PSF PGIM HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Long-Term Investments — 94.5% | |||||||
Asset-Backed Securities — 6.0% | |||||||
Collateralized Loan Obligations | |||||||
BlueMountain CLO Ltd. (Cayman Islands), | |||||||
Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) | |||||||
5.872%(c) | 07/15/31 | 2,500 | $2,463,193 | ||||
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%) | |||||||
5.888%(c) | 01/20/32 | 5,000 | 4,926,887 | ||||
CIFC Funding Ltd. (Cayman Islands), | |||||||
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%) | |||||||
5.848%(c) | 04/20/31 | 2,500 | 2,472,335 | ||||
Guggenheim CLO STAT Ltd. (Cayman Islands), | |||||||
Series 2022-01A, Class A1A, 144A, 3 Month SOFR + 2.590% (Cap N/A, Floor 2.590%) | |||||||
6.709%(c) | 10/25/31 | 4,750 | 4,759,937 | ||||
KKR CLO Ltd. (Cayman Islands), | |||||||
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | |||||||
5.972%(c) | 01/15/31 | 2,000 | 1,979,542 | ||||
KKR Static CLO Ltd. (Cayman Islands), | |||||||
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%) | |||||||
6.738%(c) | 10/20/31 | 2,000 | 2,001,954 | ||||
Race Point CLO Ltd. (Cayman Islands), | |||||||
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%) | |||||||
5.955%(c) | 02/20/30 | 4,025 | 3,979,597 | ||||
Signal Peak CLO Ltd., | |||||||
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) | |||||||
5.928%(c) | 04/25/31 | 4,800 | 4,744,501 | ||||
TSTAT Ltd. (Bermuda), | |||||||
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.370% (Cap N/A, Floor 2.370%) | |||||||
6.883%(c) | 01/20/31 | 2,250 | 2,253,245 | ||||
Total Asset-Backed Securities (cost $29,443,898) | 29,581,191 | ||||||
Convertible Bond — 0.0% | |||||||
Telecommunications | |||||||
Digicel Group Holdings Ltd. (Jamaica), | |||||||
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (original cost $78,710; purchased 06/23/20 - 10/01/22)(f) | |||||||
7.000% | 04/17/23(oo) | 486 | 55,891 | ||||
(cost $78,710) | |||||||
Corporate Bonds — 79.9% | |||||||
Advertising — 0.4% | |||||||
CMG Media Corp., | |||||||
Gtd. Notes, 144A | |||||||
8.875% | 12/15/27 | 2,450 | 1,852,940 | ||||
Aerospace & Defense — 2.8% | |||||||
Boeing Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
5.805% | 05/01/50 | 2,100 | 2,111,410 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Aerospace & Defense (cont’d.) | |||||||
5.930% | 05/01/60 | 725 | $724,727 | ||||
Bombardier, Inc. (Canada), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.000% | 02/15/28 | 1,025 | 995,849 | ||||
7.125% | 06/15/26 | 1,150 | 1,157,118 | ||||
7.500% | 03/15/25 | 462 | 462,000 | ||||
7.500% | 02/01/29(a) | 1,741 | 1,773,644 | ||||
7.875% | 04/15/27(a) | 3,725 | 3,768,024 | ||||
Spirit AeroSystems, Inc., | |||||||
Sec’d. Notes, 144A | |||||||
7.500% | 04/15/25 | 725 | 725,302 | ||||
TransDigm UK Holdings PLC, | |||||||
Gtd. Notes | |||||||
6.875% | 05/15/26(a) | 600 | 588,000 | ||||
TransDigm, Inc., | |||||||
Gtd. Notes | |||||||
4.625% | 01/15/29 | 400 | 355,325 | ||||
5.500% | 11/15/27 | 775 | 730,849 | ||||
Sr. Sec’d. Notes, 144A | |||||||
6.250% | 03/15/26 | 600 | 600,471 | ||||
13,992,719 | |||||||
Agriculture — 0.3% | |||||||
Vector Group Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.750% | 02/01/29 | 1,425 | 1,267,620 | ||||
Airlines — 0.8% | |||||||
American Airlines, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.250% | 02/15/28 | 300 | 291,750 | ||||
11.750% | 07/15/25 | 925 | 1,010,526 | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.500% | 04/20/26 | 125 | 122,833 | ||||
5.750% | 04/20/29 | 1,125 | 1,076,119 | ||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.750% | 01/20/26(a) | 425 | 402,420 | ||||
United Airlines, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.375% | 04/15/26 | 640 | 613,697 | ||||
4.625% | 04/15/29 | 440 | 397,940 | ||||
3,915,285 | |||||||
Apparel — 0.3% | |||||||
Kontoor Brands, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.125% | 11/15/29 | 250 | 213,587 | ||||
Wolverine World Wide, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.000% | 08/15/29(a) | 1,650 | 1,340,910 | ||||
1,554,497 |
A1
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Auto Manufacturers — 1.6% | |||||||
Allison Transmission, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.750% | 01/30/31 | 275 | $234,324 | ||||
Ford Motor Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 01/15/43 | 2,150 | 1,636,708 | ||||
5.291% | 12/08/46 | 3,575 | 2,900,150 | ||||
7.400% | 11/01/46 | 550 | 564,599 | ||||
Ford Motor Credit Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 11/13/30(a) | 375 | 319,947 | ||||
6.950% | 03/06/26 | 400 | 406,127 | ||||
Jaguar Land Rover Automotive PLC (United Kingdom), | |||||||
Gtd. Notes, 144A | |||||||
7.750% | 10/15/25 | 750 | 733,230 | ||||
PM General Purchaser LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
9.500% | 10/01/28(a) | 1,150 | 1,056,146 | ||||
7,851,231 | |||||||
Auto Parts & Equipment — 0.9% | |||||||
Adient Global Holdings Ltd., | |||||||
Gtd. Notes, 144A | |||||||
4.875% | 08/15/26 | 1,225 | 1,180,594 | ||||
Sr. Sec’d. Notes, 144A | |||||||
7.000% | 04/15/28 | 350 | 358,750 | ||||
American Axle & Manufacturing, Inc., | |||||||
Gtd. Notes | |||||||
6.250% | 03/15/26(a) | 865 | 834,066 | ||||
Dana Financing Luxembourg Sarl, | |||||||
Gtd. Notes, 144A | |||||||
5.750% | 04/15/25 | 475 | 465,500 | ||||
Dana, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 09/01/30(a) | 475 | 387,397 | ||||
4.500% | 02/15/32 | 475 | 383,148 | ||||
5.375% | 11/15/27 | 175 | 165,400 | ||||
5.625% | 06/15/28(a) | 50 | 46,955 | ||||
Titan International, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
7.000% | 04/30/28 | 625 | 563,079 | ||||
4,384,889 | |||||||
Banks — 0.3% | |||||||
Citigroup, Inc., | |||||||
Jr. Sub. Notes | |||||||
3.875%(ff) | 02/18/26(oo) | 600 | 505,966 | ||||
Freedom Mortgage Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.625% | 05/01/26 | 350 | 284,596 | ||||
Intesa Sanpaolo SpA (Italy), | |||||||
Sub. Notes, 144A | |||||||
4.198%(ff) | 06/01/32 | 725 | 517,084 | ||||
1,307,646 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Building Materials — 1.6% | |||||||
Camelot Return Merger Sub, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
8.750% | 08/01/28 | 550 | $509,054 | ||||
Cornerstone Building Brands, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.125% | 01/15/29(a) | 975 | 696,732 | ||||
Eco Material Technologies, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.875% | 01/31/27 | 600 | 571,201 | ||||
Griffon Corp., | |||||||
Gtd. Notes | |||||||
5.750% | 03/01/28 | 750 | 695,094 | ||||
JELD-WEN, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 12/15/25(a) | 350 | 326,528 | ||||
Masonite International Corp., | |||||||
Gtd. Notes, 144A | |||||||
3.500% | 02/15/30 | 275 | 228,250 | ||||
5.375% | 02/01/28 | 325 | 310,375 | ||||
MIWD Holdco II LLC/MIWD Finance Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 02/01/30 | 750 | 632,714 | ||||
Smyrna Ready Mix Concrete LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.000% | 11/01/28(a) | 1,323 | 1,241,222 | ||||
Standard Industries, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.375% | 01/15/31 | 525 | 421,057 | ||||
4.375% | 07/15/30 | 1,050 | 911,665 | ||||
4.750% | 01/15/28 | 600 | 560,127 | ||||
5.000% | 02/15/27 | 690 | 657,310 | ||||
7,761,329 | |||||||
Chemicals — 2.4% | |||||||
Ashland LLC, | |||||||
Gtd. Notes | |||||||
6.875% | 05/15/43 | 1,705 | 1,713,064 | ||||
ASP Unifrax Holdings, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.250% | 09/30/28 | 250 | 199,816 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
7.500% | 09/30/29(a) | 225 | 152,608 | ||||
Chemours Co. (The), | |||||||
Gtd. Notes | |||||||
5.375% | 05/15/27(a) | 305 | 282,689 | ||||
Gtd. Notes, 144A | |||||||
4.625% | 11/15/29(a) | 620 | 513,414 | ||||
