PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Long-Term Investments — 99.5% | |||||||
Asset-Backed Securities — 10.5% | |||||||
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%) | |||||||
6.969%(c) | 04/20/32 | 1,000 | $1,000,683 | ||||
Apidos CLO Ltd. (United Kingdom), | |||||||
Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | |||||||
7.324%(c) | 04/26/35 | 1,750 | 1,756,468 | ||||
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||||||
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | |||||||
6.678%(c) | 10/17/32 | 500 | 501,028 | ||||
Balboa Bay Loan Funding Ltd. (Cayman Islands), | |||||||
Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%) | |||||||
6.779%(c) | 07/20/34 | 2,000 | 2,003,586 | ||||
Jamestown CLO Ltd. (Cayman Islands), | |||||||
Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | |||||||
6.779%(c) | 10/20/34 | 500 | 499,750 | ||||
OZLM Ltd. (Cayman Islands), | |||||||
Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%) | |||||||
6.829%(c) | 10/30/30 | 1,544 | 1,545,128 | ||||
Regatta VII Funding Ltd. (Cayman Islands), | |||||||
Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | |||||||
6.744%(c) | 06/20/34 | 3,250 | 3,251,167 | ||||
TCW CLO Ltd. (Cayman Islands), | |||||||
Series 2017-01A, Class A1RR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | |||||||
6.761%(c) | 10/29/34 | 500 | 500,545 | ||||
Trimaran Cavu Ltd., | |||||||
Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%) | |||||||
7.039%(c) | 07/20/32 | 2,500 | 2,502,419 | ||||
Venture CLO Ltd. (Cayman Islands), | |||||||
Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | |||||||
6.816%(c) | 04/15/34 | 2,250 | 2,245,421 | ||||
Wellfleet CLO Ltd. (Cayman Islands), | |||||||
Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | |||||||
6.639%(c) | 10/20/29 | 279 | 279,132 | ||||
Wind River CLO Ltd. (Cayman Islands), | |||||||
Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | |||||||
6.786%(c) | 10/15/34 | 500 | 499,575 | ||||
Total Asset-Backed Securities (cost $16,494,620) | 16,584,902 | ||||||
Commercial Mortgage-Backed Securities — 7.4% | |||||||
Barclays Commercial Mortgage Securities Trust, | |||||||
Series 2019-C04, Class A4 | |||||||
2.661% | 08/15/52 | 3,000 | 2,734,595 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
CD Mortgage Trust, | |||||||
Series 2019-CD08, Class A3 | |||||||
2.657% | 08/15/57 | 2,000 | $1,773,840 | ||||
Fannie Mae-Aces, | |||||||
Series 2019-M22, Class A2 | |||||||
2.522% | 08/25/29 | 1,782 | 1,600,283 | ||||
Series 2022-M03, Class A2 | |||||||
1.707%(cc) | 11/25/31 | 4,000 | 3,247,098 | ||||
Series 2022-M13, Class A2 | |||||||
2.593%(cc) | 06/25/32 | 2,000 | 1,716,332 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, | |||||||
Series K0151, Class A3 | |||||||
3.511% | 04/25/30 | 400 | 374,928 | ||||
Series K0152, Class A2 | |||||||
