PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Long-Term Investments — 99.0% | |||||||
Asset-Backed Securities — 13.7% | |||||||
Collateralized Loan Obligations | |||||||
AGL Core CLO Ltd. (Cayman Islands), | |||||||
Series 2019-02A, Class A1, 144A, 3 Month SOFR + 1.652% (Cap N/A, Floor 1.390%) | |||||||
6.978%(c) | 04/20/32 | 1,000 | $998,528 | ||||
Apidos CLO Ltd. (United Kingdom), | |||||||
Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | |||||||
7.057%(c) | 04/26/35 | 1,750 | 1,761,370 | ||||
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||||||
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | |||||||
6.670%(c) | 10/17/32 | 500 | 496,250 | ||||
Balboa Bay Loan Funding Ltd. (Cayman Islands), | |||||||
Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%) | |||||||
6.788%(c) | 07/20/34 | 3,000 | 2,983,500 | ||||
Battalion CLO Ltd. (Cayman Islands), | |||||||
Series 2020-15A, Class A1, 144A, 3 Month SOFR + 1.612% (Cap N/A, Floor 1.350%) | |||||||
6.920%(c) | 01/17/33 | 2,500 | 2,478,281 | ||||
Jamestown CLO Ltd. (Cayman Islands), | |||||||
Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | |||||||
6.788%(c) | 10/20/34 | 500 | 491,938 | ||||
OZLM Ltd. (Cayman Islands), | |||||||
Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%) | |||||||
6.881%(c) | 10/30/30 | 2,470 | 2,464,584 | ||||
Regatta VII Funding Ltd. (Cayman Islands), | |||||||
Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | |||||||
6.809%(c) | 06/20/34 | 3,250 | 3,237,985 | ||||
TCW CLO Ltd. (Cayman Islands), | |||||||
Series 2017-01A, Class A1RR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | |||||||
6.811%(c) | 10/29/34 | 500 | 495,479 | ||||
Trimaran Cavu Ltd., | |||||||
Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%) | |||||||
7.048%(c) | 07/20/32 | 2,500 | 2,496,397 | ||||
Venture CLO Ltd. (Cayman Islands), | |||||||
Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | |||||||
6.810%(c) | 04/15/34 | 2,250 | 2,230,236 | ||||
Wellfleet CLO Ltd. (Cayman Islands), | |||||||
Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | |||||||
6.648%(c) | 10/20/29 | 563 | 562,228 | ||||
Wind River CLO Ltd. (Cayman Islands), | |||||||
Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | |||||||
6.780%(c) | 10/15/34 | 500 | 495,429 | ||||
Total Asset-Backed Securities (cost $21,187,805) | 21,192,205 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities — 8.2% | |||||||
Barclays Commercial Mortgage Securities Trust, | |||||||
Series 2019-C04, Class A4 | |||||||
2.661% | 08/15/52 | 3,000 | $2,608,897 | ||||
CD Mortgage Trust, | |||||||
Series 2019-CD08, Class A3 | |||||||
2.657% | 08/15/57 | 4,000 | 3,307,166 | ||||
Fannie Mae-Aces, | |||||||
Series 2019-M22, Class A2 | |||||||
2.522% | 08/25/29 | 1,787 | 1,555,943 | ||||