5.750% | 11/15/28(a) | 315 | 282,995 | ||||
Cornerstone Chemical Co., | |||||||
Sr. Sec’d. Notes, 144A, Cash coupon 8.250% and PIK 2.000% | |||||||
10.250% | 09/01/27 | 1,110 | 1,001,761 | ||||
Diamond BC BV, | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 10/01/29(a) | 1,005 | 978,619 |
A2
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Chemicals (cont’d.) | |||||||
Iris Holding, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
10.000% | 12/15/28(a) | 950 | $696,505 | ||||
NOVA Chemicals Corp. (Canada), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.875% | 06/01/24 | 190 | 186,947 | ||||
5.250% | 06/01/27 | 506 | 460,166 | ||||
Olympus Water US Holding Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.250% | 10/01/28 | 500 | 408,850 | ||||
Rain CII Carbon LLC/CII Carbon Corp., | |||||||
Sec’d. Notes, 144A | |||||||
7.250% | 04/01/25 | 1,370 | 1,313,657 | ||||
SK Invictus Intermediate II Sarl, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.000% | 10/30/29 | 740 | 604,025 | ||||
SPCM SA (France), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.375% | 03/15/30 | 425 | 351,687 | ||||
TPC Group, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
13.000% | 12/16/27(a) | 651 | 666,492 | ||||
Tronox, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 03/15/29 | 1,395 | 1,167,922 | ||||
Valvoline, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.625% | 06/15/31(a) | 325 | 275,632 | ||||
Venator Finance Sarl/Venator Materials LLC, | |||||||
Gtd. Notes, 144A (original cost $1,673,031; purchased 06/29/17 - 02/22/22)(f) | |||||||
5.750% | 07/15/25 | 1,770 | 212,400 | ||||
Sr. Sec’d. Notes, 144A (original cost $490,040; purchased 05/08/20)(f) | |||||||
9.500% | 07/01/25 | 500 | 300,000 | ||||
WR Grace Holdings LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.375% | 03/01/31 | 150 | 150,303 | ||||
11,919,552 | |||||||
Coal — 0.1% | |||||||
Coronado Finance Pty Ltd. (Australia), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
10.750% | 05/15/26 | 323 | 336,421 | ||||
Commercial Services — 4.4% | |||||||
Adtalem Global Education, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.500% | 03/01/28 | 340 | 322,502 | ||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.625% | 07/15/26 | 1,060 | 1,018,058 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.000% | 06/01/29(a) | 1,625 | 1,211,365 | ||||
9.750% | 07/15/27 | 2,200 | 1,956,469 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Commercial Services (cont’d.) | |||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.625% | 06/01/28 | 1,260 | $1,066,275 | ||||
4.625% | 06/01/28 | 1,065 | 894,600 | ||||
Alta Equipment Group, Inc., | |||||||
Sec’d. Notes, 144A | |||||||
5.625% | 04/15/26 | 375 | 353,406 | ||||
AMN Healthcare, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.000% | 04/15/29(a) | 900 | 797,791 | ||||
4.625% | 10/01/27 | 225 | 209,527 | ||||
APi Group DE, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 10/15/29 | 250 | 220,788 | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 04/01/28(a) | 550 | 500,311 | ||||
5.750% | 07/15/27(a) | 575 | 540,515 | ||||
Brink’s Co. (The), | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 07/15/25 | 205 | 203,070 | ||||
Gartner, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.625% | 06/15/29 | 325 | 290,299 | ||||
3.750% | 10/01/30 | 225 | 201,644 | ||||
Hertz Corp. (The), | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 12/01/26 | 225 | 202,170 | ||||
5.000% | 12/01/29 | 425 | 351,768 | ||||
Metis Merger Sub LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.500% | 05/15/29 | 2,700 | 2,249,421 | ||||
MPH Acquisition Holdings LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.500% | 09/01/28 | 1,600 | 1,289,041 | ||||
NESCO Holdings II, Inc., | |||||||
Sec’d. Notes, 144A | |||||||
5.500% | 04/15/29 | 500 | 451,645 | ||||
Service Corp. International, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 05/15/31(a) | 750 | 659,516 | ||||
United Rentals North America, Inc., | |||||||
Gtd. Notes | |||||||
3.750% | 01/15/32 | 450 | 387,263 | ||||
3.875% | 02/15/31 | 175 | 154,399 | ||||
4.000% | 07/15/30 | 100 | 89,907 | ||||
4.875% | 01/15/28(a) | 3,500 | 3,346,838 | ||||
Verscend Escrow Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
9.750% | 08/15/26 | 2,860 | 2,862,883 | ||||
21,831,471 |
A3
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Computers — 0.7% | |||||||
CA Magnum Holdings (India), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.375% | 10/31/26 | 200 | $176,500 | ||||
McAfee Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.375% | 02/15/30(a) | 1,110 | 927,198 | ||||
NCR Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 10/01/28 | 325 | 285,688 | ||||
5.125% | 04/15/29 | 935 | 810,867 | ||||
5.250% | 10/01/30(a) | 680 | 566,767 | ||||
5.750% | 09/01/27 | 275 | 269,977 | ||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.750% | 06/01/25 | 300 | 300,620 | ||||
3,337,617 | |||||||
Distribution/Wholesale — 0.5% | |||||||
H&E Equipment Services, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.875% | 12/15/28 | 2,100 | 1,846,046 | ||||
Ritchie Bros Holdings, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
7.750% | 03/15/31 | 400 | 419,208 | ||||
Sr. Sec’d. Notes, 144A | |||||||
6.750% | 03/15/28(a) | 125 | 128,729 | ||||
2,393,983 | |||||||
Diversified Financial Services — 2.7% | |||||||
Bread Financial Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 12/15/24 | 800 | 717,788 | ||||
goeasy Ltd. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.375% | 05/01/26(a) | 400 | 350,000 | ||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 08/15/28 | 1,675 | 1,418,372 | ||||
LD Holdings Group LLC, | |||||||
Gtd. Notes, 144A | |||||||
6.125% | 04/01/28 | 825 | 376,780 | ||||
LFS Topco LLC, | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 10/15/26 | 850 | 740,496 | ||||
LPL Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.000% | 03/15/29 | 50 | 44,992 | ||||
4.375% | 05/15/31(a) | 500 | 442,372 | ||||
Nationstar Mortgage Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.125% | 12/15/30 | 1,725 | 1,325,990 | ||||
5.500% | 08/15/28 | 175 | 150,054 | ||||
6.000% | 01/15/27(a) | 510 | 463,611 | ||||
Navient Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.500% | 03/15/29 | 700 | 591,158 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Diversified Financial Services (cont’d.) | |||||||
OneMain Finance Corp., | |||||||
Gtd. Notes | |||||||
3.875% | 09/15/28 | 300 | $237,329 | ||||
4.000% | 09/15/30(a) | 550 | 412,262 | ||||
6.625% | 01/15/28(a) | 450 | 412,579 | ||||
7.125% | 03/15/26(a) | 2,550 | 2,450,136 | ||||
PennyMac Financial Services, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.250% | 02/15/29 | 425 | 338,362 | ||||
5.375% | 10/15/25(a) | 825 | 770,383 | ||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.875% | 03/01/31 | 450 | 372,768 | ||||
4.000% | 10/15/33 | 750 | 595,435 | ||||
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.375% | 02/01/30(a) | 650 | 579,312 | ||||
7.875% | 05/01/27(a) | 675 | 650,693 | ||||
13,440,872 | |||||||
Electric — 4.8% | |||||||
Calpine Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 02/01/29 | 2,732 | 2,366,041 | ||||
5.000% | 02/01/31 | 1,925 | 1,630,977 | ||||
5.125% | 03/15/28(a) | 4,900 | 4,487,602 | ||||
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | |||||||
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A | |||||||
13.000% | 06/01/24 | 465 | 302,097 | ||||
NRG Energy, Inc., | |||||||
Gtd. Notes | |||||||
5.750% | 01/15/28(a) | 750 | 736,286 | ||||
6.625% | 01/15/27 | 442 | 442,588 | ||||
Gtd. Notes, 144A | |||||||
3.375% | 02/15/29 | 425 | 353,371 | ||||
3.625% | 02/15/31 | 950 | 770,096 | ||||
3.875% | 02/15/32(a) | 1,125 | 900,654 | ||||
5.250% | 06/15/29 | 775 | 715,398 | ||||