3.080% | 01/25/31 | 140 | 127,226 | ||||
Total Commercial Mortgage-Backed Securities (cost $12,718,811) | 11,574,302 | ||||||
Corporate Bonds — 0.6% | |||||||
Diversified Financial Services — 0.5% | |||||||
Private Export Funding Corp., | |||||||
U.S. Gov’t. Gtd. Notes, Series PP | |||||||
1.400% | 07/15/28 | 885 | 780,788 | ||||
Multi-National — 0.1% | |||||||
International Bank for Reconstruction & Development (Supranational Bank), | |||||||
Unsec’d. Notes, MTN | |||||||
4.472%(s) | 09/17/30 | 235 | 171,860 | ||||
Total Corporate Bonds (cost $1,060,256) | 952,648 | ||||||
Residential Mortgage-Backed Security — 0.1% | |||||||
Government National Mortgage Assoc., | |||||||
Series 2015-143, Class WA | |||||||
4.000% | 10/20/45 | 148 | 140,973 | ||||
(cost $154,613) | |||||||
U.S. Government Agency Obligations — 50.3% | |||||||
Fannie Mae Interest Strips | |||||||
4.264%(s) | 05/15/30 | 75 | 56,225 | ||||
Federal Agricultural Mortgage Corp., MTN | |||||||
1.440% | 09/25/35 | 45 | 30,383 | ||||
Federal Farm Credit Bank | |||||||
1.230% | 07/29/30 | 185 | 149,722 | ||||
1.240% | 08/11/31 | 75 | 58,588 | ||||
1.670% | 03/03/31 | 85 | 69,478 | ||||
1.730% | 09/22/31 | 115 | 92,898 | ||||
1.770% | 02/04/31 | 125 | 102,617 | ||||
2.040% | 03/19/40 | 240 | 154,226 | ||||
2.150% | 12/01/31 | 1,110 | 920,087 | ||||
2.170% | 10/29/29 | 70 | 61,044 | ||||
2.200% | 12/09/31 | 355 | 299,544 | ||||
2.350% | 03/10/36 | 115 | 85,842 | ||||
2.460% | 02/05/35 | 90 | 70,146 | ||||
2.490% | 05/19/36 | 140 | 107,337 | ||||
2.750% | 02/02/37 | 100 | 76,556 | ||||
3.300% | 03/23/32 | 112 | 100,813 |
A1
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
5.480% | 06/27/42 | 500 | $485,317 | ||||
Federal Home Loan Bank | |||||||
1.000%(cc) | 05/27/31 | 200 | 173,735 | ||||
1.150%(cc) | 02/10/31 | 100 | 80,605 | ||||
1.240% | 08/19/30 | 50 | 40,417 | ||||
1.250% | 12/30/30 | 140 | 111,832 | ||||
1.410% | 10/14/32 | 150 | 113,996 | ||||
1.500%(cc) | 05/27/31 | 100 | 86,764 | ||||
1.500% | 09/30/33 | 115 | 84,820 | ||||
1.750% | 06/20/31 | 90 | 73,048 | ||||
1.790% | 12/21/35 | 185 | 131,545 | ||||
2.000%(cc) | 05/27/31 | 100 | 87,306 | ||||
2.050% | 05/12/31 | 105 | 87,258 | ||||
2.050% | 03/19/35 | 153 | 113,897 | ||||
2.090% | 02/22/36 | 110 | 79,414 | ||||
4.250% | 09/10/32 | 210 | 205,403 | ||||
5.500% | 07/15/36 | 885 | 970,770 | ||||
Federal Home Loan Mortgage Corp. | |||||||
1.500% | 11/01/50 | 400 | 301,459 | ||||
2.000% | 01/01/32 | 95 | 87,651 | ||||
2.000% | 12/01/50 | 1,651 | 1,313,220 | ||||
2.500% | 03/01/30 | 142 | 133,865 | ||||
2.500% | 11/01/46 | 236 | 202,238 | ||||
2.500% | 04/01/51 | 2,402 | 1,996,537 | ||||
3.000% | 06/01/29 | 101 | 96,702 | ||||
3.000% | 01/01/37 | 236 | 216,994 | ||||
3.000% | 06/01/45 | 88 | 79,097 | ||||
3.000% | 01/01/48 | 195 | 171,548 | ||||
3.000% | 10/01/49 | 67 | 58,242 | ||||
3.000% | 04/01/52 | 473 | 407,825 | ||||