Series 2022-M03, Class A2 | |||||||
1.764%(cc) | 11/25/31 | 4,000 | 3,086,026 | ||||
Series 2022-M13, Class A2 | |||||||
2.680%(cc) | 06/25/32 | 2,000 | 1,620,634 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, | |||||||
Series K151, Class A3 | |||||||
3.511% | 04/25/30 | 400 | 363,423 | ||||
Series K152, Class A2 | |||||||
3.080% | 01/25/31 | 140 | 122,134 | ||||
Total Commercial Mortgage-Backed Securities (cost $14,656,497) | 12,664,223 | ||||||
Corporate Bond — 0.5% | |||||||
Diversified Financial Services | |||||||
Private Export Funding Corp., | |||||||
U.S. Gov’t. Gtd. Notes, Series PP | |||||||
1.400% | 07/15/28 | 885 | 753,940 | ||||
(cost $883,491) | |||||||
Residential Mortgage-Backed Security — 0.1% | |||||||
Government National Mortgage Assoc., | |||||||
Series 2015-143, Class WA | |||||||
4.000% | 10/20/45 | 161 | 150,836 | ||||
(cost $167,810) | |||||||
U.S. Government Agency Obligations — 50.8% | |||||||
Fannie Mae Interest Strips | |||||||
4.264%(s) | 05/15/30 | 75 | 52,110 | ||||
Federal Farm Credit Bank | |||||||
1.770% | 02/04/31 | 125 | 97,910 | ||||
2.200% | 12/09/31 | 150 | 120,159 | ||||
2.350% | 03/10/36 | 115 | 82,417 | ||||
2.460% | 02/05/35 | 90 | 67,405 | ||||
5.480% | 06/27/42 | 500 | 468,192 | ||||
Federal Home Loan Bank | |||||||
1.750% | 06/20/31 | 90 | 70,398 | ||||
2.090% | 02/22/36 | 110 | 77,532 | ||||
3.500% | 06/11/32 | 610 | 539,133 | ||||
4.250% | 09/10/32 | 210 | 196,713 | ||||
5.500% | 07/15/36 | 1,000 | 1,052,825 | ||||
Federal Home Loan Mortgage Corp. | |||||||
1.500% | 11/01/50 | 411 | 295,595 | ||||
2.000% | 01/01/32 | 105 | 93,019 | ||||
2.000% | 12/01/50 | 1,698 | 1,297,823 | ||||
2.000% | 05/01/51 | 450 | 344,035 | ||||
2.500% | 03/01/30 | 160 | 145,815 | ||||
2.500% | 11/01/46 | 243 | 196,896 | ||||
2.500% | 04/01/51 | 2,474 | 1,976,722 | ||||
3.000% | 06/01/29 | 118 | 110,406 |
A1
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
3.000% | 01/01/37 | 249 | $222,732 | ||||
3.000% | 06/01/45 | 122 | 103,683 | ||||
3.000% | 01/01/48 | 203 | 170,710 | ||||
3.000% | 10/01/49 | 69 | 57,797 | ||||
3.000% | 04/01/52 | 487 | 403,104 | ||||
3.000% | 05/01/52 | 733 | 605,668 | ||||
3.000% | 06/01/52 | 468 | 387,622 | ||||
3.500% | 12/01/32 | 211 | 198,248 | ||||
3.500% | 07/01/42 | 222 | 197,382 | ||||
3.500% | 10/01/42 | 394 | 349,500 | ||||
3.500% | 08/01/43 | 427 | 378,927 | ||||
3.500% | 09/01/45 | 141 | 124,158 | ||||
3.500% | 10/01/45 | 128 | 112,170 | ||||
3.500% | 02/01/47 | 164 | 143,732 | ||||
3.500% | 07/01/47 | 256 | 224,971 | ||||
3.500% | 03/01/48 | 345 | 302,260 | ||||
3.500% | 02/01/52 | 930 | 801,217 | ||||
4.000% | 06/01/26 | 8 | 8,079 | ||||
4.000% | 09/01/26 | 32 | 31,339 | ||||
4.000% | 11/01/37 | 537 | 507,378 | ||||
4.000% | 09/01/40 | 114 | 104,675 | ||||
