N-Q 1 d680583dnq.htm PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 10 Prudential Investment Portfolios, Inc. 10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:    811-08085
Exact name of registrant as specified in charter:    Prudential Investment Portfolios, Inc. 10
Address of principal executive offices:    655 Broad Street, 17th Floor,
   Newark, New Jersey 07102
Name and address of agent for service:    Andrew. R. French
   655 Broad Street, 17th Floor,
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    800-225-1852
Date of fiscal year end:    10/31/2019
Date of reporting period:    1/31/2019

Item 1. Schedule of Investments

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited)
Description     Shares Value
Long-Term Investments 97.9%
Common Stocks 96.2%
Aerospace & Defense 3.3%
Boeing Co. (The)       59,332  $ 22,879,606
Safran SA (France)       186,175 24,451,341
          47,330,947
Banks 8.0%
Bank of America Corp.       1,012,335 28,821,177
BB&T Corp.       432,225 21,092,580
JPMorgan Chase & Co.       402,156 41,623,146
SunTrust Banks, Inc.(a)       383,600 22,793,512
          114,330,415
Beverages 3.2%
Coca-Cola Co. (The)       590,793 28,434,867
Keurig Dr. Pepper, Inc.       650,078 17,695,123
          46,129,990
Capital Markets 4.3%
CME Group, Inc.       175,422 31,975,922
Moelis & Co. (Class A Stock)       653,976 28,611,450
          60,587,372
Chemicals 0.7%
Akzo Nobel NV (Netherlands)       106,857 9,234,596
Commercial Services & Supplies 1.5%
Republic Services, Inc.       279,892 21,470,515
Communications Equipment 4.3%
Cisco Systems, Inc.(a)       624,864 29,549,818
Nokia OYJ (Finland), ADR(a)       4,979,262 31,618,314
          61,168,132
Consumer Finance 0.8%
American Express Co.       113,062 11,611,467
Diversified Financial Services 0.0%
Gateway Energy & Resource Holdings LLC Private Placement, (original cost $2,000,000; purchased 12/14/07), 144A*^(f)       100,000 524,725
1

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Diversified Telecommunication Services 0.6%
Verizon Communications, Inc.       156,303  $ 8,606,043
Electric Utilities 3.5%
Duke Energy Corp.       180,297 15,826,471
Edison International       292,924 16,687,880
Exelon Corp.       374,058 17,865,010
          50,379,361
Electrical Equipment 0.7%
Emerson Electric Co.       157,087 10,284,486
Entertainment 1.1%
Twenty-First Century Fox, Inc. (Class A Stock)       306,002 15,088,959
Equity Real Estate Investment Trusts (REITs) 2.9%
American Tower Corp.       140,879 24,349,526
Boston Properties, Inc.       127,593 16,825,689
          41,175,215
Food & Staples Retailing 1.6%
Walmart, Inc.       241,531 23,145,916
Food Products 3.5%
Conagra Brands, Inc.       333,684 7,220,922
Hershey Co. (The)       245,979 26,098,372
Mondelez International, Inc. (Class A Stock)       346,184 16,014,472
          49,333,766
Health Care Equipment & Supplies 3.7%
Abbott Laboratories       402,128 29,347,301
Zimmer Biomet Holdings, Inc.       218,535 23,942,695
          53,289,996
Health Care Providers & Services 0.9%
UnitedHealth Group, Inc.       46,119 12,461,354
Hotels, Restaurants & Leisure 2.2%
McDonald’s Corp.       177,328 31,702,700
2