3.000% | 05/01/52 | 715 | 615,665 | ||||
3.000% | 06/01/52 | 458 | 394,607 | ||||
3.500% | 12/01/32 | 195 | 187,638 | ||||
3.500% | 07/01/42 | 217 | 199,886 | ||||
3.500% | 10/01/42 | 332 | 304,576 | ||||
3.500% | 08/01/43 | 410 | 376,815 | ||||
3.500% | 09/01/45 | 135 | 123,254 | ||||
3.500% | 10/01/45 | 122 | 111,572 | ||||
3.500% | 02/01/47 | 159 | 145,331 | ||||
3.500% | 07/01/47 | 245 | 224,187 | ||||
3.500% | 03/01/48 | 339 | 309,161 | ||||
3.500% | 02/01/52 | 879 | 788,068 | ||||
4.000% | 06/01/26 | 6 | 5,838 | ||||
4.000% | 09/01/26 | 23 | 22,540 | ||||
4.000% | 11/01/37 | 498 | 482,625 | ||||
4.000% | 09/01/40 | 110 | 104,412 | ||||
4.000% | 12/01/40 | 115 | 109,141 | ||||
4.000% | 12/01/40 | 137 | 130,381 | ||||
4.000% | 11/01/43 | 243 | 230,464 | ||||
4.000% | 09/01/48 | 5 | 4,910 | ||||
4.000% | 05/01/52 | 454 | 421,413 | ||||
4.500% | 09/01/39 | 413 | 405,075 | ||||
4.500% | 08/01/48 | 117 | 113,284 | ||||
4.500% | 08/01/52 | 497 | 473,473 | ||||
5.000% | 06/01/33 | 111 | 111,568 | ||||
5.000% | 05/01/34 | 54 | 53,255 | ||||
5.000% | 09/01/52 | 917 | 895,705 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
5.500% | 05/01/37 | 21 | $21,120 | ||||
5.500% | 02/01/38 | 68 | 69,847 | ||||
5.500% | 05/01/38 | 29 | 29,490 | ||||
5.500% | 10/01/52 | 1,152 | 1,148,383 | ||||
6.000% | 09/01/34 | 36 | 36,830 | ||||
6.000% | 01/01/37 | 17 | 17,083 | ||||
6.000% | 09/01/38 | 20 | 21,188 | ||||
6.000% | 08/01/39 | 23 | 24,174 | ||||
6.250% | 07/15/32 | 315 | 358,155 | ||||
6.500% | 09/01/32 | 10 | 10,385 | ||||
6.750% | 03/15/31 | 190 | 217,582 | ||||
Federal Home Loan Mortgage Corp., MTN | |||||||
1.220% | 08/19/30 | 95 | 76,882 | ||||
1.899%(s) | 11/15/38 | 425 | 209,540 | ||||
Federal National Mortgage Assoc. | |||||||
0.875% | 08/05/30 | 75 | 60,801 | ||||
1.500% | 11/01/50 | 1,236 | 933,086 | ||||
1.500% | 12/01/50 | 787 | 593,195 | ||||
2.000% | 08/01/31 | 97 | 89,341 | ||||
2.000% | 05/01/36 | 689 | 612,128 | ||||
2.000% | 06/01/40 | 294 | 249,503 | ||||
2.000% | 07/01/40 | 313 | 264,960 | ||||
2.000% | 02/01/41 | 597 | 504,179 | ||||
2.000% | 05/01/41 | 1,727 | 1,457,385 | ||||
2.000% | 09/01/50 | 2,229 | 1,777,446 | ||||
2.000% | 10/01/50 | 1,441 | 1,148,118 | ||||
2.000% | 12/01/50 | 366 | 291,512 | ||||
2.000% | 02/01/51(k) | 3,267 | 2,602,626 | ||||
2.500% | TBA(tt) | 500 | 413,230 | ||||
2.500% | 06/01/28 | 428 | 408,526 | ||||
2.500% | 05/01/41 | 908 | 780,950 | ||||
2.500% | 02/01/43 | 85 | 73,000 | ||||
2.500% | 12/01/46 | 305 | 260,950 | ||||
2.500% | 01/01/50 | 621 | 517,998 | ||||
2.500% | 03/01/50 | 196 | 163,463 | ||||
2.500% | 05/01/50 | 778 | 649,501 | ||||
2.500% | 08/01/50 | 1,938 | 1,614,224 | ||||
2.500% | 09/01/50 | 1,343 | 1,139,343 | ||||
2.500% | 10/01/50 | 2,169 | 1,806,837 | ||||
2.500% | 04/01/51 | 476 | 395,669 | ||||
2.500% | 04/01/51 | 967 | 814,805 | ||||