4.000% | 12/01/40 | 122 | 111,584 | ||||
4.000% | 12/01/40 | 144 | 131,827 | ||||
4.000% | 11/01/43 | 285 | 260,957 | ||||
4.000% | 09/01/48 | 5 | 4,934 | ||||
4.000% | 05/01/52 | 468 | 417,238 | ||||
4.500% | 09/01/39 | 444 | 419,744 | ||||
4.500% | 08/01/48 | 122 | 114,104 | ||||
4.500% | 08/01/52 | 511 | 469,321 | ||||
5.000% | 06/01/33 | 116 | 114,127 | ||||
5.000% | 05/01/34 | 58 | 56,817 | ||||
5.000% | 09/01/52 | 944 | 891,501 | ||||
5.500% | 05/01/37 | 22 | 21,640 | ||||
5.500% | 02/01/38 | 73 | 73,038 | ||||
5.500% | 05/01/38 | 31 | 30,544 | ||||
5.500% | 10/01/52 | 1,204 | 1,163,581 | ||||
6.000% | 09/01/34 | 38 | 37,534 | ||||
6.000% | 01/01/37 | 26 | 26,749 | ||||
6.000% | 09/01/38 | 21 | 21,753 | ||||
6.000% | 08/01/39 | 24 | 24,796 | ||||
6.250% | 07/15/32 | 1,595 | 1,763,280 | ||||
6.500% | 09/01/32 | 11 | 10,711 | ||||
6.750% | 03/15/31 | 190 | 212,569 | ||||
Federal Home Loan Mortgage Corp., MTN | |||||||
1.220% | 08/19/30 | 95 | 73,097 | ||||
1.899%(s) | 11/15/38 | 600 | 270,610 | ||||
Federal National Mortgage Assoc. | |||||||
0.875% | 08/05/30 | 75 | 57,967 | ||||
1.500% | 11/01/50 | 1,267 | 911,557 | ||||
1.500% | 12/01/50 | 808 | 581,288 | ||||
2.000% | 08/01/31 | 108 | 95,627 | ||||
2.000% | 05/01/36 | 726 | 623,576 | ||||
2.000% | 06/01/40 | 307 | 247,262 | ||||
2.000% | 07/01/40 | 327 | 265,804 | ||||
2.000% | 02/01/41 | 1,488 | 1,198,890 | ||||
2.000% | 05/01/41 | 1,791 | 1,442,806 | ||||
2.000% | 09/01/50 | 2,293 | 1,755,128 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
2.000% | 10/01/50 | 1,483 | $1,137,057 | ||||
2.000% | 12/01/50 | 376 | 287,856 | ||||
2.000% | 02/01/51(k) | 3,358 | 2,566,753 | ||||
2.000% | 05/01/51 | 671 | 512,720 | ||||
2.500% | 06/01/28 | 516 | 489,017 | ||||
2.500% | 05/01/41 | 943 | 770,627 | ||||
2.500% | 02/01/43 | 89 | 72,748 | ||||
2.500% | 12/01/46 | 313 | 253,062 | ||||
2.500% | 01/01/50 | 642 | 514,079 | ||||
2.500% | 03/01/50 | 199 | 159,706 | ||||
2.500% | 05/01/50 | 840 | 672,195 | ||||
2.500% | 08/01/50 | 1,992 | 1,593,865 | ||||
2.500% | 09/01/50 | 1,434 | 1,165,689 | ||||
2.500% | 10/01/50 | 2,236 | 1,789,295 | ||||
2.500% | 04/01/51 | 491 | 391,190 | ||||
2.500% | 04/01/51 | 1,007 | 811,353 | ||||
2.500% | 05/01/52 | 906 | 726,897 | ||||
3.000% | TBA | 1,000 | 826,758 | ||||
3.000% | 02/01/31 | 220 | 204,906 | ||||
3.000% | 11/01/36 | 192 | 171,526 | ||||
3.000% | 03/01/43 | 331 | 282,675 | ||||
3.000% | 07/01/43 | 410 | 350,733 | ||||
3.000% | 07/01/43 | 554 | 473,580 | ||||
3.000% | 09/01/46 | 283 | 238,726 | ||||
3.000% | 11/01/46 | 131 | 110,336 | ||||
3.000% | 11/01/46 | 173 | 146,607 | ||||
3.000% | 11/01/46 | 734 | 619,559 | ||||
3.000% | 12/01/47 | 391 | 332,770 | ||||
3.000% | 02/01/50 | 164 | 136,561 | ||||
3.000% | 06/01/50 | 284 | 236,563 | ||||
