | ||||||
Hewlett Packard Enterprise | 228,166 | 3,025,481 | ||||||
HP, Inc.(a) | 185,966 | 6,095,966 | ||||||
NetApp, Inc. | 39,100 | 2,550,884 | ||||||
Seagate Technology Holdings PLC(a) | 35,150 | 2,511,116 | ||||||
Western Digital Corp.* | 55,168 | 2,473,181 | ||||||
|
| |||||||
|
387,949,867 |
| ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.5% |
| |||||||
NIKE, Inc. (Class B Stock) | 224,000 | 22,892,800 | ||||||
PVH Corp. | 12,150 | 691,335 | ||||||
Ralph Lauren Corp.(a) | 8,500 | 762,025 | ||||||
Tapestry, Inc. | 44,500 | 1,358,140 | ||||||
VF Corp.(a) | 57,144 | 2,524,050 | ||||||
|
| |||||||
|
28,228,350 |
| ||||||
|
| |||||||
Tobacco — 0.7% | ||||||||
Altria Group, Inc. | 319,600 | 13,349,692 | ||||||
Philip Morris International, Inc. | 273,600 | 27,015,264 | ||||||
|
| |||||||
|
40,364,956 |
| ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Fastenal Co.(a) | 101,700 | 5,076,864 | ||||||
United Rentals, Inc.*(a) | 12,740 | 3,094,673 | ||||||
W.W. Grainger, Inc.(a) | 7,620 | 3,462,757 | ||||||
|
| |||||||
|
11,634,294 |
| ||||||
|
| |||||||
Water Utilities — 0.1% | ||||||||
American Water Works Co., Inc. | 32,150 | 4,782,956 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A159
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Shares | Value | |||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||
Wireless Telecommunication Services — 0.2% |
| |||||||||||||
T-Mobile US, Inc.* | 104,000 | $ | 13,992,160 | |||||||||||
|
| |||||||||||||
TOTAL COMMON STOCKS |
| 5,635,276,763 | ||||||||||||
|
| |||||||||||||
EXCHANGE-TRADED FUNDS — 0.8% |
| |||||||||||||
iShares Core S&P 500 ETF |
| 93,800 | 35,564,270 | |||||||||||
SPDR S&P 500 ETF Trust(a) |
| 27,750 | 10,468,687 | |||||||||||
|
| |||||||||||||
TOTAL EXCHANGE-TRADED FUNDS |
| 46,032,957 | ||||||||||||
|
| |||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 5,681,309,720 | ||||||||||||
|
| |||||||||||||
SHORT-TERM INVESTMENTS — 11.2% |
| |||||||||||||
AFFILIATED MUTUAL FUNDS — 11.1% |
| |||||||||||||
PGIM Core Ultra Short Bond Fund(wa) |
| 102,934,814 | 102,934,814 | |||||||||||
PGIM Institutional Money Market Fund |
| |||||||||||||
(cost $540,768,591; includes $540,381,606 of cash collateral for securities on loan)(b)(wa) |
| 541,387,614 | 540,900,365 | |||||||||||
|
| |||||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 643,835,179 | ||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | ||||||||||||||
U.S. TREASURY OBLIGATION(k)(n) — 0.1% |
| |||||||||||||||
U.S. Treasury Bills |
| |||||||||||||||
1.753% | 09/15/22 | 6,300 | 6,278,867 | |||||||||||||
|
| |||||||||||||||
(cost $6,276,792) |
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||||||
(cost $649,980,197) | 650,114,046 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS—109.3% |
| |||||||||||||||
(cost $2,308,557,527) | 6,331,423,766 | |||||||||||||||
Liabilities in excess of other assets(z) — (9.3)% | (537,787,156 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS — 100.0% |
$ |
5,793,636,610 |
| |||||||||||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
* | Non-income producing security. |
# | Principal amount is shown in U.S. dollars unless otherwise stated. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $526,224,305; cash collateral of $540,381,606 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(n) | Rate shown is the effective yield at purchase date. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at June 30, 2022:
Number | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||||||||||||||
Long Position: | ||||||||||||||||||||
575 | S&P 500 E-Mini Index | Sep. 2022 | $108,948,125 | $(2,976,519) | ||||||||||||||||
|
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker | Cash and/or Foreign Currency | Securities Market Value | ||||||||||||||||||
UBS Securities LLC | $— | $6,278,867 | ||||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A160
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’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 June 30, 2022 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | |||||||||||||
Investments in Securities | |||||||||||||||
Assets | |||||||||||||||
Long-Term Investments | |||||||||||||||
Common Stocks | |||||||||||||||
Aerospace & Defense | $ | 97,093,569 | $ | — | $— | ||||||||||
Air Freight & Logistics | 38,404,384 | — | — | ||||||||||||
Airlines | 11,441,341 | — | — | ||||||||||||
Auto Components | 5,654,645 | — | — | ||||||||||||
Automobiles | 115,740,869 | — | — | ||||||||||||
Banks | 207,981,387 | — | — | ||||||||||||
Beverages | 105,552,831 | — | — | ||||||||||||
Biotechnology | 125,000,030 | — | — | ||||||||||||
Building Products | 22,981,299 | — | — | ||||||||||||
Capital Markets | 162,511,004 | — | — | ||||||||||||
Chemicals | 101,095,643 | — | — | ||||||||||||
Commercial Services & Supplies | 26,444,521 | — | — | ||||||||||||
Communications Equipment | 44,433,585 | — | — | ||||||||||||
Construction & Engineering | 3,183,636 | — | — | ||||||||||||
Construction Materials | 6,616,780 | — | — | ||||||||||||
Consumer Finance | 29,286,839 | — | — | ||||||||||||
Containers & Packaging | 17,881,905 | — | — | ||||||||||||
Distributors | 8,108,914 | — | — | ||||||||||||
Diversified Financial Services | 87,232,620 | — | — | ||||||||||||
Diversified Telecommunication Services | 65,898,801 | — | — | ||||||||||||
Electric Utilities | 110,545,252 | — | — | ||||||||||||
Electrical Equipment | 28,200,265 | — | — | ||||||||||||
Electronic Equipment, Instruments & Components | 34,083,551 | — | — | ||||||||||||
Energy Equipment & Services | 18,682,383 | — | — | ||||||||||||
Entertainment | 71,534,637 | — | — | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 160,469,283 | — | — | ||||||||||||
Food & Staples Retailing | 85,579,598 | — | — | ||||||||||||
Food Products | 63,751,027 | — | — | ||||||||||||
Gas Utilities | 2,757,660 | — | — | ||||||||||||
Health Care Equipment & Supplies | 154,972,043 | — | — | ||||||||||||
Health Care Providers & Services | 196,006,903 | — | — | ||||||||||||
Hotels, Restaurants & Leisure | 102,633,416 | — | — | ||||||||||||
Household Durables | 17,426,080 | — | — | ||||||||||||
Household Products | 87,903,054 | — | — | ||||||||||||
Independent Power & Renewable Electricity Producers | 2,479,180 | — | — | ||||||||||||
Industrial Conglomerates | 46,296,366 | — | — | ||||||||||||
Insurance | 124,014,209 | — | — | ||||||||||||
Interactive Media & Services | 296,174,273 | — | — | ||||||||||||
Internet & Direct Marketing Retail | 169,868,571 | — | — | ||||||||||||
IT Services | 246,909,638 | — | — | ||||||||||||
Leisure Products | 1,879,146 | — | — | ||||||||||||
Life Sciences Tools & Services | 106,830,570 | — | — | ||||||||||||
Machinery | 86,481,916 | — | — | ||||||||||||
Media | 52,160,884 | — | — | ||||||||||||
Metals & Mining | 20,752,275 | — | — | ||||||||||||
Multiline Retail | 27,628,733 | — | — | ||||||||||||
Multi-Utilities | 54,178,624 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A161
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Level 1 | Level 2 | Level 3 | |||||||||||||
Investments in Securities (continued) | |||||||||||||||
Assets (continued) | |||||||||||||||
Long-Term Investments (continued) | |||||||||||||||
Common Stocks (continued) | |||||||||||||||
Oil, Gas & Consumable Fuels | $ | 226,572,238 | $ | — | $ | — | |||||||||
Personal Products | 10,441,470 | — | — | ||||||||||||
Pharmaceuticals | 270,759,613 | — | — | ||||||||||||
Professional Services | 17,062,787 | — | — | ||||||||||||
Real Estate Management & Development | 4,247,297 | — | — | ||||||||||||
Road & Rail | 50,874,122 | — | — | ||||||||||||
Semiconductors & Semiconductor Equipment | 292,534,288 | — | — | ||||||||||||
Software | 506,517,735 | — | — | ||||||||||||
Specialty Retail | 116,570,490 | — | — | ||||||||||||
Technology Hardware, Storage & Peripherals | 387,949,867 | — | — | ||||||||||||
Textiles, Apparel & Luxury Goods | 28,228,350 | — | — | ||||||||||||
Tobacco | 40,364,956 | — | — | ||||||||||||
Trading Companies & Distributors | 11,634,294 | — | — | ||||||||||||
Water Utilities | 4,782,956 | — | — | ||||||||||||
Wireless Telecommunication Services | 13,992,160 | — | — | ||||||||||||
Exchange-Traded Funds | 46,032,957 | — | — | ||||||||||||
Short-Term Investments | |||||||||||||||
Affiliated Mutual Funds | 643,835,179 | — | — | ||||||||||||
U.S. Treasury Obligation | — | 6,278,867 | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total | $ | 6,325,144,899 | $ | 6,278,867 | $ | — | |||||||||