2.500% | 05/01/52 | 870 | 729,470 | ||||
3.000% | 02/01/31 | 194 | 184,258 | ||||
3.000% | 11/01/36 | 179 | 164,195 | ||||
3.000% | 03/01/43 | 312 | 278,276 | ||||
3.000% | 07/01/43 | 396 | 353,645 | ||||
3.000% | 07/01/43 | 535 | 477,277 | ||||
3.000% | 09/01/46 | 276 | 242,934 | ||||
3.000% | 11/01/46 | 127 | 111,410 | ||||
3.000% | 11/01/46 | 166 | 146,371 | ||||
3.000% | 11/01/46 | 707 | 622,963 | ||||
3.000% | 12/01/47 | 377 | 333,456 | ||||
3.000% | 02/01/50 | 157 | 137,012 | ||||
3.000% | 06/01/50 | 272 | 236,865 | ||||
3.000% | 11/01/51 | 843 | 728,081 | ||||
3.000% | 02/01/52 | 518 | 446,084 | ||||
3.000% | 04/01/52 | 873 | 763,618 |
A2
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
3.000% | 04/01/52 | 894 | $772,697 | ||||
3.000% | 04/01/52 | 898 | 773,334 | ||||
3.500% | 07/01/31 | 238 | 230,296 | ||||
3.500% | 02/01/33 | 47 | 45,286 | ||||
3.500% | 06/01/39 | 113 | 105,370 | ||||
3.500% | 04/01/42 | 186 | 171,192 | ||||
3.500% | 06/01/42 | 283 | 260,661 | ||||
3.500% | 07/01/42 | 141 | 130,017 | ||||
3.500% | 07/01/42 | 376 | 345,552 | ||||
3.500% | 06/01/45 | 479 | 437,422 | ||||
3.500% | 07/01/46 | 150 | 136,435 | ||||
3.500% | 12/01/46 | 150 | 136,543 | ||||
3.500% | 12/01/46 | 353 | 325,237 | ||||
3.500% | 11/01/48 | 257 | 234,500 | ||||
4.000% | 07/01/37 | 315 | 304,752 | ||||
4.000% | 09/01/40 | 426 | 404,231 | ||||
4.000% | 06/01/42 | 281 | 265,833 | ||||
4.000% | 09/01/44 | 174 | 164,398 | ||||
4.000% | 09/01/44 | 312 | 295,975 | ||||
4.000% | 04/01/45 | 162 | 153,499 | ||||
4.000% | 07/01/45 | 111 | 105,650 | ||||
4.000% | 10/01/45 | 198 | 187,739 | ||||
4.000% | 10/01/46 | 61 | 58,234 | ||||
4.000% | 02/01/47 | 54 | 50,908 | ||||
4.000% | 06/01/47 | 97 | 91,042 | ||||
4.000% | 07/01/47 | 100 | 94,689 | ||||
4.000% | 10/01/47 | 315 | 296,222 | ||||
4.000% | 11/01/47 | 79 | 74,810 | ||||
4.000% | 11/01/47 | 110 | 104,687 | ||||
4.000% | 05/01/52 | 897 | 832,261 | ||||
4.500% | 05/01/40 | 432 | 420,153 | ||||
4.500% | 04/01/42 | 246 | 241,180 | ||||
4.500% | 07/01/52 | 923 | 879,165 | ||||
4.500% | 01/01/53 | 407 | 387,872 | ||||
5.000% | 12/01/31 | 19 | 18,307 | ||||
5.000% | 03/01/34 | 120 | 120,161 | ||||
5.000% | 06/01/35 | 51 | 51,459 | ||||
5.000% | 07/01/35 | 27 | 27,625 | ||||
5.000% | 05/01/36 | 35 | 35,479 | ||||
5.000% | 07/01/52 | 446 | 435,288 | ||||
5.000% | 08/01/52 | 572 | 558,515 | ||||
5.500% | 02/01/34 | 75 | 76,978 | ||||
5.500% | 09/01/34 | 80 | 81,831 | ||||
5.500% | 02/01/35 | 95 | 96,592 | ||||
5.500% | 06/01/35 | 29 | 29,056 | ||||
5.500% | 06/01/35 | 47 | 47,618 | ||||
5.500% | 09/01/35 | 26 | 25,871 | ||||
5.500% | 09/01/35 | 58 | 58,835 | ||||
5.500% | 10/01/35 | 92 | 93,724 | ||||
5.500% | 11/01/35 | 36 | 36,283 | ||||
5.500% | 11/01/35 | 47 | 47,775 | ||||
5.500% | 11/01/35 | 176 | 180,008 | ||||
6.000% | 12/01/33 | 8 | 7,638 | ||||
6.000% | 02/01/34 | 42 | 43,456 | ||||