3.000% | 11/01/51 | 878 | 727,938 | ||||
3.000% | 02/01/52 | 538 | 446,001 | ||||
3.000% | 04/01/52 | 895 | 749,031 | ||||
3.000% | 04/01/52 | 916 | 760,739 | ||||
3.000% | 04/01/52 | 940 | 777,716 | ||||
3.500% | 07/01/31 | 279 | 261,684 | ||||
3.500% | 02/01/33 | 52 | 48,888 | ||||
3.500% | 06/01/39 | 119 | 105,716 | ||||
3.500% | 04/01/42 | 201 | 178,017 | ||||
3.500% | 06/01/42 | 298 | 264,121 | ||||
3.500% | 07/01/42 | 149 | 131,942 | ||||
3.500% | 07/01/42 | 390 | 345,701 | ||||
3.500% | 06/01/45 | 494 | 433,903 | ||||
3.500% | 07/01/46 | 158 | 138,836 | ||||
3.500% | 12/01/46 | 153 | 133,998 | ||||
3.500% | 12/01/46 | 375 | 333,029 | ||||
3.500% | 11/01/48 | 266 | 232,447 | ||||
4.000% | TBA | 1,000 | 890,234 | ||||
4.000% | 07/01/37 | 336 | 317,391 | ||||
4.000% | 09/01/40 | 462 | 423,344 | ||||
4.000% | 06/01/42 | 295 | 269,727 | ||||
4.000% | 09/01/44 | 179 | 163,265 | ||||
4.000% | 09/01/44 | 320 | 292,469 | ||||
4.000% | 04/01/45 | 169 | 154,371 | ||||
4.000% | 07/01/45 | 117 | 106,501 | ||||
4.000% | 10/01/45 | 204 | 186,088 | ||||
4.000% | 10/01/46 | 63 | 57,330 |
A2
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
4.000% | 02/01/47 | 58 | $52,453 | ||||
4.000% | 06/01/47 | 101 | 91,047 | ||||
4.000% | 07/01/47 | 105 | 94,856 | ||||
4.000% | 10/01/47 | 326 | 296,887 | ||||
4.000% | 11/01/47 | 83 | 75,068 | ||||
4.000% | 11/01/47 | 114 | 104,057 | ||||
4.000% | 05/01/52 | 930 | 829,055 | ||||
4.336%(s) | 03/17/31 | 315 | 215,750 | ||||
4.500% | 05/01/40 | 444 | 415,587 | ||||
4.500% | 04/01/42 | 266 | 251,655 | ||||
4.500% | 07/01/52 | 952 | 874,365 | ||||
4.500% | 01/01/53 | 417 | 383,328 | ||||
5.000% | 12/01/31 | 20 | 18,613 | ||||
5.000% | 03/01/34 | 130 | 127,522 | ||||
5.000% | 06/01/35 | 55 | 54,309 | ||||
5.000% | 07/01/35 | 29 | 28,191 | ||||
5.000% | 05/01/36 | 38 | 36,914 | ||||
5.000% | 07/01/52 | 460 | 434,217 | ||||
5.000% | 08/01/52 | 594 | 560,565 | ||||
5.500% | 02/01/34 | 80 | 79,147 | ||||
5.500% | 09/01/34 | 83 | 81,811 | ||||
5.500% | 02/01/35 | 98 | 95,528 | ||||
5.500% | 06/01/35 | 29 | 28,456 | ||||
5.500% | 06/01/35 | 49 | 47,474 | ||||
5.500% | 09/01/35 | 28 | 26,847 | ||||
5.500% | 09/01/35 | 60 | 58,370 | ||||
5.500% | 10/01/35 | 96 | 93,699 | ||||
5.500% | 11/01/35 | 38 | 36,450 | ||||
5.500% | 11/01/35 | 50 | 48,559 | ||||
5.500% | 11/01/35 | 185 | 184,492 | ||||
6.000% | 12/01/33 | 8 | 7,794 | ||||
6.000% | 02/01/34 | 46 | 47,086 | ||||
6.000% | 08/01/34 | —(r) | 174 | ||||
6.000% | 11/01/34 | —(r) | 221 | ||||
6.000% | 01/01/35 | 1 | 1,165 | ||||
6.000% | 01/01/36 | 50 | 49,516 | ||||
6.000% | 05/01/38 | 18 | 17,992 | ||||
6.500% | 07/01/32 | 78 | 78,727 | ||||
6.500% | 08/01/32 | 24 | 24,023 | ||||
6.500% | 10/01/32 | 94 | 96,539 | ||||
6.500% | 10/01/37 | 71 | 72,682 | ||||