|
|
|
|
|
| ||||||||||
Other Financial Instruments* | |||||||||||||||
Liabilities | |||||||||||||||
Futures Contracts | $ | (2,976,519 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:
Affiliated Mutual Funds (9.3% represents investments purchased with collateral from securities on loan) | 11.1 | % | ||
Software | 8.7 | |||
Technology Hardware, Storage & Peripherals | 6.7 | |||
Interactive Media & Services | 5.1 | |||
Semiconductors & Semiconductor Equipment | 5.1 | |||
Pharmaceuticals | 4.7 | |||
IT Services | 4.3 | |||
Oil, Gas & Consumable Fuels | 3.9 | |||
Banks | 3.6 | |||
Health Care Providers & Services | 3.4 | |||
Internet & Direct Marketing Retail | 2.9 | |||
Capital Markets | 2.8 | |||
Equity Real Estate Investment Trusts (REITs) | 2.8 | |||
Health Care Equipment & Supplies | 2.7 | |||
Biotechnology | 2.2 | |||
Insurance | 2.1 | |||
Specialty Retail | 2.0 | |||
Automobiles | 2.0 | |||
Electric Utilities | 1.9 | |||
Life Sciences Tools & Services | 1.8 | |||
Beverages | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 |
Chemicals | 1.7 | % | ||
Aerospace & Defense | 1.7 | |||
Household Products | 1.5 | |||
Diversified Financial Services | 1.5 | |||
Machinery | 1.5 | |||
Food & Staples Retailing | 1.5 | |||
Entertainment | 1.2 | |||
Diversified Telecommunication Services | 1.1 | |||
Food Products | 1.1 | |||
Multi-Utilities | 0.9 | |||
Media | 0.9 | |||
Road & Rail | 0.9 | |||
Industrial Conglomerates | 0.8 | |||
Exchange-Traded Funds | 0.8 | |||
Communications Equipment | 0.8 | |||
Tobacco | 0.7 | |||
Air Freight & Logistics | 0.7 | |||
Electronic Equipment, Instruments & Components | 0.6 | |||
Consumer Finance | 0.5 | |||
Textiles, Apparel & Luxury Goods | 0.5 | |||
Electrical Equipment | 0.5 | |||
Multiline Retail | 0.5 | |||
Commercial Services & Supplies | 0.5 |
SEE NOTES TO FINANCIAL STATEMENTS.
A162
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Industry Classification (continued):
Building Products | 0.4 | % | ||
Metals & Mining | 0.4 | |||
Energy Equipment & Services | 0.3 | |||
Containers & Packaging | 0.3 | |||
Household Durables | 0.3 | |||
Professional Services | 0.3 | |||
Wireless Telecommunication Services | 0.2 | |||
Trading Companies & Distributors | 0.2 | |||
Airlines | 0.2 | |||
Personal Products | �� | 0.2 | ||
Distributors | 0.1 | |||
Construction Materials | 0.1 | |||
U.S. Treasury Obligation | 0.1 |
Auto Components | 0.1 | % | ||
Water Utilities | 0.1 | |||
Real Estate Management & Development | 0.1 | |||
Construction & Engineering | 0.1 | |||
Gas Utilities | 0.0 | * | ||
Independent Power & Renewable Electricity Producers | 0.0 | * | ||
Leisure Products | 0.0 | * | ||
|
| |||
109.3 | ||||
Liabilities in excess of other assets | (9.3 | ) | ||
|
| |||
100.0 | % | |||
|
|
* Less than +/- 0.05%
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2022 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | ||||||||
Equity contracts | — | $— | Due from/to broker-variation margin futures | $ | 2,976,519 | * | ||||||
|
|
|
|
* | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||
Derivatives not accounted for as hedging instruments, carried at fair value | Futures | |||
Equity contracts | $ | (23,567,560 | ) | |
|
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||
Derivatives not accounted for as hedging instruments, carried at fair value | Futures | |||
Equity contracts | $ | (4,801,429 | ) | |
|
|
For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:
Derivative Contract Type | Average Volume of Derivative Activities* | |
Futures Contracts - Long Positions (1) | $131,357,458 |
* | Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022. |
(1) | Notional Amount in USD. |
SEE NOTES TO FINANCIAL STATEMENTS.
A163
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2022 (unaudited) |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio 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 | Gross Market Value of Recognized Assets/(Liabilities) | Collateral Pledged/(Received)(1) | Net Amount | |||||
Securities on Loan | $526,224,305 | $(526,224,305) | $— |
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A164
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2022
|
| |||
ASSETS | ||||
Investments at value, including securities on loan of $526,224,305: | ||||
Unaffiliated investments (cost $1,664,854,122) | $ | 5,687,588,587 | ||
Affiliated investments (cost $643,703,405) | 643,835,179 | |||
Cash | 19,526 | |||
Dividends receivable | 4,489,541 | |||
Receivable for investments sold | 763,303 | |||
Receivable for Portfolio shares sold | 412,541 | |||
Tax reclaim receivable | 303,707 | |||
Prepaid expenses | 559,112 | |||
|
| |||
Total Assets | 6,337,971,496 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 540,381,606 | |||
Management fee payable | 1,390,512 | |||
Due to broker-variation margin futures | 882,740 | |||
Payable for Portfolio shares purchased | 827,852 | |||
Accrued expenses and other liabilities | 542,212 | |||
Payable for investments purchased | 304,750 | |||
Distribution fee payable | 4,234 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 544,334,886 | |||
|
| |||
NET ASSETS | $ | 5,793,636,610 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 5,793,636,610 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $5,773,168,696 / 64,231,259 outstanding shares of beneficial interest | $ | 89.88 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $20,467,914 / 228,390 outstanding shares of beneficial interest | $ | 89.62 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2022
|
| |||
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income | $ | 48,548,921 | ||
Affiliated dividend income | 274,454 | |||
Income from securities lending, net (including affiliated income of $109,168) | 110,292 | |||
Interest income | 15,085 | |||
|
| |||
Total income | 48,948,752 | |||
|
| |||
EXPENSES | ||||
Management fee | 9,105,806 | |||
Distribution fee—Class III | 23,912 | |||
Custodian and accounting fees | 167,238 | |||
Shareholders’ reports | 85,649 | |||
Trustees’ fees | 50,738 | |||
Legal fees and expenses | 24,881 | |||
Audit fee | 15,025 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 72,391 | |||
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Total expenses | 9,550,937 | |||
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| |||
NET INVESTMENT INCOME (LOSS) | 39,397,815 | |||
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(81,034)) | 16,285,262 | |||
Futures transactions | (23,567,560 | ) | ||
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(7,282,298 | ) | |||
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Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(5,622)) | (1,481,718,670 | ) | ||
Futures | (4,801,429 | ) | ||
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(1,486,520,099 | ) | |||
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NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | (1,493,802,397 | ) | ||
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NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,454,404,582 | ) | |
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STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 39,397,815 | $ | 67,998,064 | ||||||
Net realized gain (loss) on investment transactions | (7,282,298 | ) | 80,159,789 | |||||||
Net change in unrealized appreciation (depreciation) on investments | (1,486,520,099 | ) | 1,443,977,584 | |||||||
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| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (1,454,404,582 | ) | 1,592,135,437 | |||||||
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PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 126,105,630 | 325,130,065 | ||||||||
Portfolio shares purchased | (139,229,081 | ) | (276,298,925 | ) | ||||||
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NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (13,123,451 | ) | 48,831,140 | |||||||
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TOTAL INCREASE (DECREASE) | (1,467,528,033 | ) | 1,640,966,577 | |||||||
NET ASSETS: | ||||||||||
Beginning of period | 7,261,164,643 | 5,620,198,066 | ||||||||
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End of period | $ | 5,793,636,610 | $ | 7,261,164,643 | ||||||
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SEE NOTES TO FINANCIAL STATEMENTS.