Jr. Sub. Notes, 144A | |||||||
10.250%(ff) | 03/15/28(oo) | 925 | 881,540 | ||||
PG&E Corp., | |||||||
Sr. Sec’d. Notes | |||||||
5.000% | 07/01/28(a) | 935 | 883,073 | ||||
5.250% | 07/01/30(a) | 2,355 | 2,182,197 | ||||
Vistra Corp., | |||||||
Jr. Sub. Notes, 144A | |||||||
7.000%(ff) | 12/15/26(oo) | 800 | 706,720 | ||||
8.000%(ff) | 10/15/26(oo) | 1,150 | 1,077,056 | ||||
Vistra Operations Co. LLC, | |||||||
Gtd. Notes, 144A | |||||||
4.375% | 05/01/29(a) | 1,200 | 1,068,449 | ||||
5.000% | 07/31/27(a) | 1,515 | 1,431,796 | ||||
5.500% | 09/01/26(a) | 1,350 | 1,311,969 | ||||
5.625% | 02/15/27(a) | 1,458 | 1,420,432 | ||||
23,668,342 |
A4
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electrical Components & Equipment — 0.5% | |||||||
Energizer Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.375% | 03/31/29 | 1,275 | $1,121,076 | ||||
4.750% | 06/15/28 | 225 | 203,781 | ||||
WESCO Distribution, Inc., | |||||||
Gtd. Notes, 144A | |||||||
7.125% | 06/15/25 | 450 | 457,567 | ||||
7.250% | 06/15/28(a) | 835 | 858,089 | ||||
2,640,513 | |||||||
Electronics — 0.2% | |||||||
Likewize Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
9.750% | 10/15/25 | 1,060 | 960,227 | ||||
Engineering & Construction — 0.1% | |||||||
TopBuild Corp., | |||||||
Gtd. Notes, 144A | |||||||
3.625% | 03/15/29 | 500 | 429,107 | ||||
4.125% | 02/15/32 | 325 | 275,617 | ||||
704,724 | |||||||
Entertainment — 2.8% | |||||||
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 | 417 | 264,903 | ||||
Caesars Entertainment, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.250% | 07/01/25 | 1,005 | 1,005,315 | ||||
7.000% | 02/15/30 | 1,375 | 1,398,794 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 10/15/29(a) | 925 | 811,431 | ||||
CCM Merger, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.375% | 05/01/26 | 450 | 439,056 | ||||
Everi Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 07/15/29 | 100 | 89,670 | ||||
Golden Entertainment, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.625% | 04/15/26 | 1,550 | 1,561,148 | ||||
International Game Technology PLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.125% | 04/15/26 | 975 | 941,801 | ||||
6.250% | 01/15/27 | 450 | 452,250 | ||||
Jacobs Entertainment, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.750% | 02/15/29 | 425 | 371,312 | ||||
6.750% | 02/15/29 | 250 | 216,644 | ||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.875% | 05/01/29 | 850 | 739,381 | ||||
Motion Bondco DAC (United Kingdom), | |||||||
Gtd. Notes, 144A | |||||||
6.625% | 11/15/27(a) | 850 | 784,805 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Entertainment (cont’d.) | |||||||
Penn Entertainment, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.125% | 07/01/29(a) | 750 | $624,890 | ||||
5.625% | 01/15/27(a) | 1,775 | 1,666,547 | ||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 09/01/31 | 1,200 | 862,314 | ||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.625% | 03/01/30(a) | 800 | 710,680 | ||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.125% | 10/01/29 | 1,020 | 925,749 | ||||
13,866,690 | |||||||
Environmental Control — 0.2% | |||||||
Clean Harbors, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.375% | 02/01/31 | 100 | 102,036 | ||||
GFL Environmental, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.000% | 08/01/28(a) | 200 | 181,144 | ||||
4.375% | 08/15/29 | 1,000 | 892,500 | ||||
4.750% | 06/15/29 | 50 | 46,281 | ||||
1,221,961 | |||||||
Foods — 2.9% | |||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.500% | 03/15/29(a) | 800 | 696,069 | ||||
5.875% | 02/15/28 | 125 | 124,225 | ||||
6.500% | 02/15/28 | 600 | 604,914 | ||||
B&G Foods, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 04/01/25(a) | 625 | 581,532 | ||||
5.250% | 09/15/27(a) | 2,010 | 1,729,125 | ||||
C&S Group Enterprises LLC, | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 12/15/28 | 625 | 482,087 | ||||
Chobani LLC/Chobani Finance Corp., Inc., | |||||||
Gtd. Notes, 144A | |||||||
7.500% | 04/15/25(a) | 375 | 366,923 | ||||
Sr. Sec’d. Notes, 144A | |||||||
4.625% | 11/15/28 | 25 | 22,762 | ||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.500% | 01/15/30 | 950 | 906,054 | ||||
Kraft Heinz Foods Co., | |||||||
Gtd. Notes | |||||||
4.375% | 06/01/46 | 1,875 | 1,633,688 | ||||
4.875% | 10/01/49(a) | 750 | 693,995 | ||||
5.000% | 07/15/35 | 163 | 163,205 | ||||
5.200% | 07/15/45 | 250 | 242,499 | ||||
5.500% | 06/01/50 | 575 | 582,158 |
A5
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Foods (cont’d.) | |||||||
Lamb Weston Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.125% | 01/31/30 | 25 | $22,887 | ||||
4.375% | 01/31/32 | 550 | 500,124 | ||||
Pilgrim’s Pride Corp., | |||||||
Gtd. Notes | |||||||
3.500% | 03/01/32 | 300 | 240,974 | ||||
4.250% | 04/15/31 | 650 | 567,257 | ||||
Gtd. Notes, 144A | |||||||
5.875% | 09/30/27 | 2,150 | 2,136,526 | ||||
Post Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 04/15/30(a) | 1,435 | 1,286,372 | ||||
5.500% | 12/15/29 | 425 | 402,355 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.500% | 09/15/31(a) | 675 | 594,027 | ||||
14,579,758 | |||||||
Gas — 0.5% | |||||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.500% | 05/20/25 | 1,025 | 988,516 | ||||
5.750% | 05/20/27 | 900 | 845,018 | ||||
5.875% | 08/20/26 | 493 | 470,915 | ||||
2,304,449 | |||||||
Healthcare-Products — 0.9% | |||||||
Embecta Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.000% | 02/15/30(a) | 1,050 | 903,953 | ||||
6.750% | 02/15/30 | 175 | 159,419 | ||||
Medline Borrower LP, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.875% | 04/01/29 | 1,625 | 1,409,928 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.250% | 10/01/29(a) | 2,525 | 2,190,669 | ||||
4,663,969 | |||||||
Healthcare-Services — 3.7% | |||||||
DaVita, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.750% | 02/15/31 | 2,375 | 1,871,402 | ||||
4.625% | 06/01/30 | 1,800 | 1,535,941 | ||||
Hadrian Merger Sub, Inc., | |||||||
Sr. Unsec’d. Notes, 144A (original cost $231,688; purchased 01/04/23)(f) | |||||||
8.500% | 05/01/26 | 275 | 225,600 | ||||
HCA, Inc., | |||||||
Gtd. Notes | |||||||
7.050% | 12/01/27 | 1,750 | 1,852,591 | ||||
7.500% | 11/06/33 | 650 | 720,841 | ||||
Gtd. Notes, MTN | |||||||
7.750% | 07/15/36 | 400 | 447,263 | ||||
Legacy LifePoint Health LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.375% | 02/15/27 | 500 | 409,114 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Healthcare-Services (cont’d.) | |||||||
LifePoint Health, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.375% | 01/15/29 | 2,575 | $1,574,291 | ||||
Prime Healthcare Services, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.250% | 11/01/25(a) | 1,750 | 1,554,833 | ||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., | |||||||
Gtd. Notes, 144A | |||||||
9.750% | 12/01/26(a) | 2,025 | 1,636,841 | ||||
Tenet Healthcare Corp., | |||||||
Gtd. Notes | |||||||
6.125% | 10/01/28(a) | 1,250 | 1,191,804 | ||||
Sr. Sec’d. Notes | |||||||
4.250% | 06/01/29(a) | 1,825 | 1,649,015 | ||||
4.375% | 01/15/30(a) | 1,475 | 1,324,190 | ||||
Sr. Unsec’d. Notes | |||||||
6.875% | 11/15/31 | 2,350 | 2,254,755 | ||||
18,248,481 | |||||||
Home Builders — 4.6% | |||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 08/01/29 | 725 | 591,385 | ||||
4.625% | 04/01/30(a) | 700 | 576,200 | ||||
Beazer Homes USA, Inc., | |||||||
Gtd. Notes | |||||||
5.875% | 10/15/27(a) | 1,300 | 1,183,283 | ||||
6.750% | 03/15/25 | 850 | 837,250 | ||||
7.250% | 10/15/29(a) | 1,775 | 1,651,147 | ||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.875% | 02/15/30 | 1,175 | 875,375 | ||||
6.250% | 09/15/27(a) | 625 | 552,606 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 06/15/29(a) | 625 | 481,250 | ||||
Century Communities, Inc., | |||||||
Gtd. Notes | |||||||