6.000% | 08/01/34 | —(r) | 170 | ||||
6.000% | 11/01/34 | —(r) | 207 | ||||
6.000% | 01/01/36 | 48 | 49,327 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
6.000% | 05/01/38 | 17 | $17,303 | ||||
6.500% | 07/01/32 | 69 | 71,878 | ||||
6.500% | 08/01/32 | 23 | 23,298 | ||||
6.500% | 10/01/32 | 82 | 85,224 | ||||
6.500% | 10/01/37 | 70 | 73,080 | ||||
6.625% | 11/15/30 | 2,535 | 2,865,504 | ||||
7.000% | 12/01/31 | 17 | 17,763 | ||||
7.000% | 01/01/36 | 10 | 10,698 | ||||
8.000% | 09/01/24 | —(r) | 75 | ||||
8.000% | 11/01/24 | —(r) | 163 | ||||
9.000% | 02/01/25 | —(r) | 356 | ||||
9.000% | 04/01/25 | —(r) | 154 | ||||
4.336%(s) | 03/17/31 | 315 | 229,036 | ||||
Freddie Mac Coupon Strips, Notes | |||||||
5.245%(s) | 03/15/31 | 105 | 74,659 | ||||
Freddie Mac Strips | |||||||
5.078%(s) | 07/15/32 | 330 | 225,452 | ||||
Government National Mortgage Assoc. | |||||||
2.000% | 09/20/51 | 287 | 235,389 | ||||
2.000% | 10/20/51 | 1,412 | 1,156,710 | ||||
2.500% | 12/20/46 | 79 | 68,499 | ||||
2.500% | 05/20/51 | 898 | 765,533 | ||||
2.500% | 08/20/51 | 1,350 | 1,150,312 | ||||
3.000% | 03/15/45 | 342 | 304,144 | ||||
3.000% | 07/20/46 | 316 | 282,795 | ||||
3.000% | 09/20/46 | 341 | 304,459 | ||||
3.000% | 10/20/46 | 86 | 76,775 | ||||
3.000% | 04/20/47 | 401 | 358,742 | ||||
3.000% | 12/20/48 | 263 | 234,565 | ||||
3.000% | 04/20/49 | 243 | 216,477 | ||||
3.000% | 07/20/49 | 62 | 55,560 | ||||
3.000% | 12/20/49 | 266 | 236,507 | ||||
3.000% | 09/20/51 | 931 | 822,153 | ||||
3.500% | 01/20/43 | 382 | 354,464 | ||||
3.500% | 04/20/43 | 180 | 167,123 | ||||
3.500% | 03/20/45 | 222 | 205,569 | ||||
3.500% | 04/20/45 | 179 | 165,787 | ||||
3.500% | 04/20/46 | 299 | 275,877 | ||||
3.500% | 07/20/46 | 435 | 401,854 | ||||
3.500% | 07/20/48 | 353 | 325,056 | ||||
3.500% | 11/20/48 | 93 | 85,712 | ||||
3.500% | 01/20/49 | 164 | 150,709 | ||||
3.500% | 05/20/49 | 305 | 280,427 | ||||
4.000% | 06/15/40 | 57 | 54,023 | ||||
4.000% | 08/20/46 | 180 | 170,881 | ||||
4.000% | 11/20/46 | 110 | 105,055 | ||||
4.000% | 09/20/47 | 143 | 135,566 | ||||
4.000% | 06/20/48 | 220 | 207,395 | ||||
4.000% | 02/20/49 | 194 | 183,957 | ||||
4.500% | 02/20/41 | 173 | 170,111 | ||||
4.500% | 03/20/41 | 145 | 143,209 | ||||
4.500% | 06/20/44 | 112 | 109,735 | ||||
4.500% | 09/20/46 | 127 | 122,541 | ||||
4.500% | 11/20/46 | 220 | 216,356 | ||||
4.500% | 01/20/47 | 28 | 28,002 | ||||
4.500% | 05/20/52 | 476 | 458,173 | ||||
5.000% | 07/15/33 | 53 | 53,417 |
A3
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations (continued) | |||||||
5.000% | 09/15/33 | 95 | $94,012 | ||||
5.000% | 04/15/34 | 29 | 30,318 | ||||
5.000% | 10/20/48 | 41 | 40,517 | ||||
5.500% | 03/15/34 | 100 | 102,643 | ||||
5.500% | 03/15/36 | 29 | 29,651 | ||||
6.500% | 07/15/32 | 7 | 7,087 | ||||
6.500% | 08/15/32 | 1 | 1,261 | ||||
6.500% | 08/15/32 | 2 | 2,572 | ||||