6.625% | 11/15/30 | 2,535 | 2,805,369 | ||||
7.000% | 12/01/31 | 18 | 18,310 | ||||
7.000% | 01/01/36 | 11 | 10,923 | ||||
8.000% | 09/01/24 | —(r) | 184 | ||||
8.000% | 11/01/24 | —(r) | 279 | ||||
9.000% | 02/01/25 | 1 | 805 | ||||
9.000% | 04/01/25 | —(r) | 333 | ||||
Government National Mortgage Assoc. | |||||||
2.000% | 09/20/51 | 298 | 235,611 | ||||
2.500% | 12/20/46 | 83 | 69,347 | ||||
2.500% | 05/20/51 | 372 | 304,477 | ||||
2.500% | 08/20/51 | 1,402 | 1,146,868 | ||||
3.000% | 03/15/45 | 353 | 301,644 | ||||
3.000% | 07/20/46 | 331 | 286,102 | ||||
3.000% | 09/20/46 | 357 | 307,821 | ||||
3.000% | 10/20/46 | 90 | 77,306 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
3.000% | 04/20/47 | 419 | $360,588 | ||||
3.000% | 12/20/48 | 272 | 233,960 | ||||
3.000% | 04/20/49 | 251 | 215,815 | ||||
3.000% | 07/20/49 | 65 | 55,762 | ||||
3.000% | 12/20/49 | 278 | 236,769 | ||||
3.000% | �� | 09/20/51 | 972 | 826,408 | |||
3.500% | 01/20/43 | 399 | 357,304 | ||||
3.500% | 04/20/43 | 188 | 168,573 | ||||
3.500% | 03/20/45 | 233 | 207,388 | ||||
3.500% | 04/20/45 | 187 | 167,055 | ||||
3.500% | 04/20/46 | 312 | 277,904 | ||||
3.500% | 07/20/46 | 455 | 404,731 | ||||
3.500% | 07/20/48 | 372 | 329,119 | ||||
3.500% | 11/20/48 | 98 | 86,523 | ||||
3.500% | 01/20/49 | 172 | 153,138 | ||||
3.500% | 05/20/49 | 321 | 283,633 | ||||
4.000% | 06/15/40 | 62 | 56,364 | ||||
4.000% | 08/20/46 | 189 | 172,600 | ||||
4.000% | 11/20/46 | 114 | 104,422 | ||||
4.000% | 09/20/47 | 150 | 137,730 | ||||
4.000% | 06/20/48 | 230 | 209,524 | ||||
4.000% | 02/20/49 | 206 | 187,895 | ||||
4.500% | 02/20/41 | 181 | 171,987 | ||||
4.500% | 03/20/41 | 153 | 145,327 | ||||
4.500% | 06/20/44 | 117 | 110,754 | ||||
4.500% | 09/20/46 | 134 | 125,028 | ||||
4.500% | 11/20/46 | 233 | 221,215 | ||||
4.500% | 01/20/47 | 30 | 28,694 | ||||
4.500% | 05/20/52 | 495 | 457,645 | ||||
5.000% | 07/15/33 | 57 | 55,662 | ||||
5.000% | 09/15/33 | 101 | 98,947 | ||||
5.000% | 04/15/34 | 30 | 29,124 | ||||
5.000% | 10/20/48 | 43 | 41,209 | ||||
5.500% | 03/15/34 | 104 | 102,870 | ||||
5.500% | 03/15/36 | 30 | 29,880 | ||||
6.500% | 07/15/32 | 7 | 7,387 | ||||
6.500% | 08/15/32 | 1 | 1,286 | ||||
6.500% | 08/15/32 | 3 | 2,622 | ||||
6.500% | 08/15/32 | 7 | 6,968 | ||||
6.500% | 08/15/32 | 40 | 41,043 | ||||
7.000% | 11/15/23 | —(r) | 5 | ||||
7.000% | 01/15/24 | —(r) | 222 | ||||
7.000% | 05/15/24 | 1 | 1,037 | ||||
7.000% | 08/15/28 | 12 | 12,346 | ||||
7.500% | 12/15/25 | 9 | 8,750 | ||||
7.500% | 02/15/26 | 2 | 2,140 | ||||
8.500% | 09/15/24 | 6 | 5,893 | ||||
8.500% | 04/15/25 | —(r) | 354 | ||||
Resolution Funding Corp. Interest Strips, Bonds | |||||||
2.895%(s) | 01/15/30 | 350 | 256,221 | ||||
3.555%(s) | 04/15/30 | 675 | 486,538 | ||||
Resolution Funding Corp. Principal Strips, Bonds | |||||||
