The Prudential Variable Contract Account-10
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
|
|
|
| Investment Company Act file number: |
|
811-03421 |
|
|
| Exact name of registrant as specified in charter: |
|
The Prudential Variable Contract Account – 10 |
|
|
| Address of principal executive offices: |
|
655 Broad Street, 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: |
|
12/31/2021 |
|
|
| Date of reporting period: |
|
06/30/2021 |
Item 1 – Reports to Stockholders
The MEDLEY Program
|
|
|
| SEMIANNUAL REPORT |
|
June 30, 2021 |
The report is for the information of persons participating in The Prudential Variable Contract
Account-10 (VCA-10), The Prudential Variable Contract Account-11 (VCA-11), and The
Prudential Variable Contract Account-24 (VCA-24) (Collectively known as the “Accounts”) of The MEDLEY Program. VCA-10, VCA-11, and VCA-24 are group annuity insurance products issued by The Prudential Insurance Company of America, 751 Broad Street, Newark,
NJ 07102-3777, and are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC, 655 Broad Street, 19th Floor, Newark, NJ 07102. Both are Prudential Financial companies.
The views expressed in this report and information about the Accounts’ portfolio holdings are for the period covered by this report and are subject to change
thereafter.
The accompanying financial statements as of June 30, 2021, were not audited; and accordingly, no auditor’s opinion is expressed on them.
Please note that this report may include prospectus supplements that are separate from and not a part of this report.
The toll-free number shown below can be used to make transfers and reallocations, review how your premiums
are being allocated, and receive current investment option values in your contract. Unit values for each investment option are available to all participants from the toll-free number. Please be sure to have your contract number available when you
call.
(800) 458-6333
Investors should consider the contract and the underlying portfolios’ investment objectives, risks, charges and expenses carefully before
investing. This and other important information is contained in the prospectuses that can be obtained from your financial professional. You should read the prospectuses carefully before investing.
This report includes the financial statements of VCA-10, and the portfolios of The Prudential Series Fund (the
“Funds”) available through VCA-11 and VCA-24.
This report
does not include separate account financials for the VCA-11 and VCA-24 Subaccounts. If you would like separate account financial statements, please call the telephone
number on the inside back cover of this report.
Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping
them in force. Your plan sponsor or licensed financial professional can provide you with costs and complete details. Contract guarantees are based on the claims-paying ability of the issuing company.
Information regarding how the VCA-10 voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the website of the Securities and Exchange Commission (the “Commission”) at www.sec.gov and on
VCA-10’s website.
The MEDLEY Program Statement of Additional Information contains additional
information about the Committee Members of VCA-10 and is available without charge upon request by calling (800) 458-6333.
VCA-10 will file with the Commission a complete listing of portfolio holdings as of the end of the first and
third quarters on Form N-PORT. Form N-PORT will be available on the Commission’s website at www.sec.gov or call (800)
732-0330. MEDLEY participants may obtain copies of Form N-PORT filings by calling (800) 458-6333.
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|
|
|
|
| The Prudential MEDLEY Program
Table of Contents |
|
Semiannual Report |
|
June 30, 2021 |
| |
∎ |
|
PRESENTATION OF PORTFOLIO HOLDINGS |
Financial Statements
| |
∎ |
|
VCA-11 AND VCA-24 THE PRUDENTIAL SERIES
FUND PORTFOLIOS |
| |
∎ |
|
APPROVAL OF ADVISORY AGREEMENTS |
|
|
|
|
|
| The Prudential MEDLEY Program
Letter to Participants |
|
Semiannual Report |
|
June 30, 2021 |
At Prudential, our primary objective is to help investors achieve and maintain long-term financial success. Despite today’s uncertainties, we
remain strong and ready to serve and support you. This MEDLEY Program semiannual report outlines our efforts to achieve this goal. We hope you find it informative and useful.
Prudential has been building on a heritage of success for more than 145 years. You can count on our history of financial stability. We are diversified
for endurance. Our balanced mix of risks and businesses positions us well to manage through any economic environment. We’ve applied the lessons from decades of challenges to be stronger, because we are committed to keeping our promises to you.
Your financial professional is the best resource to help you make the most informed investment decisions. Together, you can build a diversified
investment portfolio that aligns with your long-term financial goals. Please keep in mind that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.
Thank you for selecting Prudential as one of your financial partners. A strong sense of social responsibility for our clients, our employees, and our
communities has been embedded in the company since our founding. It guides our efforts to help our customers achieve peace of mind through financial wellness.
We value your trust and appreciate the opportunity to help you achieve financial security.
Sincerely,
|
|
|
|
|
|
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|
|
| Stuart Parker President,
The Prudential Variable Contract Account 10 |
|
Timothy S. Cronin President,
The Prudential Series Fund |
July 31, 2021
|
|
|
| The Prudential Variable Contract Account-10 (VCA-10) Presentation of Portfolio Holdings —
unaudited |
|
June 30, 2021 |
|
|
|
|
|
|
|
| VCA-10 |
|
| Ten Largest Holdings |
|
Line of Business |
|
|
% of Net Assets |
|
| Microsoft Corp. |
|
Software |
|
|
2.9% |
|
| Alphabet, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
2.7% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
|
2.4% |
|
| JPMorgan Chase & Co. |
|
Banks |
|
|
2.4% |
|
| Eli Lilly & Co. |
|
Pharmaceuticals |
|
|
2.1% |
|
| Goldman Sachs Group, Inc. (The) |
|
Capital Markets |
|
|
1.9% |
|
| Bank of America Corp. |
|
Banks |
|
|
1.9% |
|
| General Motors Co. |
|
Automobiles |
|
|
1.8% |
|
| Chevron Corp. |
|
Oil, Gas & Consumable Fuels |
|
|
1.7% |
|
| Shopify, Inc. (Class A Stock) |
|
IT Services |
|
|
1.6% |
|
For a complete listing of holdings, refer to
the Statement of Net Assets section of this report. Holdings reflect only long-term investments.
FINANCIAL STATEMENTS OF VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF NET ASSETS (Unaudited) |
|
|
June 30, 2021
|
|
|
|
|
|
|
|
|
| LONG-TERM INVESTMENTS — 99.4% |
|
| COMMON STOCKS |
|
Shares |
|
|
Value |
|
| Aerospace & Defense — 1.9% |
|
|
|
|
|
|
|
|
| Airbus SE (France)* |
|
|
10,696 |
|
|
$ |
1,378,384 |
|
| Raytheon Technologies Corp. |
|
|
26,337 |
|
|
|
2,246,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,625,194 |
|
|
|
|
|
|
|
|
|
|
| Air Freight & Logistics — 0.7% |
|
|
|
|
|
|
|
|
| FedEx Corp. |
|
|
4,539 |
|
|
|
1,354,120 |
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.7% |
|
|
|
|
|
|
|
|
| Delta Air Lines, Inc.* |
|
|
29,066 |
|
|
|
1,257,395 |
|
|
|
|
|
|
|
|
|
|
| Automobiles — 3.3% |
|
|
|
|
|
|
|
|
| General Motors Co.* |
|
|
56,094 |
|
|
|
3,319,082 |
|
| Tesla, Inc.* |
|
|
4,247 |
|
|
|
2,886,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,205,768 |
|
|
|
|
|
|
|
|
|
|
| Banks — 8.3% |
|
|
|
|
|
|
|
|
| Bank of America Corp. |
|
|
86,614 |
|
|
|
3,571,095 |
|
| Citigroup, Inc. |
|
|
31,927 |
|
|
|
2,258,835 |
|
| JPMorgan Chase & Co. |
|
|
28,619 |
|
|
|
4,451,399 |
|
| PNC Financial Services Group, Inc. (The) |
|
|
14,764 |
|
|
|
2,816,381 |
|
| Truist Financial Corp. |
|
|
46,575 |
|
|
|
2,584,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,682,623 |
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.9% |
|
|
|
|
|
|
|
|
| PepsiCo, Inc. |
|
|
11,827 |
|
|
|
1,752,407 |
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 0.9% |
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
14,353 |
|
|
|
1,616,722 |
|
|
|
|
|
|
|
|
|
|
| Building Products — 1.4% |
|
|
|
|
|
|
|
|
| Johnson Controls International PLC |
|
|
39,490 |
|
|
|
2,710,199 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 2.9% |
|
|
|
|
|
|
|
|
| Blackstone Group, Inc. (The) |
|
|
18,657 |
|
|
|
1,812,341 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
9,539 |
|
|
|
3,620,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,432,678 |
|
|
|
|
|
|
|
|
|
|
| Chemicals — 3.0% |
|
|
|
|
|
|
|
|
| Dow, Inc. |
|
|
29,909 |
|
|
|
1,892,641 |
|
| FMC Corp. |
|
|
10,317 |
|
|
|
1,116,299 |
|
| Linde PLC (United Kingdom) |
|
|
9,306 |
|
|
|
2,690,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,699,305 |
|
|
|
|
|
|
|
|
|
|
| Communications Equipment — 0.9% |
|
|
|
|
|
|
|
|
| Cisco Systems, Inc. |
|
|
32,901 |
|
|
|
1,743,753 |
|
|
|
|
|
|
|
|
|
|
| Consumer Finance — 2.5% |
|
|
|
|
|
|
|
|
| Capital One Financial Corp. |
|
|
16,764 |
|
|
|
2,593,223 |
|
| SLM Corp. |
|
|
100,972 |
|
|
|
2,114,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,707,577 |
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.9% |
|
|
|
|
|
|
|
|
| Crown Holdings, Inc. |
|
|
17,032 |
|
|
|
1,740,841 |
|
|
|
|
|
|
|
|
|
|
| Electrical Equipment — 0.8% |
|
|
|
|
|
|
|
|
| Emerson Electric Co. |
|
|
15,201 |
|
|
|
1,462,944 |
|
|
|
|
|
|
|
|
|
|
| Entertainment — 2.7% |
|
|
|
|
|
|
|
|
| Netflix, Inc.* |
|
|
2,501 |
|
|
|
1,321,053 |
|
| ROBLOX Corp. (Class A Stock)* |
|
|
3,663 |
|
|
|
329,597 |
|
| Spotify Technology S.A. (Sweden)* |
|
|
2,765 |
|
|
|
762,006 |
|
| Walt Disney Co. (The)* |
|
|
15,493 |
|
|
|
2,723,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,135,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS
(continued) |
|
Shares |
|
|
Value |
|
| Equity Real Estate Investment Trusts (REITs) — 1.7% |
|
| Alexandria Real Estate Equities, Inc. |
|
|
4,775 |
|
|
$ |
868,763 |
|
| American Campus Communities, Inc. |
|
|
27,205 |
|
|
|
1,271,018 |
|
| American Tower Corp. |
|
|
4,194 |
|
|
|
1,132,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,272,748 |
|
|
|
|
|
|
|
|
|
|
| Food & Staples Retailing — 1.3% |
|
|
|
|
|
|
|
|
| Walmart, Inc. |
|
|
17,896 |
|
|
|
2,523,694 |
|
|
|
|
|
|
|
|
|
|
| Food Products — 1.0% |
|
|
|
|
|
|
|
|
| Mondelez International, Inc. (Class A Stock) |
|
|
31,299 |
|
|
|
1,954,309 |
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 2.4% |
|
| Abbott Laboratories |
|
|
21,313 |
|
|
|
2,470,816 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
12,846 |
|
|
|
2,065,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,536,710 |
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services — 1.9% |
|
| Cigna Corp. |
|
|
7,490 |
|
|
|
1,775,654 |
|
| Laboratory Corp. of America Holdings* |
|
|
6,369 |
|
|
|
1,756,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,532,543 |
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure — 2.3% |
|
| Airbnb, Inc. (Class A Stock)* |
|
|
9,557 |
|
|
|
1,463,559 |
|
| McDonald’s Corp. |
|
|
6,892 |
|
|
|
1,591,983 |
|
| Royal Caribbean Cruises Ltd.* |
|
|
15,081 |
|
|
|
1,286,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,341,650 |
|
|
|
|
|
|
|
|
|
|
| Household Durables — 0.7% |
|
|
|
|
|
|
|
|
| DR Horton, Inc. |
|
|
13,845 |
|
|
|
1,251,173 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.7% |
|
|
|
|
|
|
|
|
| Procter & Gamble Co. (The) |
|
|
9,001 |
|
|
|
1,214,505 |
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates — 0.8% |
|
|
|
|
|
|
|
|
| General Electric Co. |
|
|
116,271 |
|
|
|
1,565,008 |
|
|
|
|
|
|
|
|
|
|
| Insurance — 3.8% |
|
|
|
|
|
|
|
|
| Chubb Ltd. (Switzerland) |
|
|
16,238 |
|
|
|
2,580,868 |
|
| Marsh & McLennan Cos., Inc. |
|
|
10,535 |
|
|
|
1,482,064 |
|
| MetLife, Inc. |
|
|
33,563 |
|
|
|
2,008,745 |
|
| RenaissanceRe Holdings Ltd. (Bermuda) |
|
|
7,700 |
|
|
|
1,145,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,217,591 |
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services — 6.9% |
|
|
|
|
|
|
|
|
| Alphabet, Inc. (Class A Stock)* |
|
|
2,065 |
|
|
|
5,042,296 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
700 |
|
|
|
1,754,424 |
|
| Facebook, Inc. (Class A Stock)* |
|
|
6,947 |
|
|
|
2,415,542 |
|
| Match Group, Inc.* |
|
|
14,111 |
|
|
|
2,275,399 |
|
| Snap, Inc.* |
|
|
22,781 |
|
|
|
1,552,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,039,958 |
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail — 3.3% |
|
| Amazon.com, Inc.* |
|
|
1,313 |
|
|
|
4,516,930 |
|
| MercadoLibre, Inc. (Argentina)* |
|
|
1,036 |
|
|
|
1,613,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,130,800 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF NET ASSETS (Unaudited) |
|
|
June 30, 2021
|
|
|
|
|
|
|
|
|
COMMON STOCKS
(continued) |
|
Shares |
|
|
Value |
|
| IT Services — 7.5% |
|
|
|
|
|
|
|
|
| Adyen NV (Netherlands), 144A* |
|
|
613 |
|
|
$ |
1,503,469 |
|
| Affirm Holdings, Inc.* |
|
|
12,667 |
|
|
|
853,122 |
|
| Mastercard, Inc. (Class A Stock) |
|
|
4,668 |
|
|
|
1,704,240 |
|
| Okta, Inc.* |
|
|
4,600 |
|
|
|
1,125,528 |
|
| PayPal Holdings, Inc.* |
|
|
5,835 |
|
|
|
1,700,786 |
|
| Shopify, Inc. (Canada) (Class A Stock)* |
|
|
2,129 |
|
|
|
3,110,426 |
|
| Snowflake, Inc. (Class A Stock)* |
|
|
2,070 |
|
|
|
500,526 |
|
| Square, Inc. (Class A Stock)* |
|
|
7,446 |
|
|
|
1,815,335 |
|
| Twilio, Inc.* |
|
|
4,542 |
|
|
|
1,790,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,103,707 |
|
|
|
|
|
|
|
|
|
|
| Machinery — 2.3% |
|
|
|
|
|
|
|
|
| Deere & Co. |
|
|
4,413 |
|
|
|
1,556,509 |
|
| Fortive Corp. |
|
|
14,413 |
|
|
|
1,005,163 |
|
| Otis Worldwide Corp. |
|
|
22,170 |
|
|
|
1,812,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,374,513 |
|
|
|
|
|
|
|
|
|
|
| Media — 0.6% |
|
|
|
|
|
|
|
|
| Comcast Corp. (Class A Stock) |
|
|
18,174 |
|
|
|
1,036,281 |
|
|
|
|
|
|
|
|
|
|
| Multi-Utilities — 2.3% |
|
|
|
|
|
|
|
|
| Ameren Corp. |
|
|
18,959 |
|
|
|
1,517,478 |
|
| Dominion Energy, Inc. |
|
|
36,813 |
|
|
|
2,708,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,225,811 |
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 4.1% |
|
|
|
|
|
|
|
|
| Chevron Corp. |
|
|
30,983 |
|
|
|
3,245,159 |
|
| ConocoPhillips |
|
|
48,652 |
|
|
|
2,962,907 |
|
| Williams Cos., Inc. (The) |
|
|
53,984 |
|
|
|
1,433,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,641,341 |
|
|
|
|
|
|
|
|
|
|
| Personal Products — 0.7% |
|
|
|
|
|
|
|
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
4,229 |
|
|
|
1,345,160 |
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 4.2% |
|
|
|
|
|
|
|
|
| AstraZeneca PLC (United Kingdom), ADR |
|
|
34,179 |
|
|
|
2,047,322 |
|
| Bristol-Myers Squibb Co. |
|
|
27,710 |
|
|
|
1,851,582 |
|
| Eli Lilly & Co. |
|
|
17,611 |
|
|
|
4,042,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,940,981 |
|
|
|
|
|
|
|
|
|
|
| Road & Rail — 1.9% |
|
|
|
|
|
|
|
|
| Uber Technologies, Inc.* |
|
|
29,694 |
|
|
|
1,488,263 |
|
| Union Pacific Corp. |
|
|
9,081 |
|
|
|
1,997,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,485,448 |
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment — 5.4% |
|
| Broadcom, Inc. |
|
|
5,528 |
|
|
|
2,635,972 |
|
| Lam Research Corp. |
|
|
2,038 |
|
|
|
1,326,127 |
|
| NVIDIA Corp. |
|
|
3,233 |
|
|
|
2,586,723 |
|
| QUALCOMM, Inc. |
|
|
9,638 |
|
|
|
1,377,559 |
|
| Texas Instruments, Inc. |
|
|
11,361 |
|
|
|
2,184,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,111,101 |
|
|
|
|
|
|
|
|
|
|
| Software — 5.7% |
|
|
|
|
|
|
|
|
| Adobe, Inc.* |
|
|
3,402 |
|
|
|
1,992,347 |
|
| DocuSign, Inc.* |
|
|
3,704 |
|
|
|
1,035,527 |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS
(continued) |
|
Shares |
|
|
Value |
|
| Software (continued) |
|
|
|
|
|
|
|
|
| HubSpot, Inc.* |
|
|
647 |
|
|
$ |
377,020 |
|
| Microsoft Corp. |
|
|
19,819 |
|
|
|
5,368,967 |
|
| PTC, Inc.* |
|
|
9,410 |
|
|
|
1,329,257 |
|
| RingCentral, Inc. (Class A Stock)* |
|
|
1,741 |
|
|
|
505,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,609,018 |
|
|
|
|
|
|
|
|
|
|
| Specialty Retail — 1.9% |
|
|
|
|
|
|
|
|
| Lowe’s Cos., Inc. |
|
|
8,594 |
|
|
|
1,666,978 |
|
| Ross Stores, Inc. |
|
|
15,356 |
|
|
|
1,904,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,571,122 |
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals — 0.9% |
|
| Apple, Inc. |
|
|
12,147 |
|
|
|
1,663,653 |
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 2.5% |
|
| Lululemon Athletica, Inc. (Canada)* |
|
|
3,420 |
|
|
|
1,248,197 |
|
| LVMH Moet Hennessy Louis Vuitton SE (France) |
|
|
3,008 |
|
|
|
2,366,564 |
|
| NIKE, Inc. (Class B Stock) |
|
|
6,390 |
|
|
|
987,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,601,952 |
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors — 0.8% |
|
| United Rentals, Inc.* |
|
|
4,421 |
|
|
|
1,410,343 |
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $113,772,875) |
|
|
|
|
|
|
186,828,507 |
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENT — 0.6% |
|
| AFFILIATED MUTUAL FUND |
|
|
|
|
|
|
|
|
| PGIM Core Ultra Short Bond Fund
(cost $1,152,766)(a) |
|
|
1,152,766 |
|
|
|
1,152,766 |
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS — 100.0%
(cost $114,925,641) |
|
|
|
|
|
|
187,981,273 |
|
|
|
|
|
|
|
|
|
|
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% |
|
| Dividends and Interests Receivable |
|
|
|
|
|
|
68,500 |
|
| Tax Reclaim Receivable |
|
|
|
|
|
|
8,898 |
|
| Payable for Pending Capital Transactions |
|
|
|
|
|
|
(3,371 |
) |
| Payable for Securities Purchased |
|
|
|
|
|
|
(70,256 |
) |
|
|
|
|
|
|
| OTHER ASSETS IN EXCESS OF LIABILITIES |
|
|
|
3,771 |
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
|
|
|
$ |
187,985,044 |
|
|
|
|
|
|
|
| NET ASSETS, representing: |
|
|
|
|
|
|
|
|
| Equity of Participants |
|
|
|
|
|
$ |
187,985,103 |
|
| Equity of The Prudential Insurance Company of America |
|
|
|
|
|
|
(59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
187,985,044 |
|
|
|
|
|
|
|
|
|
|
The following abbreviations are used in the semiannual report:
|
|
|
| 144A |
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. |
| ADR |
|
American Depositary Receipt |
| * |
Non-income producing security. |
| (a) |
PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund.
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF NET ASSETS (Unaudited) |
|
|
June 30, 2021
Fair Value Measurements:
Various inputs are used in determining the
value of the Account’s investments. These inputs are summarized in the three broad levels listed below.
| Level 1—unadjusted |
quoted prices generally in active markets for identical securities. |
| Level 2—quoted |
prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates, and
other observable inputs. |
| Level 3—unobservable |
inputs for securities valued in accordance with the Account’s Committee approved fair valuation procedures.
|
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments In Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
$ |
2,246,810 |
|
|
$ |
1,378,384 |
|
|
$ |
— |
|
| Air Freight & Logistics |
|
|
1,354,120 |
|
|
|
— |
|
|
|
— |
|
| Airlines |
|
|
1,257,395 |
|
|
|
— |
|
|
|
— |
|
| Automobiles |
|
|
6,205,768 |
|
|
|
— |
|
|
|
— |
|
| Banks |
|
|
15,682,623 |
|
|
|
— |
|
|
|
— |
|
| Beverages |
|
|
1,752,407 |
|
|
|
— |
|
|
|
— |
|
| Biotechnology |
|
|
1,616,722 |
|
|
|
— |
|
|
|
— |
|
| Building Products |
|
|
2,710,199 |
|
|
|
— |
|
|
|
— |
|
| Capital Markets |
|
|
5,432,678 |
|
|
|
— |
|
|
|
— |
|
| Chemicals |
|
|
5,699,305 |
|
|
|
— |
|
|
|
— |
|
| Communications Equipment |
|
|
1,743,753 |
|
|
|
— |
|
|
|
— |
|
| Consumer Finance |
|
|
4,707,577 |
|
|
|
— |
|
|
|
— |
|
| Containers & Packaging |
|
|
1,740,841 |
|
|
|
— |
|
|
|
— |
|
| Electrical Equipment |
|
|
1,462,944 |
|
|
|
— |
|
|
|
— |
|
| Entertainment |
|
|
5,135,861 |
|
|
|
— |
|
|
|
— |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
3,272,748 |
|
|
|
— |
|
|
|
— |
|
| Food & Staples Retailing |
|
|
2,523,694 |
|
|
|
— |
|
|
|
— |
|
| Food Products |
|
|
1,954,309 |
|
|
|
— |
|
|
|
— |
|
| Health Care Equipment & Supplies |
|
|
4,536,710 |
|
|
|
— |
|
|
|
— |
|
| Health Care Providers & Services |
|
|
3,532,543 |
|
|
|
— |
|
|
|
— |
|
| Hotels, Restaurants & Leisure |
|
|
4,341,650 |
|
|
|
— |
|
|
|
— |
|
| Household Durables |
|
|
1,251,173 |
|
|
|
— |
|
|
|
— |
|
| Household Products |
|
|
1,214,505 |
|
|
|
— |
|
|
|
— |
|
| Industrial Conglomerates |
|
|
1,565,008 |
|
|
|
— |
|
|
|
— |
|
| Insurance |
|
|
7,217,591 |
|
|
|
— |
|
|
|
— |
|
| Interactive Media & Services |
|
|
13,039,958 |
|
|
|
— |
|
|
|
— |
|
| Internet & Direct Marketing Retail |
|
|
6,130,800 |
|
|
|
— |
|
|
|
— |
|
| IT Services |
|
|
12,600,238 |
|
|
|
1,503,469 |
|
|
|
— |
|
| Machinery |
|
|
4,374,513 |
|
|
|
— |
|
|
|
— |
|
| Media |
|
|
1,036,281 |
|
|
|
— |
|
|
|
— |
|
| Multi-Utilities |
|
|
4,225,811 |
|
|
|
— |
|
|
|
— |
|
| Oil, Gas & Consumable Fuels |
|
|
7,641,341 |
|
|
|
— |
|
|
|
— |
|
| Personal Products |
|
|
1,345,160 |
|
|
|
— |
|
|
|
— |
|
| Pharmaceuticals |
|
|
7,940,981 |
|
|
|
— |
|
|
|
— |
|
| Road & Rail |
|
|
3,485,448 |
|
|
|
— |
|
|
|
— |
|
| Semiconductors & Semiconductor Equipment |
|
|
10,111,101 |
|
|
|
— |
|
|
|
— |
|
| Software |
|
|
10,609,018 |
|
|
|
— |
|
|
|
— |
|
| Specialty Retail |
|
|
3,571,122 |
|
|
|
— |
|
|
|
— |
|
| Technology Hardware, Storage & Peripherals |
|
|
1,663,653 |
|
|
|
— |
|
|
|
— |
|
| Textiles, Apparel & Luxury Goods |
|
|
2,235,388 |
|
|
|
2,366,564 |
|
|
|
— |
|
| Trading Companies & Distributors |
|
|
1,410,343 |
|
|
|
— |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Fund |
|
|
1,152,766 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
182,732,856 |
|
|
$ |
5,248,417 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF NET ASSETS (Unaudited) |
|
|
June 30, 2021
Industry Classification:
The industry classification of investments and
other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2021 were as follows (unaudited):
|
|
|
|
|
| Banks |
|
|
8.3 |
% |
| IT Services |
|
|
7.5 |
|
| Interactive Media & Services |
|
|
6.9 |
|
| Software |
|
|
5.7 |
|
| Semiconductors & Semiconductor Equipment |
|
|
5.4 |
|
| Pharmaceuticals |
|
|
4.2 |
|
| Oil, Gas & Consumable Fuels |
|
|
4.1 |
|
| Insurance |
|
|
3.8 |
|
| Automobiles |
|
|
3.3 |
|
| Internet & Direct Marketing Retail |
|
|
3.3 |
|
| Chemicals |
|
|
3.0 |
|
| Capital Markets |
|
|
2.9 |
|
| Entertainment |
|
|
2.7 |
|
| Consumer Finance |
|
|
2.5 |
|
| Textiles, Apparel & Luxury Goods |
|
|
2.5 |
|
| Health Care Equipment & Supplies |
|
|
2.4 |
|
| Machinery |
|
|
2.3 |
|
| Hotels, Restaurants & Leisure |
|
|
2.3 |
|
| Multi-Utilities |
|
|
2.3 |
|
| Aerospace & Defense |
|
|
1.9 |
|
| Specialty Retail |
|
|
1.9 |
|
| Health Care Providers & Services |
|
|
1.9 |
|
| Road & Rail |
|
|
1.9 |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
1.7 |
|
|
|
|
|
|
| Building Products |
|
|
1.4 |
% |
| Food & Staples Retailing |
|
|
1.3 |
|
| Food Products |
|
|
1.0 |
|
| Beverages |
|
|
0.9 |
|
| Communications Equipment |
|
|
0.9 |
|
| Containers & Packaging |
|
|
0.9 |
|
| Technology Hardware, Storage & Peripherals |
|
|
0.9 |
|
| Biotechnology |
|
|
0.9 |
|
| Industrial Conglomerates |
|
|
0.8 |
|
| Electrical Equipment |
|
|
0.8 |
|
| Trading Companies & Distributors |
|
|
0.8 |
|
| Air Freight & Logistics |
|
|
0.7 |
|
| Personal Products |
|
|
0.7 |
|
| Airlines |
|
|
0.7 |
|
| Household Durables |
|
|
0.7 |
|
| Household Products |
|
|
0.7 |
|
| Affiliated Mutual Fund |
|
|
0.6 |
|
| Media |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
100.0 |
|
| Other assets in excess of liabilities |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL STATEMENTS OF VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS (Unaudited) |
|
|
Six Months Ended June 30, 2021
|
|
|
|
|
| |
|
|
|
| INVESTMENT INCOME |
|
|
|
|
| Unaffiliated Dividend Income (net of $2,910 foreign withholding tax) |
|
$ |
1,282,818 |
|
| Affiliated Dividend Income |
|
|
1,928 |
|
| Total Income |
|
|
1,284,746 |
|
| EXPENSES |
|
|
|
|
| Fees Charged to Participants for Investment Management Services |
|
|
(225,168 |
) |
| Fees Charged to Participants for Administrative Expenses: |
|
|
|
|
| Standard Contract |
|
|
(601,617 |
) |
| 0.50% Contract |
|
|
(6,513 |
) |
| 0.45% Contract |
|
|
(11,601 |
) |
| Total Expenses |
|
|
(844,899 |
) |
| NET INVESTMENT INCOME |
|
|
439,847 |
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN
CURRENCY TRANSACTIONS |
|
|
|
|
| Net Realized Gain (Loss) on: |
|
|
|
|
| Investment Transactions |
|
|
12,895,704 |
|
| Foreign Currency Transactions |
|
|
(202 |
) |
| |
|
|
12,895,502 |
|
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
| Investments |
|
|
9,650,383 |
|
| Foreign Currencies |
|
|
(36 |
) |
| |
|
|
9,650,347 |
|
| NET GAIN ON INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS |
|
|
22,545,849 |
|
| NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS |
|
$ |
22,985,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
$ |
439,847 |
|
|
$ |
1,324,177 |
|
| Net Realized Gain on Investment and Foreign Currency Transactions |
|
|
12,895,502 |
|
|
|
14,903,574 |
|
| Net Change in Unrealized Appreciation (Depreciation) on Investments
and Foreign Currencies |
|
|
9,650,347 |
|
|
|
9,431,336 |
|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
22,985,696 |
|
|
|
25,659,087 |
|
| CAPITAL TRANSACTIONS |
|
|
|
|
|
|
|
|
| Purchase Payments and Transfers In |
|
|
1,258,926 |
|
|
|
1,447,977 |
|
| Withdrawals and Transfers Out |
|
|
(7,315,067 |
) |
|
|
(15,428,383 |
) |
| NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL
TRANSACTIONS |
|
|
(6,056,141 |
) |
|
|
(13,980,406 |
) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SURPLUS
TRANSFERS |
|
|
230 |
|
|
|
(1,581 |
) |
| TOTAL INCREASE IN NET ASSETS |
|
|
16,929,785 |
|
|
|
11,677,100 |
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
171,055,259 |
|
|
|
159,378,159 |
|
| End of period |
|
$ |
187,985,044 |
|
|
$ |
171,055,259 |
|
|
|
|
|
|
| Accumulation Unit Values and Equity of Participants as of June 30, 2021 |
|
| Standard Contract: |
|
|
|
|
| Accumulation Unit Value and Equity of Participants, $ 170,344,220/ 5,587,647 Accumulation Units |
|
$ |
30.4859 |
|
|
|
|
|
|
| 0.50% Contract: |
|
|
|
|
| Accumulation Unit Value and Equity of Participants, $ 5,461,537/ 158,154 Accumulation Units |
|
$ |
34.5330 |
|
|
|
|
|
|
| 0.45% Contract: |
|
|
|
|
| Accumulation Unit Value and Equity of Participants, $ 12,179,346/ 350,862 Accumulation Units |
|
$ |
34.7127 |
|
|
|
|
|
|
| Accumulation Unit Value may not recalculate due to rounding. |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER ACCUMULATION UNIT* (Unaudited) |
|
|
(For an Accumulation Unit outstanding throughout the period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended June 30, 2021 |
|
|
Year Ended December 31, 2020 |
|
| |
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
| Investment Income |
|
$ |
0.2058 |
|
|
$ |
0.2327 |
|
|
$ |
0.2338 |
|
|
$ |
0.4113 |
|
|
$ |
0.4630 |
|
|
$ |
0.4651 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment management fee |
|
|
(0.0357 |
) |
|
|
(0.0404 |
) |
|
|
(0.0406 |
) |
|
|
(0.0563 |
) |
|
|
(0.0634 |
) |
|
|
(0.0637 |
) |
| Administrative expenses |
|
|
(0.1068 |
) |
|
|
(0.0404 |
) |
|
|
(0.0325 |
) |
|
|
(0.1684 |
) |
|
|
(0.0634 |
) |
|
|
(0.0510 |
) |
| Net Investment Income |
|
|
0.0633 |
|
|
|
0.1519 |
|
|
|
0.1607 |
|
|
|
0.1866 |
|
|
|
0.3362 |
|
|
|
0.3504 |
|
| Net realized and unrealized gain (loss) on investment and foreign
currency transactions . |
|
|
3.5965 |
|
|
|
4.0684 |
|
|
|
4.0892 |
|
|
|
3.8615 |
|
|
|
4.3654 |
|
|
|
4.3873 |
|
| Net Increase (Decrease) in Accumulation Unit Value |
|
|
3.6598 |
|
|
|
4.2203 |
|
|
|
4.2499 |
|
|
|
4.0481 |
|
|
|
4.7016 |
|
|
|
4.7377 |
|
| Accumulation Unit Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
26.8261 |
|
|
|
30.3127 |
|
|
|
30.4628 |
|
|
|
22.7780 |
|
|
|
25.6111 |
|
|
|
25.7251 |
|
| End of period |
|
$ |
30.4859 |
|
|
$ |
34.5330 |
|
|
$ |
34.7127 |
|
|
$ |
26.8261 |
|
|
$ |
30.3127 |
|
|
$ |
30.4628 |
|
| Total Return** |
|
|
13.64 |
% |
|
|
13.92 |
% |
|
|
13.95 |
% |
|
|
17.77 |
% |
|
|
18.36 |
% |
|
|
18.42 |
% |
| Ratio of Expenses To Average Net Assets*** |
|
|
1.00 |
%† |
|
|
0.50 |
%† |
|
|
0.45 |
%† |
|
|
1.00 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
| Ratio of Net Investment Income To Average Net
Assets*** |
|
|
0.45 |
%† |
|
|
0.95 |
%† |
|
|
1.00 |
%† |
|
|
0.83 |
% |
|
|
1.32 |
% |
|
|
1.37 |
% |
| Portfolio Turnover Rate |
|
|
24 |
%†† |
|
|
24 |
%†† |
|
|
24 |
%†† |
|
|
56 |
% |
|
|
56 |
% |
|
|
56 |
% |
| Number of Accumulation Units Outstanding
For
Participants at end of period (000’s omitted) |
|
|
5,588 |
|
|
|
158 |
|
|
|
351 |
|
|
|
5,772 |
|
|
|
165 |
|
|
|
368 |
|
| * |
Calculated by accumulating the actual per unit amounts daily. |
| ** |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on
the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.
|
| *** |
These calculations exclude PICA’s equity in VCA-10. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’
Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER ACCUMULATION UNIT* (Unaudited) |
|
|
(For an Accumulation Unit outstanding throughout the year)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, 2019 |
|
|
Year Ended December 31, 2018 |
|
| |
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
| Investment Income |
|
$ |
0.4116 |
|
|
$ |
0.4617 |
|
|
$ |
0.4633 |
|
|
$ |
0.3666 |
|
|
$ |
0.4087 |
|
|
$ |
0.4102 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment management fee |
|
|
(0.0516 |
) |
|
|
(0.0579 |
) |
|
|
(0.0581 |
) |
|
|
(0.0500 |
) |
|
|
(0.0558 |
) |
|
|
(0.0560 |
) |
| Administrative expenses |
|
|
(0.1544 |
) |
|
|
(0.0579 |
) |
|
|
(0.0465 |
) |
|
|
(0.1497 |
) |
|
|
(0.0558 |
) |
|
|
(0.0448 |
) |
| Net Investment Income |
|
|
0.2056 |
|
|
|
0.3459 |
|
|
|
0.3587 |
|
|
|
0.1669 |
|
|
|
0.2971 |
|
|
|
0.3094 |
|
| Net realized and unrealized gain (loss) on investment and foreign
currency transactions |
|
|
4.6253 |
|
|
|
5.1859 |
|
|
|
5.2076 |
|
|
|
(1.7016 |
) |
|
|
(1.9064 |
) |
|
|
(1.9142 |
) |
| Net Increase (Decrease) in Accumulation Unit Value |
|
|
4.8309 |
|
|
|
5.5318 |
|
|
|
5.5663 |
|
|
|
(1.5347 |
) |
|
|
(1.6093 |
) |
|
|
(1.6048 |
) |
| Accumulation Unit Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of year |
|
|
17.9471 |
|
|
|
20.0793 |
|
|
|
20.1588 |
|
|
|
19.4818 |
|
|
|
21.6886 |
|
|
|
21.7635 |
|
| End of year |
|
$ |
22.7780 |
|
|
$ |
25.6111 |
|
|
$ |
25.7251 |
|
|
$ |
17.9471 |
|
|
$ |
20.0793 |
|
|
$ |
20.1588 |
|
| Total Return** |
|
|
26.89 |
% |
|
|
27.52 |
% |
|
|
27.58 |
% |
|
|
(7.88 |
)% |
|
|
(7.42 |
)% |
|
|
(7.37 |
)% |
| Ratio of Expenses To Average Net Assets*** |
|
|
1.00 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
| Ratio of Net Investment Income To Average Net
Assets*** |
|
|
1.00 |
% |
|
|
1.50 |
% |
|
|
1.55 |
% |
|
|
0.84 |
% |
|
|
1.34 |
% |
|
|
1.39 |
% |
| Portfolio Turnover Rate |
|
|
48 |
% |
|
|
48 |
% |
|
|
48 |
% |
|
|
36 |
% |
|
|
36 |
% |
|
|
36 |
% |
| Number of Accumulation Units Outstanding
For
Participants at end of year (000’s omitted) |
|
|
6,347 |
|
|
|
179 |
|
|
|
398 |
|
|
|
7,081 |
|
|
|
181 |
|
|
|
427 |
|
| * |
Calculated by accumulating the actual per unit amounts daily. |
| ** |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on
the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.
|
| *** |
These calculations exclude PICA’s equity in VCA-10. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’
Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS FOR VCA-10
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER ACCUMULATION UNIT (Unaudited) |
|
|
(For an Accumulation Unit outstanding throughout the year)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, 2017 |
|
|
Year Ended December 31, 2016 |
|
| |
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
|
Standard
Contract |
|
|
0.50%
Contract |
|
|
0.45%
Contract |
|
| Investment Income |
|
$ |
0.2909 |
|
|
$ |
0.3229 |
|
|
$ |
0.3239 |
|
|
$ |
0.2736 |
|
|
$ |
0.3019 |
|
|
$ |
0.3027 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment management fee |
|
|
(0.0440 |
) |
|
|
(0.0489 |
) |
|
|
(0.0491 |
) |
|
|
(0.0369 |
) |
|
|
(0.0407 |
) |
|
|
(0.0408 |
) |
| Administrative expenses |
|
|
(0.1318 |
) |
|
|
(0.0489 |
) |
|
|
(0.0392 |
) |
|
|
(0.1103 |
) |
|
|
(0.0407 |
) |
|
|
(0.0327 |
) |
| Net Investment Income |
|
|
0.1151 |
|
|
|
0.2251 |
|
|
|
0.2356 |
|
|
|
0.1264 |
|
|
|
0.2205 |
|
|
|
0.2292 |
|
| Net realized and unrealized gain (loss) on investment and foreign
currency transactions |
|
|
3.4389 |
|
|
|
3.8193 |
|
|
|
3.8316 |
|
|
|
0.8068 |
|
|
|
0.8955 |
|
|
|
0.8983 |
|
| Net Increase (Decrease) in Accumulation Unit Value |
|
|
3.5540 |
|
|
|
4.0444 |
|
|
|
4.0672 |
|
|
|
0.9332 |
|
|
|
1.1160 |
|
|
|
1.1275 |
|
| Accumulation Unit Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of year |
|
|
15.9278 |
|
|
|
17.6442 |
|
|
|
17.6963 |
|
|
|
14.9946 |
|
|
|
16.5282 |
|
|
|
16.5688 |
|
| End of year |
|
$ |
19.4818 |
|
|
$ |
21.6886 |
|
|
$ |
21.7635 |
|
|
$ |
15.9278 |
|
|
$ |
17.6442 |
|
|
$ |
17.6963 |
|
| Total Return** |
|
|
22.31 |
% |
|
|
22.92 |
% |
|
|
22.98 |
% |
|
|
6.22 |
% |
|
|
6.75 |
% |
|
|
6.80 |
% |
| Ratio of Expenses To Average Net Assets*** |
|
|
1.00 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
| Ratio of Net Investment Income To Average Net
Assets*** |
|
|
0.65 |
% |
|
|
1.15 |
% |
|
|
1.20 |
% |
|
|
0.85 |
% |
|
|
1.34 |
% |
|
|
1.39 |
% |
| Portfolio Turnover Rate |
|
|
49 |
% |
|
|
49 |
% |
|
|
49 |
% |
|
|
42 |
% |
|
|
42 |
% |
|
|
42 |
% |
| Number of Accumulation Units Outstanding
For
Participants at end of year (000’s omitted) |
|
|
7,755 |
|
|
|
190 |
|
|
|
474 |
|
|
|
8,606 |
|
|
|
212 |
|
|
|
522 |
|
| ** |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on
the first day and a sale on the last day of each period reported. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.
|
| *** |
These calculations exclude PICA’s equity in VCA-10. |
The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’
Accumulation Accounts by a number of Accumulation Units equal in value to the charge.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS OF
VCA-10 (Unaudited)
The Prudential Variable Contract Account-10 (“VCA-10” or the
“Account”) was established on March 1, 1982 by The Prudential Insurance Company of America (“PICA”) under the laws of the State of New Jersey and is registered as an open-end, diversified management investment company under
the Investment Company Act of 1940 (“1940 Act”), as amended. VCA-10 has been designed for use by employers (“Contractholders”) in making retirement arrangements on behalf of their employees (“Participants”). The
investment objective of the Account is long-term growth of capital.
PICA issues standard VCA-10 contracts with annual expenses of 1.00%, as a
percentage of net assets, (the “Standard Contracts”), contracts with annual expenses of 0.50%, as a percentage of net assets, (the “0.50% Contracts”), and contracts with annual expenses of 0.45%, as a percentage of net assets,
(the “0.45% Contracts”). The financial statements show separate Accumulation Unit Values for each type of contract.
| Note 2: |
|
Accounting Policies |
The Account follows investment company accounting and reporting guidance of
the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following accounting policies conform to U.S. generally accepted accounting
principles (“GAAP”). The Account consistently follows such policies in the preparation of its financial statements.
Securities
Valuation: The Account holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Account’s Committee Members (the “Committee”) have
adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Committee’s delegation, the
Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Account to utilize independent pricing vendor services,
quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the
Committee’s review, approval, and ratification at its next regularly scheduled quarterly meeting.
For the fiscal reporting period-end,
securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade
in markets that are open on weekends and U.S. holidays, the values of some of the Account’s foreign investments may change on days when investors cannot purchase or redeem Account shares.
Various inputs determine how the Account’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or
3) detailed in the table following the Account’s Statement of Net Assets and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 — Fair Value Measurements and Disclosures.
Common or preferred stocks, exchange-traded funds, and derivative instruments, if applicable, that are traded on a national securities exchange are
valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the
last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the
last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment
factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities
valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing
price to adjust it for post-closing market movements up to the time the Account is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price,
securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.
Investments in open-end
(other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net
asset values on the date of valuation.
Securities and other assets that cannot be priced according to the methods described above are valued based
on pricing methodologies approved by the Committee. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs
may result in a significant change to a Level 3 security’s fair value measurement.
When determining the fair value of securities, some of the
factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the
cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information
deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price
used by other mutual funds to calculate their net asset values.
Foreign Currency Translation: The books and records of
the Account are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:
(i) market
value of investment securities, other assets and liabilities — at the current rates of exchange;
(ii) purchases and sales of
investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net
assets of the Account are presented at the foreign exchange rates and market values at the close of the period, the Account does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange
rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Account does not isolate the effect of changes in foreign exchange rates from the fluctuations
arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment
transactions.
Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign
currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Account’s books and the
U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of
net unrealized appreciation (depreciation) on foreign currencies.
Securities Transactions and Net Investment
Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the
ex-date, or for certain foreign securities, when the Account becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses
are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income and realized and unrealized gain (losses) (other than administrative fees) are allocated to the
Participants and PICA on a daily basis in proportion to their respective ownership in VCA-10.
Estimates: The
preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Federal Income Taxes: The operations of VCA-10 are part of, and are taxed with, the operations of PICA. Under the current
provisions of the Internal Revenue Code, PICA does not expect to incur federal income taxes on earnings of VCA-10 to the extent the earnings are credited under the Contracts. As a result, the Unit Value of VCA-10 has not been reduced by federal
income taxes.
| Note 3: |
|
Investment Management Agreement and Charges |
The Account has a management agreement with PGIM
Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments has entered into a subadvisory agreement with
Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with management of the Account. PGIM Investments pays for the services of Jennison.
VCA-10 is subject to fees for investment management and administration services. PICA may impose a reduced administrative fee where warranted by
economies of scale and the expense characteristics of the employer, association or trust to which PICA has issued a contract.
Standard Contracts
have an effective annual rate of up to 1.00% of the current value of the Participant’s account of which 0.75% is paid to PICA for administrative expenses not provided by the annual account charge (explained below), and 0.25% is paid to PGIM
Investments, for investment management services. The 0.50% contracts have an effective annual rate of up to 0.50% of the current value of the Participant’s account of which 0.25% is paid to PICA for administrative expenses not provided by the
annual account charge, and 0.25% is paid to PGIM Investments, for investment management services. The 0.45% contracts have an effective annual rate of up to 0.45% of the current value of the Participant’s account of which 0.20% is paid to PICA
for administrative expenses not provided by the annual account charge, and 0.25% is paid to PGIM Investments, for investment management services.
An
annual account charge of not more than $30 is deducted from the account of each Participant, if applicable, at the time of withdrawal of the value of all of the Participant’s account or on the last business day of each calendar year. Such
amounts are reflected as withdrawals on the Statements of Changes in Net Assets.
PICA, PGIM Investments and Jennison are indirect, wholly-owned
subsidiaries of Prudential Financial, Inc.
| Note 4: |
|
Other Transactions with Affiliates |
During the six months ended June 30, 2021, the Account
invested in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a portfolio of Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PGIM Investments. Through the Account’s investment in the mentioned
underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated Dividend Income”.
The Account may enter into certain securities purchase or sale transactions under Committee approved Rule 17a-7 procedures. Rule 17a-7 is an
exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common
(or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Committee. For the six months ended June 30, 2021, no 17a-7 transactions were entered into by the Account.
| Note 5: |
|
Portfolio Securities |
For the six months ended June 30, 2021, the aggregate cost of purchases
and the proceeds from sales of securities, excluding short-term investments, were $42,569,613 and $45,947,192, respectively.
A summary of the cost
of purchases and proceeds from sales of shares of an affiliated mutual fund for the six months ended June 30, 2021, is presented as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning
of Period |
|
Cost of
Purchases |
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain(Loss) |
|
|
Realized
Gain(Loss) |
|
|
Value, End
of Period |
|
|
Shares,
End of Period |
|
|
Income |
|
|
| Short-Term Investments — Affiliated Mutual Fund: |
|
| PGIM Core Ultra Short Bond
Fund(1)(a) |
|
| $3,335,484 |
|
$12,358,561 |
|
$ |
(14,541,279 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,152,766 |
|
|
|
1,152,766 |
|
|
$ |
1,928 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) |
The Account did not have any capital gain distributions during the reporting period. |
| |
(a) |
PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund.
|
| Note 6: |
|
Unit Transactions |
The number of Accumulation Units issued and redeemed for the six months ended
June 30, 2021 and the year ended December 31, 2020, respectively, are as follows:
|
|
|
|
|
|
|
|
|
| Standard Contracts |
|
Units |
|
|
Amount |
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
43,409 |
|
|
$ |
1,258,926 |
|
| Account units redeemed |
|
|
(227,585 |
) |
|
|
(6,525,136 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(184,176 |
) |
|
$ |
(5,266,210 |
) |
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
66,701 |
|
|
$ |
1,447,977 |
|
| Account units redeemed |
|
|
(642,148 |
) |
|
|
(14,359,678 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(575,447 |
) |
|
$ |
(12,911,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.50% Contracts |
|
Units |
|
|
Amount |
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
— |
|
|
$ |
— |
|
| Account units redeemed |
|
|
(6,748 |
) |
|
|
(221,326 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(6,748 |
) |
|
$ |
(221,326 |
) |
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
— |
|
|
$ |
— |
|
| Account units redeemed |
|
|
(13,690 |
) |
|
|
(360,835 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(13,690 |
) |
|
$ |
(360,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.45% Contracts |
|
Units |
|
|
Amount |
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
— |
|
|
$ |
— |
|
| Account units redeemed |
|
|
(17,500 |
) |
|
|
(568,605 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(17,500 |
) |
|
$ |
(568,605 |
) |
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Account units issued |
|
|
— |
|
|
$ |
— |
|
| Account units redeemed |
|
|
(29,153 |
) |
|
|
(707,870 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in units outstanding |
|
|
(29,153 |
) |
|
$ |
(707,870 |
) |
|
|
|
|
|
|
|
|
|
| Note 7: |
|
Net Increase (Decrease) In Net Assets Resulting From Surplus Transfers |
The increase (decrease) in
net assets resulting from surplus transfers represents the net increase to/(reductions from) PICA’s investment in the Account.
| Note 8: |
|
Participant Loans |
Loans are considered to be withdrawals from the Account from which the loan
amount was deducted, though they are not considered a withdrawal from the MEDLEY Program. Withdrawals, transfers and loans from VCA-10 are considered to be withdrawals of contributions until all of the Participant’s contributions to the Account
have been withdrawn, transferred or borrowed.
For the six months ended June 30, 2021, $23,973 in participant loans were withdrawn from VCA-10
and $29,338 of principal and interest was repaid to VCA-10. For the year ended December 31, 2020, $57,662 in participant loans were withdrawn from VCA-10 and $65,334 of principal and interest was repaid to VCA-10. Loan repayments are invested
in Participant’s account(s) as chosen by the Participant, which may not necessarily be VCA-10. The initial loan proceeds which are being repaid may not necessarily have originated solely from VCA-10. During the six months ended June 30,
2021, PICA has advised the Account that it received $232 in loan origination fees. The participant loan principal and interest repayments are included in purchase payments and transfers within the Statement of Changes in Net Assets.
| Note 9: |
|
Risks of Investing in the Account |
The Account’s risks include, but are not limited to, some
or all of the risks discussed below. For further information on the Account’s risk, please refer to the Account’s Prospectus and Statement of Additional Information.
Equity Securities Risks: The value of a particular stock or other equity-related security owned by Account could fluctuate,
perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition or the value of the equity markets or a sector of the markets. Such events may result in losses to Account.
Foreign Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign
countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health emergencies (such as the spread of infectious diseases, epidemics or
pandemics), natural disasters and other similar events, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies
and sectors, and the markets in general in significant and unforeseen ways. Recent examples of such health emergencies include the outbreak of the coronavirus globally and the 2014 -2016 outbreak in West Africa of the Ebola virus, which could
adversely affect the U.S. and foreign financial markets and may cause further long-term economic uncertainties in the United States and worldwide generally.
Foreign Securities Risk: The Account’s investments in securities of foreign issuers or issuers with significant
exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than US markets. The value of the Account’s investments may decline because of
factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.
Market Risks: Equity investments are subject to market risk, the risk that the markets in which Account invests may
experience volatility and go down in value, possibly sharply and unpredictably. The Account’s holdings can vary significantly from broad market indexes, and the performance of the Account can deviate from the performance of such indexes.
Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.
| Note 10: |
|
Recent Regulatory Developments |
On December 3, 2020, the SEC announced that it voted to adopt
a new rule that establishes an updated regulatory framework for valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for the Account
Committee’s assignment of its responsibility for the execution of valuation-related activities to the Account’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on
March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Account.
ACCOUNT LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Consistent with
Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Account has adopted and implemented a liquidity risk management program (the “LRMP”). The Account’s LRMP seeks to assess
and manage the Account’s liquidity risk, which is defined as the risk that the Account is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Account. The Account’s
Committee Members (the “Committee”) has approved PGIM Investments LLC (“PGIM Investments”), the Account’s investment manager, to serve as the administrator of the Account’s LRMP. As part of its responsibilities as
administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.
The Account’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Account’s LRMP
includes no less than annual assessments of factors that influence the Account’s liquidity risk; no less than monthly classifications of the Account’s investments into one of four liquidity classifications provided for in the Liquidity
Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Account’s assets to be invested in investments classified as “highly
liquid” (as defined under the Liquidity Rule) if the Account does not invest primarily in highly liquid investments; and regular reporting to the Account’s Committee.
At a meeting of the Committee on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Committee addressing the operation,
adequacy, and effectiveness of the Account’s LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the
Account’s LRMP was reasonably designed to assess and manage the Account’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period.
The LRMP Report further concluded that the Account’s investment strategies continue to be appropriate given the Account’s status as an open-end fund.
There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Account, including
liquidity risks presented by the Account’s investment portfolio, is found in the Account’s Prospectus and Statement of Additional Information.
The Prudential Series Fund
The following pages represent information on the Prudential Series Fund Portfolios. Returns are at the Portfolio level, not at the Subaccount level.
Each Subaccount of VCA-11 and VCA-24 will invest in the
corresponding Portfolio of the Prudential Series Fund (the “Fund”). Of the Portfolios comprising the Fund, eight Portfolios are presently available to The MEDLEY Program. The PSF PGIM 50/50 Balanced Subaccount invests in the PSF PGIM 50/50
Balanced Portfolio, the PSF PGIM Total Return Bond Subaccount invests in the PSF PGIM Total Return Bond Portfolio, the PSF PGIM Jennison Blend Subaccount invests in the PSF PGIM Jennison Blend Portfolio, the PSF PGIM Flexible Managed Subaccount
invests in the PSF PGIM Flexible Managed Portfolio, the PSF Global Subaccount invests in the PSF Global Portfolio, the PSF PGIM Government Income Subaccount invests in the PSF PGIM Government Income Portfolio, the PSF PGIM Government Money Market
Subaccount invests in the PSF PGIM Government Money Market Portfolio, and the PSF Stock Index Subaccount invests in the PSF Stock Index Portfolio.
There is no assurance that the investment objective of the Portfolios will be attained, nor is there any guarantee that the amount available to a
Participant will equal or exceed the total contributions made on that Participant’s behalf. The value of the investments held in each account may fluctuate daily and is subject to the risks of both changing economic conditions and the selection
of investments necessary to meet the Subaccounts’ or Portfolios’ objectives.
Important Note
This information supplements the financial statements and other information included in this Report to Participants in The MEDLEY Program. It highlights
the investment performance of the eight portfolios of the Fund which are available through the Prudential Variable Contract Accounts 11 and 24. The rates of return quoted on the following pages reflect deduction of investment management fees and
portfolio expenses, but not product charges. They reflect the reinvestment of dividend and capital gains distributions. They are not an estimate or a guarantee of future performance.
Contract unit values increase or decrease based on the performance of each corresponding Portfolio and when redeemed, may be worth more or less than
original cost. Changes in contract values depend not only on the investment performance of each Portfolio but also on the insurance, administrative charges and applicable sales charges, if any, under a contract. These contract charges effectively
reduce the dollar amount of any net gains and increase the dollar amount of any net losses.
|
|
|
| The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
| PSF Global Portfolio |
|
|
|
|
|
|
|
|
| Ten Largest Holdings |
|
Line of Business |
|
Country |
|
|
% of Net Assets |
|
| Microsoft Corp. |
|
Software |
|
United States |
|
|
2.2% |
|
| Alphabet, Inc. (Class C Stock) |
|
Interactive Media & Services |
|
United States |
|
|
1.8% |
|
| PayPal Holdings, Inc. |
|
IT Services |
|
United States |
|
|
1.4% |
|
| NXP Semiconductors NV |
|
Semiconductors & Semiconductor Equipment |
|
China |
|
|
1.4% |
|
| Thermo Fisher Scientific, Inc. |
|
Life Sciences Tools & Services |
|
United States |
|
|
1.4% |
|
| Intuitive Surgical, Inc. |
|
Health Care Equipment & Supplies |
|
United States |
|
|
1.3% |
|
| Mastercard, Inc. (Class A Stock) |
|
IT Services |
|
United States |
|
|
1.3% |
|
| Intuit, Inc. |
|
Software |
|
United States |
|
|
1.3% |
|
| Wells Fargo & Co. |
|
Banks |
|
United States |
|
|
1.2% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
United States |
|
|
1.2% |
|
|
|
|
|
|
|
|
| PSF PGIM 50/50 Balanced Portfolio |
|
|
|
|
|
|
| Ten Largest Holdings |
|
Line of Business |
|
|
% of Net Assets |
|
| Apple, Inc. |
|
Technology Hardware, Storage & Peripherals |
|
|
3.2% |
|
| Microsoft Corp. |
|
Software |
|
|
3.0% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
|
2.2% |
|
| Facebook, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
1.2% |
|
| Alphabet, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
1.1% |
|
| Alphabet, Inc. (Class C Stock) |
|
Interactive Media & Services |
|
|
1.0% |
|
| Berkshire Hathaway, Inc. (Class B Stock) |
|
Diversified Financial Services |
|
|
0.8% |
|
| Tesla, Inc. |
|
Automobiles |
|
|
0.8% |
|
| NVIDIA Corp. |
|
Semiconductors & Semiconductor Equipment |
|
|
0.7% |
|
| JPMorgan Chase & Co. |
|
Banks |
|
|
0.7% |
|
| |
|
|
|
|
|
|
| PSF PGIM Flexible Managed Portfolio |
|
|
|
|
|
|
| Ten Largest Holdings |
|
Line of Business |
|
|
% of Net Assets |
|
| Microsoft Corp. |
|
Software |
|
|
4.2% |
|
| Apple, Inc. |
|
Technology Hardware, Storage & Peripherals |
|
|
3.3% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
|
2.8% |
|
| Facebook, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
1.8% |
|
| Alphabet, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
1.5% |
|
| Alphabet, Inc. (Class C Stock) |
|
Interactive Media & Services |
|
|
1.4% |
|
| Johnson & Johnson |
|
Pharmaceuticals |
|
|
1.1% |
|
| UnitedHealth Group, Inc. |
|
Health Care Providers & Services |
|
|
1.1% |
|
| Adobe, Inc. |
|
Software |
|
|
0.9% |
|
| JPMorgan Chase & Co. |
|
Banks |
|
|
0.9% |
|
For a complete list of holdings, please refer to the Schedule of Investments
section of this report. Holdings reflect only long-term investments.
|
|
|
| The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited (continued) |
|
June 30, 2021 |
|
|
|
|
|
|
| PSF PGIM Government Income Portfolio |
|
| Credit Quality |
|
|
% of Total Investments |
|
| AAA |
|
|
99.3% |
|
| AA |
|
|
0.6% |
|
| NR |
|
|
-0.2% |
|
| Cash/Cash Equivalents |
|
|
0.3% |
|
| Total Investments |
|
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Government Money Market Portfolio |
|
| Ten Largest Holdings |
|
Interest Rate |
|
Maturity Date |
|
|
% of Net Assets |
|
| Federal Home Loan Bank |
|
0.284% |
|
10/28/2021 |
|
|
4.3% |
|
| U.S. Treasury Bills |
|
0.061% |
|
07/22/2021 |
|
|
4.0% |
|
| U.S. Cash Management Bills |
|
0.046% |
|
07/20/2021 |
|
|
3.9% |
|
| U.S. Cash Management Bills |
|
0.043% |
|
07/27/2021 |
|
|
3.2% |
|
| U.S. Treasury Bills |
|
0.030% |
|
11/26/2021 |
|
|
3.1% |
|
| U.S. Treasury Bills |
|
0.035% |
|
11/12/2021 |
|
|
3.0% |
|
| Federal Home Loan Bank |
|
0.024% |
|
09/13/2021 |
|
|
2.5% |
|
| Federal Home Loan Bank |
|
0.071% |
|
08/04/2021 |
|
|
2.4% |
|
| Federal National Mortgage Assoc. |
|
0.150% |
|
12/03/2021 |
|
|
2.2% |
|
| Federal Farm Credit Bank |
|
0.080% |
|
05/13/2022 |
|
|
2.2% |
|
Holdings reflect only short-term investments.
|
|
|
|
|
|
|
|
| PSF PGIM Jennison Blend Portfolio |
|
| Ten Largest Holdings |
|
Line of Business |
|
|
% of Net Assets |
|
| Apple, Inc. |
|
Technology Hardware, Storage & Peripherals |
|
|
3.7% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
|
3.6% |
|
| Microsoft Corp. |
|
Software |
|
|
3.4% |
|
| Tesla, Inc. |
|
Automobiles |
|
|
3.0% |
|
| Alphabet, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
2.9% |
|
| Shopify, Inc. (Canada) (Class A Stock) |
|
IT Services |
|
|
2.7% |
|
| ConocoPhillips |
|
Oil, Gas & Consumable Fuels |
|
|
2.6% |
|
| Facebook, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
2.3% |
|
| NVIDIA Corp. |
|
Semiconductors & Semiconductor Equipment |
|
|
2.3% |
|
| Adobe, Inc. |
|
Software |
|
|
1.8% |
|
Credit ratings reflect the middle rating
assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by
both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated (NR) category consists of securities that have not
been rated by a NRSRO. Ratings category may include derivative instruments that could have a negative value. Credit ratings are subject to change.
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
|
|
|
| The Prudential Series Fund
Presentation of Portfolio Holdings — unaudited (continued) |
|
June 30, 2021 |
|
|
|
|
|
|
| PSF PGIM Total Return Bond Portfolio |
|
| Credit Quality |
|
|
% of Total Investments |
|
| AAA |
|
|
39.8% |
|
| AA |
|
|
8.8% |
|
| A |
|
|
12.3% |
|
| BBB |
|
|
21.3% |
|
| BB |
|
|
8.1% |
|
| B |
|
|
3.5% |
|
| CCC |
|
|
1.3% |
|
| NR |
|
|
4.0% |
|
| Cash/Cash Equivalents |
|
|
0.9% |
|
| Total Investments |
|
|
100.0% |
|
|
|
|
|
|
|
|
|
| PSF Stock Index Portfolio |
|
| Ten Largest Holdings |
|
Line of Business |
|
|
% of Net Assets |
|
| Apple, Inc. |
|
Technology Hardware, Storage & Peripherals |
|
|
5.8% |
|
| Microsoft Corp. |
|
Software |
|
|
5.5% |
|
| Amazon.com, Inc. |
|
Internet & Direct Marketing Retail |
|
|
3.9% |
|
| Facebook, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
2.2% |
|
| Alphabet, Inc. (Class A Stock) |
|
Interactive Media & Services |
|
|
2.0% |
|
| Alphabet, Inc. (Class C Stock) |
|
Interactive Media & Services |
|
|
1.9% |
|
| Berkshire Hathaway, Inc. (Class B Stock) |
|
Diversified Financial Services |
|
|
1.4% |
|
| Tesla, Inc. |
|
Automobiles |
|
|
1.4% |
|
| NVIDIA Corp. |
|
Semiconductors & Semiconductor Equipment |
|
|
1.3% |
|
| JPMorgan Chase & Co. |
|
Banks |
|
|
1.3% |
|
Credit ratings reflect the middle rating
assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by
both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated (NR) category consists of securities that have not
been rated by a NRSRO. Ratings category may include derivative instruments that could have a negative value. Credit ratings are subject to change.
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
|
|
|
| The Prudential MEDLEY Program
Fees and Expenses — unaudited |
|
June 30, 2021 |
As a contract owner investing in Portfolios of the Fund through a variable annuity or variable life contract, you incur ongoing costs, including
management fees, and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other investment options. This
example does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shown below would be higher. Please consult the prospectus for your contract for more information about
contract fees and charges.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period
through June 30, 2021.
Actual Expenses
The
first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the
Six-Month Period” to estimate the Portfolio expenses you paid on your account during this period. As noted above, the table does not reflect variable contract fees and charges.
Hypothetical Example for Comparison Purposes
The
second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the
Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in
the Portfolio and other investment options. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other investment options.
Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any contract fees and
charges, such as sales charges (loads), insurance charges or administrative charges. Therefore the second line of the table is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owning
different contracts. In addition, if these contract fees and charges were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
| The Prudential Series Fund Portfolios |
|
Beginning
Account Value
|
|
Ending
Account Value
June 30, 2021 |
|
Annualized Expense
Ratio based on
the Six-Month Period |
|
Expenses Paid
During
the
Six-Month Period* |
|
|
|
|
|
|
| PSF Global (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,132.10 |
|
0.75% |
|
$3.96 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.08 |
|
0.75% |
|
$3.76 |
|
|
|
|
|
|
| PSF Global (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,023.50 |
|
1.00% |
|
$1.83 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,019.84 |
|
1.00% |
|
$5.01 |
|
|
|
|
|
|
| PSF PGIM 50/50 Balanced (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,071.20 |
|
0.58% |
|
$2.98 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.92 |
|
0.58% |
|
$2.91 |
|
|
|
|
|
|
| PSF PGIM 50/50 Balanced (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,019.30 |
|
0.83% |
|
$1.52 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,020.68 |
|
0.83% |
|
$4.16 |
|
|
|
|
|
|
| PSF PGIM Flexible Managed (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,102.60 |
|
0.62% |
|
$3.23 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.72 |
|
0.62% |
|
$3.11 |
|
|
|
|
|
|
| PSF PGIM Flexible Managed (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,017.70 |
|
0.87% |
|
$1.59 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,020.48 |
|
0.87% |
|
$4.36 |
|
|
|
|
|
|
| PSF PGIM Government Income (Class I) |
|
Actual |
|
$1,000.00 |
|
$ 975.90 |
|
0.50% |
|
$2.45 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,022.32 |
|
0.50% |
|
$2.51 |
|
|
|
|
|
|
| PSF PGIM Government Income (Class III) |
|
Actual** |
|
$1,000.00 |
|
$ 999.30 |
|
0.73% |
|
$1.32 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.17 |
|
0.73% |
|
$3.66 |
|
|
|
|
|
|
| PSF PGIM Government Money Market (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,000.00 |
|
0.07% |
|
$0.35 |
| |
Hypothetical |
|
$1,000.00 |
|
$1,024.45 |
|
0.07% |
|
$0.35 |
|
|
|
|
|
|
| PSF PGIM Government Money Market (Class III) |
|
Actual |
|
$1,000.00 |
|
$1,000.00 |
|
0.07% |
|
$0.35 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,024.45 |
|
0.07% |
|
$0.35 |
|
|
|
|
|
|
| PSF PGIM Jennison Blend (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,120.60 |
|
0.46% |
|
$2.42 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,022.51 |
|
0.46% |
|
$2.31 |
|
|
|
| The Prudential MEDLEY Program
Fees and Expenses — unaudited (continued) |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
| The Prudential Series Fund Portfolios |
|
Beginning
Account Value
|
|
Ending
Account Value
June 30, 2021 |
|
Annualized Expense
Ratio based on the
Six-Month Period |
|
Expenses Paid
During
the
Six-Month Period* |
|
|
|
|
|
|
| PSF PGIM Jennison Blend (Class II) |
|
Actual |
|
$1,000.00 |
|
$1,118.50 |
|
0.86% |
|
$4.52 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,020.53 |
|
0.86% |
|
$4.31 |
|
|
|
|
|
|
| PSF PGIM Jennison Blend (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,040.50 |
|
0.71% |
|
$1.31 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.27 |
|
0.71% |
|
$3.56 |
|
|
|
|
|
|
| PSF PGIM Total Return Bond (Class I) |
|
Actual |
|
$1,000.00 |
|
$ 989.20 |
|
0.43% |
|
$2.12 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,022.66 |
|
0.43% |
|
$2.16 |
|
|
|
|
|
|
| PSF PGIM Total Return Bond (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,016.30 |
|
0.68% |
|
$1.24 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,021.42 |
|
0.68% |
|
$3.41 |
|
|
|
|
|
|
| PSF Stock Index (Class I) |
|
Actual |
|
$1,000.00 |
|
$1,150.60 |
|
0.29% |
|
$1.55 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,023.36 |
|
0.29% |
|
$1.45 |
|
|
|
|
|
|
| PSF Stock Index (Class III) |
|
Actual** |
|
$1,000.00 |
|
$1,029.80 |
|
0.54% |
|
$0.99 |
| |
|
Hypothetical |
|
$1,000.00 |
|
$1,022.12 |
|
0.54% |
|
$2.71 |
* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense
ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended June 30, 2021, and divided by the 365
days in the Portfolio’s fiscal year ending December 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the
Portfolio may invest.
** “Actual” expenses are calculated using the 66-day period ended
June 30, 2021 due to the Class inception date on April 26, 2021.
The following abbreviations are used in the Portfolios’ descriptions:
144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule
144A, may not be resold except to qualified institutional buyers.