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Independent Power & Renewable Electricity Producers 1.4%
NRG Energy, Inc.       487,950  $ 19,962,035
Industrial Conglomerates 1.2%
Honeywell International, Inc.       120,621 17,324,794
Insurance 1.2%
MetLife, Inc.       379,159 17,316,192
IT Services 1.7%
Fidelity National Information Services, Inc.       135,918 14,207,508
Mastercard, Inc. (Class A Stock)       43,720 9,230,604
          23,438,112
Life Sciences Tools & Services 1.7%
Thermo Fisher Scientific, Inc.       100,432 24,673,129
Media 1.6%
CBS Corp. (Class B Stock)(a)       146,723 7,256,919
Comcast Corp. (Class A Stock)       409,180 14,963,713
          22,220,632
Metals & Mining 2.0%
BHP Group Ltd. (Australia), ADR(a)       568,580 29,105,610
Mortgage Real Estate Investment Trusts (REITs) 1.8%
MFA Financial, Inc.       2,489,416 18,247,419
Starwood Property Trust, Inc.       338,385 7,471,541
          25,718,960
Multi-Utilities 1.1%
Ameren Corp.       216,242 14,994,220
Oil, Gas & Consumable Fuels 7.7%
BP PLC (United Kingdom), ADR       997,921 41,034,511
Cheniere Energy, Inc.*       223,771 14,690,566
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR       463,549 28,614,880
Williams Cos., Inc. (The)       960,916 25,877,468
          110,217,425
3

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Pharmaceuticals 11.3%
Allergan PLC       172,076  $ 24,775,503
AstraZeneca PLC (United Kingdom), ADR       1,185,819 43,377,259
Bristol-Myers Squibb Co.       219,993 10,861,054
Elanco Animal Health, Inc.*(a)       323,697 9,445,478
Eli Lilly & Co.       216,539 25,954,365
Merck & Co., Inc.       386,684 28,780,890
Pfizer, Inc.       420,058 17,831,462
          161,026,011
Road & Rail 2.3%
CSX Corp.(a)       150,426 9,882,988
Union Pacific Corp.       141,420 22,495,680
          32,378,668
Semiconductors & Semiconductor Equipment 5.4%
Broadcom, Inc.       154,430 41,425,848
QUALCOMM, Inc.       726,895 35,995,840
          77,421,688
Software 2.1%
Microsoft Corp.       292,033 30,497,006
Specialty Retail 3.7%
Lowe’s Cos., Inc.       200,247 19,255,752
Ross Stores, Inc.       359,161 33,085,911
          52,341,663
Technology Hardware, Storage & Peripherals 1.1%
Apple, Inc.       93,622 15,582,446
Textiles, Apparel & Luxury Goods 1.5%
NIKE, Inc. (Class B Stock)       167,495 13,714,491
Tapestry, Inc.       193,607 7,494,527
          21,209,018
Transportation Infrastructure 0.6%
Atlantia SpA (Italy)       357,846 8,468,624
Total Common Stocks
(cost $1,202,076,042) 		1,371,752,188
4

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Preferred Stock 1.0%
Multi-Utilities 
Sempra Energy, Series A, CVT, 6.000%
(cost $14,627,800) 		      146,278  $ 14,676,071
    
  Interest
Rate 		  Maturity
Date 		  Principal
Amount (000)# 		 
Convertible Bond 0.7%
Insurance 
AXA SA (France),
Sr. Unsec’d. Notes, 144A
(cost $11,163,692) 		7.250 %   05/15/21     10,909 10,319,914
 
Total Long-Term Investments
(cost $1,227,867,534) 		  1,396,748,173
    
      Shares  
Short-Term Investments 6.4%
Affiliated Mutual Funds 
PGIM Core Ultra Short Bond Fund(w)     31,085,846 31,085,846
PGIM Institutional Money Market Fund
(cost $60,117,547; includes $60,062,061 of cash collateral for securities on loan)(b)(w) 		    60,110,604 60,122,626
 
Total Short-Term Investments
(cost $91,203,393) 		91,208,472
 
TOTAL INVESTMENTS 104.3%
(cost $1,319,070,927) 		        1,487,956,645
Liabilities in excess of other assets (4.3)% (60,988,740)
 
Net Assets 100.0% $ 1,426,967,905
See the Glossary for abbreviations used in the quarterly schedule of portfolio holdings.
    