3.143%(s) | 04/15/30 | 2,305 | 1,653,497 | ||||
3.596%(s) | 01/15/30 | 2,290 | 1,667,804 | ||||
Tennessee Valley Authority, Sr. Unsec’d. Notes | |||||||
0.750% | 05/15/25 | 325 | 301,991 | ||||
1.500% | 09/15/31 | 500 | 383,563 |
A3
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
2.875% | 02/01/27 | 175 | $164,227 | ||||
5.880% | 04/01/36 | 230 | 245,002 | ||||
6.750% | 11/01/25 | 510 | 524,866 | ||||
7.125% | 05/01/30 | 530 | 591,472 | ||||
Total U.S. Government Agency Obligations (cost $91,650,333) | 78,501,605 | ||||||
U.S. Treasury Obligations — 25.7% | |||||||
U.S. Treasury Bonds | |||||||
1.375% | 11/15/40 | 4,940 | 2,922,319 | ||||
1.625% | 11/15/50 | 2,765 | 1,448,601 | ||||
2.000% | 11/15/41 | 1,645 | 1,067,708 | ||||
2.000% | 02/15/50 | 185 | 107,994 | ||||
2.250% | 05/15/41(k) | 20,035 | 13,745,888 | ||||
2.250% | 08/15/49 | 385 | 239,662 | ||||
2.375% | 02/15/42 | 245 | 169,356 | ||||
2.375% | 05/15/51 | 715 | 453,690 | ||||
2.875% | 05/15/43(k) | 1,515 | 1,122,284 | ||||
3.000% | 02/15/49 | 1,525 | 1,115,156 | ||||
3.375% | 11/15/48 | 1,020 | 800,381 | ||||
3.625% | 08/15/43 | 45 | 37,540 | ||||
3.625% | 02/15/53 | 310 | 256,573 | ||||
3.750% | 11/15/43 | 3,645 | 3,093,124 | ||||
4.000% | 11/15/42 | 80 | 71,050 | ||||
U.S. Treasury Notes | |||||||
3.875% | 08/15/33 | 405 | 382,662 | ||||
4.125% | 08/31/30 | 700 | 679,219 | ||||
U.S. Treasury Strips Coupon | |||||||
1.450%(s) | 08/15/42 | 60 | 23,011 | ||||
1.463%(s) | 11/15/42 | 155 | 58,694 | ||||
1.775%(s) | 02/15/40 | 535 | 234,188 | ||||
1.982%(s) | 08/15/39 | 2,120 | 954,911 | ||||
2.010%(s) | 08/15/30 | 941 | 683,217 | ||||
2.010%(s) | 02/15/39 | 925 | 429,511 | ||||
2.198%(s) | 02/15/41 | 695 | 286,905 | ||||
2.208%(s) | 05/15/39 | 560 | 255,872 | ||||
2.353%(s) | 02/15/44 | 440 | 156,905 | ||||
2.365%(s) | 05/15/44 | 2,790 | 983,257 | ||||
2.402%(s) | 05/15/41 | 1,995 | 812,884 | ||||
2.415%(s) | 11/15/40 | 525 | 220,008 | ||||
2.416%(s) | 05/15/42 | 80 | 31,075 | ||||
2.434%(s) | 11/15/45 | 345 | 113,095 | ||||
2.436%(s) | 02/15/46 | 390 | 126,476 | ||||
2.443%(s) | 08/15/44 | 210 | 73,155 | ||||
2.452%(s) | 08/15/43 | 1,145 | 417,433 | ||||
2.486%(s) | 02/15/45 | 150 | 51,047 | ||||
2.506%(s) | 11/15/43 | 4,315 | 1,555,760 | ||||
2.513%(s) | 08/15/41 | 2,740 | 1,100,495 | ||||
2.857%(s) | 05/15/31 | 33 | 23,179 | ||||
3.176%(s) | 08/15/40 | 800 | 340,469 | ||||
3.751%(s) | 11/15/41 | 3,930 | 1,561,100 | ||||
3.979%(s) | 02/15/42 | 3,945 | 1,543,019 | ||||
Total U.S. Treasury Obligations (cost $55,760,549) | 39,748,873 | ||||||
Total Long-Term Investments (cost $184,306,485) | 153,011,682 |
Shares | Value | |||||
Short-Term Investment — 2.0% | ||||||
Affiliated Mutual Fund | ||||||
PGIM Core Ultra Short Bond Fund (cost $3,029,901)(wb) | 3,029,901 | $3,029,901 | ||||