A — Annual payment frequency for swaps
ABS — Asset-Backed Security
Aces —
Alternative Credit Enhancements Securities
ADR — American Depositary Receipt
BABs — Build America Bonds
BBR — New
Zealand Bank Bill Rate
BBSW — Australian Bank Bill Swap Reference Rate
BROIS — Brazil Overnight Index Swap
BUBOR
— Budapest Interbank Offered Rate
CDX — Credit Derivative Index
CLO — Collateralized Loan Obligation
CLOIS
— Sinacofi Chile Interbank Rate Average
COOIS — Colombia Overnight Interbank Reference Rate
CPI — Consumer Price Index
CVA —
Certificate Van Aandelen (Bearer)
CVT — Convertible Security
EAFE — Europe, Australasia, Far East
EMTN
— Euro Medium Term Note
ETF — Exchange-Traded Fund
EURIBOR — Euro Interbank Offered Rate
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GDR — Global Depositary Receipt
GMTN —
Global Medium Term Note
GNMA — Government National Mortgage Association
IO — Interest Only (Principal amount represents notional)
JIBAR — Johannesburg Interbank Agreed Rate
LIBOR — London Interbank Offered Rate
LP
— Limited Partnership
M — Monthly payment frequency for swaps
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
NSA —
Non-Seasonally Adjusted
OTC — Over-the-counter
PIK — Payment-in-Kind
PJSC — Public
Joint-Stock Company
PRFC — Preference Shares
Q — Quarterly payment frequency for swaps
REITs — Real Estate Investment Trust
REMICS — Real Estate Mortgage Investment Conduit Security
RSP — Savings Shares
S — Semiannual
payment frequency for swaps
S&P — Standard & Poor’s
SOFR — Secured Overnight Financing Rate
SONIA
— Sterling Overnight Index Average
SPDR — Standard & Poor’s Depositary Receipts
Strips — Separate Trading of Registered Interest and Principal of Securities
T — Swap payment upon termination
TBA —
To Be Announced
USAID — United States Agency for International Development
USOIS — United States Overnight Index Swap
WIBOR — Warsaw Interbank Offered Rate
SEE NOTES TO FINANCIAL
STATEMENTS
A1
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| LONG-TERM INVESTMENTS — 98.2% |
|
|
|
|
|
|
| COMMON STOCKS — 97.8% |
|
| Argentina — 0.2% |
|
|
|
|
|
|
|
|
| MercadoLibre, Inc.* |
|
|
1,690 |
|
|
$ |
2,632,665 |
|
|
|
|
|
|
|
|
|
|
| Australia — 1.4% |
|
|
|
|
|
|
|
|
| AGL Energy Ltd. |
|
|
66,200 |
|
|
|
407,236 |
|
| Aristocrat Leisure Ltd. |
|
|
132,872 |
|
|
|
4,297,851 |
|
| Australia & New Zealand Banking Group Ltd. |
|
|
37,400 |
|
|
|
791,367 |
|
| Beach Energy Ltd. |
|
|
395,200 |
|
|
|
368,974 |
|
| BHP Group Ltd. |
|
|
29,300 |
|
|
|
1,073,077 |
|
| CSL Ltd. |
|
|
8,481 |
|
|
|
1,817,836 |
|
| Fortescue Metals Group Ltd. |
|
|
201,900 |
|
|
|
3,549,692 |
|
| Harvey Norman Holdings Ltd. |
|
|
196,000 |
|
|
|
806,961 |
|
| Inghams Group Ltd. |
|
|
268,900 |
|
|
|
804,993 |
|
| Metcash Ltd. |
|
|
412,500 |
|
|
|
1,237,832 |
|
| Perenti Global Ltd. |
|
|
432,300 |
|
|
|
217,479 |
|
| Qantas Airways Ltd.* |
|
|
225,300 |
|
|
|
789,211 |
|
| Rio Tinto Ltd. |
|
|
20,600 |
|
|
|
1,966,214 |
|
| Service Stream Ltd. |
|
|
343,700 |
|
|
|
224,504 |
|
| St. Barbara Ltd. |
|
|
343,600 |
|
|
|
440,571 |
|
| Stockland, REIT |
|
|
279,500 |
|
|
|
975,368 |
|
| Super Retail Group Ltd. |
|
|
105,600 |
|
|
|
1,027,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,796,845 |
|
|
|
|
|
|
|
|
|
|
| Austria — 0.3% |
|
|
|
|
|
|
|
|
| BAWAG Group AG, 144A* |
|
|
20,500 |
|
|
|
1,097,835 |
|
| OMV AG |
|
|
33,700 |
|
|
|
1,930,849 |
|
| Wienerberger AG |
|
|
26,400 |
|
|
|
1,019,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,047,827 |
|
|
|
|
|
|
|
|
|
|
| Belgium — 0.2% |
|
|
|
|
|
|
|
|
| Bekaert SA |
|
|
22,500 |
|
|
|
1,001,738 |
|
| Telenet Group Holding NV |
|
|
23,500 |
|
|
|
886,814 |
|
| UCB SA |
|
|
15,000 |
|
|
|
1,564,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,453,115 |
|
|
|
|
|
|
|
|
|
|
| Brazil — 0.1% |
|
|
|
|
|
|
|
|
| Yara International ASA |
|
|
18,800 |
|
|
|
990,013 |
|
|
|
|
|
|
|
|
|
|
| Canada — 2.1% |
|
|
|
|
|
|
|
|
| Canadian National Railway Co. |
|
|
41,691 |
|
|
|
4,398,811 |
|
| Magna International, Inc. |
|
|
63,909 |
|
|
|
5,920,530 |
|
| Shopify, Inc. (Class A Stock)* |
|
|
11,777 |
|
|
|
17,205,961 |
|
| TC Energy Corp.(a) |
|
|
82,124 |
|
|
|
4,066,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,592,082 |
|
|
|
|
|
|
|
|
|
|
| China — 2.7% |
|
|
|
|
|
|
|
|
| Alibaba Group Holding Ltd.* |
|
|
180,244 |
|
|
|
5,094,802 |
|
| China Resources Cement Holdings Ltd. |
|
|
1,042,000 |
|
|
|
990,712 |
|
| Kingboard Holdings Ltd. |
|
|
216,000 |
|
|
|
1,198,818 |
|
| Lee & Man Paper Manufacturing Ltd. |
|
|
1,049,000 |
|
|
|
798,725 |
|
| NetEase, Inc. |
|
|
181,825 |
|
|
|
4,133,719 |
|
| NXP Semiconductors NV |
|
|
99,932 |
|
|
|
20,558,011 |
|
| TAL Education Group, ADR* |
|
|
53,579 |
|
|
|
1,351,798 |
|
| Tencent Holdings Ltd. |
|
|
69,800 |
|
|
|
5,264,131 |
|
| Wilmar International Ltd. |
|
|
203,400 |
|
|
|
684,270 |
|
| Wuxi Biologics Cayman, Inc., 144A* |
|
|
33,000 |
|
|
|
604,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,679,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Denmark — 1.2% |
|
|
|
|
|
|
|
|
| Chr Hansen Holding A/S |
|
|
19,415 |
|
|
$ |
1,753,154 |
|
| Coloplast A/S (Class B Stock) |
|
|
19,562 |
|
|
|
3,213,278 |
|
| D/S Norden A/S |
|
|
32,500 |
|
|
|
1,035,004 |
|
| Danske Bank A/S |
|
|
61,200 |
|
|
|
1,078,820 |
|
| DFDS A/S* |
|
|
11,300 |
|
|
|
638,007 |
|
| DSV Panalpina A/S |
|
|
14,010 |
|
|
|
3,271,093 |
|
| Jyske Bank A/S* |
|
|
19,600 |
|
|
|
950,180 |
|
| Novo Nordisk A/S (Class B Stock) |
|
|
46,966 |
|
|
|
3,935,783 |
|
| Orsted A/S, 144A |
|
|
16,586 |
|
|
|
2,346,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,221,404 |
|
|
|
|
|
|
|
|
|
|
| Finland — 0.4% |
|
|
|
|
|
|
|
|
| Neste OYJ |
|
|
51,792 |
|
|
|
3,175,546 |
|
| Nordea Bank Abp |
|
|
83,600 |
|
|
|
931,879 |
|
| Valmet OYJ |
|
|
41,500 |
|
|
|
1,814,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,922,359 |
|
|
|
|
|
|
|
|
|
|
| France — 4.6% |
|
|
|
|
|
|
|
|
| Airbus SE* |
|
|
51,639 |
|
|
|
6,658,982 |
|
| Arkema SA |
|
|
11,900 |
|
|
|
1,496,144 |
|
| AXA SA |
|
|
54,100 |
|
|
|
1,373,926 |
|
| BNP Paribas SA |
|
|
28,200 |
|
|
|
1,767,285 |
|
| Bouygues SA |
|
|
27,600 |
|
|
|
1,021,308 |
|
| Capgemini SE |
|
|
5,300 |
|
|
|
1,019,588 |
|
| Carrefour SA |
|
|
89,600 |
|
|
|
1,767,318 |
|
| Cie de Saint-Gobain |
|
|
15,800 |
|
|
|
1,043,721 |
|
| Cie Generale des Etablissements Michelin SCA |
|
|
9,600 |
|
|
|
1,531,778 |
|
| CNP Assurances |
|
|
55,200 |
|
|
|
941,637 |
|
| Credit Agricole SA |
|
|
78,500 |
|
|
|
1,101,370 |
|
| Faurecia SE |
|
|
1,269 |
|
|
|
62,391 |
|
| L’Oreal SA |
|
|
8,157 |
|
|
|
3,642,848 |
|
| LVMH Moet Hennessy Louis Vuitton SE |
|
|
10,734 |
|
|
|
8,429,891 |
|
| Natixis SA |
|
|
146,400 |
|
|
|
695,291 |
|
| Nexity SA |
|
|
13,100 |
|
|
|
656,291 |
|
| Orange SA(a) |
|
|
140,000 |
|
|
|
1,598,651 |
|
| Rubis SCA(a) |
|
|
15,500 |
|
|
|
690,007 |
|
| Safran SA |
|
|
37,807 |
|
|
|
5,242,758 |
|
| Sanofi |
|
|
45,700 |
|
|
|
4,796,287 |
|
| Sartorius Stedim Biotech |
|
|
6,177 |
|
|
|
2,927,656 |
|
| Societe BIC SA |
|
|
15,900 |
|
|
|
1,105,702 |
|
| Societe Generale SA |
|
|
28,600 |
|
|
|
846,024 |
|
| Sopra Steria Group SACA |
|
|
7,100 |
|
|
|
1,367,647 |
|
| Teleperformance |
|
|
6,024 |
|
|
|
2,449,960 |
|
| TotalEnergies SE |
|
|
58,800 |
|
|
|
2,663,332 |
|
| TotalEnergies SE, ADR(a) |
|
|
250,130 |
|
|
|
11,320,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,218,677 |
|
|
|
|
|
|
|
|
|
|
| Germany — 2.2% |
|
|
|
|
|
|
|
|
| Allianz SE |
|
|
6,300 |
|
|
|
1,571,992 |
|
| Aurubis AG |
|
|
10,800 |
|
|
|
1,003,243 |
|
| Bayer AG |
|
|
23,300 |
|
|
|
1,418,408 |
|
| Bayerische Motoren Werke AG |
|
|
12,500 |
|
|
|
1,326,349 |
|
| Daimler AG |
|
|
17,600 |
|
|
|
1,573,854 |
|
| Deutsche Lufthansa AG*(a) |
|
|
54,200 |
|
|
|
612,440 |
|
| Deutsche Post AG |
|
|
50,800 |
|
|
|
3,459,756 |
|
| Deutsche Telekom AG |
|
|
59,200 |
|
|
|
1,252,222 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A2
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Germany (cont’d.) |
|
|
|
|
|
|
|
|
| Fresenius SE & Co. KGaA |
|
|
25,700 |
|
|
$ |
1,341,830 |
|
| HOCHTIEF AG(a) |
|
|
11,400 |
|
|
|
877,396 |
|
| Infineon Technologies AG |
|
|
118,438 |
|
|
|
4,768,406 |
|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|
|
4,500 |
|
|
|
1,234,441 |
|
| Rational AG |
|
|
3,078 |
|
|
|
2,792,782 |
|
| Rheinmetall AG |
|
|
12,300 |
|
|
|
1,217,216 |
|
| Siltronic AG(a) |
|
|
8,900 |
|
|
|
1,482,859 |
|
| TeamViewer AG, 144A* |
|
|
58,485 |
|
|
|
2,205,539 |
|
| United Internet AG |
|
|
24,700 |
|
|
|
1,009,348 |
|
| Volkswagen AG |
|
|
8,600 |
|
|
|
2,831,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,980,027 |
|
|
|
|
|
|
|
|
|
|
| Hong Kong — 0.7% |
|
|
|
|
|
|
|
|
| AIA Group Ltd. |
|
|
328,200 |
|
|
|
4,088,185 |
|
| PAX Global Technology Ltd. |
|
|
933,000 |
|
|
|
1,078,407 |
|
| Skyworth Group Ltd.* |
|
|
793,433 |
|
|
|
222,696 |
|
| Tongda Group Holdings Ltd.* |
|
|
8,180,000 |
|
|
|
501,157 |
|
| WH Group Ltd., 144A |
|
|
1,971,500 |
|
|
|
1,771,990 |
|
| Xinyi Glass Holdings Ltd. |
|
|
428,000 |
|
|
|
1,748,470 |
|
| Yue Yuen Industrial Holdings Ltd.* |
|
|
296,500 |
|
|
|
734,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,145,890 |
|
|
|
|
|
|
|
|
|
|
| India — 0.6% |
|
|
|
|
|
|
|
|
| HDFC Bank Ltd., ADR* |
|
|
53,429 |
|
|
|
3,906,728 |
|
| Reliance Industries Ltd., 144A, GDR |
|
|
82,083 |
|
|
|
4,651,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,558,151 |
|
|
|
|
|
|
|
|
|
|
| Ireland — 0.4% |
|
|
|
|
|
|
|
|
| ICON PLC* |
|
|
1,229 |
|
|
|
254,047 |
|
| Kingspan Group PLC |
|
|
41,273 |
|
|
|
3,903,571 |
|
| Ryanair Holdings PLC, ADR* |
|
|
23,259 |
|
|
|
2,516,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,674,474 |
|
|
|
|
|
|
|
|
|
|
| Israel — 0.1% |
|
|
|
|
|
|
|
|
| Check Point Software Technologies Ltd.*(a) |
|
|
9,500 |
|
|
|
1,103,235 |
|
|
|
|
|
|
|
|
|
|
| Italy — 0.4% |
|
|
|
|
|
|
|
|
| A2A SpA |
|
|
546,200 |
|
|
|
1,117,702 |
|
| Enel SpA |
|
|
173,400 |
|
|
|
1,615,773 |
|
| Leonardo SpA* |
|
|
97,000 |
|
|
|
786,881 |
|
| Mediobanca Banca di Credito Finanziario SpA* |
|
|
87,600 |
|
|
|
1,023,673 |
|
| Pirelli & C SpA, 144A |
|
|
171,800 |
|
|
|
997,883 |
|
| UnipolSai Assicurazioni SpA(a) |
|
|
253,700 |
|
|
|
738,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,280,836 |
|
|
|
|
|
|
|
|
|
|
| Japan — 5.4% |
|
|
|
|
|
|
|
|
| Air Water, Inc. |
|
|
52,700 |
|
|
|
811,931 |
|
| Aozora Bank Ltd. |
|
|
36,000 |
|
|
|
807,650 |
|
| Asahi Intecc Co. Ltd. |
|
|
42,900 |
|
|
|
1,025,489 |
|
| Astellas Pharma, Inc. |
|
|
167,000 |
|
|
|
2,908,647 |
|
| Brother Industries Ltd. |
|
|
44,300 |
|
|
|
883,042 |
|
| Credit Saison Co. Ltd. |
|
|
42,600 |
|
|
|
521,623 |
|
| Dai-ichi Life Holdings, Inc. |
|
|
39,900 |
|
|
|
733,328 |
|
| Daikin Industries Ltd. |
|
|
18,600 |
|
|
|
3,463,612 |
|
| Daiwa House Industry Co. Ltd. |
|
|
31,900 |
|
|
|
957,604 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Japan (cont’d.) |
|
|
|
|
|
|
|
|
| DTS Corp. |
|
|
30,500 |
|
|
$ |
725,450 |
|
| EDION Corp. |
|
|
63,900 |
|
|
|
623,874 |
|
| Haseko Corp. |
|
|
53,900 |
|
|
|
737,622 |
|
| Hazama Ando Corp. |
|
|
85,900 |
|
|
|
632,108 |
|
| Hitachi Ltd. |
|
|
35,700 |
|
|
|
2,038,818 |
|
| Honda Motor Co. Ltd. |
|
|
61,600 |
|
|
|
1,965,481 |
|
| Hoya Corp. |
|
|
27,600 |
|
|
|
3,641,262 |
|
| Isuzu Motors Ltd. |
|
|
78,200 |
|
|
|
1,030,751 |
|
| ITOCHU Corp. |
|
|
71,400 |
|
|
|
2,039,259 |
|
| Itoham Yonekyu Holdings, Inc. |
|
|
72,200 |
|
|
|
464,790 |
|
| Japan Airlines Co. Ltd.* |
|
|
35,700 |
|
|
|
769,298 |
|
| Japan Aviation Electronics Industry Ltd. |
|
|
46,000 |
|
|
|
813,614 |
|
| Kaneka Corp. |
|
|
9,900 |
|
|
|
399,621 |
|
| KDDI Corp. |
|
|
98,800 |
|
|
|
3,078,061 |
|
| Keiyo Bank Ltd. (The) |
|
|
76,500 |
|
|
|
280,591 |
|
| Keyence Corp. |
|
|
8,700 |
|
|
|
4,390,980 |
|
| Lintec Corp. |
|
|
30,000 |
|
|
|
651,361 |
|
| M3, Inc. |
|
|
17,100 |
|
|
|
1,242,021 |
|
| Marubeni Corp. |
|
|
173,200 |
|
|
|
1,510,731 |
|
| Matsumotokiyoshi Holdings Co. Ltd. |
|
|
23,800 |
|
|
|
1,050,092 |
|
| Medipal Holdings Corp. |
|
|
30,600 |
|
|
|
584,330 |
|
| Mitsubishi Chemical Holdings Corp. |
|
|
82,800 |
|
|
|
696,859 |
|
| Mitsubishi Gas Chemical Co., Inc. |
|
|
26,000 |
|
|
|
552,120 |
|
| Mitsubishi HC Capital, Inc. |
|
|
305,400 |
|
|
|
1,639,369 |
|
| Mitsubishi UFJ Financial Group, Inc. |
|
|
214,300 |
|
|
|
1,156,801 |
|
| Mitsui & Co. Ltd. |
|
|
56,300 |
|
|
|
1,270,506 |
|
| Mitsui Chemicals, Inc. |
|
|
42,400 |
|
|
|
1,468,970 |
|
| Mizuho Financial Group, Inc. |
|
|
73,620 |
|
|
|
1,053,157 |
|
| Nihon M&A Center, Inc. |
|
|
71,400 |
|
|
|
1,845,476 |
|
| Nippon Telegraph & Telephone Corp. |
|
|
107,900 |
|
|
|
2,807,819 |
|
| Nishi-Nippon Financial Holdings, Inc. |
|
|
48,600 |
|
|
|
277,704 |
|
| Nisshin Oillio Group Ltd. (The) |
|
|
21,400 |
|
|
|
591,450 |
|
| Nomura Holdings, Inc. |
|
|
270,700 |
|
|
|
1,383,369 |
|
| Nomura Real Estate Holdings, Inc. |
|
|
38,100 |
|
|
|
964,775 |
|
| Obayashi Corp. |
|
|
97,500 |
|
|
|
777,139 |
|
| ORIX Corp. |
|
|
79,000 |
|
|
|
1,334,244 |
|
| Rengo Co. Ltd. |
|
|
134,300 |
|
|
|
1,119,748 |
|
| Resona Holdings, Inc. |
|
|
366,600 |
|
|
|
1,413,005 |
|
| Sankyu, Inc. |
|
|
18,100 |
|
|
|
784,832 |
|
| Sawai Group Holdings Co. Ltd. |
|
|
14,300 |
|
|
|
637,655 |
|
| Seino Holdings Co. Ltd. |
|
|
72,500 |
|
|
|
928,905 |
|
| Shionogi & Co. Ltd. |
|
|
16,600 |
|
|
|
864,891 |
|
| Shiseido Co. Ltd. |
|
|
23,900 |
|
|
|
1,756,926 |
|
| SKY Perfect JSAT Holdings, Inc. |
|
|
151,000 |
|
|
|
550,690 |
|
| SMC Corp. |
|
|
5,500 |
|
|
|
3,248,124 |
|
| Sompo Holdings, Inc. |
|
|
20,100 |
|
|
|
742,293 |
|
| Sumitomo Heavy Industries Ltd. |
|
|
32,300 |
|
|
|
894,856 |
|
| Sumitomo Mitsui Financial Group, Inc. |
|
|
40,900 |
|
|
|
1,406,918 |
|
| Taisei Corp. |
|
|
19,200 |
|
|
|
631,340 |
|
| Teijin Ltd. |
|
|
67,300 |
|
|
|
1,026,761 |
|
| Toagosei Co. Ltd. |
|
|
28,700 |
|
|
|
291,839 |
|
| Toho Holdings Co. Ltd. |
|
|
12,400 |
|
|
|
199,188 |
|
| Tokuyama Corp. |
|
|
26,500 |
|
|
|
540,611 |
|
| Towa Pharmaceutical Co. Ltd. |
|
|
28,200 |
|
|
|
686,223 |
|
| Toyota Motor Corp. |
|
|
15,730 |
|
|
|
1,374,230 |
|
| Tsubakimoto Chain Co. |
|
|
17,000 |
|
|
|
486,248 |
|
| Ube Industries Ltd. |
|
|
41,500 |
|
|
|
841,871 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A3
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Japan (cont’d.) |
|
|
|
|
|
|
|
|
| Yokohama Rubber Co. Ltd. (The) |
|
|
62,000 |
|
|
$ |
1,332,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,362,752 |
|
|
|
|
|
|
|
|
|
|
| Netherlands — 1.5% |
|
|
|
|
|
|
|
|
| ABN AMRO Bank NV, 144A, CVA* |
|
|
45,300 |
|
|
|
547,757 |
|
| Adyen NV, 144A* |
|
|
1,749 |
|
|
|
4,281,553 |
|
| Aegon NV(a) |
|
|
215,700 |
|
|
|
897,572 |
|
| ASML Holding NV |
|
|
7,779 |
|
|
|
5,361,103 |
|
| ASR Nederland NV |
|
|
21,200 |
|
|
|
819,737 |
|
| ING Groep NV |
|
|
93,300 |
|
|
|
1,238,136 |
|
| Koninklijke Ahold Delhaize NV |
|
|
95,900 |
|
|
|
2,849,470 |
|
| NN Group NV |
|
|
27,800 |
|
|
|
1,314,032 |
|
| Royal Dutch Shell PLC (Class B Stock) |
|
|
96,500 |
|
|
|
1,874,993 |
|
| Signify NV, 144A |
|
|
37,900 |
|
|
|
2,403,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,587,372 |
|
|
|
|
|
|
|
|
|
|
| New Zealand — 0.1% |
|
|
|
|
|
|
|
|
| Air New Zealand Ltd.* |
|
|
485,600 |
|
|
|
526,532 |
|
| Fisher & Paykel Healthcare Corp. Ltd. |
|
|
72,410 |
|
|
|
1,576,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,103,290 |
|
|
|
|
|
|
|
|
|
|
| Norway — 0.3% |
|
|
|
|
|
|
|
|
| DNB ASA |
|
|
53,600 |
|
|
|
1,168,940 |
|
| Equinor ASA |
|
|
41,200 |
|
|
|
876,174 |
|
| Leroy Seafood Group ASA |
|
|
71,800 |
|
|
|
630,402 |
|
| TOMRA Systems ASA |
|
|
41,188 |
|
|
|
2,279,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,954,828 |
|
|
|
|
|
|
|
|
|
|
| Singapore — 0.2% |
|
|
|
|
|
|
|
|
| DBS Group Holdings Ltd. |
|
|
62,300 |
|
|
|
1,391,269 |
|
| Venture Corp. Ltd. |
|
|
79,500 |
|
|
|
1,138,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,529,551 |
|
|
|
|
|
|
|
|
|
|
| South Africa — 0.2% |
|
|
|
|
|
|
|
|
| Anglo American PLC |
|
|
48,300 |
|
|
|
1,933,178 |
|
| Investec PLC |
|
|
79,700 |
|
|
|
320,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,253,744 |
|
|
|
|
|
|
|
|
|
|
| Spain — 0.7% |
|
|
|
|
|
|
|
|
| Amadeus IT Group SA* |
|
|
58,263 |
|
|
|
4,101,561 |
|
| Banco Santander SA* |
|
|
390,156 |
|
|
|
1,493,616 |
|
| Enagas SA |
|
|
18,000 |
|
|
|
416,397 |
|
| Endesa SA(a) |
|
|
37,700 |
|
|
|
915,920 |
|
| Mapfre SA(a) |
|
|
494,400 |
|
|
|
1,047,032 |
|
| Repsol SA(a) |
|
|
117,700 |
|
|
|
1,477,497 |
|
| Telefonica SA |
|
|
176,500 |
|
|
|
825,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,277,768 |
|
|
|
|
|
|
|
|
|
|
| Sweden — 1.5% |
|
|
|
|
|
|
|
|
| Atlas Copco AB (Class A Stock) |
|
|
76,063 |
|
|
|
4,667,196 |
|
| Boliden AB |
|
|
35,400 |
|
|
|
1,364,667 |
|
| Hexagon AB (Class B Stock) |
|
|
335,223 |
|
|
|
4,970,891 |
|
| Nibe Industrier AB (Class B Stock) |
|
|
282,492 |
|
|
|
2,974,651 |
|
| Securitas AB (Class B Stock) |
|
|
65,700 |
|
|
|
1,037,299 |
|
| Skanska AB (Class B Stock) |
|
|
31,100 |
|
|
|
825,109 |
|
| SKF AB (Class B Stock) |
|
|
70,400 |
|
|
|
1,794,772 |
|
| Swedbank AB (Class A Stock) |
|
|
27,700 |
|
|
|
515,841 |
|
| Swedish Orphan Biovitrum AB* |
|
|
51,000 |
|
|
|
930,527 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Sweden (cont’d.) |
|
|
|
|
|
|
|
|
| Volvo AB (Class B Stock)(a) |
|
|
113,600 |
|
|
$ |
2,741,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,822,903 |
|
|
|
|
|
|
|
|
|
|
| Switzerland — 2.8% |
|
|
|
|
|
|
|
|
| Adecco Group AG |
|
|
25,100 |
|
|
|
1,710,058 |
|
| Baloise Holding AG |
|
|
6,000 |
|
|
|
936,448 |
|
| Credit Suisse Group AG |
|
|
136,900 |
|
|
|
1,436,775 |
|
| Helvetia Holding AG |
|
|
7,600 |
|
|
|
818,815 |
|
| Lonza Group AG |
|
|
7,192 |
|
|
|
5,109,128 |
|
| Novartis AG |
|
|
37,100 |
|
|
|
3,381,634 |
|
| Partners Group Holding AG |
|
|
2,966 |
|
|
|
4,499,591 |
|
| Roche Holding AG |
|
|
17,900 |
|
|
|
6,744,487 |
|
| Sika AG |
|
|
9,682 |
|
|
|
3,178,020 |
|
| Straumann Holding AG |
|
|
3,754 |
|
|
|
5,993,198 |
|
| Swiss Life Holding AG |
|
|
4,900 |
|
|
|
2,383,614 |
|
| Temenos AG |
|
|
16,588 |
|
|
|
2,673,065 |
|
| UBS Group AG |
|
|
166,700 |
|
|
|
2,552,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,417,602 |
|
|
|
|
|
|
|
|
|
|
| Taiwan — 0.6% |
|
|
|
|
|
|
|
|
| Sea Ltd., ADR* |
|
|
9,154 |
|
|
|
2,513,688 |
|
| Taiwan Semiconductor Manufacturing Co. Ltd. |
|
|
284,000 |
|
|
|
6,070,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,584,492 |
|
|
|
|
|
|
|
|
|
|
| United Kingdom — 4.6% |
|
|
|
|
|
|
|
|
| 3i Group PLC |
|
|
92,900 |
|
|
|
1,513,846 |
|
| Ashtead Group PLC |
|
|
69,491 |
|
|
|
5,167,583 |
|
| Aviva PLC |
|
|
197,000 |
|
|
|
1,106,854 |
|
| Babcock International Group PLC* |
|
|
113,300 |
|
|
|
455,964 |
|
| BAE Systems PLC |
|
|
419,100 |
|
|
|
3,036,551 |
|
| Barclays PLC |
|
|
373,500 |
|
|
|
888,250 |
|
| Barratt Developments PLC |
|
|
61,900 |
|
|
|
595,363 |
|
| Bellway PLC |
|
|
23,200 |
|
|
|
1,045,693 |
|
| British American Tobacco PLC |
|
|
75,200 |
|
|
|
2,921,557 |
|
| BT Group PLC* |
|
|
455,900 |
|
|
|
1,227,313 |
|
| Centrica PLC* |
|
|
457,200 |
|
|
|
326,384 |
|
| CK Hutchison Holdings Ltd. |
|
|
205,000 |
|
|
|
1,595,447 |
|
| Compass Group PLC* |
|
|
126,036 |
|
|
|
2,656,999 |
|
| Crest Nicholson Holdings PLC* |
|
|
143,814 |
|
|
|
841,818 |
|
| Diageo PLC |
|
|
55,060 |
|
|
|
2,649,907 |
|
| Dialog Semiconductor PLC* |
|
|
14,700 |
|
|
|
1,144,443 |
|
| Experian PLC |
|
|
96,172 |
|
|
|
3,713,518 |
|
| GlaxoSmithKline PLC |
|
|
248,900 |
|
|
|
4,894,645 |
|
| Go-Ahead Group PLC (The)* |
|
|
34,500 |
|
|
|
540,196 |
|
| Halma PLC |
|
|
58,604 |
|
|
|
2,189,228 |
|
| Imperial Brands PLC |
|
|
56,400 |
|
|
|
1,215,981 |
|
| International Consolidated Airlines Group SA* |
|
|
150,000 |
|
|
|
360,516 |
|
| J Sainsbury PLC |
|
|
458,700 |
|
|
|
1,727,026 |
|
| Keller Group PLC |
|
|
48,200 |
|
|
|
533,536 |
|
| Kingfisher PLC |
|
|
357,200 |
|
|
|
1,808,300 |
|
| Legal & General Group PLC |
|
|
302,800 |
|
|
|
1,081,171 |
|
| Lloyds Banking Group PLC |
|
|
1,666,000 |
|
|
|
1,080,149 |
|
| London Stock Exchange Group PLC |
|
|
35,336 |
|
|
|
3,898,528 |
|
| Marks & Spencer Group PLC* |
|
|
279,900 |
|
|
|
569,003 |
|
| Micro Focus International PLC |
|
|
73,300 |
|
|
|
555,180 |
|
| Paragon Banking Group PLC |
|
|
105,900 |
|
|
|
754,207 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A4
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| United Kingdom (cont’d.) |
|
|
|
|
|
|
|
|
| Premier Foods PLC* |
|
|
357,756 |
|
|
$ |
547,929 |
|
| QinetiQ Group PLC |
|
|
88,900 |
|
|
|
424,573 |
|
| Redrow PLC |
|
|
77,600 |
|
|
|
661,346 |
|
| Rentokil Initial PLC |
|
|
310,744 |
|
|
|
2,129,336 |
|
| Segro PLC, REIT |
|
|
209,436 |
|
|
|
3,172,260 |
|
| Spirax-Sarco Engineering PLC |
|
|
14,117 |
|
|
|
2,656,720 |
|
| Tate & Lyle PLC |
|
|
141,000 |
|
|
|
1,444,182 |
|
| Taylor Wimpey PLC |
|
|
263,400 |
|
|
|
580,257 |
|
| Tesco PLC |
|
|
482,592 |
|
|
|
1,489,196 |
|
| Trainline PLC, 144A* |
|
|
340,676 |
|
|
|
1,386,891 |
|
| Vistry Group PLC |
|
|
39,822 |
|
|
|
648,281 |
|
| Wm Morrison Supermarkets PLC |
|
|
291,000 |
|
|
|
998,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,234,415 |
|
|
|
|
|
|
|
|
|
|
| United States — 62.3% |
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
63,808 |
|
|
|
7,187,333 |
|
| Adobe, Inc.* |
|
|
28,986 |
|
|
|
16,975,361 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
10,350 |
|
|
|
25,940,412 |
|
| Amazon.com, Inc.* |
|
|
5,297 |
|
|
|
18,222,527 |
|
| Ameren Corp. |
|
|
58,618 |
|
|
|
4,691,785 |
|
| American International Group, Inc. |
|
|
259,850 |
|
|
|
12,368,860 |
|
| Anthem, Inc. |
|
|
20,195 |
|
|
|
7,710,451 |
|
| Applied Materials, Inc. |
|
|
75,534 |
|
|
|
10,756,042 |
|
| Atlassian Corp. PLC (Class A Stock)* |
|
|
7,808 |
|
|
|
2,005,563 |
|
| Autodesk, Inc.* |
|
|
56,070 |
|
|
|
16,366,833 |
|
| AvalonBay Communities, Inc., REIT |
|
|
17,807 |
|
|
|
3,716,143 |
|
| Bank of America Corp. |
|
|
213,479 |
|
|
|
8,801,739 |
|
| Becton, Dickinson & Co. |
|
|
29,651 |
|
|
|
7,210,827 |
|
| Boeing Co. (The)* |
|
|
15,480 |
|
|
|
3,708,389 |
|
| Brown-Forman Corp. (Class B Stock) |
|
|
137,925 |
|
|
|
10,336,099 |
|
| Bunge Ltd. |
|
|
49,044 |
|
|
|
3,832,789 |
|
| Caterpillar, Inc. |
|
|
20,257 |
|
|
|
4,408,531 |
|
| CF Industries Holdings, Inc. |
|
|
125,842 |
|
|
|
6,474,571 |
|
| Charles Schwab Corp. (The) |
|
|
122,961 |
|
|
|
8,952,790 |
|
| Chewy, Inc. (Class A Stock)*(a) |
|
|
134,917 |
|
|
|
10,754,234 |
|
| Chubb Ltd. |
|
|
64,058 |
|
|
|
10,181,378 |
|
| Cigna Corp. |
|
|
7,659 |
|
|
|
1,815,719 |
|
| Cintas Corp. |
|
|
37,716 |
|
|
|
14,407,512 |
|
| Cisco Systems, Inc. |
|
|
93,274 |
|
|
|
4,943,522 |
|
| Citrix Systems, Inc. |
|
|
38,713 |
|
|
|
4,539,873 |
|
| Coca-Cola Co. (The) |
|
|
76,219 |
|
|
|
4,124,210 |
|
| Comcast Corp. (Class A Stock) |
|
|
126,916 |
|
|
|
7,236,750 |
|
| Conagra Brands, Inc. |
|
|
130,186 |
|
|
|
4,736,167 |
|
| ConocoPhillips |
|
|
106,640 |
|
|
|
6,494,376 |
|
| Costco Wholesale Corp. |
|
|
24,931 |
|
|
|
9,864,449 |
|
| Cummins, Inc. |
|
|
15,978 |
|
|
|
3,895,596 |
|
| CVS Health Corp. |
|
|
76,266 |
|
|
|
6,363,635 |
|
| Danaher Corp. |
|
|
30,092 |
|
|
|
8,075,489 |
|
| Dexcom, Inc.* |
|
|
35,291 |
|
|
|
15,069,257 |
|
| Edison International |
|
|
42,592 |
|
|
|
2,462,669 |
|
| Edwards Lifesciences Corp.* |
|
|
138,759 |
|
|
|
14,371,270 |
|
| Elanco Animal Health, Inc.* |
|
|
135,095 |
|
|
|
4,686,446 |
|
| Electronic Arts, Inc. |
|
|
96,076 |
|
|
|
13,818,611 |
|
| Entergy Corp. |
|
|
36,814 |
|
|
|
3,670,356 |
|
| Equitable Holdings, Inc. |
|
|
167,207 |
|
|
|
5,091,453 |
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
47,107 |
|
|
|
14,983,795 |
|
| Exxon Mobil Corp. |
|
|
97,761 |
|
|
|
6,166,764 |
|
| Fifth Third Bancorp |
|
|
217,251 |
|
|
|
8,305,506 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| United States (cont’d.) |
|
|
|
|
|
|
|
|
| Fiserv, Inc.* |
|
|
31,500 |
|
|
$ |
3,367,035 |
|
| Fortune Brands Home & Security, Inc. |
|
|
11,653 |
|
|
|
1,160,755 |
|
| Fox Corp. (Class B Stock) |
|
|
82,072 |
|
|
|
2,888,934 |
|
| General Electric Co. |
|
|
1,312,331 |
|
|
|
17,663,975 |
|
| Gilead Sciences, Inc. |
|
|
28,285 |
|
|
|
1,947,705 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
13,835 |
|
|
|
5,250,798 |
|
| Hologic, Inc.* |
|
|
58,552 |
|
|
|
3,906,589 |
|
| Huntington Bancshares, Inc. |
|
|
125,200 |
|
|
|
1,786,604 |
|
| IDEX Corp. |
|
|
49,396 |
|
|
|
10,869,590 |
|
| Illinois Tool Works, Inc. |
|
|
18,712 |
|
|
|
4,183,255 |
|
| International Flavors & Fragrances, Inc. |
|
|
40,143 |
|
|
|
5,997,364 |
|
| International Paper Co. |
|
|
199,871 |
|
|
|
12,254,091 |
|
| Intuit, Inc. |
|
|
38,051 |
|
|
|
18,651,459 |
|
| Intuitive Surgical, Inc.* |
|
|
21,477 |
|
|
|
19,751,108 |
|
| Johnson & Johnson |
|
|
46,908 |
|
|
|
7,727,624 |
|
| JPMorgan Chase & Co. |
|
|
35,319 |
|
|
|
5,493,517 |
|
| Kimberly-Clark Corp. |
|
|
35,056 |
|
|
|
4,689,792 |
|
| Kohl’s Corp.(a) |
|
|
48,580 |
|
|
|
2,677,244 |
|
| L3Harris Technologies, Inc. |
|
|
52,578 |
|
|
|
11,364,735 |
|
| Las Vegas Sands Corp.* |
|
|
65,827 |
|
|
|
3,468,425 |
|
| Lululemon Athletica, Inc.* |
|
|
33,500 |
|
|
|
12,226,495 |
|
| Marsh & McLennan Cos., Inc. |
|
|
41,675 |
|
|
|
5,862,839 |
|
| Mastercard, Inc. (Class A Stock) |
|
|
52,908 |
|
|
|
19,316,182 |
|
| Match Group, Inc.* |
|
|
91,051 |
|
|
|
14,681,974 |
|
| Medtronic PLC |
|
|
75,663 |
|
|
|
9,392,048 |
|
| Merck & Co., Inc. |
|
|
61,493 |
|
|
|
4,782,311 |
|
| MetLife, Inc. |
|
|
168,616 |
|
|
|
10,091,668 |
|
| Microsoft Corp. |
|
|
121,605 |
|
|
|
32,942,794 |
|
| Morgan Stanley |
|
|
126,080 |
|
|
|
11,560,275 |
|
| News Corp. (Class A Stock) |
|
|
171,679 |
|
|
|
4,424,168 |
|
| NextEra Energy, Inc. |
|
|
65,761 |
|
|
|
4,818,966 |
|
| Nielsen Holdings PLC |
|
|
106,461 |
|
|
|
2,626,393 |
|
| PayPal Holdings, Inc.* |
|
|
71,106 |
|
|
|
20,725,977 |
|
| Perrigo Co. PLC(a) |
|
|
67,549 |
|
|
|
3,097,122 |
|
| Pfizer, Inc. |
|
|
113,066 |
|
|
|
4,427,665 |
|
| Philip Morris International, Inc. |
|
|
72,371 |
|
|
|
7,172,690 |
|
| Pinterest, Inc. (Class A Stock)* |
|
|
100,879 |
|
|
|
7,964,397 |
|
| Pioneer Natural Resources Co. |
|
|
19,211 |
|
|
|
3,122,172 |
|
| QUALCOMM, Inc. |
|
|
66,437 |
|
|
|
9,495,840 |
|
| Rockwell Automation, Inc. |
|
|
12,477 |
|
|
|
3,568,671 |
|
| Roper Technologies, Inc. |
|
|
25,649 |
|
|
|
12,060,160 |
|
| SBA Communications Corp., REIT |
|
|
45,516 |
|
|
|
14,505,949 |
|
| Sempra Energy |
|
|
48,254 |
|
|
|
6,392,690 |
|
| ServiceNow, Inc.* |
|
|
25,164 |
|
|
|
13,828,876 |
|
| Sherwin-Williams Co. (The) |
|
|
53,179 |
|
|
|
14,488,618 |
|
| Signature Bank |
|
|
17,550 |
|
|
|
4,311,157 |
|
| Southern Co. (The) |
|
|
190,860 |
|
|
|
11,548,939 |
|
| Southwest Airlines Co.* |
|
|
73,119 |
|
|
|
3,881,888 |
|
| State Street Corp. |
|
|
9,375 |
|
|
|
771,375 |
|
| Stellantis NV |
|
|
74,557 |
|
|
|
1,469,283 |
|
| Stericycle, Inc.* |
|
|
32,860 |
|
|
|
2,351,133 |
|
| TE Connectivity Ltd. |
|
|
31,773 |
|
|
|
4,296,027 |
|
| Texas Instruments, Inc. |
|
|
39,987 |
|
|
|
7,689,500 |
|
| Thermo Fisher Scientific, Inc. |
|
|
39,774 |
|
|
|
20,064,790 |
|
| TJX Cos., Inc. (The) |
|
|
102,631 |
|
|
|
6,919,382 |
|
| Tyson Foods, Inc. (Class A Stock) |
|
|
86,470 |
|
|
|
6,378,027 |
|
| United Parcel Service, Inc. (Class B Stock) |
|
|
71,591 |
|
|
|
14,888,780 |
|
| Veeva Systems, Inc. (Class A Stock)* |
|
|
36,824 |
|
|
|
11,450,423 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A5
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| United States (cont’d.) |
|
|
|
|
|
|
|
|
| Walmart, Inc. |
|
|
32,885 |
|
|
$ |
4,637,443 |
|
| Walt Disney Co. (The)* |
|
|
32,698 |
|
|
|
5,747,327 |
|
| Wells Fargo & Co. |
|
|
404,757 |
|
|
|
18,331,444 |
|
| Welltower, Inc., REIT |
|
|
52,395 |
|
|
|
4,354,024 |
|
| Weyerhaeuser Co., REIT |
|
|
236,661 |
|
|
|
8,145,872 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
34,518 |
|
|
|
5,551,185 |
|
| Zoetis, Inc. |
|
|
79,061 |
|
|
|
14,733,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
921,925,428 |
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $883,205,151) |
|
|
|
1,447,351,225 |
|
|
|
|
|
|
|
|
|
|
|
| PREFERRED STOCKS — 0.4% |
|
| Germany — 0.2% |
|
|
|
|
|
|
|
|
| Porsche Automobil Holding SE (PRFC) |
|
|
22,730 |
|
|
|
2,440,938 |
|
|
|
|
|
|
|
|
|
|
| United States — 0.2% |
|
|
|
|
|
|
|
|
| Becton, Dickinson & Co., Series B, CVT, 6.000%, Maturing 06/01/23(a) |
|
|
18,231 |
|
|
|
975,541 |
|
| Elanco Animal Health, Inc., CVT, 5.000%, Maturing 02/01/23 |
|
|
2,497 |
|
|
|
133,989 |
|
| Sempra Energy, Series B, CVT, 6.750%, Maturing 07/15/21 |
|
|
5,748 |
|
|
|
567,730 |
|
| Southern Co. (The), Series 2019, CVT, 6.750%, Maturing 08/01/22 |
|
|
34,946 |
|
|
|
1,769,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,446,576 |
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED STOCKS
(cost $4,861,363) |
|
|
|
5,887,514 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $888,066,514) |
|
|
|
1,453,238,739 |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 3.9% |
|
|
|
|
|
|
|
| AFFILIATED MUTUAL FUNDS |
|
|
|
|
|
| PGIM Core Ultra Short Bond Fund(wa) |
|
|
22,916,531 |
|
|
|
22,916,531 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| AFFILIATED MUTUAL FUNDS (continued) |
|
| PGIM Institutional Money Market Fund
(cost $34,824,485; includes $34,822,529 of cash collateral for
securities on loan)(b)(wa) |
|
|
34,863,130 |
|
|
$ |
34,842,212 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $57,741,016) |
|
|
|
57,758,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS—102.1%
(cost $945,807,530) |
|
|
|
|
|
|
1,510,997,482 |
|
| Liabilities in excess of other assets — (2.1)% |
|
|
|
(31,365,706 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,479,631,776 |
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| (a) |
All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $33,233,282; cash collateral of $34,822,529 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the
last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and
other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation
procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentina |
|
|
$ |
2,632,665 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
| Australia |
|
|
|
— |
|
|
|
|
20,796,845 |
|
|
|
|
— |
|
| Austria |
|
|
|
— |
|
|
|
|
4,047,827 |
|
|
|
|
— |
|
| Belgium |
|
|
|
— |
|
|
|
|
3,453,115 |
|
|
|
|
— |
|
| Brazil |
|
|
|
— |
|
|
|
|
990,013 |
|
|
|
|
— |
|
| Canada |
|
|
|
31,592,082 |
|
|
|
|
— |
|
|
|
|
— |
|
| China |
|
|
|
21,909,809 |
|
|
|
|
18,769,671 |
|
|
|
|
— |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A6
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Investments in Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denmark |
|
|
$ |
— |
|
|
|
$ |
18,221,404 |
|
|
|
$ |
— |
|
| Finland |
|
|
|
— |
|
|
|
|
5,922,359 |
|
|
|
|
— |
|
| France |
|
|
|
11,320,884 |
|
|
|
|
56,897,793 |
|
|
|
|
— |
|
| Germany |
|
|
|
— |
|
|
|
|
31,980,027 |
|
|
|
|
— |
|
| Hong Kong |
|
|
|
— |
|
|
|
|
10,145,890 |
|
|
|
|
— |
|
| India |
|
|
|
3,906,728 |
|
|
|
|
4,651,423 |
|
|
|
|
— |
|
| Ireland |
|
|
|
2,770,903 |
|
|
|
|
3,903,571 |
|
|
|
|
— |
|
| Israel |
|
|
|
1,103,235 |
|
|
|
|
— |
|
|
|
|
— |
|
| Italy |
|
|
|
— |
|
|
|
|
6,280,836 |
|
|
|
|
— |
|
| Japan |
|
|
|
— |
|
|
|
|
80,362,752 |
|
|
|
|
— |
|
| Netherlands |
|
|
|
— |
|
|
|
|
21,587,372 |
|
|
|
|
— |
|
| New Zealand |
|
|
|
— |
|
|
|
|
2,103,290 |
|
|
|
|
— |
|
| Norway |
|
|
|
— |
|
|
|
|
4,954,828 |
|
|
|
|
— |
|
| Singapore |
|
|
|
— |
|
|
|
|
2,529,551 |
|
|
|
|
— |
|
| South Africa |
|
|
|
— |
|
|
|
|
2,253,744 |
|
|
|
|
— |
|
| Spain |
|
|
|
— |
|
|
|
|
10,277,768 |
|
|
|
|
— |
|
| Sweden |
|
|
|
— |
|
|
|
|
21,822,903 |
|
|
|
|
— |
|
| Switzerland |
|
|
|
— |
|
|
|
|
41,417,602 |
|
|
|
|
— |
|
| Taiwan |
|
|
|
2,513,688 |
|
|
|
|
6,070,804 |
|
|
|
|
— |
|
| United Kingdom |
|
|
|
— |
|
|
|
|
68,234,415 |
|
|
|
|
— |
|
| United States |
|
|
|
920,456,145 |
|
|
|
|
1,469,283 |
|
|
|
|
— |
|
| Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Germany |
|
|
|
— |
|
|
|
|
2,440,938 |
|
|
|
|
— |
|
| United States |
|
|
|
3,446,576 |
|
|
|
|
— |
|
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
|
57,758,743 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
$ |
1,059,411,458 |
|
|
|
$ |
451,586,024 |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as
follows:
|
|
|
|
|
| Software |
|
|
7.5 |
% |
| Health Care Equipment & Supplies |
|
|
6.7 |
|
| Banks |
|
|
5.5 |
|
| IT Services |
|
|
4.8 |
|
| Pharmaceuticals |
|
|
4.7 |
|
| Semiconductors & Semiconductor Equipment |
|
|
4.5 |
|
| Insurance |
|
|
4.3 |
|
| Affiliated Mutual Funds (2.4% represents investments purchased with collateral from securities on
loan) |
|
|
3.9 |
|
| Interactive Media & Services |
|
|
3.7 |
|
| Oil, Gas & Consumable Fuels |
|
|
3.2 |
|
| Machinery |
|
|
3.0 |
|
| Capital Markets |
|
|
3.0 |
|
| Chemicals |
|
|
2.7 |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
2.5 |
|
| Internet & Direct Marketing Retail |
|
|
2.4 |
|
| Industrial Conglomerates |
|
|
2.3 |
|
| Aerospace & Defense |
|
|
2.0 |
|
| Electric Utilities |
|
|
2.0 |
|
| Life Sciences Tools & Services |
|
|
1.9 |
|
| Entertainment |
|
|
1.8 |
|
| Food & Staples Retailing |
|
|
1.8 |
|
| Commercial Services & Supplies |
|
|
1.6 |
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods |
|
|
1.5 |
% |
| Electronic Equipment, Instruments & Components |
|
|
1.5 |
|
| Air Freight & Logistics |
|
|
1.4 |
|
| Food Products |
|
|
1.3 |
|
| Personal Products |
|
|
1.3 |
|
| Beverages |
|
|
1.2 |
|
| Health Care Providers & Services |
|
|
1.1 |
|
| Media |
|
|
1.0 |
|
| Automobiles |
|
|
1.0 |
|
| Building Products |
|
|
0.9 |
|
| Containers & Packaging |
|
|
0.9 |
|
| Health Care Technology |
|
|
0.9 |
|
| Metals & Mining |
|
|
0.9 |
|
| Professional Services |
|
|
0.9 |
|
| Multi-Utilities |
|
|
0.8 |
|
| Biotechnology |
|
|
0.8 |
|
| Hotels, Restaurants & Leisure |
|
|
0.8 |
|
| Tobacco |
|
|
0.8 |
|
| Specialty Retail |
|
|
0.7 |
|
| Trading Companies & Distributors |
|
|
0.7 |
|
| Auto Components |
|
|
0.7 |
|
| Airlines |
|
|
0.6 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A7
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification (continued):
|
|
|
|
|
| Diversified Telecommunication Services |
|
|
0.6 |
% |
| Diversified Financial Services |
|
|
0.5 |
|
| Road & Rail |
|
|
0.5 |
|
| Electrical Equipment |
|
|
0.4 |
|
| Construction & Engineering |
|
|
0.4 |
|
| Household Durables |
|
|
0.3 |
|
| Communications Equipment |
|
|
0.3 |
|
| Household Products |
|
|
0.3 |
|
| Multiline Retail |
|
|
0.3 |
|
| Wireless Telecommunication Services |
|
|
0.2 |
|
| Real Estate Management & Development |
|
|
0.2 |
|
| Construction Materials |
|
|
0.2 |
|
| Marine |
|
|
0.1 |
|
|
|
|
|
|
| Diversified Consumer Services |
|
|
0.1 |
% |
| Technology Hardware, Storage & Peripherals |
|
|
0.1 |
|
| Thrifts & Mortgage Finance |
|
|
0.1 |
|
| Gas Utilities |
|
|
0.0 |
* |
| Paper & Forest Products |
|
|
0.0 |
* |
| Consumer Finance |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
102.1 |
|
| Liabilities in excess of other assets |
|
|
(2.1 |
) |
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
* Less than +/- 0.05%
Financial Instruments/Transactions—Summary
of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are
either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial
instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(1) |
|
Net
Amount |
| Securities on Loan |
|
|
$ |
33,233,282 |
|
|
|
$ |
(33,233,282 |
) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
|
SEE NOTES TO FINANCIAL STATEMENTS.
A8
|
|
|
|
|
|
|
|
|
|
|
|
PSF GLOBAL PORTFOLIO (CONTINUED)
|
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $33,233,282: |
|
|
|
|
| Unaffiliated investments (cost $888,066,514) |
|
$ |
1,453,238,739 |
|
| Affiliated investments (cost $57,741,016) |
|
|
57,758,743 |
|
| Foreign currency, at value (cost $2,217,471) |
|
|
2,183,349 |
|
| Receivable for investments sold |
|
|
3,326,623 |
|
| Tax reclaim receivable |
|
|
2,120,752 |
|
| Dividends and interest receivable |
|
|
1,534,589 |
|
| Receivable from affiliate |
|
|
15,325 |
|
| Receivable for Portfolio shares sold |
|
|
10,882 |
|
| Prepaid expenses |
|
|
2,231 |
|
|
|
|
|
|
| Total Assets |
|
|
1,520,191,233 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
34,822,529 |
|
| Payable for investments purchased |
|
|
3,634,520 |
|
| Payable to affiliate |
|
|
895,076 |
|
| Management fee payable |
|
|
865,739 |
|
| Accrued expenses and other liabilities |
|
|
188,139 |
|
| Payable for Portfolio shares purchased |
|
|
152,456 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Distribution fee payable |
|
|
18 |
|
|
|
|
|
|
| Total Liabilities |
|
|
40,559,457 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
1,479,631,776 |
|
|
|
|
|
|
| Net assets were comprised of: Partners’ Equity |
|
$ |
1,479,631,776 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $1,479,545,461 / 27,192,398 outstanding shares of beneficial
interest |
|
$ |
54.41 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $86,315 / 1,587 outstanding shares of beneficial
interest |
|
$ |
54.38 |
|
|
|
|
|
|
Net Asset Values Per Share may not recalculate due to rounding.
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| INCOME |
|
|
|
|
| Unaffiliated dividend income (net of $1,119,325 foreign withholding tax, of which $195,169 is reimbursable by
an affiliate) |
|
$ |
13,439,981 |
|
| Income from securities lending, net (including affiliated income of $4,111) |
|
|
78,558 |
|
| Affiliated dividend income |
|
|
18,037 |
|
|
|
|
|
|
| Total income |
|
|
13,536,576 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
5,335,871 |
|
| Distribution fee—Class III |
|
|
24 |
|
| Custodian and accounting fees |
|
|
131,367 |
|
| Shareholders’ reports |
|
|
46,027 |
|
| Audit fee |
|
|
14,869 |
|
| Trustees’ fees |
|
|
12,673 |
|
| Legal fees and expenses |
|
|
11,157 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
29,737 |
|
|
|
|
|
|
| Total expenses |
|
|
5,587,022 |
|
| Less: Fee waivers and/or expense reimbursement |
|
|
(258,256 |
) |
|
|
|
|
|
| Net expenses |
|
|
5,328,766 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
8,207,810 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(3,839)) |
|
|
71,737,684 |
|
| Foreign currency transactions |
|
|
(4,399 |
) |
|
|
|
|
|
|
|
|
71,733,285 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(358)) |
|
|
98,272,547 |
|
| Foreign currencies |
|
|
(113,274 |
) |
|
|
|
|
|
|
|
|
98,159,273 |
|
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
169,892,558 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
178,100,368 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
Year Ended |
| |
|
June 30, 2021 |
|
December 31, 2020 |
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
$ |
8,207,810 |
|
|
|
$ |
11,999,429 |
|
| Net realized gain (loss) on investment and foreign currency transactions |
|
|
|
71,733,285 |
|
|
|
|
96,903,741 |
|
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
|
98,159,273 |
|
|
|
|
74,773,343 |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
178,100,368 |
|
|
|
|
183,676,513 |
|
|
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
|
9,349,769 |
|
|
|
|
15,803,644 |
|
| Portfolio shares purchased |
|
|
|
(84,867,507 |
) |
|
|
|
(86,119,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
|
(75,517,738 |
) |
|
|
|
(70,315,563 |
) |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
|
102,582,630 |
|
|
|
|
113,360,950 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
|
1,377,049,146 |
|
|
|
|
1,263,688,196 |
|
|
|
|
|
|
|
|
|
|
|
|
| End of period |
|
|
$ |
1,479,631,776 |
|
|
|
$ |
1,377,049,146 |
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A9
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| LONG-TERM INVESTMENTS — 89.3% |
|
| COMMON STOCKS — 54.4% |
|
|
|
|
|
|
|
|
| Aerospace & Defense — 0.9% |
|
|
|
|
|
|
|
|
| Boeing Co. (The)* |
|
|
22,350 |
|
|
$ |
5,354,166 |
|
| General Dynamics Corp. |
|
|
9,500 |
|
|
|
1,788,470 |
|
| Howmet Aerospace, Inc.* |
|
|
15,080 |
|
|
|
519,808 |
|
| Huntington Ingalls Industries, Inc. |
|
|
1,900 |
|
|
|
400,425 |
|
| L3Harris Technologies, Inc. |
|
|
8,670 |
|
|
|
1,874,020 |
|
| Lockheed Martin Corp. |
|
|
10,120 |
|
|
|
3,828,902 |
|
| Northrop Grumman Corp. |
|
|
6,362 |
|
|
|
2,312,142 |
|
| Raytheon Technologies Corp. |
|
|
62,755 |
|
|
|
5,353,629 |
|
| Teledyne Technologies, Inc.* |
|
|
1,960 |
|
|
|
820,907 |
|
| Textron, Inc. |
|
|
9,800 |
|
|
|
673,946 |
|
| TransDigm Group, Inc.* |
|
|
2,300 |
|
|
|
1,488,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,415,182 |
|
|
|
|
|
|
|
|
|
|
| Air Freight & Logistics — 0.4% |
|
|
|
|
|
|
|
|
| C.H. Robinson Worldwide, Inc. |
|
|
5,800 |
|
|
|
543,286 |
|
| Deutsche Post AG (Germany) |
|
|
6,002 |
|
|
|
408,769 |
|
| Expeditors International of Washington, Inc. |
|
|
7,300 |
|
|
|
924,180 |
|
| FedEx Corp. |
|
|
10,080 |
|
|
|
3,007,166 |
|
| SG Holdings Co. Ltd. (Japan) |
|
|
3,600 |
|
|
|
94,430 |
|
| United Parcel Service, Inc. (Class B Stock) |
|
|
29,600 |
|
|
|
6,155,912 |
|
| Yamato Holdings Co. Ltd. (Japan) |
|
|
2,900 |
|
|
|
82,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,216,241 |
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.1% |
|
|
|
|
|
|
|
|
| Alaska Air Group, Inc.* |
|
|
4,900 |
|
|
|
295,519 |
|
| American Airlines Group, Inc.*(a) |
|
|
25,100 |
|
|
|
532,371 |
|
| Delta Air Lines, Inc.* |
|
|
25,500 |
|
|
|
1,103,130 |
|
| Southwest Airlines Co.* |
|
|
24,300 |
|
|
|
1,290,087 |
|
| United Airlines Holdings, Inc.*(a) |
|
|
12,400 |
|
|
|
648,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,869,503 |
|
|
|
|
|
|
|
|
|
|
| Auto Components — 0.1% |
|
|
|
|
|
|
|
|
| Aisin Corp. (Japan) |
|
|
400 |
|
|
|
17,157 |
|
| Aptiv PLC* |
|
|
11,100 |
|
|
|
1,746,363 |
|
| BorgWarner, Inc. |
|
|
9,600 |
|
|
|
465,984 |
|
| Sumitomo Electric Industries Ltd. (Japan) |
|
|
1,600 |
|
|
|
23,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,253,172 |
|
|
|
|
|
|
|
|
|
|
| Automobiles — 1.0% |
|
|
|
|
|
|
|
|
| Bayerische Motoren Werke AG (Germany) |
|
|
1,749 |
|
|
|
185,583 |
|
| Daimler AG (Germany) |
|
|
4,512 |
|
|
|
403,479 |
|
| Ford Motor Co.* |
|
|
159,785 |
|
|
|
2,374,405 |
|
| General Motors Co.* |
|
|
52,600 |
|
|
|
3,112,342 |
|
| Isuzu Motors Ltd. (Japan) |
|
|
7,500 |
|
|
|
98,857 |
|
| Mazda Motor Corp. (Japan)* |
|
|
2,100 |
|
|
|
19,782 |
|
| Stellantis NV |
|
|
2,124 |
|
|
|
41,851 |
|
| Tesla, Inc.* |
|
|
31,710 |
|
|
|
21,553,287 |
|
| Toyota Motor Corp. (Japan) |
|
|
1,700 |
|
|
|
148,518 |
|
| Volkswagen AG (Germany) |
|
|
65 |
|
|
|
21,404 |
|
| Yamaha Motor Co. Ltd. (Japan) |
|
|
7,900 |
|
|
|
214,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,174,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Banks — 2.4% |
|
|
|
|
|
|
|
|
| Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
5,797 |
|
|
$ |
122,662 |
|
| Bank Hapoalim BM (Israel)* |
|
|
2,380 |
|
|
|
19,110 |
|
| Bank Leumi Le-Israel BM (Israel)* |
|
|
2,970 |
|
|
|
22,556 |
|
| Bank of America Corp. |
|
|
311,341 |
|
|
|
12,836,589 |
|
| BNP Paribas SA (France) |
|
|
5,669 |
|
|
|
355,274 |
|
| Chiba Bank Ltd. (The) (Japan) |
|
|
36,300 |
|
|
|
219,520 |
|
| Citigroup, Inc. |
|
|
85,835 |
|
|
|
6,072,826 |
|
| Citizens Financial Group, Inc. |
|
|
17,800 |
|
|
|
816,486 |
|
| Comerica, Inc. |
|
|
5,600 |
|
|
|
399,504 |
|
| Commonwealth Bank of Australia (Australia) |
|
|
4,709 |
|
|
|
353,906 |
|
| Credit Agricole SA (France) |
|
|
9,888 |
|
|
|
138,731 |
|
| DBS Group Holdings Ltd. (Singapore) |
|
|
15,100 |
|
|
|
337,210 |
|
| DNB ASA (Norway) |
|
|
10,487 |
|
|
|
228,707 |
|
| Fifth Third Bancorp |
|
|
29,021 |
|
|
|
1,109,473 |
|
| First Republic Bank |
|
|
7,400 |
|
|
|
1,385,058 |
|
| Huntington Bancshares, Inc. |
|
|
56,736 |
|
|
|
809,623 |
|
| Japan Post Bank Co. Ltd. (Japan) |
|
|
1,400 |
|
|
|
11,795 |
|
| JPMorgan Chase & Co. |
|
|
125,545 |
|
|
|
19,527,269 |
|
| KBC Group NV (Belgium) |
|
|
384 |
|
|
|
29,252 |
|
| KeyCorp |
|
|
39,300 |
|
|
|
811,545 |
|
| M&T Bank Corp. |
|
|
5,400 |
|
|
|
784,674 |
|
| Mitsubishi UFJ Financial Group, Inc. (Japan) |
|
|
28,600 |
|
|
|
154,384 |
|
| Mizuho Financial Group, Inc. (Japan) |
|
|
4,920 |
|
|
|
70,382 |
|
| National Australia Bank Ltd. (Australia) |
|
|
6,699 |
|
|
|
132,144 |
|
| Nordea Bank Abp (Finland) |
|
|
25,783 |
|
|
|
287,400 |
|
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
7,000 |
|
|
|
62,367 |
|
| People’s United Financial, Inc. |
|
|
15,300 |
|
|
|
262,242 |
|
| PNC Financial Services Group, Inc. (The) |
|
|
17,633 |
|
|
|
3,363,671 |
|
| Regions Financial Corp. |
|
|
37,703 |
|
|
|
760,847 |
|
| Resona Holdings, Inc. (Japan) |
|
|
4,000 |
|
|
|
15,417 |
|
| Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock) |
|
|
3,021 |
|
|
|
39,053 |
|
| Sumitomo Mitsui Financial Group, Inc. (Japan) |
|
|
4,000 |
|
|
|
137,596 |
|
| SVB Financial Group* |
|
|
2,300 |
|
|
|
1,279,789 |
|
| Svenska Handelsbanken AB (Sweden) (Class A Stock) |
|
|
3,245 |
|
|
|
36,696 |
|
| Truist Financial Corp. |
|
|
55,101 |
|
|
|
3,058,106 |
|
| U.S. Bancorp |
|
|
56,085 |
|
|
|
3,195,162 |
|
| United Overseas Bank Ltd. (Singapore) |
|
|
2,300 |
|
|
|
44,337 |
|
| Wells Fargo & Co. |
|
|
169,064 |
|
|
|
7,656,909 |
|
| Westpac Banking Corp. (Australia) |
|
|
4,664 |
|
|
|
90,372 |
|
| Zions Bancorp NA |
|
|
6,350 |
|
|
|
335,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,374,305 |
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.8% |
|
|
|
|
|
|
|
|
| Brown-Forman Corp. (Class B Stock) |
|
|
7,775 |
|
|
|
582,658 |
|
| Carlsberg A/S (Denmark) (Class B Stock) |
|
|
195 |
|
|
|
36,372 |
|
| Coca-Cola Co. (The) |
|
|
159,201 |
|
|
|
8,614,366 |
|
| Coca-Cola HBC AG (Russia)* |
|
|
420 |
|
|
|
15,243 |
|
| Constellation Brands, Inc. (Class A Stock) |
|
|
7,000 |
|
|
|
1,637,230 |
|
| Diageo PLC (United Kingdom) |
|
|
3,698 |
|
|
|
177,976 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A10
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Beverages (cont’d.) |
|
|
|
|
|
|
|
|
| Kirin Holdings Co. Ltd. (Japan) |
|
|
1,700 |
|
|
$ |
33,127 |
|
| Molson Coors Beverage Co. (Class B Stock)*(a) |
|
|
7,300 |
|
|
|
391,937 |
|
| Monster Beverage Corp.* |
|
|
15,100 |
|
|
|
1,379,385 |
|
| PepsiCo, Inc. |
|
|
56,907 |
|
|
|
8,431,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,300,204 |
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 1.0% |
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
72,701 |
|
|
|
8,189,041 |
|
| Alexion Pharmaceuticals, Inc.* |
|
|
9,000 |
|
|
|
1,653,390 |
|
| Amgen, Inc. |
|
|
23,837 |
|
|
|
5,810,269 |
|
| Biogen, Inc.* |
|
|
6,360 |
|
|
|
2,202,277 |
|
| Gilead Sciences, Inc. |
|
|
51,300 |
|
|
|
3,532,518 |
|
| Incyte Corp.* |
|
|
7,500 |
|
|
|
630,975 |
|
| Regeneron Pharmaceuticals, Inc.* |
|
|
4,340 |
|
|
|
2,424,063 |
|
| Vertex Pharmaceuticals, Inc.* |
|
|
10,700 |
|
|
|
2,157,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,599,974 |
|
|
|
|
|
|
|
|
|
|
| Building Products — 0.3% |
|
|
|
|
|
|
|
|
| A.O. Smith Corp. |
|
|
5,600 |
|
|
|
403,536 |
|
| AGC, Inc. (Japan) |
|
|
400 |
|
|
|
16,778 |
|
| Allegion PLC |
|
|
3,833 |
|
|
|
533,937 |
|
| Carrier Global Corp. |
|
|
32,802 |
|
|
|
1,594,177 |
|
| Cie de Saint-Gobain (France) |
|
|
4,482 |
|
|
|
296,073 |
|
| Fortune Brands Home & Security, Inc. |
|
|
5,900 |
|
|
|
587,699 |
|
| Geberit AG (Switzerland) |
|
|
76 |
|
|
|
57,077 |
|
| Johnson Controls International PLC |
|
|
29,622 |
|
|
|
2,032,958 |
|
| Kingspan Group PLC (Ireland) |
|
|
303 |
|
|
|
28,658 |
|
| Lixil Corp. (Japan) |
|
|
600 |
|
|
|
15,486 |
|
| Masco Corp. |
|
|
10,900 |
|
|
|
642,119 |
|
| Nibe Industrier AB (Sweden) (Class B Stock) |
|
|
2,970 |
|
|
|
31,274 |
|
| Trane Technologies PLC |
|
|
9,900 |
|
|
|
1,822,986 |
|
| Xinyi Glass Holdings Ltd. (Hong Kong) |
|
|
52,000 |
|
|
|
212,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,275,189 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 1.7% |
|
|
|
|
|
|
|
|
| 3i Group PLC (United Kingdom) |
|
|
5,126 |
|
|
|
83,530 |
|
| Ameriprise Financial, Inc. |
|
|
4,820 |
|
|
|
1,199,602 |
|
| Amundi SA (France), 144A |
|
|
128 |
|
|
|
11,307 |
|
| Bank of New York Mellon Corp. (The) |
|
|
33,358 |
|
|
|
1,708,930 |
|
| BlackRock, Inc. |
|
|
5,850 |
|
|
|
5,118,574 |
|
| Cboe Global Markets, Inc. |
|
|
4,500 |
|
|
|
535,725 |
|
| Charles Schwab Corp. (The) |
|
|
61,050 |
|
|
|
4,445,050 |
|
| CME Group, Inc. |
|
|
14,700 |
|
|
|
3,126,396 |
|
| Daiwa Securities Group, Inc. (Japan) |
|
|
40,000 |
|
|
|
219,951 |
|
| Franklin Resources, Inc.(a) |
|
|
10,100 |
|
|
|
323,099 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
14,300 |
|
|
|
5,427,279 |
|
| Intercontinental Exchange, Inc. |
|
|
22,955 |
|
|
|
2,724,759 |
|
| Invesco Ltd. |
|
|
13,800 |
|
|
|
368,874 |
|
| Julius Baer Group Ltd. (Switzerland) |
|
|
3,770 |
|
|
|
246,698 |
|
| MarketAxess Holdings, Inc. |
|
|
1,620 |
|
|
|
751,016 |
|
| Moody’s Corp. |
|
|
6,650 |
|
|
|
2,409,761 |
|
| Morgan Stanley |
|
|
61,819 |
|
|
|
5,668,184 |
|
| MSCI, Inc. |
|
|
3,400 |
|
|
|
1,812,472 |
|
| Nasdaq, Inc. |
|
|
5,000 |
|
|
|
879,000 |
|
| Northern Trust Corp. |
|
|
8,900 |
|
|
|
1,029,018 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Capital Markets (cont’d.) |
|
|
|
|
|
|
|
|
| Partners Group Holding AG (Switzerland) |
|
|
47 |
|
|
$ |
71,302 |
|
| Raymond James Financial, Inc. |
|
|
5,200 |
|
|
|
675,480 |
|
| S&P Global, Inc. |
|
|
9,860 |
|
|
|
4,047,037 |
|
| SBI Holdings, Inc. (Japan) |
|
|
400 |
|
|
|
9,483 |
|
| Schroders PLC (United Kingdom) |
|
|
4,358 |
|
|
|
211,780 |
|
| St. James’s Place PLC (United Kingdom) |
|
|
1,116 |
|
|
|
22,784 |
|
| Standard Life Aberdeen PLC (United Kingdom) |
|
|
4,050 |
|
|
|
15,230 |
|
| State Street Corp. |
|
|
14,300 |
|
|
|
1,176,604 |
|
| T. Rowe Price Group, Inc.(a) |
|
|
9,300 |
|
|
|
1,841,121 |
|
| UBS Group AG (Switzerland) |
|
|
22,476 |
|
|
|
344,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,504,233 |
|
|
|
|
|
|
|
|
|
|
| Chemicals — 1.0% |
|
|
|
|
|
|
|
|
| Air Products & Chemicals, Inc. |
|
|
9,100 |
|
|
|
2,617,888 |
|
| Akzo Nobel NV (Netherlands) |
|
|
400 |
|
|
|
49,507 |
|
| Albemarle Corp. |
|
|
4,700 |
|
|
|
791,762 |
|
| Arkema SA (France) |
|
|
130 |
|
|
|
16,345 |
|
| BASF SE (Germany) |
|
|
1,887 |
|
|
|
149,040 |
|
| Celanese Corp. |
|
|
5,000 |
|
|
|
758,000 |
|
| CF Industries Holdings, Inc. |
|
|
8,900 |
|
|
|
457,905 |
|
| Corteva, Inc. |
|
|
30,247 |
|
|
|
1,341,455 |
|
| Covestro AG (Germany), 144A |
|
|
3,724 |
|
|
|
241,305 |
|
| Dow, Inc. |
|
|
30,347 |
|
|
|
1,920,358 |
|
| DuPont de Nemours, Inc. |
|
|
21,947 |
|
|
|
1,698,917 |
|
| Eastman Chemical Co. |
|
|
5,700 |
|
|
|
665,475 |
|
| Ecolab, Inc. |
|
|
10,200 |
|
|
|
2,100,894 |
|
| Evonik Industries AG (Germany) |
|
|
440 |
|
|
|
14,788 |
|
| FMC Corp. |
|
|
5,600 |
|
|
|
605,920 |
|
| International Flavors & Fragrances, Inc. |
|
|
10,100 |
|
|
|
1,508,940 |
|
| Linde PLC (United Kingdom) |
|
|
21,500 |
|
|
|
6,215,650 |
|
| LyondellBasell Industries NV (Class A Stock) |
|
|
10,500 |
|
|
|
1,080,135 |
|
| Mitsubishi Chemical Holdings Corp. (Japan) |
|
|
2,000 |
|
|
|
16,832 |
|
| Mitsubishi Gas Chemical Co., Inc. (Japan) |
|
|
600 |
|
|
|
12,741 |
|
| Mitsui Chemicals, Inc. (Japan) |
|
|
400 |
|
|
|
13,858 |
|
| Mosaic Co. (The) |
|
|
14,100 |
|
|
|
449,931 |
|
| PPG Industries, Inc. |
|
|
9,700 |
|
|
|
1,646,769 |
|
| Sherwin-Williams Co. (The) |
|
|
10,050 |
|
|
|
2,738,123 |
|
| Tosoh Corp. (Japan) |
|
|
9,500 |
|
|
|
164,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,276,796 |
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies — 0.2% |
|
| Brambles Ltd. (Australia) |
|
|
2,993 |
|
|
|
25,779 |
|
| Cintas Corp. |
|
|
3,600 |
|
|
|
1,375,200 |
|
| Copart, Inc.* |
|
|
8,400 |
|
|
|
1,107,372 |
|
| Dai Nippon Printing Co. Ltd. (Japan) |
|
|
400 |
|
|
|
8,454 |
|
| Republic Services, Inc. |
|
|
8,965 |
|
|
|
986,240 |
|
| Rollins, Inc.(a) |
|
|
8,600 |
|
|
|
294,120 |
|
| Securitas AB (Sweden) (Class B Stock) |
|
|
663 |
|
|
|
10,468 |
|
| Waste Management, Inc. |
|
|
15,942 |
|
|
|
2,233,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,041,266 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A11
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Communications Equipment — 0.4% |
|
| Arista Networks, Inc.* |
|
|
2,400 |
|
|
$ |
869,544 |
|
| Cisco Systems, Inc. |
|
|
172,800 |
|
|
|
9,158,400 |
|
| F5 Networks, Inc.* |
|
|
2,600 |
|
|
|
485,316 |
|
| Juniper Networks, Inc. |
|
|
12,000 |
|
|
|
328,200 |
|
| Motorola Solutions, Inc. |
|
|
6,989 |
|
|
|
1,515,565 |
|
| Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) |
|
|
4,150 |
|
|
|
52,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,409,232 |
|
|
|
|
|
|
|
|
|
|
| Construction & Engineering — 0.0% |
|
| Kajima Corp. (Japan) |
|
|
800 |
|
|
|
10,162 |
|
| Quanta Services, Inc. |
|
|
6,100 |
|
|
|
552,477 |
|
| Skanska AB (Sweden) (Class B Stock) |
|
|
437 |
|
|
|
11,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
574,233 |
|
|
|
|
|
|
|
|
|
|
| Construction Materials — 0.1% |
|
| HeidelbergCement AG (Germany) |
|
|
115 |
|
|
|
9,876 |
|
| Holcim Ltd. (Switzerland)* |
|
|
3,376 |
|
|
|
203,064 |
|
| Martin Marietta Materials, Inc. |
|
|
2,600 |
|
|
|
914,706 |
|
| Vulcan Materials Co. |
|
|
5,600 |
|
|
|
974,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,102,438 |
|
|
|
|
|
|
|
|
|
|
| Consumer Finance — 0.4% |
|
|
|
|
|
|
|
|
| American Express Co. |
|
|
27,100 |
|
|
|
4,477,733 |
|
| Capital One Financial Corp. |
|
|
19,161 |
|
|
|
2,964,015 |
|
| Discover Financial Services |
|
|
12,540 |
|
|
|
1,483,357 |
|
| Synchrony Financial |
|
|
21,572 |
|
|
|
1,046,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,971,778 |
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.2% |
|
| Amcor PLC |
|
|
61,450 |
|
|
|
704,217 |
|
| Avery Dennison Corp. |
|
|
3,400 |
|
|
|
714,816 |
|
| Ball Corp. |
|
|
13,400 |
|
|
|
1,085,668 |
|
| International Paper Co. |
|
|
16,473 |
|
|
|
1,009,959 |
|
| Packaging Corp. of America |
|
|
3,800 |
|
|
|
514,596 |
|
| Sealed Air Corp. |
|
|
6,700 |
|
|
|
396,975 |
|
| Smurfit Kappa Group PLC (Ireland) |
|
|
476 |
|
|
|
25,919 |
|
| Westrock Co. |
|
|
10,444 |
|
|
|
555,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,007,980 |
|
|
|
|
|
|
|
|
|
|
| Distributors — 0.1% |
|
|
|
|
|
|
|
|
| Genuine Parts Co. |
|
|
5,900 |
|
|
|
746,173 |
|
| LKQ Corp.* |
|
|
11,700 |
|
|
|
575,874 |
|
| Pool Corp. |
|
|
1,700 |
|
|
|
779,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,101,769 |
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 0.8% |
|
| Berkshire Hathaway, Inc. (Class B Stock)* |
|
|
78,230 |
|
|
|
21,741,682 |
|
| Industrivarden AB (Sweden) (Class C Stock) |
|
|
323 |
|
|
|
11,826 |
|
| M&G PLC (United Kingdom) |
|
|
5,329 |
|
|
|
16,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,770,426 |
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services — 0.7% |
|
| AT&T, Inc. |
|
|
294,036 |
|
|
|
8,462,356 |
|
| BT Group PLC (United Kingdom)* |
|
|
18,031 |
|
|
|
48,541 |
|
| Deutsche Telekom AG (Germany) |
|
|
3,551 |
|
|
|
75,112 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Diversified Telecommunication Services (cont’d.) |
|
| Elisa OYJ (Finland) |
|
|
297 |
|
|
$ |
17,737 |
|
| Koninklijke KPN NV (Netherlands) |
|
|
7,037 |
|
|
|
22,016 |
|
| Lumen Technologies, Inc.(a) |
|
|
37,179 |
|
|
|
505,263 |
|
| Nippon Telegraph & Telephone Corp. (Japan) |
|
|
5,400 |
|
|
|
140,521 |
|
| Proximus SADP (Belgium) |
|
|
330 |
|
|
|
6,371 |
|
| Swisscom AG (Switzerland) |
|
|
294 |
|
|
|
168,017 |
|
| Telecom Italia SpA (Italy) |
|
|
21,280 |
|
|
|
10,578 |
|
| Telecom Italia SpA (Italy), RSP |
|
|
22,010 |
|
|
|
11,707 |
|
| Telefonica SA (Spain) |
|
|
11,160 |
|
|
|
52,211 |
|
| Telstra Corp. Ltd. (Australia) |
|
|
8,608 |
|
|
|
24,337 |
|
| Verizon Communications, Inc. |
|
|
170,176 |
|
|
|
9,534,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,079,728 |
|
|
|
|
|
|
|
|
|
|
| Electric Utilities — 0.9% |
|
|
|
|
|
|
|
|
| Alliant Energy Corp.(a) |
|
|
10,200 |
|
|
|
568,752 |
|
| American Electric Power Co., Inc. |
|
|
20,360 |
|
|
|
1,722,252 |
|
| Chubu Electric Power Co., Inc. (Japan) |
|
|
1,200 |
|
|
|
14,658 |
|
| CK Infrastructure Holdings Ltd. (Hong Kong) |
|
|
1,500 |
|
|
|
8,949 |
|
| Duke Energy Corp. |
|
|
31,161 |
|
|
|
3,076,214 |
|
| Edison International |
|
|
15,900 |
|
|
|
919,338 |
|
| Endesa SA (Spain) |
|
|
8,223 |
|
|
|
199,777 |
|
| Enel SpA (Italy) |
|
|
16,295 |
|
|
|
151,840 |
|
| Entergy Corp. |
|
|
8,200 |
|
|
|
817,540 |
|
| Evergy, Inc. |
|
|
9,000 |
|
|
|
543,870 |
|
| Eversource Energy |
|
|
13,900 |
|
|
|
1,115,336 |
|
| Exelon Corp. |
|
|
39,913 |
|
|
|
1,768,545 |
|
| FirstEnergy Corp. |
|
|
21,406 |
|
|
|
796,517 |
|
| Fortum OYJ (Finland) |
|
|
9,624 |
|
|
|
265,626 |
|
| Iberdrola SA (Spain) |
|
|
12,489 |
|
|
|
152,264 |
|
| Kansai Electric Power Co., Inc. (The) (Japan) |
|
|
1,400 |
|
|
|
13,363 |
|
| NextEra Energy, Inc. |
|
|
80,100 |
|
|
|
5,869,728 |
|
| NRG Energy, Inc. |
|
|
10,000 |
|
|
|
403,000 |
|
| Pinnacle West Capital Corp. |
|
|
4,700 |
|
|
|
385,259 |
|
| Power Assets Holdings Ltd. (Hong Kong) |
|
|
2,500 |
|
|
|
15,344 |
|
| PPL Corp. |
|
|
30,500 |
|
|
|
853,085 |
|
| Red Electrica Corp. SA (Spain) |
|
|
9,854 |
|
|
|
183,169 |
|
| Southern Co. (The) |
|
|
43,200 |
|
|
|
2,614,032 |
|
| SSE PLC (United Kingdom) |
|
|
2,211 |
|
|
|
46,127 |
|
| Tohoku Electric Power Co., Inc. (Japan) |
|
|
900 |
|
|
|
7,046 |
|
| Xcel Energy, Inc. |
|
|
22,310 |
|
|
|
1,469,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,981,414 |
|
|
|
|
|
|
|
|
|
|
| Electrical Equipment — 0.3% |
|
|
|
|
|
|
|
|
| ABB Ltd. (Switzerland) |
|
|
11,420 |
|
|
|
388,149 |
|
| AMETEK, Inc. |
|
|
9,700 |
|
|
|
1,294,950 |
|
| Eaton Corp. PLC |
|
|
16,337 |
|
|
|
2,420,817 |
|
| Emerson Electric Co. |
|
|
24,500 |
|
|
|
2,357,880 |
|
| Generac Holdings, Inc.* |
|
|
2,700 |
|
|
|
1,120,905 |
|
| Legrand SA (France) |
|
|
306 |
|
|
|
32,429 |
|
| Mitsubishi Electric Corp. (Japan) |
|
|
3,700 |
|
|
|
53,648 |
|
| Rockwell Automation, Inc. |
|
|
5,000 |
|
|
|
1,430,100 |
|
| Schneider Electric SE |
|
|
2,237 |
|
|
|
352,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,451,314 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A12
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Electronic Equipment, Instruments & Components — 0.3% |
|
| Amphenol Corp. (Class A Stock) |
|
|
24,600 |
|
|
$ |
1,682,886 |
|
| CDW Corp. |
|
|
5,950 |
|
|
|
1,039,167 |
|
| Corning, Inc. |
|
|
31,200 |
|
|
|
1,276,080 |
|
| Ibiden Co. Ltd. (Japan) |
|
|
200 |
|
|
|
10,780 |
|
| IPG Photonics Corp.* |
|
|
1,700 |
|
|
|
358,309 |
|
| Keysight Technologies, Inc.* |
|
|
7,600 |
|
|
|
1,173,516 |
|
| Shimadzu Corp. (Japan) |
|
|
500 |
|
|
|
19,337 |
|
| TE Connectivity Ltd. |
|
|
13,600 |
|
|
|
1,838,856 |
|
| Trimble, Inc.* |
|
|
10,000 |
|
|
|
818,300 |
|
| Zebra Technologies Corp. (Class A Stock)* |
|
|
2,230 |
|
|
|
1,180,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,397,994 |
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services — 0.1% |
|
| Baker Hughes Co.(a) |
|
|
29,598 |
|
|
|
676,906 |
|
| Halliburton Co. |
|
|
34,700 |
|
|
|
802,264 |
|
| NOV, Inc.* |
|
|
14,100 |
|
|
|
216,012 |
|
| Schlumberger NV |
|
|
55,924 |
|
|
|
1,790,127 |
|
| Tenaris SA |
|
|
1,020 |
|
|
|
11,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,496,481 |
|
|
|
|
|
|
|
|
|
|
| Entertainment — 1.1% |
|
|
|
|
|
|
|
|
| Activision Blizzard, Inc. |
|
|
31,600 |
|
|
|
3,015,904 |
|
| Capcom Co. Ltd. (Japan) |
|
|
400 |
|
|
|
11,711 |
|
| Electronic Arts, Inc. |
|
|
11,900 |
|
|
|
1,711,577 |
|
| Konami Holdings Corp. (Japan) |
|
|
3,000 |
|
|
|
179,506 |
|
| Live Nation Entertainment, Inc.* |
|
|
6,000 |
|
|
|
525,540 |
|
| Netflix, Inc.* |
|
|
18,210 |
|
|
|
9,618,704 |
|
| Nintendo Co. Ltd. (Japan) |
|
|
600 |
|
|
|
347,981 |
|
| Take-Two Interactive Software, Inc.* |
|
|
4,700 |
|
|
|
831,994 |
|
| Walt Disney Co. (The)* |
|
|
74,682 |
|
|
|
13,126,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,369,772 |
|
|
|
|
|
|
|
|
|
|
| Equity Real Estate Investment Trusts (REITs) — 1.3% |
|
| Alexandria Real Estate Equities, Inc. |
|
|
5,380 |
|
|
|
978,837 |
|
| American Tower Corp. |
|
|
18,560 |
|
|
|
5,013,798 |
|
| AvalonBay Communities, Inc. |
|
|
5,775 |
|
|
|
1,205,185 |
|
| Boston Properties, Inc.(a) |
|
|
6,000 |
|
|
|
687,540 |
|
| Crown Castle International Corp. |
|
|
17,700 |
|
|
|
3,453,270 |
|
| Dexus (Australia)* |
|
|
2,288 |
|
|
|
18,272 |
|
| Digital Realty Trust, Inc. |
|
|
11,600 |
|
|
|
1,745,336 |
|
| Duke Realty Corp. |
|
|
15,100 |
|
|
|
714,985 |
|
| Equinix, Inc. |
|
|
3,704 |
|
|
|
2,972,830 |
|
| Equity Residential |
|
|
14,000 |
|
|
|
1,078,000 |
|
| Essex Property Trust, Inc. |
|
|
2,650 |
|
|
|
795,026 |
|
| Extra Space Storage, Inc. |
|
|
5,700 |
|
|
|
933,774 |
|
| Federal Realty Investment Trust(a) |
|
|
2,700 |
|
|
|
316,359 |
|
| Goodman Group (Australia) |
|
|
18,356 |
|
|
|
291,149 |
|
| Healthpeak Properties, Inc. |
|
|
21,500 |
|
|
|
715,735 |
|
| Host Hotels & Resorts, Inc.* |
|
|
26,682 |
|
|
|
455,995 |
|
| Iron Mountain, Inc.(a) |
|
|
11,502 |
|
|
|
486,765 |
|
| Japan Metropolitan Fund Investment Corp. (Japan) |
|
|
18 |
|
|
|
19,430 |
|
| Japan Real Estate Investment Corp. (Japan) |
|
|
2 |
|
|
|
12,305 |
|
| Kimco Realty Corp.(a) |
|
|
16,700 |
|
|
|
348,195 |
|
| Link REIT (Hong Kong) |
|
|
4,100 |
|
|
|
39,675 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Equity Real Estate Investment Trusts (REITs) (cont’d.) |
|
| Mid-America Apartment Communities, Inc. |
|
|
4,900 |
|
|
$ |
825,258 |
|
| Prologis, Inc. |
|
|
30,277 |
|
|
|
3,619,010 |
|
| Public Storage |
|
|
6,320 |
|
|
|
1,900,361 |
|
| Realty Income Corp.(a) |
|
|
15,300 |
|
|
|
1,021,122 |
|
| Regency Centers Corp. |
|
|
6,500 |
|
|
|
416,455 |
|
| SBA Communications Corp. |
|
|
4,600 |
|
|
|
1,466,020 |
|
| Simon Property Group, Inc. |
|
|
13,693 |
|
|
|
1,786,663 |
|
| Stockland (Australia) |
|
|
72,605 |
|
|
|
253,369 |
|
| UDR, Inc. |
|
|
11,300 |
|
|
|
553,474 |
|
| Ventas, Inc. |
|
|
15,318 |
|
|
|
874,658 |
|
| Vornado Realty Trust(a) |
|
|
6,325 |
|
|
|
295,188 |
|
| Welltower, Inc. |
|
|
17,000 |
|
|
|
1,412,700 |
|
| Weyerhaeuser Co. |
|
|
29,918 |
|
|
|
1,029,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,736,516 |
|
|
|
|
|
|
|
|
|
|
| Food & Staples Retailing — 0.7% |
|
| Carrefour SA (France) |
|
|
1,080 |
|
|
|
21,302 |
|
| Costco Wholesale Corp. |
|
|
18,300 |
|
|
|
7,240,761 |
|
| Etablissements Franz Colruyt NV (Belgium) |
|
|
848 |
|
|
|
47,498 |
|
| ICA Gruppen AB (Sweden) |
|
|
210 |
|
|
|
9,779 |
|
| J Sainsbury PLC (United Kingdom) |
|
|
3,648 |
|
|
|
13,735 |
|
| Kesko OYJ (Finland) (Class B Stock) |
|
|
528 |
|
|
|
19,518 |
|
| Koninklijke Ahold Delhaize NV (Netherlands) |
|
|
9,594 |
|
|
|
285,066 |
|
| Kroger Co. (The)(a) |
|
|
31,892 |
|
|
|
1,221,782 |
|
| Seven & i Holdings Co. Ltd.(Japan) |
|
|
1,600 |
|
|
|
76,472 |
|
| Sysco Corp. |
|
|
20,800 |
|
|
|
1,617,200 |
|
| Tesco PLC (United Kingdom) |
|
|
26,808 |
|
|
|
82,725 |
|
| Walgreens Boots Alliance, Inc. |
|
|
29,400 |
|
|
|
1,546,734 |
|
| Walmart, Inc. |
|
|
57,100 |
|
|
|
8,052,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,234,814 |
|
|
|
|
|
|
|
|
|
|
| Food Products — 0.5% |
|
|
|
|
|
|
|
|
| Ajinomoto Co., Inc. (Japan) |
|
|
1,000 |
|
|
|
25,978 |
|
| Archer-Daniels-Midland Co. |
|
|
22,726 |
|
|
|
1,377,196 |
|
| Campbell Soup Co.(a) |
|
|
7,900 |
|
|
|
360,161 |
|
| Conagra Brands, Inc. |
|
|
20,100 |
|
|
|
731,238 |
|
| General Mills, Inc. |
|
|
25,000 |
|
|
|
1,523,250 |
|
| Hershey Co. (The) |
|
|
6,300 |
|
|
|
1,097,334 |
|
| Hormel Foods Corp.(a) |
|
|
11,100 |
|
|
|
530,025 |
|
| J.M. Smucker Co. (The)(a) |
|
|
4,600 |
|
|
|
596,022 |
|
| Kellogg Co.(a) |
|
|
10,100 |
|
|
|
649,733 |
|
| Kraft Heinz Co. (The) |
|
|
26,417 |
|
|
|
1,077,285 |
|
| Lamb Weston Holdings, Inc. |
|
|
6,100 |
|
|
|
492,026 |
|
| McCormick & Co., Inc. |
|
|
10,140 |
|
|
|
895,565 |
|
| Mondelez International, Inc. (Class A Stock) |
|
|
58,453 |
|
|
|
3,649,805 |
|
| Nestle SA (Switzerland) |
|
|
4,179 |
|
|
|
520,626 |
|
| NH Foods Ltd. (Japan) |
|
|
200 |
|
|
|
7,787 |
|
| Orkla ASA (Norway) |
|
|
22,383 |
|
|
|
228,335 |
|
| Tate & Lyle PLC (United Kingdom) |
|
|
7,241 |
|
|
|
74,165 |
|
| Tyson Foods, Inc. (Class A Stock) |
|
|
12,400 |
|
|
|
914,624 |
|
| WH Group Ltd. (Hong Kong), 144A |
|
|
20,000 |
|
|
|
17,976 |
|
| Wilmar International Ltd. (China) |
|
|
67,600 |
|
|
|
227,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,996,548 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A13
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Gas Utilities — 0.0% |
|
| Atmos Energy Corp.(a) |
|
|
5,300 |
|
|
$ |
509,383 |
|
| Enagas SA (Spain) |
|
|
527 |
|
|
|
12,191 |
|
| Osaka Gas Co. Ltd. (Japan) |
|
|
800 |
|
|
|
14,889 |
|
| Snam SpA (Italy) |
|
|
10,531 |
|
|
|
60,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
597,275 |
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 1.9% |
|
| Abbott Laboratories |
|
|
72,700 |
|
|
|
8,428,111 |
|
| ABIOMED, Inc.* |
|
|
1,860 |
|
|
|
580,524 |
|
| Align Technology, Inc.* |
|
|
3,000 |
|
|
|
1,833,000 |
|
| Baxter International, Inc. |
|
|
20,900 |
|
|
|
1,682,450 |
|
| Becton, Dickinson & Co. |
|
|
12,210 |
|
|
|
2,969,350 |
|
| Boston Scientific Corp.* |
|
|
58,567 |
|
|
|
2,504,325 |
|
| Cooper Cos., Inc. (The) |
|
|
2,040 |
|
|
|
808,391 |
|
| Danaher Corp. |
|
|
26,200 |
|
|
|
7,031,032 |
|
| DENTSPLY SIRONA, Inc. |
|
|
8,600 |
|
|
|
544,036 |
|
| Dexcom, Inc.* |
|
|
4,000 |
|
|
|
1,708,000 |
|
| DiaSorin SpA (Italy) |
|
|
48 |
|
|
|
9,070 |
|
| Edwards Lifesciences Corp.* |
|
|
25,500 |
|
|
|
2,641,035 |
|
| GN Store Nord A/S (Denmark) |
|
|
252 |
|
|
|
22,055 |
|
| Hologic, Inc.* |
|
|
10,800 |
|
|
|
720,576 |
|
| Hoya Corp. (Japan) |
|
|
800 |
|
|
|
105,544 |
|
| IDEXX Laboratories, Inc.* |
|
|
3,600 |
|
|
|
2,273,580 |
|
| Intuitive Surgical, Inc.* |
|
|
4,920 |
|
|
|
4,524,629 |
|
| Medtronic PLC |
|
|
55,590 |
|
|
|
6,900,387 |
|
| ResMed, Inc. |
|
|
6,000 |
|
|
|
1,479,120 |
|
| Sonova Holding AG (Switzerland) |
|
|
510 |
|
|
|
192,153 |
|
| STERIS PLC |
|
|
3,850 |
|
|
|
794,255 |
|
| Stryker Corp. |
|
|
13,700 |
|
|
|
3,558,301 |
|
| Teleflex, Inc. |
|
|
2,000 |
|
|
|
803,580 |
|
| West Pharmaceutical Services, Inc. |
|
|
3,200 |
|
|
|
1,149,120 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
8,500 |
|
|
|
1,366,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,629,594 |
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services — 1.4% |
|
| AmerisourceBergen Corp. |
|
|
6,300 |
|
|
|
721,287 |
|
| Amplifon SpA (Italy) |
|
|
266 |
|
|
|
13,139 |
|
| Anthem, Inc. |
|
|
10,200 |
|
|
|
3,894,360 |
|
| Cardinal Health, Inc. |
|
|
12,050 |
|
|
|
687,935 |
|
| Centene Corp.* |
|
|
23,750 |
|
|
|
1,732,087 |
|
| Cigna Corp. |
|
|
14,600 |
|
|
|
3,461,222 |
|