A165
PSF STOCK INDEX PORTFOLIO (CONTINUED) |
FINANCIAL HIGHLIGHTS (unaudited)
Class I | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 112.45 | $ | 87.66 | $ | 74.24 | $ | 56.64 | $ | 59.38 | $ | 50.70 | ||||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.61 | 1.06 | 1.12 | 1.12 | 1.00 | 0.92 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (23.18 | ) | 23.73 | 12.30 | 16.48 | (3.74 | ) | 9.75 | ||||||||||||||||||||||||||||
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Total from investment operations | (22.57 | ) | 24.79 | 13.42 | 17.60 | (2.74 | ) | 10.67 | ||||||||||||||||||||||||||||
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Less Dividends and Distributions | — | — | — | — | — | (1.99 | ) | |||||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 89.88 | $ | 112.45 | $ | 87.66 | $ | 74.24 | $ | 56.64 | $ | 59.38 | ||||||||||||||||||||||||
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Total Return(b) | (20.07 | )% | 28.28 | % | 18.08 | % | 31.07 | % | (4.61 | )% | 21.46 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 5,773 | $ | 7,244 | $ | 5,620 | $ | 4,757 | $ | 3,672 | $ | 3,928 | ||||||||||||||||||||||||
Average net assets (in millions) | $ | 6,526 | $ | 6,427 | $ | 4,802 | $ | 4,298 | $ | 4,051 | $ | 3,630 | ||||||||||||||||||||||||
Ratios to average net assets(c): | ||||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.29 | %(d) | 0.29 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.29 | %(d) | 0.29 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||||||||||||||||
Net investment income (loss) | 1.21 | %(d) | 1.06 | % | 1.50 | % | 1.69 | % | 1.63 | % | 1.69 | % | ||||||||||||||||||||||||
Portfolio turnover rate(e) | 1 | % | 2 | % | 4 | % | 3 | % | 4 | % | 4 | % |
Class III | ||||||||||||||||||||||||
Six Months Ended June 30, 2022 | April 26, 2021(f) through December 31, 2021 | |||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||
Net Asset Value, beginning of period | $ | 112.26 | $ | 97.90 | ||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.49 | 0.54 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (23.13 | ) | 13.82 | |||||||||||||||||||||
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Total from investment operations | (22.64 | ) | 14.36 | |||||||||||||||||||||
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Net Asset Value, end of period | $ | 89.62 | $ | 112.26 | ||||||||||||||||||||
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Total Return(b) | (20.17 | )% | 14.67 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 20 | $ | 17 | ||||||||||||||||||||
Average net assets (in millions) | $ | 19 | $ | 7 | ||||||||||||||||||||
Ratios to average net assets(c): | ||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.54 | %(d) | 0.54 | %(g) | ||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.54 | %(d) | 0.54 | %(g) | ||||||||||||||||||||
Net investment income (loss) | 0.98 | %(d) | 0.74 | %(g) | ||||||||||||||||||||
Portfolio turnover rate(e) | 1 | % | 2 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(d) | Annualized. |
(e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
(f) | Commencement of offering. |
(g) | Annualized, with the exception of certain non-recurring expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
A166
NOTES TO FINANCIAL STATEMENTS OF
THE PRUDENTIAL SERIES FUND
(unaudited)
1. Organization
The Prudential Series Fund (“Series Fund”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Series Fund is currently composed of 17 Portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The information presented in these financial statements pertains to the 8 Portfolios listed below together with their investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act.
The Portfolios have the following investment objective(s):
Portfolio | Investment Objective(s) | |
PSF Global Portfolio
| Long-term growth of capital | |
PSF PGIM 50/50 Balanced Portfolio | Total investment return consistent with a conservatively managed diversified portfolio
| |
PSF PGIM Flexible Managed Portfolio | Total return consistent with an aggressively managed diversified portfolio
| |
PSF PGIM Government Income Portfolio | High level of income over the long-term consistent with the preservation of capital
| |
PSF PGIM Government Money Market Portfolio | Maximum current income consistent with the stability of capital and maintenance of liquidity
| |
PSF PGIM Jennison Blend Portfolio | Long-term growth of capital
| |
PSF PGIM Total Return Bond Portfolio | High level of income over a longer term while providing reasonable safety of capital
| |
PSF Stock Index Portfolio | Achieve investment results that generally correspond to the performance of publicly traded common stocks
|
2. Accounting Policies
The Series Fund follows 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 Series Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Series Fund and the Portfolios consistently follow such policies in the preparation of their financial statements.
Securities Valuation: Each Portfolio holds 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
B1
detail below, the Portfolios’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Series Fund’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit a Portfolio 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 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios’ foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.
Various inputs determine how the Portfolios’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.
Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.
Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, 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 of the fair value hierarchy.
Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.
B2
OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;
(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.
Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain
B3
(loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. Across currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.
Options: Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.
The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.
When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.
Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Portfolios each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.
Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.
Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the
B4
valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.
Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.
Inflation Swaps: Certain Portfolios entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Portfolios to interest rate risk.
Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.
Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.
As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.
The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.
Bank Loans: Certain Portfolios invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans,
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revolvers, and other instruments issued in the bank loan market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.
Repurchase Agreements: Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’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 Portfolio may be delayed or limited.
Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.
Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.
Master Netting Arrangements: The Series Fund, on behalf of certain Portfolios, 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 a Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolios to cover the Portfolios’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.
The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio’s custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early
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and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.
In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.
Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.
Warrants: Certain Portfolios held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Portfolios until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.
Payment-In-Kind: Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.
Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.
Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.
The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.
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Mortgage Dollar Rolls: Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.
Equity and Mortgage Real Estate Investment Trusts (collectively REITs): Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.
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 Portfolios 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. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) 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.
Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s shareholders (participating insurance companies). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.
Distributions: Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.
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 Series Fund, on behalf of the Portfolios, has entered into manager agreements with the Manager which provide that the Manager will furnish each Portfolio with investment advice, investment management and administrative services. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios.
Portfolio | Subadviser(s) | |
PSF Global Portfolio | LSV Asset Management (“LSV”); PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) (a wholly-owned subsidiary of PGIM, Inc.); T. Rowe Price Associates, Inc. (“T. Rowe”) & William Blair & Co.LLC (“William Blair”); Effective April 23, 2022, Massachusetts Financial Services, Inc. (“MFS”); Until April 22, 2022, Brown Advisory LLC (“Brown”) | |
PSF PGIM 50/50 Balanced Portfolio | PGIM Fixed Income (“PFI”) (a business unit of PGIM, Inc.); PGIM Limited & PGIM Quantitative Solutions | |
PSF PGIM Flexible Managed Portfolio | PFI; PGIM Limited & PGIM Quantitative Solutions | |
PSF PGIM Government Income Portfolio | PFI |
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Portfolio | Subadviser(s) | |
PSF PGIM Government Money Market Portfolio | PFI | |
PSF PGIM Jennison Blend Portfolio | Jennison | |
PSF PGIM Total Return Bond Portfolio | PFI & PGIM Limited | |
PSF Stock Index Portfolio | PGIM Quantitative Solutions |
The management fee paid to the Manager is accrued daily and payable monthly, using the value of each Portfolio’s average daily net assets, at the respective annual rates specified below.
Portfolio | Management Fee | Effective Management Fee, Net of Waiver, if Applicable | ||
PSF Global Portfolio | 0.75% | 0.71%* | ||
PSF PGIM 50/50 Balanced Portfolio | 0.55 | 0.55 | ||
PSF PGIM Flexible Managed Portfolio | 0.60 | 0.60 | ||
PSF PGIM Government Income Portfolio | 0.40 | 0.40 | ||
PSF PGIM Government Money Market Portfolio | 0.30 | 0.19**** | ||
PSF PGIM Jennison Blend Portfolio | 0.45 | 0.45 | ||
PSF PGIM Total Return Bond Portfolio | 0.40 | 0.40 | ||
PSF Stock Index Portfolio | 0.30% up to $4 billion 0.25% over $4 billion | 0.28 |
* | The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.0363% of the average daily net assets of the Portfolio. Effective April 23, 2022, the Manager has contractually agreed to waive an additional 0.012% of its investment management fee through June 30, 2023. Effective July 1, 2022, the Manager has contractually agreed to waive 0.0345% of its investment management fee through June 30, 2023. |
**** | The Manager has voluntarily agreed to limit the management fee of the Government Money Market Portfolio such that the 1-day yield of the Portfolio, excluding realized gain (loss) on investment transactions, does not fall below 0.00%. The waiver/reimbursement is voluntary and may be modified or terminated by the Manager at any time without notice. During the period ended June 30, 2022, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $503,442, 0.11% of the Government Money Market Portfolio’s averaged daily net assets. |
The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The Portfolios compensate PIMS for distributing and servicing the Portfolios’ Class II and Class III shares pursuant to a plan of distribution (the “Class II Plan” and “Class III Plan”, together, the Plans), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares. In order to support the Portfolio’s income yield, PIMS has voluntarily undertaken to waive the distribution and service (12b-1) fees of the Government Money Market Portfolio Class III shares, respectively, such that the 1-day income yield (excluding capital gain (loss)) does not fall below 0.00%.
The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average daily net assets of the Class II shares.
The Series Fund, on behalf of the Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2022, brokerage commission recaptured under these agreements was as follows:
Portfolio | Amount | |||
PSF Global Portfolio | $10,213 | |||
PSF PGIM Jennison Blend Portfolio | 44,688 |
PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned
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subsidiaries of Prudential.