* Non-income producing security.
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $524,725 and 0.0% of net assets.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $58,130,536; cash collateral of $60,062,061 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(f) Indicates a restricted security; the aggregate original cost of such securities is $2,000,000. The aggregate value of $524,725 is 0.0% of net assets.
5

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:
  Level 1   Level 2   Level 3
Investments in Securities          
Common Stocks          
Aerospace & Defense
  $ 22,879,606    $24,451,341    $ —
Banks
 114,330,415   —   —
Beverages
 46,129,990   —   —
Capital Markets
 60,587,372   —   —
Chemicals
 —   9,234,596   —
Commercial Services & Supplies
 21,470,515   —   —
Communications Equipment
 61,168,132   —   —
Consumer Finance
 11,611,467   —   —
Diversified Financial Services
 —   —   524,725
Diversified Telecommunication Services
 8,606,043   —   —
Electric Utilities
 50,379,361   —   —
Electrical Equipment
 10,284,486   —   —
Entertainment
 15,088,959   —   —
Equity Real Estate Investment Trusts (REITs)
 41,175,215   —   —
Food & Staples Retailing
 23,145,916   —   —
Food Products
 49,333,766   —   —
Health Care Equipment & Supplies
 53,289,996   —   —
Health Care Providers & Services
 12,461,354   —   —
Hotels, Restaurants & Leisure
 31,702,700   —   —
Independent Power & Renewable Electricity Producers
 19,962,035   —   —
Industrial Conglomerates
 17,324,794   —   —
Insurance
 17,316,192   —   —
IT Services
 23,438,112   —   —
Life Sciences Tools & Services
 24,673,129   —   —
Media
 22,220,632   —   —
Metals & Mining
 29,105,610   —   —
Mortgage Real Estate Investment Trusts (REITs)
 25,718,960   —   —
Multi-Utilities
 14,994,220   —   —
Oil, Gas & Consumable Fuels
 110,217,425   —   —
Pharmaceuticals
 161,026,011   —   —
Road & Rail
 32,378,668   —   —
6

PGIM Jennison Equity Income Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
  Level 1   Level 2   Level 3
Investments in Securities (continued)          
Common Stocks (continued)          
Semiconductors & Semiconductor Equipment
  $ 77,421,688    $ —    $ —
Software
 30,497,006   —   —
Specialty Retail
 52,341,663   —   —
Technology Hardware, Storage & Peripherals
 15,582,446   —   —
Textiles, Apparel & Luxury Goods
 21,209,018   —   —
Transportation Infrastructure
 —   8,468,624   —
Preferred Stock          
Multi-Utilities
 14,676,071   —   —
 
Convertible Bond
 —   10,319,914   —
Affiliated Mutual Funds
 91,208,472   —   —
Total $1,434,957,445   $52,474,475   $524,725
7

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited)
Description     Shares Value
Long-Term Investments 99.5%
Common Stocks 99.2%
Airlines 2.4%
Alaska Air Group, Inc.       30,300  $ 1,937,685
JetBlue Airways Corp.*       386,245 6,948,548
United Continental Holdings, Inc.*       104,800 9,145,896
          18,032,129
Auto Components 2.9%
Adient PLC       189,272 3,736,229
BorgWarner, Inc.       149,100 6,098,190
Goodyear Tire & Rubber Co. (The)       305,600 6,475,664
Lear Corp.       37,900 5,833,947
          22,144,030
Banks 9.0%
Associated Banc-Corp.       30,200 653,830
BankUnited, Inc.       29,400 994,014
CIT Group, Inc.       6,200 286,378
Citizens Financial Group, Inc.       256,000 8,683,520
Fifth Third Bancorp       336,833 9,033,861
Huntington Bancshares, Inc.       353,300 4,677,692
KeyCorp       519,200 8,551,224
M&T Bank Corp.       9,000 1,480,860
PacWest Bancorp       112,800 4,352,952
People’s United Financial, Inc.       108,900 1,783,782
Popular, Inc. (Puerto Rico)       23,000 1,256,030
Regions Financial Corp.       570,500 8,654,485
SunTrust Banks, Inc.       179,600 10,671,832
Zions Bancorp NA       157,000 7,471,630
          68,552,090
Beverages 1.1%
Molson Coors Brewing Co. (Class B Stock)       123,800 8,246,318
Building Products 0.9%
Owens Corning       125,900 6,595,901
Capital Markets 0.9%
Invesco Ltd.       346,100 6,305,942
Legg Mason, Inc.       11,500 342,700
          6,648,642
8