| CVS Health Corp. |
|
|
54,183 |
|
|
|
4,521,030 |
|
| DaVita, Inc.* |
|
|
3,300 |
|
|
|
397,419 |
|
| Fresenius Medical Care AG & Co. KGaA (Germany) |
|
|
2,017 |
|
|
|
167,802 |
|
| Fresenius SE & Co. KGaA (Germany) |
|
|
4,007 |
|
|
|
209,211 |
|
| HCA Healthcare, Inc. |
|
|
11,100 |
|
|
|
2,294,814 |
|
| Henry Schein, Inc.* |
|
|
6,000 |
|
|
|
445,140 |
|
| Humana, Inc. |
|
|
5,450 |
|
|
|
2,412,824 |
|
| Laboratory Corp. of America Holdings* |
|
|
4,200 |
|
|
|
1,158,570 |
|
| McKesson Corp. |
|
|
6,630 |
|
|
|
1,267,921 |
|
| Medipal Holdings Corp. (Japan) |
|
|
10,800 |
|
|
|
206,234 |
|
| Quest Diagnostics, Inc. |
|
|
5,500 |
|
|
|
725,835 |
|
| Sonic Healthcare Ltd. (Australia) |
|
|
5,701 |
|
|
|
164,527 |
|
| UnitedHealth Group, Inc. |
|
|
38,860 |
|
|
|
15,561,098 |
|
| Universal Health Services, Inc. (Class B Stock) |
|
|
3,400 |
|
|
|
497,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,540,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Health Care Technology — 0.0% |
|
| Cerner Corp. |
|
|
12,300 |
|
|
$ |
961,368 |
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure — 1.1% |
|
| Booking Holdings, Inc.* |
|
|
1,720 |
|
|
|
3,763,515 |
|
| Caesars Entertainment, Inc.* |
|
|
8,200 |
|
|
|
850,750 |
|
| Carnival Corp.*(a) |
|
|
31,600 |
|
|
|
832,976 |
|
| Chipotle Mexican Grill, Inc.* |
|
|
1,170 |
|
|
|
1,813,898 |
|
| Darden Restaurants, Inc. |
|
|
5,450 |
|
|
|
795,645 |
|
| Domino’s Pizza, Inc. |
|
|
1,600 |
|
|
|
746,384 |
|
| Evolution AB (Sweden), 144A |
|
|
1,688 |
|
|
|
267,654 |
|
| Expedia Group, Inc.* |
|
|
5,850 |
|
|
|
957,703 |
|
| Hilton Worldwide Holdings, Inc.* |
|
|
11,300 |
|
|
|
1,363,006 |
|
| La Francaise des Jeux SAEM (France), 144A |
|
|
1,594 |
|
|
|
93,888 |
|
| Las Vegas Sands Corp.* |
|
|
13,300 |
|
|
|
700,777 |
|
| Marriott International, Inc. (Class A Stock)* |
|
|
10,928 |
|
|
|
1,491,891 |
|
| McDonald’s Corp. |
|
|
30,800 |
|
|
|
7,114,492 |
|
| McDonald’s Holdings Co. Japan Ltd. (Japan) |
|
|
1,500 |
|
|
|
66,210 |
|
| MGM Resorts International |
|
|
15,900 |
|
|
|
678,135 |
|
| Norwegian Cruise Line Holdings Ltd.*(a) |
|
|
13,800 |
|
|
|
405,858 |
|
| Penn National Gaming, Inc.* |
|
|
5,700 |
|
|
|
435,993 |
|
| Royal Caribbean Cruises Ltd.*(a) |
|
|
8,700 |
|
|
|
741,936 |
|
| Starbucks Corp. |
|
|
48,500 |
|
|
|
5,422,785 |
|
| Tabcorp Holdings Ltd. (Australia) |
|
|
4,464 |
|
|
|
17,371 |
|
| Wynn Resorts Ltd.*(a) |
|
|
4,300 |
|
|
|
525,890 |
|
| Yum! Brands, Inc. |
|
|
12,400 |
|
|
|
1,426,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,513,129 |
|
|
|
|
|
|
|
|
|
|
| Household Durables — 0.3% |
|
|
|
|
|
| Barratt Developments PLC (United Kingdom) |
|
|
22,403 |
|
|
|
215,475 |
|
| D.R. Horton, Inc. |
|
|
13,500 |
|
|
|
1,219,995 |
|
| Electrolux AB (Sweden) (Class B Stock) |
|
|
450 |
|
|
|
12,512 |
|
| Garmin Ltd. |
|
|
6,100 |
|
|
|
882,304 |
|
| Husqvarna AB (Sweden) (Class B Stock) |
|
|
1,631 |
|
|
|
21,713 |
|
| Iida Group Holdings Co. Ltd. (Japan) |
|
|
10,100 |
|
|
|
260,206 |
|
| Leggett & Platt, Inc.(a) |
|
|
5,400 |
|
|
|
279,774 |
|
| Lennar Corp. (Class A Stock) |
|
|
11,100 |
|
|
|
1,102,785 |
|
| Mohawk Industries, Inc.* |
|
|
2,540 |
|
|
|
488,163 |
|
| Newell Brands, Inc. |
|
|
13,814 |
|
|
|
379,471 |
|
| NVR, Inc.* |
|
|
150 |
|
|
|
745,995 |
|
| Panasonic Corp. (Japan) |
|
|
4,700 |
|
|
|
54,327 |
|
| Persimmon PLC (United Kingdom) |
|
|
658 |
|
|
|
27,058 |
|
| PulteGroup, Inc. |
|
|
11,322 |
|
|
|
617,842 |
|
| Sekisui House Ltd. (Japan) |
|
|
1,300 |
|
|
|
26,632 |
|
| Sony Group Corp. (Japan) |
|
|
2,700 |
|
|
|
261,358 |
|
| Whirlpool Corp. |
|
|
2,726 |
|
|
|
594,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,189,932 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.7% |
|
|
|
|
|
|
|
|
| Church & Dwight Co., Inc. |
|
|
10,500 |
|
|
|
894,810 |
|
| Clorox Co. (The)(a) |
|
|
5,400 |
|
|
|
971,514 |
|
| Colgate-Palmolive Co. |
|
|
35,100 |
|
|
|
2,855,385 |
|
| Henkel AG & Co. KGaA (Germany) |
|
|
198 |
|
|
|
18,251 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A14
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Household Products (cont’d.) |
|
| Kimberly-Clark Corp. |
|
|
13,900 |
|
|
$ |
1,859,542 |
|
| Procter & Gamble Co. (The) |
|
|
101,125 |
|
|
|
13,644,796 |
|
| Reckitt Benckiser Group PLC (United Kingdom) |
|
|
700 |
|
|
|
62,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,306,343 |
|
|
|
|
|
|
|
|
|
|
| Independent Power & Renewable Electricity
Producers — 0.0% |
|
| AES Corp. (The) |
|
|
26,600 |
|
|
|
693,462 |
|
| Electric Power Development Co. Ltd. (Japan) |
|
|
4,500 |
|
|
|
64,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
757,785 |
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates — 0.7% |
|
| 3M Co. |
|
|
23,900 |
|
|
|
4,747,257 |
|
| CK Hutchison Holdings Ltd. (United Kingdom) |
|
|
5,000 |
|
|
|
38,913 |
|
| DCC PLC (United Kingdom) |
|
|
628 |
|
|
|
51,498 |
|
| General Electric Co. |
|
|
358,230 |
|
|
|
4,821,776 |
|
| Hitachi Ltd. (Japan) |
|
|
2,000 |
|
|
|
114,220 |
|
| Honeywell International, Inc. |
|
|
28,712 |
|
|
|
6,297,977 |
|
| Roper Technologies, Inc. |
|
|
4,320 |
|
|
|
2,031,264 |
|
| Siemens AG (Germany) |
|
|
173 |
|
|
|
27,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,130,331 |
|
|
|
|
|
|
|
|
|
|
| Insurance — 1.0% |
|
|
|
|
|
|
|
|
| Aflac, Inc. |
|
|
26,300 |
|
|
|
1,411,258 |
|
| Ageas SA/NV (Belgium) |
|
|
4,320 |
|
|
|
239,594 |
|
| AIA Group Ltd. (Hong Kong) |
|
|
7,000 |
|
|
|
87,195 |
|
| Allianz SE (Germany) |
|
|
843 |
|
|
|
210,348 |
|
| Allstate Corp. (The) |
|
|
12,500 |
|
|
|
1,630,500 |
|
| American International Group, Inc. |
|
|
35,239 |
|
|
|
1,677,376 |
|
| Aon PLC (Class A Stock)(a) |
|
|
9,400 |
|
|
|
2,244,344 |
|
| Arthur J. Gallagher & Co. |
|
|
8,200 |
|
|
|
1,148,656 |
|
| Assicurazioni Generali SpA (Italy) |
|
|
2,319 |
|
|
|
46,577 |
|
| Assurant, Inc. |
|
|
2,500 |
|
|
|
390,450 |
|
| Chubb Ltd. |
|
|
18,486 |
|
|
|
2,938,165 |
|
| Cincinnati Financial Corp. |
|
|
6,437 |
|
|
|
750,683 |
|
| Dai-ichi Life Holdings, Inc. (Japan) |
|
|
5,900 |
|
|
|
108,437 |
|
| Everest Re Group Ltd. |
|
|
1,840 |
|
|
|
463,698 |
|
| Gjensidige Forsikring ASA (Norway) |
|
|
421 |
|
|
|
9,298 |
|
| Globe Life, Inc. |
|
|
3,825 |
|
|
|
364,331 |
|
| Hartford Financial Services Group, Inc. (The) |
|
|
15,000 |
|
|
|
929,550 |
|
| Japan Post Holdings Co. Ltd. (Japan)* |
|
|
3,200 |
|
|
|
26,220 |
|
| Japan Post Insurance Co. Ltd. (Japan) |
|
|
500 |
|
|
|
9,261 |
|
| Legal & General Group PLC (United Kingdom) |
|
|
63,787 |
|
|
|
227,756 |
|
| Lincoln National Corp. |
|
|
7,318 |
|
|
|
459,863 |
|
| Loews Corp. |
|
|
9,775 |
|
|
|
534,204 |
|
| Marsh & McLennan Cos., Inc. |
|
|
20,800 |
|
|
|
2,926,144 |
|
| Medibank Private Ltd. (Australia) |
|
|
5,662 |
|
|
|
13,432 |
|
| MetLife, Inc. |
|
|
31,250 |
|
|
|
1,870,312 |
|
| NN Group NV (Netherlands) |
|
|
5,746 |
|
|
|
271,598 |
|
| Poste Italiane SpA (Italy), 144A |
|
|
19,839 |
|
|
|
262,305 |
|
| Principal Financial Group, Inc. |
|
|
10,600 |
|
|
|
669,814 |
|
| Progressive Corp. (The) |
|
|
24,000 |
|
|
|
2,357,040 |
|
| Swiss Life Holding AG (Switzerland) |
|
|
53 |
|
|
|
25,782 |
|
| Travelers Cos., Inc. (The) |
|
|
10,435 |
|
|
|
1,562,224 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Insurance (cont’d.) |
|
| Unum Group |
|
|
6,610 |
|
|
$ |
187,724 |
|
| W.R. Berkley Corp. |
|
|
5,700 |
|
|
|
424,251 |
|
| Willis Towers Watson PLC |
|
|
5,340 |
|
|
|
1,228,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,706,697 |
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services — 3.4% |
|
| Alphabet, Inc. (Class A Stock)* |
|
|
12,390 |
|
|
|
30,253,778 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
11,803 |
|
|
|
29,582,095 |
|
| Auto Trader Group PLC (United Kingdom), 144A* |
|
|
1,230 |
|
|
|
10,782 |
|
| Facebook, Inc. (Class A Stock)* |
|
|
98,830 |
|
|
|
34,364,180 |
|
| REA Group Ltd. (Australia) |
|
|
100 |
|
|
|
12,728 |
|
| Twitter, Inc.* |
|
|
32,500 |
|
|
|
2,236,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,459,888 |
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail — 2.3% |
|
| Amazon.com, Inc.* |
|
|
17,650 |
|
|
|
60,718,824 |
|
| eBay, Inc. |
|
|
26,800 |
|
|
|
1,881,628 |
|
| Etsy, Inc.* |
|
|
5,200 |
|
|
|
1,070,368 |
|
| HelloFresh SE (Germany)* |
|
|
906 |
|
|
|
88,303 |
|
| Zalando SE (Germany), 144A* |
|
|
282 |
|
|
|
34,165 |
|
| ZOZO, Inc. (Japan) |
|
|
400 |
|
|
|
13,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,806,854 |
|
|
|
|
|
|
|
|
|
|
| IT Services — 2.8% |
|
|
|
|
|
|
|
|
| Accenture PLC (Class A Stock) |
|
|
26,200 |
|
|
|
7,723,498 |
|
| Adyen NV (Netherlands), 144A* |
|
|
37 |
|
|
|
90,576 |
|
| Akamai Technologies, Inc.* |
|
|
7,000 |
|
|
|
816,200 |
|
| Automatic Data Processing, Inc. |
|
|
17,600 |
|
|
|
3,495,712 |
|
| Broadridge Financial Solutions, Inc. |
|
|
5,000 |
|
|
|
807,650 |
|
| Capgemini SE (France) |
|
|
319 |
|
|
|
61,368 |
|
| Cognizant Technology Solutions Corp. (Class A Stock) |
|
|
21,900 |
|
|
|
1,516,794 |
|
| DXC Technology Co.* |
|
|
10,428 |
|
|
|
406,066 |
|
| Fidelity National Information Services, Inc. |
|
|
25,400 |
|
|
|
3,598,418 |
|
| Fiserv, Inc.* |
|
|
24,300 |
|
|
|
2,597,427 |
|
| FleetCor Technologies, Inc.* |
|
|
3,400 |
|
|
|
870,604 |
|
| Fujitsu Ltd. (Japan) |
|
|
1,700 |
|
|
|
318,521 |
|
| Gartner, Inc.* |
|
|
3,800 |
|
|
|
920,360 |
|
| Global Payments, Inc. |
|
|
12,277 |
|
|
|
2,302,428 |
|
| International Business Machines Corp. |
|
|
36,900 |
|
|
|
5,409,171 |
|
| Jack Henry & Associates, Inc.(a) |
|
|
3,100 |
|
|
|
506,881 |
|
| Mastercard, Inc. (Class A Stock) |
|
|
35,950 |
|
|
|
13,124,985 |
|
| Paychex, Inc. |
|
|
13,100 |
|
|
|
1,405,630 |
|
| PayPal Holdings, Inc.* |
|
|
48,300 |
|
|
|
14,078,484 |
|
| SCSK Corp. (Japan) |
|
|
3,600 |
|
|
|
214,486 |
|
| VeriSign, Inc.* |
|
|
4,300 |
|
|
|
979,067 |
|
| Visa, Inc. (Class A Stock)(a) |
|
|
69,700 |
|
|
|
16,297,254 |
|
| Western Union Co. (The) |
|
|
15,510 |
|
|
|
356,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,897,845 |
|
|
|
|
|
|
|
|
|
|
| Leisure Products — 0.0% |
|
|
|
|
|
|
|
|
| Hasbro, Inc. |
|
|
5,100 |
|
|
|
482,052 |
|
| Shimano, Inc. (Japan) |
|
|
700 |
|
|
|
166,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
648,476 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A15
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Life Sciences Tools & Services — 0.7% |
|
| Agilent Technologies, Inc. |
|
|
12,514 |
|
|
$ |
1,849,694 |
|
| Bio-Rad Laboratories, Inc. (Class A Stock)* |
|
|
900 |
|
|
|
579,861 |
|
| Charles River Laboratories International, Inc.* |
|
|
2,160 |
|
|
|
799,027 |
|
| Eurofins Scientific SE (Luxembourg)* |
|
|
2,412 |
|
|
|
276,172 |
|
| Illumina, Inc.* |
|
|
6,000 |
|
|
|
2,839,260 |
|
| IQVIA Holdings, Inc.* |
|
|
7,900 |
|
|
|
1,914,328 |
|
| Mettler-Toledo International, Inc.* |
|
|
1,000 |
|
|
|
1,385,340 |
|
| PerkinElmer, Inc. |
|
|
4,500 |
|
|
|
694,845 |
|
| Sartorius Stedim Biotech (France) |
|
|
139 |
|
|
|
65,881 |
|
| Thermo Fisher Scientific, Inc. |
|
|
16,340 |
|
|
|
8,243,040 |
|
| Waters Corp.* |
|
|
2,600 |
|
|
|
898,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,546,034 |
|
|
|
|
|
|
|
|
|
|
| Machinery — 0.9% |
|
|
|
|
|
|
|
|
| Amada Co. Ltd. (Japan) |
|
|
1,200 |
|
|
|
12,160 |
|
| Atlas Copco AB (Sweden) (Class A Stock) |
|
|
1,397 |
|
|
|
85,719 |
|
| Atlas Copco AB (Sweden) (Class B Stock) |
|
|
754 |
|
|
|
39,715 |
|
| Caterpillar, Inc. |
|
|
22,600 |
|
|
|
4,918,438 |
|
| CNH Industrial NV (United Kingdom) |
|
|
2,107 |
|
|
|
35,036 |
|
| Cummins, Inc. |
|
|
6,200 |
|
|
|
1,511,622 |
|
| Deere & Co. |
|
|
12,880 |
|
|
|
4,542,905 |
|
| Dover Corp. |
|
|
5,900 |
|
|
|
888,540 |
|
| Epiroc AB (Sweden) (Class A Stock) |
|
|
1,385 |
|
|
|
31,604 |
|
| Epiroc AB (Sweden) (Class B Stock) |
|
|
784 |
|
|
|
15,412 |
|
| FANUC Corp. (Japan) |
|
|
400 |
|
|
|
96,453 |
|
| Fortive Corp. |
|
|
14,150 |
|
|
|
986,821 |
|
| GEA Group AG (Germany) |
|
|
323 |
|
|
|
13,093 |
|
| IDEX Corp. |
|
|
3,210 |
|
|
|
706,361 |
|
| Illinois Tool Works, Inc. |
|
|
11,800 |
|
|
|
2,638,008 |
|
| Ingersoll Rand, Inc.* |
|
|
14,600 |
|
|
|
712,626 |
|
| Kubota Corp. (Japan) |
|
|
2,200 |
|
|
|
44,530 |
|
| Makita Corp. (Japan) |
|
|
400 |
|
|
|
18,828 |
|
| MINEBEA MITSUMI, Inc. (Japan) |
|
|
700 |
|
|
|
18,504 |
|
| MISUMI Group, Inc. (Japan) |
|
|
600 |
|
|
|
20,285 |
|
| Nabtesco Corp. (Japan) |
|
|
300 |
|
|
|
11,329 |
|
| Otis Worldwide Corp. |
|
|
16,701 |
|
|
|
1,365,641 |
|
| PACCAR, Inc. |
|
|
14,143 |
|
|
|
1,262,263 |
|
| Parker-Hannifin Corp. |
|
|
5,465 |
|
|
|
1,678,356 |
|
| Pentair PLC(a) |
|
|
6,577 |
|
|
|
443,882 |
|
| Sandvik AB (Sweden) |
|
|
6,528 |
|
|
|
166,981 |
|
| Schindler Holding AG (Switzerland) |
|
|
71 |
|
|
|
20,772 |
|
| SKF AB (Sweden) (Class B Stock) |
|
|
750 |
|
|
|
19,120 |
|
| SMC Corp. (Japan) |
|
|
200 |
|
|
|
118,114 |
|
| Snap-on, Inc. |
|
|
2,400 |
|
|
|
536,232 |
|
| Spirax-Sarco Engineering PLC (United Kingdom) |
|
|
153 |
|
|
|
28,794 |
|
| Stanley Black & Decker, Inc. |
|
|
6,597 |
|
|
|
1,352,319 |
|
| Techtronic Industries Co. Ltd. (Hong Kong) |
|
|
7,000 |
|
|
|
122,176 |
|
| Volvo AB (Sweden) (Class A Stock) |
|
|
442 |
|
|
|
10,988 |
|
| Volvo AB (Sweden) (Class B Stock) |
|
|
2,997 |
|
|
|
72,338 |
|
| Westinghouse Air Brake Technologies Corp. |
|
|
7,251 |
|
|
|
596,757 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Machinery (cont’d.) |
|
| Xylem, Inc. |
|
|
7,600 |
|
|
$ |
911,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,054,418 |
|
|
|
|
|
|
|
|
|
|
| Marine — 0.0% |
|
|
|
|
|
|
|
|
| AP Moller - Maersk A/S (Denmark) (Class A Stock) |
|
|
6 |
|
|
|
16,704 |
|
| AP Moller - Maersk A/S (Denmark) (Class B Stock) |
|
|
90 |
|
|
|
259,320 |
|
| Kuehne + Nagel International AG (Switzerland) |
|
|
102 |
|
|
|
34,932 |
|
| Nippon Yusen KK (Japan) |
|
|
400 |
|
|
|
20,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
331,263 |
|
|
|
|
|
|
|
|
|
|
| Media — 0.7% |
|
|
|
|
|
|
|
|
| Charter Communications, Inc. (Class A Stock)*(a) |
|
|
5,860 |
|
|
|
4,227,697 |
|
| Comcast Corp. (Class A Stock) |
|
|
187,780 |
|
|
|
10,707,215 |
|
| CyberAgent, Inc. (Japan) |
|
|
900 |
|
|
|
19,278 |
|
| Discovery, Inc. (Class A Stock)*(a) |
|
|
6,400 |
|
|
|
196,352 |
|
| Discovery, Inc. (Class C Stock)*(a) |
|
|
11,800 |
|
|
|
341,964 |
|
| DISH Network Corp. (Class A Stock)* |
|
|
9,017 |
|
|
|
376,911 |
|
| Fox Corp. (Class A Stock) |
|
|
13,600 |
|
|
|
504,968 |
|
| Fox Corp. (Class B Stock) |
|
|
5,733 |
|
|
|
201,802 |
|
| Interpublic Group of Cos., Inc. (The) |
|
|
14,531 |
|
|
|
472,112 |
|
| News Corp. (Class A Stock) |
|
|
15,975 |
|
|
|
411,676 |
|
| News Corp. (Class B Stock) |
|
|
4,800 |
|
|
|
116,880 |
|
| Omnicom Group, Inc. |
|
|
9,200 |
|
|
|
735,908 |
|
| Publicis Groupe SA (France) |
|
|
1,060 |
|
|
|
67,867 |
|
| ViacomCBS, Inc. (Class B Stock) |
|
|
24,330 |
|
|
|
1,099,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,480,346 |
|
|
|
|
|
|
|
|
|
|
| Metals & Mining — 0.3% |
|
|
|
|
|
|
|
|
| ArcelorMittal SA (Luxembourg) |
|
|
8,083 |
|
|
|
250,163 |
|
| BHP Group Ltd. (Australia) |
|
|
6,240 |
|
|
|
228,532 |
|
| BHP Group PLC (Australia) |
|
|
11,455 |
|
|
|
339,372 |
|
| BlueScope Steel Ltd. (Australia) |
|
|
987 |
|
|
|
16,364 |
|
| Boliden AB (Sweden) |
|
|
2,169 |
|
|
|
83,615 |
|
| Evraz PLC (Russia) |
|
|
8,554 |
|
|
|
70,401 |
|
| Fortescue Metals Group Ltd. (Australia) |
|
|
17,134 |
|
|
|
301,240 |
|
| Freeport-McMoRan, Inc. |
|
|
59,388 |
|
|
|
2,203,889 |
|
| Newcrest Mining Ltd. (Australia) |
|
|
1,120 |
|
|
|
21,364 |
|
| Newmont Corp. |
|
|
32,900 |
|
|
|
2,085,202 |
|
| Norsk Hydro ASA (Norway) |
|
|
2,565 |
|
|
|
16,412 |
|
| Nucor Corp. |
|
|
12,800 |
|
|
|
1,227,904 |
|
| Rio Tinto Ltd. (Australia) |
|
|
705 |
|
|
|
67,290 |
|
| Rio Tinto PLC (Australia) |
|
|
5,004 |
|
|
|
414,311 |
|
| Sumitomo Metal Mining Co. Ltd. (Japan) |
|
|
400 |
|
|
|
15,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,341,704 |
|
|
|
|
|
|
|
|
|
|
| Multiline Retail — 0.3% |
|
|
|
|
|
|
|
|
| Dollar General Corp. |
|
|
10,100 |
|
|
|
2,185,539 |
|
| Dollar Tree, Inc.* |
|
|
9,665 |
|
|
|
961,667 |
|
| Next PLC (United Kingdom)* |
|
|
276 |
|
|
|
30,107 |
|
| Target Corp. |
|
|
20,800 |
|
|
|
5,028,192 |
|
| Wesfarmers Ltd. (Australia) |
|
|
2,342 |
|
|
|
103,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,309,446 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A16
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Multi-Utilities — 0.4% |
|
| Ameren Corp. |
|
|
10,500 |
|
|
$ |
840,420 |
|
| CenterPoint Energy, Inc. |
|
|
23,900 |
|
|
|
586,028 |
|
| CMS Energy Corp. |
|
|
12,100 |
|
|
|
714,868 |
|
| Consolidated Edison, Inc. |
|
|
14,300 |
|
|
|
1,025,596 |
|
| Dominion Energy, Inc. |
|
|
33,415 |
|
|
|
2,458,342 |
|
| DTE Energy Co. |
|
|
8,200 |
|
|
|
1,062,720 |
|
| E.ON SE (Germany) |
|
|
4,661 |
|
|
|
53,986 |
|
| NiSource, Inc. |
|
|
15,200 |
|
|
|
372,400 |
|
| Public Service Enterprise Group, Inc. |
|
|
20,600 |
|
|
|
1,230,644 |
|
| Sempra Energy |
|
|
12,819 |
|
|
|
1,698,261 |
|
| WEC Energy Group, Inc. |
|
|
12,913 |
|
|
|
1,148,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,191,876 |
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 1.4% |
|
| APA Corp. |
|
|
13,914 |
|
|
|
300,960 |
|
| Cabot Oil & Gas Corp. |
|
|
14,200 |
|
|
|
247,932 |
|
| Chevron Corp. |
|
|
79,122 |
|
|
|
8,287,238 |
|
| ConocoPhillips |
|
|
55,419 |
|
|
|
3,375,017 |
|
| Devon Energy Corp.(a) |
|
|
22,900 |
|
|
|
668,451 |
|
| Diamondback Energy, Inc. |
|
|
7,500 |
|
|
|
704,175 |
|
| ENEOS Holdings, Inc. (Japan) |
|
|
44,400 |
|
|
|
186,241 |
|
| EOG Resources, Inc. |
|
|
23,900 |
|
|
|
1,994,216 |
|
| Equinor ASA (Norway) |
|
|
1,985 |
|
|
|
42,214 |
|
| Exxon Mobil Corp. |
|
|
173,699 |
|
|
|
10,956,933 |
|
| Hess Corp. |
|
|
11,300 |
|
|
|
986,716 |
|
| Kinder Morgan, Inc. |
|
|
78,598 |
|
|
|
1,432,842 |
|
| Lundin Energy AB (Sweden) |
|
|
723 |
|
|
|
25,659 |
|
| Marathon Oil Corp. |
|
|
28,782 |
|
|
|
392,011 |
|
| Marathon Petroleum Corp. |
|
|
26,619 |
|
|
|
1,608,320 |
|
| Occidental Petroleum Corp. |
|
|
33,704 |
|
|
|
1,053,924 |
|
| OMV AG (Austria) |
|
|
4,685 |
|
|
|
268,428 |
|
| ONEOK, Inc. |
|
|
18,500 |
|
|
|
1,029,340 |
|
| Phillips 66 |
|
|
17,838 |
|
|
|
1,530,857 |
|
| Pioneer Natural Resources Co. |
|
|
9,550 |
|
|
|
1,552,066 |
|
| Repsol SA (Spain) |
|
|
3,172 |
|
|
|
39,818 |
|
| Royal Dutch Shell PLC (Netherlands) (Class A Stock) |
|
|
8,420 |
|
|
|
169,049 |
|
| Royal Dutch Shell PLC (Netherlands) (Class B Stock) |
|
|
6,280 |
|
|
|
122,020 |
|
| TotalEnergies SE (France) |
|
|
5,236 |
|
|
|
237,163 |
|
| Valero Energy Corp. |
|
|
16,700 |
|
|
|
1,303,936 |
|
| Washington H Soul Pattinson & Co. Ltd. (Australia) |
|
|
3,024 |
|
|
|
76,624 |
|
| Williams Cos., Inc. (The) |
|
|
48,100 |
|
|
|
1,277,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,869,205 |
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products — 0.0% |
|
| Mondi PLC (Austria) |
|
|
1,014 |
|
|
|
26,818 |
|
|
|
|
|
|
|
|
|
|
| Personal Products — 0.1% |
|
|
|
|
|
|
|
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
9,500 |
|
|
|
3,021,760 |
|
| L’Oreal SA (France) |
|
|
495 |
|
|
|
221,063 |
|
| Unilever PLC (United Kingdom) |
|
|
9,077 |
|
|
|
531,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,774,077 |
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 2.0% |
|
|
|
|
|
|
|
|
| Astellas Pharma, Inc. (Japan) |
|
|
3,600 |
|
|
|
62,701 |
|
| AstraZeneca PLC (United Kingdom) |
|
|
621 |
|
|
|
74,657 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Pharmaceuticals (cont’d.) |
|
| Bayer AG (Germany) |
|
|
1,021 |
|
|
$ |
62,154 |
|
| Bristol-Myers Squibb Co. |
|
|
92,770 |
|
|
|
6,198,891 |
|
| Catalent, Inc.* |
|
|
7,000 |
|
|
|
756,840 |
|
| Chugai Pharmaceutical Co. Ltd. (Japan) |
|
|
700 |
|
|
|
27,670 |
|
| Eli Lilly & Co. |
|
|
32,800 |
|
|
|
7,528,256 |
|
| GlaxoSmithKline PLC (United Kingdom) |
|
|
10,828 |
|
|
|
212,934 |
|
| Hikma Pharmaceuticals PLC (Jordan) |
|
|
367 |
|
|
|
12,414 |
|
| Ipsen SA (France) |
|
|
2,296 |
|
|
|
238,997 |
|
| Johnson & Johnson |
|
|
108,458 |
|
|
|
17,867,371 |
|
| Merck & Co., Inc. |
|
|
103,533 |
|
|
|
8,051,761 |
|
| Merck KGaA (Germany) |
|
|
264 |
|
|
|
50,638 |
|
| Novartis AG (Switzerland) |
|
|
4,242 |
|
|
|
386,655 |
|
| Novo Nordisk A/S (Denmark) (Class B Stock) |
|
|
3,644 |
|
|
|
305,370 |
|
| Ono Pharmaceutical Co. Ltd. (Japan) |
|
|
800 |
|
|
|
17,842 |
|
| Organon & Co.* |
|
|
10,353 |
|
|
|
313,282 |
|
| Otsuka Holdings Co. Ltd. (Japan) |
|
|
3,300 |
|
|
|
136,774 |
|
| Perrigo Co. PLC |
|
|
5,100 |
|
|
|
233,835 |
|
| Pfizer, Inc. |
|
|
230,470 |
|
|
|
9,025,205 |
|
| Roche Holding AG (Switzerland) |
|
|
1,435 |
|
|
|
540,689 |
|
| Sanofi (France) |
|
|
4,420 |
|
|
|
463,886 |
|
| Shionogi & Co. Ltd. (Japan) |
|
|
1,900 |
|
|
|
98,994 |
|
| Sumitomo Dainippon Pharma Co. Ltd. (Japan) |
|
|
7,100 |
|
|
|
148,896 |
|
| Takeda Pharmaceutical Co. Ltd. (Japan) |
|
|
3,300 |
|
|
|
110,497 |
|
| UCB SA (Belgium) |
|
|
252 |
|
|
|
26,285 |
|
| Viatris, Inc. |
|
|
46,386 |
|
|
|
662,856 |
|
| Zoetis, Inc. |
|
|
19,500 |
|
|
|
3,634,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,250,370 |
|
|
|
|
|
|
|
|
|
|
| Professional Services — 0.2% |
|
| Adecco Group AG (Switzerland) |
|
|
2,370 |
|
|
|
161,468 |
|
| Equifax, Inc. |
|
|
5,200 |
|
|
|
1,245,452 |
|
| IHS Markit Ltd. |
|
|
15,300 |
|
|
|
1,723,698 |
|
| Jacobs Engineering Group, Inc. |
|
|
5,600 |
|
|
|
747,152 |
|
| Leidos Holdings, Inc. |
|
|
5,700 |
|
|
|
576,270 |
|
| Nielsen Holdings PLC |
|
|
13,200 |
|
|
|
325,644 |
|
| Persol Holdings Co. Ltd. (Japan) |
|
|
400 |
|
|
|
7,900 |
|
| Randstad NV (Netherlands) |
|
|
3,076 |
|
|
|
235,718 |
|
| Recruit Holdings Co. Ltd. (Japan) |
|
|
2,200 |
|
|
|
108,000 |
|
| Robert Half International, Inc. |
|
|
4,700 |
|
|
|
418,159 |
|
| SGS SA (Switzerland) |
|
|
5 |
|
|
|
15,451 |
|
| Teleperformance (France) |
|
|
38 |
|
|
|
15,454 |
|
| Verisk Analytics, Inc. |
|
|
6,700 |
|
|
|
1,170,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,750,990 |
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development — 0.1% |
|
| CBRE Group, Inc. (Class A Stock)* |
|
|
13,700 |
|
|
|
1,174,501 |
|
| CK Asset Holdings Ltd. (Hong Kong) |
|
|
4,500 |
|
|
|
31,021 |
|
| Daito Trust Construction Co. Ltd. (Japan) |
|
|
100 |
|
|
|
10,935 |
|
| Daiwa House Industry Co. Ltd. (Japan) |
|
|
1,200 |
|
|
|
36,023 |
|
| Deutsche Wohnen SE (Germany) |
|
|
708 |
|
|
|
43,330 |
|
| Fastighets AB Balder (Sweden)
(Class B Stock)* |
|
|
221 |
|
|
|
13,862 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A17
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Real Estate Management & Development (cont’d.) |
|
| Henderson Land Development Co. Ltd. (Hong Kong) |
|
|
3,000 |
|
|
$ |
14,214 |
|
| Mitsubishi Estate Co. Ltd. (Japan) |
|
|
2,400 |
|
|
|
38,700 |
|
| Sino Land Co. Ltd. (Hong Kong) |
|
|
4,000 |
|
|
|
6,303 |
|
| Sumitomo Realty & Development Co. |
|
|
|
|
|
|
|
|
| Ltd. (Japan) |
|
|
600 |
|
|
|
21,442 |
|
| Sun Hung Kai Properties Ltd. (Hong Kong) |
|
|
10,000 |
|
|
|
148,819 |
|
| Swire Pacific Ltd. (Hong Kong) (Class A Stock) |
|
|
1,500 |
|
|
|
10,171 |
|
| Swiss Prime Site AG (Switzerland) |
|
|
156 |
|
|
|
15,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,564,807 |
|
|
|
|
|
|
|
|
|
|
| Road & Rail — 0.5% |
|
|
|
|
|
|
|
|
| CSX Corp. |
|
|
93,900 |
|
|
|
3,012,312 |
|
| J.B. Hunt Transport Services, Inc. |
|
|
3,600 |
|
|
|
586,620 |
|
| Kansas City Southern |
|
|
3,800 |
|
|
|
1,076,806 |
|
| Nippon Express Co. Ltd. (Japan) |
|
|
200 |
|
|
|
15,261 |
|
| Norfolk Southern Corp. |
|
|
10,400 |
|
|
|
2,760,264 |
|
| Old Dominion Freight Line, Inc. |
|
|
3,965 |
|
|
|
1,006,317 |
|
| Union Pacific Corp. |
|
|
27,560 |
|
|
|
6,061,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,518,851 |
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment — 3.1% |
|
| Advanced Micro Devices, Inc.* |
|
|
49,900 |
|
|
|
4,687,107 |
|
| Advantest Corp. (Japan) |
|
|
400 |
|
|
|
35,903 |
|
| Analog Devices, Inc.(a) |
|
|
15,158 |
|
|
|
2,609,601 |
|
| Applied Materials, Inc. |
|
|
37,700 |
|
|
|
5,368,480 |
|
| ASM International NV (Netherlands) |
|
|
284 |
|
|
|
93,818 |
|
| ASML Holding NV (Netherlands) |
|
|
891 |
|
|
|
614,056 |
|
| Broadcom, Inc. |
|
|
16,960 |
|
|
|
8,087,206 |
|
| Enphase Energy, Inc.* |
|
|
5,400 |
|
|
|
991,602 |
|
| Intel Corp. |
|
|
167,600 |
|
|
|
9,409,064 |
|
| KLA Corp. |
|
|
6,350 |
|
|
|
2,058,733 |
|
| Lam Research Corp. |
|
|
5,970 |
|
|
|
3,884,679 |
|
| Maxim Integrated Products, Inc. |
|
|
10,900 |
|
|
|
1,148,424 |
|
| Microchip Technology, Inc. |
|
|
11,100 |
|
|
|
1,662,114 |
|
| Micron Technology, Inc.* |
|
|
46,100 |
|
|
|
3,917,578 |
|
| Monolithic Power Systems, Inc. |
|
|
1,800 |
|
|
|
672,210 |
|
| NVIDIA Corp. |
|
|
25,590 |
|
|
|
20,474,559 |
|
| NXP Semiconductors NV (China) |
|
|
11,600 |
|
|
|
2,386,352 |
|
| Qorvo, Inc.* |
|
|
4,707 |
|
|
|
920,925 |
|
| QUALCOMM, Inc. |
|
|
46,700 |
|
|
|
6,674,831 |
|
| Skyworks Solutions, Inc. |
|
|
6,800 |
|
|
|
1,303,900 |
|
| STMicroelectronics NV (Switzerland) |
|
|
506 |
|
|
|
18,422 |
|
| Teradyne, Inc. |
|
|
6,800 |
|
|
|
910,928 |
|
| Texas Instruments, Inc. |
|
|
37,900 |
|
|
|
7,288,170 |
|
| Tokyo Electron Ltd. (Japan) |
|
|
900 |
|
|
|
389,916 |
|
| Xilinx, Inc. |
|
|
10,100 |
|
|
|
1,460,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87,069,442 |
|
|
|
|
|
|
|
|
|
|
| Software — 4.7% |
|
|
|
|
|
|
|
|
| Adobe, Inc.* |
|
|
19,700 |
|
|
|
11,537,108 |
|
| ANSYS, Inc.* |
|
|
3,700 |
|
|
|
1,284,122 |
|
| Autodesk, Inc.* |
|
|
9,100 |
|
|
|
2,656,290 |
|
| Cadence Design Systems, Inc.* |
|
|
11,400 |
|
|
|
1,559,748 |
|
| Citrix Systems, Inc. |
|
|
5,000 |
|
|
|
586,350 |
|
| Dassault Systemes SE (France) |
|
|
270 |
|
|
|
65,595 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Software (cont’d.) |
|
| Fortinet, Inc.* |
|
|
5,700 |
|
|
$ |
1,357,683 |
|
| Intuit, Inc. |
|
|
11,280 |
|
|
|
5,529,118 |
|
| Microsoft Corp. |
|
|
310,120 |
|
|
|
84,011,508 |
|
| NortonLifeLock, Inc. |
|
|
24,178 |
|
|
|
658,125 |
|
| Oracle Corp. |
|
|
75,750 |
|
|
|
5,896,380 |
|
| Paycom Software, Inc.* |
|
|
2,020 |
|
|
|
734,209 |
|
| PTC, Inc.* |
|
|
4,300 |
|
|
|
607,418 |
|
| salesforce.com, Inc.* |
|
|
38,250 |
|
|
|
9,343,327 |
|
| SAP SE (Germany) |
|
|
3,704 |
|
|
|
521,808 |
|
| ServiceNow, Inc.* |
|
|
8,070 |
|
|
|
4,434,869 |
|
| Synopsys, Inc.* |
|
|
6,300 |
|
|
|
1,737,477 |
|
| Tyler Technologies, Inc.* |
|
|
1,750 |
|
|
|
791,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,312,783 |
|
|
|
|
|
|
|
|
|
|
| Specialty Retail — 1.2% |
|
|
|
|
|
|
|
|
| Advance Auto Parts, Inc. |
|
|
2,800 |
|
|
|
574,392 |
|
| AutoZone, Inc.* |
|
|
950 |
|
|
|
1,417,609 |
|
| Best Buy Co., Inc. |
|
|
9,425 |
|
|
|
1,083,686 |
|
| CarMax, Inc.*(a) |
|
|
6,900 |
|
|
|
891,135 |
|
| Chow Tai Fook Jewellery Group Ltd. (China) |
|
|
7,000 |
|
|
|
16,046 |
|
| Gap, Inc. (The) |
|
|
7,000 |
|
|
|
235,550 |
|
| Home Depot, Inc. (The) |
|
|
44,050 |
|
|
|
14,047,104 |
|
| Industria de Diseno Textil SA (Spain) |
|
|
2,261 |
|
|
|
79,722 |
|
| JD Sports Fashion PLC (United Kingdom) |
|
|
901 |
|
|
|
11,487 |
|
| Kingfisher PLC (United Kingdom) |
|
|
49,004 |
|
|
|
248,079 |
|
| L Brands, Inc. |
|
|
9,906 |
|
|
|
713,826 |
|
| Lowe’s Cos., Inc. |
|
|
29,300 |
|
|
|
5,683,321 |
|
| O’Reilly Automotive, Inc.* |
|
|
3,000 |
|
|
|
1,698,630 |
|
| Ross Stores, Inc. |
|
|
14,600 |
|
|
|
1,810,400 |
|
| Shimamura Co. Ltd. (Japan) |
|
|
2,200 |
|
|
|
211,291 |
|
| TJX Cos., Inc. (The) |
|
|
49,100 |
|
|
|
3,310,322 |
|
| Tractor Supply Co. |
|
|
4,900 |
|
|
|
911,694 |
|
| Ulta Beauty, Inc.* |
|
|
2,400 |
|
|
|
829,848 |
|
| USS Co. Ltd. (Japan) |
|
|
2,400 |
|
|
|
41,855 |
|
| Yamada Holdings Co. Ltd. (Japan) |
|
|
2,300 |
|
|
|
10,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,826,624 |
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals — 3.3% |
|
| Apple, Inc. |
|
|
646,240 |
|
|
|
88,509,030 |
|
| Brother Industries Ltd. (Japan) |
|
|
5,600 |
|
|
|
111,626 |
|
| Canon, Inc. (Japan) |
|
|
11,100 |
|
|
|
250,763 |
|
| Hewlett Packard Enterprise Co. |
|
|
50,648 |
|
|
|
738,448 |
|
| HP, Inc. |
|
|
52,248 |
|
|
|
1,577,367 |
|
| Logitech International SA (Switzerland) |
|
|
2,201 |
|
|
|
266,729 |
|
| NetApp, Inc. |
|
|
9,100 |
|
|
|
744,562 |
|
| Ricoh Co. Ltd. (Japan) |
|
|
1,400 |
|
|
|
15,691 |
|
| Seagate Technology Holdings PLC (Ireland) |
|
|
8,200 |
|
|
|
721,026 |
|
| Seiko Epson Corp. (Japan) |
|
|
2,800 |
|
|
|
49,252 |
|
| Western Digital Corp.* |
|
|
12,803 |
|
|
|
911,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93,895,683 |
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 0.4% |
|
| Burberry Group PLC
(United Kingdom)* |
|
|
874 |
|
|
|
25,053 |
|
| Hanesbrands, Inc. |
|
|
12,500 |
|
|
|
233,375 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A18
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Textiles, Apparel & Luxury Goods (cont’d.) |
|
|
|
|
|
| Hermes International (France) |
|
|
72 |
|
|
$ |
105,124 |
|
| LVMH Moet Hennessy Louis Vuitton SE (France) |
|
|
715 |
|
|
|
561,521 |
|
| NIKE, Inc. (Class B Stock) |
|
|
51,900 |
|
|
|
8,018,031 |
|
| Pandora A/S (Denmark) |
|
|
196 |
|
|
|
26,351 |
|
| PVH Corp.* |
|
|
2,800 |
|
|
|
301,252 |
|
| Ralph Lauren Corp. |
|
|
2,100 |
|
|
|
247,401 |
|
| Swatch Group AG (The) (Switzerland) |
|
|
77 |
|
|
|
5,085 |
|
| Tapestry, Inc.* |
|
|
10,900 |
|
|
|
473,932 |
|
| Under Armour, Inc. (Class A Stock)* |
|
|
7,500 |
|
|
|
158,625 |
|
| Under Armour, Inc. (Class C Stock)* |
|
|
7,374 |
|
|
|
136,935 |
|
| VF Corp. |
|
|
13,100 |
|
|
|
1,074,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,367,409 |
|
|
|
|
|
|
|
|
|
|
| Tobacco — 0.4% |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
76,000 |
|
|
|
3,623,680 |
|
| British American Tobacco PLC (United Kingdom) |
|
|
10,470 |
|
|
|
406,765 |
|
| Imperial Brands PLC
(United Kingdom) |
|
|
1,916 |
|
|
|
41,309 |
|
| Japan Tobacco, Inc. (Japan) |
|
|
12,300 |
|
|
|
232,113 |
|
| Philip Morris International, Inc. |
|
|
63,700 |
|
|
|
6,313,307 |
|
| Swedish Match AB (Sweden) |
|
|
26,980 |
|
|
|
230,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,847,448 |
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors — 0.2% |
|
|
|
|
|
| Ashtead Group PLC
(United Kingdom) |
|
|
860 |
|
|
|
63,952 |
|
| Brenntag SE (Germany) |
|
|
3,047 |
|
|
|
284,091 |
|
| Fastenal Co. |
|
|
23,500 |
|
|
|
1,222,000 |
|
| Ferguson PLC |
|
|
2,136 |
|
|
|
297,364 |
|
| ITOCHU Corp. (Japan) |
|
|
2,500 |
|
|
|
71,403 |
|
| Marubeni Corp. (Japan) |
|
|
9,400 |
|
|
|
81,991 |
|
| Mitsui & Co. Ltd. (Japan) |
|
|
13,000 |
|
|
|
293,367 |
|
| Sumitomo Corp. (Japan) |
|
|
1,800 |
|
|
|
24,189 |
|
| Toyota Tsusho Corp. (Japan) |
|
|
2,100 |
|
|
|
99,592 |
|
| United Rentals, Inc.* |
|
|
3,000 |
|
|
|
957,030 |
|
| W.W. Grainger, Inc. |
|
|
1,840 |
|
|
|
805,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,200,899 |
|
|
|
|
|
|
|
|
|
|
| Water Utilities — 0.0% |
|
|
|
|
|
|
|
|
| American Water Works Co., Inc. |
|
|
7,400 |
|
|
|
1,140,562 |
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services — 0.1% |
|
| KDDI Corp. (Japan) |
|
|
1,400 |
|
|
|
43,616 |
|
| SoftBank Corp. (Japan) |
|
|
6,000 |
|
|
|
78,481 |
|
| SoftBank Group Corp. (Japan) |
|
|
3,300 |
|
|
|
230,218 |
|
| T-Mobile US, Inc.* |
|
|
23,900 |
|
|
|
3,461,437 |
|
| Vodafone Group PLC
(United Kingdom) |
|
|
115,847 |
|
|
|
195,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,009,202 |
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $359,225,221) |
|
|
|
|
|
|
1,530,808,599 |
|
|
|
|
|
|
|
|
|
|
| EXCHANGE-TRADED FUNDS — 0.3% |
|
|
|
|
|
| iShares Core S&P 500 ETF(a) |
|
|
16,650 |
|
|
|
7,158,168 |
|
| iShares MSCI EAFE ETF(a) |
|
|
1,759 |
|
|
|
138,750 |
|
|
|
|
|
|
|
|
|
|
| TOTAL EXCHANGE-TRADED FUNDS
(cost
$4,157,969) |
|
|
|
|
|
|
7,296,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| PREFERRED STOCKS — 0.1% |
|
|
|
|
|
|
|
|
| Automobiles — 0.0% |
|
|
|
|
|
|
|
|
| Bayerische Motoren Werke AG (Germany) (PRFC) |
|
|
75 |
|
|
$ |
6,742 |
|
| Volkswagen AG (Germany) (PRFC) |
|
|
692 |
|
|
|
173,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
180,641 |
|
|
|
|
|
|
|
|
|
|
| Banks — 0.0% |
|
|
|
|
|
|
|
|
| Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 |
|
|
20,000 |
|
|
|
558,000 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 0.1% |
|
|
|
|
|
|
|
|
| State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo) |
|
|
30,000 |
|
|
|
902,700 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.0% |
|
|
|
|
|
|
|
|
| Henkel AG & Co. KGaA (Germany) (PRFC) |
|
|
797 |
|
|
|
84,187 |
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED STOCKS
(cost $1,472,245) |
|
|
|
|
|
|
1,725,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
|
|
| ASSET-BACKED SECURITIES — 7.0% |
|
|
|
|
|
| Automobiles — 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmeriCredit Automobile Receivables Trust, |
|
| Series 2019-01, Class B |
|
| 3.130% |
|
|
02/18/25 |
|
|
|
|
|
|
|
600 |
|
|
|
612,827 |
|
| Series 2019-01, Class C |
|
| 3.360% |
|
|
02/18/25 |
|
|
|
|
|
|
|
700 |
|
|
|
727,244 |
|
| Series 2019-02, Class C |
|
| 2.740% |
|
|
04/18/25 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,449,416 |
|
| Series 2019-03, Class C |
|
| 2.320% |
|
|
07/18/25 |
|
|
|
|
|
|
|
2,300 |
|
|
|
2,370,506 |
|
| Series 2020-02, Class C |
|
| 1.480% |
|
|
02/18/26 |
|
|
|
|
|
|
|
400 |
|
|
|
405,673 |
|
| Series 2020-03, Class C |
|
| 1.060% |
|
|
08/18/26 |
|
|
|
|
|
|
|
700 |
|
|
|
704,950 |
|
| Series 2021-02, Class C |
|
| 1.010% |
|
|
01/19/27 |
|
|
|
|
|
|
|
900 |
|
|
|
905,335 |
|
| Avis Budget Rental Car Funding AESOP LLC, |
|
| Series 2018-02A, Class A, 144A |
|
| 4.000% |
|
|
03/20/25 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,188,130 |
|
| Series 2019-02A, Class A, 144A |
|
| 3.350% |
|
|
09/22/25 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,144,945 |
|
| Series 2019-03A, Class A, 144A |
|
| 2.360% |
|
|
03/20/26 |
|
|
|
|
|
|
|
2,700 |
|
|
|
2,824,955 |
|
| Series 2020-01A, Class A, 144A |
|
| 2.330% |
|
|
08/20/26 |
|
|
|
|
|
|
|
1,300 |
|
|
|
1,354,780 |
|
| Series 2021-01A, Class A, 144A |
|
| 1.380% |
|
|
08/20/27 |
|
|
|
|
|
|
|
2,200 |
|
|
|
2,196,527 |
|
| CarMax Auto Owner Trust, |
|
| Series 2021-02, Class C |
|
| 1.340% |
|
|
02/16/27 |
|
|
|
|
|
|
|
800 |
|
|
|
799,949 |
|
| Ford Auto Securitization Trust (Canada), |
|
| Series 2019-BA, Class A2, 144A |
|
| 2.321% |
|
|
10/15/23 |
|
|
|
CAD |
|
|
|
982 |
|
|
|
799,724 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A19
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Automobiles (cont’d.) |
|
| Ford Credit Auto Owner Trust, |
|
| Series 2018-01, Class A, 144A |
|
| 3.190% |
|
|
07/15/31 |
|
|
|
|
|
|
|
2,700 |
|
|
$ |
2,912,793 |
|
| Series 2019-01, Class A, 144A |
|
| 3.520% |
|
|
07/15/30 |
|
|
|
|
|
|
|
3,300 |
|
|
|
3,544,916 |
|
| Series 2020-01, Class A, 144A |
|
| 2.040% |
|
|
08/15/31 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,594,771 |
|
| Series 2020-02, Class A, 144A |
|
| 1.060% |
|
|
04/15/33 |
|
|
|
|
|
|
|
4,400 |
|
|
|
4,395,099 |
|
| GM Financial Consumer Automobile Receivables Trust, |
|
| Series 2018-04, Class C |
|
| 3.620% |
|
|
06/17/24 |
|
|
|
|
|
|
|
300 |
|
|
|
311,300 |
|
| Hertz Vehicle Financing III LP, |
|
| Series 2021-02A, Class A, 144A |
|
| 1.680% |
|
|
12/27/27 |
|
|
|
|
|
|
|
1,300 |
|
|
|
1,298,265 |
|
| Hertz Vehicle Financing LLC, |
|
| Series 2021-01A, Class A, 144A |
|
| 1.210% |
|
|
12/26/25 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,499,190 |
|
| OneMain Direct Auto Receivables Trust, |
|
| Series 2018-01A, Class A, 144A |
|
| 3.430% |
|
|
12/16/24 |
|
|
|
|
|
|
|
1,036 |
|
|
|
1,040,183 |
|
| Series 2019-01A, Class A, 144A |
|
| 3.630% |
|
|
09/14/27 |
|
|
|
|
|
|
|
4,100 |
|
|
|
4,419,076 |
|
| Santander Drive Auto Receivables Trust, |
|
| Series 2020-02, Class C |
|
| 1.460% |
|
|
09/15/25 |
|
|
|
|
|
|
|
600 |
|
|
|
606,761 |
|
| Series 2020-03, Class C |
|
| 1.120% |
|
|
01/15/26 |
|
|
|
|
|
|
|
1,800 |
|
|
|
1,815,927 |
|
| Series 2020-04, Class C |
|
| 1.010% |
|
|
01/15/26 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,106,380 |
|
| Series 2021-01, Class C |
|
| 0.750% |
|
|
02/17/26 |
|
|
|
|
|
|
|
2,100 |
|
|
|
2,098,884 |
|
| Series 2021-02, Class C |
|
| 0.900% |
|
|
06/15/26 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,502,416 |
|
| Series 2021-02, Class D |
|
| 1.350% |
|
|
07/15/27 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,001,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,632,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collateralized Loan Obligations — 3.9% |
|
| Anchorage Capital CLO Ltd. (Cayman Islands), |
|
| Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor
1.390%) |
|
| 1.612%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,500,364 |
|
| ArrowMark Colorado Holdings (Cayman Islands), |
|
| Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%) |
|
| 1.464%(c) |
|
|
07/15/29 |
|
|
|
|
|
|
|
500 |
|
|
|
500,000 |
|
| Balboa Bay Loan Funding Ltd. (Cayman Islands), |
|
| Series 2021-01A, Class A, 144A |
|
| 0.000%(cc) |
|
|
07/20/34 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,501,017 |
|
| Benefit Street Partners CLO Ltd. (Cayman Islands), |
|
| Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%) |
|
| 1.054%(c) |
|
|
07/15/29 |
|
|
|
|
|
|
|
1,000 |
|
|
|
998,954 |
|
| BNPP AM Euro CLO BV (Netherlands), |
|
| Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
|
| 0.600%(c) |
|
|
04/15/31 |
|
|
|
EUR |
|
|
|
1,750 |
|
|
|
2,073,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Brookside Mill CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%) |
|
| 1.010%(c) |
|
|
01/17/28 |
|
|
|
|
|
|
|
521 |
|
|
$ |
520,875 |
|
| Carlyle Euro CLO Ltd. (Ireland), |
|
| Series 2017-02A, Class A1R, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) |
|
| 0.630%(c) |
|
|
08/15/30 |
|
|
|
EUR |
|
|
|
5,000 |
|
|
|
5,921,125 |
|
| CBAM Ltd. (Cayman Islands), |
|
| Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%) |
|
| 1.548%(c) |
|
|
10/20/32 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,002,194 |
|
| CIFC Funding Ltd. (Cayman Islands), |
|
| Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.390%(c) |
|
|
10/17/31 |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,000,311 |
|
| CVC Cordatus Loan Fund (Ireland), |
|
| Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
|
| 0.850%(c) |
|
|
05/24/32 |
|
|
|
EUR |
|
|
|
1,750 |
|
|
|
2,072,636 |
|
| Series 14A, Class A2R, 144A |
|
| 1.250% |
|
|
05/24/32 |
|
|
|
EUR |
|
|
|
3,800 |
|
|
|
4,502,338 |
|
| Galaxy CLO Ltd. (Cayman Islands), |
|
| Series 2018-29A, Class A, 144A, 3 Month LIBOR + 0.790% (Cap N/A, Floor
0.000%) |
|
| 0.946%(c) |
|
|
11/15/26 |
|
|
|
|
|
|
|
485 |
|
|
|
484,641 |
|
| Greenwood Park CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) |
|
| 1.194%(c) |
|
|
04/15/31 |
|
|
|
|
|
|
|
1,000 |
|
|
|
999,043 |
|
| HPS Loan Management Ltd. (Cayman Islands), |
|
| Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) |
|
| 1.504%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,500,440 |
|
| Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) |
|
| 1.176%(c) |
|
|
02/05/31 |
|
|
|
|
|
|
|
248 |
|
|
|
248,435 |
|
| ICG US CLO Ltd. (Cayman Islands), |
|
| Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) |
|
| 1.330%(c) |
|
|
10/19/28 |
|
|
|
|
|
|
|
6,667 |
|
|
|
6,665,459 |
|
| Jamestown CLO Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%) |
|
| 1.658%(c) |
|
|
04/20/32 |
|
|
|
|
|
|
|
4,750 |
|
|
|
4,763,196 |
|
| Jefferson Mill CLO Ltd. (Cayman Islands), |
|
| Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%) |
|
| 1.363%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
4,237 |
|
|
|
4,234,817 |
|
| Madison Park Funding Ltd. (Cayman Islands), |
|
| Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) |
|
| 1.198%(c) |
|
|
01/20/29 |
|
|
|
|
|
|
|
3,457 |
|
|
|
3,454,649 |
|
| MidOcean Credit CLO (Cayman Islands), |
|
| Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
|
| 1.306%(c) |
|
|
04/21/31 |
|
|
|
|
|
|
|
3,458 |
|
|
|
3,458,647 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A20
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Mountain View CLO Ltd. (Cayman Islands), |
|
| Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) |
|
| 1.304%(c) |
|
|
07/15/31 |
|
|
|
|
|
|
|
2,500 |
|
|
$ |
2,499,514 |
|
| OCP CLO Ltd. (Cayman Islands), |
|
| Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%) |
|
| 1.518%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,001,569 |
|
| Octagon Investment Partners 31 LLC (Cayman Islands), |
|
| Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) |
|
| 1.238%(c) |
|
|
07/20/30 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,496,927 |
|
| OZLM Ltd. (Cayman Islands), |
|
| Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) |
|
| 1.270%(c) |
|
|
04/17/31 |
|
|
|
|
|
|
|
2,956 |
|
|
|
2,951,676 |
|
| Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.436%(c) |
|
|
10/30/30 |
|
|
|
|
|
|
|
742 |
|
|
|
741,996 |
|
| Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%) |
|
| 1.578%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,500,405 |
|
| Palmer Square CLO Ltd. (Cayman Islands), |
|
| Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) |
|
| 1.288%(c) |
|
|
07/20/30 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,000,866 |
|
| Regatta Funding Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.285%(c) |
|
|
06/20/34 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,749,062 |
|
| TCW CLO Ltd. (Cayman Islands), |
|
| Series 2021-02A, Class AS, 144A |
|
| —%(p) |
|
|
07/25/34 |
|
|
|
|
|
|
|
4,750 |
|
|
|
4,750,000 |
|
| Telos CLO Ltd. (Cayman Islands), |
|
| Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%) |
|
| 1.490%(c) |
|
|
07/17/26 |
|
|
|
|
|
|
|
310 |
|
|
|
310,042 |
|
| TIAA CLO Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) |
|
| 1.388%(c) |
|
|
07/20/31 |
|
|
|
|
|
|
|
1,750 |
|
|
|
1,750,128 |
|
| Trimaran Cavu Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) |
|
| 1.648%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
7,500 |
|
|
|
7,512,639 |
|
| Trinitas CLO Ltd. (Cayman Islands), |
|
| Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor
0.000%) |
|
| 1.386%(c) |
|
|
01/25/31 |
|
|
|
|
|
|
|
1,750 |
|
|
|
1,750,244 |
|
| Venture CLO Ltd. (Cayman Islands), |
|
| Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) |
|
| 1.064%(c) |
|
|
07/15/27 |
|
|
|
|
|
|
|
463 |
|
|
|
462,974 |
|
| Wellfleet CLO Ltd. (Cayman Islands), |
|
| Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.340%(c) |
|
|
01/17/31 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,000,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.388%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
3,750 |
|
|
$ |
3,750,034 |
|
| York CLO Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.534%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,000,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,632,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Loans — 0.2% |
|
| OneMain Financial Issuance Trust, |
|
| Series 2020-01A, Class A, 144A |
|
| 3.840% |
|
|
05/14/32 |
|
|
|
|
|
|
|
800 |
|
|
|
834,603 |
|
| Series 2020-02A, Class A, 144A |
|
| 1.750% |
|
|
09/14/35 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,423,483 |
|
| Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor
0.000%) |
|
| 0.770%(c) |
|
|
06/16/36 |
|
|
|
|
|
|
|
1,900 |
|
|
|
1,926,979 |
|
| Oportun Funding X LLC, |
|
| Series 2018-C, Class A, 144A |
|
| 4.100% |
|
|
10/08/24 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,100,807 |
|
| Oportun Funding XII LLC, |
|
| Series 2018-D, Class A, 144A |
|
| 4.150% |
|
|
12/09/24 |
|
|
|
|
|
|
|
800 |
|
|
|
803,990 |
|
| Oportun Funding XIV LLC, |
|
| Series 2021-A, Class A, 144A |
|
| 1.210% |
|
|
03/08/28 |
|
|
|
|
|
|
|
600 |
|
|
|
601,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,691,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equipment — 0.2% |
|
| MMAF Equipment Finance LLC, |
|
| Series 2017-B, Class A5, 144A |
|
| 2.720% |
|
|
06/15/40 |
|
|
|
|
|
|
|
2,100 |
|
|
|
2,190,860 |
|
| Series 2018-A, Class A5, 144A |
|
| 3.610% |
|
|
03/10/42 |
|
|
|
|
|
|
|
500 |
|
|
|
535,304 |
|
| Series 2019-A, Class A5, 144A |
|
| 3.080% |
|
|
11/12/41 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,695,763 |
|
| Series 2019-B, Class A5, 144A |
|
| 2.290% |
|
|
11/12/41 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,668,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,090,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Equity Loans — 0.0% |
|
| CDC Mortgage Capital Trust, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%) |
|
| 1.742%(c) |
|
|
03/25/33 |
|
|
|
|
|
|
|
36 |
|
|
|
37,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other — 0.1% |
|
| TH MSR Issuer Trust, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor
2.800%) |
|
| 2.892%(c) |
|
|
06/25/24 |
|
|
|
|
|
|
|
2,240 |
|
|
|
2,215,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential Mortgage-Backed Securities — 0.3% |
|
| Countrywide Asset-Backed Certificates, |
|
|
|
|
|
| Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.842%(c) |
|
|
03/25/34 |
|
|
|
|
|
|
|
242 |
|
|
|
241,253 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A21
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Residential Mortgage-Backed Securities (cont’d.) |
|
| Credit Suisse Mortgage Trust, |
|
| Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150% |
|
| 2.263%(c) |
|
|
04/25/38 |
|
|
|
|
|
|
|
1,191 |
|
|
$ |
1,198,148 |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2019-GS02, Class A1, 144A |
|
| 3.750% |
|
|
01/25/59 |
|
|
|
|
|
|
|
127 |
|
|
|
127,679 |
|
| Series 2019-GS04, Class A1, 144A |
|
| 3.438% |
|
|
05/25/59 |
|
|
|
|
|
|
|
828 |
|
|
|
830,140 |
|
| Long Beach Mortgage Loan Trust, |
|
| Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%) |
|
| 0.887%(c) |
|
|
06/25/34 |
|
|
|
|
|
|
|
136 |
|
|
|
134,003 |
|
| Mill City Mortgage Loan Trust, |
|
| Series 2017-03, Class A1, 144A |
|
| 2.750%(cc) |
|
|
01/25/61 |
|
|
|
|
|
|
|
708 |
|
|
|
718,572 |
|
| TFS (Spain), |
|
| Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% |
|
| 3.000%(c) |
|
|
04/16/23 |
|
|
|
EUR |
|
|
|
1,634 |
|
|
|
1,743,678 |
|
| Towd Point Mortgage Trust, |
|
| Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%) |
|
| 0.692%(c) |
|
|
02/25/57 |
|
|
|
|
|
|
|
1,064 |
|
|
|
1,063,604 |
|
| Series 2020-04, Class A1, 144A |
|
| 1.750% |
|
|
10/25/60 |
|
|
|
|
|
|
|
847 |
|
|
|
856,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,913,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Student Loans — 0.5% |
|
| Commonbond Student Loan Trust, |
|
| Series 2017-BGS, Class A1, 144A |
|
| 2.680% |
|
|
09/25/42 |
|
|
|
|
|
|
|
807 |
|
|
|
823,080 |
|
| Series 2018-AGS, Class A1, 144A |
|
| 3.210% |
|
|
02/25/44 |
|
|
|
|
|
|
|
607 |
|
|
|
630,617 |
|
| Series 2018-CGS, Class A1, 144A |
|
| 3.870% |
|
|
02/25/46 |
|
|
|
|
|
|
|
185 |
|
|
|
190,488 |
|
| Laurel Road Prime Student Loan Trust, |
|
| Series 2017-C, Class A2B, 144A |
|
| 2.810% |
|
|
11/25/42 |
|
|
|
|
|
|
|
376 |
|
|
|
380,905 |
|
| Series 2018-B, Class A2FX, 144A |
|
| 3.540% |
|
|
05/26/43 |
|
|
|
|
|
|
|
672 |
|
|
|
685,638 |
|
| Series 2019-A, Class A2FX, 144A |
|
| 2.730% |
|
|
10/25/48 |
|
|
|
|
|
|
|
491 |
|
|
|
500,085 |
|
| Navient Private Education Refi Loan Trust, |
|
| Series 2018-A, Class A2, 144A |
|
| 3.190% |
|
|
02/18/42 |
|
|
|
|
|
|
|
1,274 |
|
|
|
1,290,602 |
|
| Series 2018-CA, Class A2, 144A |
|
| 3.520% |
|
|
06/16/42 |
|
|
|
|
|
|
|
605 |
|
|
|
615,575 |
|
| Series 2019-CA, Class A2, 144A |
|
| 3.130% |
|
|
02/15/68 |
|
|
|
|
|
|
|
1,152 |
|
|
|
1,176,783 |
|
| Series 2020-BA, Class A2, 144A |
|
| 2.120% |
|
|
01/15/69 |
|
|
|
|
|
|
|
1,070 |
|
|
|
1,086,243 |
|
| SoFi Professional Loan Program LLC, |
|
| Series 2019-A, Class A2FX, 144A |
|
| 3.690% |
|
|
06/15/48 |
|
|
|
|
|
|
|
1,011 |
|
|
|
1,048,687 |
|
| Series 2019-B, Class A2FX, 144A |
|
| 3.090% |
|
|
08/17/48 |
|
|
|
|
|
|
|
1,127 |
|
|
|
1,155,274 |
|
| Series 2019-C, Class A2FX, 144A |
|
| 2.370% |
|
|
11/16/48 |
|
|
|
|
|
|
|
1,629 |
|
|
|
1,663,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Student Loans (cont’d.) |
|
| SoFi Professional Loan Program Trust, |
|
| Series 2018-B, Class A2FX, 144A |
|
| 3.340% |
|
|
08/25/47 |
|
|
|
|
|
|
|
1,382 |
|
|
$ |
1,417,345 |
|
| Series 2020-A, Class A2FX, 144A |
|
| 2.540% |
|
|
05/15/46 |
|
|
|
|
|
|
|
1,700 |
|
|
|
1,756,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,420,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSET-BACKED SECURITIES
(cost $194,857,068) |
|
|
|
196,634,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6% |
|
| Assurant Commercial Mortgage Trust, |
|
| Series 2016-01A, Class AS, 144A |
|
| 3.172% |
|
|
05/15/49 |
|
|
|
|
|
|
|
3,100 |
|
|
|
3,260,565 |
|
| Barclays Commercial Mortgage Securities Trust, |
|
| Series 2018-C02, Class A4 |
|
| 4.047% |
|
|
12/15/51 |
|
|
|
|
|
|
|
3,850 |
|
|
|
4,399,094 |
|
| Benchmark Mortgage Trust, |
|
| Series 2018-B03, Class A4 |
|
| 3.761% |
|
|
04/10/51 |
|
|
|
|
|
|
|
3,600 |
|
|
|
4,018,478 |
|
| Series 2021-B24, Class A3 |
|
| 2.010% |
|
|
03/15/54 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,031,171 |
|
| CFCRE Commercial Mortgage Trust, |
|
| Series 2016-C04, Class A3 |
|
| 3.014% |
|
|
05/10/58 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,672,515 |
|
| Citigroup Commercial Mortgage Trust, |
|
| Series 2014-GC21, Class A4 |
|
| 3.575% |
|
|
05/10/47 |
|
|
|
|
|
|
|
854 |
|
|
|
894,939 |
|
| Series 2016-C01, Class A3 |
|
| 2.944% |
|
|
05/10/49 |
|
|
|
|
|
|
|
2,700 |
|
|
|
2,850,374 |
|
| Series 2017-P07, Class A3 |
|
| 3.442% |
|
|
04/14/50 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,377,464 |
|
| Commercial Mortgage Trust, |
|
| Series 2014-CR15, Class A2 |
|
| 2.928% |
|
|
02/10/47 |
|
|
|
|
|
|
|
49 |
|
|
|
48,277 |
|
| Series 2014-CR18, Class A4 |
|
| 3.550% |
|
|
07/15/47 |
|
|
|
|
|
|
|
1,783 |
|
|
|
1,879,136 |
|
| Series 2014-LC17, Class A4 |
|
| 3.648% |
|
|
10/10/47 |
|
|
|
|
|
|
|
4,739 |
|
|
|
4,992,007 |
|
| CSAIL Commercial Mortgage Trust, |
|
| Series 2015-C04, Class A3 |
|
| 3.544% |
|
|
11/15/48 |
|
|
|
|
|
|
|
2,483 |
|
|
|
2,675,693 |
|
| Series 2017-C08, Class A3 |
|
| 3.127% |
|
|
06/15/50 |
|
|
|
|
|
|
|
3,800 |
|
|
|
4,015,128 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, |
|
| Series K020, Class X1, IO |
|
| 1.470%(cc) |
|
|
05/25/22 |
|
|
|
|
|
|
|
17,556 |
|
|
|
150,466 |
|
| Series K021, Class X1, IO |
|
| 1.526%(cc) |
|
|
06/25/22 |
|
|
|
|
|
|
|
4,855 |
|
|
|
37,285 |
|
| Series K055, Class X1, IO |
|
| 1.493%(cc) |
|
|
03/25/26 |
|
|
|
|
|
|
|
4,497 |
|
|
|
250,434 |
|
| Series K075, Class AM |
|
| 3.650%(cc) |
|
|
02/25/28 |
|
|
|
|
|
|
|
2,550 |
|
|
|
2,906,604 |
|
| Series K076, Class AM |
|
| 3.900% |
|
|
04/25/28 |
|
|
|
|
|
|
|
875 |
|
|
|
1,012,238 |
|
| Series K077, Class AM |
|
| 3.850%(cc) |
|
|
05/25/28 |
|
|
|
|
|
|
|
690 |
|
|
|
798,571 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A22
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series K080, Class AM |
|
| 3.986%(cc) |
|
|
07/25/28 |
|
|
|
|
|
|
|
5,150 |
|
|
$ |
5,986,435 |
|
| Series K157, Class A2 |
|
| 3.990%(cc) |
|
|
05/25/33 |
|
|
|
|
|
|
|
3,100 |
|
|
|
3,715,269 |
|
| Series W5FX, Class AFX |
|
| 3.336%(cc) |
|
|
04/25/28 |
|
|
|
|
|
|
|
860 |
|
|
|
957,790 |
|
| GS Mortgage Securities Corp. Trust, |
|
| Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor
0.700%) |
|
| 0.793%(c) |
|
|
11/21/35 |
|
|
|
|
|
|
|
1,075 |
|
|
|
1,075,515 |
|
| GS Mortgage Securities Trust, |
|
| Series 2015-GC28, Class A4 |
|
| 3.136% |
|
|
02/10/48 |
|
|
|
|
|
|
|
2,907 |
|
|
|
3,068,652 |
|
| Series 2015-GC34, Class A3 |
|
| 3.244% |
|
|
10/10/48 |
|
|
|
|
|
|
|
4,715 |
|
|
|
4,950,138 |
|
| Series 2016-GS03, Class A3 |
|
| 2.592% |
|
|
10/10/49 |
|
|
|
|
|
|
|
4,186 |
|
|
|
4,370,806 |
|
| Series 2016-GS04, Class A3 |
|
| 3.178% |
|
|
11/10/49 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,215,846 |
|
| Series 2020-GSA02, Class A4 |
|
| 1.721% |
|
|
12/12/53 |
|
|
|
|
|
|
|
4,150 |
|
|
|
4,063,719 |
|
| JPMBB Commercial Mortgage Securities Trust, |
|
| Series 2014-C25, Class A4A1 |
|
| 3.408% |
|
|
11/15/47 |
|
|
|
|
|
|
|
628 |
|
|
|
666,741 |
|
| Series 2015-C27, Class A3A1 |
|
| 2.920% |
|
|
02/15/48 |
|
|
|
|
|
|
|
3,978 |
|
|
|
4,143,230 |
|
| JPMCC Commercial Mortgage Securities Trust, |
|
| Series 2017-JP06, Class A3 |
|
| 3.109% |
|
|
07/15/50 |
|
|
|
|
|
|
|
5,581 |
|
|
|
5,803,876 |
|
| JPMDB Commercial Mortgage Securities Trust, |
|
| Series 2016-C02, Class A3A |
|
| 2.881% |
|
|
06/15/49 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,600,090 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, |
|
| Series 2013-LC11, Class A4 |
|
| 2.694% |
|
|
04/15/46 |
|
|
|
|
|
|
|
498 |
|
|
|
511,270 |
|
| MHC Commercial Mortgage Trust, |
|
| Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%) |
|
| 1.424%(c) |
|
|
04/15/38 |
|
|
|
|
|
|
|
2,150 |
|
|
|
2,152,026 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, |
|
| Series 2013-C08, Class A3 |
|
| 2.863% |
|
|
12/15/48 |
|
|
|
|
|
|
|
1,081 |
|
|
|
1,099,652 |
|
| Morgan Stanley Capital I Trust, |
|
| Series 2015-UBS08, Class A3 |
|
| 3.540% |
|
|
12/15/48 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,397,549 |
|
| Series 2016-UB11, Class A3 |
|
| 2.531% |
|
|
08/15/49 |
|
|
|
|
|
|
|
6,300 |
|
|
|
6,627,638 |
|
| Series 2019-H06, Class A3 |
|
| 3.158% |
|
|
06/15/52 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,381,346 |
|
| Series 2019-H07, Class A2 |
|
| 2.492% |
|
|
07/15/52 |
|
|
|
|
|
|
|
9,400 |
|
|
|
9,723,832 |
|
| UBS Commercial Mortgage Trust, |
|
| Series 2017-C02, Class ASB |
|
| 3.264% |
|
|
08/15/50 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,680,549 |
|
| Series 2017-C05, Class A4 |
|
| 3.212% |
|
|
11/15/50 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,359,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series 2018-C09, Class A3 |
|
| 3.854% |
|
|
03/15/51 |
|
|
|
|
|
|
|
1,800 |
|
|
$ |
1,984,977 |
|
| Series 2018-C14, Class A3 |
|
| 4.180% |
|
|
12/15/51 |
|
|
|
|
|
|
|
2,900 |
|
|
|
3,264,268 |
|
| UBS-Barclays Commercial Mortgage Trust, |
|
| Series 2012-C04, Class A4 |
|
| 2.792% |
|
|
12/10/45 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,413,179 |
|
| Series 2013-C05, Class A3 |
|
| 2.920% |
|
|
03/10/46 |
|
|
|
|
|
|
|
577 |
|
|
|
588,449 |
|
| Series 2013-C06, Class A3 |
|
| 2.971% |
|
|
04/10/46 |
|
|
|
|
|
|
|
1,455 |
|
|
|
1,494,764 |
|
| Wells Fargo Commercial Mortgage Trust, |
|
| Series 2016-NXS06, Class A3 |
|
| 2.642% |
|
|
11/15/49 |
|
|
|
|
|
|
|
4,500 |
|
|
|
4,748,622 |
|
| Series 2017-C38, Class A4 |
|
| 3.190% |
|
|
07/15/50 |
|
|
|
|
|
|
|
3,300 |
|
|
|
3,583,882 |
|
| Series 2019-C49, Class A3 |
|
| 3.749% |
|
|
03/15/52 |
|
|
|
|
|
|
|
7,300 |
|
|
|
8,028,567 |
|
| Series 2020-C58, Class A3 |
|
| 1.810% |
|
|
07/15/53 |
|
|
|
|
|
|
|
5,000 |
|
|
|
4,941,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $149,097,390) |
|
|
|
157,870,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS — 10.5% |
|
| Aerospace & Defense — 0.2% |
|
| Boeing Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 2.196% |
|
|
02/04/26 |
|
|
|
|
|
|
|
1,610 |
|
|
|
1,625,215 |
|
| 3.750% |
|
|
02/01/50 |
|
|
|
|
|
|
|
1,470 |
|
|
|
1,516,382 |
|
| Embraer Netherlands Finance BV (Brazil), |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.050% |
|
|
06/15/25 |
|
|
|
|
|
|
|
551 |
|
|
|
582,550 |
|
| Embraer Overseas Ltd. (Brazil), |
|
| Gtd. Notes, 144A |
|
| 5.696% |
|
|
09/16/23 |
|
|
|
|
|
|
|
765 |
|
|
|
817,515 |
|
| Raytheon Technologies Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.125% |
|
|
11/16/28 |
|
|
|
|
|
|
|
910 |
|
|
|
1,048,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,589,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agriculture — 0.1% |
|
| BAT Capital Corp. (United Kingdom), |
|
| Gtd. Notes |
|
| 3.222% |
|
|
08/15/24 |
|
|
|
|
|
|
|
2,685 |
|
|
|
2,852,179 |
|
| Vector Group Ltd., |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.750% |
|
|
02/01/29 |
|
|
|
|
|
|
|
875 |
|
|
|
892,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,744,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.2% |
|
| American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates |
|
| 3.375% |
|
|
11/01/28 |
|
|
|
|
|
|
|
1,849 |
|
|
|
1,836,002 |
|
| Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates |
|
| 4.000% |
|
|
04/29/26 |
|
|
|
|
|
|
|
253 |
|
|
|
267,840 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A23
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Airlines (cont’d.) |
|
| Southwest Airlines Co., |
|
| Sr. Unsec’d. Notes |
|
| 2.625% |
|
|
02/10/30 |
(a) |
|
|
|
|
|
|
1,765 |
|
|
$ |
1,810,295 |
|
| United Airlines, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.375% |
|
|
04/15/26 |
|
|
|
|
|
|
|
590 |
|
|
|
610,789 |
|
| 4.625% |
|
|
04/15/29 |
|
|
|
|
|
|
|
115 |
|
|
|
119,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,644,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Manufacturers — 0.3% |
|
| Ford Motor Co., |
|
| Sr. Unsec’d. Notes |
|
| 5.291% |
|
|
12/08/46 |
(a) |
|
|
|
|
|
|
665 |
|
|
|
742,732 |
|
| Ford Motor Credit Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
| 2.900% |
|
|
02/16/28 |
|
|
|
|
|
|
|
200 |
|
|
|
199,565 |
|
| 3.350% |
|
|
11/01/22 |
|
|
|
|
|
|
|
2,845 |
|
|
|
2,914,522 |
|
| General Motors Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.250% |
|
|
10/02/43 |
|
|
|
|
|
|
|
740 |
|
|
|
1,021,421 |
|
| 6.600% |
|
|
04/01/36 |
|
|
|
|
|
|
|
585 |
|
|
|
800,345 |
|
| General Motors Financial Co., Inc., |
|
| Gtd. Notes |
|
| 3.950% |
|
|
04/13/24 |
|
|
|
|
|
|
|
1,700 |
|
|
|
1,831,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,510,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks — 2.9% |
|
| Banco Santander SA (Spain), |
|
| Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
|
| 1.308%(c) |
|
|
04/12/23 |
|
|
|
|
|
|
|
400 |
|
|
|
405,341 |
|
| Sr. Unsec’d. Notes |
|
| 3.848% |
|
|
04/12/23 |
|
|
|
|
|
|
|
800 |
|
|
|
845,666 |
|
| Bank of America Corp., |
|
| Jr. Sub. Notes, Series JJ |
|
| 5.125%(ff) |
|
|
06/20/24 |
(oo) |
|
|
|
|
|
|
1,145 |
|
|
|
1,221,143 |
|
| Jr. Sub. Notes, Series MM |
|
| 4.300%(ff) |
|
|
01/28/25 |
(oo) |
|
|
|
|
|
|
310 |
|
|
|
320,252 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 1.898%(ff) |
|
|
07/23/31 |
|
|
|
|
|
|
|
1,805 |
|
|
|
1,751,450 |
|
| 2.496%(ff) |
|
|
02/13/31 |
|
|
|
|
|
|
|
5,165 |
|
|
|
5,280,890 |
|
| 3.194%(ff) |
|
|
07/23/30 |
|
|
|
|
|
|
|
1,050 |
|
|
|
1,130,397 |
|
| 3.824%(ff) |
|
|
01/20/28 |
|
|
|
|
|
|
|
615 |
|
|
|
683,034 |
|
| Sub. Notes, MTN |
|
| 4.000% |
|
|
01/22/25 |
|
|
|
|
|
|
|
1,700 |
|
|
|
1,864,725 |
|
| 4.200% |
|
|
08/26/24 |
|
|
|
|
|
|
|
745 |
|
|
|
817,711 |
|
| 4.450% |
|
|
03/03/26 |
|
|
|
|
|
|
|
4,790 |
|
|
|
5,433,360 |
|
| Bank of America NA, |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6.000% |
|
|
10/15/36 |
|
|
|
|
|
|
|
805 |
|
|
|
1,126,547 |
|
| Barclays PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes |
|
| 3.650% |
|
|
03/16/25 |
|
|
|
|
|
|
|
610 |
|
|
|
661,500 |
|
| 3.684% |
|
|
01/10/23 |
|
|
|
|
|
|
|
320 |
|
|
|
325,428 |
|
| 4.375% |
|
|
01/12/26 |
|
|
|
|
|
|
|
323 |
|
|
|
361,897 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 4.972%(ff) |
|
|
05/16/29 |
|
|
|
|
|
|
|
705 |
|
|
|
826,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
|
| Banks (cont’d.) |
|
| BNP Paribas SA (France), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.219%(ff) |
|
|
06/09/26 |
|
|
|
|
|
|
|
1,650 |
|
|
$ |
1,701,235 |
|
| Citigroup, Inc., |
|
| Jr. Sub. Notes, Series V |
|
| 4.700%(ff) |
|
|
01/30/25 |
(oo) |
|
|
|
|
|
|
1,675 |
|
|
|
1,726,989 |
|
| Sr. Unsec’d. Notes |
|
| 2.561%(ff) |
|
|
05/01/32 |
|
|
|
|
|
|
|
1,270 |
|
|
|
1,293,824 |
|
| 3.200% |
|
|
10/21/26 |
|
|
|
|
|
|
|
670 |
|
|
|
725,925 |
|
| 3.700% |
|
|
01/12/26 |
|
|
|
|
|
|
|
1,610 |
|
|
|
1,779,331 |
|
| 3.887%(ff) |
|
|
01/10/28 |
|
|
|
|
|
|
|
560 |
|
|
|
623,124 |
|
| 8.125% |
|
|
07/15/39 |
|
|
|
|
|
|
|
365 |
|
|
|
630,416 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.450% |
|
|
09/29/27 |
|
|
|
|
|
|
|
1,485 |
|
|
|
1,696,015 |
|
| 4.750% |
|
|
05/18/46 |
|
|
|
|
|
|
|
440 |
|
|
|
559,722 |
|
| Credit Suisse Group AG (Switzerland), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.193%(ff) |
|
|
06/05/26 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,126,088 |
|
| 3.091%(ff) |
|
|
05/14/32 |
|
|
|
|
|
|
|
560 |
|
|
|
577,003 |
|
| 4.282% |
|
|
01/09/28 |
|
|
|
|
|
|
|
980 |
|
|
|
1,090,487 |
|
| Deutsche Bank AG (Germany), |
|
| Sr. Unsec’d. Notes |
|
| 2.129%(ff) |
|
|
11/24/26 |
|
|
|
|
|
|
|
460 |
|
|
|
467,094 |
|
| Sr. Unsec’d. Notes, Series D |
|
| 5.000% |
|
|
02/14/22 |
|
|
|
|
|
|
|
1,350 |
|
|
|
1,386,079 |
|
| Discover Bank, |
|
| Sr. Unsec’d. Notes |
|
| 4.250% |
|
|
03/13/26 |
|
|
|
|
|
|
|
595 |
|
|
|
668,361 |
|
| Goldman Sachs Group, Inc. (The), |
|
| Jr. Sub. Notes, Series O |
|
| 5.300%(ff) |
|
|
11/10/26 |
(a)(oo) |
|
|
|
|
|
|
560 |
|
|
|
620,468 |
|
| Sr. Unsec’d. Notes |
|
| 1.542%(ff) |
|
|
09/10/27 |
|
|
|
|
|
|
|
2,345 |
|
|
|
2,337,803 |
|
| 3.750% |
|
|
02/25/26 |
|
|
|
|
|
|
|
1,165 |
|
|
|
1,288,827 |
|
| 3.814%(ff) |
|
|
04/23/29 |
|
|
|
|
|
|
|
440 |
|
|
|
492,022 |
|
| 3.850% |
|
|
01/26/27 |
|
|
|
|
|
|
|
2,625 |
|
|
|
2,894,951 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6.750% |
|
|
10/01/37 |
|
|
|
|
|
|
|
225 |
|
|
|
327,654 |
|
| ING Groep NV (Netherlands), |
|
| Sr. Unsec’d. Notes |
|
| 3.550% |
|
|
04/09/24 |
|
|
|
|
|
|
|
400 |
|
|
|
430,656 |
|
| JPMorgan Chase & Co., |
|
| Jr. Sub. Notes, Series FF |
|
| 5.000%(ff) |
|
|
08/01/24 |
(oo) |
|
|
|
|
|
|
540 |
|
|
|
570,422 |
|
| Jr. Sub. Notes, Series HH |
|
| 4.600%(ff) |
|
|
02/01/25 |
(oo) |
|
|
|
|
|
|
1,245 |
|
|
|
1,289,061 |
|
| Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
|
| 3.656%(c) |
|
|
07/30/21 |
(oo) |
|
|
|
|
|
|
979 |
|
|
|
981,113 |
|
| Jr. Sub. Notes, Series II |
|
| 4.000%(ff) |
|
|
04/01/25 |
(oo) |
|
|
|
|
|
|
230 |
|
|
|
233,005 |
|
| Sr. Unsec’d. Notes |
|
| 2.580%(ff) |
|
|
04/22/32 |
|
|
|
|
|
|
|
1,585 |
|
|
|
1,628,412 |
|
| 3.782%(ff) |
|
|
02/01/28 |
|
|
|
|
|
|
|
270 |
|
|
|
299,637 |
|
| 3.964%(ff) |
|
|
11/15/48 |
|
|
|
|
|
|
|
2,240 |
|
|
|
2,624,647 |
|
| 4.005%(ff) |
|
|
04/23/29 |
|
|
|
|
|
|
|
1,360 |
|
|
|
1,540,431 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3.875% |
|
|
09/10/24 |
|
|
|
|
|
|
|
3,525 |
|
|
|
3,842,896 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A24
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Morgan Stanley, |
|
| Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610% |
|
| 3.794%(c) |
|
|
10/15/21 |
(a)(oo) |
|
|
|
|
|
|
640 |
|
|
$ |
642,609 |
|
| Sr. Unsec’d. Notes |
|
| 3.217%(ff) |
|
|
04/22/42 |
|
|
|
|
|
|
|
1,570 |
|
|
|
1,661,258 |
|
| Sr. Unsec’d. Notes, GMTN |
|
| 3.772%(ff) |
|
|
01/24/29 |
|
|
|
|
|
|
|
1,295 |
|
|
|
1,454,234 |
|
| 3.875% |
|
|
01/27/26 |
|
|
|
|
|
|
|
550 |
|
|
|
614,760 |
|
| 4.431%(ff) |
|
|
01/23/30 |
|
|
|
|
|
|
|
455 |
|
|
|
533,564 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 3.591%(ff) |
|
|
07/22/28 |
|
|
|
|
|
|
|
1,030 |
|
|
|
1,141,235 |
|
| Sub. Notes, GMTN |
|
| 4.350% |
|
|
09/08/26 |
|
|
|
|
|
|
|
3,050 |
|
|
|
3,456,491 |
|
| Natwest Group PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes |
|
| 5.076%(ff) |
|
|
01/27/30 |
(a) |
|
|
|
|
|
|
1,570 |
|
|
|
1,861,500 |
|
| Societe Generale SA (France), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.488%(ff) |
|
|
12/14/26 |
|
|
|
|
|
|
|
3,200 |
|
|
|
3,172,688 |
|
| State Bank of India (India), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.375% |
|
|
01/24/24 |
|
|
|
|
|
|
|
1,255 |
|
|
|
1,349,004 |
|
| UBS Group AG (Switzerland), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.364%(ff) |
|
|
01/30/27 |
|
|
|
|
|
|
|
2,250 |
|
|
|
2,235,212 |
|
| Wells Fargo & Co., |
|
| Sr. Unsec’d. Notes, MTN |
|
| 2.572%(ff) |
|
|
02/11/31 |
|
|
|
|
|
|
|
2,895 |
|
|
|
2,996,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,628,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.1% |
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
|
| Gtd. Notes |
|
| 4.700% |
|
|
02/01/36 |
|
|
|
|
|
|
|
1,220 |
|
|
|
1,496,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 0.0% |
|
| Regeneron Pharmaceuticals, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.800% |
|
|
09/15/50 |
|
|
|
|
|
|
|
395 |
|
|
|
360,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Materials — 0.0% |
|
| Standard Industries, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.750% |
|
|
01/15/28 |
|
|
|
|
|
|
|
300 |
|
|
|
313,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals — 0.2% |
|
| CF Industries, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
03/15/44 |
|
|
|
|
|
|
|
740 |
|
|
|
915,773 |
|
| Dow Chemical Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 5.250% |
|
|
11/15/41 |
|
|
|
|
|
|
|
350 |
|
|
|
455,985 |
|
| 9.400% |
|
|
05/15/39 |
|
|
|
|
|
|
|
30 |
|
|
|
52,826 |
|
| LYB International Finance BV, Gtd. Notes |
|
| 5.250% |
|
|
07/15/43 |
|
|
|
|
|
|
|
620 |
|
|
|
801,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Chemicals (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOVA Chemicals Corp. (Canada), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.875% |
|
|
06/01/24 |
|
|
|
|
|
|
|
875 |
|
|
$ |
924,937 |
|
| Sasol Financing USA LLC (South Africa),
|
|
| Gtd. Notes |
|
| 5.875% |
|
|
03/27/24 |
|
|
|
|
|
|
|
600 |
|
|
|
641,446 |
|
| 6.500% |
|
|
09/27/28 |
|
|
|
|
|
|
|
405 |
|
|
|
455,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,248,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services — 0.1% |
|
| ERAC USA Finance LLC, |
|
| Gtd. Notes, 144A |
|
| 4.200% |
|
|
11/01/46 |
|
|
|
|
|
|
|
875 |
|
|
|
1,039,051 |
|
| 7.000% |
|
|
10/15/37 |
|
|
|
|
|
|
|
390 |
|
|
|
582,345 |
|
| United Rentals North America, Inc., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.875% |
|
|
01/15/28 |
|
|
|
|
|
|
|
735 |
|
|
|
780,040 |
|
| 5.250% |
|
|
01/15/30 |
|
|
|
|
|
|
|
265 |
|
|
|
290,326 |
|
| 5.875% |
|
|
09/15/26 |
|
|
|
|
|
|
|
150 |
|
|
|
155,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,847,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 0.1% |
|
| BOC Aviation USA Corp. (Singapore),
|
|
| Gtd. Notes, 144A, MTN |
|
| 1.625% |
|
|
04/29/24 |
|
|
|
|
|
|
|
445 |
|
|
|
448,475 |
|
| CDP Financial, Inc. (Canada), |
|
| Gtd. Notes, 144A |
|
| 3.150% |
|
|
07/24/24 |
|
|
|
|
|
|
|
445 |
|
|
|
479,203 |
|
| Discover Financial Services, |
|
| Sr. Unsec’d. Notes |
|
| 3.850% |
|
|
11/21/22 |
|
|
|
|
|
|
|
900 |
|
|
|
942,953 |
|
| OneMain Finance Corp.,
|
|
| Gtd. Notes |
|
| 8.250% |
|
|
10/01/23 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,244,984 |
|
| Private Export Funding Corp., |
|
| U.S. Gov’t. Gtd. Notes, Series NN |
|
| 3.250% |
|
|
06/15/25 |
|
|