4. Other Transactions with Affiliates
a.) Related Parties
Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent of the Portfolios. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.
The Portfolios may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”) and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.
Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2022, no 17a-7 transactions were entered into by the Portfolios.
b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies (RICs). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, “excess withholding tax”).
Prudential instituted a process in consultation with the Series Fund’s independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios’ partnership tax status.
In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as “Payable to affiliate” on the “Statement of Assets and Liabilities” and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as “Receivable from affiliate” on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Tax reclaim receivable” on the “Statement of Assets and Liabilities.” To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.
The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.
Portfolio | 2022 Payments | |||
PSF Global Portfolio | $131,084 | |||
PSF PGIM 50/50 Balanced Portfolio | 11,802 | |||
PSF PGIM Flexible Managed Portfolio | 16,140 | |||
PSF PGIM Jennison Blend Portfolio | 17,374 |
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The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.
Portfolio | 2022 Payments | |||
PSF Global Portfolio | $146,228 | |||
PSF PGIM 50/50 Balanced Portfolio | 13,010 | |||
PSF PGIM Flexible Managed Portfolio | 16,398 | |||
PSF PGIM Jennison Blend Portfolio | 53,027 |
5. Portfolio Securities
The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended June 30, 2022, were as follows:
Portfolio | Cost of Purchases | Proceeds from Sales | ||||||
PSF Global Portfolio | $ | 469,245,903 | $ | 489,887,249 | ||||
PSF PGIM 50/50 Balanced Portfolio | 557,440,722 | 650,116,066 | ||||||
PSF PGIM Flexible Managed Portfolio | 2,329,108,094 | 2,603,953,853 | ||||||
PSF PGIM Government Income Portfolio | 93,759,069 | 87,866,889 | ||||||
PSF PGIM Jennison Blend Portfolio | 649,059,625 | 816,785,762 | ||||||
PSF PGIM Total Return Bond Portfolio | 489,601,045 | 475,726,985 | ||||||
PSF Stock Index Portfolio | 106,862,923 | 66,325,192 |
A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2022, is presented as follows:
PSF Global Portfolio
Value, of | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$33,642,687 | $ 96,616,332 | $113,341,167 | $ — | $ — | $16,917,852 | 16,917,852 | $57,330 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
17,773,029 | 211,878,376 | 187,302,790 | 325 | (7,728) | 42,341,212 | 42,379,353 | 20,743 | (2) | ||||||||||||||||||||
$51,415,716 | $308,494,708 | $300,643,957 | $325 | $(7,728) | $59,259,064 | $78,073 | ||||||||||||||||||||||
PSF PGIM 50/50 Balanced Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$363,398,511 | $241,959,553 | $231,554,863 | $ — | $ — | $373,803,201 | 373,803,201 | $975,724 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
35,533,049 | 191,488,626 | 155,994,546 | (14,826) | 7,760 | 71,020,063 | 71,084,040 | 19,945 | (2) | ||||||||||||||||||||
$398,931,560 | $433,448,179 | $387,549,409 | $(14,826) | $ 7,760 | $444,823,264 | $995,669 |
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PSF PGIM Flexible Managed Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$303,840,636 | $479,869,862 | $351,658,576 | $ — | $ — | $432,051,922 | 432,051,922 | $1,121,385 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
45,515,856 | 235,970,543 | 195,209,326 | (2,413) | (8,518) | 86,266,142 | 86,343,851 | 19,996 | (2) | ||||||||||||||||||||
$349,356,492 | $715,840,405 | $546,867,902 | $(2,413) | $(8,518) | $518,318,064 | $1,141,381 | ||||||||||||||||||||||
PSF PGIM Government Income Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$7,919,849 | $46,341,794 | $49,205,847 | $ — | $ — | $5,055,796 | 5,055,796 | $17,587 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
— | 8,892,245 | 8,558,377 | (30) | (2,423) | 331,415 | 331,714 | 645 | (2) | ||||||||||||||||||||
$7,919,849 | $55,234,039 | $57,764,224 | $(30) | $(2,423) | $5,387,211 | $18,232 | ||||||||||||||||||||||
PSF PGIM Jennison Blend Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$ 96,848,898 | $358,172,034 | $343,724,018 | $ — | $ — | $111,296,914 | 111,296,914 | $355,325 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
124,217,579 | 546,622,382 | 513,179,916 | (47,116) | 36,368 | 157,649,297 | 157,791,309 | 43,119 | (2) | ||||||||||||||||||||
$221,066,477 | $904,794,416 | $856,903,934 | $(47,116) | $36,368 | $268,946,211 | $398,444 | ||||||||||||||||||||||
PSF PGIM Total Return Bond Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of | Shares, of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$10,819,602 | $176,934,931 | $116,104,207 | $ — | $ — | $71,650,326 | 71,650,326 | $120,766 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
38,615,550 | 84,220,393 | 96,514,021 | 920 | (6,547) | 26,316,295 | 26,340,001 | 26,404 | (2) | ||||||||||||||||||||
$49,435,152 | $261,155,324 | $212,618,228 | $920 | $(6,547) | $97,966,621 | $147,170 |
B12
PSF Stock Index Portfolio | ||||||||||||||||||||||||||||
Value, of Period | Cost of Purchases | Proceeds from Sales | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | Value, End of Period | Shares, End of Period | Income | |||||||||||||||||||||
Short-Term Investments - Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
$144,567,480 | $ 106,150,908 | $ 147,783,574 | $ — | $ — | $102,934,814 | 102,934,814 | $274,454 | |||||||||||||||||||||
PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
255,115,214 | 1,480,479,990 | 1,194,608,183 | (5,622) | (81,034) | 540,900,365 | 541,387,614 | 109,168 | (2) | ||||||||||||||||||||
$399,682,694 | $1,586,630,898 | $1,342,391,757 | $(5,622) | $(81,034) | $643,835,179 | $383,622 |
(1) | The Fund did not have any capital gain distributions during the reporting period. |
(2) | The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
6. Tax Information
All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership’s income, gains, losses and deductions.
With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio’s adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.
The Manager has analyzed the Portfolios’ 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 Portfolios’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2021 are subject to such review.
7. Borrowings
The Series Fund, on behalf of the Portfolios, (excluding the Government Money Market Portfolio), along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.
SCA | ||
Term of Commitment | 10/1/2021 – 9/29/2022 | |
Total Commitment | $ 1,200,000,000 | |
Annualized Commitment Fee on the Unused Portion of the SCA | 0.15% | |
Annualized Interest Rate on Borrowings | 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |
Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved
B13
methodology designed to treat the Participating Funds in the SCA equitably.
The Portfolios did not utilize the SCA during the reporting period ended June 30, 2022.
8. Capital and Ownership
The Agreement and Declaration of Trust permits the Trust’s Board of Trustees to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios. The Portfolios offer Class I shares and certain Portfolios offer Class II and/or Class III shares. All share classes are not subject to any sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I and Class III shares are sold only to certain separate accounts of Prudential to fund benefits under certain variable life insurance and variable annuity contracts (“contracts”). Class II shares are sold only to separate accounts of non-Prudential insurance companies as investment options under certain contracts. Class I shares are also offered to separate accounts of non-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance or variable annuity contracts issued in connection with the separate accounts. The separate accounts invest in shares of the Portfolios through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Portfolios to the extent necessary to provide benefits under the contracts or for such other purposes as may be consistent with the contracts.
As of June 30, 2022, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.