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Chemicals 2.5%
Eastman Chemical Co.       79,700  $ 6,425,414
Mosaic Co. (The)       246,300 7,950,564
Olin Corp.       86,000 2,030,460
Westlake Chemical Corp.       34,100 2,519,990
          18,926,428
Commercial Services & Supplies 0.2%
ADT, Inc.(a)       246,077 1,776,676
Construction & Engineering 1.5%
AECOM*(a)       225,966 6,916,819
Arcosa, Inc.       41,200 1,212,516
Quanta Services, Inc.       98,956 3,497,105
          11,626,440
Consumer Finance 3.6%
Ally Financial, Inc.       310,959 8,103,591
Navient Corp.       266,900 3,042,660
OneMain Holdings, Inc.*       66,100 1,975,729
Santander Consumer USA Holdings, Inc.(a)       316,981 6,041,658
Synchrony Financial       286,400 8,603,456
          27,767,094
Containers & Packaging 2.0%
International Paper Co.       168,800 8,006,184
Westrock Co.       182,400 7,425,504
          15,431,688
Diversified Financial Services 1.0%
Voya Financial, Inc.       156,002 7,243,173
Diversified Telecommunication Services 1.0%
CenturyLink, Inc.       494,400 7,574,208
Electric Utilities 3.8%
Avangrid, Inc.       43,500 2,169,345
Edison International       81,500 4,643,055
Entergy Corp.       83,200 7,420,608
Evergy, Inc.       44,800 2,567,936
FirstEnergy Corp.       73,400 2,877,280
9

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Electric Utilities (cont’d.)
PPL Corp.       292,000  $ 9,145,440
Xcel Energy, Inc.       5,100 267,036
          29,090,700
Electrical Equipment 0.7%
Regal Beloit Corp.       66,392 5,096,250
Electronic Equipment, Instruments & Components 0.0%
Arrow Electronics, Inc.*       3,400 258,230
Entertainment 0.9%
Viacom, Inc. (Class B Stock)       236,600 6,960,772
Equity Real Estate Investment Trusts (REITs) 9.2%
American Homes 4 Rent (Class A Stock)        10,800 238,788
Apple Hospitality REIT, Inc.       409,700 6,723,177
Brixmor Property Group, Inc.       242,082 4,146,865
Colony Capital, Inc.       424,000 2,573,680
Digital Realty Trust, Inc.       4,900 530,866
Hospitality Properties Trust       228,200 6,083,812
Kimco Realty Corp.       426,361 7,252,401
Medical Properties Trust, Inc.       268,269 4,882,496
Park Hotels & Resorts, Inc.       191,000 5,743,370
Senior Housing Properties Trust       384,900 5,300,073
SITE Centers Corp.       406,150 5,308,380
SL Green Realty Corp.       31,400 2,902,302
Spirit Realty Capital, Inc.       164,480 6,533,146
Ventas, Inc.       17,600 1,135,024
VEREIT, Inc.       923,807 7,464,360
VICI Properties, Inc.       149,200 3,212,276
          70,031,016
Food & Staples Retailing 0.2%
Kroger Co. (The)       49,000 1,388,170
Food Products 3.3%
Archer-Daniels-Midland Co.       51,300 2,303,370
Conagra Brands, Inc.       309,700 6,701,908
J.M. Smucker Co. (The)       76,900 8,065,272
Tyson Foods, Inc. (Class A Stock)       133,200 8,247,744
          25,318,294
10