|
|
|
|
|
255 |
|
|
|
276,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,391,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric — 1.0% |
|
| Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.000% |
|
|
04/29/28 |
|
|
|
|
|
|
|
370 |
|
|
|
372,267 |
|
| Baltimore Gas & Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.350% |
|
|
10/01/36 |
|
|
|
|
|
|
|
530 |
|
|
|
762,901 |
|
| Berkshire Hathaway Energy Co., |
|
| Sr. Unsec’d. Notes |
|
| 5.950% |
|
|
05/15/37 |
|
|
|
|
|
|
|
335 |
|
|
|
461,572 |
|
| Calpine Corp., |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.750% |
|
|
03/01/31 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,333,510 |
|
| CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2 |
|
| 6.950% |
|
|
03/15/33 |
|
|
|
|
|
|
|
300 |
|
|
|
425,004 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A25
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Electric (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Connecticut Light & Power Co. (The), |
|
| First Mortgage, Series A |
|
| 2.050% |
|
|
07/01/31 |
|
|
|
|
|
|
|
2,290 |
|
|
$ |
2,307,802 |
|
| Consolidated Edison Co. of New York, Inc., |
|
| Sr. Unsec’d. Notes, Series 09-C |
|
| 5.500% |
|
|
12/01/39 |
|
|
|
|
|
|
|
145 |
|
|
|
192,355 |
|
| Duke Energy Carolinas LLC, |
|
| First Mortgage |
|
| 6.050% |
|
|
04/15/38 |
|
|
|
|
|
|
|
530 |
|
|
|
753,134 |
|
| El Paso Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.000% |
|
|
05/15/35 |
|
|
|
|
|
|
|
845 |
|
|
|
1,127,902 |
|
| Enel Finance International NV (Italy), |
|
| Gtd. Notes, 144A |
|
| 4.625% |
|
|
09/14/25 |
|
|
|
|
|
|
|
1,545 |
|
|
|
1,754,020 |
|
| Engie Energia Chile SA (Chile), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.400% |
|
|
01/28/30 |
|
|
|
|
|
|
|
400 |
|
|
|
410,450 |
|
| Exelon Generation Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.250% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,375 |
|
|
|
1,693,843 |
|
| Florida Power & Light Co., |
|
| First Mortgage |
|
| 5.950% |
|
|
10/01/33 |
|
|
|
|
|
|
|
380 |
|
|
|
522,675 |
|
| Iberdrola International BV (Spain), |
|
| Gtd. Notes |
|
| 6.750% |
|
|
09/15/33 |
|
|
|
|
|
|
|
140 |
|
|
|
190,062 |
|
| Indiana Michigan Power Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.850% |
|
|
05/15/28 |
|
|
|
|
|
|
|
2,105 |
|
|
|
2,367,850 |
|
| Israel Electric Corp. Ltd. (Israel), |
|
| Sr. Sec’d. Notes, 144A, GMTN |
|
| 4.250% |
|
|
08/14/28 |
|
|
|
|
|
|
|
575 |
|
|
|
644,460 |
|
| Monongahela Power Co., |
|
| First Mortgage, 144A |
|
| 4.100% |
|
|
04/15/24 |
|
|
|
|
|
|
|
1,560 |
|
|
|
1,681,023 |
|
| Northern States Power Co., |
|
| First Mortgage |
|
| 3.600% |
|
|
09/15/47 |
|
|
|
|
|
|
|
1,035 |
|
|
|
1,178,611 |
|
| NRG Energy, Inc., |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sr. Sec’d. Notes, 144A |
|
| 2.000% |
|
|
12/02/25 |
|
|
|
|
|
|
|
225 |
|
|
|
227,777 |
|
| 2.450% |
|
|
12/02/27 |
|
|
|
|
|
|
|
970 |
|
|
|
976,577 |
|
| Ohio Power Co., |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
06/01/49 |
|
|
|
|
|
|
|
465 |
|
|
|
550,360 |
|
| PECO Energy Co., |
|
| First Mortgage |
|
| 2.800% |
|
|
06/15/50 |
|
|
|
|
|
|
|
785 |
|
|
|
782,592 |
|
| Public Service Electric & Gas Co., |
|
| First Mortgage, MTN |
|
| 3.700% |
|
|
05/01/28 |
(a) |
|
|
|
|
|
|
850 |
|
|
|
964,273 |
|
| Sr. Sec’d. Notes, MTN |
|
| 5.800% |
|
|
05/01/37 |
|
|
|
|
|
|
|
515 |
|
|
|
713,236 |
|
| Public Service Enterprise Group, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.600% |
|
|
08/15/30 |
|
|
|
|
|
|
|
1,235 |
|
|
|
1,170,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Electric (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| San Diego Gas & Electric Co., |
|
| First Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.150% |
|
|
05/15/48 |
|
|
|
|
|
|
|
1,010 |
|
|
$ |
1,223,502 |
|
| Southern California Edison Co., |
|
| First Ref. Mortgage |
|
| 4.000% |
|
|
04/01/47 |
|
|
|
|
|
|
|
350 |
|
|
|
368,551 |
|
| First Ref. Mortgage, Series C |
|
| 3.600% |
|
|
02/01/45 |
|
|
|
|
|
|
|
690 |
|
|
|
692,137 |
|
| Vistra Operations Co. LLC, |
|
| Gtd. Notes, 144A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.000% |
|
|
07/31/27 |
|
|
|
|
|
|
|
495 |
|
|
|
508,150 |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.550% |
|
|
07/15/24 |
|
|
|
|
|
|
|
1,475 |
|
|
|
1,559,213 |
|
| Xcel Energy, Inc., |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.800% |
|
|
09/15/41 |
|
|
|
|
|
|
|
480 |
|
|
|
589,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,505,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Engineering & Construction — 0.1% |
|
| AECOM, |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.125% |
|
|
03/15/27 |
(a) |
|
|
|
|
|
|
1,000 |
|
|
|
1,114,191 |
|
| Mexico City Airport Trust (Mexico), |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.500% |
|
|
07/31/47 |
|
|
|
|
|
|
|
1,350 |
|
|
|
1,362,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,477,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foods — 0.1% |
|
| Kraft Heinz Foods Co., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.875% |
|
|
10/01/49 |
|
|
|
|
|
|
|
1,030 |
|
|
|
1,248,252 |
|
| Mars, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.375% |
|
|
07/16/40 |
|
|
|
|
|
|
|
535 |
|
|
|
514,749 |
|
| Pilgrim’s Pride Corp., |
|
| Gtd. Notes, 144A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.875% |
|
|
09/30/27 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,279,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,042,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas — 0.2% |
|
| NiSource, Inc., |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.700% |
|
|
02/15/31 |
(a) |
|
|
|
|
|
|
835 |
|
|
|
790,813 |
|
| 3.490% |
|
|
05/15/27 |
(a) |
|
|
|
|
|
|
2,355 |
|
|
|
2,590,824 |
|
| Piedmont Natural Gas Co., Inc., |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500% |
|
|
06/01/29 |
|
|
|
|
|
|
|
2,090 |
|
|
|
2,301,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,683,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare-Products — 0.1% |
|
| Abbott Laboratories, |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.900% |
|
|
11/30/46 |
|
|
|
|
|
|
|
320 |
|
|
|
436,705 |
|
| DH Europe Finance II Sarl, |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.350% |
|
|
09/18/39 |
|
|
|
EUR |
|
|
|
1,125 |
|
|
|
1,358,101 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A26
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Healthcare-Products (cont’d.) |
|
| Medtronic Global Holdings SCA, |
|
| Gtd. Notes |
|
| 1.625% |
|
|
03/07/31 |
|
|
|
|
|
|
EUR |
200 |
|
|
$ |
261,437 |
|
| 2.250% |
|
|
03/07/39 |
|
|
|
|
|
|
EUR |
300 |
|
|
|
417,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,473,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare-Services — 0.2% |
|
| Aetna, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 6.625% |
|
|
06/15/36 |
|
|
|
|
|
|
|
480 |
|
|
|
699,353 |
|
| Anthem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.600% |
|
|
03/15/51 |
|
|
|
|
|
|
|
885 |
|
|
|
972,546 |
|
| 4.625% |
|
|
05/15/42 |
|
|
|
|
|
|
|
330 |
|
|
|
410,660 |
|
| HCA, Inc., |
|
| Gtd. Notes |
|
| 5.875% |
|
|
02/01/29 |
|
|
|
|
|
|
|
575 |
|
|
|
694,589 |
|
| Sr. Sec’d. Notes |
|
| 5.125% |
|
|
06/15/39 |
|
|
|
|
|
|
|
665 |
|
|
|
830,364 |
|
| Kaiser Foundation Hospitals, |
|
| Gtd. Notes |
|
| 4.150% |
|
|
05/01/47 |
|
|
|
|
|
|
|
670 |
|
|
|
834,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,442,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Builders — 0.1% |
|
| Taylor Morrison Communities, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.875% |
|
|
06/15/27 |
|
|
|
|
|
|
|
405 |
|
|
|
459,054 |
|
| 6.625% |
|
|
07/15/27 |
|
|
|
|
|
|
|
425 |
|
|
|
455,150 |
|
| Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.625% |
|
|
03/01/24 |
|
|
|
|
|
|
|
600 |
|
|
|
652,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,566,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Housewares — 0.1% |
|
| Newell Brands, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.700% |
|
|
04/01/26 |
|
|
|
|
|
|
|
2,010 |
|
|
|
2,240,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance — 0.2% |
|
| Liberty Mutual Group, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.951% |
|
|
10/15/50 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,248,253 |
|
| Lincoln National Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.300% |
|
|
10/09/37 |
|
|
|
|
|
|
|
701 |
|
|
|
983,963 |
|
| Markel Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.000% |
|
|
03/30/43 |
|
|
|
|
|
|
|
165 |
|
|
|
201,193 |
|
| New York Life Insurance Co., |
|
| Sub. Notes, 144A |
|
| 6.750% |
|
|
11/15/39 |
|
|
|
|
|
|
|
650 |
|
|
|
981,256 |
|
| Principal Financial Group, Inc., |
|
| Gtd. Notes |
|
| 4.625% |
|
|
09/15/42 |
|
|
|
|
|
|
|
105 |
|
|
|
130,466 |
|
| Teachers Insurance & Annuity Association of America, |
|
| Sub. Notes, 144A |
|
| 4.270% |
|
|
05/15/47 |
|
|
|
|
|
|
|
1,430 |
|
|
|
1,708,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Insurance (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6.850% |
|
|
12/16/39 |
|
|
|
|
|
|
|
122 |
|
|
$ |
184,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,437,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lodging — 0.0% |
|
| Marriott International, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
09/15/22 |
|
|
|
|
|
|
|
805 |
|
|
|
822,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery-Diversified — 0.0% |
|
| Mueller Water Products, Inc., |
|
| Gtd. Notes, 144A |
|
| 4.000% |
|
|
06/15/29 |
(a) |
|
|
|
|
|
|
325 |
|
|
|
334,097 |
|
| Xylem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.875% |
|
|
10/01/21 |
|
|
|
|
|
|
|
1,060 |
|
|
|
1,071,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,405,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 0.6% |
|
| CCO Holdings LLC/CCO Holdings Capital Corp., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.500% |
|
|
05/01/26 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,033,681 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital, |
|
| Sr. Sec’d. Notes |
|
| 3.900% |
|
|
06/01/52 |
|
|
|
|
|
|
|
500 |
|
|
|
508,793 |
|
| 4.800% |
|
|
03/01/50 |
|
|
|
|
|
|
|
870 |
|
|
|
1,002,332 |
|
| 6.384% |
|
|
10/23/35 |
|
|
|
|
|
|
|
1,695 |
|
|
|
2,271,465 |
|
| 6.484% |
|
|
10/23/45 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,380,210 |
|
| Comcast Cable Holdings LLC, |
|
| Gtd. Notes |
|
| 9.875% |
|
|
06/15/22 |
|
|
|
|
|
|
|
1,440 |
|
|
|
1,557,942 |
|
| Cox Communications, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.600% |
|
|
06/15/31 |
|
|
|
|
|
|
|
3,695 |
|
|
|
3,751,347 |
|
| Discovery Communications LLC, |
|
| Gtd. Notes |
|
| 4.000% |
|
|
09/15/55 |
|
|
|
|
|
|
|
823 |
|
|
|
870,404 |
|
| Time Warner Cable LLC, |
|
| Sr. Sec’d. Notes |
|
| 5.500% |
|
|
09/01/41 |
|
|
|
|
|
|
|
270 |
|
|
|
335,731 |
|
| ViacomCBS, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 5.250% |
|
|
04/01/44 |
|
|
|
|
|
|
|
1,340 |
|
|
|
1,713,343 |
|
| Videotron Ltd. (Canada), |
|
| Gtd. Notes |
|
| 5.000% |
|
|
07/15/22 |
|
|
|
|
|
|
|
850 |
|
|
|
884,112 |
|
| Walt Disney Co. (The), |
|
| Gtd. Notes |
|
| 7.625% |
|
|
11/30/28 |
|
|
|
|
|
|
|
515 |
|
|
|
712,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,021,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing — 0.1% |
|
| Amsted Industries, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.625% |
|
|
07/01/27 |
|
|
|
|
|
|
|
800 |
|
|
|
843,387 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A27
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Miscellaneous Manufacturing (cont’d.) |
|
| Pentair Finance Sarl, |
|
| Gtd. Notes |
|
| 4.500% |
|
|
07/01/29 |
|
|
|
|
|
|
|
2,415 |
|
|
$ |
2,829,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,673,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multi-National — 0.0% |
|
| Corp. Andina de Fomento (Supranational Bank), |
|
| Sr. Unsec’d. Notes |
|
| 2.125% |
|
|
09/27/21 |
|
|
|
|
|
|
|
480 |
|
|
|
481,911 |
|
| 2.750% |
|
|
01/06/23 |
|
|
|
|
|
|
|
385 |
|
|
|
397,091 |
|
| North American Development Bank (Supranational Bank), |
|
| Sr. Unsec’d. Notes |
|
| 2.400% |
|
|
10/26/22 |
|
|
|
|
|
|
|
226 |
|
|
|
230,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,109,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Office/Business Equipment — 0.0% |
|
| CDW LLC/CDW Finance Corp., |
|
| Gtd. Notes |
|
| 5.500% |
|
|
12/01/24 |
|
|
|
|
|
|
|
500 |
|
|
|
557,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil & Gas — 0.5% |
|
| Antero Resources Corp., |
|
| Gtd. Notes |
|
| 5.000% |
|
|
03/01/25 |
|
|
|
|
|
|
|
950 |
|
|
|
973,272 |
|
| Cenovus Energy, Inc. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 5.400% |
|
|
06/15/47 |
|
|
|
|
|
|
|
850 |
|
|
|
1,055,409 |
|
| Chevron USA, Inc., |
|
| Gtd. Notes |
|
| 5.050% |
|
|
11/15/44 |
|
|
|
|
|
|
|
595 |
|
|
|
798,492 |
|
| ConocoPhillips, |
|
| Gtd. Notes, 144A |
|
| 4.875% |
|
|
10/01/47 |
|
|
|
|
|
|
|
150 |
|
|
|
197,013 |
|
| Continental Resources, Inc., |
|
| Gtd. Notes |
|
| 4.500% |
|
|
04/15/23 |
(a) |
|
|
|
|
|
|
430 |
|
|
|
448,463 |
|
| Devon Energy Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.600% |
|
|
07/15/41 |
|
|
|
|
|
|
|
225 |
|
|
|
279,101 |
|
| Gazprom PJSC Via Gaz Capital SA (Russia), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.950% |
|
|
07/19/22 |
|
|
|
|
|
|
|
255 |
|
|
|
265,454 |
|
| 6.510% |
|
|
03/07/22 |
|
|
|
|
|
|
|
440 |
|
|
|
457,550 |
|
| Helmerich & Payne, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.650% |
|
|
03/15/25 |
|
|
|
|
|
|
|
1,555 |
|
|
|
1,730,893 |
|
| KazMunayGas National Co. JSC (Kazakhstan), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.750% |
|
|
04/24/25 |
|
|
|
|
|
|
|
400 |
|
|
|
448,630 |
|
| Lundin Energy Finance BV (Netherlands), |
|
| Gtd. Notes, 144A |
|
| 3.100% |
|
|
07/15/31 |
|
|
|
|
|
|
|
530 |
|
|
|
536,204 |
|
| Occidental Petroleum Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.264%(s) |
|
|
10/10/36 |
|
|
|
|
|
|
|
1,000 |
|
|
|
520,000 |
|
| 6.450% |
|
|
09/15/36 |
|
|
|
|
|
|
|
1,040 |
|
|
|
1,242,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Oil & Gas (cont’d.) |
|
| Ovintiv, Inc., |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gtd. Notes |
|
| 6.625% |
|
|
08/15/37 |
|
|
|
|
|
|
|
240 |
|
|
$ |
320,557 |
|
| Petrobras Global Finance BV (Brazil), |
|
| Gtd. Notes |
|
| 5.093% |
|
|
01/15/30 |
|
|
|
|
|
|
|
280 |
|
|
|
305,508 |
|
| 5.600% |
|
|
01/03/31 |
(a) |
|
|
|
|
|
|
840 |
|
|
|
940,551 |
|
| Petroleos Mexicanos (Mexico), |
|
| Gtd. Notes |
|
| 4.750% |
|
|
02/26/29 |
|
|
|
|
|
|
EUR |
100 |
|
|
|
117,649 |
|
| 6.350% |
|
|
02/12/48 |
|
|
|
|
|
|
|
458 |
|
|
|
389,716 |
|
| 6.490% |
|
|
01/23/27 |
|
|
|
|
|
|
|
346 |
|
|
|
364,717 |
|
| 6.500% |
|
|
03/13/27 |
|
|
|
|
|
|
|
130 |
|
|
|
137,089 |
|
| Gtd. Notes, MTN |
|
| 6.750% |
|
|
09/21/47 |
|
|
|
|
|
|
|
561 |
|
|
|
495,167 |
|
| 6.875% |
|
|
08/04/26 |
|
|
|
|
|
|
|
770 |
|
|
|
841,063 |
|
| Qatar Petroleum (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.250% |
|
|
07/12/31 |
|
|
|
|
|
|
|
545 |
|
|
|
539,207 |
|
| Sinopec Group Overseas Development 2018 Ltd. (China), |
|
| Gtd. Notes, 144A |
|
| 3.680% |
|
|
08/08/49 |
|
|
|
|
|
|
|
990 |
|
|
|
1,064,936 |
|
| Valero Energy Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
04/01/29 |
(a) |
|
|
|
|
|
|
580 |
|
|
|
647,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,117,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Packaging & Containers — 0.2% |
|
| Berry Global, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 1.570% |
|
|
01/15/26 |
(a) |
|
|
|
|
|
|
3,570 |
|
|
|
3,574,602 |
|
| WestRock RKT LLC, |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.900% |
|
|
03/01/22 |
|
|
|
|
|
|
|
675 |
|
|
|
694,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,269,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 0.6% |
|
| AbbVie, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.600% |
|
|
05/14/25 |
|
|
|
|
|
|
|
950 |
|
|
|
1,037,090 |
|
| 4.250% |
|
|
11/21/49 |
|
|
|
|
|
|
|
1,480 |
|
|
|
1,774,502 |
|
| 4.500% |
|
|
05/14/35 |
|
|
|
|
|
|
|
1,595 |
|
|
|
1,926,676 |
|
| 4.550% |
|
|
03/15/35 |
|
|
|
|
|
|
|
1,770 |
|
|
|
2,145,170 |
|
| 4.700% |
|
|
05/14/45 |
|
|
|
|
|
|
|
855 |
|
|
|
1,066,748 |
|
| Bayer US Finance II LLC (Germany), |
|
| Gtd. Notes, 144A |
|
| 4.250% |
|
|
12/15/25 |
|
|
|
|
|
|
|
1,150 |
|
|
|
1,282,121 |
|
| Becton, Dickinson & Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.734% |
|
|
12/15/24 |
(a) |
|
|
|
|
|
|
372 |
|
|
|
405,186 |
|
| Bristol-Myers Squibb Co., |
|
| Sr. Unsec’d. Notes |
|
| 4.125% |
|
|
06/15/39 |
|
|
|
|
|
|
|
280 |
|
|
|
338,522 |
|
| 5.000% |
|
|
08/15/45 |
|
|
|
|
|
|
|
566 |
|
|
|
774,491 |
|
| Cigna Corp., |
|
| Gtd. Notes |
|
| 4.375% |
|
|
10/15/28 |
|
|
|
|
|
|
|
1,870 |
|
|
|
2,176,559 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A28
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Pharmaceuticals (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
| 3.200% |
|
|
03/15/40 |
|
|
|
|
|
|
|
530 |
|
|
$ |
550,133 |
|
| CVS Health Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.700% |
|
|
08/21/40 |
|
|
|
|
|
|
|
500 |
|
|
|
484,843 |
|
| 4.780% |
|
|
03/25/38 |
|
|
|
|
|
|
|
210 |
|
|
|
258,308 |
|
| 5.125% |
|
|
07/20/45 |
|
|
|
|
|
|
|
991 |
|
|
|
1,286,259 |
|
| 5.300% |
|
|
12/05/43 |
|
|
|
|
|
|
|
185 |
|
|
|
244,638 |
|
| Mylan, Inc., |
|
| Gtd. Notes |
|
| 5.400% |
|
|
11/29/43 |
|
|
|
|
|
|
|
590 |
|
|
|
733,479 |
|
| Organon & Co./Organon Foreign Debt Co-Issuer BV, |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.125% |
|
|
04/30/28 |
(a) |
|
|
|
|
|
|
925 |
|
|
|
943,757 |
|
| Viatris, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.850% |
|
|
06/22/40 |
|
|
|
|
|
|
|
520 |
|
|
|
555,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,983,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pipelines — 0.6% |
|
| Eastern Gas Transmission & Storage, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.600% |
|
|
12/15/44 |
|
|
|
|
|
|
|
45 |
|
|
|
52,605 |
|
| Energy Transfer LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.950% |
|
|
06/15/28 |
|
|
|
|
|
|
|
795 |
|
|
|
921,903 |
|
| 5.000% |
|
|
05/15/50 |
|
|
|
|
|
|
|
990 |
|
|
|
1,143,683 |
|
| 6.125% |
|
|
12/15/45 |
|
|
|
|
|
|
|
120 |
|
|
|
152,759 |
|
| Energy Transfer LP/Regency Energy Finance Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.000% |
|
|
10/01/22 |
|
|
|
|
|
|
|
610 |
|
|
|
635,787 |
|
| Enterprise Products Operating LLC, |
|
| Gtd. Notes |
|
| 3.750% |
|
|
02/15/25 |
(a) |
|
|
|
|
|
|
1,055 |
|
|
|
1,150,147 |
|
| Kinder Morgan, Inc., |
|
| Gtd. Notes |
|
| 3.250% |
|
|
08/01/50 |
(a) |
|
|
|
|
|
|
1,575 |
|
|
|
1,524,436 |
|
| MPLX LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
02/15/25 |
|
|
|
|
|
|
|
1,140 |
|
|
|
1,244,182 |
|
| 4.700% |
|
|
04/15/48 |
|
|
|
|
|
|
|
750 |
|
|
|
872,027 |
|
| 4.875% |
|
|
06/01/25 |
|
|
|
|
|
|
|
2,275 |
|
|
|
2,568,568 |
|
| 5.200% |
|
|
03/01/47 |
|
|
|
|
|
|
|
25 |
|
|
|
30,689 |
|
| ONEOK Partners LP, |
|
| Gtd. Notes |
|
| 6.650% |
|
|
10/01/36 |
|
|
|
|
|
|
|
130 |
|
|
|
175,035 |
|
| ONEOK, Inc., |
|
| Gtd. Notes |
|
| 3.100% |
|
|
03/15/30 |
(a) |
|
|
|
|
|
|
3,495 |
|
|
|
3,654,345 |
|
| 4.500% |
|
|
03/15/50 |
|
|
|
|
|
|
|
245 |
|
|
|
273,462 |
|
| 4.950% |
|
|
07/13/47 |
|
|
|
|
|
|
|
640 |
|
|
|
749,919 |
|
| Western Midstream Operating LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
07/01/22 |
|
|
|
|
|
|
|
1,315 |
|
|
|
1,336,175 |
|
| 5.300% |
|
|
03/01/48 |
|
|
|
|
|
|
|
80 |
|
|
|
84,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Pipelines (cont’d.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Williams Cos., Inc. (The), |
|
| Sr. Unsec’d. Notes |
|
| 4.850% |
|
|
03/01/48 |
|
|
|
|
|
|
|
230 |
|
|
$ |
279,944 |
|
| 4.900% |
|
|
01/15/45 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,330,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,180,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Investment Trusts (REITs) — 0.2% |
|
| GLP Capital LP/GLP Financing II, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
04/15/26 |
|
|
|
|
|
|
|
725 |
|
|
|
834,324 |
|
| Kimco Realty Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.700% |
|
|
10/01/30 |
|
|
|
|
|
|
|
2,420 |
|
|
|
2,492,778 |
|
| MPT Operating Partnership LP/MPT Finance Corp., |
|
| Gtd. Notes |
|
| 3.500% |
|
|
03/15/31 |
|
|
|
|
|
|
|
750 |
|
|
|
757,587 |
|
| Realty Income Corp., |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
01/15/31 |
|
|
|
|
|
|
|
2,250 |
|
|
|
2,455,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,540,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail — 0.3% |
|
| 1011778 BC ULC/New Red Finance, Inc. (Canada), |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.875% |
|
|
01/15/28 |
|
|
|
|
|
|
|
650 |
|
|
|
658,125 |
|
| AutoZone, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.750% |
|
|
04/18/29 |
|
|
|
|
|
|
|
1,820 |
|
|
|
2,030,114 |
|
| Dollar Tree, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
05/15/25 |
|
|
|
|
|
|
|
3,395 |
|
|
|
3,746,815 |
|
| L Brands, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
10/15/23 |
|
|
|
|
|
|
|
500 |
|
|
|
549,149 |
|
| Sally Holdings LLC/Sally Capital, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
12/01/25 |
(a) |
|
|
|
|
|
|
1,020 |
|
|
|
1,053,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,037,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Semiconductors — 0.2% |
|
| Broadcom, Inc., |
|
| Gtd. Notes |
|
| 4.750% |
|
|
04/15/29 |
|
|
|
|
|
|
|
3,650 |
|
|
|
4,245,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software — 0.1% |
|
| Fidelity National Information Services, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.250% |
|
|
03/01/31 |
(a) |
|
|
|
|
|
|
2,175 |
|
|
|
2,171,622 |
|
| Microsoft Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.675% |
|
|
06/01/60 |
|
|
|
|
|
|
|
360 |
|
|
|
358,432 |
|
| ServiceNow, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.400% |
|
|
09/01/30 |
|
|
|
|
|
|
|
1,425 |
|
|
|
1,337,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,867,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A29
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Telecommunications — 0.7% |
|
| AT&T, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.100% |
|
|
02/01/43 |
|
|
|
|
|
|
|
1,070 |
|
|
$ |
1,048,949 |
|
| 4.300% |
|
|
02/15/30 |
|
|
|
|
|
|
|
490 |
|
|
|
566,538 |
|
| 4.500% |
|
|
05/15/35 |
|
|
|
|
|
|
|
225 |
|
|
|
264,056 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.550% |
|
|
12/01/33 |
|
|
|
|
|
|
|
1,371 |
|
|
|
1,358,831 |
|
| 3.500% |
|
|
09/15/53 |
|
|
|
|
|
|
|
2,817 |
|
|
|
2,825,236 |
|
| 3.650% |
|
|
09/15/59 |
|
|
|
|
|
|
|
4 |
|
|
|
4,053 |
|
| British Telecommunications PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes |
|
| 9.625% |
|
|
12/15/30 |
|
|
|
|
|
|
|
350 |
|
|
|
542,747 |
|
| Level 3 Financing, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
05/01/25 |
(a) |
|
|
|
|
|
|
1,300 |
|
|
|
1,329,814 |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.400% |
|
|
03/01/27 |
|
|
|
|
|
|
|
250 |
|
|
|
265,769 |
|
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.360% |
|
|
03/20/23 |
|
|
|
|
|
|
|
88 |
|
|
|
87,971 |
|
| T-Mobile USA, Inc., |
|
| Sr. Sec’d. Notes |
|
| 3.875% |
|
|
04/15/30 |
|
|
|
|
|
|
|
5,500 |
|
|
|
6,139,058 |
|
| Verizon Communications, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.550% |
|
|
03/21/31 |
|
|
|
|
|
|
|
1,515 |
|
|
|
1,550,066 |
|
| 2.650% |
|
|
11/20/40 |
|
|
|
|
|
|
|
1,095 |
|
|
|
1,056,483 |
|
| 4.016% |
|
|
12/03/29 |
|
|
|
|
|
|
|
1,365 |
|
|
|
1,565,791 |
|
| 4.500% |
|
|
08/10/33 |
|
|
|
|
|
|
|
865 |
|
|
|
1,035,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,640,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation — 0.1% |
|
| Burlington Northern Santa Fe LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.700% |
|
|
08/01/28 |
|
|
|
|
|
|
|
735 |
|
|
|
963,718 |
|
| CSX Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.150% |
|
|
05/01/37 |
|
|
|
|
|
|
|
690 |
|
|
|
974,119 |
|
| Norfolk Southern Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.590% |
|
|
05/17/25 |
|
|
|
|
|
|
|
120 |
|
|
|
140,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,078,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS
(cost $272,683,555) |
|
|
|
295,194,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS — 0.6% |
|
| Alabama — 0.0% |
|
| Alabama Economic Settlement Authority, |
|
| Taxable, Revenue Bonds, Series B |
|
| 4.263% |
|
|
09/15/32 |
|
|
|
|
|
|
|
180 |
|
|
|
206,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| California — 0.2% |
|
| Bay Area Toll Authority, |
|
| Revenue Bonds, BABs, Series F2 |
|
| 6.263% |
|
|
04/01/49 |
|
|
|
|
|
|
|
1,305 |
|
|
|
2,113,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| MUNICIPAL BONDS (continued) |
|
| California (cont’d.) |
|
| Taxable, Revenue Bonds |
|
| 2.574% |
|
|
04/01/31 |
|
|
|
|
|
|
|
415 |
|
|
$ |
440,282 |
|
| State of California, |
|
| General Obligation Unlimited, BABs |
|
| 7.300% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,250 |
|
|
|
1,995,513 |
|
| General Obligation Unlimited, Taxable, BABs |
|
| 7.500% |
|
|
04/01/34 |
|
|
|
|
|
|
|
350 |
|
|
|
550,487 |
|
| 7.625% |
|
|
03/01/40 |
|
|
|
|
|
|
|
205 |
|
|
|
344,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,443,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colorado — 0.0% |
|
| Regional Transportation District Sales Tax Revenue,
|
|
| Revenue Bonds, BABs, Series B |
|
| 5.844% |
|
|
11/01/50 |
|
|
|
|
|
|
|
565 |
|
|
|
895,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.2% |
|
| Chicago O’Hare International Airport,
|
|
| Revenue Bonds, BABs, Series B |
|
| 6.395% |
|
|
01/01/40 |
|
|
|
|
|
|
|
970 |
|
|
|
1,470,898 |
|
| State of Illinois, |
|
| General Obligation Unlimited, Series D |
|
| 5.000% |
|
|
11/01/22 |
|
|
|
|
|
|
|
2,305 |
|
|
|
2,447,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,918,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey — 0.1% |
|
| New Jersey Turnpike Authority, |
|
| Taxable, Revenue Bonds, BABs, Series F |
|
| 7.414% |
|
|
01/01/40 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,644,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York — 0.1% |
|
| New York City Transitional Finance Authority Future Tax Secured Revenue, |
|
| Taxable, Revenue Bonds, BABs |
|
| 5.767% |
|
|
08/01/36 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,403,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ohio — 0.0% |
|
| Ohio State University (The), |
|
| Taxable, Revenue Bonds, BABs, Series C |
|
| 4.910% |
|
|
06/01/40 |
|
|
|
|
|
|
|
415 |
|
|
|
561,308 |
|
| Ohio Water Development Authority Water Pollution Control Loan Fund, Taxable, Revenue Bonds,
BABs, Series B2 |
|
| 4.879% |
|
|
12/01/34 |
|
|
|
|
|
|
|
275 |
|
|
|
325,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
887,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon — 0.0% |
|
| State of Oregon Department of Transportation, |
|
| Taxable, Revenue Bonds, BABs, Series A |
|
| 5.834% |
|
|
11/15/34 |
|
|
|
|
|
|
|
425 |
|
|
|
594,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.0% |
|
| Pennsylvania Turnpike Commission, |
|
| Revenue Bonds, BABs, Series B |
|
| 5.511% |
|
|
12/01/45 |
|
|
|
|
|
|
|
505 |
|
|
|
721,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Virginia — 0.0% |
|
| University of Virginia, |
|
| Taxable, Revenue Bonds, Series C |
|
| 4.179% |
|
|
09/01/2117 |
|
|
|
|
|
|
|
355 |
|
|
|
448,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(cost $11,796,226) |
|
|
|
16,163,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A30
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
RESIDENTIAL MORTGAGE-BACKED
SECURITIES — 1.7% |
|
| Alternative Loan Trust, |
|
| Series 2004-18CB, Class 3A1 |
|
| 5.250% |
|
|
09/25/35 |
|
|
|
|
|
|
|
10 |
|
|
$ |
10,329 |
|
| Banc of America Mortgage Trust, |
|
| Series 2005-A, Class 2A1 |
|
| 2.582%(cc) |
|
|
02/25/35 |
|
|
|
|
|
|
|
74 |
|
|
|
76,744 |
|
| Bellemeade Re Ltd. (Bermuda), |
|
| Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) |
|
| 1.692%(c) |
|
|
04/25/28 |
|
|
|
|
|
|
|
87 |
|
|
|
87,050 |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%) |
|
| 3.492%(c) |
|
|
06/25/30 |
|
|
|
|
|
|
|
27 |
|
|
|
27,304 |
|
| Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%) |
|
| 2.692%(c) |
|
|
06/25/30 |
|
|
|
|
|
|
|
232 |
|
|
|
231,730 |
|
| Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor
1.200%) |
|
| 1.210%(c) |
|
|
06/25/31 |
|
|
|
|
|
|
|
2,014 |
|
|
|
2,016,175 |
|
| BVRT Financing Trust, |
|
| Series 2019-01, Class F, 144A, 1 Month LIBOR + 2.150% |
|
| 2.227%(c) |
|
|
09/15/21^ |
|
|
|
|
|
|
|
1,442 |
|
|
|
1,437,753 |
|
| Central Park Funding Trust, |
|
| Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
|
| 2.846%(c) |
|
|
08/29/22 |
|
|
|
|
|
|
|
2,413 |
|
|
|
2,414,244 |
|
| Chase Mortgage Finance Trust, |
|
| Series 2007-A01, Class 1A5 |
|
| 2.485%(cc) |
|
|
02/25/37 |
|
|
|
|
|
|
|
110 |
|
|
|
110,813 |
|
| Credit Suisse Mortgage Trust, |
|
| Series 2018-RPL09, Class A, 144A |
|
| 3.850%(cc) |
|
|
09/25/57 |
|
|
|
|
|
|
|
749 |
|
|
|
782,619 |
|
| FHLMC REMICS, |
|
| Series 4535, Class PA |
|
| 3.000% |
|
|
03/15/44 |
|
|
|
|
|
|
|
611 |
|
|
|
635,641 |
|
| FHLMC Structured Agency Credit Risk Debt Notes, |
|
| Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%) |
|
| 0.842%(c) |
|
|
03/25/30 |
|
|
|
|
|
|
|
365 |
|
|
|
365,168 |
|
| Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor
0.000%) |
|
| 2.618%(c) |
|
|
11/25/50 |
|
|
|
|
|
|
|
2,095 |
|
|
|
2,128,119 |
|
| FHLMC Structured Agency Credit Risk REMIC Trust, |
|
| Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%) |
|
| 3.692%(c) |
|
|
07/25/50 |
|
|
|
|
|
|
|
715 |
|
|
|
724,294 |
|
| Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%) |
|
| 5.342%(c) |
|
|
09/25/50 |
|
|
|
|
|
|
|
155 |
|
|
|
163,632 |
|
| Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor
0.000%) |
|
| 2.118%(c) |
|
|
10/25/33 |
|
|
|
|
|
|
|
2,005 |
|
|
|
2,047,922 |
|
| FHLMC Structured Agency Credit Risk Trust, |
|
| Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%) |
|
| 0.842%(c) |
|
|
09/25/48 |
|
|
|
|
|
|
|
2 |
|
|
|
2,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Home Re Ltd. (Bermuda), |
|
| Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) |
|
| 1.742%(c) |
|
|
05/25/29 |
|
|
|
|
|
|
|
116 |
|
|
$ |
115,946 |
|
| JPMorgan Mortgage Trust, |
|
| Series 2007-A01, Class 4A1 |
|
| 2.727%(cc) |
|
|
07/25/35 |
|
|
|
|
|
|
|
45 |
|
|
|
44,807 |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2021-GS01, Class A1, 144A |
|
| 1.892% |
|
|
10/25/66 |
|
|
|
|
|
|
|
288 |
|
|
|
288,570 |
|
| Mello Warehouse Securitization Trust, |
|
| Series 2020-01, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) |
|
| 0.992%(c) |
|
|
10/25/53 |
|
|
|
|
|
|
|
1,260 |
|
|
|
1,259,966 |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
|
| 0.806%(c) |
|
|
02/25/55 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,600,000 |
|
| MFA Trust, |
|
| Series 2021-RPL01, Class A1, 144A |
|
| 1.131%(cc) |
|
|
07/25/60 |
|
|
|
|
|
|
|
2,837 |
|
|
|
2,835,589 |
|
| Mortgage Repurchase Agreement Financing Trust, |
|
| Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) |
|
| 1.327%(c) |
|
|
01/23/23 |
|
|
|
|
|
|
|
400 |
|
|
|
400,013 |
|
| Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
380 |
|
|
|
380,182 |
|
| Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
735 |
|
|
|
735,352 |
|
| Series 2020-05, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) |
|
| 1.077%(c) |
|
|
08/10/23 |
|
|
|
|
|
|
|
1,090 |
|
|
|
1,090,680 |
|
| Series 2021-01, Class A2, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.000%) |
|
| 0.577%(c) |
|
|
03/10/22 |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,600,376 |
|
| MRA Issuance Trust, |
|
| Series 2020-15, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%) |
|
| 1.592%(c) |
|
|
07/15/21 |
|
|
|
|
|
|
|
6,030 |
|
|
|
6,030,253 |
|
| MSG III Securitization Trust, |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.841%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,499,724 |
|
| Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) |
|
| 0.991%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
270 |
|
|
|
269,950 |
|
| Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) |
|
| 1.191%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
230 |
|
|
|
229,956 |
|
| Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%) |
|
| 1.391%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
90 |
|
|
|
89,982 |
|
| New Residential Mortgage Loan Trust, |
|
| Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.842%(c) |
|
|
01/25/48 |
|
|
|
|
|
|
|
280 |
|
|
|
280,840 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A31
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Oaktown Re II Ltd. (Bermuda), |
|
| Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) |
|
| 1.642%(c) |
|
|
07/25/28 |
|
|
|
|
|
|
|
103 |
|
|
$ |
103,301 |
|
| Oaktown Re III Ltd. (Bermuda), |
|
| Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
|
| 1.492%(c) |
|
|
07/25/29 |
|
|
|
|
|
|
|
29 |
|
|
|
28,741 |
|
| Oaktown Re IV Ltd. (Bermuda), |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%) |
|
| 4.842%(c) |
|
|
07/25/30 |
|
|
|
|
|
|
|
129 |
|
|
|
129,255 |
|
| PMT Credit Risk Transfer Trust, |
|
| Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor
3.815%) |
|
| 3.907%(c) |
|
|
12/25/22 |
|
|
|
|
|
|
|
2,034 |
|
|
|
2,043,365 |
|
| Series 2021-1R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%) |
|
| 3.011%(c) |
|
|
02/27/24 |
|
|
|
|
|
|
|
3,250 |
|
|
|
3,279,516 |
|
| Provident Funding Mortgage Warehouse Securitization Trust, |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) |
|
| 0.792%(c) |
|
|
02/25/55 |
|
|
|
|
|
|
|
2,340 |
|
|
|
2,332,727 |
|
| Seasoned Credit Risk Transfer Trust, |
|
| Series 2019-02, Class MA |
|
| 3.500% |
|
|
08/25/58 |
|
|
|
|
|
|
|
1,133 |
|
|
|
1,193,279 |
|
| Station Place Securitization Trust, |
|
| Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) |
|
| 0.991%(c) |
|
|
04/11/22^ |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,600,000 |
|
| Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%) |
|
| 0.891%(c) |
|
|
06/20/22 |
|
|
|
|
|
|
|
2,040 |
|
|
|
2,040,918 |
|
| Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor
0.650%) |
|
| 0.742%(c) |
|
|
01/26/54 |
|
|
|
|
|
|
|
1,970 |
|
|
|
1,971,055 |
|
| Structured Adjustable Rate Mortgage Loan Trust, |
|
| Series 2004-01, Class 4A3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2.537%(cc) |
|
|
02/25/34 |
|
|
|
|
|
|
|
94 |
|
|
|
95,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $48,608,937) |
|
|
|
48,831,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS — 0.8% |
|
| Abu Dhabi Government International Bond (United Arab Emirates), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.125% |
|
|
10/11/27 |
|
|
|
|
|
|
|
2,420 |
|
|
|
2,658,776 |
|
| Bermuda Government International Bond (Bermuda), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.375% |
|
|
08/20/30 |
|
|
|
|
|
|
|
465 |
|
|
|
465,059 |
|
| Colombia Government International Bond (Colombia), |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
02/26/24 |
|
|
|
|
|
|
|
220 |
|
|
|
233,046 |
|
| 7.375% |
|
|
09/18/37 |
|
|
|
|
|
|
|
450 |
|
|
|
591,650 |
|
| Export-Import Bank of India (India), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.875% |
|
|
02/01/28 |
|
|
|
|
|
|
|
745 |
|
|
|
806,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| SOVEREIGN BONDS (continued) |
|
| Finnvera OYJ (Finland), |
|
| Gov’t. Gtd. Notes, 144A, MTN |
|
| 2.375% |
|
|
06/04/25 |
|
|
|
|
|
|
|
400 |
|
|
$ |
424,511 |
|
| Indonesia Government International Bond (Indonesia), |
|
| Sr. Unsec’d. Notes |
|
| 3.375% |
|
|
07/30/25 |
|
|
|
|
|
|
EUR |
1,200 |
|
|
|
1,591,691 |
|
| 4.450% |
|
|
02/11/24 |
|
|
|
|
|
|
|
355 |
|
|
|
388,704 |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 5.875% |
|
|
01/15/24 |
|
|
|
|
|
|
|
750 |
|
|
|
846,231 |
|
| Sr. Unsec’d. Notes, EMTN |
|
| 2.150% |
|
|
07/18/24 |
|
|
|
|
|
|
EUR |
1,510 |
|
|
|
1,896,908 |
|
| 4.750% |
|
|
01/08/26 |
|
|
|
|
|
|
|
350 |
|
|
|
399,703 |
|
| Japan Bank for International Cooperation (Japan), |
|
| Gov’t. Gtd. Notes |
|
| 3.375% |
|
|
10/31/23 |
|
|
|
|
|
|
|
200 |
|
|
|
213,322 |
|
| Japan Finance Organization for Municipalities (Japan), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.125% |
|
|
10/25/23 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,035,546 |
|
| 2.625% |
|
|
04/20/22 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,426,034 |
|
| 3.000% |
|
|
03/12/24 |
|
|
|
|
|
|
|
200 |
|
|
|
212,468 |
|
| Panama Government International Bond (Panama), |
|
| Sr. Unsec’d. Notes |
|
| 4.500% |
|
|
04/16/50 |
(a) |
|
|
|
|
|
|
340 |
|
|
|
386,945 |
|
| Qatar Government International Bond (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.875% |
|
|
04/23/23 |
|
|
|
|
|
|
|
800 |
|
|
|
849,973 |
|
| 5.103% |
|
|
04/23/48 |
|
|
|
|
|
|
|
665 |
|
|
|
883,076 |
|
| Romanian Government International Bond (Romania), |
|
| Sr. Unsec’d. Notes, EMTN |
|
| 4.125% |
|
|
03/11/39 |
|
|
|
|
|
|
EUR |
960 |
|
|
|
1,348,909 |
|
| Saudi Government International Bond (Saudi Arabia), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.375% |
|
|
10/26/21 |
|
|
|
|
|
|
|
980 |
|
|
|
986,101 |
|
| 2.875% |
|
|
03/04/23 |
|
|
|
|
|
|
|
1,285 |
|
|
|
1,333,251 |
|
| 4.000% |
|
|
04/17/25 |
|
|
|
|
|
|
|
750 |
|
|
|
828,289 |
|
| Tokyo Metropolitan Government (Japan), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.500% |
|
|
06/08/22 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,223,801 |
|
| 3.250% |
|
|
06/01/23 |
|
|
|
|
|
|
|
600 |
|
|
|
631,166 |
|
| Uruguay Government International Bond (Uruguay), |
|
| Sr. Unsec’d. Notes |
|
| 4.975% |
|
|
04/20/55 |
|
|
|
|
|
|
|
405 |
|
|
|
523,522 |
|
| 5.100% |
|
|
06/18/50 |
(a) |
|
|
|
|
|
|
395 |
|
|
|
517,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(cost $20,928,191) |
|
|
|
22,702,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.7% |
|
| Federal Home Loan Bank |
|
| 5.500% |
|
|
07/15/36 |
|
|
|
|
|
|
|
850 |
|
|
|
1,251,737 |
|
| Federal Home Loan Mortgage Corp. |
|
| 1.500% |
|
|
11/01/50 |
|
|
|
|
|
|
|
1,429 |
|
|
|
1,401,666 |
|
| 2.000% |
|
|
01/01/32 |
|
|
|
|
|
|
|
561 |
|
|
|
581,109 |
|
| 2.000% |
|
|
06/01/40 |
|
|
|
|
|
|
|
982 |
|
|
|
1,003,669 |
|
| 2.000% |
|
|
10/01/40 |
|
|
|
|
|
|
|
1,570 |
|
|
|
1,594,029 |
|
| 2.000% |
|
|
09/01/50 |
|
|
|
|
|
|
|
3,419 |
|
|
|
3,454,640 |
|
| 2.500% |
|
|
03/01/30 |
|
|
|
|
|
|
|
332 |
|
|
|
348,792 |
|
| 2.500% |
|
|
03/01/51 |
|
|
|
|
|
|
|
895 |
|
|
|
928,714 |
|
| 2.500% |
|
|
04/01/51 |
|
|
|
|
|
|
|
7,579 |
|
|
|
7,849,408 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A32
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| 3.000% |
|
10/01/28 |
|
|
|
|
|
|
219 |
|
|
$ |
231,837 |
|
| 3.000% |
|
06/01/29 |
|
|
|
|
|
|
464 |
|
|
|
492,112 |
|
| 3.000% |
|
01/01/37 |
|
|
|
|
|
|
127 |
|
|
|
133,787 |
|
| 3.000% |
|
06/01/42 |
|
|
|
|
|
|
201 |
|
|
|
212,947 |
|
| 3.000% |
|
10/01/42 |
|
|
|
|
|
|
479 |
|
|
|
507,556 |
|
| 3.000% |
|
01/01/43 |
|
|
|
|
|
|
449 |
|
|
|
475,394 |
|
| 3.000% |
|
07/01/43 |
|
|
|
|
|
|
1,198 |
|
|
|
1,274,809 |
|
| 3.000% |
|
11/01/49 |
|
|
|
|
|
|
1,990 |
|
|
|
2,074,184 |
|
| 3.000% |
|
02/01/50 |
|
|
|
|
|
|
2,149 |
|
|
|
2,243,076 |
|
| 3.000% |
|
05/01/50 |
|
|
|
|
|
|
482 |
|
|
|
502,500 |
|
| 3.500% |
|
06/01/42 |
|
|
|
|
|
|
193 |
|
|
|
208,251 |
|
| 3.500% |
|
01/01/47 |
|
|
|
|
|
|
380 |
|
|
|
404,588 |
|
| 3.500% |
|
02/01/47 |
|
|
|
|
|
|
551 |
|
|
|
584,453 |
|
| 4.000% |
|
06/01/26 |
|
|
|
|
|
|
235 |
|
|
|
250,557 |
|
| 4.000% |
|
09/01/26 |
|
|
|
|
|
|
86 |
|
|
|
91,580 |
|
| 4.000% |
|
03/01/38 |
|
|
|
|
|
|
251 |
|
|
|
270,628 |
|
| 4.000% |
|
10/01/39 |
|
|
|
|
|
|
395 |
|
|
|
432,334 |
|
| 4.000% |
|
09/01/40 |
|
|
|
|
|
|
489 |
|
|
|
532,753 |
|
| 4.000% |
|
12/01/40 |
|
|
|
|
|
|
219 |
|
|
|
239,517 |
|
| 4.000% |
|
10/01/41 |
|
|
|
|
|
|
226 |
|
|
|
246,159 |
|
| 4.000% |
|
01/01/42 |
|
|
|
|
|
|
72 |
|
|
|
78,708 |
|
| 4.500% |
|
02/01/39 |
|
|
|
|
|
|
58 |
|
|
|
64,445 |
|
| 4.500% |
|
09/01/39 |
|
|
|
|
|
|
82 |
|
|
|
91,314 |
|
| 4.500% |
|
10/01/39 |
|
|
|
|
|
|
744 |
|
|
|
827,359 |
|
| 4.500% |
|
12/01/39 |
|
|
|
|
|
|
70 |
|
|
|
78,202 |
|
| 4.500% |
|
07/01/41 |
|
|
|
|
|
|
84 |
|
|
|
90,470 |
|
| 4.500% |
|
07/01/41 |
|
|
|
|
|
|
1,332 |
|
|
|
1,491,840 |
|
| 4.500% |
|
08/01/41 |
|
|
|
|
|
|
116 |
|
|
|
125,761 |
|
| 4.500% |
|
08/01/41 |
|
|
|
|
|
|
180 |
|
|
|
197,727 |
|
| 4.500% |
|
08/01/41 |
|
|
|
|
|
|
201 |
|
|
|
222,073 |
|
| 4.500% |
|
10/01/41 |
|
|
|
|
|
|
101 |
|
|
|
109,213 |
|
| 4.500% |
|
12/01/47 |
|
|
|
|
|
|
177 |
|
|
|
192,161 |
|
| 4.500% |
|
08/01/48 |
|
|
|
|
|
|
386 |
|
|
|
415,643 |
|
| 5.000% |
|
05/01/34 |
|
|
|
|
|
|
15 |
|
|
|
17,195 |
|
| 5.000% |
|
05/01/34 |
|
|
|
|
|
|
177 |
|
|
|
202,933 |
|
| 5.000% |
|
10/01/35 |
|
|
|
|
|
|
5 |
|
|
|
5,168 |
|
| 5.000% |
|
07/01/37 |
|
|
|
|
|
|
265 |
|
|
|
302,007 |
|
| 5.000% |
|
05/01/39 |
|
|
|
|
|
|
37 |
|
|
|
42,548 |
|
| 5.500% |
|
12/01/33 |
|
|
|
|
|
|
38 |
|
|
|
42,102 |
|
| 5.500% |
|
01/01/34 |
|
|
|
|
|
|
37 |
|
|
|
42,003 |
|
| 5.500% |
|
06/01/34 |
|
|
|
|
|
|
66 |
|
|
|
75,996 |
|
| 5.500% |
|
07/01/34 |
|
|
|
|
|
|
135 |
|
|
|
156,045 |
|
| 5.500% |
|
05/01/37 |
|
|
|
|
|
|
34 |
|
|
|
39,989 |
|
| 5.500% |
|
02/01/38 |
|
|
|
|
|
|
264 |
|
|
|
307,378 |
|
| 5.500% |
|
05/01/38 |
|
|
|
|
|
|
29 |
|
|
|
34,025 |
|
| 5.500% |
|
07/01/38 |
|
|
|
|
|
|
71 |
|
|
|
83,068 |
|
| 6.000% |
|
03/01/32 |
|
|
|
|
|
|
129 |
|
|
|
147,276 |
|
| 6.000% |
|
12/01/33 |
|
|
|
|
|
|
47 |
|
|
|
52,332 |
|
| 6.000% |
|
11/01/36 |
|
|
|
|
|
|
35 |
|
|
|
40,759 |
|
| 6.000% |
|
01/01/37 |
|
|
|
|
|
|
34 |
|
|
|
40,369 |
|
| 6.000% |
|
05/01/37 |
|
|
|
|
|
|
16 |
|
|
|
18,623 |
|
| 6.000% |
|
02/01/38 |
|
|
|
|
|
|
3 |
|
|
|
3,032 |
|
| 6.000% |
|
08/01/39 |
|
|
|
|
|
|
41 |
|
|
|
48,926 |
|
| 6.750% |
|
03/15/31(k) |
|
|
|
|
|
|
550 |
|
|
|
808,325 |
|
| 7.000% |
|
05/01/31 |
|
|
|
|
|
|
6 |
|
|
|
6,086 |
|
| 7.000% |
|
06/01/31 |
|
|
|
|
|
|
12 |
|
|
|
12,860 |
|
| 7.000% |
|
08/01/31 |
|
|
|
|
|
|
99 |
|
|
|
112,166 |
|
| 7.000% |
|
10/01/31 |
|
|
|
|
|
|
6 |
|
|
|
6,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| Federal National Mortgage Assoc. |
|
| 1.500% |
|
11/01/50 |
|
|
|
|
|
|
982 |
|
|
$ |
963,483 |
|
| 1.500% |
|
12/01/50 |
|
|
|
|
|
|
3,940 |
|
|
|
3,864,159 |
|
| 2.000% |
|
08/01/31 |
|
|
|
|
|
|
543 |
|
|
|
562,581 |
|
| 2.000% |
|
02/01/41 |
|
|
|
|
|
|
1,919 |
|
|
|
1,958,708 |
|
| 2.000% |
|
05/01/41 |
|
|
|
|
|
|
10,168 |
|
|
|
10,342,151 |
|
| 2.000% |
|
08/01/50 |
|
|
|
|
|
|
1,463 |
|
|
|
1,478,352 |
|
| 2.000% |
|
10/01/50 |
|
|
|
|
|
|
8,045 |
|
|
|
8,127,860 |
|
| 2.000% |
|
11/01/50 |
|
|
|
|
|
|
1,927 |
|
|
|
1,947,340 |
|
| 2.500% |
|
TBA(tt) |
|
|
|
|
|
|
4,000 |
|
|
|
4,137,188 |
|
| 2.500% |
|
TBA |
|
|
|
|
|
|
10,000 |
|
|
|
10,323,437 |
|
| 2.500% |
|
01/01/28 |
|
|
|
|
|
|
443 |
|
|
|
463,896 |
|
| 2.500% |
|
05/01/41 |
|
|
|
|
|
|
8,286 |
|
|
|
8,622,829 |
|
| 2.500% |
|
10/01/43 |
|
|
|
|
|
|
449 |
|
|
|
468,835 |
|
| 2.500% |
|
12/01/46 |
|
|
|
|
|
|
894 |
|
|
|
928,691 |
|
| 2.500% |
|
03/01/50 |
|
|
|
|
|
|
934 |
|
|
|
968,796 |
|
| 2.500% |
|
08/01/50 |
|
|
|
|
|
|
2,927 |
|
|
|
3,030,010 |
|
| 2.500% |
|
08/01/50 |
|
|
|
|
|
|
3,139 |
|
|
|
3,249,189 |
|
| 2.500% |
|
04/01/51 |
|
|
|
|
|
|
1,990 |
|
|
|
2,060,324 |
|
| 3.000% |
|
TBA |
|
|
|
|
|
|
12,000 |
|
|
|
12,508,359 |
|
| 3.000% |
|
02/01/27 |
|
|
|
|
|
|
844 |
|
|
|
892,205 |
|
| 3.000% |
|
08/01/30 |
|
|
|
|
|
|
603 |
|
|
|
637,415 |
|
| 3.000% |
|
11/01/36 |
|
|
|
|
|
|
1,012 |
|
|
|
1,059,167 |
|
| 3.000% |
|
12/01/42 |
|
|
|
|
|
|
877 |
|
|
|
927,998 |
|
| 3.000% |
|
03/01/43 |
|
|
|
|
|
|
186 |
|
|
|
197,188 |
|
| 3.000% |
|
11/01/46 |
|
|
|
|
|
|
627 |
|
|
|
662,899 |
|
| 3.000% |
|
01/01/47 |
|
|
|
|
|
|
915 |
|
|
|
959,576 |
|
| 3.000% |
|
02/01/47 |
|
|
|
|
|
|
946 |
|
|
|
995,510 |
|
| 3.000% |
|
03/01/47 |
|
|
|
|
|
|
493 |
|
|
|
518,827 |
|
| 3.000% |
|
06/01/49 |
|
|
|
|
|
|
26 |
|
|
|
27,217 |
|
| 3.000% |
|
12/01/49 |
|
|
|
|
|
|
2,233 |
|
|
|
2,327,906 |
|
| 3.000% |
|
02/01/50 |
|
|
|
|
|
|
4,617 |
|
|
|
4,815,217 |
|
| 3.000% |
|
03/01/50 |
|
|
|
|
|
|
466 |
|
|
|
485,535 |
|
| 3.000% |
|
03/01/50 |
|
|
|
|
|
|
592 |
|
|
|
617,440 |
|
| 3.000% |
|
04/01/50 |
|
|
|
|
|
|
642 |
|
|
|
670,169 |
|
| 3.000% |
|
05/01/50 |
|
|
|
|
|
|
371 |
|
|
|
386,402 |
|
| 3.500% |
|
07/01/31 |
|
|
|
|
|
|
595 |
|
|
|
638,862 |
|
| 3.500% |
|
02/01/33 |
|
|
|
|
|
|
1,388 |
|
|
|
1,494,286 |
|
| 3.500% |
|
06/01/39 |
|
|
|
|
|
|
345 |
|
|
|
371,718 |
|
| 3.500% |
|
01/01/42 |
|
|
|
|
|
|
2,320 |
|
|
|
2,499,181 |
|
| 3.500% |
|
05/01/42 |
|
|
|
|
|
|
1,151 |
|
|
|
1,244,409 |
|
| 3.500% |
|
07/01/42 |
|
|
|
|
|
|
555 |
|
|
|
601,356 |
|
| 3.500% |
|
08/01/42 |
|
|
|
|
|
|
204 |
|
|
|
221,472 |
|
| 3.500% |
|
08/01/42 |
|
|
|
|
|
|
585 |
|
|
|
634,405 |
|
| 3.500% |
|
09/01/42 |
|
|
|
|
|
|
280 |
|
|
|
301,752 |
|
| 3.500% |
|
09/01/42 |
|
|
|
|
|
|
1,132 |
|
|
|
1,227,347 |
|
| 3.500% |
|
11/01/42 |
|
|
|
|
|
|
162 |
|
|
|
174,953 |
|
| 3.500% |
|
03/01/43 |
|
|
|
|
|
|
1,704 |
|
|
|
1,850,199 |
|
| 3.500% |
|
04/01/43 |
|
|
|
|
|
|
351 |
|
|
|
378,549 |
|
| 3.500% |
|
04/01/43 |
|
|
|
|
|
|
485 |
|
|
|
523,725 |
|
| 3.500% |
|
01/01/46 |
|
|
|
|
|
|
921 |
|
|
|
993,235 |
|
| 3.500% |
|
07/01/46 |
|
|
|
|
|
|
800 |
|
|
|
850,423 |
|
| 3.500% |
|
11/01/46 |
|
|
|
|
|
|
902 |
|
|
|
959,584 |
|
| 3.500% |
|
09/01/47 |
|
|
|
|
|
|
444 |
|
|
|
469,489 |
|
| 3.500% |
|
01/01/48 |
|
|
|
|
|
|
3,165 |
|
|
|
3,346,098 |
|
| 3.500% |
|
05/01/48 |
|
|
|
|
|
|
766 |
|
|
|
808,347 |
|
| 3.500% |
|
07/01/48 |
|
|
|
|
|
|
475 |
|
|
|
501,283 |
|
| 4.000% |
|
10/01/41 |
|
|
|
|
|
|
1,520 |
|
|
|
1,671,232 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A33
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| 4.000% |
|
09/01/44 |
|
|
|
|
|
|
1,088 |
|
|
$ |
1,184,493 |
|
| 4.000% |
|
10/01/46 |
|
|
|
|
|
|
326 |
|
|
|
352,064 |
|
| 4.000% |
|
02/01/47 |
|
|
|
|
|
|
235 |
|
|
|
251,541 |
|
| 4.000% |
|
09/01/47 |
|
|
|
|
|
|
776 |
|
|
|
831,035 |
|
| 4.000% |
|
11/01/47 |
|
|
|
|
|
|
483 |
|
|
|
527,307 |
|
| 4.000% |
|
11/01/47 |
|
|
|
|
|
|
1,223 |
|
|
|
1,311,215 |
|
| 4.000% |
|
03/01/49 |
|
|
|
|
|
|
5,239 |
|
|
|
5,568,634 |
|
| 4.500% |
|
07/01/33 |
|
|
|
|
|
|
34 |
|
|
|
37,518 |
|
| 4.500% |
|
08/01/33 |
|
|
|
|
|
|
29 |
|
|
|
31,830 |
|
| 4.500% |
|
09/01/33 |
|
|
|
|
|
|
62 |
|
|
|
68,622 |
|
| 4.500% |
|
10/01/33 |
|
|
|
|
|
|
4 |
|
|
|
4,478 |
|
| 4.500% |
|
10/01/33 |
|
|
|
|
|
|
26 |
|
|
|
28,575 |
|
| 4.500% |
|
10/01/33 |
|
|
|
|
|
|
77 |
|
|
|
84,478 |
|
| 4.500% |
|
01/01/35 |
|
|
|
|
|
|
1 |
|
|
|
1,115 |
|
| 4.500% |
|
07/01/39 |
|
|
|
|
|
|
554 |
|
|
|
618,207 |
|
| 4.500% |
|
08/01/39 |
|
|
|
|
|
|
839 |
|
|
|
935,790 |
|
| 4.500% |
|
03/01/41 |
|
|
|
|
|
|
268 |
|
|
|
299,129 |
|
| 4.500% |
|
11/01/47 |
|
|
|
|
|
|
1,723 |
|
|
|
1,869,155 |
|
| 4.500% |
|
01/01/49 |
|
|
|
|
|
|
321 |
|
|
|
344,667 |
|
| 5.000% |
|
03/01/34 |
|
|
|
|
|
|
159 |
|
|
|
180,844 |
|
| 5.000% |
|
06/01/35 |
|
|
|
|
|
|
58 |
|
|
|
66,193 |
|
| 5.000% |
|
07/01/35 |
|
|
|
|
|
|
78 |
|
|
|
88,859 |
|
| 5.000% |
|
09/01/35 |
|
|
|
|
|
|
58 |
|
|
|
66,380 |
|
| 5.000% |
|
11/01/35 |
|
|
|
|
|
|
64 |
|
|
|
73,124 |
|
| 5.000% |
|
02/01/36 |
|
|
|
|
|
|
71 |
|
|
|
81,765 |
|
| 5.000% |
|
05/01/36 |
|
|
|
|
|
|
36 |
|
|
|
40,886 |
|
| 5.500% |
|
09/01/33 |
|
|
|
|
|
|
142 |
|
|
|
163,269 |
|
| 5.500% |
|
10/01/33 |
|
|
|
|
|
|
64 |
|
|
|
73,909 |
|
| 5.500% |
|
12/01/33 |
|
|
|
|
|
|
36 |
|
|
|
41,744 |
|
| 5.500% |
|
01/01/34 |
|
|
|
|
|
|
1 |
|
|
|
953 |
|
| 5.500% |
|
12/01/34 |
|
|
|
|
|
|
133 |
|
|
|
153,783 |
|
| 5.500% |
|
10/01/35 |
|
|
|
|
|
|
508 |
|
|
|
588,009 |
|
| 5.500% |
|
03/01/36 |
|
|
|
|
|
|
47 |
|
|
|
53,096 |
|
| 5.500% |
|
05/01/36 |
|
|
|
|
|
|
111 |
|
|
|
127,977 |
|
| 5.500% |
|
04/01/37 |
|
|
|
|
|
|
65 |
|
|
|
75,553 |
|
| 6.000% |
|
08/01/22 |
|
|
|
|
|
|
7 |
|
|
|
6,796 |
|
| 6.000% |
|
04/01/33 |
|
|
|
|
|
|
15 |
|
|
|
17,257 |
|
| 6.000% |
|
06/01/33 |
|
|
|
|
|
|
3 |
|
|
|
3,783 |
|
| 6.000% |
|
10/01/33 |
|
|
|
|
|
|
192 |
|
|
|
219,913 |
|
| 6.000% |
|
11/01/33 |
|
|
|
|
|
|
4 |
|
|
|
4,185 |
|
| 6.000% |
|
11/01/33 |
|
|
|
|
|
|
13 |
|
|
|
14,921 |
|
| 6.000% |
|
11/01/33 |
|
|
|
|
|
|
43 |
|
|
|
48,543 |
|
| 6.000% |
|
01/01/34 |
|
|
|
|
|
|
196 |
|
|
|
227,648 |
|
| 6.000% |
|
02/01/34 |
|
|
|
|
|
|
47 |
|
|
|
53,790 |
|
| 6.000% |
|
03/01/34 |
|
|
|
|
|
|
26 |
|
|
|
29,099 |
|
| 6.000% |
|
03/01/34 |
|
|
|
|
|
|
39 |
|
|
|
43,657 |
|
| 6.000% |
|
07/01/34 |
|
|
|
|
|
|
140 |
|
|
|
165,256 |
|
| 6.000% |
|
08/01/34 |
|
|
|
|
|
|
1 |
|
|
|
644 |
|
| 6.000% |
|
10/01/34 |
|
|
|
|
|
|
3 |
|
|
|
3,367 |
|
| 6.000% |
|
11/01/34 |
|
|
|
|
|
|
2 |
|
|
|
2,687 |
|
| 6.000% |
|
11/01/34 |
|
|
|
|
|
|
8 |
|
|
|
8,412 |
|
| 6.000% |
|
01/01/35 |
|
|
|
|
|
|
51 |
|
|
|
57,935 |
|
| 6.000% |
|
01/01/35 |
|
|
|
|
|
|
142 |
|
|
|
159,740 |
|
| 6.000% |
|
02/01/35 |
|
|
|
|
|
|
42 |
|
|
|
46,649 |
|
| 6.000% |
|
02/01/35 |
|
|
|
|
|
|
185 |
|
|
|
219,434 |
|
| 6.000% |
|
03/01/35 |
|
|
|
|
|
|
1 |
|
|
|
1,555 |
|
| 6.000% |
|
04/01/35 |
|
|
|
|
|
|
1 |
|
|
|
691 |
|
| 6.000% |
|
07/01/36 |
|
|
|
|
|
|
29 |
|
|
|
33,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| 6.000% |
|
02/01/37 |
|
|
|
|
|
|
51 |
|
|
$ |
60,412 |
|
| 6.000% |
|
05/01/37 |
|
|
|
|
|
|
19 |
|
|
|
23,089 |
|
| 6.000% |
|
06/01/37 |
|
|
|
|
|
|
—(r |
) |
|
|
433 |
|
| 6.000% |
|
08/01/37 |
|
|
|
|
|
|
10 |
|
|
|
11,981 |
|
| 6.000% |
|
09/01/37 |
|
|
|
|
|
|
—(r |
) |
|
|
360 |
|
| 6.000% |
|
10/01/37 |
|
|
|
|
|
|
32 |
|
|
|
38,419 |
|
| 6.000% |
|
05/01/38 |
|
|
|
|
|
|
45 |
|
|
|
53,797 |
|
| 6.000% |
|
06/01/38 |
|
|
|
|
|
|
2 |
|
|
|
2,248 |
|
| 6.250% |
|
05/15/29(k) |
|
|
|
|
|
|
610 |
|
|
|
830,657 |
|
| 6.500% |
|
07/01/32 |
|
|
|
|
|
|
37 |
|
|
|
42,084 |
|
| 6.500% |
|
09/01/32 |
|
|
|
|
|
|
1 |
|
|
|
1,622 |
|
| 6.500% |
|
09/01/32 |
|
|
|
|
|
|
39 |
|
|
|
44,541 |
|
| 6.500% |
|
09/01/32 |
|
|
|
|
|
|
55 |
|
|
|
62,516 |
|
| 6.500% |
|
09/01/32 |
|
|
|
|
|
|
65 |
|
|
|
74,570 |
|
| 6.500% |
|
04/01/33 |
|
|
|
|
|
|
63 |
|
|
|
72,599 |
|
| 6.500% |
|
11/01/33 |
|
|
|
|
|
|
20 |
|
|
|
22,829 |
|
| 6.500% |
|
01/01/34 |
|
|
|
|
|
|
30 |
|
|
|
34,240 |
|
| 6.500% |
|
09/01/34 |
|
|
|
|
|
|
55 |
|
|
|
62,698 |
|
| 6.500% |
|
09/01/36 |
|
|
|
|
|
|
47 |
|
|
|
55,160 |
|
| 6.500% |
|
10/01/36 |
|
|
|
|
|
|
12 |
|
|
|
13,504 |
|
| 6.500% |
|
11/01/36 |
|
|
|
|
|
|
20 |
|
|
|
22,272 |
|
| 6.500% |
|
01/01/37 |
|
|
|
|
|
|
37 |
|
|
|
41,963 |
|
| 6.500% |
|
01/01/37 |
|
|
|
|
|
|
97 |
|
|
|
110,362 |
|
| 6.625% |
|
11/15/30(k) |
|
|
|
|
|
|
800 |
|
|
|
1,157,419 |
|
| 7.000% |
|
02/01/32 |
|
|
|
|
|
|
16 |
|
|
|
17,933 |
|
| 7.000% |
|
05/01/32 |
|
|
|
|
|
|
11 |
|
|
|
13,188 |
|
| 7.000% |
|
06/01/32 |
|
|
|
|
|
|
10 |
|
|
|
11,533 |
|
| 7.000% |
|
07/01/32 |
|
|
|
|
|
|
40 |
|
|
|
45,894 |
|
| 7.125% |
|
01/15/30(k) |
|
|
|
|
|
|
3,195 |
|
|
|
4,654,881 |
|
| Government National Mortgage Assoc. |
|
| 2.000% |
|
03/20/51 |
|
|
|
|
|
|
975 |
|
|
|
993,675 |
|
| 2.500% |
|
TBA |
|
|
|
|
|
|
3,000 |
|
|
|
3,104,531 |
|
| 2.500% |
|
03/20/43 |
|
|
|
|
|
|
185 |
|
|
|
193,939 |
|
| 2.500% |
|
12/20/46 |
|
|
|
|
|
|
372 |
|
|
|
387,449 |
|
| 2.500% |
|
01/20/50 |
|
|
|
|
|
|
841 |
|
|
|
870,402 |
|
| 3.000% |
|
12/20/44 |
|
|
|
|
|
|
139 |
|
|
|
147,537 |
|
| 3.000% |
|
03/15/45 |
|
|
|
|
|
|
440 |
|
|
|
461,739 |
|
| 3.000% |
|
11/20/45 |
|
|
|
|
|
|
432 |
|
|
|
457,011 |
|
| 3.000% |
|
03/20/46 |
|
|
|
|
|
|
934 |
|
|
|
987,388 |
|
| 3.000% |
|
07/20/46 |
|
|
|
|
|
|
2,402 |
|
|
|
2,534,550 |
|
| 3.000% |
|
08/20/46 |
|
|
|
|
|
|
636 |
|
|
|
670,735 |
|
| 3.000% |
|
10/20/46 |
|
|
|
|
|
|
557 |
|
|
|
585,436 |
|
| 3.000% |
|
11/20/46 |
|
|
|
|
|
|
333 |
|
|
|
351,928 |
|
| 3.000% |
|
12/20/46 |
|
|
|
|
|
|
598 |
|
|
|
631,292 |
|
| 3.000% |
|
01/20/47 |
|
|
|
|
|
|
171 |
|
|
|
179,824 |
|
| 3.000% |
|
04/20/47 |
|
|
|
|
|
|
754 |
|
|
|
794,788 |
|
| 3.000% |
|
12/20/49 |
|
|
|
|
|
|
296 |
|
|
|
308,863 |
|
| 3.500% |
|
12/20/42 |
|
|
|
|
|
|
780 |
|
|
|
835,061 |
|
| 3.500% |
|
05/20/43 |
|
|
|
|
|
|
238 |
|
|
|
254,940 |
|
| 3.500% |
|
04/20/45 |
|
|
|
|
|
|
784 |
|
|
|
836,331 |
|
| 3.500% |
|
07/20/46 |
|
|
|
|
|
|
2,998 |
|
|
|
3,190,265 |
|
| 3.500% |
|
07/20/48 |
|
|
|
|
|
|
2,463 |
|
|
|
2,601,940 |
|
| 3.500% |
|
11/20/48 |
|
|
|
|
|
|
794 |
|
|
|
835,422 |
|
| 3.500% |
|
06/20/49 |
|
|
|
|
|
|
3,347 |
|
|
|
3,516,056 |
|
| 4.000% |
|
06/15/40 |
|
|
|
|
|
|
42 |
|
|
|
46,264 |
|
| 4.000% |
|
05/20/41 |
|
|
|
|
|
|
40 |
|
|
|
43,595 |
|
| 4.000% |
|
12/20/42 |
|
|
|
|
|
|
429 |
|
|
|
469,723 |
|
| 4.000% |
|
08/20/44 |
|
|
|
|
|
|
170 |
|
|
|
186,355 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A34
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| 4.000% |
|
11/20/45 |
|
|
|
|
|
|
350 |
|
|
$ |
379,615 |
|
| 4.000% |
|
12/20/45 |
|
|
|
|
|
|
949 |
|
|
|
1,025,509 |
|
| 4.000% |
|
09/20/47 |
|
|
|
|
|
|
2,997 |
|
|
|
3,195,971 |
|
| 4.000% |
|
02/20/49 |
|
|
|
|
|
|
1,199 |
|
|
|
1,268,719 |
|
| 4.000% |
|
01/20/50 |
|
|
|
|
|
|
500 |
|
|
|
528,826 |
|
| 4.500% |
|
04/15/40 |
|
|
|
|
|
|
269 |
|
|
|
302,388 |
|
| 4.500% |
|
01/20/41 |
|
|
|
|
|
|
299 |
|
|
|
335,428 |
|
| 4.500% |
|
02/20/41 |
|
|
|
|
|
|
475 |
|
|
|
532,441 |
|
| 4.500% |
|
03/20/41 |
|
|
|
|
|
|
236 |
|
|
|
261,296 |
|
| 4.500% |
|
06/20/44 |
|
|
|
|
|
|
357 |
|
|
|
394,370 |
|
| 4.500% |
|
09/20/46 |
|
|
|
|
|
|
298 |
|
|
|
329,496 |
|
| 4.500% |
|
11/20/46 |
|
|
|
|
|
|
431 |
|
|
|
475,670 |
|
| 4.500% |
|
03/20/47 |
|
|
|
|
|
|
252 |
|
|
|
273,075 |
|
| 4.500% |
|
05/20/48 |
|
|
|
|
|
|
469 |
|
|
|
500,252 |
|
| 4.500% |
|
08/20/48 |
|
|
|
|
|
|
824 |
|
|
|
886,487 |
|
| 5.000% |
|
10/20/37 |
|
|
|
|
|
|
63 |
|
|
|
70,620 |
|
| 5.000% |
|
04/20/45 |
|
|
|
|
|
|
387 |
|
|
|
437,959 |
|
| 5.500% |
|
08/15/33 |
|
|
|
|
|
|
166 |
|
|
|
185,432 |
|
| 5.500% |
|
08/15/33 |
|
|
|
|
|
|
171 |
|
|
|
190,932 |
|
| 5.500% |
|
09/15/33 |
|
|
|
|
|
|
37 |
|
|
|
41,386 |
|
| 5.500% |
|
12/15/33 |
|
|
|
|
|
|
12 |
|
|
|
13,060 |
|
| 5.500% |
|
03/15/34 |
|
|
|
|
|
|
109 |
|
|
|
121,349 |
|
| 5.500% |
|
12/15/34 |
|
|
|
|
|
|
223 |
|
|
|
259,365 |
|
| 5.500% |
|
07/15/35 |
|
|
|
|
|
|
42 |
|
|
|
49,311 |
|
| 5.500% |
|
04/15/36 |
|
|
|
|
|
|
68 |
|
|
|
75,611 |
|
| 6.000% |
|
11/15/23 |
|
|
|
|
|
|
—(r |
) |
|
|
53 |
|
| 6.000% |
|
04/15/33 |
|
|
|
|
|
|
6 |
|
|
|
7,201 |
|
| 6.000% |
|
12/15/33 |
|
|
|
|
|
|
71 |
|
|
|
79,909 |
|
| 6.000% |
|
01/15/34 |
|
|
|
|
|
|
19 |
|
|
|
21,783 |
|
| 6.000% |
|
01/15/34 |
|
|
|
|
|
|
24 |
|
|
|
28,140 |
|
| 6.000% |
|
01/15/34 |
|
|
|
|
|
|
41 |
|
|
|
48,181 |
|
| 6.000% |
|
06/20/34 |
|
|
|
|
|
|
78 |
|
|
|
91,593 |
|
| 6.000% |
|
07/15/34 |
|
|
|
|
|
|
54 |
|
|
|
64,783 |
|
| 6.500% |
|
10/15/23 |
|
|
|
|
|
|
—(r |
) |
|
|
408 |
|
| 6.500% |
|
12/15/23 |
|
|
|
|
|
|
1 |
|
|
|
1,484 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
—(r |
) |
|
|
210 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
—(r |
) |
|
|
276 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
2 |
|
|
|
2,129 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
5 |
|
|
|
5,397 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
6 |
|
|
|
6,246 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
11 |
|
|
|
12,316 |
|
| 6.500% |
|
01/15/24 |
|
|
|
|
|
|
24 |
|
|
|
26,931 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
1 |
|
|
|
1,036 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
2 |
|
|
|
2,451 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
3 |
|
|
|
2,931 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
3 |
|
|
|
3,205 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
3 |
|
|
|
3,313 |
|
| 6.500% |
|
02/15/24 |
|
|
|
|
|
|
4 |
|
|
|
4,400 |
|
| 6.500% |
|
03/15/24 |
|
|
|
|
|
|
—(r |
) |
|
|
388 |
|
| 6.500% |
|
03/15/24 |
|
|
|
|
|
|
2 |
|
|
|
2,044 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
—(r |
) |
|
|
236 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
1 |
|
|
|
930 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
1 |
|
|
|
1,071 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
1 |
|
|
|
1,262 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
4 |
|
|
|
4,623 |
|
| 6.500% |
|
04/15/24 |
|
|
|
|
|
|
5 |
|
|
|
6,077 |
|
| 6.500% |
|
05/15/24 |
|
|
|
|
|
|
2 |
|
|
|
2,352 |
|
| 6.500% |
|
05/15/24 |
|
|
|
|
|
|
2 |
|
|
|
2,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS(continued) |
|
| 6.500% |
|
05/15/24 |
|
|
|
|
|
|
8 |
|
|
$ |
8,465 |
|
| 6.500% |
|
10/15/24 |
|
|
|
|
|
|
7 |
|
|
|
7,421 |
|
| 6.500% |
|
11/15/28 |
|
|
|
|
|
|
4 |
|
|
|
4,196 |
|
| 6.500% |
|
08/15/31 |
|
|
|
|
|
|
4 |
|
|
|
4,292 |
|
| 6.500% |
|
12/15/31 |
|
|
|
|
|
|
8 |
|
|
|
8,644 |
|
| 6.500% |
|
02/15/32 |
|
|
|
|
|
|
26 |
|
|
|
29,371 |
|
| 6.500% |
|
06/15/32 |
|
|
|
|
|
|
12 |
|
|
|
13,766 |
|
| 6.500% |
|
07/15/32 |
|
|
|
|
|
|
30 |
|
|
|
33,150 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
3 |
|
|
|
3,817 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
5 |
|
|
|
5,980 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
7 |
|
|
|
7,677 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
24 |
|
|
|
26,777 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
135 |
|
|
|
157,497 |
|
| 6.500% |
|
08/15/34 |
|
|
|
|
|
|
23 |
|
|
|
26,278 |
|
| 6.500% |
|
06/15/35 |
|
|
|
|
|
|
26 |
|
|
|
29,753 |
|
| 6.500% |
|
09/15/36 |
|
|
|
|
|
|
37 |
|
|
|
43,941 |
|
| 8.000% |
|
01/15/24 |
|
|
|
|
|
|
4 |
|
|
|
4,015 |
|
| Tennessee Valley Authority, Sr. Unsec’d. Notes |
|
|
|
|
|
| 7.125% |
|
05/01/30 |
|
|
|
|
|
|
510 |
|
|
|
743,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $210,509,198) |
|
|
|
215,788,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY OBLIGATIONS — 0.6% |
|
| U.S. Treasury Bonds |
|
|
|
|
|
| 1.875% |
|
02/15/51(a) |
|
|
|
|
|
|
350 |
|
|
|
333,977 |
|
| 2.250% |
|
05/15/41 |
|
|
|
|
|
|
1,280 |
|
|
|
1,332,000 |
|
| 2.500% |
|
05/15/46 |
|
|
|
|
|
|
2,840 |
|
|
|
3,075,631 |
|
| 3.625% |
|
02/15/44 |
|
|
|
|
|
|
490 |
|
|
|
632,942 |
|
| U.S. Treasury Notes |
|
|
|
|
|
| 0.125% |
|
03/31/23 |
|
|
|
|
|
|
4,895 |
|
|
|
4,887,925 |
|
| 0.250% |
|
05/15/24 |
|
|
|
|
|
|
425 |
|
|
|
422,742 |
|
| 0.875% |
|
06/30/26 |
|
|
|
|
|
|
310 |
|
|
|
309,903 |
|
| 1.625% |
|
05/15/31(a) |
|
|
|
|
|
|
2,745 |
|
|
|
2,787,891 |
|
| U.S. Treasury Strips Coupon |
|
|
|
|
|
| 1.760%(s) |
|
08/15/40(k) |
|
|
|
|
|
|
830 |
|
|
|
552,923 |
|
| 2.000%(s) |
|
08/15/39(k) |
|
|
|
|
|
|
360 |
|
|
|
246,164 |
|
| 2.378%(s) |
|
11/15/43 |
|
|
|
|
|
|
3,600 |
|
|
|
2,195,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(cost $16,528,182) |
|
|
|
16,777,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $1,289,864,182) |
|
|
|
2,509,794,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 14.1% |
|
|
| AFFILIATED MUTUAL FUNDS — 14.0% |
|
| PGIM Core Ultra Short Bond
Fund(wa) |
|
|
|
328,450,616 |
|
|
|
328,450,616 |
|
| PGIM Institutional Money Market Fund (cost $66,085,306; includes $66,081,198 of cash collateral
for securities on loan)(b)(wa) |
|
|
|
66,222,186 |
|
|
|
66,182,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL AFFILIATED MUTUAL FUNDS
(cost $394,535,922) |
|
|
|
394,633,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A35
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. TREASURY OBLIGATIONS(k)(n) — 0.1% |
|
| U.S. Treasury Bills |
|
|
|
|
|
| 0.045% |
|
09/16/21 |
|
|
|
|
|
|
100 |
|
|
$ |
99,991 |
|
| 0.045% |
|
09/16/21 |
|
|
|
|
|
|
175 |
|
|
|
174,983 |
|
| 0.045% |
|
09/16/21 |
|
|
|
|
|
|
2,400 |
|
|
|
2,399,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(cost $2,674,742) |
|
|
|
2,674,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $397,210,664) |
|
|
|
397,307,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.4%
(cost
$1,687,074,846) |
|
|
|
2,907,101,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPTION WRITTEN*~ — (0.0)%
(premiums received $0) |
|
|
|
(1,536 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—103.4%
(cost
$1,687,074,846) |
|
|
|
2,907,100,341 |
|
| Liabilities in excess of other assets(z) — (3.4)% |
|
|
|
(94,612,806 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
$ |
2,812,487,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ~ |
See tables subsequent to the Schedule of Investments for options detail. |
| ^ |
Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,039,424 and 0.1% 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 $64,774,752; cash collateral of $66,081,198 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the
last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
|
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2021.
|
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
|
| (ff) |
Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end. |
| (k) |
Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
|
| (n) |
Rate shown reflects yield to maturity at purchased date. |
| (oo) |
Perpetual security. Maturity date represents next call date. |
| (p) |
Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is
after the period end. |
| (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 4,000,000 is 0.1% of net assets. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
| (z) |
Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments: |
Options Written:
OTC
Swaptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Call/
Put |
|
|
Counterparty |
|
|
Expiration
Date |
|
|
Strike |
|
|
Receive |
|
|
Pay |
|
|
Notional
Amount
(000)# |
|
|
Value |
|
| GS_21-PJA^ |
|
|
Put |
|
|
|
Goldman Sachs International |
|
|
|
06/17/24 |
|
|
|
0.25% |
|
|
|
0.25%(M) |
|
|
|
GS_21-PJA(M) |
|
|
|
9,100 |
|
|
$ |
(1,536 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (premiums received $0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A36
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Futures contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number
of
Contracts |
|
Type |
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| Long Positions: |
|
|
|
|
|
|
|
|
|
| 302 |
|
2 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
$66,536,734 |
|
|
|
$ (93,870) |
|
| 181 |
|
5 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
22,340,774 |
|
|
|
(48,416 |
) |
| 114 |
|
10 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
15,105,000 |
|
|
|
35,112 |
|
| 299 |
|
20 Year U.S. Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
48,064,250 |
|
|
|
1,269,952 |
|
| 325 |
|
30 Year U.S. Ultra Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
62,623,438 |
|
|
|
2,660,354 |
|
| 7 |
|
Mini MSCI EAFE Index |
|
|
Sep. 2021 |
|
|
|
806,435 |
|
|
|
(21,040 |
) |
| 186 |
|
S&P 500 E-Mini Index |
|
|
Sep. 2021 |
|
|
|
39,883,980 |
|
|
|
483,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,285,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short Positions: |
|
|
|
|
|
|
|
|
|
| 54 |
|
5 Year Euro-Bobl |
|
|
Sep. 2021 |
|
|
|
8,589,692 |
|
|
|
2,761 |
|
| 25 |
|
10 Year Euro-Bund |
|
|
Sep. 2021 |
|
|
|
5,116,808 |
|
|
|
(25,079 |
) |
| 39 |
|
10 Year U.S. Ultra Treasury Notes |
|
|
Sep. 2021 |
|
|
|
5,740,922 |
|
|
|
(114,265 |
) |
| 35 |
|
Euro Schatz Index |
|
|
Sep. 2021 |
|
|
|
4,653,950 |
|
|
|
1,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(134,918 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$4,150,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase
Contracts |
|
Counterparty |
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
EUR |
14,161 |
|
|
$ |
16,908,155 |
|
|
$ |
16,791,549 |
|
|
|
$— |
|
|
$ |
(116,606 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale
Contracts |
|
Counterparty |
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canadian Dollar, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/20/21 |
|
Citibank, N.A. |
|
CAD |
1,700 |
|
|
$ |
1,356,814 |
|
|
$ |
1,371,393 |
|
|
$ |
— |
|
|
$ |
(14,579 |
) |
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
EUR |
14,161 |
|
|
|
17,314,392 |
|
|
|
16,791,550 |
|
|
|
522,842 |
|
|
|
— |
|
| Expiring 08/03/21 |
|
Citibank, N.A. |
|
EUR |
14,161 |
|
|
|
16,918,962 |
|
|
|
16,802,569 |
|
|
|
116,393 |
|
|
|
— |
|
| Expiring 08/03/21 |
|
HSBC Bank PLC |
|
EUR |
5,418 |
|
|
|
6,468,494 |
|
|
|
6,429,072 |
|
|
|
39,422 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
42,058,662 |
|
|
$ |
41,394,584 |
|
|
|
678,657 |
|
|
|
(14,579 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
678,657 |
|
|
$ |
(131,185 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit default swap agreement outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
Unrealized
Appreciation
(Depreciation) |
|
Counterparty |
| OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell
Protection(2)^: |
| GS_21-PJA |
|
|
08/14/21 |
|
|
|
0.250%(M) |
|
|
|
9,100 |
|
|
0.250% |
|
$ |
3,207 |
|
|
$(907) |
|
$4,114 |
|
Goldman Sachs International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A37
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Credit default swap agreement outstanding at June 30, 2021 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
Fair
Value |
|
Upfront
Premiums
Paid
(Received) |
|
Unrealized
Appreciation
(Depreciation) |
|
Counterparty |
| OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell
Protection(2): |
|
|
| Boeing Co. |
|
|
12/20/21 |
|
|
|
1.000%(Q) |
|
|
|
2,800 |
|
|
0.456% |
|
$8,165 |
|
$7,176 |
|
$989 |
|
Bank of America, N.A. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
Inflation swap agreement outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notional
Amount
(000)# |
|
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Floating
Rate |
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Centrally Cleared Inflation Swap Agreements: |
|
|
|
|
2,600 |
|
|
|
01/12/26 |
|
|
|
2.205 |
%(T) |
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
$ — |
|
|
|
$ (90,663) |
|
|
|
$ (90,663) |
|
|
|
|
5,200 |
|
|
|
01/13/26 |
|
|
|
2.152 |
%(T) |
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(195,997) |
|
|
|
(195,997) |
|
|
|
|
15,685 |
|
|
|
02/02/26 |
|
|
|
2.295 |
%(T) |
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
(48,627 |
) |
|
|
(468,725) |
|
|
|
(420,098) |
|
|
|
|
7,790 |
|
|
|
02/18/26 |
|
|
|
2.370 |
%(T) |
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(194,586) |
|
|
|
(194,586) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(48,627 |
) |
|
|
$(949,971) |
|
|
|
$(901,344) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Portfolio pays the fixed rate and receives the floating rate. |
| (2) |
The Portfolio pays the floating rate and receives the fixed rate. |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
|
|
|
|
|
|
|
|
|
| |
|
Premiums Paid |
|
Premiums Received |
|
Unrealized
Appreciation |
|
Unrealized
Depreciation |
| OTC Swap Agreements |
|
$7,176 |
|
$(907) |
|
$5,103 |
|
$— |
SEE NOTES TO FINANCIAL STATEMENTS.