6.500% | 08/15/32 | 7 | 6,736 | ||||
6.500% | 08/15/32 | 38 | 39,173 | ||||
7.000% | 05/15/24 | —(r) | 84 | ||||
7.000% | 08/15/28 | 10 | 9,711 | ||||
7.500% | 12/15/25 | 7 | 6,816 | ||||
7.500% | 02/15/26 | 2 | 1,720 | ||||
8.500% | 09/15/24 | 2 | 1,915 | ||||
8.500% | 04/15/25 | —(r) | 119 | ||||
Resolution Funding Corp. Interest Strips | |||||||
3.230%(s) | 01/15/30 | 450 | 344,255 | ||||
3.555%(s) | 04/15/30 | 675 | 510,107 | ||||
Resolution Funding Corp. Principal Strips | |||||||
3.277%(s) | 04/15/30 | 2,465 | 1,870,032 | ||||
3.672%(s) | 01/15/30 | 2,390 | 1,835,073 | ||||
Tennessee Valley Authority, Sr. Unsec’d. Notes | |||||||
0.750% | 05/15/25 | 325 | 309,999 | ||||
1.500% | 09/15/31 | 500 | 405,716 | ||||
2.875% | 02/01/27 | 175 | 167,542 | ||||
5.880% | 04/01/36 | 230 | 255,966 | ||||
6.750% | 11/01/25 | 510 | 524,073 | ||||
7.125% | 05/01/30 | 530 | 607,436 | ||||
Total U.S. Government Agency Obligations (cost $88,182,436) | 78,970,046 | ||||||
U.S. Treasury Obligations — 30.6% | |||||||
U.S. Treasury Bonds | |||||||
1.375% | 11/15/40 | 4,940 | 3,177,809 | ||||
2.000% | 11/15/41 | 625 | 438,477 | ||||
2.000% | 02/15/50 | 185 | 115,914 | ||||
2.250% | 05/15/41(k) | 5,845 | 4,319,820 | ||||
2.250% | 08/15/49 | 385 | 256,747 | ||||
2.375% | 02/15/42 | 245 | 182,295 | ||||
2.375% | 05/15/51 | 715 | 485,753 | ||||
2.875% | 05/15/43(k) | 1,515 | 1,203,715 | ||||
3.000% | 02/15/49 | 5,055 | 3,941,320 | ||||
3.375% | 11/15/48 | 2,870 | 2,398,692 | ||||
3.625% | 08/15/43 | 45 | 40,036 | ||||
3.625% | 02/15/53 | 310 | 272,364 | ||||
4.000% | 11/15/42 | 80 | 75,387 | ||||
U.S. Treasury Notes | |||||||
0.375% | 04/30/25 | 1,000 | 951,758 | ||||
3.500% | 02/15/33 | 830 | 786,425 | ||||
3.750% | 06/30/30 | 4,365 | 4,250,760 | ||||
4.000% | 12/15/25 | 1,895 | 1,871,831 | ||||
4.000% | 02/15/34 | 1,355 | 1,332,981 | ||||
4.250% | 02/28/29 | 950 | 951,559 | ||||
4.250% | 02/28/31 | 1,500 | 1,503,047 | ||||
U.S. Treasury Strips Coupon | |||||||
1.450%(s) | 08/15/42 | 60 | 25,577 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Treasury Obligations (continued) | |||||||
1.463%(s) | 11/15/42 | 155 | $65,276 | ||||
1.982%(s) | 08/15/39 | 1,025 | 512,860 | ||||
2.010%(s) | 08/15/30 | 941 | 717,145 | ||||
2.024%(s) | 02/15/39 | 630 | 324,302 | ||||
2.208%(s) | 05/15/39 | 455 | 230,717 | ||||
2.353%(s) | 02/15/44 | 440 | 174,728 | ||||
2.365%(s) | 05/15/44 | 2,790 | 1,096,819 | ||||
2.402%(s) | 05/15/41 | 1,995 | 906,011 | ||||
2.415%(s) | 11/15/40 | 525 | 244,597 | ||||
2.434%(s) | 11/15/45 | 345 | 127,003 | ||||
2.436%(s) | 02/15/46 | 390 | 142,091 | ||||
2.443%(s) | 08/15/44 | 210 | 81,802 | ||||
2.452%(s) | 08/15/43 | 1,145 | 466,453 | ||||
2.486%(s) | 02/15/45 | 150 | 57,053 | ||||
2.510%(s) | 11/15/43 | 4,165 | 1,674,460 | ||||
2.513%(s) | 08/15/41 | 2,740 | 1,227,327 | ||||
2.857%(s) | 05/15/31 | 33 | 24,396 | ||||