6.750% | 06/01/27(a) | 325 | 325,138 | ||||
Gtd. Notes, 144A | |||||||
3.875% | 08/15/29(a) | 625 | 535,644 | ||||
Empire Communities Corp. (Canada), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.000% | 12/15/25 | 275 | 240,460 | ||||
Forestar Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.850% | 05/15/26 | 350 | 317,399 | ||||
5.000% | 03/01/28(a) | 1,300 | 1,165,320 | ||||
KB Home, | |||||||
Gtd. Notes | |||||||
4.000% | 06/15/31 | 625 | 541,199 | ||||
4.800% | 11/15/29 | 1,500 | 1,373,445 | ||||
7.250% | 07/15/30 | 225 | 228,515 | ||||
M/I Homes, Inc., | |||||||
Gtd. Notes | |||||||
3.950% | 02/15/30 | 325 | 277,658 |
A6
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Home Builders (cont’d.) | |||||||
4.950% | 02/01/28 | 625 | $582,326 | ||||
Mattamy Group Corp. (Canada), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 03/01/30(a) | 1,150 | 1,008,550 | ||||
5.250% | 12/15/27(a) | 1,000 | 937,800 | ||||
Meritage Homes Corp., | |||||||
Gtd. Notes | |||||||
5.125% | 06/06/27 | 525 | 511,836 | ||||
6.000% | 06/01/25 | 975 | 982,398 | ||||
Shea Homes LP/Shea Homes Funding Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 02/15/28 | 1,175 | 1,050,110 | ||||
4.750% | 04/01/29 | 700 | 611,903 | ||||
STL Holding Co. LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.500% | 02/15/26 | 1,075 | 935,255 | ||||
Taylor Morrison Communities, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 06/15/27 | 1,625 | 1,599,194 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.125% | 08/01/30 | 1,792 | 1,659,861 | ||||
Tri Pointe Homes, Inc., | |||||||
Gtd. Notes | |||||||
5.700% | 06/15/28(a) | 1,190 | 1,144,780 | ||||
22,777,287 | |||||||
Home Furnishings — 0.0% | |||||||
Tempur Sealy International, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.000% | 04/15/29 | 175 | 153,922 | ||||
Household Products/Wares — 0.4% | |||||||
ACCO Brands Corp., | |||||||
Gtd. Notes, 144A | |||||||
4.250% | 03/15/29(a) | 1,250 | 1,079,421 | ||||
Central Garden & Pet Co., | |||||||
Gtd. Notes, 144A | |||||||
4.125% | 04/30/31 | 50 | 43,199 | ||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
7.000% | 12/31/27(a) | 825 | 719,812 | ||||
Sr. Sec’d. Notes, 144A | |||||||
5.000% | 12/31/26 | 150 | 137,625 | ||||
1,980,057 | |||||||
Housewares — 0.6% | |||||||
Scotts Miracle-Gro Co. (The), | |||||||
Gtd. Notes | |||||||
4.000% | 04/01/31(a) | 1,900 | 1,526,246 | ||||
4.375% | 02/01/32(a) | 325 | 261,136 | ||||
4.500% | 10/15/29 | 50 | 43,304 | ||||
SWF Escrow Issuer Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.500% | 10/01/29 | 1,900 | 1,172,473 | ||||
3,003,159 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Insurance — 0.1% | |||||||
BroadStreet Partners, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.875% | 04/15/29 | 675 | $572,675 | ||||
Internet — 0.5% | |||||||
Cablevision Lightpath LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.875% | 09/15/27 | 475 | 380,006 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.625% | 09/15/28 | 820 | 565,667 | ||||
Gen Digital, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 04/15/25 | 1,000 | 982,692 | ||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.500% | 03/01/29 | 400 | 345,858 | ||||
2,274,223 | |||||||
Iron/Steel — 0.2% | |||||||
Big River Steel LLC/BRS Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.625% | 01/31/29(a) | 863 | 863,656 | ||||
Commercial Metals Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.125% | 01/15/30 | 125 | 111,027 | ||||
4.375% | 03/15/32 | 225 | 195,086 | ||||
1,169,769 | |||||||
Leisure Time — 1.2% | |||||||
NCL Corp. Ltd., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 03/15/26 | 475 | 403,132 | ||||
Sr. Sec’d. Notes, 144A | |||||||
8.375% | 02/01/28 | 925 | 926,202 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
7.750% | 02/15/29(a) | 250 | 214,138 | ||||
Royal Caribbean Cruises Ltd., | |||||||
Gtd. Notes, 144A | |||||||
7.250% | 01/15/30 | 425 | 427,656 | ||||
9.250% | 01/15/29 | 350 | 371,105 | ||||
Sr. Sec’d. Notes, 144A | |||||||
8.250% | 01/15/29(a) | 675 | 706,134 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.375% | 07/15/27 | 150 | 133,313 | ||||
5.500% | 04/01/28 | 675 | 594,169 | ||||
11.625% | 08/15/27 | 1,125 | 1,205,854 | ||||
Viking Cruises Ltd., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 09/15/27(a) | 250 | 214,588 | ||||
Viking Ocean Cruises Ship VII Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.625% | 02/15/29 | 850 | 727,281 | ||||
Vista Outdoor, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.500% | 03/15/29 | 250 | 201,614 | ||||
6,125,186 |
A7
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Lodging — 1.6% | |||||||
Hilton Domestic Operating Co., Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.625% | 02/15/32 | 925 | $779,815 | ||||
4.000% | 05/01/31 | 150 | 131,330 | ||||
MGM Resorts International, | |||||||
Gtd. Notes | |||||||
4.625% | 09/01/26 | 750 | 709,145 | ||||
4.750% | 10/15/28(a) | 1,825 | 1,701,764 | ||||
5.500% | 04/15/27(a) | 525 | 508,713 | ||||
5.750% | 06/15/25 | 25 | 24,949 | ||||
6.750% | 05/01/25(a) | 955 | 963,042 | ||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.875% | 05/15/25 | 650 | 617,698 | ||||
Wynn Macau Ltd. (Macau), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.125% | 12/15/29(a) | 675 | 543,375 | ||||
5.625% | 08/26/28(a) | 2,025 | 1,721,250 | ||||
7,701,081 | |||||||
Machinery-Construction & Mining — 0.1% | |||||||
Terex Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 05/15/29(a) | 550 | 511,163 | ||||
Machinery-Diversified — 0.7% | |||||||
Chart Industries, Inc., | |||||||
Gtd. Notes, 144A | |||||||
9.500% | 01/01/31 | 450 | 474,896 | ||||
Sr. Sec’d. Notes, 144A | |||||||
7.500% | 01/01/30(a) | 650 | 671,592 | ||||
GrafTech Finance, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.625% | 12/15/28(a) | 575 | 485,111 | ||||
Maxim Crane Works Holdings Capital LLC, | |||||||
Sec’d. Notes, 144A | |||||||
10.125% | 08/01/24(a) | 1,504 | 1,485,410 | ||||
TK Elevator US Newco, Inc. (Germany), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.250% | 07/15/27 | 224 | 210,638 | ||||
3,327,647 | |||||||
Media — 6.1% | |||||||
AMC Networks, Inc., | |||||||
Gtd. Notes | |||||||
5.000% | 04/01/24 | 200 | 196,333 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 05/01/32(a) | 3,040 | 2,483,516 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.250% | 02/01/31 | 3,775 | 3,093,616 | ||||
4.500% | 06/01/33 | 315 | 251,194 | ||||
4.750% | 03/01/30(a) | 2,375 | 2,058,215 | ||||
5.000% | 02/01/28(a) | 930 | 857,813 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Media (cont’d.) | |||||||
CSC Holdings LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.375% | 02/15/31 | 1,190 | $822,073 | ||||
4.125% | 12/01/30 | 575 | 412,899 | ||||
5.375% | 02/01/28 | 890 | 730,931 | ||||
5.500% | 04/15/27(a) | 225 | 189,453 | ||||
6.500% | 02/01/29 | 400 | 336,683 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 12/01/30 | 3,275 | 1,611,711 | ||||
5.000% | 11/15/31 | 310 | 154,490 | ||||
5.750% | 01/15/30 | 2,725 | 1,378,151 | ||||
7.500% | 04/01/28 | 200 | 127,384 | ||||
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||||
Gtd. Notes, 144A | |||||||
6.625% | 08/15/27(d) | 6,605 | 80,498 | ||||
Sec’d. Notes, 144A | |||||||
5.375% | 08/15/26(d) | 6,440 | 348,413 | ||||
DISH DBS Corp., | |||||||
Gtd. Notes | |||||||
5.125% | 06/01/29 | 1,965 | 1,036,893 | ||||
7.375% | 07/01/28 | 950 | 541,477 | ||||
7.750% | 07/01/26 | 4,150 | 2,739,011 | ||||
DISH Network Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
11.750% | 11/15/27 | 1,275 | 1,225,979 | ||||
Gray Television, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 07/15/26(a) | 1,335 | 1,144,377 | ||||
iHeartCommunications, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
6.375% | 05/01/26 | 725 | 639,813 | ||||