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Health Care Providers & Services 2.5%
Acadia Healthcare Co., Inc.*(a)       133,100  $ 3,641,616
Cardinal Health, Inc.       124,100 6,201,277
DaVita, Inc.*       61,800 3,468,834
MEDNAX, Inc.*       89,700 3,239,067
Universal Health Services, Inc. (Class B Stock)       16,600 2,199,998
          18,750,792
Hotels, Restaurants & Leisure 2.2%
Norwegian Cruise Line Holdings Ltd.*       148,400 7,632,212
Royal Caribbean Cruises Ltd.       77,000 9,243,850
          16,876,062
Household Durables 4.5%
Lennar Corp. (Class A Stock)       150,963 7,158,665
Mohawk Industries, Inc.*       57,639 7,423,327
Newell Brands, Inc.(a)       343,151 7,278,233
PulteGroup, Inc.       211,547 5,883,122
Toll Brothers, Inc.       174,433 6,443,555
          34,186,902
Independent Power & Renewable Electricity Producers 0.6%
AES Corp.       261,815 4,291,148
Insurance 8.2%
American Financial Group, Inc.       20,900 1,993,651
Arch Capital Group Ltd.*       24,600 722,010
CNA Financial Corp.       128,728 5,903,466
Everest Re Group Ltd.       26,400 5,782,920
Hartford Financial Services Group, Inc. (The)       130,600 6,127,752
Lincoln National Corp.       140,981 8,245,979
Loews Corp.       170,336 8,159,094
Old Republic International Corp.       125,500 2,528,825
Principal Financial Group, Inc.       171,600 8,592,012
Reinsurance Group of America, Inc.       50,300 7,265,835
Unum Group       208,700 7,254,412
          62,575,956
Internet & Direct Marketing Retail 0.5%
Qurate Retail, Inc.*       176,800 3,845,400
11

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
IT Services 1.0%
DXC Technology Co.       114,500  $ 7,341,740
Machinery 2.3%
Colfax Corp.*       4,400 108,900
Cummins, Inc.       26,600 3,913,126
PACCAR, Inc.       143,900 9,428,328
Trinity Industries, Inc.       181,100 4,234,118
          17,684,472
Media 1.7%
DISH Network Corp. (Class A Stock)*       87,100 2,671,357
Liberty Media Corp.-Liberty SiriusXM (Class A Stock)*       82,800 3,293,784
Liberty Media Corp.-Liberty SiriusXM (Class C Stock)*       103,000 4,115,880
News Corp. (Class A Stock)       216,800 2,781,544
          12,862,565
Metals & Mining 4.6%
Alcoa Corp.*       190,400 5,651,072
Freeport-McMoRan, Inc.       703,700 8,191,068
Nucor Corp.       67,900 4,158,196
Reliance Steel & Aluminum Co.       87,890 7,196,433
Steel Dynamics, Inc.       97,800 3,578,502
United States Steel Corp.       273,100 6,155,674
          34,930,945
Mortgage Real Estate Investment Trusts (REITs) 4.4%
AGNC Investment Corp.       397,500 7,119,225
Annaly Capital Management, Inc.       779,124 8,134,055
Chimera Investment Corp.       203,200 3,866,896
MFA Financial, Inc.       533,600 3,911,288
New Residential Investment Corp.       183,800 3,120,924
Starwood Property Trust, Inc.       159,100 3,512,928
Two Harbors Investment Corp.       247,200 3,606,648
          33,271,964
Multiline Retail 1.4%
Kohl’s Corp.       70,400 4,835,776
Macy’s, Inc.       233,200 6,133,160
          10,968,936
12