A38
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally
cleared/exchange-traded derivatives are listed by broker as follows:
|
|
|
|
|
| Broker |
|
Cash and/or Foreign Currency |
|
Securities Market Value |
| Citigroup Global Markets, Inc. |
|
$10,000 |
|
$5,031,948 |
| Goldman Sachs & Co. LLC |
|
— |
|
2,674,743 |
|
|
|
|
|
| Total |
|
$10,000 |
|
$7,706,691 |
|
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency
exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance
with Board approved fair valuation procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
1,496,055,966 |
|
|
$ |
34,752,633 |
|
|
$ |
— |
|
| Exchange-Traded Funds |
|
|
7,296,918 |
|
|
|
— |
|
|
|
— |
|
| Preferred Stocks |
|
|
1,460,700 |
|
|
|
264,828 |
|
|
|
— |
|
| Asset-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles |
|
|
— |
|
|
|
49,632,897 |
|
|
|
— |
|
| Collateralized Loan Obligations |
|
|
— |
|
|
|
110,632,147 |
|
|
|
— |
|
| Consumer Loans |
|
|
— |
|
|
|
6,691,580 |
|
|
|
— |
|
| Equipment |
|
|
— |
|
|
|
6,090,445 |
|
|
|
— |
|
| Home Equity Loans |
|
|
— |
|
|
|
37,562 |
|
|
|
— |
|
| Other |
|
|
— |
|
|
|
2,215,116 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
6,913,593 |
|
|
|
— |
|
| Student Loans |
|
|
— |
|
|
|
14,420,823 |
|
|
|
— |
|
| Commercial Mortgage-Backed Securities |
|
|
— |
|
|
|
157,870,701 |
|
|
|
— |
|
| Corporate Bonds |
|
|
— |
|
|
|
295,194,657 |
|
|
|
— |
|
| Municipal Bonds |
|
|
— |
|
|
|
16,163,173 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
44,793,695 |
|
|
|
4,037,753 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
22,702,374 |
|
|
|
— |
|
| U.S. Government Agency Obligations |
|
|
— |
|
|
|
215,788,829 |
|
|
|
— |
|
| U.S. Treasury Obligations |
|
|
— |
|
|
|
16,777,676 |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
394,633,068 |
|
|
|
— |
|
|
|
— |
|
| U.S. Treasury Obligations |
|
|
— |
|
|
|
2,674,743 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,899,446,652 |
|
|
$ |
1,003,617,472 |
|
|
$ |
4,037,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Option Written |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,536 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments* |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
4,452,850 |
|
|
$ |
— |
|
|
$ |
— |
|
| OTC Forward Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
678,657 |
|
|
|
— |
|
| OTC Credit Default Swap Agreements |
|
|
— |
|
|
|
8,165 |
|
|
|
3,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
4,452,850 |
|
|
$ |
686,822 |
|
|
$ |
3,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
(302,670 |
) |
|
$ |
— |
|
|
$ |
— |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A39
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Other Financial Instruments* (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| OTC Forward Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
(131,185 |
) |
|
$ |
— |
|
| Centrally Cleared Inflation Swap Agreements |
|
|
— |
|
|
|
(901,344 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(302,670 |
) |
|
$ |
(1,032,529 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures,
forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of
investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on
loan) |
|
|
14.0 |
% |
| U.S. Government Agency Obligations |
|
|
7.7 |
|
| Commercial Mortgage-Backed Securities |
|
|
5.6 |
|
| Banks |
|
|
5.3 |
|
| Software |
|
|
4.8 |
|
| Collateralized Loan Obligations |
|
|
3.9 |
|
| Interactive Media & Services |
|
|
3.4 |
|
| Technology Hardware, Storage & Peripherals |
|
|
3.3 |
|
| Semiconductors & Semiconductor Equipment |
|
|
3.1 |
|
| Automobiles |
|
|
2.8 |
|
| IT Services |
|
|
2.8 |
|
| Pharmaceuticals |
|
|
2.6 |
|
| Internet & Direct Marketing Retail |
|
|
2.3 |
|
| Residential Mortgage-Backed Securities |
|
|
2.0 |
|
| Health Care Equipment & Supplies |
|
|
1.9 |
|
| Capital Markets |
|
|
1.8 |
|
| Health Care Providers & Services |
|
|
1.4 |
|
| Oil, Gas & Consumable Fuels |
|
|
1.4 |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
1.3 |
|
| Media |
|
|
1.3 |
|
| Specialty Retail |
|
|
1.2 |
|
| Insurance |
|
|
1.2 |
|
| Chemicals |
|
|
1.2 |
|
| Hotels, Restaurants & Leisure |
|
|
1.1 |
|
| Aerospace & Defense |
|
|
1.1 |
|
| Entertainment |
|
|
1.1 |
|
| Electric |
|
|
1.0 |
|
| Biotechnology |
|
|
1.0 |
|
| Machinery |
|
|
0.9 |
|
| Diversified Financial Services |
|
|
0.9 |
|
| Electric Utilities |
|
|
0.9 |
|
| Beverages |
|
|
0.9 |
|
| Sovereign Bonds |
|
|
0.8 |
|
| Household Products |
|
|
0.7 |
|
| Food & Staples Retailing |
|
|
0.7 |
|
| Telecommunications |
|
|
0.7 |
|
| Life Sciences Tools & Services |
|
|
0.7 |
|
| U.S. Treasury Obligations |
|
|
0.7 |
|
| Diversified Telecommunication Services |
|
|
0.7 |
|
| Industrial Conglomerates |
|
|
0.7 |
|
| Pipelines |
|
|
0.6 |
|
| Municipal Bonds |
|
|
0.6 |
|
| Oil & Gas |
|
|
0.5 |
|
| Food Products |
|
|
0.5 |
|
|
|
|
|
|
| Road & Rail |
|
|
0.5 |
% |
| Student Loans |
|
|
0.5 |
|
| Communications Equipment |
|
|
0.4 |
|
| Textiles, Apparel & Luxury Goods |
|
|
0.4 |
|
| Air Freight & Logistics |
|
|
0.4 |
|
| Multi-Utilities |
|
|
0.4 |
|
| Tobacco |
|
|
0.4 |
|
| Consumer Finance |
|
|
0.4 |
|
| Electrical Equipment |
|
|
0.3 |
|
| Electronic Equipment, Instruments & Components |
|
|
0.3 |
|
| Airlines |
|
|
0.3 |
|
| Multiline Retail |
|
|
0.3 |
|
| Building Products |
|
|
0.3 |
|
| Retail |
|
|
0.3 |
|
| Auto Manufacturers |
|
|
0.3 |
|
| Metals & Mining |
|
|
0.3 |
|
| Exchange-Traded Funds |
|
|
0.3 |
|
| Household Durables |
|
|
0.3 |
|
| Professional Services |
|
|
0.2 |
|
| Consumer Loans |
|
|
0.2 |
|
| Real Estate Investment Trusts (REITs) |
|
|
0.2 |
|
| Equipment |
|
|
0.2 |
|
| Commercial Services & Supplies |
|
|
0.2 |
|
| Gas |
|
|
0.2 |
|
| Containers & Packaging |
|
|
0.2 |
|
| Healthcare-Services |
|
|
0.2 |
|
| Packaging & Containers |
|
|
0.2 |
|
| Semiconductors |
|
|
0.2 |
|
| Trading Companies & Distributors |
|
|
0.2 |
|
| Wireless Telecommunication Services |
|
|
0.1 |
|
| Personal Products |
|
|
0.1 |
|
| Agriculture |
|
|
0.1 |
|
| Miscellaneous Manufacturing |
|
|
0.1 |
|
| Energy Equipment & Services |
|
|
0.1 |
|
| Foods |
|
|
0.1 |
|
| Commercial Services |
|
|
0.1 |
|
| Engineering & Construction |
|
|
0.1 |
|
| Healthcare-Products |
|
|
0.1 |
|
| Auto Components |
|
|
0.1 |
|
| Housewares |
|
|
0.1 |
|
| Other |
|
|
0.1 |
|
| Construction Materials |
|
|
0.1 |
|
| Distributors |
|
|
0.1 |
|
| Transportation |
|
|
0.1 |
|
| Home Builders |
|
|
0.1 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A40
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification (continued):
|
|
|
|
|
| Real Estate Management & Development |
|
|
0.1 |
% |
| Machinery-Diversified |
|
|
0.0 |
* |
| Water Utilities |
|
|
0.0 |
* |
| Multi-National |
|
|
0.0 |
* |
| Health Care Technology |
|
|
0.0 |
* |
| Lodging |
|
|
0.0 |
* |
| Independent Power & Renewable Electricity Producers |
|
|
0.0 |
* |
| Leisure Products |
|
|
0.0 |
* |
| Gas Utilities |
|
|
0.0 |
* |
| Construction & Engineering |
|
|
0.0 |
* |
| Office/Business Equipment |
|
|
0.0 |
* |
|
|
|
|
|
| Marine |
|
|
0.0 |
*% |
| Building Materials |
|
|
0.0 |
* |
| Home Equity Loans |
|
|
0.0 |
* |
| Paper & Forest Products |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
|
|
103.4 |
|
| Option Written |
|
|
(0.0 |
)* |
| Liabilities in excess of other assets |
|
|
(3.4 |
) |
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Effects of Derivative Instruments on the
Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The
primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail
regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of
Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2021 as presented in the Statement of Assets and
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Asset Derivatives |
|
|
Liability Derivatives |
|
| Derivatives not accounted for as
hedging instruments, carried at fair
value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
|
Statement of
Assets and Liabilities Location |
|
Fair
Value |
|
| Credit contracts |
|
Premiums paid for OTC swap agreements |
|
$ |
7,176 |
|
|
Premiums received for OTC swap agreements |
|
$ |
907 |
|
| Credit contracts |
|
— |
|
|
— |
|
|
Options written outstanding, at value |
|
|
1,536 |
|
| Credit contracts |
|
Unrealized appreciation on OTC swap agreements |
|
|
5,103 |
|
|
— |
|
|
— |
|
| Equity contracts |
|
Due from/to broker-variation margin futures |
|
|
483,006 |
* |
|
Due from/to broker-variation margin futures |
|
|
21,040 |
* |
| Foreign exchange contracts |
|
Unrealized appreciation on OTC forward foreign currency exchange contracts |
|
|
678,657 |
|
|
Unrealized depreciation on OTC forward foreign currency exchange contracts Due from/to broker-variation |
|
|
131,185 |
|
| Interest rate contracts |
|
Due from/to broker-variation margin futures |
|
|
3,969,844 |
* |
|
margin futures Due from/to broker-variation |
|
|
281,630 |
* |
| Interest rate contracts |
|
— |
|
|
— |
|
|
margin swaps |
|
|
901,344 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,143,786 |
|
|
|
|
$ |
1,337,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap
contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The
effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in
Income |
|
| Derivatives not accounted for as hedging
instruments, carried at fair value |
|
Options
Purchased(1) |
|
Options
Written |
|
|
Futures |
|
|
Forward
Currency
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
$ — |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,697 |
|
| Equity contracts |
|
— |
|
|
— |
|
|
|
5,526,862 |
|
|
|
— |
|
|
|
— |
|
| Foreign exchange contracts |
|
— |
|
|
— |
|
|
|
— |
|
|
|
(441,650 |
) |
|
|
— |
|
| Interest rate contracts |
|
300,714 |
|
|
(131,928 |
) |
|
|
(11,353,174 |
) |
|
|
— |
|
|
|
299,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$300,714 |
|
$ |
(131,928 |
) |
|
$ |
(5,826,312 |
) |
|
$ |
(441,650 |
) |
|
$ |
305,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A41
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
| (1) |
Included in net realized gain (loss) on investment transactions in the Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income |
|
| Derivatives not accounted for
as hedging instruments, carried at fair value |
|
Options
Written |
|
|
Futures |
|
|
Forward
Currency
Exchange
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
$ |
(1,536 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,325 |
|
| Equity contracts |
|
|
— |
|
|
|
(235,498 |
) |
|
|
— |
|
|
|
— |
|
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
835,398 |
|
|
|
— |
|
| Interest rate contracts |
|
|
— |
|
|
|
4,310,965 |
|
|
|
— |
|
|
|
(599,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(1,536 |
) |
|
$ |
4,075,467 |
|
|
$ |
835,398 |
|
|
$ |
(587,750 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
|
|
|
|
|
|
|
|
|
| Options
Purchased(1) |
|
Options
Written(2) |
|
Futures
Contracts— Long
Positions(2) |
|
Futures
Contracts— Short
Positions(2) |
|
Forward Foreign
Currency Exchange
Contracts—
Purchased(3) |
| $37,767 |
|
$3,073,667 |
|
$217,257,471 |
|
$32,325,475 |
|
$11,210,571 |
|
|
|
| Forward Foreign
Currency
Exchange
Contracts—Sold(3) |
|
Interest Rate
Swap
Agreements(2) |
| $29,120,812 |
|
$11,762,179 |
|
|
|
|
|
| Credit Default
Swap Agreements—
Sell Protection(2) |
|
Total Return
Swap
Agreements(2) |
|
Inflation Swap
Agreements(2) |
| $5,833,333 |
|
$7,338,214 |
|
$20,850,000 |
| (2) |
Notional Amount in USD. |
| (3) |
Value at Settlement Date. |
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in
accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial
instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
|
Collateral
Pledged/(Received)(2) |
|
|
Net
Amount |
|
| Securities on Loan |
|
$ |
64,774,752 |
|
|
$ |
(64,774,752) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting of OTC derivative assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Gross Amounts of
Recognized
Assets(1) |
|
Gross Amounts of
Recognized
Liabilities(1) |
|
Net Amounts of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(2) |
|
Net Amount |
| Bank of America, N.A. |
|
|
$ |
8,165 |
|
|
|
$ |
— |
|
|
|
$ |
8,165 |
|
|
|
$ |
(8,165 |
) |
|
|
$ |
— |
|
| Citibank, N.A. |
|
|
|
639,235 |
|
|
|
|
(131,185 |
) |
|
|
|
508,050 |
|
|
|
|
(380,000 |
) |
|
|
|
128,050 |
|
| Goldman Sachs International |
|
|
|
4,114 |
|
|
|
|
(2,443 |
) |
|
|
|
1,671 |
|
|
|
|
— |
|
|
|
|
1,671 |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A42
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Gross Amounts of
Recognized
Assets(1) |
|
Gross Amounts of
Recognized
Liabilities(1) |
|
Net Amounts of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(2) |
|
Net Amount |
| HSBC Bank PLC |
|
|
$ |
39,422 |
|
|
|
$ |
— |
|
|
|
$ |
39,422 |
|
|
|
$ |
— |
|
|
|
$ |
39,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
690,936 |
|
|
|
$ |
(133,628 |
) |
|
|
$ |
557,308 |
|
|
|
$ |
(388,165 |
) |
|
|
$ |
169,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and
market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the
Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A43
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 BALANCED PORTFOLIO
(CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $64,774,752: |
|
|
|
|
| Unaffiliated investments (cost $1,292,538,924) |
|
$ |
2,512,468,809 |
|
| Affiliated investments (cost $394,535,922) |
|
|
394,633,068 |
|
| Cash |
|
|
1,791,125 |
|
| Foreign currency, at value (cost $573,136) |
|
|
568,378 |
|
| Dividends and interest receivable |
|
|
5,677,039 |
|
| Receivable for investments sold |
|
|
1,351,263 |
|
| Unrealized appreciation on OTC forward foreign currency exchange contracts |
|
|
678,657 |
|
| Due from broker-variation margin futures |
|
|
607,714 |
|
| Tax reclaim receivable |
|
|
262,239 |
|
| Receivable for Portfolio shares sold |
|
|
25,503 |
|
| Deposit with broker for centrally cleared/exchange-traded derivatives |
|
|
10,000 |
|
| Premiums paid for OTC swap agreements |
|
|
7,176 |
|
| Unrealized appreciation on OTC swap agreements |
|
|
5,103 |
|
| Receivable from affiliate |
|
|
2,201 |
|
| Prepaid expenses |
|
|
4,192 |
|
|
|
|
|
|
| Total Assets |
|
|
2,918,092,467 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
66,081,198 |
|
| Payable for investments purchased |
|
|
36,582,492 |
|
| Management fee payable |
|
|
1,262,896 |
|
| Payable for Portfolio shares purchased |
|
|
1,007,784 |
|
| Accrued expenses and other liabilities |
|
|
424,764 |
|
| Unrealized depreciation on OTC forward foreign currency exchange contracts |
|
|
131,185 |
|
| Payable to affiliate |
|
|
80,137 |
|
| Due to broker-variation margin swaps |
|
|
31,005 |
|
| Options written outstanding, at value |
|
|
1,536 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Premiums received for OTC swap agreements |
|
|
907 |
|
| Distribution fee payable |
|
|
48 |
|
|
|
|
|
|
| Total Liabilities |
|
|
105,604,932 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
2,812,487,535 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
2,812,487,535 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $2,812,146,182 / 75,032,231 outstanding shares of
beneficial interest |
|
$ |
37.48 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $341,353 / 9,113 outstanding shares of beneficial
interest |
|
$ |
37.46 |
|
|
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| INCOME |
|
|
|
|
| Interest income |
|
$ |
12,086,065 |
|
| Unaffiliated dividend income (net of $94,281 foreign withholding tax, of which $14,622 is reimbursable
by an affiliate) |
|
|
10,795,490 |
|
| Affiliated dividend income |
|
|
266,799 |
|
| Income from securities lending, net (including affiliated income of $19,869) |
|
|
23,996 |
|
|
|
|
|
|
| Total income |
|
|
23,172,350 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
7,488,239 |
|
| Distribution fee—Class III |
|
|
73 |
|
| Custodian and accounting fees |
|
|
147,837 |
|
| Shareholders’ reports |
|
|
108,392 |
|
| Audit fee |
|
|
25,161 |
|
| Trustees’ fees |
|
|
21,005 |
|
| Legal fees and expenses |
|
|
13,808 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
36,241 |
|
|
|
|
|
|
| Total expenses |
|
|
7,846,053 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
15,326,297 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(2,235)) |
|
|
59,286,425 |
|
| Futures transactions |
|
|
(5,826,312 |
) |
| Forward currency contract transactions |
|
|
(441,650 |
) |
| Options written transactions |
|
|
(131,928 |
) |
| Swap agreements transactions |
|
|
305,622 |
|
| Foreign currency transactions |
|
|
282,367 |
|
|
|
|
|
|
|
|
|
53,474,524 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(3,992)) |
|
|
116,546,464 |
|
| Futures |
|
|
4,075,467 |
|
| Forward currency contracts |
|
|
835,398 |
|
| Options written |
|
|
(1,536 |
) |
| Swap agreements |
|
|
(587,750 |
) |
| Foreign currencies |
|
|
(29,075 |
) |
|
|
|
|
|
|
|
|
120,838,968 |
|
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT AND
FOREIGN CURRENCY TRANSACTIONS |
|
|
174,313,492 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
189,639,789 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
15,326,297 |
|
|
$ |
40,139,745 |
|
| Net realized gain (loss) on investment and foreign currency transactions |
|
|
53,474,524 |
|
|
|
110,065,845 |
|
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
120,838,968 |
|
|
|
129,736,806 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
189,639,789 |
|
|
|
279,942,396 |
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
8,426,870 |
|
|
|
12,730,292 |
|
| Portfolio shares purchased |
|
|
(95,537,417 |
) |
|
|
(179,703,549 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
(87,110,547 |
) |
|
|
(166,973,257 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
102,529,242 |
|
|
|
112,969,139 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
2,709,958,293 |
|
|
|
2,596,989,154 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
2,812,487,535 |
|
|
$ |
2,709,958,293 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A44
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED
PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| LONG-TERM INVESTMENTS — 95.7% |
|
|
| COMMON STOCKS — 66.7% |
|
| Aerospace & Defense — 1.6% |
|
| General Dynamics Corp. |
|
|
103,600 |
|
|
$ |
19,503,736 |
|
| Howmet Aerospace, Inc.* |
|
|
30,600 |
|
|
|
1,054,782 |
|
| Huntington Ingalls Industries, Inc. |
|
|
4,500 |
|
|
|
948,375 |
|
| Lockheed Martin Corp. |
|
|
64,800 |
|
|
|
24,517,080 |
|
| Northrop Grumman Corp. |
|
|
9,700 |
|
|
|
3,525,271 |
|
| Raytheon Technologies Corp. |
|
|
215,600 |
|
|
|
18,392,836 |
|
| Teledyne Technologies, Inc.* |
|
|
16,700 |
|
|
|
6,994,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,936,541 |
|
|
|
|
|
|
|
|
|
|
| Air Freight & Logistics — 0.1% |
|
| Deutsche Post AG (Germany) |
|
|
8,352 |
|
|
|
568,817 |
|
| SG Holdings Co. Ltd. (Japan) |
|
|
5,100 |
|
|
|
133,776 |
|
| United Parcel Service, Inc. (Class B Stock) |
|
|
23,200 |
|
|
|
4,824,904 |
|
| Yamato Holdings Co. Ltd. (Japan) |
|
|
3,200 |
|
|
|
91,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,618,529 |
|
|
|
|
|
|
|
|
|
|
| Auto Components — 0.0% |
|
| Aisin Corp. (Japan) |
|
|
500 |
|
|
|
21,447 |
|
| Sumitomo Electric Industries Ltd. (Japan) |
|
|
2,200 |
|
|
|
32,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,990 |
|
|
|
|
|
|
|
|
|
|
| Automobiles — 0.7% |
|
| Bayerische Motoren Werke AG (Germany) |
|
|
2,801 |
|
|
|
297,208 |
|
| Daimler AG (Germany) |
|
|
6,263 |
|
|
|
560,059 |
|
| General Motors Co.* |
|
|
351,200 |
|
|
|
20,780,504 |
|
| Harley-Davidson, Inc. |
|
|
65,000 |
|
|
|
2,978,300 |
|
| Isuzu Motors Ltd. (Japan) |
|
|
8,600 |
|
|
|
113,356 |
|
| Mazda Motor Corp. (Japan)* |
|
|
1,700 |
|
|
|
16,014 |
|
| Stellantis NV |
|
|
2,982 |
|
|
|
58,757 |
|
| Tesla, Inc.* |
|
|
14,400 |
|
|
|
9,787,680 |
|
| Toyota Motor Corp. (Japan) |
|
|
2,300 |
|
|
|
200,936 |
|
| Volkswagen AG (Germany) |
|
|
88 |
|
|
|
28,978 |
|
| Yamaha Motor Co. Ltd. (Japan) |
|
|
10,900 |
|
|
|
295,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,117,746 |
|
|
|
|
|
|
|
|
|
|
| Banks — 2.5% |
|
| Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
8,084 |
|
|
|
171,054 |
|
| Bank Hapoalim BM (Israel)* |
|
|
3,332 |
|
|
|
26,754 |
|
| Bank Leumi Le-Israel BM (Israel)* |
|
|
4,110 |
|
|
|
31,214 |
|
| Bank of America Corp. |
|
|
118,700 |
|
|
|
4,894,001 |
|
| BNP Paribas SA (France) |
|
|
8,125 |
|
|
|
509,191 |
|
| Chiba Bank Ltd. (The) (Japan) |
|
|
49,000 |
|
|
|
296,322 |
|
| Citigroup, Inc. |
|
|
476,250 |
|
|
|
33,694,687 |
|
| Commonwealth Bank of Australia (Australia) |
|
|
6,252 |
|
|
|
469,871 |
|
| Credit Agricole SA (France) |
|
|
21,029 |
|
|
|
295,041 |
|
| DBS Group Holdings Ltd. (Singapore) |
|
|
21,000 |
|
|
|
468,967 |
|
| DNB ASA (Norway) |
|
|
14,880 |
|
|
|
324,512 |
|
| Japan Post Bank Co. Ltd. (Japan) |
|
|
1,000 |
|
|
|
8,425 |
|
| JPMorgan Chase & Co. |
|
|
265,394 |
|
|
|
41,279,383 |
|
| KBC Group NV (Belgium) |
|
|
744 |
|
|
|
56,675 |
|
| KeyCorp. |
|
|
104,200 |
|
|
|
2,151,730 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Banks (cont’d.) |
|
|
|
|
|
|
|
|
| Mitsubishi UFJ Financial Group, Inc. (Japan) |
|
|
35,200 |
|
|
$ |
190,011 |
|
| Mizrahi Tefahot Bank Ltd. (Israel)* |
|
|
420 |
|
|
|
12,934 |
|
| Mizuho Financial Group, Inc. (Japan) |
|
|
6,340 |
|
|
|
90,696 |
|
| National Australia Bank Ltd. (Australia) |
|
|
9,384 |
|
|
|
185,108 |
|
| Nordea Bank Abp (Finland) |
|
|
20,712 |
|
|
|
230,874 |
|
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
9,700 |
|
|
|
86,423 |
|
| Resona Holdings, Inc. (Japan) |
|
|
5,600 |
|
|
|
21,584 |
|
| Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock) |
|
|
7,241 |
|
|
|
93,607 |
|
| Sumitomo Mitsui Financial Group, Inc. (Japan) |
|
|
7,000 |
|
|
|
240,793 |
|
| Svenska Handelsbanken AB (Sweden) (Class A Stock) |
|
|
4,482 |
|
|
|
50,684 |
|
| United Overseas Bank Ltd. (Singapore) |
|
|
3,300 |
|
|
|
63,614 |
|
| Wells Fargo & Co. |
|
|
750,600 |
|
|
|
33,994,674 |
|
| Westpac Banking Corp. (Australia) |
|
|
7,632 |
|
|
|
147,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,086,711 |
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.8% |
|
| Carlsberg A/S (Denmark) (Class B Stock) |
|
|
275 |
|
|
|
51,294 |
|
| Coca-Cola Co. (The) |
|
|
595,900 |
|
|
|
32,244,149 |
|
| Coca-Cola HBC AG (Russia)* |
|
|
560 |
|
|
|
20,324 |
|
| Diageo PLC (United Kingdom) |
|
|
2,255 |
|
|
|
108,528 |
|
| Kirin Holdings Co. Ltd. (Japan) |
|
|
2,400 |
|
|
|
46,767 |
|
| PepsiCo, Inc. |
|
|
31,200 |
|
|
|
4,622,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,093,966 |
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 0.8% |
|
| AbbVie, Inc. |
|
|
175,800 |
|
|
|
19,802,112 |
|
| Gilead Sciences, Inc. |
|
|
214,950 |
|
|
|
14,801,457 |
|
| Regeneron Pharmaceuticals, Inc.* |
|
|
4,400 |
|
|
|
2,457,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,061,145 |
|
|
|
|
|
|
|
|
|
|
| Building Products — 0.3% |
|
| AGC, Inc. (Japan) |
|
|
600 |
|
|
|
25,167 |
|
| American Woodmark Corp.* |
|
|
19,400 |
|
|
|
1,584,786 |
|
| Carrier Global Corp. |
|
|
32,200 |
|
|
|
1,564,920 |
|
| Cie de Saint-Gobain (France) |
|
|
6,230 |
|
|
|
411,543 |
|
| Geberit AG (Switzerland) |
|
|
98 |
|
|
|
73,600 |
|
| Kingspan Group PLC (Ireland) |
|
|
406 |
|
|
|
38,399 |
|
| Lixil Corp. (Japan) |
|
|
700 |
|
|
|
18,067 |
|
| Masco Corp. |
|
|
46,900 |
|
|
|
2,762,879 |
|
| Nibe Industrier AB (Sweden) (Class B Stock) |
|
|
4,140 |
|
|
|
43,594 |
|
| UFP Industries, Inc. |
|
|
95,500 |
|
|
|
7,099,470 |
|
| Xinyi Glass Holdings Ltd. (Hong Kong) |
|
|
76,000 |
|
|
|
310,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,932,901 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 1.9% |
|
| 3i Group PLC (United Kingdom) |
|
|
9,359 |
|
|
|
152,509 |
|
| Ameriprise Financial, Inc. |
|
|
42,250 |
|
|
|
10,515,180 |
|
| Amundi SA (France), 144A |
|
|
176 |
|
|
|
15,547 |
|
| Daiwa Securities Group, Inc. (Japan) |
|
|
55,700 |
|
|
|
306,281 |
|
| Evercore, Inc. (Class A Stock) |
|
|
29,300 |
|
|
|
4,124,561 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
72,500 |
|
|
|
27,515,925 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A45
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PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
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|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
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| |
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Shares |
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|
Value |
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| COMMON STOCKS (continued) |
|
|
|
|
|
| Capital Markets (cont’d.) |
|
| Julius Baer Group Ltd. (Switzerland) |
|
|
5,269 |
|
|
$ |
344,788 |
|
| Morgan Stanley |
|
|
325,500 |
|
|
|
29,845,095 |
|
| Partners Group Holding AG (Switzerland) |
|
|
66 |
|
|
|
100,126 |
|
| Raymond James Financial, Inc. |
|
|
131,000 |
|
|
|
17,016,900 |
|
| SBI Holdings, Inc. (Japan) |
|
|
700 |
|
|
|
16,595 |
|
| Schroders PLC (United Kingdom) |
|
|
5,826 |
|
|
|
283,118 |
|
| St. James’s Place PLC (United Kingdom) |
|
|
1,600 |
|
|
|
32,666 |
|
| Standard Life Aberdeen PLC (United Kingdom) |
|
|
6,075 |
|
|
|
22,845 |
|
| Stifel Financial Corp. |
|
|
21,800 |
|
|
|
1,413,948 |
|
| UBS Group AG (Switzerland) |
|
|
31,201 |
|
|
|
477,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,183,882 |
|
|
|
|
|
|
|
|
|
|
| Chemicals — 1.1% |
|
| Akzo Nobel NV (Netherlands) |
|
|
553 |
|
|
|
68,444 |
|
| Arkema SA (France) |
|
|
182 |
|
|
|
22,882 |
|
| BASF SE (Germany) |
|
|
2,623 |
|
|
|
207,170 |
|
| Celanese Corp. |
|
|
20,400 |
|
|
|
3,092,640 |
|
| Covestro AG (Germany), 144A |
|
|
5,186 |
|
|
|
336,039 |
|
| Dow, Inc. |
|
|
75,500 |
|
|
|
4,777,640 |
|
| DuPont de Nemours, Inc. |
|
|
43,400 |
|
|
|
3,359,594 |
|
| Evonik Industries AG (Germany) |
|
|
616 |
|
|
|
20,703 |
|
| Huntsman Corp. |
|
|
151,100 |
|
|
|
4,007,172 |
|
| Mitsubishi Gas Chemical Co., Inc. (Japan) |
|
|
500 |
|
|
|
10,618 |
|
| Mitsui Chemicals, Inc. (Japan) |
|
|
500 |
|
|
|
17,323 |
|
| Mosaic Co. (The) |
|
|
393,800 |
|
|
|
12,566,158 |
|
| Olin Corp. |
|
|
68,500 |
|
|
|
3,168,810 |
|
| Sherwin-Williams Co. (The) |
|
|
63,500 |
|
|
|
17,300,575 |
|
| Tosoh Corp. (Japan) |
|
|
14,600 |
|
|
|
252,439 |
|
| Trinseo SA |
|
|
38,200 |
|
|
|
2,285,888 |
|
| Westlake Chemical Corp. |
|
|
39,000 |
|
|
|
3,513,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,007,605 |
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies — 0.0% |
|
| ABM Industries, Inc. |
|
|
27,300 |
|
|
|
1,210,755 |
|
| Brambles Ltd. (Australia) |
|
|
4,182 |
|
|
|
36,020 |
|
| Securitas AB (Sweden) (Class B Stock) |
|
|
918 |
|
|
|
14,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,261,269 |
|
|
|
|
|
|
|
|
|
|
| Communications Equipment — 0.6% |
|
| Cisco Systems, Inc. |
|
|
420,200 |
|
|
|
22,270,600 |
|
| Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) |
|
|
1,050 |
|
|
|
13,209 |
|
| Ubiquiti, Inc.(a) |
|
|
21,400 |
|
|
|
6,680,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,964,675 |
|
|
|
|
|
|
|
|
|
|
| Construction & Engineering — 0.2% |
|
| EMCOR Group, Inc. |
|
|
65,500 |
|
|
|
8,068,945 |
|
| Kajima Corp. (Japan) |
|
|
1,200 |
|
|
|
15,243 |
|
| Quanta Services, Inc. |
|
|
30,700 |
|
|
|
2,780,499 |
|
| Skanska AB (Sweden) (Class B Stock) |
|
|
1,001 |
|
|
|
26,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,891,245 |
|
|
|
|
|
|
|
|
|
|
| Construction Materials — 0.0% |
|
| Holcim Ltd. (Switzerland)* |
|
|
5,609 |
|
|
|
337,377 |
|
|
|
|
|
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| |
|
Shares |
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|
Value |
|
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|
| COMMON STOCKS (continued) |
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|
|
|
|
| Consumer Finance — 0.9% |
|
| American Express Co. |
|
|
8,700 |
|
|
$ |
1,437,501 |
|
| Capital One Financial Corp. |
|
|
167,800 |
|
|
|
25,956,982 |
|
| OneMain Holdings, Inc. |
|
|
15,700 |
|
|
|
940,587 |
|
| Synchrony Financial |
|
|
327,600 |
|
|
|
15,895,152 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
44,230,222 |
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.0% |
|
| Smurfit Kappa Group PLC (Ireland) |
|
|
713 |
|
|
|
38,824 |
|
|
|
|
|
|
|
|
|
|
| Distributors — 0.5% |
|
| Genuine Parts Co. |
|
|
119,800 |
|
|
|
15,151,106 |
|
| LKQ Corp.* |
|
|
211,600 |
|
|
|
10,414,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,566,058 |
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 0.5% |
|
| Berkshire Hathaway, Inc. (Class B Stock)* |
|
|
93,750 |
|
|
|
26,055,000 |
|
| Industrivarden AB (Sweden) (Class A Stock) |
|
|
312 |
|
|
|
12,139 |
|
| Industrivarden AB (Sweden) (Class C Stock) |
|
|
450 |
|
|
|
16,476 |
|
| M&G PLC (United Kingdom) |
|
|
7,367 |
|
|
|
23,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,107,004 |
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services — 1.2% |
|
| AT&T, Inc. |
|
|
901,200 |
|
|
|
25,936,536 |
|
| BT Group PLC (United Kingdom)* |
|
|
24,888 |
|
|
|
67,000 |
|
| Deutsche Telekom AG (Germany) |
|
|
4,939 |
|
|
|
104,472 |
|
| Elisa OYJ (Finland) |
|
|
405 |
|
|
|
24,187 |
|
| Koninklijke KPN NV (Netherlands) |
|
|
9,765 |
|
|
|
30,551 |
|
| Nippon Telegraph & Telephone Corp. (Japan) |
|
|
7,600 |
|
|
|
197,770 |
|
| Proximus SADP (Belgium) |
|
|
444 |
|
|
|
8,572 |
|
| Swisscom AG (Switzerland) |
|
|
231 |
|
|
|
132,013 |
|
| Telecom Italia SpA (Italy) |
|
|
24,888 |
|
|
|
12,372 |
|
| Telecom Italia SpA (Italy), RSP |
|
|
18,981 |
|
|
|
10,096 |
|
| Telefonica SA (Spain) |
|
|
15,552 |
|
|
|
72,759 |
|
| Telstra Corp. Ltd. (Australia) |
|
|
11,968 |
|
|
|
33,836 |
|
| United Internet AG (Germany) |
|
|
322 |
|
|
|
13,158 |
|
| Verizon Communications, Inc. |
|
|
569,388 |
|
|
|
31,902,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,546,132 |
|
|
|
|
|
|
|
|
|
|
| Electric Utilities — 0.6% |
|
| Chubu Electric Power Co., Inc. (Japan) |
|
|
1,700 |
|
|
|
20,765 |
|
| CK Infrastructure Holdings Ltd. (Hong Kong) |
|
|
2,000 |
|
|
|
11,932 |
|
| Endesa SA (Spain) |
|
|
11,426 |
|
|
|
277,594 |
|
| Enel SpA (Italy) |
|
|
22,623 |
|
|
|
210,805 |
|
| Evergy, Inc. |
|
|
162,700 |
|
|
|
9,831,961 |
|
| Exelon Corp. |
|
|
345,900 |
|
|
|
15,326,829 |
|
| Fortum OYJ (Finland) |
|
|
14,066 |
|
|
|
388,227 |
|
| Iberdrola SA (Spain) |
|
|
16,935 |
|
|
|
206,469 |
|
| Kansai Electric Power Co., Inc. (The) (Japan) |
|
|
2,000 |
|
|
|
19,091 |
|
| Power Assets Holdings Ltd. (Hong Kong) |
|
|
3,500 |
|
|
|
21,481 |
|
| Red Electrica Corp. SA (Spain) |
|
|
13,701 |
|
|
|
254,678 |
|
| SSE PLC (United Kingdom) |
|
|
3,036 |
|
|
|
63,339 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A46
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Electric Utilities (cont’d.) |
|
| Tohoku Electric Power Co., Inc. (Japan) |
|
|
4,800 |
|
|
$ |
37,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,670,749 |
|
|
|
|
|
|
|
|
|
|
| Electrical Equipment — 0.6% |
|
| ABB Ltd. (Switzerland) |
|
|
15,888 |
|
|
|
540,010 |
|
| Acuity Brands, Inc. |
|
|
62,000 |
|
|
|
11,595,860 |
|
| Atkore, Inc.* |
|
|
66,750 |
|
|
|
4,739,250 |
|
| Eaton Corp. PLC |
|
|
6,400 |
|
|
|
948,352 |
|
| Emerson Electric Co. |
|
|
98,700 |
|
|
|
9,498,888 |
|
| Generac Holdings, Inc.* |
|
|
5,100 |
|
|
|
2,117,265 |
|
| Legrand SA (France) |
|
|
522 |
|
|
|
55,320 |
|
| Mitsubishi Electric Corp. (Japan) |
|
|
4,900 |
|
|
|
71,047 |
|
| Schneider Electric SE |
|
|
2,816 |
|
|
|
443,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,009,649 |
|
|
|
|
|
|
|
|
|
|
| Electronic Equipment, Instruments & Components — 0.4% |
|
| Arrow Electronics, Inc.* |
|
|
32,200 |
|
|
|
3,665,326 |
|
| Corning, Inc. |
|
|
57,500 |
|
|
|
2,351,750 |
|
| Ibiden Co. Ltd. (Japan) |
|
|
300 |
|
|
|
16,170 |
|
| Jabil, Inc. |
|
|
69,400 |
|
|
|
4,033,528 |
|
| Shimadzu Corp. (Japan) |
|
|
700 |
|
|
|
27,072 |
|
| SYNNEX Corp. |
|
|
9,200 |
|
|
|
1,120,192 |
|
| Vishay Intertechnology, Inc. |
|
|
126,500 |
|
|
|
2,852,575 |
|
| Zebra Technologies Corp. (Class A Stock)* |
|
|
9,000 |
|
|
|
4,765,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,832,023 |
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services — 0.3% |
|
| Halliburton Co. |
|
|
551,000 |
|
|
|
12,739,120 |
|
| Tenaris SA |
|
|
1,428 |
|
|
|
15,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,754,760 |
|
|
|
|
|
|
|
|
|
|
| Entertainment — 1.2% |
|
| Activision Blizzard, Inc. |
|
|
227,200 |
|
|
|
21,683,968 |
|
| Capcom Co. Ltd. (Japan) |
|
|
600 |
|
|
|
17,567 |
|
| Electronic Arts, Inc. |
|
|
148,200 |
|
|
|
21,315,606 |
|
| Konami Holdings Corp. (Japan) |
|
|
2,300 |
|
|
|
137,621 |
|
| Netflix, Inc.* |
|
|
28,500 |
|
|
|
15,053,985 |
|
| Nintendo Co. Ltd. (Japan) |
|
|
900 |
|
|
|
521,970 |
|
| Playtika Holding Corp.* |
|
|
40,500 |
|
|
|
965,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,696,237 |
|
|
|
|
|
|
|
|
|
|
| Equity Real Estate Investment Trusts (REITs) — 1.2% |
|
| Apple Hospitality REIT, Inc.(a) |
|
|
75,850 |
|
|
|
1,157,471 |
|
| Crown Castle International Corp. |
|
|
41,300 |
|
|
|
8,057,630 |
|
| Dexus (Australia)* |
|
|
3,198 |
|
|
|
25,540 |
|
| Gaming & Leisure Properties, Inc. |
|
|
94,667 |
|
|
|
4,385,922 |
|
| Goodman Group (Australia) |
|
|
25,270 |
|
|
|
400,814 |
|
| Japan Metropolitan Fund Investment Corp. (Japan) |
|
|
14 |
|
|
|
15,112 |
|
| Japan Real Estate Investment Corp. (Japan) |
|
|
3 |
|
|
|
18,457 |
|
| Link REIT (Hong Kong) |
|
|
4,700 |
|
|
|
45,481 |
|
| Medical Properties Trust, Inc. |
|
|
106,200 |
|
|
|
2,134,620 |
|
| PotlatchDeltic Corp. |
|
|
144,800 |
|
|
|
7,696,120 |
|
| Prologis, Inc. |
|
|
118,800 |
|
|
|
14,200,164 |
|
| Stockland (Australia) |
|
|
100,953 |
|
|
|
352,294 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Equity Real Estate Investment Trusts (REITs) (cont’d.) |
|
| Weyerhaeuser Co. |
|
|
523,700 |
|
|
$ |
18,025,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,515,379 |
|
|
|
|
|
|
|
|
|
|
| Food & Staples Retailing — 0.9% |
|
| Carrefour SA (France) |
|
|
1,718 |
|
|
|
33,887 |
|
| Etablissements Franz Colruyt NV (Belgium) |
|
|
438 |
|
|
|
24,533 |
|
| ICA Gruppen AB (Sweden) |
|
|
288 |
|
|
|
13,411 |
|
| J Sainsbury PLC (United Kingdom) |
|
|
5,073 |
|
|
|
19,100 |
|
| Kesko OYJ (Finland) (Class B Stock) |
|
|
680 |
|
|
|
25,137 |
|
| Koninklijke Ahold Delhaize NV (Netherlands) |
|
|
13,373 |
|
|
|
397,351 |
|
| Kroger Co. (The)(a) |
|
|
216,600 |
|
|
|
8,297,946 |
|
| Seven & i Holdings Co. Ltd. (Japan) |
|
|
2,000 |
|
|
|
95,590 |
|
| Tesco PLC (United Kingdom) |
|
|
50,451 |
|
|
|
155,683 |
|
| Walmart, Inc. |
|
|
232,000 |
|
|
|
32,716,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,779,278 |
|
|
|
|
|
|
|
|
|
|
| Food Products — 0.7% |
|
| Ajinomoto Co., Inc. (Japan) |
|
|
1,400 |
|
|
|
36,369 |
|
| Archer-Daniels-Midland Co. |
|
|
19,100 |
|
|
|
1,157,460 |
|
| Kraft Heinz Co. (The) |
|
|
369,500 |
|
|
|
15,068,210 |
|
| Mondelez International, Inc. (Class A Stock) |
|
|
15,300 |
|
|
|
955,332 |
|
| Nestle SA (Switzerland) |
|
|
7,192 |
|
|
|
895,990 |
|
| NH Foods Ltd. (Japan) |
|
|
300 |
|
|
|
11,681 |
|
| Orkla ASA (Norway) |
|
|
20,575 |
|
|
|
209,891 |
|
| Sanderson Farms, Inc. |
|
|
20,400 |
|
|
|
3,834,588 |
|
| Tate & Lyle PLC (United Kingdom) |
|
|
14,472 |
|
|
|
148,228 |
|
| Tyson Foods, Inc. (Class A Stock) |
|
|
179,300 |
|
|
|
13,225,168 |
|
| WH Group Ltd. (Hong Kong), 144A |
|
|
27,500 |
|
|
|
24,717 |
|
| Wilmar International Ltd. (China) |
|
|
93,800 |
|
|
|
315,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,883,192 |
|
|
|
|
|
|
|
|
|
|
| Gas Utilities — 0.0% |
|
| Enagas SA (Spain) |
|
|
736 |
|
|
|
17,026 |
|
| Osaka Gas Co. Ltd. (Japan) |
|
|
1,100 |
|
|
|
20,472 |
|
| Snam SpA (Italy) |
|
|
15,477 |
|
|
|
89,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,871 |
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 2.4% |
|
| Abbott Laboratories |
|
|
239,800 |
|
|
|
27,800,014 |
|
| Align Technology, Inc.* |
|
|
31,200 |
|
|
|
19,063,200 |
|
| Becton, Dickinson & Co. |
|
|
86,900 |
|
|
|
21,133,211 |
|
| Boston Scientific Corp.* |
|
|
190,400 |
|
|
|
8,141,504 |
|
| Danaher Corp. |
|
|
103,300 |
|
|
|
27,721,588 |
|
| GN Store Nord A/S (Denmark) |
|
|
350 |
|
|
|
30,631 |
|
| Hoya Corp. (Japan) |
|
|
1,100 |
|
|
|
145,123 |
|
| IDEXX Laboratories, Inc.* |
|
|
14,700 |
|
|
|
9,283,785 |
|
| Sonova Holding AG (Switzerland) |
|
|
406 |
|
|
|
152,969 |
|
| Stryker Corp. |
|
|
3,600 |
|
|
|
935,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,407,053 |
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services — 2.2% |
|
| Amplifon SpA (Italy) |
|
|
360 |
|
|
|
17,783 |
|
| Anthem, Inc. |
|
|
63,100 |
|
|
|
24,091,580 |
|
| Cigna Corp. |
|
|
72,200 |
|
|
|
17,116,454 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A47
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Health Care Providers & Services (cont’d.) |
|
| Fresenius Medical Care AG & Co. KGaA (Germany) |
|
|
3,167 |
|
|
$ |
263,474 |
|
| Fresenius SE & Co. KGaA (Germany) |
|
|
5,574 |
|
|
|
291,026 |
|
| HCA Healthcare, Inc. |
|
|
39,500 |
|
|
|
8,166,230 |
|
| Humana, Inc. |
|
|
10,100 |
|
|
|
4,471,472 |
|
| Laboratory Corp. of America Holdings* |
|
|
3,600 |
|
|
|
993,060 |
|
| Medipal Holdings Corp. (Japan) |
|
|
15,100 |
|
|
|
288,346 |
|
| Sonic Healthcare Ltd. (Australia) |
|
|
11,553 |
|
|
|
333,412 |
|
| UnitedHealth Group, Inc. |
|
|
128,900 |
|
|
|
51,616,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,649,553 |
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure — 1.4% |
|
| Darden Restaurants, Inc. |
|
|
46,500 |
|
|
|
6,788,535 |
|
| Evolution AB (Sweden), 144A |
|
|
2,356 |
|
|
|
373,574 |
|
| Jack in the Box, Inc. |
|
|
24,400 |
|
|
|
2,719,136 |
|
| La Francaise des Jeux SAEM (France), 144A |
|
|
2,644 |
|
|
|
155,734 |
|
| McDonald’s Corp. |
|
|
100,100 |
|
|
|
23,122,099 |
|
| McDonald’s Holdings Co. Japan Ltd. (Japan) |
|
|
2,400 |
|
|
|
105,936 |
|
| Starbucks Corp. |
|
|
242,100 |
|
|
|
27,069,201 |
|
| Tabcorp Holdings Ltd. (Australia) |
|
|
6,192 |
|
|
|
24,095 |
|
| Yum! Brands, Inc. |
|
|
69,000 |
|
|
|
7,937,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,295,380 |
|
|
|
|
|
|
|
|
|
|
| Household Durables — 0.1% |
|
| Barratt Developments PLC (United Kingdom) |
|
|
30,876 |
|
|
|
296,970 |
|
| Electrolux AB (Sweden) (Class B Stock) |
|
|
630 |
|
|
|
17,517 |
|
| Husqvarna AB (Sweden) (Class B Stock) |
|
|
7,589 |
|
|
|
101,032 |
|
| Iida Group Holdings Co. Ltd. (Japan) |
|
|
14,000 |
|
|
|
360,682 |
|
| Panasonic Corp. (Japan) |
|
|
6,400 |
|
|
|
73,977 |
|
| Persimmon PLC (United Kingdom) |
|
|
924 |
|
|
|
37,996 |
|
| Sekisui House Ltd. (Japan) |
|
|
1,600 |
|
|
|
32,778 |
|
| Skyline Champion Corp.* |
|
|
23,000 |
|
|
|
1,225,900 |
|
| Sony Group Corp. (Japan) |
|
|
3,700 |
|
|
|
358,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,505,009 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.4% |
|
| Henkel AG & Co. KGaA (Germany) |
|
|
279 |
|
|
|
25,717 |
|
| Procter & Gamble Co. (The) |
|
|
136,305 |
|
|
|
18,391,633 |
|
| Reckitt Benckiser Group PLC (United Kingdom) |
|
|
502 |
|
|
|
44,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,461,845 |
|
|
|
|
|
|
|
|
|
|
| Independent Power & Renewable Electricity Producers — 0.4% |
|
| AES Corp. (The) |
|
|
659,200 |
|
|
|
17,185,344 |
|
| Electric Power Development Co. Ltd. (Japan) |
|
|
400 |
|
|
|
5,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,191,062 |
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates — 1.3% |
|
| 3M Co. |
|
|
131,500 |
|
|
|
26,119,845 |
|
| CK Hutchison Holdings Ltd. (United Kingdom) |
|
|
7,000 |
|
|
|
54,479 |
|
| DCC PLC (United Kingdom) |
|
|
2,503 |
|
|
|
205,253 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Industrial Conglomerates (cont’d.) |
|
| General Electric Co. |
|
|
549,900 |
|
|
$ |
7,401,654 |
|
| Hitachi Ltd. (Japan) |
|
|
2,800 |
|
|
|
159,907 |
|
| Honeywell International, Inc. |
|
|
118,700 |
|
|
|
26,036,845 |
|
| Investment AB Latour (Sweden) (Class B Stock) |
|
|
432 |
|
|
|
14,177 |
|
| Siemens AG (Germany) |
|
|
322 |
|
|
|
51,047 |
|
| Smiths Group PLC (United Kingdom) |
|
|
1,170 |
|
|
|
25,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,069,041 |
|
|
|
|
|
|
|
|
|
|
| Insurance — 1.2% |
|
| Ageas SA/NV (Belgium) |
|
|
6,062 |
|
|
|
336,208 |
|
| AIA Group Ltd. (Hong Kong) |
|
|
9,800 |
|
|
|
122,072 |
|
| Allianz SE (Germany) |
|
|
1,171 |
|
|
|
292,191 |
|
| Allstate Corp. (The) |
|
|
157,500 |
|
|
|
20,544,300 |
|
| American International Group, Inc. |
|
|
37,500 |
|
|
|
1,785,000 |
|
| Assicurazioni Generali SpA (Italy) |
|
|
3,239 |
|
|
|
65,055 |
|
| Chubb Ltd. |
|
|
36,900 |
|
|
|
5,864,886 |
|
| Dai-ichi Life Holdings, Inc. (Japan) |
|
|
11,500 |
|
|
|
211,360 |
|
| Gjensidige Forsikring ASA (Norway) |
|
|
581 |
|
|
|
12,831 |
|
| Hartford Financial Services Group, Inc. (The) |
|
|
17,100 |
|
|
|
1,059,687 |
|
| Japan Post Holdings Co. Ltd. (Japan)* |
|
|
4,500 |
|
|
|
36,872 |
|
| Japan Post Insurance Co. Ltd. (Japan) |
|
|
700 |
|
|
|
12,966 |
|
| Legal & General Group PLC (United Kingdom) |
|
|
88,601 |
|
|
|
316,357 |
|
| Medibank Private Ltd. (Australia) |
|
|
7,880 |
|
|
|
18,694 |
|
| MetLife, Inc. |
|
|
271,900 |
|
|
|
16,273,215 |
|
| NN Group NV (Netherlands) |
|
|
7,987 |
|
|
|
377,524 |
|
| Old Republic International Corp. |
|
|
415,500 |
|
|
|
10,350,105 |
|
| Poste Italiane SpA (Italy), 144A |
|
|
27,108 |
|
|
|
358,413 |
|
| Swiss Life Holding AG (Switzerland) |
|
|
87 |
|
|
|
42,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,080,057 |
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services — 4.7% |
|
| Alphabet, Inc. (Class A Stock)* |
|
|
29,250 |
|
|
|
71,422,358 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
27,032 |
|
|
|
67,750,842 |
|
| Auto Trader Group PLC (United Kingdom), 144A* |
|
|
1,938 |
|
|
|
16,988 |
|
| Facebook, Inc. (Class A Stock)* |
|
|
249,350 |
|
|
|
86,701,489 |
|
| REA Group Ltd. (Australia) |
|
|
138 |
|
|
|
17,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225,909,242 |
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail — 2.8% |
|
| Amazon.com, Inc.* |
|
|
38,400 |
|
|
|
132,102,144 |
|
| HelloFresh SE (Germany)* |
|
|
389 |
|
|
|
37,914 |
|
| Zalando SE (Germany), 144A* |
|
|
480 |
|
|
|
58,153 |
|
| ZOZO, Inc. (Japan) |
|
|
300 |
|
|
|
10,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
132,208,385 |
|
|
|
|
|
|
|
|
|
|
| IT Services — 3.1% |
|
| Accenture PLC (Class A Stock) |
|
|
128,650 |
|
|
|
37,924,733 |
|
| Adyen NV (Netherlands), 144A* |
|
|
52 |
|
|
|
127,296 |
|
| Amdocs Ltd. |
|
|
33,600 |
|
|
|
2,599,296 |
|
| Automatic Data Processing, Inc. |
|
|
108,600 |
|
|
|
21,570,132 |
|
| Capgemini SE (France) |
|
|
440 |
|
|
|
84,645 |
|
| Cognizant Technology Solutions Corp. (Class A Stock) |
|
|
283,500 |
|
|
|
19,635,210 |
|
| EPAM Systems, Inc.* |
|
|
30,500 |
|
|
|
15,584,280 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A48
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| IT Services (cont’d.) |
|
| Fujitsu Ltd. (Japan) |
|
|
2,400 |
|
|
$ |
449,677 |
|
| Gartner, Inc.* |
|
|
10,600 |
|
|
|
2,567,320 |
|
| International Business Machines Corp. |
|
|
53,000 |
|
|
|
7,769,270 |
|
| Maximus, Inc. |
|
|
15,100 |
|
|
|
1,328,347 |
|
| PayPal Holdings, Inc.* |
|
|
76,600 |
|
|
|
22,327,368 |
|
| SCSK Corp. (Japan) |
|
|
5,000 |
|
|
|
297,897 |
|
| Visa, Inc. (Class A Stock)(a) |
|
|
78,400 |
|
|
|
18,331,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,596,959 |
|
|
|
|
|
|
|
|
|
|
| Leisure Products — 0.4% |
|
| Brunswick Corp. |
|
|
144,900 |
|
|
|
14,434,938 |
|
| Shimano, Inc. (Japan) |
|
|
700 |
|
|
|
166,424 |
|
| Smith & Wesson Brands, Inc.(a) |
|
|
108,200 |
|
|
|
3,754,540 |
|
| Yamaha Corp. (Japan) |
|
|
400 |
|
|
|
21,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,377,606 |
|
|
|
|
|
|
|
|
|
|
| Life Sciences Tools & Services — 1.3% |
|
| Agilent Technologies, Inc. |
|
|
64,000 |
|
|
|
9,459,840 |
|
| Eurofins Scientific SE (Luxembourg)* |
|
|
3,419 |
|
|
|
391,472 |
|
| Illumina, Inc.* |
|
|
2,500 |
|
|
|
1,183,025 |
|
| IQVIA Holdings, Inc.* |
|
|
46,700 |
|
|
|
11,316,344 |
|
| PerkinElmer, Inc. |
|
|
18,500 |
|
|
|
2,856,585 |
|
| Sartorius Stedim Biotech (France) |
|
|
78 |
|
|
|
36,969 |
|
| Thermo Fisher Scientific, Inc. |
|
|
66,900 |
|
|
|
33,749,043 |
|
| Waters Corp.* |
|
|
6,600 |
|
|
|
2,281,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,274,304 |
|
|
|
|
|
|
|
|
|
|
| Machinery — 1.6% |
|
| AGCO Corp. |
|
|
133,600 |
|
|
|
17,418,768 |
|
| Amada Co. Ltd. (Japan) |
|
|
4,000 |
|
|
|
40,533 |
|
| ANDRITZ AG (Austria) |
|
|
451 |
|
|
|
25,503 |
|
| Atlas Copco AB (Sweden) (Class A Stock) |
|
|
1,965 |
|
|
|
120,572 |
|
| Atlas Copco AB (Sweden) (Class B Stock) |
|
|
1,042 |
|
|
|
54,885 |
|
| CNH Industrial NV (United Kingdom) |
|
|
2,891 |
|
|
|
48,072 |
|
| Crane Co. |
|
|
11,100 |
|
|
|
1,025,307 |
|
| Cummins, Inc. |
|
|
75,400 |
|
|
|
18,383,274 |
|
| Deere & Co. |
|
|
25,500 |
|
|
|
8,994,105 |
|
| Dover Corp. |
|
|
12,800 |
|
|
|
1,927,680 |
|
| Epiroc AB (Sweden) (Class A Stock) |
|
|
1,941 |
|
|
|
44,292 |
|
| Epiroc AB (Sweden) (Class B Stock) |
|
|
1,075 |
|
|
|
21,132 |
|
| FANUC Corp. (Japan) |
|
|
600 |
|
|
|
144,680 |
|
| GEA Group AG (Germany) |
|
|
456 |
|
|
|
18,484 |
|
| Illinois Tool Works, Inc. |
|
|
6,800 |
|
|
|
1,520,208 |
|
| Kubota Corp. (Japan) |
|
|
3,000 |
|
|
|
60,723 |
|
| Makita Corp. (Japan) |
|
|
600 |
|
|
|
28,242 |
|
| MINEBEA MITSUMI, Inc. (Japan) |
|
|
900 |
|
|
|
23,791 |
|
| MISUMI Group, Inc. (Japan) |
|
|
900 |
|
|
|
30,427 |
|
| Nabtesco Corp. (Japan) |
|
|
400 |
|
|
|
15,106 |
|
| NGK Insulators Ltd. (Japan) |
|
|
800 |
|
|
|
13,468 |
|
| Oshkosh Corp. |
|
|
24,600 |
|
|
|
3,066,144 |
|
| Otis Worldwide Corp. |
|
|
11,900 |
|
|
|
973,063 |
|
| Parker-Hannifin Corp. |
|
|
37,600 |
|
|
|
11,547,336 |
|
| Sandvik AB (Sweden) |
|
|
7,884 |
|
|
|
201,666 |
|
| Schindler Holding AG (Switzerland) |
|
|
55 |
|
|
|
16,091 |
|
| SKF AB (Sweden) (Class B Stock) |
|
|
1,085 |
|
|
|
27,661 |
|
| SMC Corp. (Japan) |
|
|
200 |
|
|
|
118,114 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Machinery (cont’d.) |
|
| Spirax-Sarco Engineering PLC (United Kingdom) |
|
|
165 |
|
|
$ |
31,052 |
|
| Stanley Black & Decker, Inc. |
|
|
42,400 |
|
|
|
8,691,576 |
|
| Techtronic Industries Co. Ltd. (Hong Kong) |
|
|
5,500 |
|
|
|
95,996 |
|
| Timken Co. (The) |
|
|
42,300 |
|
|
|
3,408,957 |
|
| Volvo AB (Sweden) (Class A Stock) |
|
|
612 |
|
|
|
15,214 |
|
| Volvo AB (Sweden) (Class B Stock) |
|
|
4,144 |
|
|
|
100,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,252,145 |
|
|
|
|
|
|
|
|
|
|
| Marine — 0.0% |
|
| AP Moller - Maersk A/S (Denmark) (Class A Stock) |
|
|
9 |
|
|
|
25,056 |
|
| AP Moller - Maersk A/S (Denmark) (Class B Stock) |
|
|
122 |
|
|
|
351,523 |
|
| Genco Shipping & Trading Ltd. |
|
|
70,200 |
|
|
|
1,325,376 |
|
| Kuehne + Nagel International AG (Switzerland) |
|
|
255 |
|
|
|
87,331 |
|
| Nippon Yusen KK (Japan) |
|
|
500 |
|
|
|
25,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,814,669 |
|
|
|
|
|
|
|
|
|
|
| Media — 0.7% |
|
| Comcast Corp. (Class A Stock) |
|
|
318,900 |
|
|
|
18,183,678 |
|
| CyberAgent, Inc. (Japan) |
|
|
1,200 |
|
|
|
25,704 |
|
| News Corp. (Class A Stock) |
|
|
347,200 |
|
|
|
8,947,344 |
|
| News Corp. (Class B Stock) |
|
|
42,100 |
|
|
|
1,025,135 |
|
| Nexstar Media Group, Inc. (Class A Stock) |
|
|
28,000 |
|
|
|
4,140,640 |
|
| Publicis Groupe SA (France) |
|
|
2,596 |
|
|
|
166,212 |
|
| Schibsted ASA (Norway) (Class B Stock) |
|
|
276 |
|
|
|
11,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,500,175 |
|
|
|
|
|
|
|
|
|
|
| Metals & Mining — 0.8% |
|
| Alcoa Corp.* |
|
|
232,100 |
|
|
|
8,550,564 |
|
| ArcelorMittal SA (Luxembourg) |
|
|
11,758 |
|
|
|
363,902 |
|
| BHP Group Ltd. (Australia) |
|
|
8,482 |
|
|
|
310,643 |
|
| BHP Group PLC (Australia) |
|
|
15,779 |
|
|
|
467,477 |
|
| BlueScope Steel Ltd. (Australia) |
|
|
1,300 |
|
|
|
21,554 |
|
| Boliden AB (Sweden) |
|
|
3,334 |
|
|
|
128,525 |
|
| Evraz PLC (Russia) |
|
|
10,845 |
|
|
|
89,256 |
|
| Fortescue Metals Group Ltd. (Australia) |
|
|
15,823 |
|
|
|
278,191 |
|
| Freeport-McMoRan, Inc. |
|
|
476,400 |
|
|
|
17,679,204 |
|
| Newcrest Mining Ltd. (Australia) |
|
|
2,109 |
|
|
|
40,229 |
|
| Norsk Hydro ASA (Norway) |
|
|
3,486 |
|
|
|
22,305 |
|
| Reliance Steel & Aluminum Co. |
|
|
50,000 |
|
|
|
7,545,000 |
|
| Rio Tinto Ltd. (Australia) |
|
|
1,099 |
|
|
|
104,896 |
|
| Rio Tinto PLC (Australia) |
|
|
6,953 |
|
|
|
575,680 |
|
| Southern Copper Corp. (Peru)(a) |
|
|
14,700 |
|
|
|
945,504 |
|
| Sumitomo Metal Mining Co. Ltd. (Japan) |
|
|
600 |
|
|
|
23,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,146,397 |
|
|
|
|
|
|
|
|
|
|
| Multiline Retail — 0.5% |
|
| Next PLC (United Kingdom)* |
|
|
384 |
|
|
|
41,887 |
|
| Target Corp. |
|
|
99,400 |
|
|
|
24,028,956 |
|
| Wesfarmers Ltd. (Australia) |
|
|
3,256 |
|
|
|
144,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,215,349 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A49
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
|
|
|
| Multi-Utilities — 0.3% |
|
|
|
|
|
|
|
|
| CenterPoint Energy, Inc. |
|
|
228,000 |
|
|
$ |
5,590,560 |
|
| E.ON SE (Germany) |
|
|
6,478 |
|
|
|
75,032 |
|
| MDU Resources Group, Inc. |
|
|
108,200 |
|
|
|
3,390,988 |
|
| Public Service Enterprise Group, Inc. |
|
|
55,700 |
|
|
|
3,327,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,384,098 |
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 1.9% |
|
| APA Corp. |
|
|
727,500 |
|
|
|
15,735,825 |
|
| ConocoPhillips |
|
|
398,200 |
|
|
|
24,250,380 |
|
| ENEOS Holdings, Inc. (Japan) |
|
|
41,000 |
|
|
|
171,979 |
|
| EOG Resources, Inc. |
|
|
126,000 |
|
|
|
10,513,440 |
|
| Equinor ASA (Norway) |
|
|
3,008 |
|
|
|
63,969 |
|
| Exxon Mobil Corp. |
|
|
586,800 |
|
|
|
37,015,344 |
|
| Kinder Morgan, Inc. |
|
|
75,900 |
|
|
|
1,383,657 |
|
| Lundin Energy AB (Sweden) |
|
|
5,844 |
|
|
|
207,404 |
|
| OMV AG (Austria) |
|
|
6,301 |
|
|
|
361,017 |
|
| Repsol SA (Spain) |
|
|
4,453 |
|
|
|
55,899 |
|
| Royal Dutch Shell PLC (Netherlands) (Class A Stock) |
|
|
12,051 |
|
|
|
241,948 |
|
| Royal Dutch Shell PLC (Netherlands) (Class B Stock) |
|
|
6,443 |
|
|
|
125,187 |
|
| Targa Resources Corp. |
|
|
31,100 |
|
|
|
1,382,395 |
|
| TotalEnergies SE (France) |
|
|
7,136 |
|
|
|
323,224 |
|
| Washington H Soul Pattinson & Co. Ltd. (Australia) |
|
|
319 |
|
|
|
8,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,839,751 |
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products — 0.0% |
|
|
|
|
|
|
|
|
| Mondi PLC (Austria) |
|
|
1,443 |
|
|
|
38,164 |
|
| Oji Holdings Corp. (Japan) |
|
|
2,300 |
|
|
|
13,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,373 |
|
|
|
|
|
|
|
|
|
|
| Personal Products — 0.3% |
|
|
|
|
|
|
|
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
20,800 |
|
|
|
6,616,064 |
|
| L’Oreal SA (France) |
|
|
717 |
|
|
|
320,206 |
|
| Medifast, Inc. |
|
|
15,900 |
|
|
|
4,499,382 |
|
| Unilever PLC (United Kingdom) |
|
|
12,613 |
|
|
|
738,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,173,859 |
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 2.5% |
|
|
|
|
|
|
|
|
| Astellas Pharma, Inc. (Japan) |
|
|
4,300 |
|
|
|
74,893 |
|
| AstraZeneca PLC (United Kingdom) |
|
|
862 |
|
|
|
103,629 |
|
| Bayer AG (Germany) |
|
|
1,171 |
|
|
|
71,286 |
|
| Bristol-Myers Squibb Co. |
|
|
452,200 |
|
|
|
30,216,004 |
|
| GlaxoSmithKline PLC (United Kingdom) |
|
|
15,907 |
|
|
|
312,813 |
|
| Ipsen SA (France) |
|
|
3,221 |
|
|
|
335,283 |
|
| Johnson & Johnson |
|
|
313,348 |
|
|
|
51,620,950 |
|
| Merck KGaA (Germany) |
|
|
365 |
|
|
|
70,010 |
|
| Novartis AG (Switzerland) |
|
|
5,527 |
|
|
|
503,781 |
|
| Novo Nordisk A/S (Denmark) (Class B Stock) |
|
|
5,070 |
|
|
|
424,870 |
|
| Ono Pharmaceutical Co. Ltd. (Japan) |
|
|
1,100 |
|
|
|
24,533 |
|
| Orion OYJ (Finland) (Class B Stock) |
|
|
322 |
|
|
|
13,857 |
|
| Otsuka Holdings Co. Ltd. (Japan) |
|
|
6,600 |
|
|
|
273,548 |
|
| Pfizer, Inc. |
|
|
847,400 |
|
|
|
33,184,184 |
|
| Roche Holding AG (Switzerland) |
|
|
1,993 |
|
|
|
750,936 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Pharmaceuticals (cont’d.) |
|
|
|
|
|
|
|
|
| Sanofi (France) |
|
|
6,065 |
|
|
$ |
636,531 |
|
| Shionogi & Co. Ltd. (Japan) |
|
|
6,300 |
|
|
|
328,242 |
|
| Sumitomo Dainippon Pharma Co. Ltd. (Japan) |
|
|
2,500 |
|
|
|
52,428 |
|
| Takeda Pharmaceutical Co. Ltd. (Japan) |
|
|
4,500 |
|
|
|
150,678 |
|
| UCB SA (Belgium) |
|
|
360 |
|
|
|
37,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119,186,006 |
|
|
|
|
|
|
|
|
|
|
| Professional Services — 0.0% |
|
|
|
|
|
|
|
|
| Adecco Group AG (Switzerland) |
|
|
2,676 |
|
|
|
182,315 |
|
| Korn Ferry |
|
|
14,500 |
|
|
|
1,051,975 |
|
| Persol Holdings Co. Ltd. (Japan) |
|
|
600 |
|
|
|
11,850 |
|
| Randstad NV (Netherlands) |
|
|
4,275 |
|
|
|
327,599 |
|
| Recruit Holdings Co. Ltd. (Japan) |
|
|
3,200 |
|
|
|
157,090 |
|
| SGS SA (Switzerland) |
|
|
17 |
|
|
|
52,535 |
|
| Teleperformance (France) |
|
|
131 |
|
|
|
53,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,836,642 |
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development — 0.1% |
|
| CBRE Group, Inc. (Class A Stock)* |
|
|
29,200 |
|
|
|
2,503,316 |
|
| CK Asset Holdings Ltd. (Hong Kong) |
|
|
6,500 |
|
|
|
44,808 |
|
| Daito Trust Construction Co. Ltd. (Japan) |
|
|
200 |
|
|
|
21,871 |
|
| Daiwa House Industry Co. Ltd. (Japan) |
|
|
1,700 |
|
|
|
51,032 |
|
| Deutsche Wohnen SE (Germany) |
|
|
986 |
|
|
|
60,344 |
|
| Fastighets AB Balder (Sweden) (Class B Stock)* |
|
|
288 |
|
|
|
18,064 |
|
| Henderson Land Development Co. Ltd. (Hong Kong) |
|
|
4,000 |
|
|
|
18,951 |
|
| Mitsubishi Estate Co. Ltd. (Japan) |
|
|
3,400 |
|
|
|
54,826 |
|
| Sino Land Co. Ltd. (Hong Kong) |
|
|
8,000 |
|
|
|
12,605 |
|
| Sumitomo Realty & Development Co. Ltd. (Japan) |
|
|
900 |
|
|
|
32,163 |
|
| Sun Hung Kai Properties Ltd. (Hong Kong) |
|
|
14,000 |
|
|
|
208,347 |
|
| Swire Pacific Ltd. (Hong Kong) (Class A Stock) |
|
|
1,500 |
|
|
|
10,171 |
|
| Swire Properties Ltd. (Hong Kong) |
|
|
3,400 |
|
|
|
10,151 |
|
| Swiss Prime Site AG (Switzerland) |
|
|
216 |
|
|
|
21,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,068,092 |
|
|
|
|
|
|
|
|
|
|
| Road & Rail — 0.1% |
|
|
|
|
|
|
|
|
| Nippon Express Co. Ltd. (Japan) |
|
|
200 |
|
|
|
15,261 |
|
| Ryder System, Inc. |
|
|
13,200 |
|
|
|
981,156 |
|
| Werner Enterprises, Inc. |
|
|
125,800 |
|
|
|
5,600,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,597,033 |
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment — 4.3% |
|
| Advantest Corp. (Japan) |
|
|
600 |
|
|
|
53,855 |
|
| Applied Materials, Inc. |
|
|
236,600 |
|
|
|
33,691,840 |
|
| ASM International NV (Netherlands) |
|
|
132 |
|
|
|
43,605 |
|
| ASM Pacific Technology Ltd. (Hong Kong) |
|
|
900 |
|
|
|
12,199 |
|
| ASML Holding NV (Netherlands) |
|
|
1,323 |
|
|
|
911,780 |
|
| Broadcom, Inc. |
|
|
44,100 |
|
|
|
21,028,644 |
|
| Intel Corp. |
|
|
663,150 |
|
|
|
37,229,241 |
|
| KLA Corp. |
|
|
18,700 |
|
|
|
6,062,727 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A50
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Semiconductors & Semiconductor Equipment (cont’d.) |
|
| Lam Research Corp. |
|
|
37,000 |
|
|
$ |
24,075,900 |
|
| MKS Instruments, Inc. |
|
|
79,200 |
|
|
|
14,093,640 |
|
| NXP Semiconductors NV (China) |
|
|
9,900 |
|
|
|
2,036,628 |
|
| Qorvo, Inc.* |
|
|
31,000 |
|
|
|
6,065,150 |
|
| QUALCOMM, Inc. |
|
|
211,300 |
|
|
|
30,201,109 |
|
| Skyworks Solutions, Inc. |
|
|
30,700 |
|
|
|
5,886,725 |
|
| STMicroelectronics NV (Switzerland) |
|
|
1,765 |
|
|
|
64,258 |
|
| Texas Instruments, Inc. |
|
|
120,500 |
|
|
|
23,172,150 |
|
| Tokyo Electron Ltd. (Japan) |
|
|
1,200 |
|
|
|
519,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
205,149,338 |
|
|
|
|
|
|
|
|
|
|
| Software — 6.3% |
|
|
|
|
|
|
|
|
| Adobe, Inc.* |
|
|
73,250 |
|
|
|
42,898,130 |
|
| Autodesk, Inc.* |
|
|
34,000 |
|
|
|
9,924,600 |
|
| CDK Global, Inc. |
|
|
38,100 |
|
|
|
1,893,189 |
|
| Dassault Systemes SE (France) |
|
|
380 |
|
|
|
92,319 |
|
| Intuit, Inc. |
|
|
6,600 |
|
|
|
3,235,122 |
|
| Manhattan Associates, Inc.* |
|
|
27,100 |
|
|
|
3,925,164 |
|
| Microsoft Corp. |
|
|
739,300 |
|
|
|
200,276,370 |
|
| NortonLifeLock, Inc. |
|
|
204,200 |
|
|
|
5,558,324 |
|
| Oracle Corp. |
|
|
346,550 |
|
|
|
26,975,452 |
|
| Paycom Software, Inc.* |
|
|
5,100 |
|
|
|
1,853,697 |
|
| SAP SE (Germany) |
|
|
5,172 |
|
|
|
728,615 |
|
| SS&C Technologies Holdings, Inc. |
|
|
47,800 |
|
|
|
3,444,468 |
|
| Synopsys, Inc.* |
|
|
11,000 |
|
|
|
3,033,690 |
|
| WiseTech Global Ltd. (Australia) |
|
|
408 |
|
|
|
9,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
303,848,912 |
|
|
|
|
|
|
|
|
|
|
| Specialty Retail — 1.1% |
|
|
|
|
|
|
|
|
| AutoNation, Inc.* |
|
|
105,700 |
|
|
|
10,021,417 |
|
| Chow Tai Fook Jewellery Group Ltd. (China) |
|
|
31,200 |
|
|
|
71,521 |
|
| Foot Locker, Inc. |
|
|
73,600 |
|
|
|
4,535,968 |
|
| Home Depot, Inc. (The) |
|
|
40,200 |
|
|
|
12,819,378 |
|
| Industria de Diseno Textil SA (Spain) |
|
|
3,146 |
|
|
|
110,926 |
|
| JD Sports Fashion PLC (United Kingdom) |
|
|
1,237 |
|
|
|
15,770 |
|
| Kingfisher PLC (United Kingdom) |
|
|
68,169 |
|
|
|
345,101 |
|
| L Brands, Inc. |
|
|
261,800 |
|
|
|
18,865,308 |
|
| MarineMax, Inc.*(a) |
|
|
35,500 |
|
|
|
1,730,270 |
|
| Sally Beauty Holdings, Inc.*(a) |
|
|
49,400 |
|
|
|
1,090,258 |
|
| Shimamura Co. Ltd. (Japan) |
|
|
2,800 |
|
|
|
268,915 |
|
| USS Co. Ltd. (Japan) |
|
|
5,800 |
|
|
|
101,149 |
|
| Williams-Sonoma, Inc. |
|
|
30,900 |
|
|
|
4,933,185 |
|
| Yamada Holdings Co. Ltd. (Japan) |
|
|
3,800 |
|
|
|
17,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,926,723 |
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals — 3.7% |
|
| Apple, Inc. |
|
|
1,140,300 |
|
|
|
156,175,488 |
|
| Brother Industries Ltd. (Japan) |
|
|
10,700 |
|
|
|
213,285 |
|
| Canon, Inc. (Japan) |
|
|
15,500 |
|
|
|
350,164 |
|
| Hewlett Packard Enterprise Co. |
|
|
393,700 |
|
|
|
5,740,146 |
|
| HP, Inc. |
|
|
335,600 |
|
|
|
10,131,764 |
|
| Logitech International SA (Switzerland) . |
|
|
2,962 |
|
|
|
358,952 |
|
| NetApp, Inc. |
|
|
13,600 |
|
|
|
1,112,752 |
|
| Ricoh Co. Ltd. (Japan) |
|
|
2,000 |
|
|
|
22,415 |
|
| Seiko Epson Corp. (Japan) |
|
|
4,300 |
|
|
|
75,637 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
| Technology Hardware, Storage & Peripherals (cont’d.) |
|
| Western Digital Corp.* |
|
|
51,300 |
|
|
$ |
3,651,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,831,624 |
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 0.6% |
|
| Burberry Group PLC (United Kingdom)* |
|
|
480 |
|
|
|
13,759 |
|
| Crocs, Inc.* |
|
|
97,700 |
|
|
|
11,384,004 |
|
| Deckers Outdoor Corp.* |
|
|
31,300 |
|
|
|
12,021,391 |
|
| Hermes International (France) |
|
|
163 |
|
|
|
237,989 |
|
| LVMH Moet Hennessy Louis Vuitton SE (France) |
|
|
858 |
|
|
|
673,826 |
|
| Pandora A/S (Denmark) |
|
|
270 |
|
|
|
36,300 |
|
| Swatch Group AG (The) (Switzerland) |
|
|
140 |
|
|
|
9,245 |
|
| Tapestry, Inc.* |
|
|
53,400 |
|
|
|
2,321,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,698,346 |
|
|
|
|
|
|
|
|
|
|
| Tobacco — 0.4% |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
395,950 |
|
|
|
18,878,896 |
|
| British American Tobacco PLC (United Kingdom) |
|
|
14,575 |
|
|
|
566,246 |
|
| Imperial Brands PLC (United Kingdom) |
|
|
2,561 |
|
|
|
55,215 |
|
| Japan Tobacco, Inc. (Japan) |
|
|
18,500 |
|
|
|
349,114 |
|
| Swedish Match AB (Sweden) |
|
|
37,516 |
|
|
|
320,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,169,669 |
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors — 0.2% |
|
| Ashtead Group PLC (United Kingdom) |
|
|
1,203 |
|
|
|
89,459 |
|
| Boise Cascade Co. |
|
|
53,600 |
|
|
|
3,127,560 |
|
| Brenntag SE (Germany) |
|
|
4,023 |
|
|
|
375,090 |
|
| Ferguson PLC |
|
|
2,885 |
|
|
|
401,636 |
|
| GMS, Inc.* |
|
|
48,100 |
|
|
|
2,315,534 |
|
| ITOCHU Corp. (Japan) |
|
|
4,000 |
|
|
|
114,244 |
|
| Marubeni Corp. (Japan) |
|
|
10,900 |
|
|
|
95,075 |
|
| Mitsui & Co. Ltd. (Japan) |
|
|
18,600 |
|
|
|
419,741 |
|
| Reece Ltd. (Australia) |
|
|
826 |
|
|
|
14,644 |
|
| Sumitomo Corp. (Japan) |
|
|
3,400 |
|
|
|
45,690 |
|
| Toyota Tsusho Corp. (Japan) |
|
|
2,800 |
|
|
|
132,789 |
|
| United Rentals, Inc.* |
|
|
3,400 |
|
|
|
1,084,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,216,096 |
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services — 0.0% |
|
|
|
|
|
| KDDI Corp. (Japan) |
|
|
3,500 |
|
|
|
109,041 |
|
| SoftBank Corp. (Japan) |
|
|
8,300 |
|
|
|
108,564 |
|
| SoftBank Group Corp. (Japan) |
|
|
4,600 |
|
|
|
320,910 |
|
| Vodafone Group PLC (United Kingdom) |
|
|
161,318 |
|
|
|
272,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
810,681 |
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $2,165,027,880) |
|
|
|
|
|
|
3,203,046,434 |
|
|
|
|
|
|
|
|
|
|
| EXCHANGE-TRADED FUND — 0.0% |
|
| iShares MSCI EAFE ETF(a) |
|
|
2,488 |
|
|
|
196,253 |
|
|
|
|
|
|
|
|
|
|
| (cost $135,052) |
|
|
|
|
|
|
|
|
| PREFERRED STOCKS — 0.0% |
|
| Automobiles — 0.0% |
|
|
|
|
|
|
|
|
| Bayerische Motoren Werke AG (Germany) (PRFC) |
|
|
151 |
|
|
|
13,574 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A51
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
| PREFERRED STOCKS (continued) |
|
|
|
|
|
| Automobiles (cont’d.) |
|
| Volkswagen AG (Germany) (PRFC) |
|
|
|
941 |
|
|
$ |
236,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks — 0.0% |
|
| Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 |
|
|
|
22,000 |
|
|
|
613,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.0% |
|
| Henkel AG & Co. KGaA (Germany) (PRFC) |
|
|
|
1,365 |
|
|
|
144,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED STOCKS
(cost $866,296) |
|
|
|
1,008,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
|
|
| ASSET-BACKED SECURITIES — 6.1% |
|
|
|
|
|
| Automobiles — 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmeriCredit Automobile Receivables Trust, |
|
| Series 2019-01, Class B |
|
| 3.130% |
|
|
02/18/25 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,021,378 |
|
| Series 2019-01, Class C |
|
| 3.360% |
|
|
02/18/25 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,038,920 |
|
| Series 2019-02, Class C |
|
| 2.740% |
|
|
04/18/25 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,070,594 |
|
| Series 2019-03, Class C |
|
| 2.320% |
|
|
07/18/25 |
|
|
|
|
|
|
|
3,400 |
|
|
|
3,504,226 |
|
| Series 2020-02, Class C |
|
| 1.480% |
|
|
02/18/26 |
|
|
|
|
|
|
|
600 |
|
|
|
608,510 |
|
| Series 2020-03, Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.060% |
|
|
08/18/26 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,007,072 |
|
| Series 2021-02, Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.010% |
|
|
01/19/27 |
|
|
|
|
|
|
|
1,300 |
|
|
|
1,307,706 |
|
| Avis Budget Rental Car Funding AESOP LLC, |
|
| Series 2018-02A, Class A, 144A |
|
| 4.000% |
|
|
03/20/25 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,728,189 |
|
| Series 2019-02A, Class A, 144A |
|
| 3.350% |
|
|
09/22/25 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,217,417 |
|
| Series 2019-03A, Class A, 144A |
|
| 2.360% |
|
|
03/20/26 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,185,118 |
|
| Series 2020-01A, Class A, 144A |
|
| 2.330% |
|
|
08/20/26 |
|
|
|
|
|
|
|
1,800 |
|
|
|
1,875,850 |
|
| Series 2021-01A, Class A, 144A |
|
| 1.380% |
|
|
08/20/27 |
|
|
|
|
|
|
|
3,200 |
|
|
|
3,194,949 |
|
| CarMax Auto Owner Trust, |
|
| Series 2021-02, Class C |
|
| 1.340% |
|
|
02/16/27 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,099,930 |
|
| Ford Auto Securitization Trust (Canada), |
|
| Series 2019-BA, Class A2, 144A |
|
| 2.321% |
|
|
10/15/23 |
|
|
|
CAD |
|
|
|
1,445 |
|
|
|
1,176,064 |
|
| Series 2020-AA, Class A3, 144A |
|
| 1.153% |
|
|
11/15/25 |
|
|
|
CAD |
|
|
|
3,600 |
|
|
|
2,901,781 |
|
| Ford Credit Auto Owner Trust, |
|
| Series 2018-01, Class A, 144A |
|
| 3.190% |
|
|
07/15/31 |
|
|
|
|
|
|
|
3,800 |
|
|
|
4,099,487 |
|
| Series 2019-01, Class A, 144A |
|
| 3.520% |
|
|
07/15/30 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,371,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Automobiles (cont’d.) |
|
| Series 2020-01, Class A, 144A |
|
| 2.040% |
|
|
08/15/31 |
|
|
|
|
|
|
|
3,600 |
|
|
$ |
3,736,470 |
|
| Series 2020-02, Class A, 144A |
|
| 1.060% |
|
|
04/15/33 |
|
|
|
|
|
|
|
6,300 |
|
|
|
6,292,982 |
|
| GM Financial Consumer Automobile Receivables Trust, |
|
| Series 2018-04, Class C |
|
| 3.620% |
|
|
06/17/24 |
|
|
|
|
|
|
|
500 |
|
|
|
518,834 |
|
| GMF Floorplan Owner Revolving Trust, |
|
| Series 2019-02, Class A, 144A |
|
| 2.900% |
|
|
04/15/26 |
|
|
|
|
|
|
|
5,700 |
|
|
|
6,046,862 |
|
| Hertz Vehicle Financing III LP, |
|
| Series 2021-02A, Class A, 144A |
|
| 1.680% |
|
|
12/27/27 |
|
|
|
|
|
|
|
1,900 |
|
|
|
1,897,464 |
|
| Hertz Vehicle Financing LLC, |
|
| Series 2021-01A, Class A, 144A |
|
| 1.210% |
|
|
12/26/25 |
|
|
|
|
|
|
|
2,100 |
|
|
|
2,098,866 |
|
| OneMain Direct Auto Receivables Trust, |
|
| Series 2018-01A, Class A, 144A |
|
| 3.430% |
|
|
12/16/24 |
|
|
|
|
|
|
|
1,417 |
|
|
|
1,423,409 |
|
| Series 2019-01A, Class A, 144A |
|
| 3.630% |
|
|
09/14/27 |
|
|
|
|
|
|
|
6,300 |
|
|
|
6,790,288 |
|
| Santander Drive Auto Receivables Trust, |
|
| Series 2020-02, Class C |
|
| 1.460% |
|
|
09/15/25 |
|
|
|
|
|
|
|
800 |
|
|
|
809,014 |
|
| Series 2020-03, Class C |
|
| 1.120% |
|
|
01/15/26 |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,623,005 |
|
| Series 2020-04, Class C |
|
| 1.010% |
|
|
01/15/26 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,609,281 |
|
| Series 2021-01, Class C |
|
| 0.750% |
|
|
02/17/26 |
|
|
|
|
|
|
|
3,000 |
|
|
|
2,998,406 |
|
| Series 2021-02, Class C |
|
| 0.900% |
|
|
06/15/26 |
|
|
|
|
|
|
|
2,200 |
|
|
|
2,203,543 |
|
| Series 2021-02, Class D |
|
| 1.350% |
|
|
07/15/27 |
|
|
|
|
|
|
|
2,800 |
|
|
|
2,802,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,259,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collateralized Loan Obligations — 3.3% |
|
| Anchorage Capital CLO Ltd. (Cayman Islands), |
|
| Series 2019-11A, Class A, 144A, 3 Month LIBOR
+ 1.390% (Cap N/A, Floor 1.390%) |
|
| 1.612%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,750,545 |
|
| ArrowMark Colorado Holdings (Cayman Islands), |
|
| Series 2017-06A, Class A1, 144A, 3 Month LIBOR
+ 1.280% (Cap N/A, Floor 0.000%) |
|
| 1.464%(c) |
|
|
07/15/29 |
|
|
|
|
|
|
|
500 |
|
|
|
500,000 |
|
| Balboa Bay Loan Funding Ltd. (Cayman Islands), |
|
| Series 2021-01A, Class A, 144A |
|
| 0.000%(cc) |
|
|
07/20/34 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,751,526 |
|
| Ballyrock CLO Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class AR2, 144A, 3 Month LIBOR
+ 0.980% (Cap N/A, Floor 0.980%) |
|
| 1.164%(c) |
|
|
10/15/28 |
|
|
|
|
|
|
|
4,317 |
|
|
|
4,314,487 |
|
| Benefit Street Partners CLO Ltd. (Cayman Islands), |
|
| Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR
+ 0.870% (Cap N/A, Floor 0.870%) |
|
| 1.054%(c) |
|
|
07/15/29 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,498,431 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A52
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| BNPP AM Euro CLO BV (Netherlands), |
|
| Series 2018-01A, Class AR, 144A, 3 Month EURIBOR
+ 0.600% (Cap N/A, Floor 0.600%) |
|
| 0.600%(c) |
|
|
04/15/31 |
|
|
|
EUR |
|
|
|
3,000 |
|
|
$ |
3,554,523 |
|
| Brookside Mill CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class AR, 144A, 3 Month LIBOR
+ 0.820% (Cap N/A, Floor 0.000%) |
|
| 1.010%(c) |
|
|
01/17/28 |
|
|
|
|
|
|
|
781 |
|
|
|
781,312 |
|
| CBAM Ltd. (Cayman Islands), |
|
| Series 2019-11A, Class A1, 144A, 3 Month LIBOR
+ 1.360% (Cap N/A, Floor 1.360%) |
|
| 1.548%(c) |
|
|
10/20/32 |
|
|
|
|
|
|
|
5,800 |
|
|
|
5,803,182 |
|
| CIFC Funding Ltd. (Cayman Islands), |
|
| Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR
+ 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.390%(c) |
|
|
10/17/31 |
|
|
|
|
|
|
|
9,750 |
|
|
|
9,750,434 |
|
| Greenwood Park CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A2, 144A, 3 Month LIBOR
+ 1.010% (Cap N/A, Floor 0.000%) |
|
| 1.194%(c) |
|
|
04/15/31 |
|
|
|
|
|
|
|
2,000 |
|
|
|
1,998,086 |
|
| Greywolf CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A1, 144A, 3 Month LIBOR
+ 1.030% (Cap N/A, Floor 0.000%) |
|
| 1.206%(c) |
|
|
04/26/31 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,001,376 |
|
| HPS Loan Management Ltd. (Cayman Islands), |
|
| Series 15A-19, Class A1, 144A, 3 Month LIBOR +
1.320% (Cap N/A, Floor 1.320%) |
|
| 1.504%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,750,661 |
|
| Series 2015-06A, Class A1R, 144A, 3 Month LIBOR
+ 1.000% (Cap N/A, Floor 0.000%) |
|
| 1.176%(c) |
|
|
02/05/31 |
|
|
|
|
|
|
|
248 |
|
|
|
248,435 |
|
| ICG US CLO Ltd. (Cayman Islands), |
|
| Series 2015-01A, Class A1R, 144A, 3 Month LIBOR
+ 1.140% (Cap N/A, Floor 1.140%) |
|
| 1.330%(c) |
|
|
10/19/28 |
|
|
|
|
|
|
|
9,525 |
|
|
|
9,522,084 |
|
| Jamestown CLO Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR
+ 1.470% (Cap N/A, Floor 1.470%) |
|
| 1.658%(c) |
|
|
04/20/32 |
|
|
|
|
|
|
|
5,750 |
|
|
|
5,765,974 |
|
| Jefferson Mill CLO Ltd. (Cayman Islands), |
|
| Series 2015-01A, Class AR, 144A, 3 Month LIBOR
+ 1.175% (Cap N/A, Floor 0.000%) |
|
| 1.363%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
6,729 |
|
|
|
6,725,885 |
|
| Madison Park Funding Ltd. (Cayman Islands), |
|
| Series 2012-10A, Class AR3, 144A, 3 Month LIBOR
+ 1.010% (Cap N/A, Floor 0.000%) |
|
| 1.198%(c) |
|
|
01/20/29 |
|
|
|
|
|
|
|
5,062 |
|
|
|
5,058,593 |
|
| MidOcean Credit CLO (Cayman Islands), |
|
| Series 2014-03A, Class A1R, 144A, 3 Month LIBOR
+ 1.120% (Cap N/A, Floor 1.120%) |
|
| 1.306%(c) |
|
|
04/21/31 |
|
|
|
|
|
|
|
2,372 |
|
|
|
2,371,643 |
|
| Northwoods Capital Ltd. (Cayman Islands), |
|
| Series 2017-15A, Class A1R, 144A, 3 Month LIBOR
+ 1.210% (Cap N/A, Floor 1.210%) |
|
| 1.345%(c) |
|
|
06/20/34 |
|
|
|
|
|
|
|
9,500 |
|
|
|
9,505,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| OCP CLO Ltd. (Cayman Islands), |
|
| Series 2017-13A, Class A1A, 144A, 3 Month LIBOR
+ 1.260% (Cap N/A, Floor 0.000%) |
|
| 1.444%(c) |
|
|
07/15/30 |
|
|
|
|
|
|
|
1,250 |
|
|
$ |
1,250,172 |
|
| Series 2019-17A, Class A1, 144A, 3 Month LIBOR
+ 1.330% (Cap N/A, Floor 1.330%) |
|
| 1.518%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
10,000 |
|
|
|
10,002,241 |
|
| Octagon Investment Partners 31 LLC (Cayman Islands), |
|
| Series 2017-01A, Class AR, 144A, 3 Month LIBOR
+ 1.050% (Cap N/A, Floor 1.050%) |
|
| 1.238%(c) |
|
|
07/20/30 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,495,698 |
|
| OZLM Ltd. (Cayman Islands), |
|
| Series 2014-09A, Class A1AR, 144A, 3 Month LIBOR
+ 1.280% (Cap N/A, Floor 1.280%) |
|
| 1.468%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
7,419 |
|
|
|
7,419,588 |
|
| Series 2015-11A, Class A1R, 144A, 3 Month LIBOR
+ 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.436%(c) |
|
|
10/30/30 |
|
|
|
|
|
|
|
1,484 |
|
|
|
1,483,992 |
|
| Series 2019-24A, Class A1A, 144A, 3 Month LIBOR
+ 1.390% (Cap N/A, Floor 0.000%) |
|
| 1.578%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,750,607 |
|
| Palmer Square CLO Ltd. (Cayman Islands), |
|
| Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR
+ 1.130% (Cap N/A, Floor 1.130%) |
|
| 1.320%(c) |
|
|
01/17/31 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,499,556 |
|
| Series 2018-02A, Class A1A, 144A, 3 Month LIBOR
+ 1.100% (Cap N/A, Floor 0.000%) |
|
| 1.284%(c) |
|
|
07/16/31 |
|
|
|
|
|
|
|
2,350 |
|
|
|
2,350,331 |
|
| Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A1AR, 144A, 3 Month LIBOR
+ 1.000% (Cap N/A, Floor 1.000%) |
|
| 1.188%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
8,750 |
|
|
|
8,749,964 |
|
| Regatta Funding Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR
+ 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.285%(c) |
|
|
06/20/34 |
|
|
|
|
|
|
|
5,500 |
|
|
|
5,498,625 |
|
| Romark CLO Ltd. (Cayman Islands), |
|
| Series 2018-02A, Class A1, 144A, 3 Month LIBOR
+ 1.175% (Cap N/A, Floor 1.175%) |
|
| 1.351%(c) |
|
|
07/25/31 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,000,001 |
|
| TCW CLO Ltd. (Cayman Islands), |
|
| Series 2021-02A, Class AS, 144A |
|
| —%(p) |
|
|
07/25/34 |
|
|
|
|
|
|
|
6,750 |
|
|
|
6,750,000 |
|
| Telos CLO Ltd. (Cayman Islands), |
|
| Series 2013-03A, Class AR, 144A, 3 Month LIBOR
+ 1.300% (Cap N/A, Floor 1.300%) |
|
| 1.490%(c) |
|
|
07/17/26 |
|
|
|
|
|
|
|
186 |
|
|
|
186,025 |
|
| Series 2013-04A, Class AR, 144A, 3 Month LIBOR
+ 1.240% (Cap N/A, Floor 0.000%) |
|
| 1.430%(c) |
|
|
01/17/30 |
|
|
|
|
|
|
|
2,479 |
|
|
|
2,480,028 |
|
| TICP CLO Ltd. (Cayman Islands), |
|
| Series 2018-03R, Class A, 144A, 3 Month LIBOR
+ 0.840% (Cap N/A, Floor 0.840%) |
|
| 1.028%(c) |
|
|
04/20/28 |
|
|
|
|
|
|
|
2,946 |
|
|
|
2,943,816 |
|
| Trimaran Cavu Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR
+ 1.460% (Cap N/A, Floor 1.460%) |
|
| 1.648%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,005,056 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A53
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Trinitas CLO Ltd. (Cayman Islands), |
|
| Series 2017-07A, Class A, 144A, 3 Month LIBOR
+ 1.210% (Cap N/A, Floor 0.000%) |
|
| 1.386%(c) |
|
|
01/25/31 |
|
|
|
|
|
|
|
2,500 |
|
|
$ |
2,500,349 |
|
| Venture CLO Ltd. (Cayman Islands), |
|
| Series 2015-21A, Class AR, 144A, 3 Month LIBOR
+ 0.880% (Cap N/A, Floor 0.000%) |
|
| 1.064%(c) |
|
|
07/15/27 |
|
|
|
|
|
|
|
463 |
|
|
|
462,974 |
|
| Wellfleet CLO Ltd. (Cayman Islands), |
|
| Series 2017-03A, Class A1, 144A, 3 Month LIBOR
+ 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.340%(c) |
|
|
01/17/31 |
|
|
|
|
|
|
|
2,750 |
|
|
|
2,750,905 |
|
| Series 2018-01A, Class A, 144A, 3 Month LIBOR
+ 1.100% (Cap N/A, Floor 1.100%) |
|
| 1.290%(c) |
|
|
07/17/31 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,499,658 |
|
| Series 2018-02A, Class A1, 144A, 3 Month LIBOR
+ 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.388%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
5,750 |
|
|
|
5,750,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,482,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Loans — 0.2% |
|
| OneMain Financial Issuance Trust, |
|
| Series 2020-01A, Class A, 144A |
|
| 3.840% |
|
|
05/14/32 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,251,904 |
|
| Series 2020-02A, Class A, 144A |
|
| 1.750% |
|
|
09/14/35 |
|
|
|
|
|
|
|
2,100 |
|
|
|
2,135,224 |
|
| Series 2021-01A, Class A2, 144A, 30 Day Average
SOFR + 0.760% (Cap N/A, Floor 0.000%) |
|
| 0.770%(c) |
|
|
06/16/36 |
|
|
|
|
|
|
|
2,700 |
|
|
|
2,738,339 |
|
| Oportun Funding X LLC, |
|
| Series 2018-C, Class A, 144A |
|
| 4.100% |
|
|
10/08/24 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,601,174 |
|
| Oportun Funding XII LLC, |
|
| Series 2018-D, Class A, 144A |
|
| 4.150% |
|
|
12/09/24 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,105,487 |
|
| Oportun Funding XIV LLC, |
|
| Series 2021-A, Class A, 144A |
|
| 1.210% |
|
|
03/08/28 |
|
|
|
|
|
|
|
900 |
|
|
|
902,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,734,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equipment — 0.2% |
|
| MMAF Equipment Finance LLC, |
|
| Series 2017-B, Class A5, 144A |
|
| 2.720% |
|
|
06/15/40 |
|
|
|
|
|
|
|
2,800 |
|
|
|
2,921,147 |
|
| Series 2018-A, Class A5, 144A |
|
| 3.610% |
|
|
03/10/42 |
|
|
|
|
|
|
|
800 |
|
|
|
856,487 |
|
| Series 2019-A, Class A5, 144A |
|
| 3.080% |
|
|
11/12/41 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,649,629 |
|
| Series 2019-B, Class A5, 144A |
|
| 2.290% |
|
|
11/12/41 |
|
|
|
|
|
|
|
2,400 |
|
|
|
2,502,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,930,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Equity Loans — 0.0% |
|
| CDC Mortgage Capital Trust, |
|
| Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%) |
|
| 1.742%(c) |
|
|
03/25/33 |
|
|
|
|
|
|
|
29 |
|
|
|
29,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Other — 0.1% |
|
| TH MSR Issuer Trust, |
|
| Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor
2.800%) |
|
| 2.892%(c) |
|
|
06/25/24 |
|
|
|
|
|
|
|
3,250 |
|
|
$ |
3,213,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential Mortgage-Backed Securities — 0.2% |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2019-GS02, Class A1, 144A |
|
| 3.750% |
|
|
01/25/59 |
|
|
|
|
|
|
|
574 |
|
|
|
574,555 |
|
| Series 2019-GS04, Class A1, 144A |
|
| 3.438% |
|
|
05/25/59 |
|
|
|
|
|
|
|
1,130 |
|
|
|
1,132,009 |
|
| Long Beach Mortgage Loan Trust, |
|
| Series 2004-02, Class M1, 1 Month LIBOR +
0.795% (Cap N/A, Floor 0.795%) |
|
| 0.887%(c) |
|
|
06/25/34 |
|
|
|
|
|
|
|
136 |
|
|
|
134,003 |
|
| Mill City Mortgage Loan Trust, |
|
| Series 2017-03, Class A1, 144A |
|
| 2.750%(cc) |
|
|
01/25/61 |
|
|
|
|
|
|
|
983 |
|
|
|
998,579 |
|
| TFS (Spain), |
|
| Series 2018-03, Class A1, 1 Month EURIBOR +
3.000% |
|
| 3.000%(c) |
|
|
04/16/23 |
|
|
|
EUR |
|
|
|
2,275 |
|
|
|
2,428,113 |
|
| Towd Point Mortgage Trust, |
|
| Series 2017-05, Class A1, 144A, 1 Month LIBOR
+ 0.600% (Cap N/A, Floor 0.000%) |
|
| 0.692%(c) |
|
|
02/25/57 |
|
|
|
|
|
|
|
1,513 |
|
|
|
1,512,681 |
|
| Series 2020-04, Class A1, 144A |
|
| 1.750% |
|
|
10/25/60 |
|
|
|
|
|
|
|
1,118 |
|
|
|
1,130,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,910,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Student Loans — 0.4% |
|
| Commonbond Student Loan Trust, |
|
| Series 2017-BGS, Class A1, 144A |
|
| 2.680% |
|
|
09/25/42 |
|
|
|
|
|
|
|
1,103 |
|
|
|
1,124,876 |
|
| Series 2018-AGS, Class A1, 144A |
|
| 3.210% |
|
|
02/25/44 |
|
|
|
|
|
|
|
844 |
|
|
|
875,857 |
|
| Series 2018-CGS, Class A1, 144A |
|
| 3.870% |
|
|
02/25/46 |
|
|
|
|
|
|
|
277 |
|
|
|
285,732 |
|
| Laurel Road Prime Student Loan Trust, |
|
|
|
|
|
|
|
|
|
| Series 2017-C, Class A2B, 144A |
|
| 2.810% |
|
|
11/25/42 |
|
|
|
|
|
|
|
501 |
|
|
|
507,873 |
|
| Series 2018-B, Class A2FX, 144A |
|
| 3.540% |
|
|
05/26/43 |
|
|
|
|
|
|
|
917 |
|
|
|
934,961 |
|
| Series 2019-A, Class A2FX, 144A |
|
| 2.730% |
|
|
10/25/48 |
|
|
|
|
|
|
|
687 |
|
|
|
700,119 |
|
| Navient Private Education Refi Loan Trust, |
|
| Series 2018-A, Class A2, 144A |
|
| 3.190% |
|
|
02/18/42 |
|
|
|
|
|
|
|
1,775 |
|
|
|
1,799,020 |
|
| Series 2018-CA, Class A2, 144A |
|
| 3.520% |
|
|
06/16/42 |
|
|
|
|
|
|
|
857 |
|
|
|
872,065 |
|
| Series 2019-CA, Class A2, 144A |
|
| 3.130% |
|
|
02/15/68 |
|
|
|
|
|
|
|
1,727 |
|
|
|
1,765,174 |
|
| Series 2020-BA, Class A2, 144A |
|
| 2.120% |
|
|
01/15/69 |
|
|
|
|
|
|
|
1,557 |
|
|
|
1,579,989 |
|
| SoFi Professional Loan Program LLC, |
|
| Series 2019-A, Class A2FX, 144A |
|
| 3.690% |
|
|
06/15/48 |
|
|
|
|
|
|
|
1,477 |
|
|
|
1,532,697 |
|
| Series 2019-B, Class A2FX, 144A |
|
| 3.090% |
|
|
08/17/48 |
|
|
|
|
|
|
|
1,691 |
|
|
|
1,732,912 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A54
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Student Loans (cont’d.) |
|
| Series 2019-C, Class A2FX, 144A |
|
| 2.370% |
|
|
11/16/48 |
|
|
|
|
|
|
|
2,396 |
|
|
$ |
2,445,714 |
|
| SoFi Professional Loan Program Trust, |
|
| Series 2018-B, Class A2FX, 144A |
|
| 3.340% |
|
|
08/25/47 |
|
|
|
|
|
|
|
1,948 |
|
|
|
1,997,169 |
|
| Series 2020-A, Class A2FX, 144A |
|
| 2.540% |
|
|
05/15/46 |
|
|
|
|
|
|
|
2,400 |
|
|
|
2,479,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,633,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSET-BACKED SECURITIES
(cost $287,638,975) |
|
|
|
291,194,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED
SECURITIES — 4.5% |
|
| Assurant Commercial Mortgage Trust, |
|
| Series 2016-01A, Class AS, 144A |
|
| 3.172% |
|
|
05/15/49 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,207,180 |
|
| BANK, |
|
| Series 2017-BNK04, Class A3 |
|
| 3.362% |
|
|
05/15/50 |
|
|
|
|
|
|
|
6,500 |
|
|
|
7,122,121 |
|
| Barclays Commercial Mortgage Securities Trust, |
|
| Series 2018-C02, Class A4 |
|
| 4.047% |
|
|
12/15/51 |
|
|
|
|
|
|
|
5,400 |
|
|
|
6,170,158 |
|
| Benchmark Mortgage Trust, |
|
| Series 2018-B03, Class A4 |
|
| 3.761% |
|
|
04/10/51 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,581,219 |
|
| Series 2018-B08, Class A4 |
|
| 3.963% |
|
|
01/15/52 |
|
|
|
|
|
|
|
6,700 |
|
|
|
7,536,642 |
|
| Series 2021-B24, Class A3 |
|
| 2.010% |
|
|
03/15/54 |
|
|
|
|
|
|
|
2,900 |
|
|
|
2,945,199 |
|
| Citigroup Commercial Mortgage Trust, |
|
| Series 2014-GC21, Class A4 |
|
| 3.575% |
|
|
05/10/47 |
|
|
|
|
|
|
|
1,124 |
|
|
|
1,177,551 |
|
| Series 2014-GC23, Class A3 |
|
| 3.356% |
|
|
07/10/47 |
|
|
|
|
|
|
|
1,565 |
|
|
|
1,649,728 |
|
| Series 2016-C01, Class A3 |
|
| 2.944% |
|
|
05/10/49 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,278,470 |
|
| Series 2016-GC37, Class A3 |
|
| 3.050% |
|
|
04/10/49 |
|
|
|
|
|
|
|
5,047 |
|
|
|
5,273,240 |
|
| Series 2017-P07, Class A3 |
|
| 3.442% |
|
|
04/14/50 |
|
|
|
|
|
|
|
5,500 |
|
|
|
6,019,012 |
|