Midcontinent Communications/Midcontinent Finance Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.375% | 08/15/27 | 300 | 272,747 | ||||
News Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.875% | 05/15/29 | 250 | 222,049 | ||||
Nexstar Media, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 11/01/28(a) | 135 | 120,016 | ||||
5.625% | 07/15/27 | 455 | 421,464 | ||||
Radiate Holdco LLC/Radiate Finance, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.500% | 09/15/26 | 505 | 394,856 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.500% | 09/15/28 | 3,615 | 1,490,604 | ||||
Sinclair Television Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.125% | 02/15/27 | 285 | 249,457 | ||||
Univision Communications, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.500% | 05/01/29 | 520 | 436,792 | ||||
5.125% | 02/15/25(a) | 1,760 | 1,728,240 | ||||
6.625% | 06/01/27 | 1,275 | 1,211,248 |
A8
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Media (cont’d.) | |||||||
VZ Secured Financing BV (Netherlands), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.000% | 01/15/32 | 1,475 | $1,199,359 | ||||
30,207,755 | |||||||
Metal Fabricate/Hardware — 0.1% | |||||||
Roller Bearing Co. of America, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.375% | 10/15/29 | 475 | 423,876 | ||||
Mining — 1.8% | |||||||
Constellium SE, | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 02/15/26 | 675 | 675,742 | ||||
Eldorado Gold Corp. (Turkey), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.250% | 09/01/29(a) | 1,075 | 997,062 | ||||
First Quantum Minerals Ltd. (Zambia), | |||||||
Gtd. Notes, 144A | |||||||
6.875% | 03/01/26 | 200 | 193,288 | ||||
6.875% | 10/15/27(a) | 625 | 604,688 | ||||
7.500% | 04/01/25(a) | 2,275 | 2,260,338 | ||||
Hecla Mining Co., | |||||||
Gtd. Notes | |||||||
7.250% | 02/15/28 | 600 | 605,744 | ||||
Hudbay Minerals, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.500% | 04/01/26 | 525 | 483,319 | ||||
6.125% | 04/01/29(a) | 1,095 | 1,034,775 | ||||
New Gold, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
7.500% | 07/15/27 | 1,375 | 1,317,924 | ||||
Novelis Corp., | |||||||
Gtd. Notes, 144A | |||||||
3.875% | 08/15/31 | 650 | 547,137 | ||||
4.750% | 01/30/30 | 50 | 45,957 | ||||
8,765,974 | |||||||
Miscellaneous Manufacturing — 0.2% | |||||||
Amsted Industries, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.625% | 07/01/27 | 425 | 413,120 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 05/15/30 | 570 | 512,289 | ||||
925,409 | |||||||
Oil & Gas — 6.9% | |||||||
Aethon United BR LP/Aethon United Finance Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
8.250% | 02/15/26 | 725 | 711,079 | ||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | |||||||
Gtd. Notes | |||||||
7.875% | 12/15/24^(d) | 5,200 | 35,360 | ||||
Antero Resources Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.375% | 03/01/30(a) | 1,500 | 1,392,969 | ||||
7.625% | 02/01/29 | 328 | 335,534 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Oil & Gas (cont’d.) | |||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||||
Gtd. Notes, 144A (original cost $1,127,960; purchased 09/26/18 - 01/20/23)(f) | |||||||
7.000% | 11/01/26 | 1,150 | $1,111,305 | ||||
Gtd. Notes, 144A (original cost $630,370; purchased 10/13/20)(f) | |||||||
9.000% | 11/01/27 | 676 | 824,245 | ||||
Athabasca Oil Corp. (Canada), | |||||||
Sec’d. Notes, 144A | |||||||
9.750% | 11/01/26 | 1,514 | 1,566,990 | ||||
Chesapeake Energy Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 02/01/26 | 300 | 295,128 | ||||
5.875% | 02/01/29(a) | 1,050 | 999,280 | ||||
6.750% | 04/15/29 | 675 | 669,572 | ||||
CITGO Petroleum Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.000% | 06/15/25 | 1,525 | 1,508,142 | ||||
CNX Resources Corp., | |||||||
Gtd. Notes, 144A | |||||||
7.250% | 03/14/27 | 1,375 | 1,384,819 | ||||
Comstock Resources, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 01/15/30(a) | 450 | 388,017 | ||||
6.750% | 03/01/29(a) | 825 | 751,126 | ||||
Crescent Energy Finance LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
9.250% | 02/15/28 | 275 | 263,618 | ||||
CrownRock LP/CrownRock Finance, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 05/01/29 | 200 | 186,306 | ||||
5.625% | 10/15/25 | 350 | 343,457 | ||||
Endeavor Energy Resources LP/EER Finance, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.750% | 01/30/28 | 1,500 | 1,489,132 | ||||
EQT Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 01/15/29 | 175 | 166,264 | ||||
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.750% | 02/01/29 | 275 | 255,848 | ||||
6.000% | 04/15/30 | 1,350 | 1,245,102 | ||||
6.000% | 02/01/31(a) | 900 | 831,870 | ||||
6.250% | 11/01/28(a) | 1,050 | 998,225 | ||||
6.250% | 04/15/32 | 625 | 577,835 | ||||
MEG Energy Corp. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 02/01/29(a) | 450 | 432,576 | ||||
7.125% | 02/01/27 | 1,102 | 1,118,530 | ||||
Nabors Industries Ltd., | |||||||
Gtd. Notes, 144A | |||||||
7.250% | 01/15/26 | 900 | 858,375 | ||||
7.500% | 01/15/28(a) | 1,250 | 1,150,000 | ||||
Nabors Industries, Inc., | |||||||
Gtd. Notes | |||||||
5.750% | 02/01/25 | 1,300 | 1,258,468 |
A9
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Oil & Gas (cont’d.) | |||||||
Gtd. Notes, 144A | |||||||
7.375% | 05/15/27 | 50 | $48,962 | ||||
Occidental Petroleum Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
6.125% | 01/01/31 | 400 | 415,118 | ||||
6.625% | 09/01/30 | 100 | 105,270 | ||||
7.150% | 05/15/28 | 275 | 290,338 | ||||
7.875% | 09/15/31 | 100 | 112,290 | ||||
Parkland Corp. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.500% | 10/01/29 | 500 | 443,010 | ||||
4.625% | 05/01/30 | 1,275 | 1,129,089 | ||||
Precision Drilling Corp. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
6.875% | 01/15/29 | 200 | 181,500 | ||||
7.125% | 01/15/26(a) | 1,225 | 1,196,286 | ||||
Range Resources Corp., | |||||||
Gtd. Notes | |||||||
4.875% | 05/15/25 | 1,075 | 1,062,964 | ||||
Gtd. Notes, 144A | |||||||
4.750% | 02/15/30(a) | 650 | 592,727 | ||||
Southwestern Energy Co., | |||||||
Gtd. Notes | |||||||
4.750% | 02/01/32(a) | 1,525 | 1,347,559 | ||||
5.375% | 02/01/29 | 125 | 117,989 | ||||
5.375% | 03/15/30(a) | 1,525 | 1,431,947 | ||||
Sunoco LP/Sunoco Finance Corp., | |||||||
Gtd. Notes | |||||||
4.500% | 05/15/29 | 450 | 412,326 | ||||
4.500% | 04/30/30(a) | 1,175 | 1,062,318 | ||||
5.875% | 03/15/28 | 100 | 97,555 | ||||
Transocean, Inc., | |||||||
Gtd. Notes, 144A | |||||||
7.250% | 11/01/25 | 250 | 235,000 | ||||
7.500% | 01/15/26 | 650 | 588,250 | ||||
8.000% | 02/01/27(a) | 225 | 200,250 | ||||
34,219,920 | |||||||
Packaging & Containers — 1.7% | |||||||
ARD Finance SA (Luxembourg), | |||||||
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | |||||||
6.500% | 06/30/27(a) | 1,107 | 843,707 | ||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.125% | 08/15/26(a) | 375 | 349,687 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.250% | 08/15/27(a) | 425 | 333,361 | ||||
Graham Packaging Co., Inc., | |||||||
Gtd. Notes, 144A | |||||||
7.125% | 08/15/28(a) | 820 | 712,453 | ||||
Graphic Packaging International LLC, | |||||||
Gtd. Notes | |||||||
4.125% | 08/15/24 | 300 | 294,289 | ||||
Intelligent Packaging Holdco Issuer LP (Canada), | |||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% | |||||||
9.000% | 01/15/26 | 425 | 302,813 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Packaging & Containers (cont’d.) | |||||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.000% | 09/15/28 | 960 | $825,600 | ||||
LABL, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.875% | 11/01/28(a) | 525 | 468,646 | ||||
6.750% | 07/15/26 | 50 | 48,252 | ||||
9.500% | 11/01/28 | 225 | 226,739 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