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Multi-Utilities 0.4%
Consolidated Edison, Inc.       19,533  $ 1,516,737
Public Service Enterprise Group, Inc.       8,500 463,675
Sempra Energy(a)       11,000 1,286,780
          3,267,192
Oil, Gas & Consumable Fuels 7.9%
Antero Resources Corp.*(a)       299,794 3,015,928
Apache Corp.       40,100 1,316,082
Centennial Resource Development, Inc. (Class A Stock)*       108,500 1,428,945
Cimarex Energy Co.       43,300 3,262,222
CNX Resources Corp.*       9,900 120,186
Concho Resources, Inc.*       54,400 6,519,296
Devon Energy Corp.       253,300 6,750,445
EQT Corp.       284,900 5,547,003
HollyFrontier Corp.       59,100 3,329,694
Marathon Oil Corp.       417,400 6,590,746
Murphy Oil Corp.       31,400 858,790
Noble Energy, Inc.       290,600 6,492,004
Parsley Energy, Inc. (Class A Stock)*       261,900 4,866,102
PBF Energy, Inc. (Class A Stock)       8,600 314,932
Range Resources Corp.       328,900 3,627,767
Whiting Petroleum Corp.*       148,200 4,242,966
Williams Cos., Inc. (The)       55,800 1,502,694
          59,785,802
Paper & Forest Products 0.9%
Domtar Corp.       144,500 6,777,050
Personal Products 0.3%
Coty, Inc. (Class A Stock)(a)       252,400 1,958,624
Pharmaceuticals 1.1%
Mylan NV*       285,289 8,544,406
Real Estate Management & Development 0.6%
Realogy Holdings Corp.(a)       235,500 4,180,125
Road & Rail 1.6%
AMERCO       3,300 1,196,778
13

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Road & Rail (cont’d.)
Knight-Swift Transportation Holdings, Inc.(a)       167,900  $ 5,330,825
Ryder System, Inc.       103,141 5,972,895
          12,500,498
Specialty Retail 1.0%
AutoNation, Inc.*(a)       81,300 3,150,375
Gap, Inc. (The)       69,300 1,762,992
Penske Automotive Group, Inc.       63,600 2,981,568
          7,894,935
Technology Hardware, Storage & Peripherals 2.0%
Western Digital Corp.       191,300 8,606,587
Xerox Corp.       239,200 6,747,832
          15,354,419
Textiles, Apparel & Luxury Goods 0.5%
PVH Corp.       32,900 3,589,719
Trading Companies & Distributors 1.2%
Air Lease Corp.       166,000 6,298,040
WESCO International, Inc.*       61,100 3,201,640
          9,499,680
Transportation Infrastructure 0.7%
Macquarie Infrastructure Corp.       130,300 5,625,051
Total Common Stocks
(cost $762,910,883) 		755,272,632
Exchange Traded Fund 0.3%
iShares Russell Mid-Cap Value ETF
(cost $2,067,060) 		      27,151 2,284,757
 
Total Long-Term Investments
(cost $764,977,943) 		757,557,389
 
Short-Term Investments 5.1%
Affiliated Mutual Funds 
PGIM Core Ultra Short Bond Fund(w)     77,191 77,191
14

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description     Shares Value
 
Affiliated Mutual Funds (Continued)
PGIM Institutional Money Market Fund
(cost $38,359,507; includes $38,290,662 of cash collateral for securities on loan)(b)(w) 		    38,359,130  $ 38,366,802
 
Total Short-Term Investments
(cost $38,436,698) 		38,443,993
 
TOTAL INVESTMENTS 104.6%
(cost $803,414,641) 		        796,001,382
Liabilities in excess of other assets (4.6)% (34,794,280)
 
Net Assets 100.0% $ 761,207,102
See the Glossary for abbreviations used in the quarterly schedule of portfolio holdings.
    