| Commercial Mortgage Trust, |
|
| Series 2014-CR15, Class A2 |
|
| 2.928% |
|
|
02/10/47 |
|
|
|
|
|
|
|
65 |
|
|
|
65,174 |
|
| Series 2014-CR18, Class A4 |
|
| 3.550% |
|
|
07/15/47 |
|
|
|
|
|
|
|
2,378 |
|
|
|
2,505,515 |
|
| Series 2014-CR20, Class A3 |
|
| 3.326% |
|
|
11/10/47 |
|
|
|
|
|
|
|
4,611 |
|
|
|
4,876,562 |
|
| Series 2015-CR27, Class A3 |
|
| 3.349% |
|
|
10/10/48 |
|
|
|
|
|
|
|
6,100 |
|
|
|
6,478,811 |
|
| CSAIL Commercial Mortgage Trust, |
|
| Series 2015-C04, Class A3 |
|
| 3.544% |
|
|
11/15/48 |
|
|
|
|
|
|
|
2,979 |
|
|
|
3,210,832 |
|
| Series 2017-C08, Class A3 |
|
| 3.127% |
|
|
06/15/50 |
|
|
|
|
|
|
|
5,300 |
|
|
|
5,600,046 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, |
|
| Series K020, Class X1, IO |
|
| 1.470%(cc) |
|
|
05/25/22 |
|
|
|
|
|
|
|
21,231 |
|
|
|
181,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series K021, Class X1, IO |
|
| 1.526%(cc) |
|
|
06/25/22 |
|
|
|
|
|
|
|
6,007 |
|
|
$ |
46,132 |
|
| Series K055, Class X1, IO |
|
| 1.493%(cc) |
|
|
03/25/26 |
|
|
|
|
|
|
|
13,489 |
|
|
|
751,167 |
|
| Series K075, Class AM |
|
| 3.650%(cc) |
|
|
02/25/28 |
|
|
|
|
|
|
|
3,575 |
|
|
|
4,074,945 |
|
| Series K076, Class AM |
|
| 3.900% |
|
|
04/25/28 |
|
|
|
|
|
|
|
1,225 |
|
|
|
1,417,133 |
|
| Series K077, Class AM |
|
| 3.850%(cc) |
|
|
05/25/28 |
|
|
|
|
|
|
|
950 |
|
|
|
1,099,482 |
|
| Series K080, Class AM |
|
| 3.986%(cc) |
|
|
07/25/28 |
|
|
|
|
|
|
|
7,050 |
|
|
|
8,195,023 |
|
| Series K157, Class A2 |
|
| 3.990%(cc) |
|
|
05/25/33 |
|
|
|
|
|
|
|
4,200 |
|
|
|
5,033,591 |
|
| Series W5FX, Class AFX |
|
| 3.336%(cc) |
|
|
04/25/28 |
|
|
|
|
|
|
|
1,190 |
|
|
|
1,325,314 |
|
| GS Mortgage Securities Corp. Trust, |
|
| Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor
0.700%) |
|
| 0.793%(c) |
|
|
11/21/35 |
|
|
|
|
|
|
|
1,550 |
|
|
|
1,550,743 |
|
| GS Mortgage Securities Trust, |
|
| Series 2015-GC28, Class A4 |
|
| 3.136% |
|
|
02/10/48 |
|
|
|
|
|
|
|
3,876 |
|
|
|
4,091,536 |
|
| Series 2015-GC32, Class A3 |
|
| 3.498% |
|
|
07/10/48 |
|
|
|
|
|
|
|
5,800 |
|
|
|
6,227,378 |
|
| Series 2016-GS03, Class A3 |
|
| 2.592% |
|
|
10/10/49 |
|
|
|
|
|
|
|
5,780 |
|
|
|
6,035,875 |
|
| Series 2016-GS04, Class A3 |
|
| 3.178% |
|
|
11/10/49 |
|
|
|
|
|
|
|
5,500 |
|
|
|
5,796,789 |
|
| Series 2020-GSA02, Class A4 |
|
| 1.721% |
|
|
12/12/53 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,875,257 |
|
| JPMBB Commercial Mortgage Securities Trust, |
|
| Series 2014-C25, Class A4A1 |
|
| 3.408% |
|
|
11/15/47 |
|
|
|
|
|
|
|
798 |
|
|
|
847,714 |
|
| Series 2015-C27, Class A3A1 |
|
| 2.920% |
|
|
02/15/48 |
|
|
|
|
|
|
|
4,774 |
|
|
|
4,971,876 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, |
|
| Series 2013-LC11, Class A4 |
|
| 2.694% |
|
|
04/15/46 |
|
|
|
|
|
|
|
634 |
|
|
|
650,707 |
|
| MHC Commercial Mortgage Trust, |
|
| Series 2021-MHC, Class C, 144A, 1 Month LIBOR
+ 1.351% (Cap N/A, Floor 1.351%) |
|
| 1.424%(c) |
|
|
04/15/38 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,002,826 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, |
|
| Series 2013-C08, Class A3 |
|
| 2.863% |
|
|
12/15/48 |
|
|
|
|
|
|
|
1,351 |
|
|
|
1,374,565 |
|
| Morgan Stanley Capital I Trust, |
|
| Series 2016-UB11, Class A3 |
|
| 2.531% |
|
|
08/15/49 |
|
|
|
|
|
|
|
10,400 |
|
|
|
10,940,862 |
|
| Series 2018-H04, Class A3 |
|
| 4.043% |
|
|
12/15/51 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,132,343 |
|
| Series 2019-H07, Class A2 |
|
| 2.492% |
|
|
07/15/52 |
|
|
|
|
|
|
|
13,500 |
|
|
|
13,965,078 |
|
| UBS Commercial Mortgage Trust, |
|
| Series 2017-C02, Class ASB |
|
| 3.264% |
|
|
08/15/50 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,752,768 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A55
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series 2017-C05, Class A4 |
|
| 3.212% |
|
|
11/15/50 |
|
|
|
|
|
|
|
6,750 |
|
|
$ |
7,235,495 |
|
| Series 2018-C09, Class A3 |
|
| 3.854% |
|
|
03/15/51 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,756,912 |
|
| Series 2018-C14, Class A3 |
|
| 4.180% |
|
|
12/15/51 |
|
|
|
|
|
|
|
4,100 |
|
|
|
4,615,000 |
|
| UBS-Barclays Commercial Mortgage Trust, |
|
| Series 2012-C04, Class A4 |
|
| 2.792% |
|
|
12/10/45 |
|
|
|
|
|
|
|
1,700 |
|
|
|
1,716,004 |
|
| Series 2013-C05, Class A3 |
|
| 2.920% |
|
|
03/10/46 |
|
|
|
|
|
|
|
703 |
|
|
|
717,172 |
|
| Series 2013-C06, Class A3 |
|
| 2.971% |
|
|
04/10/46 |
|
|
|
|
|
|
|
1,746 |
|
|
|
1,793,717 |
|
| Wells Fargo Commercial Mortgage Trust, |
|
| Series 2016-NXS06, Class A3 |
|
| 2.642% |
|
|
11/15/49 |
|
|
|
|
|
|
|
8,000 |
|
|
|
8,441,995 |
|
| Series 2017-C38, Class A4 |
|
| 3.190% |
|
|
07/15/50 |
|
|
|
|
|
|
|
4,600 |
|
|
|
4,995,715 |
|
| Series 2018-C48, Class A4 |
|
| 4.037% |
|
|
01/15/52 |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,944,701 |
|
| Series 2020-C58, Class A3 |
|
| 1.810% |
|
|
07/15/53 |
|
|
|
|
|
|
|
7,100 |
|
|
|
7,017,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $203,357,079) |
|
|
|
216,272,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS — 9.0% |
|
| Aerospace & Defense — 0.2% |
|
| Boeing Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 2.196% |
|
|
02/04/26 |
|
|
|
|
|
|
|
2,160 |
|
|
|
2,180,413 |
|
| 3.750% |
|
|
02/01/50 |
|
|
|
|
|
|
|
2,130 |
|
|
|
2,197,207 |
|
| Embraer Netherlands Finance BV (Brazil), |
|
| Gtd. Notes |
|
| 5.050% |
|
|
06/15/25 |
|
|
|
|
|
|
|
906 |
|
|
|
957,877 |
|
| Embraer Overseas Ltd. (Brazil), |
|
| Gtd. Notes, 144A |
|
| 5.696% |
|
|
09/16/23 |
|
|
|
|
|
|
|
950 |
|
|
|
1,015,215 |
|
| Raytheon Technologies Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.125% |
|
|
11/16/28 |
|
|
|
|
|
|
|
1,270 |
|
|
|
1,462,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,813,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agriculture — 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altria Group, Inc., |
|
| Gtd. Notes |
|
| 3.400% |
|
|
02/04/41 |
|
|
|
|
|
|
|
2,545 |
|
|
|
2,423,378 |
|
| BAT Capital Corp. (United Kingdom), |
|
| Gtd. Notes |
|
| 3.222% |
|
|
08/15/24 |
|
|
|
|
|
|
|
3,740 |
|
|
|
3,972,868 |
|
| Vector Group Ltd., |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.750% |
|
|
02/01/29 |
|
|
|
|
|
|
|
1,250 |
|
|
|
1,275,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,671,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
|
| CORPORATE BONDS (continued) |
|
|
|
|
|
| Airlines — 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Airlines 2015-1 Class A Pass-Through
Trust, |
|
| Pass-Through Certificates |
|
| 3.375% |
|
|
11/01/28 |
|
|
|
|
|
|
|
2,287 |
|
|
$ |
2,271,486 |
|
| Continental Airlines 2012-2 Class A Pass-Through
Trust, |
|
| Pass-Through Certificates |
|
| 4.000% |
|
|
04/29/26 |
|
|
|
|
|
|
|
441 |
|
|
|
466,241 |
|
| Southwest Airlines Co., |
|
| Sr. Unsec’d. Notes |
|
| 5.125% |
|
|
06/15/27 |
|
|
|
|
|
|
|
905 |
|
|
|
1,065,698 |
|
| United Airlines, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.375% |
|
|
04/15/26 |
|
|
|
|
|
|
|
840 |
|
|
|
869,597 |
|
| 4.625% |
|
|
04/15/29 |
|
|
|
|
|
|
|
165 |
|
|
|
170,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,843,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Manufacturers — 0.2% |
|
| Ford Motor Co., |
|
| Sr. Unsec’d. Notes |
|
| 5.291% |
|
|
12/08/46 |
(a) |
|
|
|
|
|
|
1,220 |
|
|
|
1,362,607 |
|
| Ford Motor Credit Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
| 2.900% |
|
|
02/16/28 |
|
|
|
|
|
|
|
200 |
|
|
|
199,565 |
|
| 3.350% |
|
|
11/01/22 |
|
|
|
|
|
|
|
4,205 |
|
|
|
4,307,756 |
|
| General Motors Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.250% |
|
|
10/02/43 |
|
|
|
|
|
|
|
980 |
|
|
|
1,352,693 |
|
| 6.600% |
|
|
04/01/36 |
|
|
|
|
|
|
|
760 |
|
|
|
1,039,764 |
|
| General Motors Financial Co., Inc., |
|
| Gtd. Notes |
|
| 3.950% |
|
|
04/13/24 |
|
|
|
|
|
|
|
2,800 |
|
|
|
3,016,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,279,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks — 2.7% |
|
| Banco Santander SA (Spain), |
|
| Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
|
| 1.308%(c) |
|
|
04/12/23 |
|
|
|
|
|
|
|
800 |
|
|
|
810,683 |
|
| Sr. Unsec’d. Notes |
|
| 3.848% |
|
|
04/12/23 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,057,083 |
|
| Bank of America Corp., |
|
| Jr. Sub. Notes, Series JJ |
|
| 5.125%(ff) |
|
|
06/20/24 |
(oo) |
|
|
|
|
|
|
1,665 |
|
|
|
1,775,723 |
|
| Jr. Sub. Notes, Series MM |
|
| 4.300%(ff) |
|
|
01/28/25 |
(oo) |
|
|
|
|
|
|
1,440 |
|
|
|
1,487,620 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 1.898%(ff) |
|
|
07/23/31 |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,522,864 |
|
| 2.496%(ff) |
|
|
02/13/31 |
|
|
|
|
|
|
|
3,085 |
|
|
|
3,154,220 |
|
| 3.824%(ff) |
|
|
01/20/28 |
|
|
|
|
|
|
|
955 |
|
|
|
1,060,646 |
|
| 4.125% |
|
|
01/22/24 |
|
|
|
|
|
|
|
4,830 |
|
|
|
5,259,086 |
|
| 4.271%(ff) |
|
|
07/23/29 |
|
|
|
|
|
|
|
510 |
|
|
|
586,112 |
|
| Sub. Notes, MTN |
|
| 4.000% |
|
|
01/22/25 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,193,794 |
|
| 4.450% |
|
|
03/03/26 |
|
|
|
|
|
|
|
8,455 |
|
|
|
9,590,617 |
|
| Bank of America NA, |
|
| Sub. Notes |
|
| 6.000% |
|
|
10/15/36 |
|
|
|
|
|
|
|
410 |
|
|
|
573,769 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A56
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
| Barclays PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes |
|
| 3.650% |
|
|
03/16/25 |
|
|
|
|
|
|
|
850 |
|
|
$ |
921,763 |
|
| 3.684% |
|
|
01/10/23 |
|
|
|
|
|
|
|
585 |
|
|
|
594,922 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 4.972%(ff) |
|
|
05/16/29 |
|
|
|
|
|
|
|
3,825 |
|
|
|
4,482,003 |
|
| BNP Paribas SA (France), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.323%(ff) |
|
|
01/13/27 |
|
|
|
|
|
|
|
1,800 |
|
|
|
1,777,687 |
|
| 2.219%(ff) |
|
|
06/09/26 |
|
|
|
|
|
|
|
2,330 |
|
|
|
2,402,350 |
|
| Citigroup, Inc., |
|
| Jr. Sub. Notes, Series V |
|
| 4.700%(ff) |
|
|
01/30/25 |
(oo) |
|
|
|
|
|
|
1,400 |
|
|
|
1,443,454 |
|
| Sr. Unsec’d. Notes |
|
| 2.561%(ff) |
|
|
05/01/32 |
|
|
|
|
|
|
|
1,260 |
|
|
|
1,283,636 |
|
| 3.200% |
|
|
10/21/26 |
|
|
|
|
|
|
|
1,870 |
|
|
|
2,026,088 |
|
| 3.700% |
|
|
01/12/26 |
|
|
|
|
|
|
|
6,180 |
|
|
|
6,829,977 |
|
| Sub. Notes |
|
| 4.450% |
|
|
09/29/27 |
|
|
|
|
|
|
|
5,965 |
|
|
|
6,812,612 |
|
| 4.750% |
|
|
05/18/46 |
|
|
|
|
|
|
|
820 |
|
|
|
1,043,119 |
|
| Credit Agricole SA (France), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.247%(ff) |
|
|
01/26/27 |
|
|
|
|
|
|
|
1,495 |
|
|
|
1,471,209 |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 1.907%(ff) |
|
|
06/16/26 |
|
|
|
|
|
|
|
1,160 |
|
|
|
1,182,259 |
|
| Credit Suisse Group AG (Switzerland), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.193%(ff) |
|
|
06/05/26 |
|
|
|
|
|
|
|
1,560 |
|
|
|
1,596,997 |
|
| 3.091%(ff) |
|
|
05/14/32 |
|
|
|
|
|
|
|
885 |
|
|
|
911,871 |
|
| 4.282% |
|
|
01/09/28 |
|
|
|
|
|
|
|
1,370 |
|
|
|
1,524,457 |
|
| Deutsche Bank AG (Germany), |
|
| Sr. Unsec’d. Notes |
|
| 2.129%(ff) |
|
|
11/24/26 |
|
|
|
|
|
|
|
440 |
|
|
|
446,786 |
|
| Sr. Unsec’d. Notes, Series D |
|
| 5.000% |
|
|
02/14/22 |
|
|
|
|
|
|
|
2,400 |
|
|
|
2,464,140 |
|
| Discover Bank, |
|
| Sr. Unsec’d. Notes |
|
| 4.250% |
|
|
03/13/26 |
|
|
|
|
|
|
|
970 |
|
|
|
1,089,597 |
|
| Goldman Sachs Group, Inc. (The), |
|
| Jr. Sub. Notes, Series O |
|
| 5.300%(ff) |
|
|
11/10/26 |
(a)(oo) |
|
|
|
|
|
|
740 |
|
|
|
819,904 |
|
| Sr. Unsec’d. Notes |
|
| 3.500% |
|
|
01/23/25 |
|
|
|
|
|
|
|
4,100 |
|
|
|
4,432,383 |
|
| 3.750% |
|
|
02/25/26 |
|
|
|
|
|
|
|
1,010 |
|
|
|
1,117,352 |
|
| 3.814%(ff) |
|
|
04/23/29 |
|
|
|
|
|
|
|
540 |
|
|
|
603,845 |
|
| 3.850% |
|
|
01/26/27 |
|
|
|
|
|
|
|
2,910 |
|
|
|
3,209,260 |
|
| Sub. Notes |
|
| 6.750% |
|
|
10/01/37 |
|
|
|
|
|
|
|
104 |
|
|
|
151,449 |
|
| JPMorgan Chase & Co., |
|
| Jr. Sub. Notes, Series HH |
|
| 4.600%(ff) |
|
|
02/01/25 |
(oo) |
|
|
|
|
|
|
1,645 |
|
|
|
1,703,217 |
|
| Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
|
| 3.656%(c) |
|
|
07/30/21 |
(oo) |
|
|
|
|
|
|
978 |
|
|
|
980,111 |
|
| Jr. Sub. Notes, Series II |
|
| 4.000%(ff) |
|
|
04/01/25 |
(a)(oo) |
|
|
|
|
|
|
1,045 |
|
|
|
1,058,652 |
|
| Sr. Unsec’d. Notes |
|
| 3.782%(ff) |
|
|
02/01/28 |
|
|
|
|
|
|
|
695 |
|
|
|
771,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
| 3.964%(ff) |
|
|
11/15/48 |
|
|
|
|
|
|
|
3,250 |
|
|
$ |
3,808,082 |
|
| 4.005%(ff) |
|
|
04/23/29 |
|
|
|
|
|
|
|
2,170 |
|
|
|
2,457,893 |
|
| 4.452%(ff) |
|
|
12/05/29 |
|
|
|
|
|
|
|
3,350 |
|
|
|
3,915,717 |
|
| Sub. Notes |
|
| 3.875% |
|
|
09/10/24 |
|
|
|
|
|
|
|
3,775 |
|
|
|
4,115,441 |
|
| Morgan Stanley, |
|
| Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610% |
|
| 3.794%(c) |
|
|
10/15/21 |
(a)(oo) |
|
|
|
|
|
|
840 |
|
|
|
843,424 |
|
| Sr. Unsec’d. Notes |
|
| 3.217%(ff) |
|
|
04/22/42 |
|
|
|
|
|
|
|
360 |
|
|
|
380,926 |
|
| Sr. Unsec’d. Notes, GMTN |
|
| 3.772%(ff) |
|
|
01/24/29 |
|
|
|
|
|
|
|
8,775 |
|
|
|
9,853,979 |
|
| 3.875% |
|
|
01/27/26 |
|
|
|
|
|
|
|
675 |
|
|
|
754,478 |
|
| 4.431%(ff) |
|
|
01/23/30 |
|
|
|
|
|
|
|
515 |
|
|
|
603,925 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 3.591%(ff) |
|
|
07/22/28 |
|
|
|
|
|
|
|
1,255 |
|
|
|
1,390,534 |
|
| Sub. Notes, GMTN |
|
| 4.350% |
|
|
09/08/26 |
|
|
|
|
|
|
|
3,825 |
|
|
|
4,334,780 |
|
| Societe Generale SA (France), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.488%(ff) |
|
|
12/14/26 |
|
|
|
|
|
|
|
4,400 |
|
|
|
4,362,446 |
|
| State Bank of India (India), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.375% |
|
|
01/24/24 |
|
|
|
|
|
|
|
1,925 |
|
|
|
2,069,190 |
|
| Texas Capital Bank NA, |
|
| Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500% |
|
| 4.647%(c) |
|
|
09/30/24 |
|
|
|
|
|
|
|
2,670 |
|
|
|
2,670,336 |
|
| Wells Fargo & Co., |
|
| Sr. Unsec’d. Notes, MTN |
|
| 2.572%(ff) |
|
|
02/11/31 |
|
|
|
|
|
|
|
4,175 |
|
|
|
4,321,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,107,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.1% |
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
|
| Gtd. Notes |
|
| 4.900% |
|
|
02/01/46 |
|
|
|
|
|
|
|
620 |
|
|
|
784,245 |
|
| Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
|
| Gtd. Notes |
|
| 5.550% |
|
|
01/23/49 |
|
|
|
|
|
|
|
450 |
|
|
|
618,732 |
|
| 8.000% |
|
|
11/15/39 |
|
|
|
|
|
|
|
1,285 |
|
|
|
2,091,694 |
|
| 8.200% |
|
|
01/15/39 |
(a) |
|
|
|
|
|
|
250 |
|
|
|
414,920 |
|
| Constellation Brands, Inc., |
|
| Gtd. Notes |
|
| 4.250% |
|
|
05/01/23 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,492,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,402,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 0.0% |
|
| Regeneron Pharmaceuticals, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.800% |
|
|
09/15/50 |
|
|
|
|
|
|
|
570 |
|
|
|
519,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Materials — 0.0% |
|
| Standard Industries, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.375% |
|
|
07/15/30 |
|
|
|
|
|
|
|
760 |
|
|
|
783,521 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A57
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Building Materials (cont’d.) |
|
| 4.750% |
|
|
01/15/28 |
|
|
|
|
|
|
|
700 |
|
|
$ |
732,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,515,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals — 0.1% |
|
| CF Industries, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
03/15/44 |
|
|
|
|
|
|
|
1,015 |
|
|
|
1,256,095 |
|
| Dow Chemical Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 5.250% |
|
|
11/15/41 |
|
|
|
|
|
|
|
45 |
|
|
|
58,627 |
|
| 9.400% |
|
|
05/15/39 |
|
|
|
|
|
|
|
347 |
|
|
|
611,022 |
|
| NOVA Chemicals Corp. (Canada), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.875% |
|
|
06/01/24 |
|
|
|
|
|
|
|
1,300 |
|
|
|
1,374,192 |
|
| Nutrien Ltd. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 3.150% |
|
|
10/01/22 |
|
|
|
|
|
|
|
780 |
|
|
|
800,778 |
|
| Sasol Financing USA LLC (South Africa), |
|
| Gtd. Notes |
|
| 5.875% |
|
|
03/27/24 |
|
|
|
|
|
|
|
700 |
|
|
|
748,353 |
|
| 6.500% |
|
|
09/27/28 |
|
|
|
|
|
|
|
670 |
|
|
|
754,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,603,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services — 0.1% |
|
| ERAC USA Finance LLC, |
|
| Gtd. Notes, 144A |
|
| 4.200% |
|
|
11/01/46 |
|
|
|
|
|
|
|
975 |
|
|
|
1,157,800 |
|
| 6.700% |
|
|
06/01/34 |
|
|
|
|
|
|
|
420 |
|
|
|
590,344 |
|
| 7.000% |
|
|
10/15/37 |
|
|
|
|
|
|
|
380 |
|
|
|
567,413 |
|
| Massachusetts Institute of Technology, |
|
| Unsec’d. Notes |
|
| 3.885% |
|
|
07/01/2116 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,838,772 |
|
| United Rentals North America, Inc., |
|
| Gtd. Notes |
|
| 4.875% |
|
|
01/15/28 |
|
|
|
|
|
|
|
1,190 |
|
|
|
1,262,922 |
|
| 5.250% |
|
|
01/15/30 |
(a) |
|
|
|
|
|
|
385 |
|
|
|
421,795 |
|
| 5.875% |
|
|
09/15/26 |
|
|
|
|
|
|
|
135 |
|
|
|
140,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,979,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 0.1% |
|
| BOC Aviation USA Corp. (Singapore), |
|
| Gtd. Notes, 144A, MTN |
|
| 1.625% |
|
|
04/29/24 |
|
|
|
|
|
|
|
670 |
|
|
|
675,232 |
|
| CDP Financial, Inc. (Canada), |
|
| Gtd. Notes, 144A |
|
| 3.150% |
|
|
07/24/24 |
|
|
|
|
|
|
|
480 |
|
|
|
516,893 |
|
| Discover Financial Services, |
|
| Sr. Unsec’d. Notes |
|
| 3.850% |
|
|
11/21/22 |
|
|
|
|
|
|
|
900 |
|
|
|
942,953 |
|
| OneMain Finance Corp., |
|
| Gtd. Notes |
|
| 8.250% |
|
|
10/01/23 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,810,886 |
|
| Private Export Funding Corp., |
|
| U.S. Gov’t. Gtd. Notes, Series NN |
|
| 3.250% |
|
|
06/15/25 |
|
|
|
|
|
|
|
330 |
|
|
|
357,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,303,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Electric — 0.8% |
|
| Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.000% |
|
|
04/29/28 |
|
|
|
|
|
|
|
525 |
|
|
$ |
528,216 |
|
| Baltimore Gas & Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.350% |
|
|
10/01/36 |
|
|
|
|
|
|
|
550 |
|
|
|
791,689 |
|
| Berkshire Hathaway Energy Co., |
|
| Sr. Unsec’d. Notes |
|
| 5.950% |
|
|
05/15/37 |
|
|
|
|
|
|
|
305 |
|
|
|
420,237 |
|
| Calpine Corp., |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.750% |
|
|
03/01/31 |
|
|
|
|
|
|
|
2,000 |
|
|
|
1,905,014 |
|
| CenterPoint Energy Houston Electric LLC, |
|
| General Ref. Mortgage, Series K2 |
|
| 6.950% |
|
|
03/15/33 |
|
|
|
|
|
|
|
590 |
|
|
|
835,840 |
|
| Commonwealth Edison Co., |
|
| First Mortgage, Series 123 |
|
| 3.750% |
|
|
08/15/47 |
|
|
|
|
|
|
|
1,610 |
|
|
|
1,862,783 |
|
| Connecticut Light & Power Co. (The), |
|
| First Mortgage, Series A |
|
| 2.050% |
|
|
07/01/31 |
|
|
|
|
|
|
|
3,255 |
|
|
|
3,280,304 |
|
| Consolidated Edison Co. of New York, Inc., |
|
| Sr. Unsec’d. Notes, Series 09-C |
|
| 5.500% |
|
|
12/01/39 |
|
|
|
|
|
|
|
220 |
|
|
|
291,849 |
|
| Duke Energy Carolinas LLC, |
|
| First Mortgage |
|
| 6.050% |
|
|
04/15/38 |
|
|
|
|
|
|
|
550 |
|
|
|
781,554 |
|
| First Ref. Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.000% |
|
|
09/30/42 |
|
|
|
|
|
|
|
570 |
|
|
|
671,193 |
|
| El Paso Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.000% |
|
|
05/15/35 |
|
|
|
|
|
|
|
670 |
|
|
|
894,313 |
|
| Enel Finance International NV (Italy), |
|
| Gtd. Notes, 144A |
|
| 4.625% |
|
|
09/14/25 |
|
|
|
|
|
|
|
2,245 |
|
|
|
2,548,722 |
|
| Engie Energia Chile SA (Chile), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.400% |
|
|
01/28/30 |
|
|
|
|
|
|
|
400 |
|
|
|
410,450 |
|
| Exelon Generation Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.250% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,425 |
|
|
|
1,755,437 |
|
| Florida Power & Light Co., |
|
| First Mortgage |
|
| 5.950% |
|
|
10/01/33 |
|
|
|
|
|
|
|
295 |
|
|
|
405,761 |
|
| Iberdrola International BV (Spain), |
|
| Gtd. Notes |
|
| 6.750% |
|
|
09/15/33 |
|
|
|
|
|
|
|
145 |
|
|
|
196,850 |
|
| Indiana Michigan Power Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.850% |
|
|
05/15/28 |
|
|
|
|
|
|
|
2,910 |
|
|
|
3,273,370 |
|
| Israel Electric Corp. Ltd. (Israel), |
|
| Sr. Sec’d. Notes, 144A, GMTN |
|
| 4.250% |
|
|
08/14/28 |
|
|
|
|
|
|
|
470 |
|
|
|
526,776 |
|
| Monongahela Power Co., |
|
| First Mortgage, 144A |
|
| 4.100% |
|
|
04/15/24 |
|
|
|
|
|
|
|
2,170 |
|
|
|
2,338,346 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A58
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Electric (cont’d.) |
|
| Northern States Power Co., |
|
| First Mortgage |
|
| 3.600% |
|
|
09/15/47 |
|
|
|
|
|
|
|
1,580 |
|
|
$ |
1,799,233 |
|
| NRG Energy, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 2.000% |
|
|
12/02/25 |
|
|
|
|
|
|
|
320 |
|
|
|
323,950 |
|
| 2.450% |
|
|
12/02/27 |
|
|
|
|
|
|
|
1,395 |
|
|
|
1,404,459 |
|
| PECO Energy Co., |
|
| First Mortgage |
|
| 2.800% |
|
|
06/15/50 |
|
|
|
|
|
|
|
1,110 |
|
|
|
1,106,595 |
|
| Public Service Electric & Gas Co., |
|
| First Mortgage, MTN |
|
| 2.050% |
|
|
08/01/50 |
|
|
|
|
|
|
|
1,005 |
|
|
|
869,923 |
|
| 3.700% |
|
|
05/01/28 |
|
|
|
|
|
|
|
1,280 |
|
|
|
1,452,082 |
|
| Sr. Sec’d. Notes, MTN |
|
| 5.800% |
|
|
05/01/37 |
|
|
|
|
|
|
|
535 |
|
|
|
740,934 |
|
| Public Service Enterprise Group, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.600% |
|
|
08/15/30 |
|
|
|
|
|
|
|
710 |
|
|
|
672,710 |
|
| Puget Energy, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 2.379% |
|
|
06/15/28 |
|
|
|
|
|
|
|
1,115 |
|
|
|
1,126,282 |
|
| San Diego Gas & Electric Co., |
|
| First Mortgage |
|
| 4.150% |
|
|
05/15/48 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,695,944 |
|
| Southern California Edison Co., |
|
| First Ref. Mortgage |
|
| 4.000% |
|
|
04/01/47 |
|
|
|
|
|
|
|
580 |
|
|
|
610,742 |
|
| First Ref. Mortgage, Series C |
|
| 3.600% |
|
|
02/01/45 |
|
|
|
|
|
|
|
860 |
|
|
|
862,664 |
|
| Vistra Operations Co. LLC, |
|
| Gtd. Notes, 144A |
|
| 5.000% |
|
|
07/31/27 |
|
|
|
|
|
|
|
725 |
|
|
|
744,260 |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.550% |
|
|
07/15/24 |
|
|
|
|
|
|
|
2,135 |
|
|
|
2,256,895 |
|
| Xcel Energy, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.800% |
|
|
09/15/41 |
|
|
|
|
|
|
|
480 |
|
|
|
589,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,975,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Engineering & Construction — 0.1% |
|
| AECOM, |
|
| Gtd. Notes |
|
| 5.125% |
|
|
03/15/27 |
(a) |
|
|
|
|
|
|
1,050 |
|
|
|
1,169,901 |
|
| Mexico City Airport Trust (Mexico), |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.875% |
|
|
04/30/28 |
|
|
|
|
|
|
|
700 |
|
|
|
737,197 |
|
| 5.500% |
|
|
07/31/47 |
|
|
|
|
|
|
|
800 |
|
|
|
807,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,714,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foods — 0.1% |
|
| Kraft Heinz Foods Co., |
|
| Gtd. Notes |
|
| 4.875% |
|
|
10/01/49 |
|
|
|
|
|
|
|
1,290 |
|
|
|
1,563,345 |
|
| Mars, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.375% |
|
|
07/16/40 |
|
|
|
|
|
|
|
660 |
|
|
|
635,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Foods (cont’d.) |
|
| Pilgrim’s Pride Corp., |
|
| Gtd. Notes, 144A |
|
| 5.875% |
|
|
09/30/27 |
|
|
|
|
|
|
|
1,625 |
|
|
$ |
1,733,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,931,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas — 0.1% |
|
| NiSource, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.700% |
|
|
02/15/31 |
|
|
|
|
|
|
|
1,205 |
|
|
|
1,141,233 |
|
| 3.490% |
|
|
05/15/27 |
(a) |
|
|
|
|
|
|
3,285 |
|
|
|
3,613,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,755,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare-Products — 0.1% |
|
| DH Europe Finance II Sarl, |
|
| Gtd. Notes |
|
| 1.350% |
|
|
09/18/39 |
|
|
|
EUR |
|
|
|
1,635 |
|
|
|
1,973,774 |
|
| Medtronic Global Holdings SCA, |
|
| Gtd. Notes |
|
| 1.625% |
|
|
03/07/31 |
|
|
|
EUR |
|
|
|
300 |
|
|
|
392,156 |
|
| 2.250% |
|
|
03/07/39 |
|
|
|
EUR |
|
|
|
400 |
|
|
|
556,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,921,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare-Services — 0.1% |
|
| Aetna, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 6.625% |
|
|
06/15/36 |
|
|
|
|
|
|
|
515 |
|
|
|
750,348 |
|
| Anthem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.625% |
|
|
05/15/42 |
|
|
|
|
|
|
|
390 |
|
|
|
485,325 |
|
| HCA, Inc., |
|
| Gtd. Notes |
|
| 3.500% |
|
|
09/01/30 |
|
|
|
|
|
|
|
250 |
|
|
|
266,172 |
|
| 5.375% |
|
|
02/01/25 |
|
|
|
|
|
|
|
305 |
|
|
|
344,020 |
|
| 5.875% |
|
|
02/01/29 |
|
|
|
|
|
|
|
525 |
|
|
|
634,190 |
|
| Gtd. Notes, MTN |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7.750% |
|
|
07/15/36 |
|
|
|
|
|
|
|
450 |
|
|
|
611,895 |
|
| Kaiser Foundation Hospitals, |
|
| Gtd. Notes |
|
| 4.150% |
|
|
05/01/47 |
|
|
|
|
|
|
|
940 |
|
|
|
1,170,833 |
|
| Providence St. Joseph Health Obligated Group, |
|
| Unsec’d. Notes, Series 19A |
|
| 2.532% |
|
|
10/01/29 |
(a) |
|
|
|
|
|
|
765 |
|
|
|
801,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,064,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Builders — 0.1% |
|
| Taylor Morrison Communities, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.875% |
|
|
06/15/27 |
|
|
|
|
|
|
|
525 |
|
|
|
595,070 |
|
| 6.625% |
|
|
07/15/27 |
|
|
|
|
|
|
|
700 |
|
|
|
749,659 |
|
| Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.625% |
|
|
03/01/24 |
|
|
|
|
|
|
|
800 |
|
|
|
870,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,214,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A59
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Housewares — 0.1% |
|
| Newell Brands, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.700% |
|
|
04/01/26 |
|
|
|
|
|
|
|
1,695 |
|
|
$ |
1,889,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance — 0.1% |
|
| Liberty Mutual Group, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.951% |
|
|
10/15/50 |
|
|
|
|
|
|
|
1,215 |
|
|
|
1,348,113 |
|
| Lincoln National Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.300% |
|
|
10/09/37 |
|
|
|
|
|
|
|
772 |
|
|
|
1,083,622 |
|
| Markel Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.150% |
|
|
09/17/50 |
|
|
|
|
|
|
|
410 |
|
|
|
473,605 |
|
| 5.000% |
|
|
03/30/43 |
|
|
|
|
|
|
|
200 |
|
|
|
243,871 |
|
| New York Life Insurance Co., |
|
| Sub. Notes, 144A |
|
| 6.750% |
|
|
11/15/39 |
|
|
|
|
|
|
|
660 |
|
|
|
996,352 |
|
| Principal Financial Group, Inc., |
|
| Gtd. Notes |
|
| 4.625% |
|
|
09/15/42 |
|
|
|
|
|
|
|
130 |
|
|
|
161,530 |
|
| Teachers Insurance & Annuity Association of America, |
|
| Sub. Notes, 144A |
|
| 4.270% |
|
|
05/15/47 |
|
|
|
|
|
|
|
1,450 |
|
|
|
1,732,259 |
|
| 6.850% |
|
|
12/16/39 |
|
|
|
|
|
|
|
124 |
|
|
|
187,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,226,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lodging — 0.0% |
|
| Marriott International, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
09/15/22 |
|
|
|
|
|
|
|
980 |
|
|
|
1,001,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery-Diversified — 0.0% |
|
| Mueller Water Products, Inc., |
|
| Gtd. Notes, 144A |
|
| 4.000% |
|
|
06/15/29 |
(a) |
|
|
|
|
|
|
475 |
|
|
|
488,295 |
|
| Xylem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.875% |
|
|
10/01/21 |
|
|
|
|
|
|
|
1,260 |
|
|
|
1,273,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,761,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 0.4% |
|
| CCO Holdings LLC/CCO Holdings Capital Corp., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.500% |
|
|
05/01/26 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,550,522 |
|
| Charter Communications Operating LLC/Charter Communications |
|
| Operating Capital, |
|
| Sr. Sec’d. Notes |
|
| 3.900% |
|
|
06/01/52 |
|
|
|
|
|
|
|
580 |
|
|
|
590,199 |
|
| 4.800% |
|
|
03/01/50 |
|
|
|
|
|
|
|
1,260 |
|
|
|
1,451,654 |
|
| 5.375% |
|
|
04/01/38 |
|
|
|
|
|
|
|
1,950 |
|
|
|
2,401,733 |
|
| 6.384% |
|
|
10/23/35 |
|
|
|
|
|
|
|
875 |
|
|
|
1,172,585 |
|
| 6.484% |
|
|
10/23/45 |
|
|
|
|
|
|
|
1,386 |
|
|
|
1,912,971 |
|
| Comcast Corp., |
|
| Gtd. Notes |
|
| 3.950% |
|
|
10/15/25 |
|
|
|
|
|
|
|
225 |
|
|
|
251,820 |
|
| 6.400% |
|
|
05/15/38 |
|
|
|
|
|
|
|
530 |
|
|
|
780,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Media (cont’d.) |
|
| Cox Communications, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.600% |
|
|
06/15/31 |
|
|
|
|
|
|
|
5,275 |
|
|
$ |
5,355,441 |
|
| Time Warner Cable LLC, |
|
| Sr. Sec’d. Notes |
|
| 5.500% |
|
|
09/01/41 |
|
|
|
|
|
|
|
360 |
|
|
|
447,641 |
|
| ViacomCBS, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 5.250% |
|
|
04/01/44 |
|
|
|
|
|
|
|
1,450 |
|
|
|
1,853,991 |
|
| Videotron Ltd. (Canada), |
|
| Gtd. Notes |
|
| 5.000% |
|
|
07/15/22 |
|
|
|
|
|
|
|
1,040 |
|
|
|
1,081,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,850,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mining — 0.0% |
|
| Southern Copper Corp. (Peru), |
|
| Sr. Unsec’d. Notes |
|
| 6.750% |
|
|
04/16/40 |
|
|
|
|
|
|
|
425 |
|
|
|
606,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing — 0.0% |
|
| Amsted Industries, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.625% |
|
|
07/01/27 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,265,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multi-National — 0.0% |
|
| Corp. Andina de Fomento (Supranational Bank), |
|
| Sr. Unsec’d. Notes |
|
| 2.125% |
|
|
09/27/21 |
|
|
|
|
|
|
|
905 |
|
|
|
908,604 |
|
| 2.750% |
|
|
01/06/23 |
|
|
|
|
|
|
|
315 |
|
|
|
324,893 |
|
| North American Development Bank (Supranational Bank), |
|
| Sr. Unsec’d. Notes |
|
| 2.400% |
|
|
10/26/22 |
|
|
|
|
|
|
|
289 |
|
|
|
294,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,528,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Office/Business Equipment — 0.0% |
|
| CDW LLC/CDW Finance Corp., |
|
| Gtd. Notes |
|
| 5.500% |
|
|
12/01/24 |
|
|
|
|
|
|
|
700 |
|
|
|
780,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil & Gas — 0.4% |
|
| Antero Resources Corp., |
|
| Gtd. Notes |
|
| 5.000% |
|
|
03/01/25 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,434,296 |
|
| Cenovus Energy, Inc. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 5.400% |
|
|
06/15/47 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,489,989 |
|
| Chevron USA, Inc., |
|
| Gtd. Notes |
|
| 5.050% |
|
|
11/15/44 |
|
|
|
|
|
|
|
835 |
|
|
|
1,120,573 |
|
| ConocoPhillips, |
|
| Gtd. Notes, 144A |
|
| 4.875% |
|
|
10/01/47 |
|
|
|
|
|
|
|
210 |
|
|
|
275,818 |
|
| Devon Energy Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.600% |
|
|
07/15/41 |
|
|
|
|
|
|
|
300 |
|
|
|
372,135 |
|
| Gazprom PJSC Via Gaz Capital SA (Russia), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.950% |
|
|
07/19/22 |
|
|
|
|
|
|
|
350 |
|
|
|
364,348 |
|
| 6.510% |
|
|
03/07/22 |
|
|
|
|
|
|
|
580 |
|
|
|
603,134 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A60
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Oil & Gas (cont’d.) |
|
| Helmerich & Payne, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.650% |
|
|
03/15/25 |
|
|
|
|
|
|
|
1,995 |
|
|
$ |
2,220,664 |
|
| KazMunayGas National Co. JSC (Kazakhstan), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.750% |
|
|
04/24/25 |
|
|
|
|
|
|
|
550 |
|
|
|
616,866 |
|
| Lundin Energy Finance BV (Netherlands), |
|
| Gtd. Notes, 144A |
|
| 3.100% |
|
|
07/15/31 |
|
|
|
|
|
|
|
755 |
|
|
|
763,838 |
|
| Occidental Petroleum Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.264%(s) |
|
|
10/10/36 |
|
|
|
|
|
|
|
2,000 |
|
|
|
1,040,000 |
|
| 6.450% |
|
|
09/15/36 |
|
|
|
|
|
|
|
1,155 |
|
|
|
1,380,202 |
|
| Ovintiv, Inc., |
|
| Gtd. Notes |
|
| 6.500% |
|
|
08/15/34 |
|
|
|
|
|
|
|
370 |
|
|
|
487,142 |
|
| 6.625% |
|
|
08/15/37 |
|
|
|
|
|
|
|
275 |
|
|
|
367,305 |
|
| Petrobras Global Finance BV (Brazil), |
|
| Gtd. Notes |
|
| 5.093% |
|
|
01/15/30 |
|
|
|
|
|
|
|
613 |
|
|
|
668,844 |
|
| 5.600% |
|
|
01/03/31 |
(a) |
|
|
|
|
|
|
1,237 |
|
|
|
1,385,073 |
|
| Petroleos Mexicanos (Mexico), |
|
| Gtd. Notes |
|
| 6.490% |
|
|
01/23/27 |
|
|
|
|
|
|
|
471 |
|
|
|
496,479 |
|
| 6.500% |
|
|
03/13/27 |
|
|
|
|
|
|
|
330 |
|
|
|
347,996 |
|
| 7.690% |
|
|
01/23/50 |
|
|
|
|
|
|
|
2,146 |
|
|
|
2,065,527 |
|
| Gtd. Notes, MTN |
|
| 6.750% |
|
|
09/21/47 |
|
|
|
|
|
|
|
373 |
|
|
|
329,229 |
|
| 6.875% |
|
|
08/04/26 |
|
|
|
|
|
|
|
670 |
|
|
|
731,834 |
|
| Qatar Petroleum (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.250% |
|
|
07/12/31 |
|
|
|
|
|
|
|
820 |
|
|
|
811,283 |
|
| Sinopec Group Overseas Development 2018 Ltd. (China), |
|
| Gtd. Notes, 144A |
|
| 3.680% |
|
|
08/08/49 |
|
|
|
|
|
|
|
1,445 |
|
|
|
1,554,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,926,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Packaging & Containers — 0.1% |
|
| Berry Global, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 1.570% |
|
|
01/15/26 |
|
|
|
|
|
|
|
5,135 |
|
|
|
5,141,619 |
|
| WestRock RKT LLC, |
|
| Gtd. Notes |
|
| 4.900% |
|
|
03/01/22 |
|
|
|
|
|
|
|
800 |
|
|
|
823,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,964,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 0.8% |
|
| AbbVie, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.600% |
|
|
05/14/25 |
|
|
|
|
|
|
|
1,175 |
|
|
|
1,282,717 |
|
| 4.250% |
|
|
11/21/49 |
|
|
|
|
|
|
|
2,515 |
|
|
|
3,015,454 |
|
| 4.500% |
|
|
05/14/35 |
|
|
|
|
|
|
|
1,910 |
|
|
|
2,307,179 |
|
| 4.550% |
|
|
03/15/35 |
|
|
|
|
|
|
|
2,190 |
|
|
|
2,654,193 |
|
| 4.700% |
|
|
05/14/45 |
|
|
|
|
|
|
|
1,460 |
|
|
|
1,821,580 |
|
| Bayer US Finance II LLC (Germany), |
|
| Gtd. Notes, 144A |
|
| 4.250% |
|
|
12/15/25 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,783,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Pharmaceuticals (cont’d.) |
|
| Becton, Dickinson & Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.734% |
|
|
12/15/24 |
|
|
|
|
|
|
|
474 |
|
|
$ |
516,286 |
|
| Bristol-Myers Squibb Co., |
|
| Sr. Unsec’d. Notes |
|
| 4.125% |
|
|
06/15/39 |
|
|
|
|
|
|
|
410 |
|
|
|
495,693 |
|
| 5.000% |
|
|
08/15/45 |
|
|
|
|
|
|
|
490 |
|
|
|
670,496 |
|
| Cigna Corp., |
|
| Gtd. Notes |
|
| 4.375% |
|
|
10/15/28 |
|
|
|
|
|
|
|
9,285 |
|
|
|
10,807,140 |
|
| CVS Health Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.780% |
|
|
03/25/38 |
|
|
|
|
|
|
|
3,810 |
|
|
|
4,686,438 |
|
| 5.125% |
|
|
07/20/45 |
|
|
|
|
|
|
|
610 |
|
|
|
791,744 |
|
| 5.300% |
|
|
12/05/43 |
|
|
|
|
|
|
|
250 |
|
|
|
330,592 |
|
| Mylan, Inc., |
|
| Gtd. Notes |
|
| 5.200% |
|
|
04/15/48 |
|
|
|
|
|
|
|
1,375 |
|
|
|
1,688,407 |
|
| 5.400% |
|
|
11/29/43 |
|
|
|
|
|
|
|
845 |
|
|
|
1,050,491 |
|
| Organon & Co./Organon Foreign Debt Co-Issuer
BV, |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.125% |
|
|
04/30/28 |
(a) |
|
|
|
|
|
|
1,325 |
|
|
|
1,351,869 |
|
| Viatris, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.850% |
|
|
06/22/40 |
|
|
|
|
|
|
|
470 |
|
|
|
501,652 |
|
| Wyeth LLC, |
|
| Gtd. Notes |
|
| 6.450% |
|
|
02/01/24 |
|
|
|
|
|
|
|
60 |
|
|
|
69,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,824,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pipelines — 0.6% |
|
| Boardwalk Pipelines LP, |
|
| Gtd. Notes |
|
| 3.400% |
|
|
02/15/31 |
|
|
|
|
|
|
|
1,625 |
|
|
|
1,723,953 |
|
| Eastern Gas Transmission & Storage, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.600% |
|
|
12/15/44 |
|
|
|
|
|
|
|
65 |
|
|
|
75,984 |
|
| Energy Transfer LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.950% |
|
|
06/15/28 |
|
|
|
|
|
|
|
1,115 |
|
|
|
1,292,983 |
|
| 5.000% |
|
|
05/15/50 |
|
|
|
|
|
|
|
1,435 |
|
|
|
1,657,763 |
|
| 6.125% |
|
|
12/15/45 |
|
|
|
|
|
|
|
180 |
|
|
|
229,139 |
|
| Energy Transfer LP/Regency Energy Finance Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.000% |
|
|
10/01/22 |
|
|
|
|
|
|
|
675 |
|
|
|
703,535 |
|
| Enterprise Products Operating LLC, |
|
| Gtd. Notes |
|
| 3.750% |
|
|
02/15/25 |
(a) |
|
|
|
|
|
|
1,345 |
|
|
|
1,466,301 |
|
| Kinder Morgan, Inc., |
|
| Gtd. Notes |
|
| 3.250% |
|
|
08/01/50 |
(a) |
|
|
|
|
|
|
2,260 |
|
|
|
2,187,444 |
|
| MPLX LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
02/15/25 |
|
|
|
|
|
|
|
1,430 |
|
|
|
1,560,685 |
|
| 4.000% |
|
|
03/15/28 |
|
|
|
|
|
|
|
1,980 |
|
|
|
2,214,094 |
|
| 4.875% |
|
|
06/01/25 |
|
|
|
|
|
|
|
3,250 |
|
|
|
3,669,383 |
|
| 5.200% |
|
|
03/01/47 |
|
|
|
|
|
|
|
40 |
|
|
|
49,102 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A61
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Pipelines (cont’d.) |
|
| 5.500% |
|
|
02/15/49 |
|
|
|
|
|
|
|
395 |
|
|
$ |
511,090 |
|
| ONEOK Partners LP, |
|
| Gtd. Notes |
|
| 6.650% |
|
|
10/01/36 |
|
|
|
|
|
|
|
145 |
|
|
|
195,231 |
|
| ONEOK, Inc., |
|
| Gtd. Notes |
|
| 3.100% |
|
|
03/15/30 |
|
|
|
|
|
|
|
5,205 |
|
|
|
5,442,308 |
|
| 4.500% |
|
|
03/15/50 |
|
|
|
|
|
|
|
295 |
|
|
|
329,271 |
|
| 4.950% |
|
|
07/13/47 |
|
|
|
|
|
|
|
935 |
|
|
|
1,095,586 |
|
| Western Midstream Operating LP, |
|
| Sr. Unsec’d. Notes |
|
| 5.300% |
|
|
03/01/48 |
|
|
|
|
|
|
|
125 |
|
|
|
132,694 |
|
| Williams Cos., Inc. (The), |
|
| Sr. Unsec’d. Notes |
|
| 4.850% |
|
|
03/01/48 |
|
|
|
|
|
|
|
315 |
|
|
|
383,401 |
|
| 4.900% |
|
|
01/15/45 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,209,394 |
|
| 5.100% |
|
|
09/15/45 |
|
|
|
|
|
|
|
500 |
|
|
|
620,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,750,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Investment Trusts (REITs) — 0.2% |
|
| Alexandria Real Estate Equities, Inc., |
|
| Gtd. Notes |
|
| 2.000% |
|
|
05/18/32 |
(a) |
|
|
|
|
|
|
1,815 |
|
|
|
1,769,249 |
|
| GLP Capital LP/GLP Financing II, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
04/15/26 |
|
|
|
|
|
|
|
1,050 |
|
|
|
1,208,332 |
|
| Kimco Realty Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.700% |
|
|
10/01/30 |
|
|
|
|
|
|
|
3,480 |
|
|
|
3,584,656 |
|
| MPT Operating Partnership LP/MPT Finance Corp., |
|
| Gtd. Notes |
|
| 3.500% |
|
|
03/15/31 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,136,380 |
|
| Realty Income Corp., |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
01/15/31 |
|
|
|
|
|
|
|
3,235 |
|
|
|
3,530,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,228,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail — 0.2% |
|
| 1011778 BC ULC/New Red Finance, Inc. (Canada), |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.875% |
|
|
01/15/28 |
|
|
|
|
|
|
|
900 |
|
|
|
911,250 |
|
| AutoZone, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.650% |
|
|
01/15/31 |
(a) |
|
|
|
|
|
|
770 |
|
|
|
732,788 |
|
| Dollar Tree, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
05/15/25 |
|
|
|
|
|
|
|
4,705 |
|
|
|
5,192,567 |
|
| L Brands, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
10/15/23 |
|
|
|
|
|
|
|
750 |
|
|
|
823,723 |
|
| Sally Holdings LLC/Sally Capital, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
12/01/25 |
(a) |
|
|
|
|
|
|
1,375 |
|
|
|
1,419,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,079,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Semiconductors — 0.1% |
|
| Broadcom, Inc., |
|
| Gtd. Notes |
|
| 4.750% |
|
|
04/15/29 |
|
|
|
|
|
|
|
5,175 |
|
|
$ |
6,019,921 |
|
| Gtd. Notes, 144A |
|
| 3.500% |
|
|
02/15/41 |
|
|
|
|
|
|
|
510 |
|
|
|
523,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,543,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software — 0.1% |
|
| Microsoft Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.525% |
|
|
06/01/50 |
|
|
|
|
|
|
|
1,425 |
|
|
|
1,400,306 |
|
| ServiceNow, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.400% |
|
|
09/01/30 |
|
|
|
|
|
|
|
2,055 |
|
|
|
1,928,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,328,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Telecommunications — 0.6% |
|
| AT&T, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.100% |
|
|
02/01/43 |
|
|
|
|
|
|
|
770 |
|
|
|
754,851 |
|
| 4.300% |
|
|
02/15/30 |
|
|
|
|
|
|
|
615 |
|
|
|
711,063 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.550% |
|
|
12/01/33 |
|
|
|
|
|
|
|
1,216 |
|
|
|
1,205,207 |
|
| 3.500% |
|
|
09/15/53 |
|
|
|
|
|
|
|
5,308 |
|
|
|
5,323,519 |
|
| 3.650% |
|
|
09/15/59 |
|
|
|
|
|
|
|
160 |
|
|
|
162,100 |
|
| Level 3 Financing, Inc., |
|
| Gtd. Notes |
|
| 5.375% |
|
|
05/01/25 |
|
|
|
|
|
|
|
1,900 |
|
|
|
1,943,574 |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.400% |
|
|
03/01/27 |
|
|
|
|
|
|
|
300 |
|
|
|
318,923 |
|
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. |
|
| III LLC, |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.360% |
|
|
03/20/23 |
|
|
|
|
|
|
|
125 |
|
|
|
125,672 |
|
| T-Mobile USA, Inc., |
|
| Sr. Sec’d. Notes |
|
| 3.875% |
|
|
04/15/30 |
|
|
|
|
|
|
|
8,000 |
|
|
|
8,929,539 |
|
| Verizon Communications, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.550% |
|
|
03/21/31 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,637,033 |
|
| 2.650% |
|
|
11/20/40 |
|
|
|
|
|
|
|
1,575 |
|
|
|
1,519,598 |
|
| 4.016% |
|
|
12/03/29 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,179,490 |
|
| 4.125% |
|
|
08/15/46 |
|
|
|
|
|
|
|
30 |
|
|
|
35,234 |
|
| 4.500% |
|
|
08/10/33 |
|
|
|
|
|
|
|
1,205 |
|
|
|
1,441,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,287,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation — 0.1% |
|
| Burlington Northern Santa Fe LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.700% |
|
|
08/01/28 |
|
|
|
|
|
|
|
670 |
|
|
|
878,491 |
|
| CSX Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.150% |
|
|
05/01/37 |
|
|
|
|
|
|
|
715 |
|
|
|
1,009,413 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A62
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
|
|
|
|
| Transportation (cont’d.) |
|
| Norfolk Southern Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.590% |
|
|
05/17/25 |
|
|
|
|
|
|
|
100 |
|
|
$ |
116,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,004,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS
(cost $394,797,764) |
|
|
|
429,468,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS — 0.4% |
|
| Alabama — 0.0% |
|
| Alabama Economic Settlement Authority, |
|
| Taxable, Revenue Bonds, Series B |
|
| 4.263% |
|
|
09/15/32 |
|
|
|
|
|
|
|
240 |
|
|
|
274,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| California — 0.2% |
|
| Bay Area Toll Authority, |
|
| Revenue Bonds, BABs, Series F2 |
|
| 6.263% |
|
|
04/01/49 |
|
|
|
|
|
|
|
1,325 |
|
|
|
2,145,824 |
|
| Taxable, Revenue Bonds |
|
| 2.574% |
|
|
04/01/31 |
|
|
|
|
|
|
|
1,210 |
|
|
|
1,283,713 |
|
| State of California, |
|
| General Obligation Unlimited, BABs |
|
| 7.300% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,270 |
|
|
|
2,027,441 |
|
| General Obligation Unlimited, Taxable, BABs |
|
| 7.500% |
|
|
04/01/34 |
|
|
|
|
|
|
|
475 |
|
|
|
747,090 |
|
| 7.625% |
|
|
03/01/40 |
|
|
|
|
|
|
|
215 |
|
|
|
360,895 |
|
| 7.550% |
|
|
04/01/39 |
|
|
|
|
|
|
|
245 |
|
|
|
415,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,980,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colorado — 0.0% |
|
| Regional Transportation District Sales Tax Revenue, |
|
| Revenue Bonds, BABs, Series B |
|
| 5.844% |
|
|
11/01/50 |
|
|
|
|
|
|
|
680 |
|
|
|
1,077,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.1% |
|
| Chicago O’Hare International Airport, |
|
| Revenue Bonds, BABs, Series B |
|
| 6.395% |
|
|
01/01/40 |
|
|
|
|
|
|
|
1,030 |
|
|
|
1,561,882 |
|
| State of Illinois, |
|
| General Obligation Unlimited, Series D |
|
| 5.000% |
|
|
11/01/22 |
|
|
|
|
|
|
|
3,190 |
|
|
|
3,387,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,949,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey — 0.1% |
|
| New Jersey Turnpike Authority, |
|
| Taxable, Revenue Bonds, BABs, Series F |
|
| 7.414% |
|
|
01/01/40 |
|
|
|
|
|
|
|
1,070 |
|
|
|
1,759,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York — 0.0% |
|
| New York City Transitional Finance Authority Future Tax Secured Revenue, |
|
| Taxable, Revenue Bonds, BABs |
|
| 5.767% |
|
|
08/01/36 |
|
|
|
|
|
|
|
1,130 |
|
|
|
1,441,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ohio — 0.0% |
|
| Ohio State University (The), |
|
| Taxable, Revenue Bonds, BABs, Series C |
|
| 4.910% |
|
|
06/01/40 |
|
|
|
|
|
|
|
455 |
|
|
|
615,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| MUNICIPAL BONDS (continued) |
|
| Ohio (cont’d.) |
|
| Ohio Water Development Authority Water Pollution Control Loan Fund, |
|
| Taxable, Revenue Bonds, BABs, Series B2 |
|
| 4.879% |
|
|
12/01/34 |
|
|
|
|
|
|
|
300 |
|
|
$ |
355,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
970,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon — 0.0% |
|
| State of Oregon Department of Transportation, |
|
| Taxable, Revenue Bonds, BABs, Series A |
|
| 5.834% |
|
|
11/15/34 |
|
|
|
|
|
|
|
445 |
|
|
|
622,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.0% |
|
| Pennsylvania Turnpike Commission, |
|
| Revenue Bonds, BABs, Series B |
|
| 5.511% |
|
|
12/01/45 |
|
|
|
|
|
|
|
550 |
|
|
|
785,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Virginia — 0.0% |
|
| University of Virginia, |
|
| Taxable, Revenue Bonds, Series C |
|
| 4.179% |
|
|
09/01/2117 |
|
|
|
|
|
|
|
495 |
|
|
|
625,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(cost $14,530,700) |
|
|
|
19,487,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESIDENTIAL MORTGAGE-BACKED
SECURITIES — 1.5% |
|
| Alternative Loan Trust, |
|
| Series 2004-18CB, Class 3A1 |
|
| 5.250% |
|
|
09/25/35 |
|
|
|
|
|
|
|
8 |
|
|
|
8,155 |
|
| Banc of America Mortgage Trust, |
|
| Series 2005-A, Class 2A1 |
|
| 2.582%(cc) |
|
|
02/25/35 |
|
|
|
|
|
|
|
201 |
|
|
|
207,720 |
|
| Bellemeade Re Ltd. (Bermuda), |
|
| Series 2019-03A, Class M1A, 144A, 1 Month LIBOR
+ 1.100% (Cap N/A, Floor 1.100%) |
|
| 1.192%(c) |
|
|
07/25/29 |
|
|
|
|
|
|
|
404 |
|
|
|
404,226 |
|
| Series 2019-03A, Class M1B, 144A, 1 Month LIBOR
+ 1.600% (Cap N/A, Floor 1.600%) |
|
| 1.692%(c) |
|
|
07/25/29 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,203,059 |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR
+ 3.400% (Cap N/A, Floor 0.000%) |
|
| 3.492%(c) |
|
|
06/25/30 |
|
|
|
|
|
|
|
39 |
|
|
|
39,249 |
|
| Series 2020-02A, Class M1A, 144A, 1 Month LIBOR
+ 2.300% (Cap N/A, Floor 2.300%) |
|
| 2.392%(c) |
|
|
08/26/30 |
|
|
|
|
|
|
|
21 |
|
|
|
21,064 |
|
| Series 2020-04A, Class M2A, 144A, 1 Month LIBOR
+ 2.600% (Cap N/A, Floor 2.600%) |
|
| 2.692%(c) |
|
|
06/25/30 |
|
|
|
|
|
|
|
330 |
|
|
|
330,500 |
|
| Series 2021-02A, Class M1A, 144A, 30 Day Average
SOFR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.210%(c) |
|
|
06/25/31 |
|
|
|
|
|
|
|
2,874 |
|
|
|
2,877,104 |
|
| BVRT Financing Trust, |
|
| Series 2019-01, Class F, 144A, 1 Month LIBOR +
2.150% |
|
| 2.227%(c) |
|
|
09/15/21^ |
|
|
|
|
|
|
|
2,072 |
|
|
|
2,066,770 |
|
| Central Park Funding Trust, |
|
| Series 2021-01, Class PT, 144A, 1 Month LIBOR
+ 2.750% (Cap N/A, Floor 2.750%) |
|
| 2.846%(c) |
|
|
08/29/22 |
|
|
|
|
|
|
|
3,473 |
|
|
|
3,475,344 |
|
| Chase Mortgage Finance Trust, |
|
| Series 2007-A01, Class 1A5 |
|
| 2.485%(cc) |
|
|
02/25/37 |
|
|
|
|
|
|
|
114 |
|
|
|
114,771 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A63
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Credit Suisse Mortgage Trust, |
|
| Series 2018-RPL09, Class A, 144A |
|
| 3.850%(cc) |
|
|
09/25/57 |
|
|
|
|
|
|
|
1,013 |
|
|
$ |
1,057,759 |
|
| Eagle Re Ltd. (Bermuda), |
|
| Series 2019-01, Class M1B, 144A, 1 Month LIBOR
+ 1.800% (Cap N/A, Floor 0.000%) |
|
| 1.892%(c) |
|
|
04/25/29 |
|
|
|
|
|
|
|
181 |
|
|
|
181,065 |
|
| FHLMC REMICS, |
|
| Series 4535, Class PA |
|
| 3.000% |
|
|
03/15/44 |
|
|
|
|
|
|
|
882 |
|
|
|
917,915 |
|
| FHLMC Structured Agency Credit Risk Debt Notes, |
|
| Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%) |
|
| 0.842%(c) |
|
|
03/25/30 |
|
|
|
|
|
|
|
450 |
|
|
|
450,374 |
|
| Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor
0.000%) |
|
| 2.618%(c) |
|
|
11/25/50 |
|
|
|
|
|
|
|
3,020 |
|
|
|
3,067,742 |
|
| FHLMC Structured Agency Credit Risk REMIC Trust, |
|
| Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor
0.000%) |
|
| 3.692%(c) |
|
|
07/25/50 |
|
|
|
|
|
|
|
1,030 |
|
|
|
1,042,849 |
|
| Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor
0.000%) |
|
| 5.342%(c) |
|
|
09/25/50 |
|
|
|
|
|
|
|
225 |
|
|
|
237,530 |
|
| FHLMC Structured Agency Credit Risk Trust, |
|
| Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor
0.000%) |
|
| 0.842%(c) |
|
|
09/25/48 |
|
|
|
|
|
|
|
3 |
|
|
|
3,259 |
|
| Home Re Ltd. (Bermuda), |
|
| Series 2019-01, Class M1, 144A, 1 Month LIBOR
+ 1.650% (Cap N/A, Floor 0.000%) |
|
| 1.742%(c) |
|
|
05/25/29 |
|
|
|
|
|
|
|
168 |
|
|
|
168,398 |
|
| JPMorgan Mortgage Trust, |
|
| Series 2007-A01, Class 4A1 |
|
| 2.727%(cc) |
|
|
07/25/35 |
|
|
|
|
|
|
|
48 |
|
|
|
48,361 |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2021-GS01, Class A1, 144A |
|
| 1.892% |
|
|
10/25/66 |
|
|
|
|
|
|
|
413 |
|
|
|
413,617 |
|
| Mello Warehouse Securitization Trust, |
|
| Series 2020-01, Class A, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%) |
|
| 0.992%(c) |
|
|
10/25/53 |
|
|
|
|
|
|
|
1,815 |
|
|
|
1,814,952 |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.700% (Cap N/A, Floor 0.700%) |
|
| 0.806%(c) |
|
|
02/25/55 |
|
|
|
|
|
|
|
2,400 |
|
|
|
2,400,000 |
|
| MFA Trust, |
|
| Series 2021-RPL01, Class A1, 144A |
|
| 1.131%(cc) |
|
|
07/25/60 |
|
|
|
|
|
|
|
4,047 |
|
|
|
4,045,245 |
|
| Mortgage Repurchase Agreement Financing Trust, |
|
| Series 2020-03, Class A1, 144A, 1 Month LIBOR
+ 1.250% (Cap N/A, Floor 1.250%) |
|
| 1.327%(c) |
|
|
01/23/23 |
|
|
|
|
|
|
|
575 |
|
|
|
575,019 |
|
| Series 2020-04, Class A1, 144A, 1 Month LIBOR
+ 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
550 |
|
|
|
550,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series 2020-04, Class A2, 144A, 1 Month LIBOR
+ 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
1,060 |
|
|
$ |
1,060,508 |
|
| Series 2020-05, Class A1, 144A, 1 Month LIBOR
+ 1.000% (Cap N/A, Floor 0.000%) |
|
| 1.077%(c) |
|
|
08/10/23 |
|
|
|
|
|
|
|
1,570 |
|
|
|
1,570,979 |
|
| Series 2021-01, Class A2, 144A, 1 Month LIBOR
+ 0.500% (Cap N/A, Floor 0.000%) |
|
| 0.577%(c) |
|
|
03/10/22 |
|
|
|
|
|
|
|
3,700 |
|
|
|
3,700,535 |
|
| MRA Issuance Trust, |
|
| Series 2020-07, Class A, 144A, 1 Month LIBOR +
1.600% (Cap N/A, Floor 1.600%) |
|
| 1.692%(c) |
|
|
12/11/21 |
|
|
|
|
|
|
|
7,510 |
|
|
|
7,519,327 |
|
| Series 2021-EBO06, Class A1X, 144A |
|
| 0.000%(cc) |
|
|
02/16/22^ |
|
|
|
|
|
|
|
4,433 |
|
|
|
4,433,000 |
|
| MSG III Securitization Trust, |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.750% (Cap N/A, Floor 0.750%) |
|
| 0.841%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
2,395 |
|
|
|
2,394,559 |
|
| Series 2021-01, Class B, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%) |
|
| 0.991%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
385 |
|
|
|
384,929 |
|
| Series 2021-01, Class C, 144A, 1 Month LIBOR +
1.100% (Cap N/A, Floor 1.100%) |
|
| 1.191%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
330 |
|
|
|
329,937 |
|
| Series 2021-01, Class D, 144A, 1 Month LIBOR +
1.300% (Cap N/A, Floor 1.300%) |
|
| 1.391%(c) |
|
|
06/25/54 |
|
|
|
|
|
|
|
135 |
|
|
|
134,973 |
|
| New Residential Mortgage Loan Trust, |
|
| Series 2018-04A, Class A1S, 144A, 1 Month LIBOR
+ 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.842%(c) |
|
|
01/25/48 |
|
|
|
|
|
|
|
441 |
|
|
|
441,319 |
|
| Oaktown Re II Ltd. (Bermuda), |
|
| Series 2018-01A, Class M1, 144A, 1 Month LIBOR
+ 1.550% (Cap N/A, Floor 0.000%) |
|
| 1.642%(c) |
|
|
07/25/28 |
|
|
|
|
|
|
|
136 |
|
|
|
136,357 |
|
| Oaktown Re III Ltd. (Bermuda), |
|
| Series 2019-01A, Class M1A, 144A, 1 Month LIBOR
+ 1.400% (Cap N/A, Floor 1.400%) |
|
| 1.492%(c) |
|
|
07/25/29 |
|
|
|
|
|
|
|
48 |
|
|
|
47,397 |
|
| Oaktown Re IV Ltd. (Bermuda), |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR
+ 4.750% (Cap N/A, Floor 4.750%) |
|
| 4.842%(c) |
|
|
07/25/30 |
|
|
|
|
|
|
|
161 |
|
|
|
161,569 |
|
| PMT Credit Risk Transfer Trust, |
|
| Series 2020-02R, Class A, 144A, 1 Month LIBOR
+ 3.815% (Cap N/A, Floor 3.815%) |
|
| 3.907%(c) |
|
|
12/25/22 |
|
|
|
|
|
|
|
2,931 |
|
|
|
2,944,114 |
|
| Series 2021-1R, Class A, 144A, 1 Month LIBOR +
2.900% (Cap N/A, Floor 2.900%) |
|
| 3.011%(c) |
|
|
02/27/24 |
|
|
|
|
|
|
|
4,666 |
|
|
|
4,709,049 |
|
| Provident Funding Mortgage Warehouse Securitization Trust, |
|
| Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.700% (Cap N/A, Floor 0.700%) |
|
| 0.792%(c) |
|
|
02/25/55 |
|
|
|
|
|
|
|
3,365 |
|
|
|
3,354,541 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A64
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Seasoned Credit Risk Transfer Trust, |
|
| Series 2019-02, Class MA |
|
| 3.500% |
|
|
08/25/58 |
|
|
|
|
|
|
|
956 |
|
|
$ |
1,006,829 |
|
| Station Place Securitization Trust, |
|
| Series 2021-04, Class A, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%) |
|
| 0.991%(c) |
|
|
04/11/22^ |
|
|
|
|
|
|
|
3,700 |
|
|
|
3,700,000 |
|
| Series 2021-08, Class A, 144A, 1 Month LIBOR +
0.800% (Cap N/A, Floor 0.800%) |
|
| 0.891%(c) |
|
|
06/20/22 |
|
|
|
|
|
|
|
2,910 |
|
|
|
2,911,309 |
|
| Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor
0.650%) |
|
| 0.742%(c) |
|
|
01/26/54 |
|
|
|
|
|
|
|
2,840 |
|
|
|
2,841,521 |
|
| Structured Adjustable Rate Mortgage Loan Trust, |
|
| Series 2004-01, Class 4A3 |
|
| 2.537%(cc) |
|
|
02/25/34 |
|
|
|
|
|
|
|
75 |
|
|
|
76,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $71,333,843) |
|
|
|
71,581,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS — 0.7% |
|
| Abu Dhabi Government International Bond (United Arab Emirates), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.125% |
|
|
10/11/27 |
|
|
|
|
|
|
|
3,350 |
|
|
|
3,680,537 |
|
| Bermuda Government International Bond (Bermuda), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.375% |
|
|
08/20/30 |
|
|
|
|
|
|
|
710 |
|
|
|
710,090 |
|
| Colombia Government International Bond (Colombia), |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
02/26/24 |
|
|
|
|
|
|
|
175 |
|
|
|
185,377 |
|
| 7.375% |
|
|
09/18/37 |
|
|
|
|
|
|
|
625 |
|
|
|
821,737 |
|
| Export-Import Bank of India (India), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.875% |
|
|
02/01/28 |
|
|
|
|
|
|
|
1,040 |
|
|
|
1,125,621 |
|
| Finnvera OYJ (Finland), |
|
| Gov’t. Gtd. Notes, 144A, MTN |
|
| 2.375% |
|
|
06/04/25 |
|
|
|
|
|
|
|
400 |
|
|
|
424,511 |
|
| Indonesia Government International Bond (Indonesia), |
|
| Sr. Unsec’d. Notes |
|
| 3.375% |
|
|
07/30/25 |
|
|
|
EUR |
|
|
|
1,500 |
|
|
|
1,989,614 |
|
| 4.450% |
|
|
02/11/24 |
|
|
|
|
|
|
|
505 |
|
|
|
552,944 |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 5.875% |
|
|
01/15/24 |
|
|
|
|
|
|
|
950 |
|
|
|
1,071,893 |
|
| Sr. Unsec’d. Notes, EMTN |
|
| 2.150% |
|
|
07/18/24 |
|
|
|
EUR |
|
|
|
2,100 |
|
|
|
2,638,084 |
|
| 4.750% |
|
|
01/08/26 |
|
|
|
|
|
|
|
540 |
|
|
|
616,685 |
|
| Japan Finance Organization for Municipalities (Japan), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.125% |
|
|
10/25/23 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,449,764 |
|
| 2.625% |
|
|
04/20/22 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,037,191 |
|
| 3.000% |
|
|
03/12/24 |
|
|
|
|
|
|
|
400 |
|
|
|
424,935 |
|
| Panama Government International Bond (Panama), |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
09/22/24 |
|
|
|
|
|
|
|
305 |
|
|
|
332,465 |
|
| 4.500% |
|
|
04/16/50 |
(a) |
|
|
|
|
|
|
475 |
|
|
|
540,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| SOVEREIGN BONDS (continued) |
|
| Qatar Government International Bond (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.875% |
|
|
04/23/23 |
|
|
|
|
|
|
|
1,105 |
|
|
$ |
1,174,026 |
|
| 4.817% |
|
|
03/14/49 |
|
|
|
|
|
|
|
200 |
|
|
|
257,324 |
|
| 5.103% |
|
|
04/23/48 |
|
|
|
|
|
|
|
915 |
|
|
|
1,215,059 |
|
| Romanian Government International Bond (Romania), |
|
| Sr. Unsec’d. Notes, EMTN |
|
| 4.125% |
|
|
03/11/39 |
|
|
|
EUR |
|
|
|
1,395 |
|
|
|
1,960,134 |
|
| Saudi Government International Bond (Saudi Arabia), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 2.375% |
|
|
10/26/21 |
|
|
|
|
|
|
|
1,325 |
|
|
|
1,333,249 |
|
| 2.875% |
|
|
03/04/23 |
|
|
|
|
|
|
|
1,785 |
|
|
|
1,852,025 |
|
| 4.000% |
|
|
04/17/25 |
|
|
|
|
|
|
|
1,035 |
|
|
|
1,143,038 |
|
| Tokyo Metropolitan Government (Japan), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.500% |
|
|
06/08/22 |
|
|
|
|
|
|
|
1,800 |
|
|
|
1,835,702 |
|
| 3.250% |
|
|
06/01/23 |
|
|
|
|
|
|
|
800 |
|
|
|
841,555 |
|
| Uruguay Government International Bond (Uruguay), |
|
| Sr. Unsec’d. Notes |
|
| 4.975% |
|
|
04/20/55 |
|
|
|
|
|
|
|
1,025 |
|
|
|
1,324,963 |
|
| 5.100% |
|
|
06/18/50 |
(a) |
|
|
|
|
|
|
545 |
|
|
|
713,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(cost $29,669,174) |
|
|
|
32,252,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.3% |
|
| Federal Home Loan Bank |
|
| 5.500% |
|
|
07/15/36 |
(k) |
|
|
|
|
|
|
1,080 |
|
|
|
1,590,442 |
|
| Federal Home Loan Mortgage Corp. |
|
| 1.500% |
|
|
11/01/50 |
|
|
|
|
|
|
|
1,918 |
|
|
|
1,881,431 |
|
| 2.000% |
|
|
01/01/32 |
|
|
|
|
|
|
|
611 |
|
|
|
632,836 |
|
| 2.000% |
|
|
06/01/40 |
|
|
|
|
|
|
|
1,472 |
|
|
|
1,505,119 |
|
| 2.000% |
|
|
10/01/40 |
|
|
|
|
|
|
|
2,093 |
|
|
|
2,125,067 |
|
| 2.000% |
|
|
09/01/50 |
|
|
|
|
|
|
|
3,908 |
|
|
|
3,948,032 |
|
| 2.000% |
|
|
10/01/50 |
|
|
|
|
|
|
|
3,279 |
|
|
|
3,313,067 |
|
| 2.500% |
|
|
03/01/30 |
|
|
|
|
|
|
|
332 |
|
|
|
348,792 |
|
| 2.500% |
|
|
10/01/32 |
|
|
|
|
|
|
|
655 |
|
|
|
689,642 |
|
| 2.500% |
|
|
03/01/51 |
|
|
|
|
|
|
|
1,441 |
|
|
|
1,496,261 |
|
| 2.500% |
|
|
04/01/51 |
|
|
|
|
|
|
|
10,828 |
|
|
|
11,214,023 |
|
| 3.000% |
|
|
10/01/28 |
|
|
|
|
|
|
|
219 |
|
|
|
231,837 |
|
| 3.000% |
|
|
06/01/29 |
|
|
|
|
|
|
|
581 |
|
|
|
615,141 |
|
| 3.000% |
|
|
03/01/32 |
|
|
|
|
|
|
|
705 |
|
|
|
747,955 |
|
| 3.000% |
|
|
01/01/37 |
|
|
|
|
|
|
|
297 |
|
|
|
312,170 |
|
| 3.000% |
|
|
01/01/43 |
|
|
|
|
|
|
|
598 |
|
|
|
633,858 |
|
| 3.000% |
|
|
07/01/43 |
|
|
|
|
|
|
|
1,199 |
|
|
|
1,274,809 |
|
| 3.000% |
|
|
01/01/47 |
|
|
|
|
|
|
|
3,177 |
|
|
|
3,360,648 |
|
| 3.000% |
|
|
02/01/50 |
|
|
|
|
|
|
|
2,686 |
|
|
|
2,803,583 |
|
| 3.500% |
|
|
03/01/42 |
|
|
|
|
|
|
|
303 |
|
|
|
326,894 |
|
| 3.500% |
|
|
06/01/42 |
|
|
|
|
|
|
|
193 |
|
|
|
208,251 |
|
| 3.500% |
|
|
01/01/47 |
|
|
|
|
|
|
|
571 |
|
|
|
607,057 |
|
| 3.500% |
|
|
02/01/47 |
|
|
|
|
|
|
|
719 |
|
|
|
763,366 |
|
| 4.000% |
|
|
06/01/26 |
|
|
|
|
|
|
|
275 |
|
|
|
292,316 |
|
| 4.000% |
|
|
09/01/26 |
|
|
|
|
|
|
|
145 |
|
|
|
154,313 |
|
| 4.000% |
|
|
10/01/39 |
|
|
|
|
|
|
|
526 |
|
|
|
576,445 |
|
| 4.000% |
|
|
12/01/40 |
|
|
|
|
|
|
|
219 |
|
|
|
239,517 |
|
| 4.000% |
|
|
10/01/41 |
|
|
|
|
|
|
|
226 |
|
|
|
246,159 |
|
| 4.000% |
|
|
01/01/42 |
|
|
|
|
|
|
|
78 |
|
|
|
84,867 |
|
| 4.000% |
|
|
10/01/45 |
|
|
|
|
|
|
|
282 |
|
|
|
305,912 |
|
| 4.500% |
|
|
09/01/39 |
|
|
|
|
|
|
|
164 |
|
|
|
182,628 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A65
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 4.500% |
|
|
10/01/39 |
|
|
|
|
|
|
|
947 |
|
|
$ |
1,053,002 |
|
| 4.500% |
|
|
12/01/39 |
|
|
|
|
|
|
|
281 |
|
|
|
312,807 |
|
| 4.500% |
|
|
07/01/41 |
|
|
|
|
|
|
|
88 |
|
|
|
94,920 |
|
| 4.500% |
|
|
07/01/41 |
|
|
|
|
|
|
|
1,398 |
|
|
|
1,565,210 |
|
| 4.500% |
|
|
08/01/41 |
|
|
|
|
|
|
|
122 |
|
|
|
131,946 |
|
| 4.500% |
|
|
08/01/41 |
|
|
|
|
|
|
|
189 |
|
|
|
207,452 |
|
| 4.500% |
|
|
08/01/41 |
|
|
|
|
|
|
|
211 |
|
|
|
232,994 |
|
| 4.500% |
|
|
10/01/41 |
|
|
|
|
|
|
|
101 |
|
|
|
109,213 |
|
| 4.500% |
|
|
10/01/46 |
|
|
|
|
|
|
|
170 |
|
|
|
185,620 |
|
| 4.500% |
|
|
12/01/47 |
|
|
|
|
|
|
|
834 |
|
|
|
903,994 |
|
| 5.000% |
|
|
05/01/34 |
|
|
|
|
|
|
|
15 |
|
|
|
17,286 |
|
| 5.000% |
|
|
05/01/34 |
|
|
|
|
|
|
|
142 |
|
|
|
162,346 |
|
| 5.000% |
|
|
08/01/35 |
|
|
|
|
|
|
|
15 |
|
|
|
16,618 |
|
| 5.000% |
|
|
09/01/35 |
|
|
|
|
|
|
|
27 |
|
|
|
30,623 |
|
| 5.000% |
|
|
10/01/36 |
|
|
|
|
|
|
|
24 |
|
|
|
27,698 |
|
| 5.000% |
|
|
05/01/37 |
|
|
|
|
|
|
|
15 |
|
|
|
16,824 |
|
| 5.000% |
|
|
07/01/37 |
|
|
|
|
|
|
|
276 |
|
|
|
313,967 |
|
| 5.000% |
|
|
09/01/38 |
|
|
|
|
|
|
|
36 |
|
|
|
40,922 |
|
| 5.000% |
|
|
09/01/38 |
|
|
|
|
|
|
|
37 |
|
|
|
42,916 |
|
| 5.000% |
|
|
09/01/38 |
|
|
|
|
|
|
|
43 |
|
|
|
49,196 |
|
| 5.000% |
|
|
02/01/39 |
|
|
|
|
|
|
|
14 |
|
|
|
15,573 |
|
| 5.000% |
|
|
06/01/39 |
|
|
|
|
|
|
|
41 |
|
|
|
47,160 |
|
| 5.500% |
|
|
02/01/34 |
|
|
|
|
|
|
|
30 |
|
|
|
33,788 |
|
| 5.500% |
|
|
04/01/34 |
|
|
|
|
|
|
|
286 |
|
|
|
321,993 |
|
| 5.500% |
|
|
06/01/34 |
|
|
|
|
|
|
|
66 |
|
|
|
75,883 |
|
| 5.500% |
|
|
06/01/34 |
|
|
|
|
|
|
|
135 |
|
|
|
156,859 |
|
| 5.500% |
|
|
05/01/37 |
|
|
|
|
|
|
|
34 |
|
|
|
39,989 |
|
| 5.500% |
|
|
02/01/38 |
|
|
|
|
|
|
|
264 |
|
|
|
307,378 |
|
| 5.500% |
|
|
05/01/38 |
|
|
|
|
|
|
|
49 |
|
|
|
56,709 |
|
| 5.500% |
|
|
07/01/38 |
|
|
|
|
|
|
|
236 |
|
|
|
274,124 |
|
| 6.000% |
|
|
03/01/32 |
|
|
|
|
|
|
|
129 |
|
|
|
147,276 |
|
| 6.000% |
|
|
12/01/33 |
|
|
|
|
|
|
|
47 |
|
|
|
52,332 |
|
| 6.000% |
|
|
07/01/36 |
|
|
|
|
|
|
|
3 |
|
|
|
3,202 |
|
| 6.000% |
|
|
12/01/36 |
|
|
|
|
|
|
|
6 |
|
|
|
7,167 |
|
| 6.000% |
|
|
05/01/37 |
|
|
|
|
|
|
|
9 |
|
|
|
10,794 |
|
| 6.000% |
|
|
12/01/37 |
|
|
|
|
|
|
|
16 |
|
|
|
17,794 |
|
| 6.000% |
|
|
01/01/38 |
|
|
|
|
|
|
|
3 |
|
|
|
3,807 |
|
| 6.000% |
|
|
01/01/38 |
|
|
|
|
|
|
|
9 |
|
|
|
11,210 |
|
| 6.000% |
|
|
01/01/38 |
|
|
|
|
|
|
|
208 |
|
|
|
246,194 |
|
| 6.000% |
|
|
10/01/38 |
|
|
|
|
|
|
|
58 |
|
|
|
69,166 |
|
| 6.000% |
|
|
08/01/39 |
|
|
|
|
|
|
|
29 |
|
|
|
34,078 |
|
| 6.750% |
|
|
03/15/31 |
|
|
|
|
|
|
|
500 |
|
|
|
734,841 |
|
| 7.000% |
|
|
01/01/31 |
|
|
|
|
|
|
|
16 |
|
|
|
18,283 |
|
| 7.000% |
|
|
06/01/31 |
|
|
|
|
|
|
|
12 |
|
|
|
13,323 |
|
| 7.000% |
|
|
09/01/31 |
|
|
|
|
|
|
|
3 |
|
|
|
2,938 |
|
| 7.000% |
|
|
10/01/31 |
|
|
|
|
|
|
|
29 |
|
|
|
33,399 |
|
| 7.000% |
|
|
10/01/32 |
|
|
|
|
|
|
|
28 |
|
|
|
29,835 |
|
| Federal National Mortgage Assoc. |
|
| 1.500% |
|
|
10/01/50 |
|
|
|
|
|
|
|
457 |
|
|
|
448,222 |
|
| 1.500% |
|
|
11/01/50 |
|
|
|
|
|
|
|
982 |
|
|
|
963,483 |
|
| 1.500% |
|
|
12/01/50 |
|
|
|
|
|
|
|
5,415 |
|
|
|
5,310,875 |
|
| 2.000% |
|
|
08/01/31 |
|
|
|
|
|
|
|
906 |
|
|
|
937,635 |
|
| 2.000% |
|
|
02/01/41 |
|
|
|
|
|
|
|
2,761 |
|
|
|
2,818,192 |
|
| 2.000% |
|
|
05/01/41 |
|
|
|
|
|
|
|
13,678 |
|
|
|
13,912,308 |
|
| 2.000% |
|
|
08/01/50 |
|
|
|
|
|
|
|
1,463 |
|
|
|
1,478,352 |
|
| 2.000% |
|
|
10/01/50 |
|
|
|
|
|
|
|
14,501 |
|
|
|
14,651,154 |
|
| 2.500% |
|
|
TBA(tt) |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,240,078 |
|
| 2.500% |
|
|
TBA |
|
|
|
|
|
|
|
16,000 |
|
|
|
16,517,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 2.500% |
|
|
01/01/28 |
|
|
|
|
|
|
|
664 |
|
|
$ |
695,843 |
|
| 2.500% |
|
|
05/01/41 |
|
|
|
|
|
|
|
6,403 |
|
|
|
6,663,466 |
|
| 2.500% |
|
|
10/01/43 |
|
|
|
|
|
|
|
673 |
|
|
|
703,252 |
|
| 2.500% |
|
|
12/01/46 |
|
|
|
|
|
|
|
1,157 |
|
|
|
1,201,835 |
|
| 2.500% |
|
|
03/01/50 |
|
|
|
|
|
|
|
934 |
|
|
|
968,796 |
|
| 2.500% |
|
|
08/01/50 |
|
|
|
|
|
|
|
2,927 |
|
|
|
3,030,010 |
|
| 2.500% |
|
|
08/01/50 |
|
|
|
|
|
|
|
3,923 |
|
|
|
4,061,716 |
|
| 2.500% |
|
|
12/01/50 |
|
|
|
|
|
|
|
979 |
|
|
|
1,013,602 |
|
| 2.500% |
|
|
04/01/51 |
|
|
|
|
|
|
|
2,487 |
|
|
|
2,574,893 |
|
| 3.000% |
|
|
TBA |
|
|
|
|
|
|
|
17,000 |
|
|
|
17,720,176 |
|
| 3.000% |
|
|
02/01/27 |
|
|
|
|
|
|
|
933 |
|
|
|
987,100 |
|
| 3.000% |
|
|
08/01/30 |
|
|
|
|
|
|
|
603 |
|
|
|
637,415 |
|
| 3.000% |
|
|
11/01/36 |
|
|
|
|
|
|
|
1,349 |
|
|
|
1,412,223 |
|
| 3.000% |
|
|
12/01/42 |
|
|
|
|
|
|
|
693 |
|
|
|
734,594 |
|
| 3.000% |
|
|
12/01/42 |
|
|
|
|
|
|
|
1,052 |
|
|
|
1,113,598 |
|
| 3.000% |
|
|
03/01/43 |
|
|
|
|
|
|
|
186 |
|
|
|
197,188 |
|
| 3.000% |
|
|
11/01/46 |
|
|
|
|
|
|
|
174 |
|
|
|
184,356 |
|
| 3.000% |
|
|
01/01/47 |
|
|
|
|
|
|
|
1,374 |
|
|
|
1,440,379 |
|
| 3.000% |
|
|
02/01/47 |
|
|
|
|
|
|
|
946 |
|
|
|
995,510 |
|
| 3.000% |
|
|
03/01/47 |
|
|
|
|
|
|
|
739 |
|
|
|
778,241 |
|
| 3.000% |
|
|
03/01/49 |
|
|
|
|
|
|
|
1,048 |
|
|
|
1,093,834 |
|
| 3.000% |
|
|
11/01/49 |
|
|
|
|
|
|
|
903 |
|
|
|
941,030 |
|
| 3.000% |
|
|
12/01/49 |
|
|
|
|
|
|
|
648 |
|
|
|
681,127 |
|
| 3.000% |
|
|
12/01/49 |
|
|
|
|
|
|
|
754 |
|
|
|
785,856 |
|
| 3.000% |
|
|
02/01/50 |
|
|
|
|
|
|
|
9,405 |
|
|
|
9,808,430 |
|
| 3.000% |
|
|
03/01/50 |
|
|
|
|
|
|
|
652 |
|
|
|
679,656 |
|
| 3.500% |
|
|
07/01/31 |
|
|
|
|
|
|
|
595 |
|
|
|
638,862 |
|
| 3.500% |
|
|
11/01/32 |
|
|
|
|
|
|
|
294 |
|
|
|
317,853 |
|
| 3.500% |
|
|
02/01/33 |
|
|
|
|
|
|
|
687 |
|
|
|
739,503 |
|
| 3.500% |
|
|
05/01/33 |
|
|
|
|
|
|
|
1,005 |
|
|
|
1,080,006 |
|
| 3.500% |
|
|
06/01/39 |
|
|
|
|
|
|
|
431 |
|
|
|
464,647 |
|
| 3.500% |
|
|
01/01/42 |
|
|
|
|
|
|
|
3,412 |
|
|
|
3,675,266 |
|
| 3.500% |
|
|
05/01/42 |
|
|
|
|
|
|
|
1,612 |
|
|
|
1,742,033 |
|
| 3.500% |
|
|
07/01/42 |
|
|
|
|
|
|
|
555 |
|
|
|
601,356 |
|
| 3.500% |
|
|
08/01/42 |
|
|
|
|
|
|
|
204 |
|
|
|
221,472 |
|
| 3.500% |
|
|
08/01/42 |
|
|
|
|
|
|
|
586 |
|
|
|
634,405 |
|
| 3.500% |
|
|
09/01/42 |
|
|
|
|
|
|
|
560 |
|
|
|
603,503 |
|
| 3.500% |
|
|
09/01/42 |
|
|
|
|
|
|
|
1,084 |
|
|
|
1,175,259 |
|
| 3.500% |
|
|
11/01/42 |
|
|
|
|
|
|
|
325 |
|
|
|
349,906 |
|
| 3.500% |
|
|
03/01/43 |
|
|
|
|
|
|
|
2,169 |
|
|
|
2,354,800 |
|
| 3.500% |
|
|
04/01/43 |
|
|
|
|
|
|
|
351 |
|
|
|
378,549 |
|
| 3.500% |
|
|
04/01/43 |
|
|
|
|
|
|
|
808 |
|
|
|
872,874 |
|
| 3.500% |
|
|
07/01/43 |
|
|
|
|
|
|
|
169 |
|
|
|
182,829 |
|
| 3.500% |
|
|
06/01/45 |
|
|
|
|
|
|
|
2,999 |
|
|
|
3,209,892 |
|
| 3.500% |
|
|
07/01/46 |
|
|
|
|
|
|
|
496 |
|
|
|
527,022 |
|
| 3.500% |
|
|
11/01/46 |
|
|
|
|
|
|
|
902 |
|
|
|
959,584 |
|
| 3.500% |
|
|
09/01/47 |
|
|
|
|
|
|
|
813 |
|
|
|
861,757 |
|
| 3.500% |
|
|
01/01/48 |
|
|
|
|
|
|
|
5,755 |
|
|
|
6,084,386 |
|
| 3.500% |
|
|
05/01/48 |
|
|
|
|
|
|
|
766 |
|
|
|
808,347 |
|
| 3.500% |
|
|
06/01/48 |
|
|
|
|
|
|
|
3,593 |
|
|
|
3,861,913 |
|
| 4.000% |
|
|
12/01/36 |
|
|
|
|
|
|
|
682 |
|
|
|
739,265 |
|
| 4.000% |
|
|
10/01/41 |
|
|
|
|
|
|
|
1,901 |
|
|
|
2,089,040 |
|
| 4.000% |
|
|
07/01/44 |
|
|
|
|
|
|
|
671 |
|
|
|
734,584 |
|
| 4.000% |
|
|
09/01/44 |
|
|
|
|
|
|
|
1,243 |
|
|
|
1,353,707 |
|
| 4.000% |
|
|
10/01/46 |
|
|
|
|
|
|
|
517 |
|
|
|
558,165 |
|
| 4.000% |
|
|
06/01/47 |
|
|
|
|
|
|
|
586 |
|
|
|
627,502 |
|
| 4.000% |
|
|
09/01/47 |
|
|
|
|
|
|
|
231 |
|
|
|
247,227 |
|
| 4.000% |
|
|
11/01/47 |
|
|
|
|
|
|
|
676 |
|
|
|
737,697 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A66
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 4.000% |
|
|
11/01/47 |
|
|
|
|
|
|
|
1,088 |
|
|
$ |
1,167,125 |
|
| 4.000% |
|
|
12/01/47 |
|
|
|
|
|
|
|
3,225 |
|
|
|
3,455,345 |
|
| 4.000% |
|
|
03/01/49 |
|
|
|
|
|
|
|
6,810 |
|
|
|
7,239,224 |
|
| 4.500% |
|
|
07/01/33 |
|
|
|
|
|
|
|
34 |
|
|
|
37,518 |
|
| 4.500% |
|
|
08/01/33 |
|
|
|
|
|
|
|
9 |
|
|
|
9,700 |
|
| 4.500% |
|
|
09/01/33 |
|
|
|
|
|
|
|
27 |
|
|
|
29,595 |
|
| 4.500% |
|
|
10/01/33 |
|
|
|
|
|
|
|
77 |
|
|
|
84,478 |
|
| 4.500% |
|
|
03/01/34 |
|
|
|
|
|
|
|
23 |
|
|
|
25,280 |
|
| 4.500% |
|
|
01/01/35 |
|
|
|
|
|
|
|
2 |
|
|
|
1,783 |
|
| 4.500% |
|
|
07/01/39 |
|
|
|
|
|
|
|
554 |
|
|
|
618,207 |
|
| 4.500% |
|
|
08/01/39 |
|
|
|
|
|
|
|
419 |
|
|
|
467,895 |
|
| 4.500% |
|
|
09/01/39 |
|
|
|
|
|
|
|
252 |
|
|
|
280,311 |
|
| 4.500% |
|
|
12/01/39 |
|
|
|
|
|
|
|
3 |
|
|
|
3,325 |
|
| 4.500% |
|
|
03/01/41 |
|
|
|
|
|
|
|
938 |
|
|
|
1,046,952 |
|
| 4.500% |
|
|
07/01/42 |
|
|
|
|
|
|
|
89 |
|
|
|
99,343 |
|
| 5.000% |
|
|
03/01/34 |
|
|
|
|
|
|
|
159 |
|
|
|
180,844 |
|
| 5.000% |
|
|
04/01/35 |
|
|
|
|
|
|
|
377 |
|
|
|
429,135 |
|
| 5.000% |
|
|
06/01/35 |
|
|
|
|
|
|
|
92 |
|
|
|
105,147 |
|
| 5.000% |
|
|
07/01/35 |
|
|
|
|
|
|
|
77 |
|
|
|
87,672 |
|
| 5.000% |
|
|
07/01/35 |
|
|
|
|
|
|
|
93 |
|
|
|
106,631 |
|
| 5.000% |
|
|
09/01/35 |
|
|
|
|
|
|
|
64 |
|
|
|
73,018 |
|
| 5.000% |
|
|
11/01/35 |
|
|
|
|
|
|
|
70 |
|
|
|
80,436 |
|
| 5.000% |
|
|
02/01/36 |
|
|
|
|
|
|
|
51 |
|
|
|
58,671 |
|
| 5.500% |
|
|
02/01/33 |
|
|
|
|
|
|
|
87 |
|
|
|
100,857 |
|
| 5.500% |
|
|
08/01/33 |
|
|
|
|
|
|
|
156 |
|
|
|
178,364 |
|
| 5.500% |
|
|
10/01/33 |
|
|
|
|
|
|
|
43 |
|
|
|
49,273 |
|
| 5.500% |
|
|
12/01/33 |
|
|
|
|
|
|
|
36 |
|
|
|
41,744 |
|
| 5.500% |
|
|
12/01/34 |
|
|
|
|
|
|
|
106 |
|
|
|
123,026 |
|
| 5.500% |
|
|
10/01/35 |
|
|
|
|
|
|
|
457 |
|
|
|
529,208 |
|
| 5.500% |
|
|
03/01/36 |
|
|
|
|
|
|
|
47 |
|
|
|
52,705 |
|
| 5.500% |
|
|
04/01/36 |
|
|
|
|
|
|
|
82 |
|
|
|
92,971 |
|
| 5.500% |
|
|
01/01/37 |
|
|
|
|
|
|
|
48 |
|
|
|
55,085 |
|
| 5.500% |
|
|
04/01/37 |
|
|
|
|
|
|
|
25 |
|
|
|
28,748 |
|
| 5.500% |
|
|
05/01/37 |
|
|
|
|
|
|
|
150 |
|
|
|
174,246 |
|
| 5.500% |
|
|
08/01/37 |
|
|
|
|
|
|
|
183 |
|
|
|
212,232 |
|
| 6.000% |
|
|
10/01/33 |
|
|
|
|
|
|
|
165 |
|
|
|
188,497 |
|
| 6.000% |
|
|
11/01/33 |
|
|
|
|
|
|
|
14 |
|
|
|
15,570 |
|
| 6.000% |
|
|
11/01/33 |
|
|
|
|
|
|
|
21 |
|
|
|
23,998 |
|
| 6.000% |
|
|
01/01/34 |
|
|
|
|
|
|
|
172 |
|
|
|
199,192 |
|
| 6.000% |
|
|
02/01/34 |
|
|
|
|
|
|
|
75 |
|
|
|
86,214 |
|
| 6.000% |
|
|
03/01/34 |
|
|
|
|
|
|
|
2 |
|
|
|
1,755 |
|
| 6.000% |
|
|
03/01/34 |
|
|
|
|
|
|
|
11 |
|
|
|
12,355 |
|
| 6.000% |
|
|
03/01/34 |
|
|
|
|
|
|
|
26 |
|
|
|
29,105 |
|
| 6.000% |
|
|
11/01/34 |
|
|
|
|
|
|
|
20 |
|
|
|
22,624 |
|
| 6.000% |
|
|
01/01/35 |
|
|
|
|
|
|
|
32 |
|
|
|
36,413 |
|
| 6.000% |
|
|
01/01/35 |
|
|
|
|
|
|
|
106 |
|
|
|
119,805 |
|
| 6.000% |
|
|
02/01/35 |
|
|
|
|
|
|
|
2 |
|
|
|
2,773 |
|
| 6.000% |
|
|
02/01/35 |
|
|
|
|
|
|
|
101 |
|
|
|
113,002 |
|
| 6.000% |
|
|
02/01/35 |
|
|
|
|
|
|
|
160 |
|
|
|
189,732 |
|
| 6.000% |
|
|
04/01/35 |
|
|
|
|
|
|
|
12 |
|
|
|
14,261 |
|
| 6.000% |
|
|
05/01/36 |
|
|
|
|
|
|
|
31 |
|
|
|
36,766 |
|
| 6.000% |
|
|
06/01/36 |
|
|
|
|
|
|
|
14 |
|
|
|
16,080 |
|
| 6.000% |
|
|
02/01/37 |
|
|
|
|
|
|
|
51 |
|
|
|
60,412 |
|
| 6.000% |
|
|
06/01/37 |
|
|
|
|
|
|
|
23 |
|
|
|
26,205 |
|
| 6.000% |
|
|
05/01/38 |
|
|
|
|
|
|
|
132 |
|
|
|
156,130 |
|
| 6.250% |
|
|
05/15/29 |
|
|
|
|
|
|
|
950 |
|
|
|
1,293,647 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
1 |
|
|
|
1,081 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
12 |
|
|
|
13,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
33 |
|
|
$ |
37,473 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
37 |
|
|
|
41,677 |
|
| 6.500% |
|
|
10/01/32 |
|
|
|
|
|
|
|
33 |
|
|
|
37,733 |
|
| 6.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
41 |
|
|
|
47,744 |
|
| 6.500% |
|
|
11/01/33 |
|
|
|
|
|
|
|
20 |
|
|
|
22,829 |
|
| 6.500% |
|
|
01/01/34 |
|
|
|
|
|
|
|
30 |
|
|
|
34,240 |
|
| 6.500% |
|
|
09/01/34 |
|
|
|
|
|
|
|
46 |
|
|
|
51,984 |
|
| 6.500% |
|
|
09/01/36 |
|
|
|
|
|
|
|
103 |
|
|
|
121,794 |
|
| 6.500% |
|
|
10/01/36 |
|
|
|
|
|
|
|
17 |
|
|
|
19,378 |
|
| 6.500% |
|
|
11/01/36 |
|
|
|
|
|
|
|
35 |
|
|
|
39,518 |
|
| 6.500% |
|
|
01/01/37 |
|
|
|
|
|
|
|
37 |
|
|
|
41,963 |
|
| 6.500% |
|
|
01/01/37 |
|
|
|
|
|
|
|
97 |
|
|
|
110,362 |
|
| 6.500% |
|
|
09/01/37 |
|
|
|
|
|
|
|
12 |
|
|
|
13,686 |
|
| 6.625% |
|
|
11/15/30 |
(k) |
|
|
|
|
|
|
550 |
|
|
|
795,726 |
|
| 7.000% |
|
|
02/01/32 |
|
|
|
|
|
|
|
16 |
|
|
|
17,933 |
|
| 7.000% |
|
|
05/01/32 |
|
|
|
|
|
|
|
11 |
|
|
|
13,188 |
|
| 7.000% |
|
|
06/01/32 |
|
|
|
|
|
|
|
7 |
|
|
|
8,238 |
|
| 7.000% |
|
|
07/01/32 |
|
|
|
|
|
|
|
40 |
|
|
|
45,894 |
|
| 7.125% |
|
|
01/15/30 |
(k) |
|
|
|
|
|
|
3,600 |
|
|
|
5,244,936 |
|
| Government National Mortgage Assoc. |
|
| 2.000% |
|
|
03/20/51 |
|
|
|
|
|
|
|
1,949 |
|
|
|
1,986,344 |
|
| 2.500% |
|
|
TBA |
|
|
|
|
|
|
|
9,500 |
|
|
|
9,831,016 |
|
| 2.500% |
|
|
03/20/43 |
|
|
|
|
|
|
|
496 |
|
|
|
519,332 |
|
| 2.500% |
|
|
12/20/46 |
|
|
|
|
|
|
|
511 |
|
|
|
532,742 |
|
| 2.500% |
|
|
01/20/50 |
|
|
|
|
|
|
|
1,261 |
|
|
|
1,305,602 |
|
| 3.000% |
|
|
03/15/45 |
|
|
|
|
|
|
|
551 |
|
|
|
577,174 |
|
| 3.000% |
|
|
11/20/45 |
|
|
|
|
|
|
|
647 |
|
|
|
685,374 |
|
| 3.000% |
|
|
03/20/46 |
|
|
|
|
|
|
|
4,048 |
|
|
|
4,278,681 |
|
| 3.000% |
|
|
07/20/46 |
|
|
|
|
|
|
|
2,668 |
|
|
|
2,815,342 |
|
| 3.000% |
|
|
10/20/46 |
|
|
|
|
|
|
|
891 |
|
|
|
936,833 |
|
| 3.000% |
|
|
12/20/46 |
|
|
|
|
|
|
|
598 |
|
|
|
631,292 |
|
| 3.000% |
|
|
02/20/47 |
|
|
|
|
|
|
|
1,272 |
|
|
|
1,337,426 |
|
| 3.000% |
|
|
12/20/49 |
|
|
|
|
|
|
|
296 |
|
|
|
308,863 |
|
| 3.500% |
|
|
12/20/42 |
|
|
|
|
|
|
|
1,170 |
|
|
|
1,252,592 |
|
| 3.500% |
|
|
05/20/43 |
|
|
|
|
|
|
|
238 |
|
|
|
254,940 |
|
| 3.500% |
|
|
03/20/45 |
|
|
|
|
|
|
|
822 |
|
|
|
876,365 |
|
| 3.500% |
|
|
04/20/45 |
|
|
|
|
|
|
|
1,121 |
|
|
|
1,194,758 |
|
| 3.500% |
|
|
07/20/46 |
|
|
|
|
|
|
|
4,088 |
|
|
|
4,350,362 |
|
| 3.500% |
|
|
06/20/49 |
|
|
|
|
|
|
|
6,170 |
|
|
|
6,481,104 |
|
| 4.000% |
|
|
06/15/40 |
|
|
|
|
|
|
|
86 |
|
|
|
94,305 |
|
| 4.000% |
|
|
05/20/41 |
|
|
|
|
|
|
|
178 |
|
|
|
195,531 |
|
| 4.000% |
|
|
12/20/42 |
|
|
|
|
|
|
|
429 |
|
|
|
469,723 |
|
| 4.000% |
|
|
08/20/44 |
|
|
|
|
|
|
|
170 |
|
|
|
186,356 |
|
| 4.000% |
|
|
11/20/45 |
|
|
|
|
|
|
|
875 |
|
|
|
949,037 |
|
| 4.000% |
|
|
12/20/45 |
|
|
|
|
|
|
|
949 |
|
|
|
1,025,509 |
|
| 4.000% |
|
|
11/20/46 |
|
|
|
|
|
|
|
213 |
|
|
|
230,583 |
|
| 4.000% |
|
|
09/20/47 |
|
|
|
|
|
|
|
3,054 |
|
|
|
3,256,272 |
|
| 4.000% |
|
|
02/20/49 |
|
|
|
|
|
|
|
1,919 |
|
|
|
2,031,207 |
|
| 4.000% |
|
|
01/20/50 |
|
|
|
|
|
|
|
2,001 |
|
|
|
2,116,718 |
|
| 4.500% |
|
|
04/15/40 |
|
|
|
|
|
|
|
337 |
|
|
|
377,984 |
|
| 4.500% |
|
|
01/20/41 |
|
|
|
|
|
|
|
815 |
|
|
|
912,861 |
|
| 4.500% |
|
|
02/20/41 |
|
|
|
|
|
|
|
493 |
|
|
|
552,649 |
|
| 4.500% |
|
|
06/20/44 |
|
|
|
|
|
|
|
536 |
|
|
|
592,291 |
|
| 4.500% |
|
|
09/20/46 |
|
|
|
|
|
|
|
298 |
|
|
|
329,496 |
|
| 4.500% |
|
|
11/20/46 |
|
|
|
|
|
|
|
575 |
|
|
|
634,227 |
|
| 4.500% |
|
|
03/20/47 |
|
|
|
|
|
|
|
504 |
|
|
|
546,150 |
|
| 4.500% |
|
|
05/20/48 |
|
|
|
|
|
|
|
584 |
|
|
|
622,213 |
|
| 4.500% |
|
|
06/20/48 |
|
|
|
|
|
|
|
781 |
|
|
|
838,914 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A67
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 4.500% |
|
|
08/20/48 |
|
|
|
|
|
|
|
2,500 |
|
|
$ |
2,689,419 |
|
| 5.000% |
|
|
10/20/37 |
|
|
|
|
|
|
|
83 |
|
|
|
93,049 |
|
| 5.000% |
|
|
04/20/45 |
|
|
|
|
|
|
|
511 |
|
|
|
578,585 |
|
| 5.500% |
|
|
11/15/32 |
|
|
|
|
|
|
|
38 |
|
|
|
42,807 |
|
| 5.500% |
|
|
02/15/33 |
|
|
|
|
|
|
|
37 |
|
|
|
42,970 |
|
| 5.500% |
|
|
08/15/33 |
|
|
|
|
|
|
|
50 |
|
|
|
56,409 |
|
| 5.500% |
|
|
08/15/33 |
|
|
|
|
|
|
|
69 |
|
|
|
76,972 |
|
| 5.500% |
|
|
09/15/33 |
|
|
|
|
|
|
|
39 |
|
|
|
43,541 |
|
| 5.500% |
|
|
09/15/33 |
|
|
|
|
|
|
|
62 |
|
|
|
70,828 |
|
| 5.500% |
|
|
10/15/33 |
|
|
|
|
|
|
|
60 |
|
|
|
68,197 |
|
| 5.500% |
|
|
12/15/33 |
|
|
|
|
|
|
|
6 |
|
|
|
6,530 |
|
| 5.500% |
|
|
04/15/34 |
|
|
|
|
|
|
|
221 |
|
|
|
256,857 |
|
| 5.500% |
|
|
07/15/35 |
|
|
|
|
|
|
|
42 |
|
|
|
49,311 |
|
| 5.500% |
|
|
02/15/36 |
|
|
|
|
|
|
|
92 |
|
|
|
106,706 |
|
| 6.000% |
|
|
02/15/33 |
|
|
|
|
|
|
|
2 |
|
|
|
1,921 |
|
| 6.000% |
|
|
04/15/33 |
|
|
|
|
|
|
|
13 |
|
|
|
14,690 |
|
| 6.000% |
|
|
09/15/33 |
|
|
|
|
|
|
|
11 |
|
|
|
12,356 |
|
| 6.000% |
|
|
12/15/33 |
|
|
|
|
|
|
|
29 |
|
|
|
34,627 |
|
| 6.000% |
|
|
12/15/33 |
|
|
|
|
|
|
|
71 |
|
|
|
79,909 |
|
| 6.000% |
|
|
01/15/34 |
|
|
|
|
|
|
|
13 |
|
|
|
15,312 |
|
| 6.000% |
|
|
01/15/34 |
|
|
|
|
|
|
|
24 |
|
|
|
28,140 |
|
| 6.000% |
|
|
06/20/34 |
|
|
|
|
|
|
|
52 |
|
|
|
61,062 |
|
| 6.000% |
|
|
07/15/34 |
|
|
|
|
|
|
|
109 |
|
|
|
129,565 |
|
| 6.000% |
|
|
10/15/34 |
|
|
|
|
|
|
|
152 |
|
|
|
173,653 |
|
| 6.500% |
|
|
10/15/23 |
|
|
|
|
|
|
|
— |
(r) |
|
|
408 |
|
| 6.500% |
|
|
12/15/23 |
|
|
|
|
|
|
|
1 |
|
|
|
1,484 |
|
| 6.500% |
|
|
01/15/24 |
|
|
|
|
|
|
|
1 |
(r) |
|
|
555 |
|
| 6.500% |
|
|
01/15/24 |
|
|
|
|
|
|
|
2 |
|
|
|
1,712 |
|
| 6.500% |
|
|
01/15/24 |
|
|
|
|
|
|
|
5 |
|
|
|
5,397 |
|
| 6.500% |
|
|
01/15/24 |
|
|
|
|
|
|
|
6 |
|
|
|
6,855 |
|
| 6.500% |
|
|
01/15/24 |
|
|
|
|
|
|
|
24 |
|
|
|
26,931 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
— |
(r) |
|
|
126 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
— |
(r) |
|
|
158 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
1 |
|
|
|
1,335 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
1 |
|
|
|
1,430 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
2 |
|
|
|
1,865 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
3 |
|
|
|
3,205 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
4 |
|
|
|
4,400 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
5 |
|
|
|
5,328 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
6 |
|
|
|
6,613 |
|
| 6.500% |
|
|
02/15/24 |
|
|
|
|
|
|
|
17 |
|
|
|
19,157 |
|
| 6.500% |
|
|
04/15/24 |
|
|
|
|
|
|
|
— |
(r) |
|
|
283 |
|
| 6.500% |
|
|
04/15/24 |
|
|
|
|
|
|
|
1 |
|
|
|
798 |
|
| 6.500% |
|
|
04/15/24 |
|
|
|
|
|
|
|
1 |
|
|
|
1,262 |
|
| 6.500% |
|
|
04/15/24 |
|
|
|
|
|
|
|
1 |
|
|
|
1,338 |
|
| 6.500% |
|
|
04/15/24 |
|
|
|
|
|
|
|
5 |
|
|
|
6,077 |
|
| 6.500% |
|
|
05/15/24 |
|
|
|
|
|
|
|
5 |
|
|
|
5,906 |
|
| 6.500% |
|
|
05/15/24 |
|
|
|
|
|
|
|
8 |
|
|
|
9,246 |
|
| 6.500% |
|
|
10/15/24 |
|
|
|
|
|
|
|
7 |
|
|
|
7,421 |
|
| 6.500% |
|
|
12/15/30 |
|
|
|
|
|
|
|
6 |
|
|
|
6,529 |
|
| 6.500% |
|
|
01/15/32 |
|
|
|
|
|
|
|
16 |
|
|
|
18,121 |
|
| 6.500% |
|
|
02/15/32 |
|
|
|
|
|
|
|
12 |
|
|
|
13,437 |
|
| 6.500% |
|
|
07/15/32 |
|
|
|
|
|
|
|
32 |
|
|
|
35,445 |
|
| 6.500% |
|
|
08/15/32 |
|
|
|
|
|
|
|
4 |
|
|
|
4,054 |
|
| 6.500% |
|
|
08/15/32 |
|
|
|
|
|
|
|
7 |
|
|
|
8,112 |
|
| 6.500% |
|
|
08/15/32 |
|
|
|
|
|
|
|
25 |
|
|
|
28,435 |
|
| 6.500% |
|
|
08/15/32 |
|
|
|
|
|
|
|
143 |
|
|
|
167,284 |
|
| 6.500% |
|
|
06/15/35 |
|
|
|
|
|
|
|
25 |
|
|
|
29,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 6.500% |
|
|
07/15/35 |
|
|
|
|
|
|
|
6 |
|
|
$ |
7,148 |
|
| 8.000% |
|
|
01/15/24 |
|
|
|
|
|
|
|
4 |
|
|
|
4,015 |
|
| 8.000% |
|
|
04/15/25 |
|
|
|
|
|
|
|
2 |
|
|
|
2,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $296,795,353) |
|
|
|
303,834,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY OBLIGATIONS — 0.5% |
|
| U.S. Treasury Bonds |
|
|
|
|
|
| 1.875% |
|
|
02/15/51 |
|
|
|
|
|
|
|
1,915 |
|
|
|
1,827,329 |
|
| 2.250% |
|
|
05/15/41 |
|
|
|
|
|
|
|
3,355 |
|
|
|
3,491,297 |
|
| 2.500% |
|
|
02/15/46 |
|
|
|
|
|
|
|
1,285 |
|
|
|
1,391,615 |
|
| 2.500% |
|
|
05/15/46 |
|
|
|
|
|
|
|
2,640 |
|
|
|
2,859,038 |
|
| 2.875% |
|
|
05/15/43 |
|
|
|
|
|
|
|
70 |
|
|
|
80,445 |
|
| U.S. Treasury Notes |
|
|
|
|
|
| 0.125% |
|
|
03/31/23 |
|
|
|
|
|
|
|
2,640 |
|
|
|
2,636,184 |
|
| 0.875% |
|
|
06/30/26 |
|
|
|
|
|
|
|
90 |
|
|
|
89,972 |
|
| 1.250% |
|
|
06/30/28 |
|
|
|
|
|
|
|
3,900 |
|
|
|
3,906,703 |
|
| 1.625% |
|
|
05/15/31 |
(a) |
|
|
|
|
|
|
1,135 |
|
|
|
1,152,734 |
|
| 3.125% |
|
|
11/15/28 |
(k) |
|
|
|
|
|
|
625 |
|
|
|
707,031 |
|
| U.S. Treasury Strips Coupon |
|
|
|
|
|
| 2.000%(s) |
|
|
08/15/39 |
(k) |
|
|
|
|
|
|
3,780 |
|
|
|
2,584,723 |
|
| 2.228%(s) |
|
|
05/15/28 |
(k) |
|
|
|
|
|
|
718 |
|
|
|
656,016 |
|
| 2.365%(s) |
|
|
08/15/44 |
|
|
|
|
|
|
|
3,095 |
|
|
|
1,858,209 |
|
| 2.395%(s) |
|
|
11/15/43 |
|
|
|
|
|
|
|
1,156 |
|
|
|
705,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(cost $23,444,606) |
|
|
|
23,946,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $3,487,596,722) |
|
|
|
4,592,290,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Shares |
|
|
|
|
| SHORT-TERM INVESTMENTS — 6.1% |
|
| AFFILIATED MUTUAL FUNDS — 6.1% |
|
| PGIM Core Ultra Short Bond
Fund(wa) |
|
|
|
257,494,338 |
|
|
|
257,494,338 |
|
| PGIM Institutional Money Market Fund
(cost $37,011,105; includes $37,007,847 of cash
collateral for securities on loan)(b)(wa) |
|
|
|
37,109,471 |
|
|
|
37,087,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL AFFILIATED MUTUAL FUNDS
(cost $294,505,443) |
|
|
|
294,581,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
|
|
| U.S. TREASURY OBLIGATION(k)(n) — 0.0% |
|
| U.S. Treasury Bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.045% |
|
|
09/16/21 |
|
|
|
|
|
|
|
350 |
|
|
|
349,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (cost $349,966) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $294,855,409) |
|
|
|
294,931,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.8%
(cost
$3,782,452,131) |
|
|
|
4,887,222,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A68
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Value |
|
| OPTION WRITTEN*~ — (0.0)% |
|
| (premiums received $0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 101.8%
(cost
$3,782,452,131) |
|
|
|
4,887,219,896 |
|
| Liabilities in excess of other
assets(z) — (1.8)% |
|
|
|
(86,957,965 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
$ |
4,800,261,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ~ |
See tables subsequent to the Schedule of Investments for options detail. |
| ^ |
Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $10,202,250 and 0.2% 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 $35,899,732; cash collateral of $37,007,847 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the
last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2021.