Portfolio | Number of Shares | Percentage of Outstanding Shares | ||||||
PSF Global Portfolio–Class I | 26,127,928 | 100.0% | ||||||
PSF Global Portfolio–Class III | 11,771 | 100.0 | ||||||
PSF PGIM 50/50 Balanced Portfolio–Class I | 70,961,829 | 100.0 | ||||||
PSF PGIM 50/50 Balanced Portfolio–Class III | 157,109 | 100.0 | ||||||
PSF PGIM Flexible Managed Portfolio–Class I | 109,193,503 | 100.0 | ||||||
PSF PGIM Flexible Managed Portfolio–Class III |
| 84,153 | 100.0 | |||||
PSF PGIM Government Income Portfolio–Class I | 15,432,936 | 100.0 | ||||||
PSF PGIM Government Income Portfolio–Class III | 123,126 | 100.0 | ||||||
PSF PGIM Government Money Market Portfolio–Class I | 79,170,653 | 99.9 | ||||||
PSF PGIM Government Money Market Portfolio–Class III | 13,905,641 | 99.9 | ||||||
PSF PGIM Jennison Blend Portfolio–Class I | 62,954,897 | 100.0 | ||||||
PSF PGIM Jennison Blend Portfolio–Class III | 10,512 | 100.0 | ||||||
PSF PGIM Total Return Bond Portfolio–Class I | 81,628,475 | 98.8 | ||||||
PSF PGIM Total Return Bond Portfolio–Class III | 592,310 | 100.0 | ||||||
PSF Stock Index Portfolio–Class I | 64,231,259 | 100.0 | ||||||
PSF Stock Index Portfolio–Class III | 228,390 | 100.0 |
B14
The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:
Portfolio | Number of Shareholders | Percentage of Outstanding Shares | ||||||
Affiliated: | ||||||||
PSF Global Portfolio | 2 | 97.5% | ||||||
PSF PGIM 50/50 Balanced Portfolio | 3 | 100.0 | ||||||
PSF PGIM Flexible Managed Portfolio | 3 | 100.0 | ||||||
PSF PGIM Government Income Portfolio | 2 | 98.3 | ||||||
PSF PGIM Government Money Market Portfolio | 4 | 99.9 | ||||||
PSF PGIM Jennison Blend Portfolio | 3 | 99.9 | ||||||
PSF PGIM Total Return Bond Portfolio | 3 | 98.8 | ||||||
PSF Stock Index Portfolio | 3 | 100.0 | ||||||
Unaffiliated: | ||||||||
PSF Global Portfolio | — | 0.0 | ||||||
PSF PGIM 50/50 Balanced Portfolio | — | 0.0 | ||||||
PSF PGIM Flexible Managed Portfolio | — | 0.0 | ||||||
PSF PGIM Government Income Portfolio | — | 0.0 | ||||||
PSF PGIM Government Money Market Portfolio | — | 0.0 | ||||||
PSF PGIM Jennison Blend Portfolio | — | 0.0 | ||||||
PSF PGIM Total Return Bond Portfolio | — | 0.0 | ||||||
PSF Stock Index Portfolio | — | 0.0 |
Transactions in shares of beneficial interest of the Portfolios were as follows:
PSF Global Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 173,420 | $ | 8,946,040 | |||||||
Portfolio shares purchased | (772,202 | ) | (39,059,233 | ) | ||||||
Net increase (decrease) in shares outstanding | (598,782 | ) | $ | (30,113,193 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 331,454 | $ | 17,649,681 | |||||||
Portfolio shares purchased | (2,257,822 | ) | (119,301,279 | ) | ||||||
Net increase (decrease) in shares outstanding | (1,926,368 | ) | $ | (101,651,598 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 8,944 | $ | 473,847 | |||||||
Portfolio shares purchased | (470 | ) | (25,052 | ) | ||||||
Net increase (decrease) in shares outstanding | 8,474 | $ | 448,795 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 3,343 | $ | 183,467 | |||||||
Portfolio shares purchased | (46 | ) | (2,584 | ) | ||||||
Net increase (decrease) in shares outstanding | 3,297 | $ | 180,883 |
* Commencement of offering was April 26, 2021.
B15
PSF PGIM 50/50 Balanced Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 268,393 | $ | 9,894,566 | |||||||
Portfolio shares purchased | (2,324,243 | ) | (85,568,026 | ) | ||||||
Net increase (decrease) in shares outstanding | (2,055,850 | ) | $ | (75,673,460 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 382,552 | $ | 14,110,839 | |||||||
Portfolio shares purchased | (4,825,082 | ) | (179,267,581 | ) | ||||||
Net increase (decrease) in shares outstanding | (4,442,530 | ) | $ | (165,156,742 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 101,357 | $ | 3,694,002 | |||||||
Portfolio shares purchased | (11,522 | ) | (406,198 | ) | ||||||
Net increase (decrease) in shares outstanding | 89,835 | $ | 3,287,804 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 67,888 | $ | 2,606,087 | |||||||
Portfolio shares purchased | (614 | ) | (23,805 | ) | ||||||
Net increase (decrease) in shares outstanding | 67,274 | $ | 2,582,282 |
* Commencement of offering was April 26, 2021.
PSF PGIM Flexible Managed Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 44,379 | $ | 1,804,198 | |||||||
Portfolio shares purchased | (3,401,652 | ) | (139,888,339 | ) | ||||||
Net increase (decrease) in shares outstanding | (3,357,273 | ) | $ | (138,084,141 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 205,431 | $ | 8,283,511 | |||||||
Portfolio shares purchased | (6,737,839 | ) | (277,035,778 | ) | ||||||
Net increase (decrease) in shares outstanding | (6,532,408 | ) | $ | (268,752,267 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 40,326 | $ | 1,664,594 | |||||||
Portfolio shares purchased | (1,748 | ) | (71,222 | ) | ||||||
Net increase (decrease) in shares outstanding | 38,578 | $ | 1,593,372 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 46,517 | $ | 1,981,439 | |||||||
Portfolio shares purchased | (942 | ) | (40,576 | ) | ||||||
Net increase (decrease) in shares outstanding | 45,575 | $ | 1,940,863 |
* Commencement of offering was April 26, 2021.
B16
PSF PGIM Government Income Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 380,780 | $ | 4,996,538 | |||||||
Portfolio shares purchased | (823,890 | ) | (10,845,078 | ) | ||||||
Net increase (decrease) in shares outstanding | (443,110 | ) | $ | (5,848,540 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 241,234 | $ | 3,421,573 | |||||||
Portfolio shares purchased | (1,340,149 | ) | (19,017,186 | ) | ||||||
Net increase (decrease) in shares outstanding | (1,098,915 | ) | $ | (15,595,613 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 136,991 | $ | 1,835,511 | |||||||
Portfolio shares purchased | (37,114 | ) | (483,519 | ) | ||||||
Net increase (decrease) in shares outstanding | 99,877 | $ | 1,351,992 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 25,257 | $ | 358,644 | |||||||
Portfolio shares purchased | (2,008 | ) | (28,305 | ) | ||||||
Net increase (decrease) in shares outstanding | 23,249 | $ | 330,339 |
* Commencement of offering was April 26, 2021.
PSF PGIM Government Money Market Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 39,778,632 | $ | 397,786,310 | |||||||
Shares issued in reinvestment of dividends and distributions | 75,397 | 753,970 | ||||||||
Portfolio shares purchased | (33,106,808 | ) | (331,068,078 | ) | ||||||
Net increase (decrease) in shares outstanding | 6,747,221 | $ | 67,472,202 | |||||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 81,112,748 | $ | 811,127,478 | |||||||
Shares issued in reinvestment of dividends and distributions | 33,163 | 331,630 | ||||||||
Portfolio shares purchased | (87,878,545 | ) | (878,785,449 | ) | ||||||
Net increase (decrease) in shares outstanding | (6,732,634 | ) | $ | (67,326,341 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 12,339,240 | $ | 123,392,404 | |||||||
Shares issued in reinvestment of dividends and distributions | 7,524 | 75,240 | ||||||||
Portfolio shares purchased | (12,836,518 | ) | (128,365,182 | ) | ||||||
Net increase (decrease) in shares outstanding | (489,754 | ) | $ | (4,897,538 | ) |
B17
Share Class | Shares | Amount | ||||||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 30,778,884 | $ | 307,788,840 | |||||||
Shares issued in reinvestment of dividends and distributions | 5,015 | 50,145 | ||||||||
Portfolio shares purchased | (22,945,609 | ) | (229,456,084 | ) | ||||||
Net increase (decrease) in shares outstanding | 7,838,290 | $ | 78,382,901 |
PSF PGIM Jennison Blend Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 17,019 | $ | 1,459,577 | |||||||
Portfolio shares purchased | (2,095,233 | ) | (176,871,928 | ) | ||||||
Net increase (decrease) in shares outstanding | (2,078,214 | ) | $ | (175,412,351 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 90,980 | $ | 8,234,342 | |||||||
Portfolio shares purchased | (4,653,123 | ) | (419,514,499 | ) | ||||||
Net increase (decrease) in shares outstanding | (4,562,143 | ) | $ | (411,280,157 | ) | |||||
Class II: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | — | * | $ | 29 | ||||||
Portfolio shares purchased | (1,262 | ) | (107,636 | ) | ||||||
Net increase (decrease) in shares outstanding | (1,262 | ) | $ | (107,607 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 61 | $ | 5,684 | |||||||
Portfolio shares purchased | (789 | ) | (70,000 | ) | ||||||
Net increase (decrease) in shares outstanding | (728 | ) | $ | (64,316 | ) | |||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 4,466 | $ | 392,876 | |||||||
Portfolio shares purchased | (488 | ) | (43,179 | ) | ||||||
Net increase (decrease) in shares outstanding | 3,978 | $ | 349,697 | |||||||
Period ended December 31, 2021**: | ||||||||||
Portfolio shares sold | 6,859 | $ | 653,908 | |||||||
Portfolio shares purchased | (325 | ) | (31,592 | ) | ||||||
Net increase (decrease) in shares outstanding | 6,534 | $ | 622,316 |
* Less than 1 share.