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $37,384,327; cash collateral of $38,290,662 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:
  Level 1   Level 2   Level 3
Investments in Securities          
Common Stocks          
Airlines
  $ 18,032,129    $—    $—
Auto Components
 22,144,030   —   —
Banks
 68,552,090   —   —
Beverages
 8,246,318   —   —
Building Products
 6,595,901   —   —
Capital Markets
 6,648,642   —   —
Chemicals
 18,926,428   —   —
Commercial Services & Supplies
 1,776,676   —   —
Construction & Engineering
 11,626,440   —   —
15

PGIM QMA Mid-Cap Value Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
  Level 1   Level 2   Level 3
Investments in Securities (continued)          
Common Stocks (continued)          
Consumer Finance
  $ 27,767,094    $—    $—
Containers & Packaging
 15,431,688   —   —
Diversified Financial Services
 7,243,173   —   —
Diversified Telecommunication Services
 7,574,208   —   —
Electric Utilities
 29,090,700   —   —
Electrical Equipment
 5,096,250   —   —
Electronic Equipment, Instruments & Components
 258,230   —   —
Entertainment
 6,960,772   —   —
Equity Real Estate Investment Trusts (REITs)
 70,031,016   —   —
Food & Staples Retailing
 1,388,170   —   —
Food Products
 25,318,294   —   —
Health Care Providers & Services
 18,750,792   —   —
Hotels, Restaurants & Leisure
 16,876,062   —   —
Household Durables
 34,186,902   —   —
Independent Power & Renewable Electricity Producers
 4,291,148   —   —
Insurance
 62,575,956   —   —
Internet & Direct Marketing Retail
 3,845,400   —   —
IT Services
 7,341,740   —   —
Machinery
 17,684,472   —   —
Media
 12,862,565   —   —
Metals & Mining
 34,930,945   —   —
Mortgage Real Estate Investment Trusts (REITs)
 33,271,964   —   —
Multiline Retail
 10,968,936   —   —
Multi-Utilities
 3,267,192   —   —
Oil, Gas & Consumable Fuels
 59,785,802   —   —
Paper & Forest Products
 6,777,050   —   —
Personal Products
 1,958,624   —   —
Pharmaceuticals
 8,544,406   —   —
Real Estate Management & Development
 4,180,125   —   —
Road & Rail
 12,500,498   —   —
Specialty Retail
 7,894,935   —   —
Technology Hardware, Storage & Peripherals
 15,354,419   —   —
Textiles, Apparel & Luxury Goods
 3,589,719   —   —
Trading Companies & Distributors
 9,499,680   —   —
Transportation Infrastructure
 5,625,051   —   —
 
Exchange Traded Fund
 2,284,757   —   —
Affiliated Mutual Funds
 38,443,993   —   —
Total $796,001,382   $—   $—
16

Glossary
The following abbreviations are 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. Unless otherwise noted, 144A securities are deemed to be illiquid.
ADR — American Depositary Receipt
CVT — Convertible Security
ETF — Exchange Traded Fund
REIT(s) — Real Estate Investment Trust(s)
17

Notes to Schedules of Investments (unaudited)
Securities Valuation: Each Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.
Various inputs determine how each Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with Financial Accounting Standards Board Accounting Standard Codification Topic 820 - Fair Value Measurements and Disclosures.
Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency
18

fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.
Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Each Fund may invest up to 15% of its net assets in illiquid securities, including those that are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above.
Each Fund may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund and their securities lending cash collateral in the PGIM Institutional Money Market Fund, each a series of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, as amended, and managed by PGIM Investments.
Other information regarding the Funds is available in each Funds’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
19

Item 2. Controls and Procedures

 

  (a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b)

There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Prudential Investment Portfolios, Inc. 10

 

By (Signature and Title)*    

   

/s/ Andrew R. French

   Andrew R. French
   Secretary of the Fund

 

Date

March 14, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*    

   

/s/ Stuart S. Parker

  

Stuart S. Parker

  

President and Principal Executive Officer

 

Date

March 14, 2019

 

By (Signature and Title)*    

   

/s/ Christian J. Kelly

  

Christian J. Kelly

  

Treasurer and Principal Financial and Accounting Officer

 

Date

March 14, 2019

* Print the name and title of each signing officer under his or her signature.