|
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
|
| (ff) |
Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end. |
| (k) |
Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
|
| (n) |
Rate shown reflects yield to maturity at purchased date. |
| (oo) |
Perpetual security. Maturity date represents next call date. |
| (p) |
Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is
after the period end. |
| (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 7,000,000 is 0.1% of net assets. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
| (z) |
Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments: |
Options Written:
OTC Swaptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Call/
Put |
|
|
Counterparty |
|
|
Expiration
Date |
|
|
Strike |
|
|
Receive |
|
|
Pay |
|
|
Notional
Amount
(000)# |
|
|
Value |
|
| GS_21-PJA^ |
|
|
Put |
|
|
|
Goldman Sachs International |
|
|
|
06/17/24 |
|
|
|
0.25 |
% |
|
|
0.25%(M) |
|
|
|
GS_21-PJA |
(M) |
|
|
13,500 |
|
|
$ |
(2,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (premiums received $0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Contracts |
|
Type |
|
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| Long Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 451 |
|
|
2 Year U.S. Treasury Notes |
|
|
|
Sep. 2021 |
|
|
$ |
99,364,461 |
|
|
$ |
(140,674 |
) |
| 265 |
|
|
5 Year U.S. Treasury Notes |
|
|
|
Sep. 2021 |
|
|
|
32,708,868 |
|
|
|
(73,941 |
) |
| 58 |
|
|
10 Year U.S. Treasury Notes |
|
|
|
Sep. 2021 |
|
|
|
7,685,000 |
|
|
|
7,259 |
|
| 9 |
|
|
10 Year U.S. Ultra Treasury Notes |
|
|
|
Sep. 2021 |
|
|
|
1,324,828 |
|
|
|
20,121 |
|
| 445 |
|
|
20 Year U.S. Treasury Bonds |
|
|
|
Sep. 2021 |
|
|
|
71,533,750 |
|
|
|
1,922,270 |
|
| 435 |
|
|
30 Year U.S. Ultra Treasury Bonds |
|
|
|
Sep. 2021 |
|
|
|
83,819,062 |
|
|
|
3,619,660 |
|
| 8 |
|
|
Mini MSCI EAFE Index |
|
|
|
Sep. 2021 |
|
|
|
921,640 |
|
|
|
(24,046 |
) |
| 6 |
|
|
S&P 500 E-Mini Index |
|
|
|
Sep. 2021 |
|
|
|
1,286,580 |
|
|
|
15,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,346,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
|
5 Year Euro-Bobl |
|
|
|
Sep. 2021 |
|
|
|
4,612,983 |
|
|
|
(5,340 |
) |
SEE NOTES TO FINANCIAL STATEMENTS.
A69
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Futures contracts outstanding at June 30, 2021 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Contracts |
|
|
Type |
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| |
Short Positions (cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
33 |
|
|
10 Year Euro-Bund |
|
|
Sep. 2021 |
|
|
$ |
6,754,186 |
|
|
$ |
(40,122 |
) |
| |
11 |
|
|
Euro Schatz Index |
|
|
Sep. 2021 |
|
|
|
1,462,670 |
|
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,234 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,300,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase
Contracts |
|
Counterparty |
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
|
EUR |
|
|
|
13,157 |
|
|
$ |
15,709,713 |
|
|
$ |
15,601,242 |
|
|
|
$— |
|
|
|
$(108,471) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale
Contracts |
|
Counterparty |
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canadian Dollar, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/20/21 |
|
Citibank, N.A. |
|
|
CAD |
|
|
|
6,044 |
|
|
$ |
4,824,194 |
|
|
$ |
4,876,030 |
|
|
$ |
— |
|
|
$ |
(51,836 |
) |
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
|
EUR |
|
|
|
13,157 |
|
|
|
16,087,021 |
|
|
|
15,601,242 |
|
|
|
485,779 |
|
|
|
— |
|
| Expiring 08/03/21 |
|
Citibank, N.A. |
|
|
EUR |
|
|
|
13,157 |
|
|
|
15,719,755 |
|
|
|
15,611,481 |
|
|
|
108,274 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
36,630,970 |
|
|
$ |
36,088,753 |
|
|
|
594,053 |
|
|
|
(51,836 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
594,053 |
|
|
$ |
(160,307 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit default swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
Unrealized
Appreciation
(Depreciation) |
|
Counterparty |
| OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell
Protection(2)^: |
| GS_21-PJA |
|
|
08/14/21 |
|
|
|
0.250%(M) |
|
|
|
13,500 |
|
|
0.250% |
|
|
$4,758 |
|
|
$(1,345) |
|
$6,103 |
|
Goldman Sachs International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
Unrealized
Appreciation
(Depreciation) |
|
Counterparty |
| OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell
Protection(2): |
|
|
| Boeing Co. |
|
|
12/20/21 |
|
|
|
1.000%(Q) |
|
|
|
4,100 |
|
|
0.456% |
|
|
$11,956 |
|
|
$10,508 |
|
$1,448 |
|
Bank of America, N.A. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
A70
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
| |
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. |
Inflation swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
Amount
(000)# |
|
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Floating
Rate |
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
Centrally Cleared Inflation Swap Agreements: |
|
|
|
|
|
|
|
|
|
| |
3,730 |
|
|
|
01/12/26 |
|
|
|
2.205%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
$ |
— |
|
|
$ |
(130,066 |
) |
|
$ |
(130,066 |
) |
| |
7,460 |
|
|
|
01/13/26 |
|
|
|
2.152%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(281,180 |
) |
|
|
(281,180 |
) |
| |
22,580 |
|
|
|
02/02/26 |
|
|
|
2.295%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
(70,242 |
) |
|
|
(674,773 |
) |
|
|
(604,531 |
) |
| |
11,175 |
|
|
|
02/18/26 |
|
|
|
2.370%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(279,140 |
) |
|
|
(279,140 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(70,242 |
) |
|
$ |
(1,365,159 |
) |
|
$ |
(1,294,917 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Portfolio pays the fixed rate and receives the floating rate. |
| (2) |
The Portfolio pays the floating rate and receives the fixed rate. |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
|
|
|
|
|
|
|
|
|
| |
|
Premiums Paid |
|
Premiums Received |
|
Unrealized
Appreciation |
|
Unrealized
Depreciation |
| OTC Swap Agreements |
|
$10,508 |
|
$(1,345) |
|
$7,551 |
|
$— |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally
cleared/exchange-traded derivatives are listed by broker as follows:
|
|
|
|
|
|
|
|
|
| Broker |
|
Cash and/or Foreign Currency |
|
|
Securities Market Value |
|
| Citigroup Global Markets, Inc. |
|
$ |
— |
|
|
$ |
6,666,482 |
|
| Goldman Sachs & Co. LLC |
|
|
— |
|
|
|
349,966 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
— |
|
|
$ |
7,016,448 |
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and
other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation
procedures.
SEE NOTES TO FINANCIAL STATEMENTS.
A71
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks. |
|
$ |
3,154,739,208 |
|
|
$ |
48,307,226 |
|
|
$ |
— |
|
| Exchange-Traded Fund |
|
|
196,253 |
|
|
|
— |
|
|
|
— |
|
| Preferred Stocks |
|
|
613,800 |
|
|
|
394,232 |
|
|
|
— |
|
| Asset-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles |
|
|
— |
|
|
|
81,259,464 |
|
|
|
— |
|
| Collateralized Loan Obligations |
|
|
— |
|
|
|
159,482,411 |
|
|
|
— |
|
| Consumer Loans |
|
|
— |
|
|
|
9,734,705 |
|
|
|
— |
|
| Equipment. |
|
|
— |
|
|
|
8,930,040 |
|
|
|
— |
|
| Home Equity Loans |
|
|
— |
|
|
|
29,815 |
|
|
|
— |
|
| Other |
|
|
— |
|
|
|
3,213,895 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
7,910,710 |
|
|
|
— |
|
| Student Loans |
|
|
— |
|
|
|
20,633,803 |
|
|
|
— |
|
| Commercial Mortgage-Backed Securities |
|
|
— |
|
|
|
216,272,816 |
|
|
|
— |
|
| Corporate Bonds |
|
|
— |
|
|
|
429,468,936 |
|
|
|
— |
|
| Municipal Bonds. |
|
|
— |
|
|
|
19,487,978 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
61,381,456 |
|
|
|
10,199,770 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
32,252,931 |
|
|
|
— |
|
| U.S. Government Agency Obligations |
|
|
— |
|
|
|
303,834,894 |
|
|
|
— |
|
| U.S. Treasury Obligations. |
|
|
— |
|
|
|
23,946,321 |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
294,581,544 |
|
|
|
— |
|
|
|
— |
|
| U.S. Treasury Obligation. |
|
|
— |
|
|
|
349,966 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
3,450,130,805 |
|
|
$ |
1,426,891,599 |
|
|
$ |
10,199,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Option Written |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments* |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
5,585,113 |
|
|
$ |
— |
|
|
$ |
— |
|
| OTC Forward Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
594,053 |
|
|
|
— |
|
| OTC Credit Default Swap Agreements |
|
|
— |
|
|
|
11,956 |
|
|
|
4,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
5,585,113 |
|
|
$ |
606,009 |
|
|
$ |
4,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
(284,123 |
) |
|
$ |
— |
|
|
$ |
— |
|
| OTC Forward Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
(160,307 |
) |
|
|
— |
|
| Centrally Cleared Inflation Swap Agreements |
|
|
— |
|
|
|
(1,294,917 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(284,123 |
) |
|
$ |
(1,455,224 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures,
forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of
investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| Software |
|
|
6.4 |
% |
| U.S. Government Agency Obligations |
|
|
6.3 |
|
| Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on
loan) |
|
|
6.1 |
|
| Banks |
|
|
5.2 |
|
| Interactive Media & Services |
|
|
4.7 |
|
| Commercial Mortgage-Backed Securities |
|
|
4.5 |
|
| Semiconductors & Semiconductor Equipment |
|
|
4.3 |
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals |
|
|
3.7 |
% |
| Collateralized Loan Obligations |
|
|
3.3 |
|
| Pharmaceuticals |
|
|
3.3 |
|
| IT Services |
|
|
3.1 |
|
| Internet & Direct Marketing Retail |
|
|
2.8 |
|
| Automobiles |
|
|
2.4 |
|
| Health Care Equipment & Supplies |
|
|
2.4 |
|
| Health Care Providers & Services |
|
|
2.2 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A72
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification (continued):
|
|
|
|
|
| Capital Markets |
|
|
1.9 |
% |
| Oil, Gas & Consumable Fuels |
|
|
1.9 |
|
| Aerospace & Defense |
|
|
1.8 |
|
| Residential Mortgage-Backed Securities |
|
|
1.7 |
|
| Machinery |
|
|
1.6 |
|
| Hotels, Restaurants & Leisure |
|
|
1.4 |
|
| Insurance |
|
|
1.3 |
|
| Life Sciences Tools & Services |
|
|
1.3 |
|
| Industrial Conglomerates |
|
|
1.3 |
|
| Chemicals |
|
|
1.2 |
|
| Entertainment |
|
|
1.2 |
|
| Diversified Telecommunication Services |
|
|
1.2 |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
1.2 |
|
| Specialty Retail |
|
|
1.1 |
|
| Media |
|
|
1.1 |
|
| Consumer Finance |
|
|
0.9 |
|
| Beverages |
|
|
0.9 |
|
| Food & Staples Retailing |
|
|
0.9 |
|
| Electric |
|
|
0.8 |
|
| Biotechnology |
|
|
0.8 |
|
| Metals & Mining |
|
|
0.8 |
|
| Food Products |
|
|
0.7 |
|
| Sovereign Bonds |
|
|
0.7 |
|
| Diversified Financial Services |
|
|
0.6 |
|
| Electrical Equipment |
|
|
0.6 |
|
| Communications Equipment |
|
|
0.6 |
|
| Pipelines |
|
|
0.6 |
|
| Textiles, Apparel & Luxury Goods |
|
|
0.6 |
|
| Electric Utilities |
|
|
0.6 |
|
| Telecommunications |
|
|
0.6 |
|
| Distributors |
|
|
0.5 |
|
| U.S. Treasury Obligations |
|
|
0.5 |
|
| Multiline Retail |
|
|
0.5 |
|
| Oil & Gas |
|
|
0.4 |
|
| Student Loans |
|
|
0.4 |
|
| Tobacco |
|
|
0.4 |
|
| Municipal Bonds |
|
|
0.4 |
|
| Electronic Equipment, Instruments & Components |
|
|
0.4 |
|
| Household Products |
|
|
0.4 |
|
| Leisure Products |
|
|
0.4 |
|
| Independent Power & Renewable Electricity Producers |
|
|
0.4 |
|
| Building Products |
|
|
0.3 |
|
| Energy Equipment & Services |
|
|
0.3 |
|
| Multi-Utilities |
|
|
0.3 |
|
| Personal Products |
|
|
0.3 |
|
| Auto Manufacturers |
|
|
0.2 |
|
| Real Estate Investment Trusts (REITs) |
|
|
0.2 |
|
| Construction & Engineering |
|
|
0.2 |
|
|
|
|
|
|
| Consumer Loans |
|
|
0.2 |
% |
| Retail |
|
|
0.2 |
|
| Equipment |
|
|
0.2 |
|
| Trading Companies & Distributors |
|
|
0.2 |
|
| Agriculture |
|
|
0.2 |
|
| Road & Rail |
|
|
0.1 |
|
| Semiconductors |
|
|
0.1 |
|
| Commercial Services |
|
|
0.1 |
|
| Packaging & Containers |
|
|
0.1 |
|
| Air Freight & Logistics |
|
|
0.1 |
|
| Healthcare-Services |
|
|
0.1 |
|
| Airlines |
|
|
0.1 |
|
| Gas |
|
|
0.1 |
|
| Foods |
|
|
0.1 |
|
| Other |
|
|
0.1 |
|
| Real Estate Management & Development |
|
|
0.1 |
|
| Healthcare-Products |
|
|
0.1 |
|
| Engineering & Construction |
|
|
0.1 |
|
| Household Durables |
|
|
0.1 |
|
| Home Builders |
|
|
0.1 |
|
| Transportation |
|
|
0.1 |
|
| Housewares |
|
|
0.1 |
|
| Professional Services |
|
|
0.0 |
* |
| Marine |
|
|
0.0 |
* |
| Machinery-Diversified |
|
|
0.0 |
* |
| Multi-National |
|
|
0.0 |
* |
| Building Materials |
|
|
0.0 |
* |
| Miscellaneous Manufacturing |
|
|
0.0 |
* |
| Commercial Services & Supplies |
|
|
0.0 |
* |
| Lodging |
|
|
0.0 |
* |
| Wireless Telecommunication Services |
|
|
0.0 |
* |
| Office/Business Equipment |
|
|
0.0 |
* |
| Mining |
|
|
0.0 |
* |
| Construction Materials |
|
|
0.0 |
* |
| Exchange-Traded Fund |
|
|
0.0 |
* |
| Gas Utilities |
|
|
0.0 |
* |
| Auto Components |
|
|
0.0 |
* |
| Paper & Forest Products |
|
|
0.0 |
* |
| Containers & Packaging |
|
|
0.0 |
* |
| Home Equity Loans |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
101.8 |
|
| Option Written |
|
|
(0.0 |
)* |
| Liabilities in excess of other assets |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Effects of Derivative Instruments on the
Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The
primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail
regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of
Operations is presented in the summary below.
SEE NOTES TO FINANCIAL
STATEMENTS.
A73
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Fair values of derivative instruments as of June 30, 2021 as presented in the Statement of Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Asset Derivatives |
|
|
Liability Derivatives |
|
| Derivatives not accounted for as
hedging instruments, carried at
fair
value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
| Credit contracts |
|
Premiums paid for OTC swap agreements |
|
$ |
10,508 |
|
|
Premiums received for OTC swap agreements |
|
$ |
1,345 |
|
| Credit contracts |
|
— |
|
|
— |
|
|
Options written outstanding, at value |
|
|
2,278 |
|
| Credit contracts |
|
Unrealized appreciation on OTC swap agreements |
|
|
7,551 |
|
|
— |
|
|
— |
|
| Equity contracts |
|
Due from/to broker-variation margin futures |
|
|
15,575 |
* |
|
Due from/to broker-variation margin futures |
|
|
24,046 |
* |
| Foreign exchange contracts |
|
Unrealized appreciation on OTC forward foreign currency exchange contracts |
|
|
594,053 |
|
|
Unrealized depreciation on OTC forward foreign currency exchange contracts |
|
|
160,307 |
|
| Interest rate contracts |
|
Due from/to broker-variation margin futures |
|
|
5,569,538 |
* |
|
Due from/to broker-variation margin futures |
|
|
260,077 |
* |
| Interest rate contracts |
|
— |
|
|
— |
|
|
Due from/to broker-variation margin swaps |
|
|
1,294,917 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,197,225 |
|
|
|
|
$ |
1,742,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap
contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The
effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in
Income |
|
| Derivatives not accounted for as hedging
instruments, carried at fair
value |
|
Options
Purchased(1) |
|
|
Options
Written |
|
|
Futures |
|
|
Forward
Currency
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,171 |
|
| Equity contracts |
|
|
— |
|
|
|
— |
|
|
|
322,028 |
|
|
|
— |
|
|
|
— |
|
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(560,356 |
) |
|
|
— |
|
| Interest rate contracts |
|
|
432,632 |
|
|
|
(190,329 |
) |
|
|
(16,515,851 |
) |
|
|
— |
|
|
|
423,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
432,632 |
|
|
$ |
(190,329 |
) |
|
$ |
(16,193,823 |
) |
|
$ |
(560,356 |
) |
|
$ |
434,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income |
|
| Derivatives not accounted for as
hedging instruments,
carried at fair
value |
|
Options
Written |
|
|
Futures |
|
|
Forward
Currency
Exchange
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
$ |
(2,278 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,662 |
|
| Equity contracts |
|
|
— |
|
|
|
(52,946 |
) |
|
|
— |
|
|
|
— |
|
| Foreign exchange contracts. |
|
|
— |
|
|
|
— |
|
|
|
928,080 |
|
|
|
— |
|
| Interest rate contracts |
|
|
— |
|
|
|
6,173,950 |
|
|
|
— |
|
|
|
(843,886 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(2,278 |
) |
|
$ |
6,121,004 |
|
|
$ |
928,080 |
|
|
$ |
(827,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A74
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
|
|
|
|
|
|
|
|
|
| Options
Purchased(1) |
|
Options
Written(2) |
|
Futures
Contracts—
Long
Positions(2) |
|
Futures
Contracts—
Short
Positions(2) |
|
Forward
Foreign
Currency Exchange
Contracts—
Purchased(3) |
| $54,309 |
|
$4,558,000 |
|
$266,933,751 |
|
$40,587,103 |
|
$10,415,928 |
|
|
|
| Forward Foreign
Currency
Exchange
Contracts—Sold(3) |
|
Interest
Rate
Swap
Agreements(2) |
| $29,934,201 |
|
$16,959,759 |
|
|
|
|
|
| Credit Default
Swap Agreements—
Sell
Protection(2) |
|
Total
Return
Swap
Agreements(2) |
|
Inflation Swap
Agreements(2) |
| $8,600,000 |
|
$10,673,765 |
|
$29,963,333 |
(1) Cost.
(2) Notional Amount in USD.
(3) Value at Settlement Date.
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with
current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions
where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
|
Collateral
Pledged/(Received)(2) |
|
|
Net
Amount |
|
| Securities on Loan |
|
$ |
35,899,732 |
|
|
$ |
(35,899,732 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting of OTC derivative assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Gross Amounts of
Recognized
Assets |
|
|
Gross Amounts of
Recognized
Liabilities |
|
|
Net Amounts of
Recognized
Assets/(Liabilities) |
|
|
Collateral
Pledged/(Received) |
|
|
Net
Amount |
|
| Bank of America, N.A. |
|
$ |
11,956 |
|
|
$ |
— |
|
|
$ |
11,956 |
|
|
$ |
(11,956 |
) |
|
$ |
— |
|
| Citibank, N.A. |
|
|
594,053 |
|
|
|
(160,307 |
) |
|
|
433,746 |
|
|
|
(299,954 |
) |
|
|
133,792 |
|
| Goldman Sachs International |
|
|
6,103 |
|
|
|
(3,623 |
) |
|
|
2,480 |
|
|
|
— |
|
|
|
2,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
612,112 |
|
|
$ |
(163,930 |
) |
|
$ |
448,182 |
|
|
$ |
(311,910 |
) |
|
$ |
136,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and
the Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A75
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM FLEXIBLE MANAGED PORTFOLIO
(CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $35,899,732:
|
|
|
|
|
| Unaffiliated investments (cost $3,487,946,688) |
|
$ |
4,592,640,630 |
|
| Affiliated investments (cost $294,505,443) |
|
|
294,581,544 |
|
| Cash |
|
|
2,468,455 |
|
| Foreign currency, at value (cost $953,318) |
|
|
944,901 |
|
| Dividends and interest receivable |
|
|
8,289,765 |
|
| Receivable for investments sold |
|
|
2,075,154 |
|
| Due from broker-variation margin futures |
|
|
786,887 |
|
| Unrealized appreciation on OTC forward foreign currency exchange contracts |
|
|
594,053 |
|
| Tax reclaim receivable |
|
|
360,202 |
|
| Premiums paid for OTC swap agreements |
|
|
10,508 |
|
| Unrealized appreciation on OTC swap agreements |
|
|
7,551 |
|
| Receivable for Portfolio shares sold |
|
|
4,614 |
|
| Receivable from affiliate |
|
|
3,243 |
|
| Prepaid expenses and other assets |
|
|
509,321 |
|
|
|
|
|
|
| Total Assets |
|
|
4,903,276,828 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable for investments purchased |
|
|
61,962,207 |
|
| Payable to broker for collateral for securities on loan |
|
|
37,007,847 |
|
| Management fee payable. |
|
|
2,351,886 |
|
| Payable for Portfolio shares purchased |
|
|
942,556 |
|
| Accrued expenses and other liabilities |
|
|
420,230 |
|
| Unrealized depreciation on OTC forward foreign currency exchange contracts |
|
|
160,307 |
|
| Payable to affiliate |
|
|
115,272 |
|
| Due to broker-variation margin swaps |
|
|
44,829 |
|
| Due to broker-variation margin futures |
|
|
5,140 |
|
| Options written outstanding, at value |
|
|
2,278 |
|
| Premiums received for OTC swap agreements |
|
|
1,345 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Distribution fee payable |
|
|
20 |
|
|
|
|
|
|
| Total Liabilities |
|
|
103,014,897 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
4,800,261,931 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
4,800,261,931 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $4,800,145,522 / 115,757,594 outstanding shares of beneficial
interest |
|
$ |
41.47 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $116,409 / 2,809 outstanding shares of beneficial
interest |
|
$ |
41.45 |
|
|
|
|
|
|
|
|
| Net Asset Values Per Share may not recalculate due to rounding. |
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| INCOME |
|
|
|
|
| Unaffiliated dividend income (net of $157,504 foreign withholding tax, of which $48,476 is reimbursable by an
affiliate) |
|
$ |
25,049,405 |
|
| Interest income |
|
|
17,519,190 |
|
| Affiliated dividend income |
|
|
226,736 |
|
| Income from securities lending, net (including affiliated income of $16,979) |
|
|
17,571 |
|
|
|
|
|
|
| Total income |
|
|
42,812,902 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee. |
|
|
13,828,573 |
|
| Distribution fee—Class III |
|
|
30 |
|
| Custodian and accounting fees |
|
|
195,434 |
|
| Shareholders’ reports |
|
|
132,264 |
|
| Trustees’ fees |
|
|
31,505 |
|
| Audit fee. |
|
|
23,921 |
|
| Legal fees and expenses. |
|
|
17,109 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
51,663 |
|
|
|
|
|
|
| Total expenses |
|
|
14,285,796 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
28,527,106 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(3,837)) |
|
|
252,919,441 |
|
| Futures transactions. |
|
|
(16,193,823 |
) |
| Forward currency contract transactions |
|
|
(560,356 |
) |
| Options written transactions |
|
|
(190,329 |
) |
| Swap agreements transactions |
|
|
434,493 |
|
| Foreign currency transactions |
|
|
65,452 |
|
|
|
|
|
|
|
|
|
236,474,878 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(2,927)) |
|
|
181,510,235 |
|
| Futures |
|
|
6,121,004 |
|
| Forward currency contracts. |
|
|
928,080 |
|
| Options written |
|
|
(2,278 |
) |
| Swap agreements. |
|
|
(827,224 |
) |
| Foreign currencies |
|
|
(39,056 |
) |
|
|
|
|
|
|
|
|
187,690,761 |
|
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
424,165,639 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
452,692,745 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
28,527,106 |
|
|
$ |
68,485,087 |
|
| Net realized gain (loss) on investment and foreign currency transactions |
|
|
236,474,878 |
|
|
|
127,363,770 |
|
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
187,690,761 |
|
|
|
196,025,655 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
452,692,745 |
|
|
|
391,874,512 |
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
4,969,120 |
|
|
|
8,597,942 |
|
| Portfolio shares purchased |
|
|
(136,484,400 |
) |
|
|
(249,244,194 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
(131,515,280 |
) |
|
|
(240,646,252 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
321,177,465 |
|
|
|
151,228,260 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
4,479,084,466 |
|
|
|
4,327,856,206 |
|
|
|
|
|
|
|
|
|
|
| End of period. |
|
$ |
4,800,261,931 |
|
|
$ |
4,479,084,466 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A76
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME
PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| LONG-TERM INVESTMENTS — 99.0% |
|
|
| ASSET-BACKED SECURITIES — 12.0% |
|
| Collateralized Loan Obligations |
|
|
|
|
|
| AGL Core CLO Ltd. (Cayman Islands), |
|
| Series 2019-02A, Class A1, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%) |
|
| 1.578%(c) |
|
|
04/20/32 |
|
|
|
|
|
|
|
1,000 |
|
|
$ |
1,002,003 |
|
| Balboa Bay Loan Funding Ltd. (Cayman Islands), |
|
| Series 2021-01A, Class A, 144A |
|
| 0.000%(cc) |
|
|
07/20/34 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,001,221 |
|
| Battalion CLO Ltd., |
|
| Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%) |
|
| 1.540%(c) |
|
|
01/17/33 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,502,946 |
|
| Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |
|
| Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) |
|
| 1.508%(c) |
|
|
01/20/32 |
|
|
|
|
|
|
|
750 |
|
|
|
750,089 |
|
| Catamaran CLO Ltd. (Cayman Islands), |
|
| Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) |
|
| 1.444%(c) |
|
|
04/22/30 |
|
|
|
|
|
|
|
1,990 |
|
|
|
1,989,965 |
|
| Elevation CLO Ltd. (Cayman Islands), |
|
| Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor
0.000%) |
|
| 1.404%(c) |
|
|
07/15/30 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,000,097 |
|
| Octagon Investment Partners 45 Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor
1.330%) |
|
| 1.514%(c) |
|
|
10/15/32 |
|
|
|
|
|
|
|
2,250 |
|
|
|
2,251,179 |
|
| OZLM Ltd. (Cayman Islands), |
|
| Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.436%(c) |
|
|
10/30/30 |
|
|
|
|
|
|
|
3,709 |
|
|
|
3,709,979 |
|
| Regatta Funding Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.285%(c) |
|
|
06/20/34 |
|
|
|
|
|
|
|
3,250 |
|
|
|
3,249,188 |
|
| Sound Point CLO Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor
1.370%) |
|
| 1.558%(c) |
|
|
01/20/32 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,000,175 |
|
| Trimaran Cavu Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) |
|
| 1.648%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,504,213 |
|
| Venture CLO Ltd. (Cayman Islands), |
|
| Series 2021-43A, Class A1, 144A |
|
| 0.000%(cc) |
|
|
04/15/34 |
|
|
|
|
|
|
|
2,250 |
|
|
|
2,254,399 |
|
| Wellfleet CLO Ltd. (Cayman Islands), |
|
| Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%) |
|
| 1.248%(c) |
|
|
10/20/29 |
|
|
|
|
|
|
|
1,250 |
|
|
|
1,248,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSET-BACKED SECURITIES
(cost $27,036,590) |
|
|
|
27,464,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.6% |
|
| Barclays Commercial Mortgage Trust, |
|
| Series 2019-C04, Class A4 |
|
| 2.661% |
|
|
08/15/52 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,165,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
4,000 |
|
|
$ |
4,128,145 |
|
| Fannie Mae-Aces, |
|
| Series 2012-M02, Class A2 |
|
| 2.717% |
|
|
02/25/22 |
|
|
|
|
|
|
|
60 |
|
|
|
60,205 |
|
| Series 2018-M14, Class A1 |
|
| 3.700%(cc) |
|
|
08/25/28 |
|
|
|
|
|
|
|
38 |
|
|
|
38,327 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, |
|
| Series K019, Class X1, IO |
|
| 1.724%(cc) |
|
|
03/25/22 |
|
|
|
|
|
|
|
14,319 |
|
|
|
68,202 |
|
| Series K020, Class X1, IO |
|
| 1.470%(cc) |
|
|
05/25/22 |
|
|
|
|
|
|
|
7,757 |
|
|
|
66,485 |
|
| Series K021, Class X1, IO |
|
| 1.526%(cc) |
|
|
06/25/22 |
|
|
|
|
|
|
|
8,229 |
|
|
|
63,195 |
|
| Series K025, Class X1, IO |
|
| 0.913%(cc) |
|
|
10/25/22 |
|
|
|
|
|
|
|
23,684 |
|
|
|
209,991 |
|
| Series K076, Class AM |
|
| 3.900% |
|
|
04/25/28 |
|
|
|
|
|
|
|
205 |
|
|
|
237,153 |
|
| Series K077, Class AM |
|
| 3.850%(cc) |
|
|
05/25/28 |
|
|
|
|
|
|
|
180 |
|
|
|
208,323 |
|
| Series K079, Class AM |
|
| 3.930% |
|
|
06/25/28 |
|
|
|
|
|
|
|
675 |
|
|
|
782,748 |
|
| Series K080, Class AM |
|
| 3.986%(cc) |
|
|
07/25/28 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,208,588 |
|
| Series K083, Class AM |
|
| 4.030%(cc) |
|
|
10/25/28 |
|
|
|
|
|
|
|
250 |
|
|
|
292,463 |
|
| Series K085, Class AM |
|
| 4.060%(cc) |
|
|
10/25/28 |
|
|
|
|
|
|
|
380 |
|
|
|
445,651 |
|
| Series K088, Class AM |
|
| 3.761%(cc) |
|
|
01/25/29 |
|
|
|
|
|
|
|
520 |
|
|
|
600,799 |
|
| Series K091, Class AM |
|
| 3.566% |
|
|
03/25/29 |
|
|
|
|
|
|
|
850 |
|
|
|
975,220 |
|
| Series K151, Class A3 |
|
| 3.511% |
|
|
04/25/30 |
|
|
|
|
|
|
|
400 |
|
|
|
458,411 |
|
| Series K152, Class A2 |
|
| 3.080% |
|
|
01/25/31 |
|
|
|
|
|
|
|
140 |
|
|
|
156,836 |
|
| Series K157, Class A2 |
|
| 3.990%(cc) |
|
|
05/25/33 |
|
|
|
|
|
|
|
1,700 |
|
|
|
2,037,406 |
|
| Series KC03, Class A2 |
|
| 3.499% |
|
|
01/25/26 |
|
|
|
|
|
|
|
650 |
|
|
|
694,592 |
|
| Series W5FX, Class AFX |
|
| 3.336%(cc) |
|
|
04/25/28 |
|
|
|
|
|
|
|
580 |
|
|
|
645,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $16,067,798) |
|
|
|
17,544,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS — 0.9% |
|
| Diversified Financial Services |
|
| Private Export Funding Corp., |
|
| U.S. Gov’t. Gtd. Notes |
|
| 1.400% |
|
|
07/15/28 |
|
|
|
|
|
|
|
885 |
|
|
|
883,775 |
|
| U.S. Gov’t. Gtd. Notes, Series BB |
|
| 4.300% |
|
|
12/15/21 |
|
|
|
|
|
|
|
1,255 |
|
|
|
1,277,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS
(cost $2,151,965) |
|
|
|
2,160,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A77
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.2% |
|
| Government National Mortgage Assoc., |
|
| Series 2015-143, Class WA |
|
| 4.000% |
|
10/20/45 |
|
|
|
|
|
|
312 |
|
|
$ |
341,982 |
|
| Merrill Lynch Mortgage Investors Trust, |
|
| Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%) |
|
| 0.712%(c) |
|
10/25/28 |
|
|
|
|
|
|
9 |
|
|
|
9,559 |
|
| Structured Adjustable Rate Mortgage Loan Trust, |
|
| Series 2004-01, Class 4A3 |
|
| 2.537%(cc) |
|
02/25/34 |
|
|
|
|
|
|
43 |
|
|
|
43,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $380,681) |
|
|
|
395,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 42.0% |
|
| Federal Home Loan Bank |
|
| 3.250% |
|
11/16/28 |
|
|
|
|
|
|
1,025 |
|
|
|
1,164,697 |
|
| Federal Home Loan Mortgage Corp. |
|
| 1.500% |
|
11/01/50 |
|
|
|
|
|
|
490 |
|
|
|
480,706 |
|
| 2.000% |
|
01/01/32 |
|
|
|
|
|
|
179 |
|
|
|
185,392 |
|
| 2.000% |
|
12/01/50 |
|
|
|
|
|
|
2,148 |
|
|
|
2,170,260 |
|
| 2.500% |
|
02/01/28 |
|
|
|
|
|
|
403 |
|
|
|
422,987 |
|
| 2.500% |
|
03/01/30 |
|
|
|
|
|
|
332 |
|
|
|
348,792 |
|
| 2.500% |
|
11/01/46 |
|
|
|
|
|
|
348 |
|
|
|
362,072 |
|
| 2.500% |
|
04/01/51 |
|
|
|
|
|
|
3,249 |
|
|
|
3,364,615 |
|
| 3.000% |
|
06/01/29 |
|
|
|
|
|
|
232 |
|
|
|
246,056 |
|
| 3.000% |
|
01/01/37 |
|
|
|
|
|
|
411 |
|
|
|
432,579 |
|
| 3.000% |
|
06/01/45 |
|
|
|
|
|
|
214 |
|
|
|
227,395 |
|
| 3.000% |
|
01/01/48 |
|
|
|
|
|
|
332 |
|
|
|
346,686 |
|
| 3.000% |
|
07/01/49 |
|
|
|
|
|
|
766 |
|
|
|
798,280 |
|
| 3.000% |
|
10/01/49 |
|
|
|
|
|
|
128 |
|
|
|
134,035 |
|
| 3.500% |
|
12/01/32 |
|
|
|
|
|
|
386 |
|
|
|
416,527 |
|
| 3.500% |
|
07/01/42 |
|
|
|
|
|
|
324 |
|
|
|
350,836 |
|
| 3.500% |
|
10/01/42 |
|
|
|
|
|
|
613 |
|
|
|
664,823 |
|
| 3.500% |
|
08/01/43 |
|
|
|
|
|
|
672 |
|
|
|
726,598 |
|
| 3.500% |
|
09/01/45 |
|
|
|
|
|
|
235 |
|
|
|
253,043 |
|
| 3.500% |
|
10/01/45 |
|
|
|
|
|
|
222 |
|
|
|
237,067 |
|
| 3.500% |
|
02/01/47 |
|
|
|
|
|
|
248 |
|
|
|
263,004 |
|
| 3.500% |
|
07/01/47 |
|
|
|
|
|
|
463 |
|
|
|
491,603 |
|
| 3.500% |
|
03/01/48 |
|
|
|
|
|
|
681 |
|
|
|
720,454 |
|
| 4.000% |
|
06/01/26 |
|
|
|
|
|
|
25 |
|
|
|
27,042 |
|
| 4.000% |
|
09/01/26 |
|
|
|
|
|
|
97 |
|
|
|
102,876 |
|
| 4.000% |
|
09/01/40 |
|
|
|
|
|
|
178 |
|
|
|
193,819 |
|
| 4.000% |
|
12/01/40 |
|
|
|
|
|
|
202 |
|
|
|
221,146 |
|
| 4.000% |
|
12/01/40 |
|
|
|
|
|
|
219 |
|
|
|
239,517 |
|
| 4.000% |
|
11/01/43 |
|
|
|
|
|
|
404 |
|
|
|
441,788 |
|
| 4.000% |
|
09/01/48 |
|
|
|
|
|
|
15 |
|
|
|
15,908 |
|
| 4.500% |
|
09/01/39 |
|
|
|
|
|
|
739 |
|
|
|
821,827 |
|
| 4.500% |
|
08/01/48 |
|
|
|
|
|
|
271 |
|
|
|
292,489 |
|
| 5.000% |
|
06/01/33 |
|
|
|
|
|
|
211 |
|
|
|
239,710 |
|
| 5.000% |
|
05/01/34 |
|
|
|
|
|
|
125 |
|
|
|
140,246 |
|
| 5.500% |
|
05/01/37 |
|
|
|
|
|
|
34 |
|
|
|
39,989 |
|
| 5.500% |
|
02/01/38 |
|
|
|
|
|
|
113 |
|
|
|
131,733 |
|
| 5.500% |
|
05/01/38 |
|
|
|
|
|
|
49 |
|
|
|
56,709 |
|
| 6.000% |
|
09/01/34 |
|
|
|
|
|
|
45 |
|
|
|
50,628 |
|
| 6.000% |
|
01/01/37 |
|
|
|
|
|
|
63 |
|
|
|
74,526 |
|
| 6.000% |
|
09/01/38 |
|
|
|
|
|
|
34 |
|
|
|
40,647 |
|
| 6.000% |
|
08/01/39 |
|
|
|
|
|
|
41 |
|
|
|
48,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 6.250% |
|
07/15/32 |
|
|
|
|
|
|
30 |
|
|
$ |
44,086 |
|
| 6.500% |
|
09/01/32 |
|
|
|
|
|
|
18 |
|
|
|
20,032 |
|
| Federal Home Loan Mortgage Corp., MTN |
|
| 1.846%(s) |
|
11/15/38 |
|
|
|
|
|
|
600 |
|
|
|
396,281 |
|
| Federal National Mortgage Assoc. |
|
| 0.875% |
|
08/05/30 |
|
|
|
|
|
|
250 |
|
|
|
236,916 |
|
| 1.500% |
|
11/01/50 |
|
|
|
|
|
|
491 |
|
|
|
481,271 |
|
| 1.500% |
|
12/01/50 |
|
|
|
|
|
|
958 |
|
|
|
939,990 |
|
| 2.000% |
|
08/01/31 |
|
|
|
|
|
|
181 |
|
|
|
187,527 |
|
| 2.000% |
|
05/01/36 |
|
|
|
|
|
|
988 |
|
|
|
1,019,635 |
|
| 2.000% |
|
06/01/40 |
|
|
|
|
|
|
438 |
|
|
|
444,250 |
|
| 2.000% |
|
07/01/40 |
|
|
|
|
|
|
476 |
|
|
|
485,532 |
|
| 2.000% |
|
02/01/41 |
|
|
|
|
|
|
1,937 |
|
|
|
1,977,609 |
|
| 2.000% |
|
05/01/41 |
|
|
|
|
|
|
2,214 |
|
|
|
2,252,286 |
|
| 2.000% |
|
09/01/50 |
|
|
|
|
|
|
1,710 |
|
|
|
1,727,213 |
|
| 2.000% |
|
10/01/50 |
|
|
|
|
|
|
1,908 |
|
|
|
1,928,104 |
|
| 2.500% |
|
TBA(tt) |
|
|
|
|
|
|
1,500 |
|
|
|
1,551,445 |
|
| 2.500% |
|
TBA |
|
|
|
|
|
|
2,500 |
|
|
|
2,580,859 |
|
| 2.500% |
|
06/01/28 |
|
|
|
|
|
|
1,049 |
|
|
|
1,103,209 |
|
| 2.500% |
|
05/01/41 |
|
|
|
|
|
|
496 |
|
|
|
516,258 |
|
| 2.500% |
|
02/01/43 |
|
|
|
|
|
|
124 |
|
|
|
130,023 |
|
| 2.500% |
|
12/01/46 |
|
|
|
|
|
|
421 |
|
|
|
437,031 |
|
| 2.500% |
|
01/01/50 |
|
|
|
|
|
|
1,028 |
|
|
|
1,063,853 |
|
| 2.500% |
|
03/01/50 |
|
|
|
|
|
|
324 |
|
|
|
335,538 |
|
| 2.500% |
|
05/01/50 |
|
|
|
|
|
|
1,115 |
|
|
|
1,154,465 |
|
| 2.500% |
|
08/01/50 |
|
|
|
|
|
|
2,687 |
|
|
|
2,781,871 |
|
| 2.500% |
|
10/01/50 |
|
|
|
|
|
|
3,278 |
|
|
|
3,393,587 |
|
| 2.500% |
|
04/01/51 |
|
|
|
|
|
|
988 |
|
|
|
1,023,001 |
|
| 3.000% |
|
TBA |
|
|
|
|
|
|
1,000 |
|
|
|
1,042,363 |
|
| 3.000% |
|
02/01/31 |
|
|
|
|
|
|
487 |
|
|
|
514,325 |
|
| 3.000% |
|
11/01/36 |
|
|
|
|
|
|
337 |
|
|
|
353,056 |
|
| 3.000% |
|
03/01/43 |
|
|
|
|
|
|
501 |
|
|
|
530,361 |
|
| 3.000% |
|
07/01/43 |
|
|
|
|
|
|
583 |
|
|
|
621,531 |
|
| 3.000% |
|
07/01/43 |
|
|
|
|
|
|
731 |
|
|
|
777,297 |
|
| 3.000% |
|
09/01/46 |
|
|
|
|
|
|
487 |
|
|
|
511,191 |
|
| 3.000% |
|
11/01/46 |
|
|
|
|
|
|
197 |
|
|
|
207,490 |
|
| 3.000% |
|
11/01/46 |
|
|
|
|
|
|
278 |
|
|
|
293,794 |
|
| 3.000% |
|
11/01/46 |
|
|
|
|
|
|
1,165 |
|
|
|
1,223,368 |
|
| 3.000% |
|
12/01/47 |
|
|
|
|
|
|
623 |
|
|
|
658,841 |
|
| 3.000% |
|
01/01/50 |
|
|
|
|
|
|
658 |
|
|
|
686,719 |
|
| 3.000% |
|
02/01/50 |
|
|
|
|
|
|
301 |
|
|
|
314,373 |
|
| 3.000% |
|
06/01/50 |
|
|
|
|
|
|
457 |
|
|
|
476,948 |
|
| 3.000% |
|
06/01/50 |
|
|
|
|
|
|
1,867 |
|
|
|
1,944,245 |
|
| 3.500% |
|
07/01/31 |
|
|
|
|
|
|
595 |
|
|
|
638,862 |
|
| 3.500% |
|
02/01/33 |
|
|
|
|
|
|
99 |
|
|
|
106,874 |
|
| 3.500% |
|
06/01/39 |
|
|
|
|
|
|
172 |
|
|
|
185,859 |
|
| 3.500% |
|
04/01/42 |
|
|
|
|
|
|
280 |
|
|
|
303,792 |
|
| 3.500% |
|
06/01/42 |
|
|
|
|
|
|
488 |
|
|
|
528,560 |
|
| 3.500% |
|
07/01/42 |
|
|
|
|
|
|
244 |
|
|
|
262,883 |
|
| 3.500% |
|
07/01/42 |
|
|
|
|
|
|
555 |
|
|
|
601,356 |
|
| 3.500% |
|
06/01/45 |
|
|
|
|
|
|
789 |
|
|
|
844,552 |
|
| 3.500% |
|
07/01/46 |
|
|
|
|
|
|
316 |
|
|
|
335,378 |
|
| 3.500% |
|
12/01/46 |
|
|
|
|
|
|
240 |
|
|
|
254,599 |
|
| 3.500% |
|
12/01/46 |
|
|
|
|
|
|
550 |
|
|
|
592,244 |
|
| 3.500% |
|
11/01/48 |
|
|
|
|
|
|
494 |
|
|
|
521,173 |
|
| 3.500% |
|
07/01/49 |
|
|
|
|
|
|
143 |
|
|
|
150,000 |
|
| 3.500% |
|
08/01/49 |
|
|
|
|
|
|
649 |
|
|
|
682,075 |
|
| 4.000% |
|
09/01/40 |
|
|
|
|
|
|
707 |
|
|
|
774,214 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A78
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 4.000% |
|
06/01/42 |
|
|
|
|
|
|
474 |
|
|
$ |
516,372 |
|
| 4.000% |
|
09/01/44 |
|
|
|
|
|
|
311 |
|
|
|
338,427 |
|
| 4.000% |
|
09/01/44 |
|
|
|
|
|
|
488 |
|
|
|
531,595 |
|
| 4.000% |
|
04/01/45 |
|
|
|
|
|
|
311 |
|
|
|
338,579 |
|
| 4.000% |
|
07/01/45 |
|
|
|
|
|
|
253 |
|
|
|
274,807 |
|
| 4.000% |
|
10/01/45 |
|
|
|
|
|
|
375 |
|
|
|
406,170 |
|
| 4.000% |
|
10/01/46 |
|
|
|
|
|
|
126 |
|
|
|
136,021 |
|
| 4.000% |
|
02/01/47 |
|
|
|
|
|
|
117 |
|
|
|
125,771 |
|
| 4.000% |
|
06/01/47 |
|
|
|
|
|
|
188 |
|
|
|
200,801 |
|
| 4.000% |
|
07/01/47 |
|
|
|
|
|
|
199 |
|
|
|
213,048 |
|
| 4.000% |
|
10/01/47 |
|
|
|
|
|
|
629 |
|
|
|
673,473 |
|
| 4.000% |
|
11/01/47 |
|
|
|
|
|
|
162 |
|
|
|
173,235 |
|
| 4.000% |
|
11/01/47 |
|
|
|
|
|
|
251 |
|
|
|
269,447 |
|
| 4.500% |
|
05/01/40 |
|
|
|
|
|
|
746 |
|
|
|
821,691 |
|
| 4.500% |
|
04/01/42 |
|
|
|
|
|
|
391 |
|
|
|
431,581 |
|
| 5.000% |
|
12/01/31 |
|
|
|
|
|
|
24 |
|
|
|
25,821 |
|
| 5.000% |
|
03/01/34 |
|
|
|
|
|
|
212 |
|
|
|
241,125 |
|
| 5.000% |
|
06/01/35 |
|
|
|
|
|
|
92 |
|
|
|
105,147 |
|
| 5.000% |
|
07/01/35 |
|
|
|
|
|
|
47 |
|
|
|
53,316 |
|
| 5.000% |
|
05/01/36 |
|
|
|
|
|
|
61 |
|
|
|
70,277 |
|
| 5.500% |
|
02/01/34 |
|
|
|
|
|
|
137 |
|
|
|
157,489 |
|
| 5.500% |
|
09/01/34 |
|
|
|
|
|
|
158 |
|
|
|
183,295 |
|
| 5.500% |
|
02/01/35 |
|
|
|
|
|
|
189 |
|
|
|
216,698 |
|
| 5.500% |
|
06/01/35 |
|
|
|
|
|
|
33 |
|
|
|
36,736 |
|
| 5.500% |
|
06/01/35 |
|
|
|
|
|
|
90 |
|
|
|
100,980 |
|
| 5.500% |
|
09/01/35 |
|
|
|
|
|
|
34 |
|
|
|
38,394 |
|
| 5.500% |
|
09/01/35 |
|
|
|
|
|
|
93 |
|
|
|
104,687 |
|
| 5.500% |
|
10/01/35 |
|
|
|
|
|
|
169 |
|
|
|
193,814 |
|
| 5.500% |
|
11/01/35 |
|
|
|
|
|
|
69 |
|
|
|
76,488 |
|
| 5.500% |
|
11/01/35 |
|
|
|
|
|
|
158 |
|
|
|
179,108 |
|
| 5.500% |
|
11/01/35 |
|
|
|
|
|
|
295 |
|
|
|
341,058 |
|
| 6.000% |
|
12/01/33 |
|
|
|
|
|
|
10 |
|
|
|
10,726 |
|
| 6.000% |
|
02/01/34 |
|
|
|
|
|
|
75 |
|
|
|
86,215 |
|
| 6.000% |
|
08/01/34 |
|
|
|
|
|
|
—(r) |
|
|
|
239 |
|
| 6.000% |
|
11/01/34 |
|
|
|
|
|
|
—(r) |
|
|
|
357 |
|
| 6.000% |
|
12/01/34 |
|
|
|
|
|
|
1 |
|
|
|
975 |
|
| 6.000% |
|
01/01/35 |
|
|
|
|
|
|
18 |
|
|
|
19,625 |
|
| 6.000% |
|
01/01/36 |
|
|
|
|
|
|
56 |
|
|
|
63,201 |
|
| 6.000% |
|
05/01/38 |
|
|
|
|
|
|
29 |
|
|
|
34,111 |
|
| 6.500% |
|
07/01/32 |
|
|
|
|
|
|
126 |
|
|
|
146,807 |
|
| 6.500% |
|
08/01/32 |
|
|
|
|
|
|
60 |
|
|
|
68,284 |
|
| 6.500% |
|
10/01/32 |
|
|
|
|
|
|
158 |
|
|
|
185,924 |
|
| 6.500% |
|
10/01/37 |
|
|
|
|
|
|
98 |
|
|
|
116,038 |
|
| 6.625% |
|
11/15/30 |
|
|
|
|
|
|
435 |
|
|
|
629,347 |
|
| 7.000% |
|
12/01/31 |
|
|
|
|
|
|
55 |
|
|
|
62,649 |
|
| 7.000% |
|
01/01/36 |
|
|
|
|
|
|
13 |
|
|
|
15,560 |
|
| 8.000% |
|
10/01/23 |
|
|
|
|
|
|
—(r) |
|
|
|
54 |
|
| 8.000% |
|
09/01/24 |
|
|
|
|
|
|
1 |
|
|
|
628 |
|
| 8.000% |
|
11/01/24 |
|
|
|
|
|
|
1 |
|
|
|
751 |
|
| 8.000% |
|
01/01/26 |
|
|
|
|
|
|
—(r) |
|
|
|
92 |
|
| 9.000% |
|
02/01/25 |
|
|
|
|
|
|
4 |
|
|
|
4,399 |
|
| 9.000% |
|
04/01/25 |
|
|
|
|
|
|
2 |
|
|
|
2,304 |
|
| Government National Mortgage Assoc. |
|
| 2.500% |
|
TBA |
|
|
|
|
|
|
3,000 |
|
|
|
3,104,531 |
|
| 2.500% |
|
12/20/46 |
|
|
|
|
|
|
139 |
|
|
|
145,293 |
|
| 3.000% |
|
03/15/45 |
|
|
|
|
|
|
661 |
|
|
|
692,608 |
|
| 3.000% |
|
07/20/46 |
|
|
|
|
|
|
608 |
|
|
|
641,482 |
|
| 3.000% |
|
09/20/46 |
|
|
|
|
|
|
662 |
|
|
|
697,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 3.000% |
|
10/20/46 |
|
|
|
|
|
|
165 |
|
|
$ |
173,242 |
|
| 3.000% |
|
04/20/47 |
|
|
|
|
|
|
736 |
|
|
|
775,865 |
|
| 3.000% |
|
12/20/48 |
|
|
|
|
|
|
521 |
|
|
|
547,440 |
|
| 3.000% |
|
04/20/49 |
|
|
|
|
|
|
476 |
|
|
|
497,993 |
|
| 3.000% |
|
12/20/49 |
|
|
|
|
|
|
1,136 |
|
|
|
1,185,797 |
|
| 3.000% |
|
06/20/50 |
|
|
|
|
|
|
135 |
|
|
|
140,586 |
|
| 3.500% |
|
01/20/43 |
|
|
|
|
|
|
617 |
|
|
|
660,296 |
|
| 3.500% |
|
04/20/43 |
|
|
|
|
|
|
292 |
|
|
|
313,672 |
|
| 3.500% |
|
03/20/45 |
|
|
|
|
|
|
411 |
|
|
|
438,182 |
|
| 3.500% |
|
04/20/45 |
|
|
|
|
|
|
336 |
|
|
|
357,949 |
|
| 3.500% |
|
04/20/46 |
|
|
|
|
|
|
574 |
|
|
|
609,499 |
|
| 3.500% |
|
07/20/46 |
|
|
|
|
|
|
864 |
|
|
|
919,453 |
|
| 3.500% |
|
07/20/48 |
|
|
|
|
|
|
758 |
|
|
|
800,516 |
|
| 3.500% |
|
11/20/48 |
|
|
|
|
|
|
193 |
|
|
|
203,266 |
|
| 3.500% |
|
01/20/49 |
|
|
|
|
|
|
349 |
|
|
|
369,413 |
|
| 3.500% |
|
05/20/49 |
|
|
|
|
|
|
720 |
|
|
|
755,871 |
|
| 4.000% |
|
06/15/40 |
|
|
|
|
|
|
87 |
|
|
|
96,083 |
|
| 4.000% |
|
08/20/46 |
|
|
|
|
|
|
352 |
|
|
|
380,690 |
|
| 4.000% |
|
11/20/46 |
|
|
|
|
|
|
213 |
|
|
|
230,583 |
|
| 4.000% |
|
09/20/47 |
|
|
|
|
|
|
311 |
|
|
|
331,657 |
|
| 4.000% |
|
06/20/48 |
|
|
|
|
|
|
505 |
|
|
|
537,372 |
|
| 4.000% |
|
02/20/49 |
|
|
|
|
|
|
475 |
|
|
|
502,463 |
|
| 4.500% |
|
02/20/41 |
|
|
|
|
|
|
285 |
|
|
|
319,464 |
|
| 4.500% |
|
03/20/41 |
|
|
|
|
|
|
240 |
|
|
|
265,453 |
|
| 4.500% |
|
06/20/44 |
|
|
|
|
|
|
185 |
|
|
|
204,984 |
|
| 4.500% |
|
09/20/46 |
|
|
|
|
|
|
222 |
|
|
|
245,260 |
|
| 4.500% |
|
11/20/46 |
|
|
|
|
|
|
431 |
|
|
|
475,670 |
|
| 4.500% |
|
01/20/47 |
|
|
|
|
|
|
54 |
|
|
|
59,468 |
|
| 5.000% |
|
07/15/33 |
|
|
|
|
|
|
94 |
|
|
|
108,527 |
|
| 5.000% |
|
09/15/33 |
|
|
|
|
|
|
160 |
|
|
|
184,654 |
|
| 5.000% |
|
04/15/34 |
|
|
|
|
|
|
73 |
|
|
|
82,224 |
|
| 5.000% |
|
10/20/48 |
|
|
|
|
|
|
106 |
|
|
|
114,956 |
|
| 5.500% |
|
03/15/34 |
|
|
|
|
|
|
169 |
|
|
|
196,275 |
|
| 5.500% |
|
03/15/36 |
|
|
|
|
|
|
42 |
|
|
|
48,888 |
|
| 6.500% |
|
07/15/32 |
|
|
|
|
|
|
13 |
|
|
|
14,535 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
2 |
|
|
|
1,672 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
3 |
|
|
|
3,332 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
10 |
|
|
|
11,848 |
|
| 6.500% |
|
08/15/32 |
|
|
|
|
|
|
59 |
|
|
|
68,811 |
|
| 7.000% |
|
05/15/23 |
|
|
|
|
|
|
1 |
|
|
|
843 |
|
| 7.000% |
|
06/15/23 |
|
|
|
|
|
|
—(r) |
|
|
|
415 |
|
| 7.000% |
|
06/15/23 |
|
|
|
|
|
|
2 |
|
|
|
1,919 |
|
| 7.000% |
|
06/15/23 |
|
|
|
|
|
|
2 |
|
|
|
1,979 |
|
| 7.000% |
|
07/15/23 |
|
|
|
|
|
|
—(r) |
|
|
|
182 |
|
| 7.000% |
|
07/15/23 |
|
|
|
|
|
|
6 |
|
|
|
5,843 |
|
| 7.000% |
|
08/15/23 |
|
|
|
|
|
|
1 |
|
|
|
689 |
|
| 7.000% |
|
08/15/23 |
|
|
|
|
|
|
1 |
|
|
|
1,436 |
|
| 7.000% |
|
09/15/23 |
|
|
|
|
|
|
1 |
|
|
|
651 |
|
| 7.000% |
|
10/15/23 |
|
|
|
|
|
|
1 |
|
|
|
573 |
|
| 7.000% |
|
10/15/23 |
|
|
|
|
|
|
1 |
|
|
|
1,296 |
|
| 7.000% |
|
11/15/23 |
|
|
|
|
|
|
1 |
|
|
|
1,491 |
|
| 7.000% |
|
11/15/23 |
|
|
|
|
|
|
4 |
|
|
|
3,810 |
|
| 7.000% |
|
01/15/24 |
|
|
|
|
|
|
16 |
|
|
|
17,100 |
|
| 7.000% |
|
05/15/24 |
|
|
|
|
|
|
14 |
|
|
|
14,509 |
|
| 7.000% |
|
08/15/28 |
|
|
|
|
|
|
26 |
|
|
|
29,254 |
|
| 7.500% |
|
12/15/25 |
|
|
|
|
|
|
1 |
|
|
|
1,423 |
|
| 7.500% |
|
12/15/25 |
|
|
|
|
|
|
20 |
|
|
|
21,170 |
|
| 7.500% |
|
02/15/26 |
|
|
|
|
|
|
4 |
|
|
|
3,882 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A79
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| 8.500% |
|
|
09/15/24 |
|
|
|
|
|
|
|
24 |
|
|
$ |
24,864 |
|
| 8.500% |
|
|
04/15/25 |
|
|
|
|
|
|
|
3 |
|
|
|
2,834 |
|
| Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes |
|
| 5.500% |
|
|
09/18/33 |
|
|
|
|
|
|
|
300 |
|
|
|
423,273 |
|
| Resolution Funding Corp. Interest Strips, Bonds |
|
| 1.935%(s) |
|
|
04/15/28 |
|
|
|
|
|
|
|
320 |
|
|
|
291,915 |
|
| 2.197%(s) |
|
|
01/15/30 |
|
|
|
|
|
|
|
140 |
|
|
|
119,372 |
|
| 3.624%(s) |
|
|
04/15/30 |
|
|
|
|
|
|
|
500 |
|
|
|
426,660 |
|
| Resolution Funding Corp. Principal Strips, Bonds |
|
| 1.875%(s) |
|
|
01/15/30 |
|
|
|
|
|
|
|
285 |
|
|
|
247,737 |
|
| 3.143%(s) |
|
|
04/15/30 |
|
|
|
|
|
|
|
2,305 |
|
|
|
1,995,761 |
|
| Tennessee Valley Authority, Sr. Unsec’d. Notes |
|
| 0.750% |
|
|
05/15/25 |
|
|
|
|
|
|
|
325 |
|
|
|
325,317 |
|
| 2.875% |
|
|
02/01/27 |
|
|
|
|
|
|
|
175 |
|
|
|
191,440 |
|
| 5.880% |
|
|
04/01/36 |
|
|
|
|
|
|
|
230 |
|
|
|
341,490 |
|
| 6.750% |
|
|
11/01/25 |
|
|
|
|
|
|
|
510 |
|
|
|
638,749 |
|
| 7.125% |
|
|
05/01/30 |
|
|
|
|
|
|
|
530 |
|
|
|
772,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $93,953,899) |
|
|
|
96,587,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY OBLIGATIONS — 36.3% |
|
| U.S. Treasury Bonds |
|
| 1.375% |
|
|
11/15/40 |
(a) |
|
|
|
|
|
|
6,870 |
|
|
|
6,171,192 |
|
| 1.875% |
|
|
02/15/51 |
|
|
|
|
|
|
|
125 |
|
|
|
119,277 |
|
| 2.250% |
|
|
05/15/41 |
|
|
|
|
|
|
|
7,330 |
|
|
|
7,627,781 |
|
| 2.500% |
|
|
02/15/46 |
|
|
|
|
|
|
|
1,985 |
|
|
|
2,149,693 |
|
| 2.500% |
|
|
05/15/46 |
|
|
|
|
|
|
|
1,005 |
|
|
|
1,088,384 |
|
| 2.875% |
|
|
05/15/43 |
(k) |
|
|
|
|
|
|
1,515 |
|
|
|
1,741,066 |
|
| 3.750% |
|
|
11/15/43 |
|
|
|
|
|
|
|
9,410 |
|
|
|
12,346,214 |
|
| U.S. Treasury Notes |
|
| 0.875% |
|
|
06/30/26 |
|
|
|
|
|
|
|
245 |
|
|
|
244,923 |
|
| 0.875% |
|
|
11/15/30 |
(a) |
|
|
|
|
|
|
2,195 |
|
|
|
2,087,651 |
|
| 1.250% |
|
|
04/30/28 |
(a) |
|
|
|
|
|
|
7,905 |
|
|
|
7,932,173 |
|
| 1.250% |
|
|
06/30/28 |
|
|
|
|
|
|
|
2,675 |
|
|
|
2,679,598 |
|
| 1.625% |
|
|
05/15/31 |
|
|
|
|
|
|
|
680 |
|
|
|
690,625 |
|
| 2.625% |
|
|
02/15/29 |
|
|
|
|
|
|
|
2,275 |
|
|
|
2,494,680 |
|
| 2.875% |
|
|
05/15/28 |
|
|
|
|
|
|
|
5,850 |
|
|
|
6,498,984 |
|
| 3.125% |
|
|
11/15/28 |
(a) |
|
|
|
|
|
|
8,120 |
|
|
|
9,185,750 |
|
| U.S. Treasury Strips Coupon |
|
| 0.807%(s) |
|
|
11/15/29 |
|
|
|
|
|
|
|
15 |
|
|
|
13,220 |
|
| 1.225%(s) |
|
|
02/15/41 |
|
|
|
|
|
|
|
130 |
|
|
|
85,516 |
|
| 1.417%(s) |
|
|
02/15/38 |
|
|
|
|
|
|
|
525 |
|
|
|
376,257 |
|
| 1.450%(s) |
|
|
08/15/42 |
|
|
|
|
|
|
|
60 |
|
|
|
37,683 |
|
| 1.463%(s) |
|
|
11/15/42 |
|
|
|
|
|
|
|
155 |
|
|
|
96,851 |
|
| 1.488%(s) |
|
|
11/15/41 |
|
|
|
|
|
|
|
730 |
|
|
|
468,512 |
|
| 1.775%(s) |
|
|
02/15/40 |
|
|
|
|
|
|
|
535 |
|
|
|
361,627 |
|
| 1.982%(s) |
|
|
08/15/39 |
|
|
|
|
|
|
|
2,120 |
|
|
|
1,449,633 |
|
| 1.990%(s) |
|
|
02/15/39 |
|
|
|
|
|
|
|
2,900 |
|
|
|
2,010,062 |
|
| 2.010%(s) |
|
|
08/15/30 |
|
|
|
|
|
|
|
1,060 |
|
|
|
918,970 |
|
| 2.056%(s) |
|
|
11/15/38 |
|
|
|
|
|
|
|
345 |
|
|
|
242,053 |
|
| 2.169%(s) |
|
|
05/15/39 |
|
|
|
|
|
|
|
990 |
|
|
|
681,940 |
|
| 2.172%(s) |
|
|
02/15/28 |
(k) |
|
|
|
|
|
|
550 |
|
|
|
506,086 |
|
| 2.286%(s) |
|
|
08/15/43 |
|
|
|
|
|
|
|
1,355 |
|
|
|
832,002 |
|
| 2.334%(s) |
|
|
08/15/41 |
|
|
|
|
|
|
|
2,210 |
|
|
|
1,430,112 |
|
| 2.353%(s) |
|
|
02/15/44 |
|
|
|
|
|
|
|
780 |
|
|
|
473,606 |
|
| 2.365%(s) |
|
|
05/15/44 |
|
|
|
|
|
|
|
2,790 |
|
|
|
1,687,514 |
|
| 2.370%(s) |
|
|
05/15/29 |
|
|
|
|
|
|
|
565 |
|
|
|
504,616 |
|
| 2.380%(s) |
|
|
05/15/41 |
|
|
|
|
|
|
|
1,855 |
|
|
|
1,210,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. TREASURY OBLIGATIONS (continued) |
|
| 2.415%(s) |
|
|
11/15/40 |
|
|
|
|
|
|
|
525 |
|
|
$ |
347,546 |
|
| 2.416%(s) |
|
|
05/15/42 |
|
|
|
|
|
|
|
80 |
|
|
|
50,719 |
|
| 2.434%(s) |
|
|
11/15/45 |
|
|
|
|
|
|
|
345 |
|
|
|
201,785 |
|
| 2.436%(s) |
|
|
02/15/46 |
|
|
|
|
|
|
|
390 |
|
|
|
226,794 |
|
| 2.443%(s) |
|
|
08/15/44 |
|
|
|
|
|
|
|
210 |
|
|
|
126,082 |
|
| 2.486%(s) |
|
|
02/15/45 |
|
|
|
|
|
|
|
200 |
|
|
|
118,742 |
|
| 2.506%(s) |
|
|
11/15/43 |
|
|
|
|
|
|
|
4,315 |
|
|
|
2,631,644 |
|
| 2.857%(s) |
|
|
05/15/31 |
|
|
|
|
|
|
|
500 |
|
|
|
425,254 |
|
| 3.176%(s) |
|
|
08/15/40 |
|
|
|
|
|
|
|
800 |
|
|
|
532,937 |
|
| 4.096%(s) |
|
|
02/15/42 |
(k) |
|
|
|
|
|
|
3,725 |
|
|
|
2,373,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(cost $81,312,710) |
|
|
|
83,479,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $220,903,643) |
|
|
|
227,631,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 10.8% |
|
|
| AFFILIATED MUTUAL FUNDS |
|
| PGIM Core Ultra Short Bond
Fund(wa) |
|
|
|
10,390,500 |
|
|
|
10,390,500 |
|
| PGIM Institutional Money Market Fund
(cost $14,367,985; includes
$14,366,900 of cash
collateral for securities on loan)(b)(wa) |
|
|
|
14,376,608 |
|
|
|
14,367,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $24,758,485) |
|
|
|
24,758,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS—109.8%
(cost $245,662,128) |
|
|
|
252,390,475 |
|
| Liabilities in excess of other assets(z) — (9.8)% |
|
|
|
(22,460,279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
$ |
229,930,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| (a) |
All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $14,135,592; cash collateral of $14,366,900 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the
last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2021.
|
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A80
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
| (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 1,500,000 is 0.7% of net assets.
|
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
| (z) |
Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments: |
Futures contracts outstanding at June 30,
2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Contracts |
|
|
Type |
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| |
Long Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
121 |
|
|
2 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
$ |
26,658,758 |
|
|
$ |
(40,334 |
) |
| |
351 |
|
|
5 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
43,323,821 |
|
|
|
(109,954 |
) |
| |
300 |
|
|
10 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
39,750,000 |
|
|
|
209,879 |
|
| |
17 |
|
|
30 Year U.S. Ultra Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
3,275,688 |
|
|
|
81,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
248 |
|
|
10 Year U.S. Ultra Treasury Notes |
|
|
Sep. 2021 |
|
|
|
36,506,376 |
|
|
|
(723,539 |
) |
| |
270 |
|
|
20 Year U.S. Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
43,402,500 |
|
|
|
(1,111,550 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,835,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,693,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inflation swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
Amount
(000)# |
|
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Floating
Rate |
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
Centrally Cleared Inflation Swap Agreements: |
|
| |
970 |
|
|
|
01/12/26 |
|
|
|
2.205%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
$ |
— |
|
|
$ |
(33,824 |
) |
|
$ |
(33,824 |
) |
| |
1,940 |
|
|
|
01/13/26 |
|
|
|
2.152%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(73,122 |
) |
|
|
(73,122 |
) |
| |
5,820 |
|
|
|
02/02/26 |
|
|
|
2.295%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
(17,946 |
) |
|
|
(173,923 |
) |
|
|
(155,977 |
) |
| |
2,910 |
|
|
|
02/18/26 |
|
|
|
2.370%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(72,689 |
) |
|
|
(72,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(17,946 |
) |
|
$ |
(353,558 |
) |
|
$ |
(335,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Fund pays the fixed rate and receives the floating rate. |
| (2) |
The Fund pays the floating rate and receives the fixed rate. |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally
cleared/exchange-traded derivatives are listed by broker as follows:
|
|
|
|
|
|
|
|
|
|
|
| Broker |
|
Cash and/or Foreign Currency
|
|
Securities Market Value
|
| Citigroup Global Markets, Inc. |
|
|
$ |
— |
|
|
|
$ |
1,811,099 |
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and
other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation
procedures.
SEE NOTES TO FINANCIAL STATEMENTS.
A81
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Collateralized Loan Obligations |
|
$ |
— |
|
|
$ |
27,464,208 |
|
|
$ |
— |
|
| Commercial Mortgage-Backed Securities |
|
|
— |
|
|
|
17,544,360 |
|
|
|
— |
|
| Corporate Bonds |
|
|
— |
|
|
|
2,160,891 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
395,335 |
|
|
|
— |
|
| U.S. Government Agency Obligations |
|
|
— |
|
|
|
96,587,753 |
|
|
|
— |
|
| U.S. Treasury Obligations |
|
|
— |
|
|
|
83,479,446 |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
24,758,482 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
24,758,482 |
|
|
$ |
227,631,993 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments* |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
291,471 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
(1,985,377 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Centrally Cleared Inflation Swap Agreements |
|
|
— |
|
|
|
(335,612 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(1,985,377 |
) |
|
$ |
(335,612 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures,
forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of
investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| U.S. Government Agency Obligations |
|
|
42.0 |
% |
| U.S. Treasury Obligations |
|
|
36.3 |
|
| Collateralized Loan Obligations |
|
|
12.0 |
|
| Affiliated Mutual Funds (6.2% represents investments purchased with collateral from securities on
loan) |
|
|
10.8 |
|
| Commercial Mortgage-Backed Securities |
|
|
7.6 |
|
| Diversified Financial Services |
|
|
0.9 |
|
|
|
|
|
|
| Residential Mortgage-Backed Securities |
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
109.8 |
|
| Liabilities in excess of other assets |
|
|
(9.8 |
) |
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Effects of Derivative Instruments on the
Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The
primary type of risk associated with these derivative instruments is interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative
instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
SEE NOTES TO FINANCIAL STATEMENTS.
A82
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Fair values of derivative instruments as of June 30, 2021 as presented in the Statement of Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Asset Derivatives |
|
|
Liability Derivatives |
|
| Derivatives not accounted for as
hedging instruments, carried at fair value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
| Interest rate contracts |
|
Due from/to broker-variation margin futures |
|
$ |
291,471 |
* |
|
Due from/to broker-variation margin futures |
|
$ |
1,985,377 |
* |
| Interest rate contracts |
|
— |
|
|
— |
|
|
Due from/to broker-variation margin swaps |
|
|
335,612 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
291,471 |
|
|
|
|
$ |
2,320,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap
contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of
derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in
Income |
| Derivatives not accounted for as hedging
instruments, carried at fair
value
|
|
Options
Purchased(1) |
|
Options
Written |
|
Futures |
|
Swaps |
| Interest rate contracts |
|
|
$ |
110,866 |
|
|
|
$ |
(48,216 |
) |
|
|
$ |
3,769,590 |
|
|
|
$ |
287,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
|
|
|
|
|
|
|
|
|
|
|
| Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income |
| Derivatives not accounted for as hedging
instruments, carried at fair
value
|
|
Futures |
|
Swaps |
| Interest rate contracts |
|
|
$ |
(2,037,136 |
) |
|
|
$ |
(387,003 |
) |
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
|
|
|
|
|
|
|
| Options
Purchased(1) |
|
Options
Written(2) |
|
Futures
Contracts— Long
Positions(2) |
|
Futures
Contracts— Short
Positions(2) |
| $14,046 |
|
$15,000 |
|
$89,555,850 |
|
$69,407,428 |
|
|
|
| Inflation Swap
Agreements(2) |
|
Interest Rate
Swap
Agreements(2) |
| $7,760,000 |
|
$4,123,333 |
| (2) |
Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements
or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists
is presented in the summary below.
SEE NOTES TO FINANCIAL STATEMENTS.
A83
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Offsetting of financial instrument/transaction assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(1) |
|
Net
Amount |
| Securities on Loan |
|
|
$ |
14,135,592 |
|
|
|
$ |
(14,135,592 |
) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
|
SEE NOTES TO FINANCIAL STATEMENTS.