8.250% | 11/01/29 | 900 | 768,226 | ||||
10.500% | 07/15/27 | 625 | 579,900 | ||||
Mauser Packaging Solutions Holding Co., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.875% | 08/15/26 | 550 | 549,792 | ||||
OI European Group BV, | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 02/15/30 | 325 | 297,375 | ||||
Owens-Brockway Glass Container, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.375% | 08/15/25 | 200 | 200,747 | ||||
6.625% | 05/13/27(a) | 170 | 170,143 | ||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.375% | 10/15/28(a) | 600 | 524,648 | ||||
Sealed Air Corp./Sealed Air Corp. US, | |||||||
Gtd. Notes, 144A | |||||||
6.125% | 02/01/28 | 125 | 126,486 | ||||
Trident TPI Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.625% | 11/01/25 | 350 | 323,707 | ||||
9.250% | 08/01/24 | 225 | 223,287 | ||||
TriMas Corp., | |||||||
Gtd. Notes, 144A | |||||||
4.125% | 04/15/29(a) | 325 | 288,243 | ||||
8,458,101 | |||||||
Pharmaceuticals — 1.9% | |||||||
AdaptHealth LLC, | |||||||
Gtd. Notes, 144A | |||||||
4.625% | 08/01/29 | 500 | 416,740 | ||||
5.125% | 03/01/30(a) | 1,100 | 933,615 | ||||
6.125% | 08/01/28 | 820 | 750,981 | ||||
Bausch Health Cos., Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 01/30/28 | 1,550 | 581,529 | ||||
5.000% | 02/15/29 | 1,600 | 593,417 | ||||
5.250% | 01/30/30 | 750 | 277,969 | ||||
5.250% | 02/15/31 | 1,250 | 479,687 | ||||
6.250% | 02/15/29 | 6,510 | 2,408,700 | ||||
7.000% | 01/15/28 | 250 | 102,500 | ||||
9.000% | 12/15/25(a) | 500 | 399,375 | ||||
Jazz Securities DAC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.375% | 01/15/29 | 350 | 322,000 |
A10
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pharmaceuticals (cont’d.) | |||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.125% | 04/30/28 | 450 | $414,160 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.125% | 04/30/31(a) | 950 | 843,281 | ||||
P&L Development LLC/PLD Finance Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.750% | 11/15/25 | 900 | 708,882 | ||||
9,232,836 | |||||||
Pipelines — 3.1% | |||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.375% | 06/15/29 | 750 | 706,354 | ||||
5.750% | 01/15/28 | 1,825 | 1,754,083 | ||||
7.875% | 05/15/26 | 200 | 204,297 | ||||
Cheniere Energy Partners LP, | |||||||
Gtd. Notes | |||||||
4.000% | 03/01/31 | 900 | 801,456 | ||||
Cheniere Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.625% | 10/15/28 | 2,250 | 2,130,455 | ||||
CNX Midstream Partners LP, | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 04/15/30 | 150 | 128,957 | ||||
DCP Midstream Operating LP, | |||||||
Gtd. Notes | |||||||
5.625% | 07/15/27 | 395 | 400,413 | ||||
Gtd. Notes, 144A | |||||||
6.450% | 11/03/36 | 200 | 207,043 | ||||
Energy Transfer LP, | |||||||
Jr. Sub. Notes, Series G | |||||||
7.125%(ff) | 05/15/30(oo) | 625 | 524,081 | ||||
EQM Midstream Partners LP, | |||||||
Sr. Unsec’d. Notes | |||||||
5.500% | 07/15/28 | 50 | 45,393 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.000% | 07/01/25 | 101 | 99,907 | ||||
6.500% | 07/01/27(a) | 810 | 784,378 | ||||
7.500% | 06/01/27 | 175 | 175,640 | ||||
7.500% | 06/01/30 | 175 | 169,477 | ||||
Global Partners LP/GLP Finance Corp., | |||||||
Gtd. Notes | |||||||
6.875% | 01/15/29 | 400 | 369,278 | ||||
7.000% | 08/01/27 | 260 | 249,907 | ||||
Rockies Express Pipeline LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.875% | 04/15/40 | 2,069 | 1,737,472 | ||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 01/15/28 | 1,625 | 1,495,374 | ||||
6.000% | 12/31/30 | 975 | 870,745 | ||||
6.000% | 09/01/31 | 325 | 287,625 | ||||
7.500% | 10/01/25 | 175 | 175,464 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pipelines (cont’d.) | |||||||
Venture Global Calcasieu Pass LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.875% | 08/15/29 | 840 | $757,654 | ||||
4.125% | 08/15/31 | 240 | 210,748 | ||||
Western Midstream Operating LP, | |||||||
Sr. Unsec’d. Notes | |||||||
3.950% | 06/01/25 | 275 | 263,677 | ||||
4.300% | 02/01/30 | 575 | 522,999 | ||||
5.500% | 08/15/48 | 300 | 258,486 | ||||
15,331,363 | |||||||
Real Estate — 1.5% | |||||||
Five Point Operating Co. LP/Five Point Capital Corp., | |||||||
Gtd. Notes, 144A | |||||||
7.875% | 11/15/25(a) | 1,925 | 1,726,460 | ||||
Greystar Real Estate Partners LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.750% | 12/01/25 | 1,825 | 1,770,066 | ||||
Howard Hughes Corp. (The), | |||||||
Gtd. Notes, 144A | |||||||
4.125% | 02/01/29 | 625 | 528,861 | ||||
4.375% | 02/01/31(a) | 700 | 562,967 | ||||
5.375% | 08/01/28(a) | 720 | 656,065 | ||||
Hunt Cos., Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
5.250% | 04/15/29 | 1,525 | 1,201,641 | ||||
Realogy Group LLC/Realogy Co-Issuer Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.250% | 04/15/30(a) | 1,050 | 765,107 | ||||
5.750% | 01/15/29 | 200 | 149,612 | ||||
7,360,779 | |||||||
Real Estate Investment Trusts (REITs) — 1.8% | |||||||
Diversified Healthcare Trust, | |||||||
Gtd. Notes | |||||||
4.375% | 03/01/31 | 550 | 393,633 | ||||
9.750% | 06/15/25 | 1,112 | 1,075,813 | ||||
Sr. Unsec’d. Notes | |||||||
4.750% | 05/01/24 | 50 | 45,264 | ||||
4.750% | 02/15/28(a) | 2,350 | 1,585,946 | ||||
MPT Operating Partnership LP/MPT Finance Corp., | |||||||
Gtd. Notes | |||||||
3.500% | 03/15/31 | 825 | 551,268 | ||||
5.000% | 10/15/27(a) | 1,200 | 986,764 | ||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.500% | 06/01/25 | 1,435 | 1,443,611 | ||||
Sabra Health Care LP, | |||||||
Gtd. Notes | |||||||
5.125% | 08/15/26 | 300 | 281,058 | ||||
SBA Communications Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.125% | 02/01/29(a) | 330 | 287,051 |
A11
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||||
VICI Properties LP/VICI Note Co., Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.500% | 01/15/28 | 1,175 | $1,092,028 | ||||
4.625% | 12/01/29 | 1,175 | 1,079,542 | ||||
8,821,978 | |||||||
Retail — 4.4% | |||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||||
Sec’d. Notes, 144A | |||||||
4.000% | 10/15/30 | 2,800 | 2,401,000 | ||||
Sr. Sec’d. Notes, 144A | |||||||
3.875% | 01/15/28 | 450 | 418,500 | ||||
At Home Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
7.125% | 07/15/29 | 1,600 | 915,433 | ||||
Sr. Sec’d. Notes, 144A | |||||||
4.875% | 07/15/28 | 100 | 67,662 | ||||
BCPE Ulysses Intermediate, Inc., | |||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% | |||||||
7.750% | 04/01/27 | 150 | 117,489 | ||||
Brinker International, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 10/01/24 | 125 | 122,704 | ||||
Sr. Unsec’d. Notes | |||||||
3.875% | 05/15/23 | 250 | 249,165 | ||||
Carrols Restaurant Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.875% | 07/01/29 | 500 | 402,221 | ||||
eG Global Finance PLC (United Kingdom), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.750% | 02/07/25 | 750 | 691,875 | ||||
8.500% | 10/30/25 | 1,075 | 1,003,781 | ||||
Ferrellgas LP/Ferrellgas Finance Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.375% | 04/01/26 | 150 | 140,355 | ||||
5.875% | 04/01/29 | 330 | 282,470 | ||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.750% | 01/15/30(a) | 1,375 | 1,129,868 | ||||
Sr. Sec’d. Notes, 144A | |||||||
4.625% | 01/15/29 | 425 | 373,056 | ||||
Foundation Building Materials, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.000% | 03/01/29 | 1,400 | 1,113,081 | ||||
Gap, Inc. (The), | |||||||
Gtd. Notes, 144A | |||||||
3.625% | 10/01/29(a) | 800 | 559,246 | ||||
3.875% | 10/01/31 | 1,000 | 678,623 | ||||
LBM Acquisition LLC, | |||||||
Gtd. Notes, 144A | |||||||
6.250% | 01/15/29 | 1,000 | 768,657 | ||||
LCM Investments Holdings II LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.875% | 05/01/29 | 1,025 | 856,847 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Retail (cont’d.) | |||||||