** Commencement of offering was April 26, 2021.
B18
PSF PGIM Total Return Bond Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 1,258,472 | $ | 18,146,587 | |||||||
Shares issued in merger | 3,070,515 | 46,303,369 | ||||||||
Portfolio shares purchased | (4,589,447 | ) | (67,258,992 | ) | ||||||
Net increase (decrease) in shares outstanding | (260,460 | ) | $ | (2,809,036 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 6,877,466 | $ | 106,051,566 | |||||||
Portfolio shares purchased | (5,936,458 | ) | (92,126,262 | ) | ||||||
Net increase (decrease) in shares outstanding | 941,008 | $ | 13,925,304 | |||||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 296,171 | $ | 4,327,731 | |||||||
Portfolio shares purchased | (54,711 | ) | (809,643 | ) | ||||||
Net increase (decrease) in shares outstanding | 241,460 | $ | 3,518,088 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 362,146 | $ | 5,648,820 | |||||||
Portfolio shares purchased | (11,296 | ) | (176,793 | ) | ||||||
Net increase (decrease) in shares outstanding | 350,850 | $ | 5,472,027 |
* Commencement of offering was April 26, 2021.
PSF Stock Index Portfolio
Share Class | Shares | Amount | ||||||||
Class I: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 1,162,285 | $ | 117,540,728 | |||||||
Portfolio shares purchased | (1,354,356 | ) | (138,696,222 | ) | ||||||
Net increase (decrease) in shares outstanding | (192,071 | ) | $ | (21,155,494 | ) | |||||
Year ended December 31, 2021: | ||||||||||
Portfolio shares sold | 3,091,067 | $ | 309,426,880 | |||||||
Portfolio shares purchased | (2,782,213 | ) | (276,133,548 | ) | ||||||
Net increase (decrease) in shares outstanding | 308,854 | $ | 33,293,332 | |||||||
Class III: | ||||||||||
Six months ended June 30, 2022: | ||||||||||
Portfolio shares sold | 84,310 | $ | 8,564,902 | |||||||
Portfolio shares purchased | (5,291 | ) | (532,859 | ) | ||||||
Net increase (decrease) in shares outstanding | 79,019 | $ | 8,032,043 | |||||||
Period ended December 31, 2021*: | ||||||||||
Portfolio shares sold | 150,911 | $ | 15,703,185 | |||||||
Portfolio shares purchased | (1,540 | ) | (165,377 | ) | ||||||
Net increase (decrease) in shares outstanding | 149,371 | $ | 15,537,808 |
B19
* Commencement of offering was April 26, 2021.
9. Risks of Investing in the Portfolios
The Portfolios’ 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 Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.
Risks | PSF Global Portfolio | PSF PGIM 50/50 Balanced Portfolio | PSF PGIM Flexible Managed Portfolio | PSF PGIM Government Income Portfolio | ||||
Adjustable and Floating-Rate Securities | – | – | – | – | ||||
Asset-Backed and/or Mortgage-Backed Securities | – | X | X | X | ||||
Bank Loan Investments | – | – | – | – | ||||
Blend Style | – | X | X | – | ||||
Covenant-Lite | – | – | – | – | ||||
Credit | – | – | – | – | ||||
Derivatives | X | X | X | X | ||||
Economic and Market Events | X | X | X | X | ||||
Emerging Markets | – | X | – | – | ||||
Equity Securities | X | X | X | – | ||||
Expense | X | – | X | X | ||||
Fixed Income Securities | – | X | X | X | ||||
Focus | X | – | – | – | ||||
Foreign Investment | X | X | X | – | ||||
High Yield | – | X | X | – | ||||
Index Tracking | – | X | X | – | ||||
Interest Rate | – | – | – | – | ||||
Investment Style | X | – | – | – | ||||
Large Company | – | – | – | – | ||||
Liquidity and Valuation | X | X | X | X | ||||
Market and Management | X | X | X | X | ||||
Market Capitalization | – | – | – | – | ||||
Portfolio Turnover | – | X | X | X | ||||
Prepayment or Call | – | – | – | – | ||||
Quantitative Model | X | – | X | – | ||||
Real Estate | – | – | – | – | ||||
Regulatory | X | X | X | X | ||||
US Government Securities | – | – | X | X | ||||
Yield | – | – | – | – |
Risks | PSF PGIM Government Money Market Portfolio | PSF PGIM Jennison Blend Portfolio | PSF PGIM Total Return Bond | PSF PGIM Stock Index Portfolio | ||||
Adjustable and Floating-Rate Securities | X | – | – | – | ||||
Asset-Backed and/or Mortgage-Backed Securities | – | – | X | – | ||||
Bank Loan Investments | – | – | X | – | ||||
Blend Style | – | X | – | – | ||||
Covenant-Lite | – | – | X | – | ||||
Credit | X | – | – | – | ||||
Derivatives | – | – | X | X |
B20
Risks | PSF PGIM Government Money | PSF PGIM Jennison Blend Portfolio | PSF PGIM Total Return Bond Portfolio | PSF PGIM Stock Index Portfolio | ||||
Economic and Market Events | X | X | X | X | ||||
Emerging Markets | – | – | – | – | ||||
Equity Securities | – | X | – | X | ||||
Expense | X | X | X | X | ||||
Fixed Income Securities | X | – | – | – | ||||
Focus | – | – | X | – | ||||
Foreign Investment | – | X | X | – | ||||
High Yield | – | – | X | – | ||||
Index Tracking | – | – | – | X | ||||
Interest Rate | X | – | – | – | ||||
Investment Style | – | – | – | – | ||||
Large Company | – | – | – | X | ||||
Liquidity and Valuation | – | – | X | X | ||||
Market and Management | X | X | X | X | ||||
Market Capitalization | – | X | – | – | ||||
Portfolio Turnover | – | – | – | – | ||||
Prepayment or Call | X | – | – | – | ||||
Quantitative Model | – | – | – | – | ||||
Real Estate | – | X | – | – | ||||
Regulatory | X | X | X | X | ||||
US Government Securities | – | – | – | – | ||||
Yield | 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. Variable and floating-rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.
Asset-Backed and/or Mortgage-Backed Securities Risk: Asset-backed and mortgage-backed securities are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to “subprime” borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.
Bank Loan Investments Risk: The Portfolio’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio’s access to collateral, if any, may be limited by bankruptcy laws. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be
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considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.
Blend Style Risk: The Portfolio’s blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio’s assessment of market conditions or a company’s value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the overall Portfolio to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.
Covenant-Lite Risk: Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio’s exposure to losses may be increased, which could result in an adverse impact on the Portfolio’s net income and NAV.
Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.
Derivatives Risk: A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; and the price of commodity-linked derivatives may be more volatile than the prices of traditional equity and debt securities.
Economic and Market Events Risk: Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in periods of unusually high volatility in a market or a segment of a market, which could negatively impact performance. Reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.
Emerging Markets Risk: The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the Manager or a Portfolio’s Subadviser(s) to evaluate local companies or their potential impact on a Portfolio’s performance. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with
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decreased liquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.
Equity Securities Risk: The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.
Expense Risk: The actual cost of investing in the Portfolio may be higher than the expenses shown in the “Annual Portfolio Operating Expenses” table in the Portfolio’s prospectus for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease.
Fixed Income Securities Risk: Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio’s investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio’s investment in fixed income securities will go down in value. Risks associated with changing interest rates are currently heightened because any increase or decrease may be sudden and significant, with unpredictable effects on the markets and the Portfolio’s investments. Changes in interest rates may also affect the liquidity of the Portfolio’s investments in fixed income securities.
Focus Risk: The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio’s performance may be more sensitive to a small group of related holdings and adverse developments in such areas than a portfolio more broadly invested, although the increasing interconnectivity between economies and financial markets throughout the world increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
Foreign Investment Risk: Investments in foreign securities generally involve more risk than investments in securities of US issuers, including: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including military conflict (including Russia’s military invasion in Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), interruptions in the global supply chain, natural disasters and outbreaks of infectious diseases.
High Yield Risk: Investments in fixed income securities rated below investment grade and unrated securities of similar credit quality (i.e., high yield securities or junk bonds) may be more sensitive to interest rate, credit, call and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics.
Index Tracking Risk: The Portfolio’s ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.
Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio’s holdings may fall sharply. This is referred to as “extension risk.” The Portfolio currently faces a heightened level of interest rate risk because interest rates in the US are at or near historic lows, which increases the risk associated with rising interest rates. Interest rates may begin to increase in the future, possibly suddenly and significantly, with unpredictable effects on the markets and the Portfolio’s investments. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.
Investment Style Risk: Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.
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Large Company Risk: Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.
Liquidity and Valuation Risk: The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio’s net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to guidelines established by the Trust’s Board of Trustees. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.
Market and Management Risk: Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably. Investment techniques, risk analyses and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. The value of the Portfolio’s investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, environmental disasters, natural disasters or events, political or civil instability, and public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. There is no guarantee that the investment objective of the Portfolio will be achieved.
Market Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment. Because the Portfolio may invest a portion of its assets in securities issued by small-cap companies, it is likely to be more volatile than a portfolio that focuses on securities issued by larger companies. Small-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, smaller companies are typically more sensitive to changes in overall economic conditions and their securities may be difficult to trade.
Portfolio Turnover Risk: A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio’s securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.
Prepayment or Call Risk: Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.
Quantitative Model Risk: The Portfolio and certain Underlying Portfolios, if applicable, may use quantitative models as part of its investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance.