3.336%(s) | 08/15/40 | 895 | 422,503 | ||||
3.387%(s) | 05/15/42 | 135 | 58,219 | ||||
3.870%(s) | 02/15/41 | 730 | 335,886 | ||||
3.914%(s) | 11/15/41 | 5,150 | 2,276,260 | ||||
3.995%(s) | 02/15/42 | 4,020 | 1,755,138 | ||||
4.608%(s) | 11/15/48 | 25 | 8,112 | ||||
4.652%(s) | 05/15/49 | 2,100 | 670,441 | ||||
4.924%(s) | 02/15/49 | 75 | 24,188 | ||||
5.335%(s) | 02/15/40 | 4,070 | 1,981,104 | ||||
5.345%(s) | 05/15/40 | 7,960 | 3,818,312 | ||||
Total U.S. Treasury Obligations (cost $54,123,029) | 48,005,470 | ||||||
Total Long-Term Investments (cost $172,733,765) | 156,228,341 |
Shares | |||||
Short-Term Investment — 0.6% | |||||
Affiliated Mutual Fund | |||||
PGIM Core Ultra Short Bond Fund (cost $933,234)(wb) | 933,234 | 933,234 | |||
TOTAL INVESTMENTS—100.1% (cost $173,666,999) | 157,161,575 | ||||
Liabilities in excess of other assets(z) — (0.1)% | (152,507) | ||||
Net Assets — 100.0% | $157,009,068 |
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 |
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PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
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 March 31, 2024. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2024. 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. |
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $500,000 is 0.3% of net assets. |
(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: |
Forward Commitment Contract: | |||||||||||
U.S. Government Agency Obligation | Interest Rate | Maturity Date | Settlement Date | Principal Amount (000)# | Value | ||||||
Federal National Mortgage Assoc. (proceeds receivable $1,724,063) | 3.000% | TBA | 05/13/24 | $(2,000) | $(1,722,297) |
Futures contracts outstanding at March 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
35 | 3 Month CME SOFR | Sep. 2024 | $8,300,688 | $(39,876) | ||||
82 | 2 Year U.S. Treasury Notes | Jun. 2024 | 16,767,719 | (23,390) | ||||
203 | 5 Year U.S. Treasury Notes | Jun. 2024 | 21,724,173 | 14,601 | ||||
19 | 10 Year U.S. Treasury Notes | Jun. 2024 | 2,105,141 | 5,135 | ||||
16 | 10 Year U.S. Ultra Treasury Notes | Jun. 2024 | 1,833,750 | 14,884 | ||||
8 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2024 | 1,032,000 | 22,136 | ||||
(6,510) | ||||||||
Short Position: | ||||||||
312 | 20 Year U.S. Treasury Bonds | Jun. 2024 | 37,576,500 | (737,960) | ||||
$(744,470) |
Interest rate swap agreements outstanding at March 31, 2024:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at March 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
1,908 | 03/08/25 | 4.946%(A) | 1 Day SOFR(2)(A)/ 5.340% | $— | $(2,901) | $(2,901) | ||||||||
2,332 | 03/09/25 | 5.110%(A) | 1 Day SOFR(2)(A)/ 5.340% | — | 268 | 268 | ||||||||
$— | $(2,633) | $(2,633) |
(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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