Park River Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.625% | 02/01/29(a) | 1,620 | $1,125,222 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.750% | 08/01/29 | 225 | 155,540 | ||||
Patrick Industries, Inc., | |||||||
Gtd. Notes, 144A | |||||||
4.750% | 05/01/29(a) | 350 | 303,128 | ||||
7.500% | 10/15/27 | 575 | 568,391 | ||||
Sally Holdings LLC/Sally Capital, Inc., | |||||||
Gtd. Notes | |||||||
5.625% | 12/01/25 | 2,600 | 2,569,483 | ||||
SRS Distribution, Inc., | |||||||
Gtd. Notes, 144A | |||||||
6.000% | 12/01/29(a) | 1,000 | 826,266 | ||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.875% | 03/01/27 | 275 | 267,793 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 06/01/31(a) | 1,775 | 1,548,156 | ||||
Superior Plus LP/Superior General Partner, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
4.500% | 03/15/29 | 1,500 | 1,345,500 | ||||
White Cap Buyer LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.875% | 10/15/28(a) | 625 | 543,023 | ||||
21,544,535 | |||||||
Software — 0.3% | |||||||
Black Knight InfoServ LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.625% | 09/01/28 | 1,660 | 1,509,299 | ||||
Telecommunications — 3.6% | |||||||
Altice France SA (France), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
8.125% | 02/01/27 | 1,150 | 1,060,875 | ||||
Digicel Group Holdings Ltd. (Jamaica), | |||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% (original cost $221,783; purchased 06/23/20 - 10/03/22)(f) | |||||||
8.000% | 04/01/25 | 682 | 271,220 | ||||
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||||
Gtd. Notes, 144A (original cost $1,327,720; purchased 05/22/20 - 03/09/23)(f) | |||||||
8.000% | 12/31/26 | 2,278 | 455,506 | ||||
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% (original cost $624,050; purchased 10/28/22 - 12/15/22)(f) | |||||||
13.000% | 12/31/25 | 931 | 586,845 | ||||
Sr. Sec’d. Notes, 144A (original cost $1,224,500; purchased 03/07/19 - 03/15/23)(f) | |||||||
8.750% | 05/25/24(a) | 1,250 | 1,137,500 | ||||
Sr. Sec’d. Notes, 144A (original cost $1,014,594; purchased 05/22/20 - 07/30/20)(f) | |||||||
8.750% | 05/25/24 | 1,058 | 962,894 |
A12
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Telecommunications (cont’d.) | |||||||
Digicel Ltd. (Jamaica), | |||||||
Gtd. Notes, 144A (original cost $4,459,150; purchased 09/26/17 - 11/21/22)(f) | |||||||
6.750% | 06/01/23 | 5,725 | $1,145,000 | ||||
Iliad Holding SASU (France), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.500% | 10/15/26 | 675 | 644,429 | ||||
7.000% | 10/15/28(a) | 1,200 | 1,135,128 | ||||
Intelsat Jackson Holdings SA (Luxembourg), | |||||||
Gtd. Notes | |||||||
5.500% | 08/01/23^(d) | 1,595 | 2 | ||||
Gtd. Notes, 144A | |||||||
8.500% | 10/15/24^(d) | 25 | — | ||||
9.750% | 07/15/25^(d) | 3,955 | 4 | ||||
Sr. Sec’d. Notes, 144A | |||||||
6.500% | 03/15/30(a) | 2,355 | 2,158,899 | ||||
Level 3 Financing, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.750% | 07/15/29 | 145 | 77,411 | ||||
4.250% | 07/01/28 | 460 | 259,222 | ||||
4.625% | 09/15/27 | 655 | 393,465 | ||||
Sr. Sec’d. Notes, 144A | |||||||
3.400% | 03/01/27 | 400 | 316,086 | ||||
10.500% | 05/15/30 | 490 | 469,606 | ||||
Northwestern Bell Telephone, | |||||||
Sr. Unsec’d. Notes | |||||||
7.750% | 05/01/30 | 100 | 77,283 | ||||
Sprint Capital Corp., | |||||||
Gtd. Notes | |||||||
6.875% | 11/15/28 | 430 | 462,169 | ||||
8.750% | 03/15/32 | 731 | 889,662 | ||||
Sprint LLC, | |||||||
Gtd. Notes | |||||||
7.625% | 02/15/25(a) | 885 | 919,111 | ||||
7.625% | 03/01/26 | 500 | 528,792 | ||||
7.875% | 09/15/23 | 1,175 | 1,184,561 | ||||
Viasat, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.625% | 09/15/25 | 2,100 | 1,991,973 | ||||
Zayo Group Holdings, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.000% | 03/01/27(a) | 510 | 386,829 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.125% | 03/01/28 | 660 | 400,174 | ||||
17,914,646 | |||||||
Transportation — 0.0% | |||||||
XPO Escrow Sub LLC, | |||||||
Gtd. Notes, 144A | |||||||
7.500% | 11/15/27 | 225 | 233,924 | ||||
Trucking & Leasing — 0.1% | |||||||
Fortress Transportation & Infrastructure Investors LLC, | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 05/01/28 | 775 | 707,106 | ||||
Total Corporate Bonds (cost $462,754,366) | 395,260,856 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Floating Rate and Other Loans — 2.7% | |||||||
Airlines — 0.3% | |||||||
United Airlines, Inc., | |||||||
Class B Term Loan, 3 Month LIBOR + 3.750% | |||||||
8.568%(c) | 04/21/28 | 1,221 | $1,212,207 | ||||
Chemicals — 0.1% | |||||||
Venator Materials LLC, | |||||||
Initial Term Loan, 3 Month LIBOR + 3.000% | |||||||
8.159%(c) | 08/08/24 | 548 | 355,308 | ||||
Computers — 0.1% | |||||||
McAfee Corp., | |||||||
Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | |||||||
8.515%(c) | 03/01/29 | 334 | 313,830 | ||||
Electric — 0.1% | |||||||
Heritage Power LLC, | |||||||
Term Loan B, 3 Month LIBOR + 5.000% | |||||||
10.415%(c) | 07/30/26 | 1,864 | 589,441 | ||||
Housewares — 0.1% | |||||||
SWF Holdings I Corp., | |||||||
Initial Term Loan, 3 Month LIBOR + 4.000% | |||||||
8.753%(c) | 10/06/28 | 782 | 658,919 | ||||
Insurance — 0.2% | |||||||
Asurion LLC, | |||||||
New B-4 Term Loan, 1 Month LIBOR + 5.250% | |||||||
10.090%(c) | 01/20/29 | 1,290 | 1,060,380 | ||||
Media — 0.3% | |||||||
CSC Holdings LLC, | |||||||
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | |||||||
9.327%(c) | 01/17/28 | 590 | 545,259 | ||||
Diamond Sports Group LLC, | |||||||
First Lien Term Loan, 3 Month SOFR + 8.150% | |||||||
12.775%(c) | 05/25/26 | 957 | 890,162 | ||||
Second Lien Term loan | |||||||
8.025% | 08/24/26 | 2,226 | 138,552 | ||||
1,573,973 | |||||||
Oil & Gas — 0.3% | |||||||
Ascent Resources Utica Holdings LLC, | |||||||
Second Lien Term Loan, 3 Month LIBOR + 9.000% | |||||||
13.815%(c) | 11/01/25 | 1,385 | 1,466,369 | ||||
Retail — 0.2% | |||||||
EG America LLC (United Kingdom), | |||||||
Project Becker Additional Facility, 1 Month LIBOR + 4.250% | |||||||
9.090%(c) | 03/31/26 | 316 | 301,335 | ||||
Great Outdoors Group LLC, | |||||||
Term B-2 Loan, 1 Month LIBOR + 3.750% | |||||||
8.590%(c) | 03/06/28 | 562 | 554,633 | ||||
855,968 | |||||||
Software — 0.6% | |||||||
Boxer Parent Co., Inc., | |||||||
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% | |||||||
8.590%(c) | 10/02/25 | 702 | 691,821 | ||||
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% | |||||||
10.340%(c) | 02/27/26 | 250 | 240,804 |
A13
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Floating Rate and Other Loans (continued) | |||||||
Software (cont’d.) | |||||||
Finastra USA, Inc., | |||||||
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% | |||||||
12.075%(c) | 06/13/25 | 1,225 | $975,406 | ||||
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% | |||||||
8.325%(c) | 06/13/24 | 178 | 166,095 | ||||
Skillsoft Finance II, Inc., | |||||||
Initial Term Loan, 1 Month SOFR + 5.364% | |||||||
10.098%(c) | 07/14/28 | 1,165 | 980,721 | ||||
3,054,847 | |||||||
Telecommunications — 0.4% | |||||||
Digicel International Finance Ltd. (Saint Lucia), | |||||||
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250% | |||||||
8.081%(c) | 05/27/24 | 100 | 89,015 | ||||
Intrado Corp., | |||||||
Initial Term Loan, 3 Month SOFR + 4.000% | |||||||
8.676%(c) | 01/31/30 | 435 | 426,300 | ||||
Xplornet Communications, Inc. (Canada), | |||||||
First Lien Refinancing Term Loan, 1 Month LIBOR + 4.000% | |||||||
8.840%(c) | 10/02/28 | 1,426 | 1,143,862 | ||||
Initial Term Loan- Second Lien, 1 Month LIBOR + 7.000% | |||||||
11.840%(c) | 10/01/29^ | 565 | 339,000 | ||||
1,998,177 | |||||||
Total Floating Rate and Other Loans (cost $15,888,479) | 13,139,419 | ||||||
Residential Mortgage-Backed Securities — 0.0% | |||||||
Adjustable Rate Mortgage Trust, | |||||||
Series 2005-07, Class 1A1 | |||||||