Real Estate Risk: Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify with favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.
Regulatory Risk: The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission, and depending on the Portfolio, the Commodity Futures Trading Commission. Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector or market.
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US Government Securities Risk: US Government securities may be adversely affected by changes in interest rates, a default by, or decline in the credit quality of, the US Government, and may not be backed by the full faith and credit of the US Government.
Yield Risk: The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio’s expenses could absorb all or a significant portion of the Portfolio’s income. If interest rates increase, the Portfolio’s yield may not increase proportionately. For example, the Portfolio’s investment manager may discontinue any temporary voluntary fee limitation.
10. Reorganization
On September 20-22, 2021, the Board approved Agreements and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets of AST BlackRock Corporate Bond Portfolio (“BlackRock Corporate Bond”), AST PIMCO Corporate Bond Portfolio (“PIMCO Corporate Bond”), AST Prudential Corporate Bond Portfolio (“Prudential Corporate Bond”), AST T. Rowe Price Corporate Bond Portfolio (“T. Rowe Price Corporate Bond”) and AST Western Asset Corporate Bond Portfolio (“Western Asset Corporate Bond”) (Merged Portfolios) for shares of PSF PGIM Total Return Bond Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on January 10, 2022 and the reorganization took place at the close of business on February 11, 2022.
On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:
Merged Portfolio | Total Investment Value | Total Investment Cost | ||||||||
BlackRock Corporate Bond | $ | 9,114,989 | $ | 9,460,005 | ||||||
PIMCO Corporate Bond | 9,915,524 | 10,205,114 | ||||||||
Prudential Corporate Bond | 11,176,973 | 11,586,726 | ||||||||
T. Rowe Price Corporate Bond | 7,744,789 | 8,003,316 | ||||||||
Western Asset Corporate Bond | 8,362,026 | 8,622,368 |
The purpose of the transaction was to combine six portfolios with substantially similar investment objectives, policies and strategies.
The acquisition was accomplished by a tax-free exchange of the following shares on February 11, 2022:
Merged Portfolio | Shares | |||||||||||
BlackRock Corporate Bond | 852,717 | |||||||||||
PIMCO Corporate Bond | 928,846 | |||||||||||
Prudential Corporate Bond | 1,080,646 | |||||||||||
T. Rowe Price Corporate Bond | 759,459 | |||||||||||
Western Asset Corporate Bond | 816,235 |
Acquiring Portfolio | Shares | Class | Value | |||||||
PSF PGIM Total Return Bond | 3,070,515 | I | $ | 46,303,369 |
For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.
The net assets and net unrealized depreciation immediately before the acquisition were as follows:
Merged Portfolio | Unrealized (Depreciation) on Investments | Net Assets | ||||
BlackRock Corporate Bond | $(345,016) | $ | 9,021,658 | |||
PIMCO Corporate Bond | (289,590) | 9,673,003 | ||||
Prudential Corporate Bond | (409,753) | 11,257,526 | ||||
T. Rowe Price Corporate Bond | (258,527) | 7,896,705 | ||||
Western Asset Corporate Bond | (260,342) | 8,454,477 |
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Acquiring Portfolio | Class | Net Assets | ||||
PSF PGIM Total Return Bond | I | $ | 1,283,199,036 | |||
III | 6,073,405 |
Assuming the acquisition had been completed on January 1, 2021, the Acquiring Portfolio’s unaudited pro forma results of operations for the reporting period ended June 30, 2022 would have been as follows:
Acquiring Portfolio | Net investment | Net realized and unrealized gain (loss) on investments (b) | Net increase (decrease) in net assets resulting from operations | ||||||||||||
PSF PGIM Total Return Bond | $17,095,421 | $(183,339,394) | $(166,243,973) |
(a) | Net investment income as reported in the Statement of Operations (Reporting period ended June 30, 2022) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $17,574, PIMCO Corporate Bond $20,230, Prudential Corporate Bond $25,681, T. Rowe Price Corporate Bond $17,718 and Western Asset Corporate Bond $18,488. |
(b) | Net realized and unrealized gain on investments as reported in the Statement of Operations (Reporting period ended June 30, 2022) of the Acquiring Portfolio, plus net realized and unrealized gain (loss) on investments from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $(393,915), PIMCO Corporate Bond $(381,290), Prudential Corporate Bond $(526,669), T. Rowe Price Corporate Bond $(349,114) and Western Asset Corporate Bond $(374,895). |
Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.
Since the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio’s Statement of Operations since February 11, 2022.
11. Recent Accounting Pronouncement and Regulatory Developments
In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.
On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Portfolios.
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Liquidity Risk Management Program (Unaudited)
Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Portfolio (excluding money market portfolios) has adopted and implemented a liquidity risk management program (the “LRMP”). Each Portfolio’s LRMP seeks to assess and manage the Portfolio’s liquidity risk, which is defined as the risk that the Portfolio is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Portfolio. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Portfolios’ investment manager, to serve as the administrator of each Portfolio’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.
Each Portfolio’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Portfolio’s LRMP includes no less than annual assessments of factors that influence the Portfolio’s liquidity risk; no less than monthly classifications of the Portfolio’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Portfolio’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Portfolio does not invest primarily in highly liquid investments; and regular reporting to the Board.
At a meeting of the Board on March 8-10, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Portfolio’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that each Portfolio’s LRMP was reasonably designed to assess and manage that Portfolio’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Portfolio’s investment strategies continue to be appropriate given each Portfolio’s status as an open-end fund.
There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in a Portfolio, including liquidity risks presented by each Portfolio’s investment portfolio, is found in a Portfolio’s Prospectus and Statement of Additional Information.
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Approval of Advisory Agreements
The VCA-10 Committee
The Committee of the Prudential Variable Contract Account-10 (“VCA-10”) (the “Committee”) consists of five individuals, four of whom are not “interested persons” of VCA-10, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Committee Members”). The Committee is responsible for the oversight of VCA-10 and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Committee Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Committee is an Independent Committee Member. The Committee 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 Committee Members.
Annual Approval of VCA-10’s Advisory Agreements
As required under the 1940 Act, the Committee determines annually whether to renew VCA-10’s management agreement with PGIM Investments LLC (“PGIM Investments”) and VCA-10’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Committee, including all of the Independent Committee Members, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of VCA-10 and its investors.
In advance of the meetings, the Committee 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 Committee considered comparative fee information from PGIM Investments and Jennison. Also, the Committee considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.
In approving the agreements, the Committee, including the Independent Committee Members 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 VCA-10, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with VCA-10 and its investors as VCA-10’s assets grow. In its deliberations, the Committee did not identify any single factor which alone was responsible for the Committee’s decision to approve the agreements with respect to VCA-10. In connection with its deliberations, the Committee considered information provided by PGIM Investments throughout the year at regular Committee meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.
The Committee determined that the overall arrangements between VCA-10 and PGIM Investments, which serves as VCA-10’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as VCA-10’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of VCA-10 and its investors in light of the services performed, fees charged and such other matters as the Committee Members considered relevant in the exercise of their business judgment.
The material factors and conclusions that formed the basis for the Committee’s reaching its determinations to approve the continuance of the agreements are separately discussed below.
Nature, Quality and Extent of Services
The Committee received and considered information regarding the nature, quality and extent of services provided to VCA-10 by PGIM Investments and Jennison. The Committee noted that Jennison is affiliated with PGIM Investments. The Committee considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for VCA-10, as well as the provision of recordkeeping, compliance, and other services to VCA-10, and PGIM Investments’ role as administrator of VCA-10’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Committee 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 Committee also considered that PGIM Investments pays the salaries of all of the officers and Committee Members. The Committee also considered the investment subadvisory services provided by Jennison, as well as adherence to VCA-10’s investment restrictions and compliance with
applicable VCA-10 policies and procedures. The Committee 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 Committee considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of VCA-10 and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of VCA-10’s portfolio. The Committee was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Committee also noted that it received favorable compliance reports from VCA-10’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.
The Committee 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 VCA-10 by Jennison, and that there was a reasonable basis on which to conclude that VCA-10 benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.
Costs of Services and Profits Realized by PGIM Investments
The Committee was provided with information on the profitability of PGIM Investments and its affiliates in serving as VCA-10’s investment manager. The Committee discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Committee 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 and the adviser’s capital structure and cost of capital. Taking these factors into account, the Committee concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.
Economies of Scale
The Committee received and discussed information concerning economies of scale that PGIM Investments may realize as VCA-10’s assets grow beyond current levels. During the course of time, the Committee has considered information regarding the launch date of VCA-10, the management fees of VCA-10 compared to those of similarly managed funds and PGIM Investments’ investment in VCA-10 over time. The Committee noted that, while VCA-10 does not have breakpoints in its management fees, economies of scale can be shared with VCA-10 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 Committee considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of VCA-10 and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.
The Committee recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Committee’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 Jennison
The Committee considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with VCA-10. The Committee concluded that potential benefits to be derived by PGIM Investments included benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with VCA-10. The Committee concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Committee concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.