TOTAL INVESTMENTS—101.0% (cost $187,336,386) | 156,041,583 | |||||
Liabilities in excess of other assets(z) — (1.0)% | (1,490,137) | |||||
Net Assets — 100.0% | $154,551,446 |
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. |
A | Annual payment frequency for swaps |
Aces | Alternative Credit Enhancements Securities |
CLO | Collateralized Loan Obligation |
CME | Chicago Mercantile Exchange |
FHLMC | Federal Home Loan Mortgage Corporation |
LIBOR | London Interbank Offered Rate |
MTN | Medium Term Note |
SOFR | Secured Overnight Financing Rate |
STRIPs | Separate Trading of Registered Interest and Principal of Securities |
TBA | To Be Announced |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2023. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of September 30, 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. |
(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. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
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PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Forward Commitment Contract: | |||||||||||
U.S. Government Agency Obligation | Interest Rate | Maturity Date | Settlement Date | Principal Amount (000)# | Value | ||||||
Federal National Mortgage Assoc. (proceeds receivable $492,656) | 5.500% | TBA | 10/12/23 | $(500) | $(483,184) |
Futures contracts outstanding at September 30, 2023: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
87 | 2 Year U.S. Treasury Notes | Dec. 2023 | $17,635,852 | $(42,868) | ||||
76 | 3 Month CME SOFR | Mar. 2024 | 17,964,500 | (14,984) | ||||
194 | 5 Year U.S. Treasury Notes | Dec. 2023 | 20,439,720 | (185,779) | ||||
178 | 10 Year U.S. Treasury Notes | Dec. 2023 | 19,235,125 | (351,727) | ||||
10 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2023 | 1,186,875 | (53,326) | ||||
(648,684) | ||||||||
Short Positions: | ||||||||
169 | 10 Year U.S. Ultra Treasury Notes | Dec. 2023 | 18,854,063 | 373,362 | ||||
264 | 20 Year U.S. Treasury Bonds | Dec. 2023 | 30,038,250 | 1,553,583 | ||||
1,926,945 | ||||||||
$1,278,261 |
Interest rate swap agreements outstanding at September 30, 2023:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at September 30, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
1,908 | 03/08/25 | 4.946%(A) | 1 Day SOFR(2)(A)/ 5.310% | $— | $(9,790) | $(9,790) | ||||||||
2,332 | 03/09/25 | 5.110%(A) | 1 Day SOFR(2)(A)/ 5.310% | — | (4,576) | (4,576) | ||||||||
$— | $(14,366) | $(14,366) |
(1) | The Portfolio pays the fixed rate and receives the floating rate. |
(2) | The Portfolio pays the floating rate and receives the fixed rate. |
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).
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