3.831%(cc) | 10/25/35 | 4 | 2,754 | ||||
Alternative Loan Trust, | |||||||
Series 2005-43, Class 4A3 | |||||||
3.170%(cc) | 10/25/35 | 2 | 1,258 | ||||
Series 2006-HY13, Class 4A1 | |||||||
3.973%(cc) | 02/25/37 | 1 | 1,228 | ||||
Series 2006-OA09, Class 2A1A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) | |||||||
4.971%(c) | 07/20/46 | 2 | 1,683 | ||||
American Home Mortgage Assets Trust, | |||||||
Series 2006-04, Class 1A12, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) | |||||||
5.055%(c) | 10/25/46 | 15 | 7,926 | ||||
Banc of America Funding Trust, | |||||||
Series 2006-B, Class 2A1 | |||||||
3.893%(cc) | 03/20/36 | 3 | 2,307 | ||||
Citigroup Mortgage Loan Trust, | |||||||
Series 2007-10, Class 22AA | |||||||
3.890%(cc) | 09/25/37 | 6 | 5,458 | ||||
HarborView Mortgage Loan Trust, | |||||||
Series 2006-05, Class 2A1A, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%) | |||||||
5.121%(c) | 07/19/46 | 4 | 2,136 | ||||
IndyMac INDX Mortgage Loan Trust, | |||||||
Series 2006-AR12, Class A1, 1 Month LIBOR + 0.380% (Cap N/A, Floor 0.380%) | |||||||
5.225%(c) | 09/25/46 | 3 | 2,521 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Residential Mortgage-Backed Securities (continued) | |||||||
JPMorgan Mortgage Trust, | |||||||
Series 2007-S03, Class 1A96 | |||||||
6.000% | 08/25/37 | 10 | $5,323 | ||||
MASTR Adjustable Rate Mortgages Trust, | |||||||
Series 2006-OA01, Class 1A1, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) | |||||||
5.055%(c) | 04/25/46 | 2 | 1,320 | ||||
Residential Accredit Loans Trust, | |||||||
Series 2006-QA02, Class 3A1 | |||||||
6.109%(cc) | 02/25/36 | 9 | 6,913 | ||||
Residential Asset Securitization Trust, | |||||||
Series 2007-A05, Class 2A3 | |||||||
6.000% | 05/25/37 | 3 | 1,478 | ||||
Washington Mutual Mortgage Pass-Through Certificates Trust, | |||||||
Series 2007-HY01, Class 2A3 | |||||||
3.650%(cc) | 02/25/37 | 2 | 1,351 | ||||
Series 2007-HY01, Class 4A1 | |||||||
3.601%(cc) | 02/25/37 | 2 | 2,020 | ||||
Total Residential Mortgage-Backed Securities (cost $52,970) | 45,676 | ||||||
U.S. Treasury Obligations — 3.3% | |||||||
U.S. Treasury Notes | |||||||
2.750% | 04/30/27(k) | 1,854 | 1,786,937 | ||||
3.000% | 07/31/24(a) | 9,849 | 9,667,794 | ||||
3.875% | 11/30/27(a) | 5,000 | 5,052,735 | ||||
Total U.S. Treasury Obligations (cost $16,671,183) | 16,507,466 |
Shares | |||||
Common Stocks — 2.0% | |||||
Chemicals — 0.2% | |||||
TPC Group, Inc.*^ | 49,934 | 998,680 | |||
Electric Utilities — 0.3% | |||||
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $1,273,580; purchased 02/28/19)*^(f) | 11,836 | 1,183,600 | |||
Keycon Power Holdings LLC*^ | 2,150 | 272,835 | |||
1,456,435 | |||||
Gas Utilities — 0.5% | |||||
Ferrellgas Partners LP (Class B Stock)^ | 13,116 | 2,261,600 | |||
Independent Power & Renewable Electricity Producers — 0.2% | |||||
Vistra Corp. | 44,042 | 1,057,008 | |||
Oil, Gas & Consumable Fuels — 0.5% | |||||
Chesapeake Energy Corp. | 32,875 | 2,499,815 | |||
Wireless Telecommunication Services — 0.3% | |||||
Intelsat Emergence SA (Luxembourg)* | 52,734 | 1,371,084 | |||
Total Common Stocks (cost $6,438,115) | 9,644,622 |
A14
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Shares | Value | |||||
Preferred Stocks — 0.6% | ||||||
Capital Markets — 0.0% | ||||||
Goldman Sachs Group, Inc. (The), Series K, 6.375%(c), 3 Month LIBOR + 3.550%, Maturing 05/10/24(oo) | 11,850 | $297,553 | ||||
Construction Materials — 0.0% | ||||||
New Millennium Homes LLC, Maturing 01/01/49^ | 409 | 2,045 | ||||
Gas Utilities — 0.6% | ||||||
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 2,850 | 2,850,000 | ||||
Media — 0.0% | ||||||
Adelphia Communications Corp.^ | 700 | 1 | ||||
Total Preferred Stocks (cost $3,061,417) | 3,149,599 |
Units | |||||
Rights* — 0.0% | |||||
Wireless Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A, CVR (Luxembourg), expiring 12/05/25^ | 5,521 | 52,619 | |||
Intelsat Jackson Holdings SA, Series B, CVR (Luxembourg), expiring 12/05/25^ | 5,521 | 10,929 | |||
Total Rights (cost $0) | 63,548 | ||||
Total Long-Term Investments (cost $534,389,138) | 467,448,268 |
Shares | |||||
Short-Term Investments — 23.8% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Ultra Short Bond Fund(wa) | 19,088,698 | 19,088,698 | |||
PGIM Institutional Money Market Fund (cost $98,712,767; includes $98,250,079 of cash collateral for securities on loan)(b)(wa) | 98,819,897 | 98,770,487 | |||
Total Short-Term Investments (cost $117,801,465) | 117,859,185 | ||||
TOTAL INVESTMENTS—118.3% (cost $652,190,603) | 585,307,453 | ||||
Liabilities in excess of other assets(z) — (18.3)% | (90,360,365) | ||||
Net Assets — 100.0% | $494,947,088 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
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. |
BNP | BNP Paribas S.A. |
CDX | Credit Derivative Index |
CLO | Collateralized Loan Obligation |
CVR | Contingent Value Rights |
DAC | Designated Activity Company |
GSI | Goldman Sachs International |
iBoxx | Bond Market Indices |
LIBOR | London Interbank Offered Rate |
LP | Limited Partnership |
MASTR | Morgan Stanley Structured Asset Security |
MTN | Medium Term Note |
OTC | Over-the-counter |
PIK | Payment-in-Kind |
Q | Quarterly payment frequency for swaps |
REITs | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
T | Swap payment upon termination |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $8,006,675 and 1.6% 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 $97,373,863; cash collateral of $98,250,079 (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 March 31, 2023. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2023. 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. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $14,377,176. The aggregate value of $8,472,006 is 1.7% of net assets. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(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: |
A15
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Futures contracts outstanding at March 31, 2023: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
78 | 2 Year U.S. Treasury Notes | Jun. 2023 | $16,103,344 | $175,291 | ||||
312 | 5 Year U.S. Treasury Notes | Jun. 2023 | 34,166,437 | 505,322 | ||||
147 | 10 Year U.S. Treasury Notes | Jun. 2023 | 16,893,516 | 479,334 | ||||
17 | 20 Year U.S. Treasury Bonds | Jun. 2023 | 2,229,656 | 89,398 | ||||
7 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2023 | 987,875 | 40,128 | ||||
$1,289,473 |
Credit default swap agreements outstanding at March 31, 2023:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at March 31, 2023(4) | Value at Trade Date | Value at March 31, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.40.V1 | 06/20/28 | 5.000%(Q) | 12,290 | 4.631% | $(37,778) | $205,035 | $242,813 |
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. |
Total return swap agreements outstanding at March 31, 2023: | ||||||||||||||
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: | ||||||||||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.870% | BNP | 06/20/23 | (5,650) | $(3,790) | $— | $(3,790) | |||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.870% | GSI | 06/20/23 | (5,638) | 11,280 | — | 11,280 | |||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.870% | BNP | 09/20/23 | (5,650) | (7,577) | — | (7,577) |
A16
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
Total return swap agreements outstanding at March 31, 2023 (continued): | ||||||||||||||
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 (cont’d.): | ||||||||||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.870% | GSI | 09/20/23 | (5,638) | $8,462 | $— | $8,462 | |||||||
$8,375 | $— | $8,375 |
(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). |
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A17