Performance of VCA-10 / Fees and Expenses
The Committee considered certain additional factors and made related conclusions relating to the historical performance of VCA-10 for the one-, three-, five- and ten-year periods ended December 31, 2021. The Committee also considered VCA-10’s actual management fee, as well as VCA-10’s net total expense ratio, for the fiscal year ended December 31, 2021. The Committee considered the management
fee for VCA-10 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 VCA-10 investors and includes any fee waivers or reimbursements. The net total expense ratio for VCA-10 represents the actual expense ratio incurred by VCA-10 investors.
The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances PGIM Investments also provided supplemental Peer Universe of Peer Group information for reasons addressed with the Committee. The comparisons placed VCA-10 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 Committee and the Committee’s conclusions regarding VCA-10’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of any fund expenses, or 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 Committee.
Net Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 4th Quartile | 4th Quartile | 4th Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 4th Quartile |
· | The Committee noted that VCA-10 underperformed its benchmark index over all periods. |
· | The Committee considered PGIM Investments’ assertions that VCA-10’s underperformance was driven by its exposure to higher-valuation growth stocks, which were out of favor during 2021; and that PGIM Investments expects relative returns to improve as markets return to favoring such stocks. |
· | The Committee additionally considered that VCA-10 ranked in the 51st percentile of its peer group in the first quarter of 2022. |
· | The Committee considered PGIM Investments’ explanation that VCA-10’s fourth quartile ranking for net total expenses was attributable to the fact that, because it was organized as a managed separate account, VCA-10 charged both an administrative fee as well as a management fee, while the other funds included in the Peer Group were organized as open-end mutual funds that charged only a management fee, with the administrative fee charged at the product level. In this regard, the Committee noted PGIM Investments’ assertion that if VCA-10’s administrative fee was excluded, VCA-10 would have ranked in the first quartile of its peer group for net total expenses. |
· | The Committee also considered that PGIM Investments was in the process of restructuring the Fund, with such restructuring anticipated to occur in late 2022. |
· | The Committee concluded that, in light of the above, and given the unique structural considerations and limited distribution of this legacy product, it would be in the best interests of VCA-10 and its investors to renew the agreements. |
· | The Committee 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 Committee concluded that the approval of the agreements was in the best interests of VCA-10 and its investors.
Approval of Advisory Agreements
Renewal of Management and Subadvisory Agreements
The Trust’s Board of Trustees
The Board of Trustees (the Board) of The Prudential Series Fund (the Trust, and each series thereof, the Portfolios) consists of eight individuals, seven of whom are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.
Annual Approval of the Trust’s Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust’s management agreement with PGIM Investments LLC (PGIM Investments or the Manager) and each Portfolio’s subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 13-14, 2022 (the Meeting) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio’s beneficial shareholders.
In advance of the Meeting, the Trustees requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.
In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board’s decision to approve the agreements. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from PGIM Investments and subadviser personnel, such as portfolio managers.
The Board determined that the overall arrangements between the Trust and PGIM Investments, which serves as the Trust’s investment manager pursuant to a management agreement, and between PGIM Investments and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Trust, each Portfolio and each Portfolio’s shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple Portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.
The material factors and conclusions that formed the basis for the Board’s determinations to approve the renewal of the agreements are discussed separately below.
Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by PGIM Investments and each subadviser. The Board noted that the PGIM Fixed Income unit of PGIM, Inc. (PGIM Fixed Income), PGIM Limited (PGIML), Jennison Associates LLC (Jennison) and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), each of which serve as subadvisers to various Portfolios of the Trust, are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers, the provision of recordkeeping, compliance and other services to the Trust, and PGIM Investments’ role as administrator of the Portfolios’ liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and the interested Trustee of the Trust. The Board also considered the investment
subadvisory services provided by each subadviser, as well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management personnel responsible for the oversight of the Trust and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PGIM Investments’ and each subadviser’s organizational structure, senior management, investment operations and other relevant information pertaining to PGIM Investments and each subadviser. The Board also noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (CCO) as to PGIM Investments and each subadviser.
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 Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by PGIM Investments and each subadviser 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 from serving as the Trust’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 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. The Board considered information regarding the profitability of PGIM Fixed Income, PGIML, Jennison and PGIM Quantitative Solutions, each of which are affiliates of PGIM Investments, on a consolidated basis. 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.
The Board concluded that the level of profitability of a subadviser not affiliated with PGIM Investments may not be as significant as PGIM Investments’ profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PGIM Investments and the unaffiliated subadvisers, as well as the fact that PGIM investments compensates the subadvisers out of its management fee.
Economies of Scale
The Board received and discussed information concerning whether PGIM Investments realizes economies of scale as the Portfolios’ assets grow beyond current levels. The Board noted that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board 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 the Subadvisers
The Board considered potential ancillary benefits that might be received by PGIM Investments, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by PGIM Investments included compensation received by insurance company affiliates of PGIM Investments from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Trust. The Board also considered information provided by PGIM Investments regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of PGIM Investments at least annually review and represent that the fees and charges of the variable contracts using the Trust’s Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.
Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio’s inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2021, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio’s benchmark index and to a universe of mutual funds (the Peer Universe) that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio.
The Board also considered each Portfolio’s actual management fee, as well as each Portfolio’s net total expense ratio, for the calendar year 2021. The Board considered the management fee for each Portfolio as compared to the management fee charged by PGIM Investments to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.
The mutual funds included in each Peer Universe and each Peer Group were objectively determined by Broadridge, an independent provider of mutual fund data. The comparisons placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds). To the extent that PGIM Investments deemed appropriate, and for reasons addressed in detail with the Board, PGIM Investments may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board’s consideration.
The sections below summarize certain key factors considered by the Board and the Board’s conclusions regarding each Portfolio’s performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio 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.
PSF Global Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
2nd Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 2nd Quartile | ||||||||
Net Total Expenses: 1st Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, though it underperformed over the one- and three-year periods. |
· | The Board noted that PGIM Investments had contractually agreed to waive 0.0345% of its management fee through June 30, 2023. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM 50/50 Balanced Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 2nd Quartile | 1st Quartile | 2nd Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 4th Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM Flexible Managed Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 2nd Quartile | 2nd Quartile | 1st Quartile | |||||
Actual Management Fees: 3rd Quartile | ||||||||
Net Total Expenses: 2nd Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over the one- and ten-year periods, though it underperformed its benchmark index over the other periods. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM Government Income Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 3rd Quartile | 2nd Quartile | 2nd Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, though it underperformed over the other periods. |
· | The Board considered the Manager’s assertion that the Portfolio’s more recent underperformance, in 2021, was temporary and driven by historically large dislocations in the Treasury market. The Board also noted that the Portfolio has outperformed its Peer Universe median over the trailing five-, and ten-year periods, and has beaten its benchmark over the trailing five- and ten-year periods. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM Government Money Market Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 2nd Quartile | 2nd Quartile | 2nd Quartile | |||||
Actual Management Fees: 3rd Quartile | ||||||||
Net Total Expenses: 2nd Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM Jennison Blend Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 2nd Quartile | 1st Quartile | 3rd Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Gross Total Expenses: 1st Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over the three- and five-year periods, though it underperformed its benchmark index over the one- and ten-year periods. |
· | The Board considered the Manager’s assertion that the Portfolio’s more recent underperformance was temporary, and primarily attributable to the fourth quarter of 2021 due to the Portfolio’s allocation to the growth style coupled with isolated stock specific challenges, and that intermediate-term results have been stronger, as the strategy has beaten both its peer median and benchmark over the trailing three- and five-year periods. In this respect the Board considered that performance against peers measured as of |
December 31, 2020 was in the first quartile for the one-, three- and five-year periods and that performance was better than the benchmark for all but the ten-year period. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM Total Return Bond Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
2nd Quartile | 3rd Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF Stock Index Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 2nd Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 4th Quartile |
· | The Board noted that the Portfolio outperformed its benchmark index over the three-, five-, and ten-year periods, though it underperformed its benchmark index over the one-year period. |
· | The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
**********
After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.
The Prudential Insurance Company of America | ||
751 Broad Street Newark, NJ 07102-3714 |
©2022 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
MD.RS.011
Item 2 – Code of Ethics – Not required, as this is not an annual filing.
Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 – Audit Committee of Listed Registrants – Not applicable.
Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable. |
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – 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 that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies – Not applicable.
Item 13 – Exhibits
(a) (1) | Code of Ethics – Not required, as this is not an annual filing. |
(2) |
(3) | Any written solicitation to purchase securities under Rule 23c-1. – Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: The Prudential Variable Contract Account-10
By: | /s/ Andrew R. French |
Andrew R. French
Secretary
Date: | August 23, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Stuart S. Parker |
Stuart S. Parker
President and Principal Executive Officer
Date: | August 23, 2022 |
By: | /s/ Christian J. Kelly |
Christian J. Kelly
Treasurer and Principal Financial and Accounting Officer
Date: | August 23, 2022 |