A84
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT INCOME PORTFOLIO
(CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $14,135,592: |
|
|
|
|
| Unaffiliated investments (cost $220,903,643) |
|
$ |
227,631,993 |
|
| Affiliated investments (cost $24,758,485) |
|
|
24,758,482 |
|
| Interest receivable |
|
|
600,940 |
|
| Receivable for investments sold |
|
|
977 |
|
| Receivable for Portfolio shares sold |
|
|
687 |
|
| Prepaid expenses and other assets |
|
|
1,044 |
|
|
|
|
|
|
| Total Assets |
|
|
252,994,123 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
14,366,900 |
|
| Payable for investments purchased |
|
|
8,281,658 |
|
| Due to broker-variation margin futures |
|
|
186,599 |
|
| Accrued expenses and other liabilities |
|
|
103,253 |
|
| Management fee payable |
|
|
75,909 |
|
| Payable for Portfolio shares purchased |
|
|
37,337 |
|
| Due to broker-variation margin swaps |
|
|
11,281 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Trustees’ fees payable |
|
|
7 |
|
| Distribution fee payable |
|
|
3 |
|
|
|
|
|
|
| Total Liabilities |
|
|
23,063,927 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
229,930,196 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
229,930,196 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $229,910,814 / 16,231,269 outstanding shares of beneficial
interest |
|
$ |
14.16 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $19,382 / 1,369 outstanding shares of beneficial
interest |
|
$ |
14.16 |
|
|
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS)
INCOME |
|
|
|
|
| Interest income |
|
$ |
2,260,707 |
|
| Affiliated dividend income |
|
|
10,497 |
|
| Income from securities lending, net (including affiliated income of $2,665) |
|
|
3,394 |
|
|
|
|
|
|
| Total income |
|
|
2,274,598 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
467,183 |
|
| Distribution fee—Class III |
|
|
6 |
|
| Shareholders’ reports |
|
|
38,254 |
|
| Custodian and accounting fees |
|
|
27,073 |
|
| Audit fee |
|
|
18,104 |
|
| Legal fees and expenses |
|
|
9,054 |
|
| Trustees’ fees |
|
|
6,127 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
10,080 |
|
|
|
|
|
|
| Total expenses |
|
|
581,178 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
1,693,420 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(2,150)) |
|
|
(304,704 |
) |
| Futures transactions |
|
|
3,769,590 |
|
| Options written transactions |
|
|
(48,216 |
) |
| Swap agreements transactions |
|
|
287,494 |
|
|
|
|
|
|
|
|
|
3,704,164 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(3)) |
|
|
(8,724,877 |
) |
| Futures |
|
|
(2,037,136 |
) |
| Swap agreements |
|
|
(387,003 |
) |
|
|
|
|
|
|
|
|
(11,149,016 |
) |
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS |
|
|
(7,444,852 |
) |
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(5,751,432 |
) |
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
1,693,420 |
|
|
$ |
3,887,409 |
|
| Net realized gain (loss) on investment transactions |
|
|
3,704,164 |
|
|
|
(1,986,929 |
) |
| Net change in unrealized appreciation (depreciation) on investments |
|
|
(11,149,016 |
) |
|
|
14,795,126 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(5,751,432 |
) |
|
|
16,695,606 |
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,536,155 |
|
|
|
15,481,186 |
|
| Portfolio shares purchased |
|
|
(12,083,243 |
) |
|
|
(24,541,321 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
(10,547,088 |
) |
|
|
(9,060,135 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
(16,298,520 |
) |
|
|
7,635,471 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
246,228,716 |
|
|
|
238,593,245 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
229,930,196 |
|
|
$ |
246,228,716 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A85
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT MONEY MARKET
PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| REPURCHASE AGREEMENTS — 11.1% |
|
| Bank of America Securities, Inc., 0.05%, dated 06/30/21, due 07/01/21 in the amount of
$22,435,031 collateralized by FNMA (coupon rate 2.500%, maturity date 06/01/51), with the aggregate value, including accrued interest, of $22,883,700 |
|
|
|
22,435 |
|
|
$ |
22,435,000 |
|
| Goldman Sachs & Co., 0.05%, dated 06/29/21, due 07/06/21 in the amount of $10,000,097
collateralized by GNMA (coupon rates 3.000%-4.290%, maturity dates 07/15/41-05/20/50), with the aggregate value, including accrued interest, of $10,200,000 |
|
|
|
10,000 |
|
|
|
10,000,000 |
|
| ING Financial Markets LLC, 0.02%, dated 06/11/21, due 07/12/21 in the amount of $20,000,344
collateralized by FHLMC (coupon rates 1.500%-4.500%, maturity dates 11/01/29-05/01/51) and FNMA (coupon rates 1.500%-5.000%, maturity dates 08/01/34-01/01/57), with the aggregate value, including accrued interest, of $20,400,000 |
|
|
|
20,000 |
|
|
|
20,000,000 |
|
| RBC Dominion Securities, Inc., 0.05%, dated 06/30/21, due 07/07/21 in the amount of $25,000,243
collateralized by U.S. Treasury Securities (coupon rates 0.000%-0.375%, maturity dates 09/30/25-02/15/30), with the aggregate value, including accrued interest, of $25,500,035 |
|
|
|
25,000 |
|
|
|
25,000,000 |
|
| TD Securities LLC, 0.055%, dated 06/30/21, due 07/01/21 in the amount of $22,000,034
collateralized by GNMA (coupon rate 2.500%, maturity date 06/20/51), with the aggregate value, including accrued interest, of $22,440,001 |
|
|
|
22,000 |
|
|
|
22,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REPURCHASE AGREEMENTS
(amortized cost $99,435,000) |
|
|
|
99,435,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.0% |
|
| Federal Farm Credit Bank |
|
| 1.400% |
|
|
10/15/21 |
|
|
|
|
|
|
|
155 |
|
|
|
155,598 |
|
| Federal Farm Credit Bank, 1 Month LIBOR + (0.020)% (Cap N/A, Floor 0.000%) |
|
| 0.055%(c) |
|
|
11/16/21 |
|
|
|
|
|
|
|
9,000 |
|
|
|
8,999,782 |
|
| Federal Farm Credit Bank, 1 Month LIBOR + (0.045)% (Cap N/A, Floor 0.000%) |
|
| 0.048%(c) |
|
|
12/20/21 |
|
|
|
|
|
|
|
6,000 |
|
|
|
6,000,000 |
|
| Federal Farm Credit Bank, 1 Month LIBOR + 0.000% (Cap N/A, Floor 0.000%) |
|
| 0.075%(c) |
|
|
07/16/21 |
|
|
|
|
|
|
|
500 |
|
|
|
500,015 |
|
| 0.077%(c) |
|
|
09/10/21 |
|
|
|
|
|
|
|
500 |
|
|
|
500,064 |
|
| 0.081%(c) |
|
|
08/09/21 |
|
|
|
|
|
|
|
18,000 |
|
|
|
18,001,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| Federal Farm Credit Bank, 1 Month LIBOR + 0.080% (Cap N/A, Floor 0.000%) |
|
| 0.175%(c) |
|
|
07/26/21 |
|
|
|
|
|
|
|
8,000 |
|
|
$ |
8,000,827 |
|
| Federal Farm Credit Bank, 1 Month LIBOR + 0.110% (Cap N/A, Floor 0.000%) |
|
| 0.201%(c) |
|
|
09/24/21 |
|
|
|
|
|
|
|
8,500 |
|
|
|
8,503,202 |
|
| Federal Farm Credit Bank, 1 Month LIBOR + 0.130% (Cap N/A, Floor 0.000%) |
|
| 0.210%(c) |
|
|
11/05/21 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,000,634 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.090)% |
|
| 0.045%(c) |
|
|
11/30/21 |
|
|
|
|
|
|
|
8,000 |
|
|
|
8,000,000 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.090)% (Cap N/A, Floor 0.000%) |
|
| 0.028%(c) |
|
|
12/16/21 |
|
|
|
|
|
|
|
15,000 |
|
|
|
15,000,108 |
|
| 0.086%(c) |
|
|
11/02/21 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,999,966 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.100)% (Cap N/A, Floor 0.000%) |
|
| 0.081%(c) |
|
|
10/27/21 |
|
|
|
|
|
|
|
7,950 |
|
|
|
7,950,837 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.120)% (Cap N/A, Floor 0.000%) |
|
| 0.011%(c) |
|
|
12/07/21 |
|
|
|
|
|
|
|
1,750 |
|
|
|
1,749,941 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.125)% (Cap N/A, Floor 0.000%) |
|
| 0.060%(c) |
|
|
07/30/21 |
|
|
|
|
|
|
|
16,000 |
|
|
|
16,000,000 |
|
| Federal Farm Credit Bank, 3 Month LIBOR + (0.130)% (Cap N/A, Floor 0.000%) |
|
| 0.006%(c) |
|
|
11/29/21 |
|
|
|
|
|
|
|
18,000 |
|
|
|
17,999,158 |
|
| Federal Farm Credit Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) |
|
| 0.080%(c) |
|
|
05/13/22 |
|
|
|
|
|
|
|
20,000 |
|
|
|
19,999,118 |
|
| Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
|
| 0.090%(c) |
|
|
07/08/22 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,999,690 |
|
| Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) |
|
| 0.120%(c) |
|
|
02/17/22 |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,000,000 |
|
| Federal Farm Credit Bank, SOFR + 0.110% |
|
| 0.160%(c) |
|
|
07/08/21 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,499,996 |
|
| Federal Home Loan Bank |
|
| 0.025%(n) |
|
|
07/21/21 |
|
|
|
|
|
|
|
16,000 |
|
|
|
15,999,778 |
|
| 0.030% |
|
|
11/18/21 |
|
|
|
|
|
|
|
13,000 |
|
|
|
12,999,462 |
|
| 0.040%(n) |
|
|
07/27/21 |
|
|
|
|
|
|
|
13,000 |
|
|
|
12,999,624 |
|
| 0.040% |
|
|
10/22/21 |
|
|
|
|
|
|
|
10,000 |
|
|
|
10,000,000 |
|
| 0.050%(n) |
|
|
08/06/21 |
|
|
|
|
|
|
|
10,500 |
|
|
|
10,499,475 |
|
| 0.055%(n) |
|
|
08/27/21 |
|
|
|
|
|
|
|
4,000 |
|
|
|
3,999,652 |
|
| 0.058%(n) |
|
|
08/18/21 |
|
|
|
|
|
|
|
11,000 |
|
|
|
10,999,149 |
|
| 0.060% |
|
|
03/29/22 |
|
|
|
|
|
|
|
12,500 |
|
|
|
12,498,810 |
|
| Federal Home Loan Bank, 1 Month LIBOR + (0.020)% (Cap N/A, Floor 0.000%) |
|
| 0.062%(c) |
|
|
12/17/21 |
|
|
|
|
|
|
|
12,500 |
|
|
|
12,501,706 |
|
| Federal Home Loan Bank, 1 Month LIBOR + (0.030)% (Cap N/A, Floor 0.000%) |
|
| 0.043%(c) |
|
|
07/14/21 |
|
|
|
|
|
|
|
9,000 |
|
|
|
9,000,000 |
|
| Federal Home Loan Bank, 1 Month LIBOR + 0.000% (Cap N/A, Floor 0.000%) |
|
| 0.095%(c) |
|
|
09/28/21 |
|
|
|
|
|
|
|
7,000 |
|
|
|
7,000,000 |
|
| Federal Home Loan Bank, 1 Month LIBOR + 0.005% (Cap N/A, Floor 0.000%) |
|
| 0.080%(c) |
|
|
08/16/21 |
|
|
|
|
|
|
|
6,000 |
|
|
|
6,000,131 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A86
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| Federal Home Loan Bank, 1 Month LIBOR + 0.040% (Cap N/A, Floor 0.000%) |
|
| 0.120%(c) |
|
|
07/06/21 |
|
|
|
|
|
|
|
8,000 |
|
|
$ |
8,000,072 |
|
| Federal Home Loan Bank, 3 Month LIBOR + (0.080)% (Cap N/A, Floor 0.000%) |
|
| 0.070%(c) |
|
|
08/24/21 |
|
|
|
|
|
|
|
17,000 |
|
|
|
17,001,208 |
|
| Federal Home Loan Bank, 3 Month LIBOR + (0.095)% (Cap N/A, Floor 0.000%) |
|
| 0.024%(c) |
|
|
09/13/21 |
|
|
|
|
|
|
|
22,000 |
|
|
|
22,001,368 |
|
| Federal Home Loan Bank, 3 Month LIBOR + (0.105)% (Cap N/A, Floor 0.000%) |
|
| 0.071%(c) |
|
|
08/04/21 |
|
|
|
|
|
|
|
21,425 |
|
|
|
21,425,536 |
|
| Federal Home Loan Bank, 3 Month LIBOR + (0.120)% (Cap N/A, Floor 0.000%) |
|
| 0.056%(c) |
|
|
11/03/21 |
|
|
|
|
|
|
|
7,500 |
|
|
|
7,500,092 |
|
| Federal Home Loan Bank, 3 Month LIBOR + 0.100% (Cap N/A, Floor 0.000%) |
|
| 0.284%(c) |
|
|
10/28/21 |
|
|
|
|
|
|
|
38,500 |
|
|
|
38,529,654 |
|
| Federal Home Loan Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%) |
|
| 0.070%(c) |
|
|
08/23/21 |
|
|
|
|
|
|
|
9,000 |
|
|
|
9,000,000 |
|
| Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
|
| 0.085%(c) |
|
|
12/17/21 |
|
|
|
|
|
|
|
8,000 |
|
|
|
8,000,000 |
|
| Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) |
|
| 0.110%(c) |
|
|
02/11/22 |
|
|
|
|
|
|
|
6,000 |
|
|
|
6,000,000 |
|
| Federal Home Loan Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) |
|
| 0.135%(c) |
|
|
09/10/21 |
|
|
|
|
|
|
|
8,000 |
|
|
|
8,000,546 |
|
| Federal Home Loan Mortgage Corp., MTN, SOFR + 0.045% (Cap N/A, Floor 0.000%) |
|
| 0.095%(c) |
|
|
08/27/21 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,000,000 |
|
| Federal National Mortgage Assoc., SOFR + 0.100% (Cap N/A, Floor 0.000%) |
|
| 0.150%(c) |
|
|
12/03/21 |
|
|
|
|
|
|
|
20,000 |
|
|
|
20,008,076 |
|
| Federal National Mortgage Assoc., SOFR + 0.220% (Cap N/A, Floor 0.000%) |
|
| 0.270%(c) |
|
|
05/09/22 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,005,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(amortized cost $455,829,866) |
|
|
|
455,829,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. TREASURY OBLIGATIONS(n) — 37.7% |
|
| U.S. Treasury Bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.013% |
|
|
08/26/21 |
|
|
|
|
|
|
|
15,000 |
|
|
$ |
14,999,697 |
|
| 0.019% |
|
|
09/02/21 |
|
|
|
|
|
|
|
15,000 |
|
|
|
14,999,514 |
|
| 0.020% |
|
|
08/10/21 |
|
|
|
|
|
|
|
13,000 |
|
|
|
12,999,711 |
|
| 0.021% |
|
|
07/29/21 |
|
|
|
|
|
|
|
13,000 |
|
|
|
12,999,788 |
|
| 0.030% |
|
|
11/18/21 |
|
|
|
|
|
|
|
17,000 |
|
|
|
16,998,017 |
|
| 0.030% |
|
|
11/26/21 |
|
|
|
|
|
|
|
28,000 |
|
|
|
27,996,524 |
|
| 0.035% |
|
|
11/12/21 |
|
|
|
|
|
|
|
27,000 |
|
|
|
26,996,551 |
|
| 0.038% |
|
|
12/09/21 |
|
|
|
|
|
|
|
11,000 |
|
|
|
10,998,155 |
|
| 0.040% |
|
|
08/05/21 |
|
|
|
|
|
|
|
10,000 |
|
|
|
9,999,611 |
|
| 0.040% |
|
|
12/16/21 |
|
|
|
|
|
|
|
6,500 |
|
|
|
6,498,787 |
|
| 0.041% |
|
|
07/13/21 |
|
|
|
|
|
|
|
4,000 |
|
|
|
3,999,946 |
|
| 0.043% |
|
|
07/27/21 |
|
|
|
|
|
|
|
28,500 |
|
|
|
28,499,107 |
|
| 0.046% |
|
|
07/20/21 |
|
|
|
|
|
|
|
35,000 |
|
|
|
34,999,155 |
|
| 0.047% |
|
|
08/24/21 |
|
|
|
|
|
|
|
18,000 |
|
|
|
17,998,745 |
|
| 0.049% |
|
|
09/23/21 |
|
|
|
|
|
|
|
12,000 |
|
|
|
11,998,642 |
|
| 0.050% |
|
|
08/12/21 |
|
|
|
|
|
|
|
11,000 |
|
|
|
10,999,358 |
|
| 0.056% |
|
|
12/02/21 |
|
|
|
|
|
|
|
18,000 |
|
|
|
17,995,688 |
|
| 0.057% |
|
|
08/19/21 |
|
|
|
|
|
|
|
13,000 |
|
|
|
12,999,000 |
|
| 0.058% |
|
|
12/23/21 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,998,308 |
|
| 0.061% |
|
|
07/22/21 |
|
|
|
|
|
|
|
36,000 |
|
|
|
35,998,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(amortized cost $336,973,023) |
|
|
|
336,973,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS—99.8%
(amortized cost $892,237,889) |
|
|
|
892,237,889 |
|
| Other assets in excess of liabilities — 0.2% |
|
|
|
1,911,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
$ |
894,149,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| # |
Principal amount is shown in U.S. dollars unless otherwise stated. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2021.
|
| (n) |
Rate shown reflects yield to maturity at purchased date.
|
Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and
other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation
procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
$ |
— |
|
|
|
$ |
99,435,000 |
|
|
|
$ |
— |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A87
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Investments in Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Agency Obligations |
|
|
$ |
— |
|
|
|
$ |
455,829,866 |
|
|
|
$ |
— |
|
| U.S. Treasury Obligations |
|
|
|
— |
|
|
|
|
336,973,023 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
$ |
— |
|
|
|
$ |
892,237,889 |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2021 were as
follows:
|
|
|
|
|
| U.S. Government Agency Obligations |
|
|
51.0 |
% |
| U.S. Treasury Obligations |
|
|
37.7 |
|
| Repurchase Agreements |
|
|
11.1 |
|
|
|
|
|
|
|
|
|
99.8 |
|
| Other assets in excess of liabilities |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements
or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists
is presented in the summary below.
Offsetting of financial instrument/transaction assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Counterparty |
|
Gross Market Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(1) |
|
Net
Amount |
| Repurchase Agreements |
|
Bank of America Securities, Inc. |
|
|
$ |
22,435,000 |
|
|
|
$ |
(22,435,000 |
) |
|
|
$ |
— |
|
| Repurchase Agreements |
|
Goldman Sachs & Co. |
|
|
|
10,000,000 |
|
|
|
|
(10,000,000 |
) |
|
|
|
— |
|
| Repurchase Agreements |
|
ING Financial Markets LLC |
|
|
|
20,000,000 |
|
|
|
|
(20,000,000 |
) |
|
|
|
— |
|
| Repurchase Agreements |
|
RBC Dominion Securities, Inc. |
|
|
|
25,000,000 |
|
|
|
|
(25,000,000 |
) |
|
|
|
— |
|
| Repurchase Agreements |
|
TD Securities LLC |
|
|
|
22,000,000 |
|
|
|
|
(22,000,000 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
99,435,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
|
SEE NOTES TO FINANCIAL STATEMENTS.
A88
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments, at amortized cost which approximates fair value: |
|
$ |
792,802,889 |
|
| Repurchase Agreements (amortized cost $99,435,000) |
|
|
99,435,000 |
|
| Cash |
|
|
41 |
|
| Receivable for Portfolio shares sold |
|
|
2,012,132 |
|
| Interest receivable |
|
|
42,946 |
|
| Prepaid expenses |
|
|
3,434 |
|
|
|
|
|
|
| Total Assets |
|
|
894,296,442 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Shareholders’ reports payable |
|
|
69,770 |
|
| Payable for Portfolio shares purchased |
|
|
40,408 |
|
| Custodian and accounting fees payable |
|
|
15,917 |
|
| Audit fee payable |
|
|
11,341 |
|
| Management fee payable |
|
|
8,118 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Accrued expenses and other liabilities |
|
|
331 |
|
|
|
|
|
|
| Total Liabilities |
|
|
146,865 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
894,149,577 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
894,149,577 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $767,958,650 / 76,793,105 outstanding shares of beneficial
interest |
|
$ |
10.00 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $126,190,927 / 12,619,093 outstanding shares of beneficial
interest |
|
$ |
10.00 |
|
|
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| Interest income |
|
$ |
286,672 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
1,282,571 |
|
| Distribution fee—Class III |
|
|
134,139 |
|
| Shareholders’ reports |
|
|
38,825 |
|
| Custodian and accounting fees |
|
|
37,080 |
|
| Audit fee |
|
|
13,041 |
|
| Legal fees and expenses |
|
|
10,090 |
|
| Trustees’ fees |
|
|
9,564 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
9,298 |
|
|
|
|
|
|
| Total expenses |
|
|
1,539,905 |
|
| Less: Fee waivers and/or expense reimbursement |
|
|
(1,119,094 |
) |
| Less: Distribution fee waiver—Class III |
|
|
(134,139 |
) |
|
|
|
|
|
| Net expenses |
|
|
286,672 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
— |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on investment transactions |
|
|
3,348 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
3,348 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
— |
|
|
$ |
1,764,735 |
|
| Net realized gain (loss) on investment transactions |
|
|
3,348 |
|
|
|
27,206 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
3,348 |
|
|
|
1,791,941 |
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS |
|
|
|
|
|
|
|
|
| Class I |
|
|
(2,975 |
) |
|
|
(1,791,854 |
) |
| Class III |
|
|
(373 |
) |
|
|
(87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(3,348 |
) |
|
|
(1,791,941 |
) |
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
592,868,232 |
|
|
|
850,786,598 |
|
| Portfolio shares issued in reinvestment of distributions |
|
|
3,348 |
|
|
|
1,791,941 |
|
| Portfolio shares purchased |
|
|
(556,503,097 |
) |
|
|
(594,349,211 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
36,368,483 |
|
|
|
258,229,328 |
|
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
36,368,483 |
|
|
|
258,229,328 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
857,781,094 |
|
|
|
599,551,766 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
894,149,577 |
|
|
$ |
857,781,094 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A89
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM JENNISON BLEND
PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
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| |
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Shares |
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|
Value |
|
|
| LONG-TERM INVESTMENTS — 99.4% |
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|
| COMMON STOCKS |
|
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|
|
| Aerospace & Defense — 2.0% |
|
|
|
|
|
|
|
|
| Airbus SE (France)* |
|
|
337,176 |
|
|
$ |
43,479,712 |
|
| Raytheon Technologies Corp. |
|
|
555,791 |
|
|
|
47,414,530 |
|
| Safran SA (France) |
|
|
246,428 |
|
|
|
34,172,572 |
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
|
|
125,066,814 |
|
|
|
|
|
|
|
|
|
|
| Air Freight & Logistics — 0.8% |
|
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|
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|
|
|
|
| FedEx Corp. |
|
|
165,352 |
|
|
|
49,329,462 |
|
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|
|
|
|
|
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|
|
| Airlines — 0.5% |
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|
|
|
|
|
|
| Delta Air Lines, Inc.* |
|
|
749,714 |
|
|
|
32,432,628 |
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|
|
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|
|
| Automobiles — 4.2% |
|
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|
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|
|
|
| General Motors Co.* |
|
|
1,257,566 |
|
|
|
74,410,180 |
|
| Tesla, Inc.* |
|
|
267,143 |
|
|
|
181,577,097 |
|
|
|
|
|
|
|
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|
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|
255,987,277 |
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|
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|
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|
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| Banks — 5.8% |
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|
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|
|
|
| Bank of America Corp. |
|
|
1,996,681 |
|
|
|
82,323,158 |
|
| Citigroup, Inc. |
|
|
770,439 |
|
|
|
54,508,559 |
|
| JPMorgan Chase & Co. |
|
|
648,306 |
|
|
|
100,837,515 |
|
| PNC Financial Services Group, Inc. (The) |
|
|
313,584 |
|
|
|
59,819,284 |
|
| Truist Financial Corp. |
|
|
999,807 |
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|
|
55,489,288 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
352,977,804 |
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|
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|
|
|
|
| Beverages — 0.6% |
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|
|
|
|
|
|
| PepsiCo, Inc. |
|
|
246,730 |
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|
36,557,984 |
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|
|
|
|
|
| Biotechnology — 0.3% |
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|
|
|
|
|
|
| Zai Lab Ltd. (China), ADR* |
|
|
107,515 |
|
|
|
19,029,080 |
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|
|
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|
|
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|
|
| Building Products — 1.2% |
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|
|
| Johnson Controls International PLC |
|
|
1,031,023 |
|
|
|
70,759,109 |
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|
|
|
|
|
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|
|
| Capital Markets — 2.2% |
|
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|
|
|
|
|
|
| Blackstone Group, Inc. (The)(a) |
|
|
471,978 |
|
|
|
45,847,943 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
239,754 |
|
|
|
90,993,836 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
136,841,779 |
|
|
|
|
|
|
|
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|
|
| Chemicals — 1.8% |
|
|
|
|
|
|
|
|
| FMC Corp. |
|
|
295,603 |
|
|
|
31,984,245 |
|
| Linde PLC (United Kingdom) |
|
|
279,016 |
|
|
|
80,663,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
112,647,770 |
|
|
|
|
|
|
|
|
|
|
| Communications Equipment — 0.6% |
|
|
|
|
|
|
|
|
| Cisco Systems, Inc. |
|
|
692,428 |
|
|
|
36,698,684 |
|
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|
|
|
|
|
|
|
|
| Consumer Finance — 1.7% |
|
|
|
|
|
|
|
|
| Capital One Financial Corp. |
|
|
359,878 |
|
|
|
55,669,528 |
|
| SLM Corp.(a) |
|
|
2,155,555 |
|
|
|
45,137,322 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,806,850 |
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.8% |
|
|
|
|
|
|
|
|
| Crown Holdings, Inc. |
|
|
492,053 |
|
|
|
50,292,737 |
|
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|
|
|
|
|
|
|
|
| Entertainment — 3.4% |
|
|
|
|
|
|
|
|
| Netflix, Inc.* |
|
|
176,278 |
|
|
|
93,111,802 |
|
| Spotify Technology SA* |
|
|
145,112 |
|
|
|
39,991,416 |
|
| Walt Disney Co. (The)* |
|
|
416,161 |
|
|
|
73,148,619 |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
206,251,837 |
|
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| |
|
Shares |
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|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Food & Staples Retailing — 1.5% |
|
| Costco Wholesale Corp. |
|
|
86,094 |
|
|
$ |
34,064,813 |
|
| Walmart, Inc. |
|
|
428,409 |
|
|
|
60,414,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,479,050 |
|
|
|
|
|
|
|
|
|
|
| Food Products — 0.8% |
|
|
|
|
|
|
|
|
| Mondelez International, Inc. (Class A Stock) |
|
|
824,252 |
|
|
|
51,466,295 |
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 2.3% |
|
| Abbott Laboratories |
|
|
464,138 |
|
|
|
53,807,519 |
|
| Danaher Corp. |
|
|
163,962 |
|
|
|
44,000,842 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
279,304 |
|
|
|
44,917,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,726,030 |
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services — 1.4% |
|
| Cigna Corp. |
|
|
157,552 |
|
|
|
37,350,853 |
|
| Laboratory Corp. of America Holdings* |
|
|
172,204 |
|
|
|
47,502,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,853,326 |
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure — 2.1% |
|
|
|
|
|
| Airbnb, Inc. (Class A Stock)* |
|
|
230,133 |
|
|
|
35,242,568 |
|
| Chipotle Mexican Grill, Inc.* |
|
|
17,914 |
|
|
|
27,772,791 |
|
| McDonald’s Corp. |
|
|
152,795 |
|
|
|
35,294,117 |
|
| Royal Caribbean Cruises Ltd.*(a) |
|
|
387,395 |
|
|
|
33,037,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,346,521 |
|
|
|
|
|
|
|
|
|
|
| Household Durables — 0.5% |
|
|
|
|
|
| D.R. Horton, Inc. |
|
|
356,928 |
|
|
|
32,255,583 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 0.5% |
|
|
|
|
|
| Procter & Gamble Co. (The) |
|
|
239,033 |
|
|
|
32,252,723 |
|
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|
|
|
|
|
|
|
|
| Industrial Conglomerates — 0.6% |
|
|
|
|
|
| General Electric Co. |
|
|
2,532,500 |
|
|
|
34,087,450 |
|
|
|
|
|
|
|
|
|
|
| Insurance — 2.4% |
|
|
|
|
|
|
|
|
| Chubb Ltd. |
|
|
362,217 |
|
|
|
57,570,770 |
|
| Marsh & McLennan Cos., Inc. |
|
|
333,050 |
|
|
|
46,853,474 |
|
| MetLife, Inc. |
|
|
754,489 |
|
|
|
45,156,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149,580,411 |
|
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|
|
|
|
|
|
|
|
| Interactive Media & Services — 9.2% |
|
|
|
|
|
| Alphabet, Inc. (Class A Stock)* |
|
|
73,598 |
|
|
|
179,710,861 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
37,120 |
|
|
|
93,034,598 |
|
| Bumble, Inc. (Class A Stock)*(a) |
|
|
234,244 |
|
|
|
13,492,454 |
|
| Facebook, Inc. (Class A Stock)* |
|
|
405,934 |
|
|
|
141,147,311 |
|
| Match Group, Inc.* |
|
|
380,918 |
|
|
|
61,423,028 |
|
| Snap, Inc. (Class A Stock)* |
|
|
1,131,935 |
|
|
|
77,130,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
565,938,303 |
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail — 4.8% |
|
| Amazon.com, Inc.* |
|
|
64,341 |
|
|
|
221,343,335 |
|
| MercadoLibre, Inc. (Argentina)* |
|
|
47,013 |
|
|
|
73,236,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294,579,716 |
|
|
|
|
|
|
|
|
|
|
| IT Services — 10.9% |
|
|
|
|
|
|
|
|
| Adyen NV (Netherlands), 144A* |
|
|
36,170 |
|
|
|
88,544,173 |
|
| Affirm Holdings, Inc.*(a) |
|
|
216,386 |
|
|
|
14,573,597 |
|
| Mastercard, Inc. (Class A Stock) |
|
|
157,760 |
|
|
|
57,596,598 |
|
| Okta, Inc.* |
|
|
37,856 |
|
|
|
9,262,606 |
|
| PayPal Holdings, Inc.* |
|
|
301,268 |
|
|
|
87,813,597 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A90
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|
PSF PGIM JENNISON BLEND PORTFOLIO
(CONTINUED) |
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|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| IT Services (cont’d.) |
|
|
|
|
|
|
|
|
| Shopify, Inc. (Canada) (Class A Stock)* |
|
|
112,717 |
|
|
$ |
164,677,283 |
|
| Snowflake, Inc. (Class A Stock)*(a) |
|
|
31,541 |
|
|
|
7,626,614 |
|
| Square, Inc. (Class A Stock)* |
|
|
296,883 |
|
|
|
72,380,075 |
|
| Twilio, Inc. (Class A Stock)* |
|
|
226,356 |
|
|
|
89,220,481 |
|
| Visa, Inc. (Class A Stock)(a) |
|
|
339,560 |
|
|
|
79,395,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
671,090,943 |
|
|
|
|
|
|
|
|
|
|
| Life Sciences Tools & Services — 0.3% |
|
| Sartorius Stedim Biotech (France) |
|
|
36,157 |
|
|
|
17,136,998 |
|
|
|
|
|
|
|
|
|
|
| Machinery — 1.1% |
|
|
|
|
|
|
|
|
| Fortive Corp. |
|
|
398,969 |
|
|
|
27,824,098 |
|
| Otis Worldwide Corp. |
|
|
500,961 |
|
|
|
40,963,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,787,679 |
|
|
|
|
|
|
|
|
|
|
| Multi-Utilities — 1.4% |
|
|
|
|
|
|
|
|
| Dominion Energy, Inc. |
|
|
1,197,807 |
|
|
|
88,122,661 |
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 2.6% |
|
|
|
|
|
| ConocoPhillips |
|
|
2,616,045 |
|
|
|
159,317,141 |
|
|
|
|
|
|
|
|
|
|
| Personal Products — 1.1% |
|
|
|
|
|
|
|
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
202,807 |
|
|
|
64,508,851 |
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 3.6% |
|
|
|
|
|
|
|
|
| AstraZeneca PLC (United Kingdom), ADR(a) |
|
|
1,183,212 |
|
|
|
70,874,399 |
|
| Bristol-Myers Squibb Co. |
|
|
666,244 |
|
|
|
44,518,424 |
|
| Eli Lilly & Co. |
|
|
447,537 |
|
|
|
102,718,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218,111,515 |
|
|
|
|
|
|
|
|
|
|
| Road & Rail — 1.8% |
|
|
|
|
|
|
|
|
| Uber Technologies, Inc.* |
|
|
1,267,379 |
|
|
|
63,521,036 |
|
| Union Pacific Corp. |
|
|
197,755 |
|
|
|
43,492,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,013,293 |
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment — 6.1% |
|
| Broadcom, Inc. |
|
|
125,299 |
|
|
|
59,747,575 |
|
| Lam Research Corp. |
|
|
77,295 |
|
|
|
50,295,857 |
|
| NVIDIA Corp. |
|
|
174,794 |
|
|
|
139,852,679 |
|
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR(a) |
|
|
530,230 |
|
|
|
63,712,437 |
|
| Texas Instruments, Inc. |
|
|
322,975 |
|
|
|
62,108,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
375,716,640 |
|
|
|
|
|
|
|
|
|
|
| Software — 8.4% |
|
|
|
|
|
|
|
|
| Adobe, Inc.* |
|
|
186,743 |
|
|
|
109,364,171 |
|
| Atlassian Corp. PLC (Class A Stock)* |
|
|
148,851 |
|
|
|
38,233,868 |
|
| Crowdstrike Holdings, Inc. (Class A Stock)* |
|
|
214,594 |
|
|
|
53,929,618 |
|
| Microsoft Corp. |
|
|
763,618 |
|
|
|
206,864,116 |
|
| PTC, Inc.* |
|
|
199,478 |
|
|
|
28,178,262 |
|
| salesforce.com, Inc.* |
|
|
101,608 |
|
|
|
24,819,786 |
|
| Trade Desk, Inc. (The)
(Class A Stock)*(a) |
|
|
520,840 |
|
|
|
40,292,182 |
|
| Zoom Video Communications, Inc. (Class A Stock)* |
|
|
28,164 |
|
|
|
10,900,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
512,582,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Specialty Retail — 2.6% |
|
|
|
|
|
| Carvana Co.*(a) |
|
|
106,571 |
|
|
$ |
32,165,259 |
|
| Lowe’s Cos., Inc. |
|
|
222,027 |
|
|
|
43,066,577 |
|
| Ross Stores, Inc. |
|
|
314,684 |
|
|
|
39,020,816 |
|
| TJX Cos., Inc. (The) |
|
|
636,273 |
|
|
|
42,897,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,150,178 |
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals — 3.7% |
|
| Apple, Inc. |
|
|
1,634,242 |
|
|
|
223,825,784 |
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 3.3% |
|
| Lululemon Athletica, Inc.* |
|
|
130,452 |
|
|
|
47,611,066 |
|
| LVMH Moet Hennessy Louis Vuitton SE (France) |
|
|
111,192 |
|
|
|
87,324,061 |
|
| NIKE, Inc. (Class B Stock) |
|
|
440,128 |
|
|
|
67,995,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
202,930,502 |
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors — 0.5% |
|
| United Rentals, Inc.* |
|
|
95,637 |
|
|
|
30,509,159 |
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $3,219,755,377) |
|
|
|
6,096,048,883 |
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 6.2% |
|
|
| AFFILIATED MUTUAL FUNDS |
|
| PGIM Core Ultra Short Bond
Fund(wa) |
|
|
36,244,225 |
|
|
|
36,244,225 |
|
| PGIM Institutional Money Market Fund
(cost $346,405,821; includes $346,384,480 of cash collateral for
securities on loan)(b)(wa) |
|
|
346,885,953 |
|
|
|
346,677,822 |
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $382,650,046) |
|
|
|
382,922,047 |
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS—105.6% (cost $3,602,405,423) |
|
|
|
|
|
|
6,478,970,930 |
|
| Liabilities in excess of other assets — (5.6)% |
|
|
|
(344,419,964 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
|
|
|
$ |
6,134,550,966 |
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| (a) |
All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $336,924,668; cash collateral of $346,384,480 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on
the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
SEE NOTES TO FINANCIAL
STATEMENTS.
A91
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM JENNISON BLEND PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Fair Value Measurements:
Various inputs are used in
determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange
rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair
valuation procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
$ 47,414,530 |
|
|
|
$ 77,652,284 |
|
|
|
$— |
|
| Air Freight & Logistics |
|
|
49,329,462 |
|
|
|
— |
|
|
|
— |
|
| Airlines |
|
|
32,432,628 |
|
|
|
— |
|
|
|
— |
|
| Automobiles |
|
|
255,987,277 |
|
|
|
— |
|
|
|
— |
|
| Banks |
|
|
352,977,804 |
|
|
|
— |
|
|
|
— |
|
| Beverages |
|
|
36,557,984 |
|
|
|
— |
|
|
|
— |
|
| Biotechnology |
|
|
19,029,080 |
|
|
|
— |
|
|
|
— |
|
| Building Products |
|
|
70,759,109 |
|
|
|
— |
|
|
|
— |
|
| Capital Markets |
|
|
136,841,779 |
|
|
|
— |
|
|
|
— |
|
| Chemicals |
|
|
112,647,770 |
|
|
|
— |
|
|
|
— |
|
| Communications Equipment |
|
|
36,698,684 |
|
|
|
— |
|
|
|
— |
|
| Consumer Finance |
|
|
100,806,850 |
|
|
|
— |
|
|
|
— |
|
| Containers & Packaging |
|
|
50,292,737 |
|
|
|
— |
|
|
|
— |
|
| Entertainment |
|
|
206,251,837 |
|
|
|
— |
|
|
|
— |
|
| Food & Staples Retailing |
|
|
94,479,050 |
|
|
|
— |
|
|
|
— |
|
| Food Products |
|
|
51,466,295 |
|
|
|
— |
|
|
|
— |
|
| Health Care Equipment & Supplies |
|
|
142,726,030 |
|
|
|
— |
|
|
|
— |
|
| Health Care Providers & Services |
|
|
84,853,326 |
|
|
|
— |
|
|
|
— |
|
| Hotels, Restaurants & Leisure |
|
|
131,346,521 |
|
|
|
— |
|
|
|
— |
|
| Household Durables |
|
|
32,255,583 |
|
|
|
— |
|
|
|
— |
|
| Household Products |
|
|
32,252,723 |
|
|
|
— |
|
|
|
— |
|
| Industrial Conglomerates |
|
|
34,087,450 |
|
|
|
— |
|
|
|
— |
|
| Insurance |
|
|
149,580,411 |
|
|
|
— |
|
|
|
— |
|
| Interactive Media & Services |
|
|
565,938,303 |
|
|
|
— |
|
|
|
— |
|
| Internet & Direct Marketing Retail |
|
|
294,579,716 |
|
|
|
— |
|
|
|
— |
|
| IT Services |
|
|
582,546,770 |
|
|
|
88,544,173 |
|
|
|
— |
|
| Life Sciences Tools & Services |
|
|
— |
|
|
|
17,136,998 |
|
|
|
— |
|
| Machinery |
|
|
68,787,679 |
|
|
|
— |
|
|
|
— |
|
| Multi-Utilities |
|
|
88,122,661 |
|
|
|
— |
|
|
|
— |
|
| Oil, Gas & Consumable Fuels |
|
|
159,317,141 |
|
|
|
— |
|
|
|
— |
|
| Personal Products |
|
|
64,508,851 |
|
|
|
— |
|
|
|
— |
|
| Pharmaceuticals |
|
|
218,111,515 |
|
|
|
— |
|
|
|
— |
|
| Road & Rail |
|
|
107,013,293 |
|
|
|
— |
|
|
|
— |
|
| Semiconductors & Semiconductor Equipment |
|
|
375,716,640 |
|
|
|
— |
|
|
|
— |
|
| Software |
|
|
512,582,316 |
|
|
|
— |
|
|
|
— |
|
| Specialty Retail |
|
|
157,150,178 |
|
|
|
— |
|
|
|
— |
|
| Technology Hardware, Storage & Peripherals |
|
|
223,825,784 |
|
|
|
— |
|
|
|
— |
|
| Textiles, Apparel & Luxury Goods |
|
|
115,606,441 |
|
|
|
87,324,061 |
|
|
|
— |
|
| Trading Companies & Distributors |
|
|
30,509,159 |
|
|
|
— |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
382,922,047 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
$6,208,313,414 |
|
|
|
$270,657,516 |
|
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A92
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM JENNISON BLEND PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification:
The industry classification of
investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| IT Services |
|
|
10.9 |
% |
| Interactive Media & Services |
|
|
9.2 |
|
| Software |
|
|
8.4 |
|
| Affiliated Mutual Funds (5.6% represents investments purchased with collateral from securities on
loan) |
|
|
6.2 |
|
| Semiconductors & Semiconductor Equipment |
|
|
6.1 |
|
| Banks |
|
|
5.8 |
|
| Internet & Direct Marketing Retail |
|
|
4.8 |
|
| Automobiles |
|
|
4.2 |
|
| Technology Hardware, Storage & Peripherals |
|
|
3.7 |
|
| Pharmaceuticals |
|
|
3.6 |
|
| Entertainment |
|
|
3.4 |
|
| Textiles, Apparel & Luxury Goods |
|
|
3.3 |
|
| Oil, Gas & Consumable Fuels |
|
|
2.6 |
|
| Specialty Retail |
|
|
2.6 |
|
| Insurance |
|
|
2.4 |
|
| Health Care Equipment & Supplies |
|
|
2.3 |
|
| Capital Markets |
|
|
2.2 |
|
| Hotels, Restaurants & Leisure |
|
|
2.1 |
|
| Aerospace & Defense |
|
|
2.0 |
|
| Chemicals |
|
|
1.8 |
|
| Road & Rail |
|
|
1.8 |
|
| Consumer Finance |
|
|
1.7 |
|
|
|
|
|
|
| Food & Staples Retailing |
|
|
1.5 |
% |
| Multi-Utilities |
|
|
1.4 |
|
| Health Care Providers & Services |
|
|
1.4 |
|
| Building Products |
|
|
1.2 |
|
| Machinery |
|
|
1.1 |
|
| Personal Products |
|
|
1.1 |
|
| Food Products |
|
|
0.8 |
|
| Containers & Packaging |
|
|
0.8 |
|
| Air Freight & Logistics |
|
|
0.8 |
|
| Communications Equipment |
|
|
0.6 |
|
| Beverages |
|
|
0.6 |
|
| Industrial Conglomerates |
|
|
0.6 |
|
| Airlines |
|
|
0.5 |
|
| Household Durables |
|
|
0.5 |
|
| Household Products |
|
|
0.5 |
|
| Trading Companies & Distributors |
|
|
0.5 |
|
| Biotechnology |
|
|
0.3 |
|
| Life Sciences Tools & Services |
|
|
0.3 |
|
|
|
|
|
|
|
|
|
105.6 |
|
| Liabilities in excess of other assets |
|
|
(5.6 |
) |
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Financial Instruments/Transactions—Summary
of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are
either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial
instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(1) |
|
Net
Amount |
| Securities on Loan |
|
|
$ |
336,924,668 |
|
|
|
$ |
(336,924,668 |
) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
|
SEE NOTES TO FINANCIAL STATEMENTS.
A93
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM JENNISON BLEND PORTFOLIO
(CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $336,924,668: |
|
|
|
|
| Unaffiliated investments (cost $3,219,755,377) |
|
$ |
6,096,048,883 |
|
| Affiliated investments (cost $382,650,046) |
|
|
382,922,047 |
|
| Cash |
|
|
44 |
|
| Receivable for investments sold |
|
|
4,903,803 |
|
| Dividends receivable |
|
|
1,734,581 |
|
| Tax reclaim receivable |
|
|
1,266,772 |
|
| Receivable for Portfolio shares sold |
|
|
5,694 |
|
| Prepaid expenses and other assets |
|
|
361,381 |
|
|
|
|
|
|
| Total Assets |
|
|
6,487,243,205 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
346,384,480 |
|
| Management fee payable |
|
|
2,211,764 |
|
| Payable for investments purchased |
|
|
1,745,779 |
|
| Payable for Portfolio shares purchased |
|
|
1,269,634 |
|
| Payable to affiliate |
|
|
746,849 |
|
| Accrued expenses and other liabilities |
|
|
331,942 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Distribution fee payable |
|
|
457 |
|
| Administration fee payable |
|
|
354 |
|
|
|
|
|
|
| Total Liabilities |
|
|
352,692,239 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
6,134,550,966 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
6,134,550,966 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $6,132,239,054 / 67,141,689 outstanding shares of
beneficial interest |
|
$ |
91.33 |
|
|
|
|
|
|
| Class II: |
|
|
|
|
| Net asset value and redemption price per share, $2,196,964 / 24,622 outstanding shares of beneficial
interest |
|
$ |
89.23 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $114,948 / 1,259 outstanding shares of beneficial
interest |
|
$ |
91.29 |
|
|
|
|
|
|
| Net Asset Values Per Share may not recalculate due to rounding. |
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| INCOME |
|
|
|
|
| Unaffiliated dividend income (net of $209,666 foreign withholding tax) |
|
$ |
26,876,311 |
|
| Income from securities lending, net (including affiliated income of $126,640) |
|
|
152,268 |
|
| Affiliated dividend income |
|
|
37,164 |
|
|
|
|
|
|
| Total income |
|
|
27,065,743 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
13,054,875 |
|
| Distribution fee—Class II |
|
|
2,582 |
|
| Distribution fee—Class III |
|
|
23 |
|
| Administration fee—Class II |
|
|
1,549 |
|
| Custodian and accounting fees |
|
|
157,779 |
|
| Shareholders’ reports |
|
|
127,762 |
|
| Trustees’ fees |
|
|
38,213 |
|
| Legal fees and expenses |
|
|
19,313 |
|
| Audit fee |
|
|
13,011 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
51,147 |
|
|
|
|
|
|
| Total expenses |
|
|
13,471,551 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
13,594,192 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(20,698)) |
|
|
265,709,994 |
|
| Foreign currency transactions |
|
|
31,066 |
|
|
|
|
|
|
|
|
|
265,741,060 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(6,107)) |
|
|
390,613,832 |
|
| Foreign currencies |
|
|
(7,676 |
) |
|
|
|
|
|
|
|
|
390,606,156 |
|
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
656,347,216 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
669,941,408 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
13,594,192 |
|
|
$ |
38,294,761 |
|
| Net realized gain (loss) on investment and foreign currency transactions |
|
|
265,741,060 |
|
|
|
537,155,668 |
|
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
390,606,156 |
|
|
|
719,957,876 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
669,941,408 |
|
|
|
1,295,408,305 |
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
3,756,947 |
|
|
|
10,494,011 |
|
| Portfolio shares purchased |
|
|
(213,504,338 |
) |
|
|
(344,263,770 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
(209,747,391 |
) |
|
|
(333,769,759 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
460,194,017 |
|
|
|
961,638,546 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
5,674,356,949 |
|
|
|
4,712,718,403 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
6,134,550,966 |
|
|
$ |
5,674,356,949 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A94
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND
PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| LONG-TERM INVESTMENTS — 97.9% |
|
|
| ASSET-BACKED SECURITIES — 23.3% |
|
| Automobiles — 1.0% |
|
|
|
|
|
| AmeriCredit Automobile Receivables Trust, |
|
| Series 2020-02, Class D |
|
| 2.130% |
|
|
03/18/26 |
|
|
|
|
|
|
|
300 |
|
|
$ |
307,631 |
|
| Avis Budget Rental Car Funding AESOP LLC, |
|
| Series 2020-02A, Class A, 144A |
|
| 2.020% |
|
|
02/20/27 |
|
|
|
|
|
|
|
700 |
|
|
|
720,803 |
|
| Exeter Automobile Receivables Trust, |
|
| Series 2020-03A, Class C |
|
| 1.320% |
|
|
07/15/25 |
|
|
|
|
|
|
|
300 |
|
|
|
303,028 |
|
| Series 2020-03A, Class D |
|
| 1.730% |
|
|
07/15/26 |
|
|
|
|
|
|
|
200 |
|
|
|
203,389 |
|
| Hertz Vehicle Financing III LP, |
|
| Series 2021-02A, Class A, 144A |
|
| 1.680% |
|
|
12/27/27 |
|
|
|
|
|
|
|
2,300 |
|
|
|
2,296,931 |
|
| Series 2021-02A, Class B, 144A |
|
| 2.120% |
|
|
12/27/27 |
|
|
|
|
|
|
|
200 |
|
|
|
199,673 |
|
| Series 2021-02A, Class C, 144A |
|
| 2.520% |
|
|
12/27/27 |
|
|
|
|
|
|
|
100 |
|
|
|
99,857 |
|
| Hertz Vehicle Financing LLC, |
|
| Series 2021-01A, Class C, 144A |
|
| 2.050% |
|
|
12/26/25 |
|
|
|
|
|
|
|
100 |
|
|
|
99,934 |
|
| JPMorgan Chase Bank, NA, |
|
| Series 2020-01, Class R, 144A |
|
| 33.784% |
|
|
01/25/28^ |
|
|
|
|
|
|
|
775 |
|
|
|
818,676 |
|
| Series 2020-02, Class D, 144A |
|
| 1.487% |
|
|
02/25/28 |
|
|
|
|
|
|
|
980 |
|
|
|
984,467 |
|
| OneMain Direct Auto Receivables Trust, |
|
| Series 2019-01A, Class A, 144A |
|
| 3.630% |
|
|
09/14/27 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,772,382 |
|
| Series 2019-01A, Class B, 144A |
|
| 3.950% |
|
|
11/14/28 |
|
|
|
|
|
|
|
800 |
|
|
|
876,497 |
|
| Santander Drive Auto Receivables Trust, |
|
| Series 2020-02, Class D |
|
| 2.220% |
|
|
09/15/26 |
|
|
|
|
|
|
|
400 |
|
|
|
409,420 |
|
| Series 2020-03, Class D |
|
| 1.640% |
|
|
11/16/26 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,417,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,510,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collateralized Loan Obligations — 18.5% |
|
| Anchorage Capital CLO Ltd. (Cayman Islands), |
|
| Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A,
Floor
1.390%) |
|
| 1.612%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,000,582 |
|
| Anchorage Credit Opportunities CLO Ltd. (Cayman Islands), |
|
| Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.950% (Cap N/A, Floor 1.950%) |
|
| 2.138%(c) |
|
|
01/20/32 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,004,178 |
|
| Ares European CLO DAC (Ireland), |
|
| Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,
Floor 0.770%) |
|
| 0.770%(c) |
|
|
04/15/32 |
|
|
|
EUR |
|
|
|
10,000 |
|
|
|
11,839,714 |
|
| ArrowMark Colorado Holdings (Cayman Islands), |
|
| Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%) |
|
| 1.464%(c) |
|
|
07/15/29 |
|
|
|
|
|
|
|
250 |
|
|
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Atrium (Cayman Islands), |
|
| Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%) |
|
| 1.014%(c) |
|
|
04/22/27 |
|
|
|
|
|
|
|
7,472 |
|
|
$ |
7,464,134 |
|
| Ballyrock CLO Ltd. (Cayman Islands), |
|
| Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) |
|
| 1.164%(c) |
|
|
10/15/28 |
|
|
|
|
|
|
|
2,398 |
|
|
|
2,396,937 |
|
| Battalion CLO Ltd., |
|
| Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) |
|
| 1.226%(c) |
|
|
05/17/31 |
|
|
|
|
|
|
|
3,000 |
|
|
|
2,997,008 |
|
| Benefit Street Partners CLO Ltd. (Cayman Islands), |
|
| Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.434%(c) |
|
|
10/15/30 |
|
|
|
|
|
|
|
4,500 |
|
|
|
4,500,146 |
|
| Series 2019-18A, Class A, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor
1.340%) |
|
| 1.524%(c) |
|
|
10/15/32 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,501,310 |
|
| Brookside Mill CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.540%(c) |
|
|
01/17/28 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,502,004 |
|
| Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), |
|
| Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.750%(c) |
|
|
11/15/31 |
|
|
|
EUR |
|
|
|
10,000 |
|
|
|
11,799,710 |
|
| Carlyle US CLO Ltd. (Cayman Islands), |
|
| Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%) |
|
| 1.364%(c) |
|
|
01/15/30 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,002,913 |
|
| Catamaran CLO Ltd. (Cayman Islands), |
|
| Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) |
|
| 1.444%(c) |
|
|
04/22/30 |
|
|
|
|
|
|
|
7,710 |
|
|
|
7,711,116 |
|
| CIFC Funding Ltd. (Cayman Islands), |
|
| Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) |
|
| 1.156%(c) |
|
|
04/24/31 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,499,966 |
|
| Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) |
|
| 1.294%(c) |
|
|
01/22/31 |
|
|
|
|
|
|
|
3,750 |
|
|
|
3,751,794 |
|
| Columbia Cent CLO Ltd. (Cayman Islands), |
|
| Series 2020-29A, Class A2, 144A, 3 Month LIBOR + 2.100% (Cap N/A, Floor 2.100%) |
|
| 2.288%(c) |
|
|
07/20/31 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,516,594 |
|
| Elevation CLO Ltd. (Cayman Islands), |
|
| Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%) |
|
| 1.414%(c) |
|
|
10/15/29 |
|
|
|
|
|
|
|
7,500 |
|
|
|
7,500,232 |
|
| Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor
0.000%) |
|
| 1.404%(c) |
|
|
07/15/30 |
|
|
|
|
|
|
|
5,250 |
|
|
|
5,250,256 |
|
| Greenwood Park CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) |
|
| 1.194%(c) |
|
|
04/15/31 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,994,257 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A95
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Greywolf CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
|
| 1.206%(c) |
|
|
04/26/31 |
|
|
|
|
|
|
|
3,500 |
|
|
$ |
3,501,204 |
|
| Hayfin Emerald CLO (Ireland), |
|
| Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) |
|
| 1.100%(c) |
|
|
11/17/32 |
|
|
|
EUR |
|
|
|
10,500 |
|
|
|
12,482,437 |
|
| HPS Loan Management Ltd. (Cayman Islands), |
|
| Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) |
|
| 1.504%(c) |
|
|
07/22/32 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,000,705 |
|
| Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) |
|
| 1.176%(c) |
|
|
02/05/31 |
|
|
|
|
|
|
|
3,973 |
|
|
|
3,974,953 |
|
| ICG US CLO Ltd. (Cayman Islands), |
|
| Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
|
| 1.206%(c) |
|
|
04/25/31 |
|
|
|
|
|
|
|
2,494 |
|
|
|
2,490,625 |
|
| Madison Park Funding Ltd. (Cayman Islands), |
|
| Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%) |
|
| 1.534%(c) |
|
|
10/15/32 |
|
|
|
|
|
|
|
1,750 |
|
|
|
1,751,271 |
|
| Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
|
| 1.296%(c) |
|
|
04/25/32 |
|
|
|
|
|
|
|
2,000 |
|
|
|
1,999,999 |
|
| MidOcean Credit CLO (Cayman Islands), |
|
| Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) |
|
| 1.306%(c) |
|
|
04/21/31 |
|
|
|
|
|
|
|
9,635 |
|
|
|
9,634,801 |
|
| Mountain View CLO LLC (Cayman Islands), |
|
| Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor
0.000%) |
|
| 1.394%(c) |
|
|
01/16/31 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,000,044 |
|
| Mountain View CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.438%(c) |
|
|
10/12/30 |
|
|
|
|
|
|
|
7,483 |
|
|
|
7,481,485 |
|
| Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) |
|
| 1.304%(c) |
|
|
07/15/31 |
|
|
|
|
|
|
|
6,000 |
|
|
|
5,998,834 |
|
| OCP CLO Ltd. (Cayman Islands), |
|
| Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) |
|
| 1.444%(c) |
|
|
07/15/30 |
|
|
|
|
|
|
|
750 |
|
|
|
750,103 |
|
| Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%) |
|
| 1.250%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,002,069 |
|
| OZLM Ltd. (Cayman Islands), |
|
| Series 2014-09A, Class A1AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) |
|
| 1.468%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
2,720 |
|
|
|
2,720,515 |
|
| Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) |
|
| 1.436%(c) |
|
|
10/30/30 |
|
|
|
|
|
|
|
1,236 |
|
|
|
1,236,660 |
|
| Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%) |
|
| 1.578%(c) |
|
|
07/20/32 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,000,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Romark WM-R Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) |
|
| 1.218%(c) |
|
|
04/20/31 |
|
|
|
|
|
|
|
3,958 |
|
|
$ |
3,957,724 |
|
| Shackleton CLO Ltd. (Cayman Islands), |
|
| Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor
0.000%) |
|
| 1.270%(c) |
|
|
05/07/31 |
|
|
|
|
|
|
|
4,955 |
|
|
|
4,954,982 |
|
| Signal Peak CLO Ltd. (Cayman Islands), |
|
| Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor
1.110%) |
|
| 1.286%(c) |
|
|
04/25/31 |
|
|
|
|
|
|
|
5,750 |
|
|
|
5,750,009 |
|
| Sixth Street CLO Ltd. (Cayman Islands), |
|
| Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) |
|
| 1.508%(c) |
|
|
10/20/32 |
|
|
|
|
|
|
|
12,500 |
|
|
|
12,500,366 |
|
| Sound Point CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) |
|
| 1.246%(c) |
|
|
01/26/31 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,499,989 |
|
| Telos CLO Ltd. (Cayman Islands), |
|
| Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%) |
|
| 1.430%(c) |
|
|
01/17/30 |
|
|
|
|
|
|
|
3,470 |
|
|
|
3,472,040 |
|
| TICP CLO Ltd. (Cayman Islands), |
|
| Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor
0.000%) |
|
| 1.328%(c) |
|
|
01/20/31 |
|
|
|
|
|
|
|
3,000 |
|
|
|
2,999,088 |
|
| Trinitas CLO Ltd. (Cayman Islands), |
|
| Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) |
|
| 1.584%(c) |
|
|
07/15/27 |
|
|
|
|
|
|
|
5,000 |
|
|
|
4,995,454 |
|
| Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor
0.000%) |
|
| 1.386%(c) |
|
|
01/25/31 |
|
|
|
|
|
|
|
4,000 |
|
|
|
4,000,558 |
|
| Venture CLO Ltd. (Cayman Islands), |
|
| Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) |
|
| 1.064%(c) |
|
|
07/15/27 |
|
|
|
|
|
|
|
2,315 |
|
|
|
2,314,869 |
|
| Voya CLO Ltd. (Cayman Islands), |
|
| Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) |
|
| 1.394%(c) |
|
|
10/15/30 |
|
|
|
|
|
|
|
7,469 |
|
|
|
7,471,068 |
|
| Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%) |
|
| 1.146%(c) |
|
|
04/25/31 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,000,748 |
|
| Wellfleet CLO Ltd. (Cayman Islands), |
|
| Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) |
|
| 1.340%(c) |
|
|
01/17/31 |
|
|
|
|
|
|
|
6,500 |
|
|
|
6,502,138 |
|
| Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.388%(c) |
|
|
10/20/31 |
|
|
|
|
|
|
|
2,750 |
|
|
|
2,750,025 |
|
| York CLO Ltd. (Cayman Islands), |
|
| Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%) |
|
| 1.334%(c) |
|
|
01/22/31 |
|
|
|
|
|
|
|
2,000 |
|
|
|
1,999,398 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A96
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Collateralized Loan Obligations (cont’d.) |
|
| Zais CLO Ltd. (Cayman Islands), |
|
| Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor
0.000%) |
|
| 1.134%(c) |
|
|
04/15/29 |
|
|
|
|
|
|
|
8,220 |
|
|
$ |
8,197,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
241,875,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Loans — 1.4% |
|
| Fairstone Financial Issuance Trust (Canada), |
|
| Series 2020-01A, Class A, 144A |
|
| 2.509% |
|
|
10/20/39 |
|
|
|
CAD |
|
|
|
400 |
|
|
|
324,727 |
|
| Lending Funding Trust, |
|
| Series 2020-02A, Class A, 144A |
|
| 2.320% |
|
|
04/21/31 |
|
|
|
|
|
|
|
300 |
|
|
|
307,900 |
|
| Lendmark Funding Trust, |
|
| Series 2018-02A, Class A, 144A |
|
| 4.230% |
|
|
04/20/27 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,617,149 |
|
| Series 2019-01A, Class A, 144A |
|
| 3.000% |
|
|
12/20/27 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,044,456 |
|
| Series 2019-02A, Class A, 144A |
|
| 2.780% |
|
|
04/20/28 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,027,292 |
|
| Series 2021-01A, Class B, 144A |
|
| 2.470% |
|
|
11/20/31 |
|
|
|
|
|
|
|
100 |
|
|
|
100,990 |
|
| Mariner Finance Issuance Trust, |
|
| Series 2019-AA, Class A, 144A |
|
| 2.960% |
|
|
07/20/32 |
|
|
|
|
|
|
|
700 |
|
|
|
717,597 |
|
| Series 2020-AA, Class A, 144A |
|
| 2.190% |
|
|
08/21/34 |
|
|
|
|
|
|
|
500 |
|
|
|
508,560 |
|
| OneMain Financial Issuance Trust, |
|
| Series 2018-01A, Class A, 144A |
|
| 3.300% |
|
|
03/14/29 |
|
|
|
|
|
|
|
661 |
|
|
|
663,047 |
|
| Series 2020-01A, Class A, 144A |
|
| 3.840% |
|
|
05/14/32 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,043,254 |
|
| Series 2020-02A, Class A, 144A |
|
| 1.750% |
|
|
09/14/35 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,525,160 |
|
| Oportun Funding X LLC, |
|
| Series 2018-C, Class A, 144A |
|
| 4.100% |
|
|
10/08/24 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,401,027 |
|
| Oportun Funding XII LLC, |
|
| Series 2018-D, Class A, 144A |
|
| 4.150% |
|
|
12/09/24 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,004,988 |
|
| Oportun Funding XIII LLC, |
|
| Series 2019-A, Class A, 144A |
|
| 3.080% |
|
|
08/08/25 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,433,762 |
|
| Series 2019-A, Class D, 144A |
|
| 6.220% |
|
|
08/08/25 |
|
|
|
|
|
|
|
1,800 |
|
|
|
1,843,900 |
|
| Oportun Funding XIV LLC, |
|
| Series 2021-A, Class B, 144A |
|
| 1.760% |
|
|
03/08/28 |
|
|
|
|
|
|
|
200 |
|
|
|
199,194 |
|
| PNMAC GMSR Issuer Trust, |
|
| Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor
2.850%) |
|
| 2.942%(c) |
|
|
02/25/23 |
|
|
|
|
|
|
|
1,280 |
|
|
|
1,282,380 |
|
| Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor
0.000%) |
|
| 2.742%(c) |
|
|
08/25/25 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,198,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,243,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
| Credit Cards — 0.3% |
|
| Citibank Credit Card Issuance Trust, |
|
| Series 2018-A07, Class A7 |
|
| 3.960% |
|
|
10/13/30 |
|
|
|
|
|
|
|
1,100 |
|
|
$ |
1,288,209 |
|
| Newday Partnership Funding PLC (United Kingdom), |
|
| Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%) |
|
| 1.449%(c) |
|
|
11/15/28 |
|
|
|
GBP |
|
|
|
1,625 |
|
|
|
2,278,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,566,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Equity Loans — 0.0% |
|
| Centex Home Equity Loan Trust, |
|
| Series 2004-B, Class AF6 |
|
| 4.686% |
|
|
03/25/34 |
|
|
|
|
|
|
|
—(r) |
|
|
|
5 |
|
| Floating Rate Mortgage Pass-Through Certificates, |
|
| Series 2001-02, Class M3, 1 Month LIBOR + 2.925% (Cap N/A, Floor 2.925%) |
|
| 3.017%(c) |
|
|
10/25/31 |
|
|
|
|
|
|
|
195 |
|
|
|
209,301 |
|
| Merrill Lynch Mortgage Investors Trust, |
|
| Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.292%(c) |
|
|
08/25/35 |
|
|
|
|
|
|
|
132 |
|
|
|
131,516 |
|
| Morgan Stanley ABS Capital I, Inc. Trust, |
|
| Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) |
|
| 1.112%(c) |
|
|
10/25/33 |
|
|
|
|
|
|
|
210 |
|
|
|
209,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other — 0.2% |
|
| PNMAC FMSR Issuer Trust, |
|
| Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor
0.000%) |
|
| 2.442%(c) |
|
|
04/25/23 |
|
|
|
|
|
|
|
120 |
|
|
|
119,459 |
|
| TH MSR Issuer Trust, |
|
| Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor
2.800%) |
|
| 2.892%(c) |
|
|
06/25/24 |
|
|
|
|
|
|
|
2,250 |
|
|
|
2,225,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,344,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential Mortgage-Backed Securities — 0.5% |
|
| Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
|
| Series 2004-W010, Class A2, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.780%) |
|
| 0.872%(c) |
|
|
10/25/34 |
|
|
|
|
|
|
|
751 |
|
|
|
741,744 |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2019-GS01, Class A1, 144A |
|
| 4.000% |
|
|
01/25/59 |
|
|
|
|
|
|
|
603 |
|
|
|
604,578 |
|
| Series 2019-GS02, Class A1, 144A |
|
| 3.750% |
|
|
01/25/59 |
|
|
|
|
|
|
|
701 |
|
|
|
702,233 |
|
| Series 2019-GS04, Class A1, 144A |
|
| 3.438% |
|
|
05/25/59 |
|
|
|
|
|
|
|
1,205 |
|
|
|
1,207,476 |
|
| Merrill Lynch Mortgage Investors Trust, |
|
| Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%) |
|
| 0.612%(c) |
|
|
06/25/35 |
|
|
|
|
|
|
|
333 |
|
|
|
330,753 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A97
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| ASSET-BACKED SECURITIES (continued) |
|
| Residential Mortgage-Backed Securities (cont’d.) |
|
| TFS (Spain), |
|
|
|
|
|
| Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% |
|
| 3.000%(c) |
|
|
04/16/23 |
|
|
|
EUR |
|
|
|
3,359 |
|
|
$ |
3,585,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,171,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Student Loans — 1.4% |
|
| Earnest Student Loan Program LLC, |
|
|
|
|
|
| Series 2016-D, Class A1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
|
| 1.492%(c) |
|
|
01/25/41 |
|
|
|
|
|
|
|
54 |
|
|
|
54,469 |
|
| Laurel Road Prime Student Loan Trust, |
|
|
|
|
|
| Series 2018-A, Class A, 144A |
|
| 0.000% |
|
|
02/25/43 |
|
|
|
|
|
|
|
2,980 |
|
|
|
1,330,125 |
|
| Series 2018-C, Class A, 144A |
|
| 0.000%(cc) |
|
|
08/25/43 |
|
|
|
|
|
|
|
1,424 |
|
|
|
1,463,311 |
|
| Series 2018-D, Class A, 144A |
|
| 0.000%(cc) |
|
|
11/25/43 |
|
|
|
|
|
|
|
1,413 |
|
|
|
1,462,521 |
|
| Series 2019-A, Class R, 144A |
|
| 0.000% |
|
|
10/25/48 |
|
|
|
|
|
|
|
2,411 |
|
|
|
340,264 |
|
| SoFi Alternative Trust, |
|
|
|
|
|
| Series 2019-B, Class PT, 144A |
|
| 0.000%(cc) |
|
|
12/15/45 |
|
|
|
|
|
|
|
3,367 |
|
|
|
3,483,877 |
|
| Series 2019-D, Class 1PT, 144A |
|
| 2.755%(cc) |
|
|
01/16/46 |
|
|
|
|
|
|
|
2,983 |
|
|
|
3,086,303 |
|
| Series 2019-F, Class PT1, 144A |
|
| 3.932%(cc) |
|
|
02/15/45 |
|
|
|
|
|
|
|
2,863 |
|
|
|
2,931,859 |
|
| SoFi RR Funding II Trust, |
|
|
|
|
|
| Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) |
|
| 1.342%(c) |
|
|
11/29/24 |
|
|
|
|
|
|
|
2,569 |
|
|
|
2,554,853 |
|
| SoFi RR Funding III Trust, |
|
|
|
|
|
| Series 2020-01, Class A, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 3.750%) |
|
| 3.842%(c) |
|
|
11/29/24 |
|
|
|
|
|
|
|
1,528 |
|
|
|
1,535,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,242,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSET-BACKED SECURITIES
(cost $303,144,603) |
|
|
|
304,505,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BANK LOANS — 1.1% |
|
|
|
|
|
| Airlines — 0.0% |
|
|
|
|
|
| United Airlines, Inc., |
|
|
|
|
|
| Class B Term Loan, 3 Month LIBOR + 3.750% |
|
| 4.500%(c) |
|
|
04/21/28 |
|
|
|
|
|
|
|
337 |
|
|
|
341,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Manufacturers — 0.1% |
|
|
|
|
|
| Navistar, Inc., |
|
|
|
|
|
| Tranche B Term Loan, 1 Month LIBOR + 3.500% |
|
| 3.600%(c) |
|
|
11/06/24 |
|
|
|
|
|
|
|
598 |
|
|
|
597,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals — 0.0% |
|
|
|
|
|
| Axalta Coating Systems US Holdings, Inc., |
|
|
|
|
|
| Term B-3 Dollar Loan, 3 Month LIBOR + 1.750% |
|
| 1.897%(c) |
|
|
06/01/24 |
|
|
|
|
|
|
|
349 |
|
|
|
346,477 |
|
| Starfruit Finco BV (Netherlands), |
|
|
|
|
|
| Initial Dollar Term Loan, 1 Month LIBOR + 2.750%/PRIME + 1.750% |
|
| 2.843%(c) |
|
|
10/01/25 |
|
|
|
|
|
|
|
193 |
|
|
|
191,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
537,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| BANK LOANS (continued) |
|
| Commercial Services — 0.1% |
|
| Adtalem Global Education, Inc., |
|
|
|
|
|
| Term Loan |
|
| —%(p) |
|
|
02/12/28 |
|
|
|
|
|
|
|
650 |
|
|
$ |
648,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Computers — 0.1% |
|
| Peraton Corp., |
|
|
|
|
|
| First Lien Term B Loan, 1 Month LIBOR + 3.750% |
|
| 4.500%(c) |
|
|
02/01/28 |
|
|
|
|
|
|
|
774 |
|
|
|
776,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance — 0.1% |
|
| AmWINS Group, Inc., |
|
|
|
|
|
| Term Loan, 1 - 3 Month LIBOR + 2.250% |
|
| 3.000%(c) |
|
|
02/19/28 |
|
|
|
|
|
|
|
183 |
|
|
|
181,852 |
|
| Asurion LLC, |
|
|
|
|
|
| New B-7 Term Loan, 1 Month LIBOR + 3.000% |
|
| 3.104%(c) |
|
|
11/03/24 |
|
|
|
|
|
|
|
468 |
|
|
|
462,549 |
|
| New B-9 Term Loan, 1 Month LIBOR + 3.250% |
|
| 3.354%(c) |
|
|
07/31/27 |
|
|
|
|
|
|
|
349 |
|
|
|
345,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
989,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery-Construction & Mining — 0.0% |
|
| Vertiv Group Corp, |
|
|
|
|
|
| Term B Loan, 1 Month LIBOR + 2.750% |
|
| 2.836%(c) |
|
|
03/02/27 |
|
|
|
|
|
|
|
249 |
|
|
|
247,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 0.1% |
|
| CSC Holdings LLC, |
|
|
|
|
|
| 2017 Refinancing Term Loan, 1 Month LIBOR + 2.250% |
|
| 2.323%(c) |
|
|
07/17/25 |
|
|
|
|
|
|
|
349 |
|
|
|
343,854 |
|
| September 2019 Term Loan, 1 Month LIBOR + 2.500% |
|
| 2.573%(c) |
|
|
04/15/27 |
|
|
|
|
|
|
|
778 |
|
|
|
769,926 |
|
| Diamond Sports Group LLC, |
|
|
|
|
|
| Term Loan, 1 Month LIBOR + 3.250% |
|
| 3.360%(c) |
|
|
08/24/26 |
|
|
|
|
|
|
|
499 |
|
|
|
299,488 |
|
| iHeartCommunications, Inc., |
|
|
|
|
|
| New Term Loan, 1 Month LIBOR + 3.000% |
|
| 3.104%(c) |
|
|
05/01/26 |
|
|
|
|
|
|
|
348 |
|
|
|
345,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,758,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil & Gas — 0.0% |
|
| Ascent Resources Utica Holdings LLC, |
|
|
|
|
|
| Second Lien Term Loan, 3 Month LIBOR + 9.000% |
|
| 10.000%(c) |
|
|
11/01/25 |
|
|
|
|
|
|
|
388 |
|
|
|
427,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 0.1% |
|
| Change Healthcare Holdings LLC, |
|
|
|
|
|
| Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500% |
|
| 3.500%(c) |
|
|
03/01/24 |
|
|
|
|
|
|
|
1,232 |
|
|
|
1,230,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Investment Trusts (REITs) — 0.0% |
|
| Blackstone Mortgage Trust, Inc., |
|
|
|
|
|
| Term Loan, 1 Month LIBOR + 2.250% |
|
| 2.354%(c) |
|
|
04/23/26 |
|
|
|
|
|
|
|
497 |
|
|
|
492,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail — 0.3% |
|
| EG Finco Ltd. (United Kingdom), |
|
|
|
|
|
| Term Loan |
|
| —%(p) |
|
|
04/12/27 |
|
|
|
|
|
|
|
3,500 |
|
|
|
4,144,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A98
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| BANK LOANS (continued) |
|
| Software — 0.1% |
|
| Dun & Bradstreet Corp, |
|
|
|
|
|
| Term Loan B, 1 Month LIBOR + 3.250% |
|
| 3.345%(c) |
|
|
02/06/26 |
|
|
|
|
|
|
|
769 |
|
|
$ |
764,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Telecommunications — 0.1% |
|
| CenturyLink, Inc., |
|
|
|
|
|
| Term B Loan, 1 Month LIBOR + 2.250% |
|
| 2.354%(c) |
|
|
03/15/27 |
|
|
|
|
|
|
|
402 |
|
|
|
396,131 |
|
| Digicel International Finance Ltd. (Saint Lucia), |
|
|
|
|
|
| First Lien Initial Term B Loan, 1 - 6 Month LIBOR + 3.250% |
|
| 3.430%(c) |
|
|
05/27/24 |
|
|
|
|
|
|
|
995 |
|
|
|
953,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,349,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL BANK LOANS
(cost $14,325,863) |
|
|
|
14,306,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.0% |
|
| Banc of America Commercial Mortgage Trust, |
|
|
|
|
|
| Series 2016-UB10, Class A3 |
|
| 2.903% |
|
|
07/15/49 |
|
|
|
|
|
|
|
2,300 |
|
|
|
2,424,326 |
|
| BANK, |
|
|
|
|
|
| Series 2017-BNK05, Class A4 |
|
| 3.131% |
|
|
06/15/60 |
|
|
|
|
|
|
|
4,400 |
|
|
|
4,753,811 |
|
| Series 2017-BNK06, Class A4 |
|
| 3.254% |
|
|
07/15/60 |
|
|
|
|
|
|
|
920 |
|
|
|
993,403 |
|
| Series 2017-BNK08, Class A3 |
|
| 3.229% |
|
|
11/15/50 |
|
|
|
|
|
|
|
1,950 |
|
|
|
2,099,859 |
|
| Series 2019-BN18, Class A3 |
|
| 3.325% |
|
|
05/15/62 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,632,107 |
|
| Series 2020-BN29, Class A3 |
|
| 1.742% |
|
|
11/15/53 |
|
|
|
|
|
|
|
1,000 |
|
|
|
980,132 |
|
| Barclays Commercial Mortgage Securities Trust, |
|
| Series 2016-ETC, Class A, 144A |
|
| 2.937% |
|
|
08/14/36 |
|
|
|
|
|
|
|
1,170 |
|
|
|
1,186,809 |
|
| Series 2016-ETC, Class B, 144A |
|
| 3.189% |
|
|
08/14/36 |
|
|
|
|
|
|
|
510 |
|
|
|
512,316 |
|
| Series 2016-ETC, Class C, 144A |
|
| 3.391% |
|
|
08/14/36 |
|
|
|
|
|
|
|
430 |
|
|
|
419,407 |
|
| Series 2016-ETC, Class D, 144A |
|
| 3.729%(cc) |
|
|
08/14/36 |
|
|
|
|
|
|
|
1,560 |
|
|
|
1,476,233 |
|
| Benchmark Mortgage Trust, |
|
| Series 2019-B09, Class A4 |
|
| 3.751% |
|
|
03/15/52 |
|
|
|
|
|
|
|
3,400 |
|
|
|
3,805,526 |
|
| Series 2020-B18, Class A4 |
|
| 1.672% |
|
|
07/15/53 |
|
|
|
|
|
|
|
2,900 |
|
|
|
2,836,317 |
|
| Series 2020-B21, Class A4 |
|
| 1.704% |
|
|
12/17/53 |
|
|
|
|
|
|
|
1,000 |
|
|
|
980,064 |
|
| BX Commercial Mortgage Trust, |
|
| Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%) |
|
| 2.373%(c) |
|
|
10/15/36 |
|
|
|
|
|
|
|
1,448 |
|
|
|
1,448,881 |
|
| Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) |
|
| 2.073%(c) |
|
|
12/15/36 |
|
|
|
|
|
|
|
1,456 |
|
|
|
1,455,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%) |
|
| 2.573%(c) |
|
|
12/15/36 |
|
|
|
|
|
|
|
2,911 |
|
|
$ |
2,909,717 |
|
| Cantor Commercial Real Estate Lending, |
|
|
|
|
|
| Series 2019-CF02, Class A3 |
|
| 2.647% |
|
|
11/15/52 |
|
|
|
|
|
|
|
7,700 |
|
|
|
7,905,906 |
|
| CD Mortgage Trust, |
|
|
|
|
|
| Series 2017-CD05, Class A3 |
|
| 3.171% |
|
|
08/15/50 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,754,339 |
|
| CFK Trust, |
|
|
|
|
|
| Series 2020-MF02, Class A, 144A |
|
| 2.387% |
|
|
03/15/39 |
|
|
|
|
|
|
|
6,550 |
|
|
|
6,716,568 |
|
| CityLine Commercial Mortgage Trust, |
|
|
|
|
|
| Series 2016-CLNE, Class B, 144A |
|
| 2.871%(cc) |
|
|
11/10/31 |
|
|
|
|
|
|
|
2,400 |
|
|
|
2,441,153 |
|
| Series 2016-CLNE, Class C, 144A |
|
| 2.871%(cc) |
|
|
11/10/31 |
|
|
|
|
|
|
|
900 |
|
|
|
902,070 |
|
| Cold Storage Trust, |
|
|
|
|
|
| Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%) |
|
| 2.838%(c) |
|
|
11/15/37 |
|
|
|
|
|
|
|
1,327 |
|
|
|
1,332,862 |
|
| Commercial Mortgage Trust, |
|
|
|
|
|
| Series 2014-UBS04, Class A4 |
|
| 3.420% |
|
|
08/10/47 |
|
|
|
|
|
|
|
3,200 |
|
|
|
3,370,021 |
|
| Series 2015-DC01, Class A4 |
|
| 3.078% |
|
|
02/10/48 |
|
|
|
|
|
|
|
5,000 |
|
|
|
5,239,942 |
|
| Series 2016-COR01, Class A3 |
|
| 2.826% |
|
|
10/10/49 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,632,643 |
|
| Series 2017-COR02, Class A2 |
|
| 3.239% |
|
|
09/10/50 |
|
|
|
|
|
|
|
4,500 |
|
|
|
4,817,331 |
|
| Credit Suisse Mortgage Capital Certificates, |
|
| Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%) |
|
| 2.223%(c) |
|
|
05/15/36 |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,604,896 |
|
| CSAIL Commercial Mortgage Trust, |
|
|
|
|
|
| Series 2019-C16, Class A2 |
|
| 3.067% |
|
|
06/15/52 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,273,663 |
|
| DBWF Mortgage Trust, |
|
|
|
|
|
| Series 2016-85T, Class D, 144A |
|
| 3.935%(cc) |
|
|
12/10/36 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,445,154 |
|
| Deutsche Bank Commercial Mortgage Trust, |
|
|
|
|
|
| Series 2017-C06, Class A4 |
|
| 3.071% |
|
|
06/10/50 |
|
|
|
|
|
|
|
2,800 |
|
|
|
3,021,451 |
|
| Eleven Madison Mortgage Trust, |
|
|
|
|
|
| Series 2015-11MD, Class C, 144A |
|
| 3.673%(cc) |
|
|
09/10/35 |
|
|
|
|
|
|
|
3,000 |
|
|
|
3,166,235 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, |
|
| Series K020, Class X1, IO |
|
| 1.470%(cc) |
|
|
05/25/22 |
|
|
|
|
|
|
|
24,089 |
|
|
|
206,453 |
|
| Series K021, Class X1, IO |
|
| 1.526%(cc) |
|
|
06/25/22 |
|
|
|
|
|
|
|
13,742 |
|
|
|
105,535 |
|
| Series K025, Class X1, IO |
|
| 0.913%(cc) |
|
|
10/25/22 |
|
|
|
|
|
|
|
9,593 |
|
|
|
85,050 |
|
| Series K027, Class X1, IO |
|
| 0.847%(cc) |
|
|
01/25/23 |
|
|
|
|
|
|
|
121,441 |
|
|
|
1,122,423 |
|
| Series K044, Class X1, IO |
|
| 0.853%(cc) |
|
|
01/25/25 |
|
|
|
|
|
|
|
79,281 |
|
|
|
1,650,747 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A99
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES
(continued) |
|
| Series K053, Class X1, IO |
|
| 1.020%(cc) |
|
|
12/25/25 |
|
|
|
|
|
|
|
86,963 |
|
|
$ |
3,024,784 |
|
| Series K055, Class X1, IO |
|
|
|
|
|
|
|
|
|
| 1.493%(cc) |
|
|
03/25/26 |
|
|
|
|
|
|
|
13,491 |
|
|
|
751,301 |
|
| Series KG03, Class X1, IO |
|
|
|
|
|
|
|
|
|
| 1.483%(cc) |
|
|
06/25/30 |
|
|
|
|
|
|
|
29,350 |
|
|
|
3,096,748 |
|
| GS Mortgage Securities Trust, |
|
|
|
|
|
| Series 2015-GC30, Class A3 |
|
|
|
|
|
| 3.119% |
|
|
05/10/50 |
|
|
|
|
|
|
|
2,935 |
|
|
|
3,117,852 |
|
| Series 2017-GS06, Class A2 |
|
|
|
|
|
| 3.164% |
|
|
05/10/50 |
|
|
|
|
|
|
|
3,400 |
|
|
|
3,647,679 |
|
| Series 2019-GC38, Class A3 |
|
|
|
|
|
| 3.703% |
|
|
02/10/52 |
|
|
|
|
|
|
|
5,800 |
|
|
|
6,445,202 |
|
| IMT Trust, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2017-APTS, Class AFX, 144A |
|
| 3.478% |
|
|
06/15/34 |
|
|
|
|
|
|
|
310 |
|
|
|
328,830 |
|
| JPMDB Commercial Mortgage Securities Trust, |
|
| Series 2016-C02, Class A3A |
|
|
|
|
|
| 2.881% |
|
|
06/15/49 |
|
|
|
|
|
|
|
1,070 |
|
|
|
1,112,839 |
|
| Series 2017-C05, Class A4 |
|
|
|
|
|
| 3.414% |
|
|
03/15/50 |
|
|
|
|
|
|
|
1,941 |
|
|
|
2,085,828 |
|
| Series 2017-C07, Class A4 |
|
|
|
|
|
|
|
|
|
| 3.147% |
|
|
10/15/50 |
|
|
|
|
|
|
|
3,600 |
|
|
|
3,856,064 |
|
| JPMorgan Chase Commercial Mortgage Securities Corp., |
|
| Series 2018-AON, Class E, 144A |
|
|
|
|
|
| 4.767%(cc) |
|
|
07/05/31 |
|
|
|
|
|
|
|
5,875 |
|
|
|
6,075,669 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, |
|
| Series 2016-JP02, Class A3 |
|
|
|
|
|
| 2.559% |
|
|
08/15/49 |
|
|
|
|
|
|
|
1,766 |
|
|
|
1,835,004 |
|
| KKR Industrial Portfolio Trust, |
|
| Series 2020-AIP, Class E, 144A, 1 Month LIBOR + 2.626% (Cap N/A, Floor 2.626%) |
|
| 2.699%(c) |
|
|
03/15/37 |
|
|
|
|
|
|
|
771 |
|
|
|
772,816 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, |
|
| Series 2012-C05, Class XA, IO, 144A |
|
| 1.539%(cc) |
|
|
08/15/45 |
|
|
|
|
|
|
|
33,029 |
|
|
|
293,815 |
|
| Series 2013-C08, Class A3 |
|
|
|
|
|
| 2.863% |
|
|
12/15/48 |
|
|
|
|
|
|
|
1,531 |
|
|
|
1,557,841 |
|
| Series 2013-C10, Class A3 |
|
|
|
|
|
| 4.102%(cc) |
|
|
07/15/46 |
|
|
|
|
|
|
|
4,340 |
|
|
|
4,572,461 |
|
| Morgan Stanley Capital I Trust, |
|
|
|
|
|
| Series 2017-H01, Class A4 |
|
|
|
|
|
| 3.259% |
|
|
06/15/50 |
|
|
|
|
|
|
|
2,750 |
|
|
|
2,948,211 |
|
| Series 2017-HR02, Class A3 |
|
| 3.330% |
|
|
12/15/50 |
|
|
|
|
|
|
|
5,500 |
|
|
|
5,960,123 |
|
| Series 2019-L03, Class A3 |
|
|
|
|
|
| 2.874% |
|
|
11/15/52 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,269,204 |
|
| Series 2019-MEAD, Class E, 144A |
|
|
|
|
|
| 3.283%(cc) |
|
|
11/10/36 |
|
|
|
|
|
|
|
575 |
|
|
|
553,351 |
|
| Shops at Crystals Trust, |
|
|
|
|
|
| Series 2016-CSTL, Class A, 144A |
|
| 3.126% |
|
|
07/05/36 |
|
|
|
|
|
|
|
140 |
|
|
|
147,105 |
|
| UBS Commercial Mortgage Trust, |
|
| Series 2017-C02, Class A3 |
|
|
|
|
|
| 3.225% |
|
|
08/15/50 |
|
|
|
|
|
|
|
3,280 |
|
|
|
3,500,293 |
|
| Series 2017-C07, Class A3 |
|
|
|
|
|
| 3.418% |
|
|
12/15/50 |
|
|
|
|
|
|
|
5,600 |
|
|
|
6,090,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES
(continued) |
|
| Series 2018-C10, Class A3 |
|
|
|
|
|
| 4.048% |
|
|
05/15/51 |
|
|
|
|
|
|
|
2,200 |
|
|
$ |
2,470,072 |
|
| Series 2019-C17, Class A3 |
|
|
|
|
|
| 2.669% |
|
|
10/15/52 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,092,102 |
|
| Series 2019-C17, Class ASB |
|
|
|
|
|
| 2.866% |
|
|
10/15/52 |
|
|
|
|
|
|
|
600 |
|
|
|
641,263 |
|
| UBS-Barclays Commercial Mortgage Trust, |
|
| Series 2013-C05, Class A3 |
|
|
|
|
|
| 2.920% |
|
|
03/10/46 |
|
|
|
|
|
|
|
830 |
|
|
|
845,895 |
|
| Wells Fargo Commercial Mortgage Trust, |
|
| Series 2014-LC16, Class A4 |
|
|
|
|
|
| 3.548% |
|
|
08/15/50 |
|
|
|
|
|
|
|
4,130 |
|
|
|
4,295,684 |
|
| Series 2016-C32, Class A3 |
|
|
|
|
|
| 3.294% |
|
|
01/15/59 |
|
|
|
|
|
|
|
2,141 |
|
|
|
2,299,170 |
|
| Series 2016-C34, Class A3 |
|
|
|
|
|
| 2.834% |
|
|
06/15/49 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,616,988 |
|
| Series 2016-C35, Class A3 |
|
|
|
|
|
| 2.674% |
|
|
07/15/48 |
|
|
|
|
|
|
|
4,600 |
|
|
|
4,783,904 |
|
| Series 2017-C40, Class A3 |
|
|
|
|
|
| 3.317% |
|
|
10/15/50 |
|
|
|
|
|
|
|
1,370 |
|
|
|
1,458,968 |
|
| Series 2019-C54, Class A3 |
|
|
|
|
|
| 2.892% |
|
|
12/15/52 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,270,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $162,077,076) |
|
|
|
169,527,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS — 37.8% |
|
| Aerospace & Defense — 0.5% |
|
|
|
|
|
| BAE Systems PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 1.900% |
|
|
02/15/31 |
|
|
|
|
|
|
|
2,770 |
|
|
|
2,675,745 |
|
| 3.400% |
|
|
04/15/30 |
|
|
|
|
|
|
|
385 |
|
|
|
418,352 |
|
| Boeing Co. (The), |
|
|
|
|
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 3.950% |
|
|
08/01/59 |
|
|
|
|
|
|
|
1,450 |
|
|
|
1,515,136 |
|
| Raytheon Technologies Corp., |
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 4.125% |
|
|
11/16/28 |
|
|
|
|
|
|
|
1,115 |
|
|
|
1,284,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,893,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agriculture — 0.3% |
|
|
|
|
|
|
|
|
|
| BAT Capital Corp. (United Kingdom), |
|
|
|
|
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2.259% |
|
|
03/25/28 |
(a) |
|
|
|
|
|
|
1,530 |
|
|
|
1,521,372 |
|
| 3.222% |
|
|
08/15/24 |
|
|
|
|
|
|
|
2,810 |
|
|
|
2,984,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,506,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.6% |
|
|
|
|
|
|
|
|
|
| American Airlines 2016-1 Class AA Pass-Through Trust, |
|
| Pass-Through Certificates |
|
|
|
|
|
| 3.575% |
|
|
07/15/29 |
|
|
|
|
|
|
|
1,441 |
|
|
|
1,468,056 |
|
| Continental Airlines 2007-1 Class A Pass-Through Trust, |
|
| Pass-Through Certificates |
|
|
|
|
|
| 5.983% |
|
|
10/19/23 |
|
|
|
|
|
|
|
664 |
|
|
|
678,930 |
|
| Southwest Airlines Co., |
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 5.125% |
|
|
06/15/27 |
|
|
|
|
|
|
|
3,255 |
|
|
|
3,832,980 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A100
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Airlines (cont’d.) |
|
|
|
|
|
| United Airlines 2007-1 Class A Pass-Through Trust, |
|
| Pass-Through Certificates |
|
|
|
|
|
| 6.636% |
|
|
01/02/24 |
|
|
|
|
|
|
|
419 |
|
|
$ |
433,821 |
|
| United Airlines, Inc., |
|
|
|
|
|
| Sr. Sec’d. Notes, 144A |
|
|
|
|
|
| 4.375% |
|
|
04/15/26 |
|
|
|
|
|
|
|
815 |
|
|
|
843,716 |
|
| 4.625% |
|
|
04/15/29 |
|
|
|
|
|
|
|
190 |
|
|
|
196,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,454,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Manufacturers — 1.1% |
|
|
|
|
|
| Ford Motor Co., |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 4.750% |
|
|
01/15/43 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,198,125 |
|
| 5.291% |
|
|
12/08/46 |
|
|
|
|
|
|
|
290 |
|
|
|
323,898 |
|
| 9.625% |
|
|
04/22/30 |
(a) |
|
|
|
|
|
|
1,200 |
|
|
|
1,720,121 |
|
| Ford Motor Credit Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 2.900% |
|
|
02/16/28 |
(a) |
|
|
|
|
|
|
275 |
|
|
|
274,402 |
|
| 3.350% |
|
|
11/01/22 |
|
|
|
|
|
|
|
2,600 |
|
|
|
2,663,535 |
|
| General Motors Co., |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 4.875% |
|
|
10/02/23 |
|
|
|
|
|
|
|
1,350 |
|
|
|
1,469,491 |
|
| 5.000% |
|
|
04/01/35 |
|
|
|
|
|
|
|
1,365 |
|
|
|
1,648,121 |
|
| 5.150% |
|
|
04/01/38 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,217,267 |
|
| 6.250% |
|
|
10/02/43 |
|
|
|
|
|
|
|
1,455 |
|
|
|
2,008,336 |
|
| 6.600% |
|
|
04/01/36 |
|
|
|
|
|
|
|
210 |
|
|
|
287,303 |
|
| General Motors Financial Co., Inc., |
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 2.400% |
|
|
04/10/28 |
(a) |
|
|
|
|
|
|
1,025 |
|
|
|
1,040,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,850,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Parts & Equipment — 0.2% |
|
| American Axle & Manufacturing, Inc., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6.500% |
|
|
04/01/27 |
(a) |
|
|
|
|
|
|
670 |
|
|
|
709,699 |
|
| Cooper-Standard Automotive, Inc., |
|
| Gtd. Notes, 144A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.625% |
|
|
11/15/26 |
(a) |
|
|
|
|
|
|
1,150 |
|
|
|
1,082,107 |
|
| Dana Financing Luxembourg Sarl, |
|
|
|
|
|
| Gtd. Notes, 144A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.750% |
|
|
04/15/25 |
|
|
|
|
|
|
|
875 |
|
|
|
902,739 |
|
| Dana, Inc., |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 5.375% |
|
|
11/15/27 |
(a) |
|
|
|
|
|
|
350 |
|
|
|
372,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,066,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks — 9.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Santander SA (Spain), |
|
| Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% |
|
| 1.308%(c) |
|
|
04/12/23 |
|
|
|
|
|
|
|
400 |
|
|
|
405,341 |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 3.848% |
|
|
04/12/23 |
|
|
|
|
|
|
|
600 |
|
|
|
634,250 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
| 2.749% |
|
|
12/03/30 |
(a) |
|
|
|
|
|
|
1,000 |
|
|
|
991,087 |
|
| Bank of America Corp., |
|
| Jr. Sub. Notes, Series JJ |
|
| 5.125%(ff) |
|
|
06/20/24 |
(oo) |
|
|
|
|
|
|
1,655 |
|
|
|
1,765,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
|
|
|
|
| Jr. Sub. Notes, Series MM |
|
| 4.300%(ff) |
|
|
01/28/25 |
(oo) |
|
|
|
|
|
|
1,575 |
|
|
$ |
1,627,084 |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 2.687%(ff) |
|
|
04/22/32 |
|
|
|
|
|
|
|
2,535 |
|
|
|
2,611,259 |
|
| Sr. Unsec’d. Notes, GMTN |
|
|
|
|
|
| 3.593%(ff) |
|
|
07/21/28 |
(a) |
|
|
|
|
|
|
740 |
|
|
|
813,987 |
|
| Sr. Unsec’d. Notes, MTN |
|
|
|
|
|
| 3.824%(ff) |
|
|
01/20/28 |
|
|
|
|
|
|
|
3,185 |
|
|
|
3,537,339 |
|
| 3.974%(ff) |
|
|
02/07/30 |
|
|
|
|
|
|
|
685 |
|
|
|
776,704 |
|
| 4.078%(ff) |
|
|
04/23/40 |
|
|
|
|
|
|
|
2,340 |
|
|
|
2,736,411 |
|
| 4.271%(ff) |
|
|
07/23/29 |
|
|
|
|
|
|
|
910 |
|
|
|
1,045,808 |
|
| Sr. Unsec’d. Notes, Series N |
|
|
|
|
|
| 2.651%(ff) |
|
|
03/11/32 |
|
|
|
|
|
|
|
5,020 |
|
|
|
5,153,409 |
|
| Sub. Notes, MTN |
|
|
|
|
|
|
|
|
|
| 4.000% |
|
|
01/22/25 |
|
|
|
|
|
|
|
1,117 |
|
|
|
1,225,234 |
|
| 4.450% |
|
|
03/03/26 |
|
|
|
|
|
|
|
1,735 |
|
|
|
1,968,033 |
|
| Barclays PLC (United Kingdom), |
|
|
|
|
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 3.650% |
|
|
03/16/25 |
|
|
|
|
|
|
|
700 |
|
|
|
759,099 |
|
| 3.684% |
|
|
01/10/23 |
|
|
|
|
|
|
|
480 |
|
|
|
488,141 |
|
| Sr. Unsec’d. Notes, MTN |
|
|
|
|
|
| 4.972%(ff) |
|
|
05/16/29 |
|
|
|
|
|
|
|
475 |
|
|
|
556,589 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.836% |
|
|
05/09/28 |
|
|
|
|
|
|
|
720 |
|
|
|
808,056 |
|
| BNP Paribas SA (France), |
|
|
|
|
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 1.904%(ff) |
|
|
09/30/28 |
|
|
|
|
|
|
|
2,200 |
|
|
|
2,181,646 |
|
| 2.871%(ff) |
|
|
04/19/32 |
|
|
|
|
|
|
|
1,815 |
|
|
|
1,862,085 |
|
| 4.400% |
|
|
08/14/28 |
|
|
|
|
|
|
|
420 |
|
|
|
484,136 |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 3.800% |
|
|
01/10/24 |
|
|
|
|
|
|
|
855 |
|
|
|
917,449 |
|
| BPCE SA (France), |
|
|
|
|
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
|
|
|
|
| 3.500% |
|
|
10/23/27 |
|
|
|
|
|
|
|
300 |
|
|
|
325,953 |
|
| Sub. Notes, 144A, MTN |
|
|
|
|
|
| 4.500% |
|
|
03/15/25 |
|
|
|
|
|
|
|
1,120 |
|
|
|
1,235,640 |
|
| 4.875% |
|
|
04/01/26 |
|
|
|
|
|
|
|
380 |
|
|
|
428,870 |
|
| Citigroup, Inc., |
|
|
|
|
|
|
|
|
|
| Jr. Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3.875%(ff) |
|
|
02/18/26 |
(oo) |
|
|
|
|
|
|
1,880 |
|
|
|
1,932,059 |
|
| Jr. Sub. Notes, Series V |
|
|
|
|
|
| 4.700%(ff) |
|
|
01/30/25 |
(oo) |
|
|
|
|
|
|
1,435 |
|
|
|
1,479,540 |
|
| Jr. Sub. Notes, Series W |
|
|
|
|
|
| 4.000%(ff) |
|
|
12/10/25 |
(oo) |
|
|
|
|
|
|
880 |
|
|
|
909,527 |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
|
|
|
|
| 2.561%(ff) |
|
|
05/01/32 |
|
|
|
|
|
|
|
910 |
|
|
|
927,071 |
|
| 2.666%(ff) |
|
|
01/29/31 |
|
|
|
|
|
|
|
1,225 |
|
|
|
1,266,409 |
|
| 3.200% |
|
|
10/21/26 |
|
|
|
|
|
|
|
3,255 |
|
|
|
3,526,693 |
|
| 3.887%(ff) |
|
|
01/10/28 |
|
|
|
|
|
|
|
1,710 |
|
|
|
1,902,752 |
|
| 8.125% |
|
|
07/15/39 |
|
|
|
|
|
|
|
1,060 |
|
|
|
1,830,798 |
|
| Sub. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.450% |
|
|
09/29/27 |
|
|
|
|
|
|
|
2,630 |
|
|
|
3,003,717 |
|
| Credit Suisse Group AG (Switzerland), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 3.091%(ff) |
|
|
05/14/32 |
|
|
|
|
|
|
|
1,695 |
|
|
|
1,746,465 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A101
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
| Deutsche Bank AG (Germany), |
|
| Sr. Unsec’d. Notes, MTN |
|
| 3.700% |
|
|
05/30/24 |
|
|
|
|
|
|
|
159 |
|
|
$ |
170,698 |
|
| Sr. Unsec’d. Notes, Series D |
|
| 5.000% |
|
|
02/14/22 |
|
|
|
|
|
|
|
1,350 |
|
|
|
1,386,079 |
|
| Discover Bank, |
|
| Sr. Unsec’d. Notes |
|
| 3.450% |
|
|
07/27/26 |
|
|
|
|
|
|
|
280 |
|
|
|
305,532 |
|
| 4.250% |
|
|
03/13/26 |
|
|
|
|
|
|
|
1,150 |
|
|
|
1,291,790 |
|
| Goldman Sachs Group, Inc. (The), |
|
| Sr. Unsec’d. Notes |
|
| 2.615%(ff) |
|
|
04/22/32 |
|
|
|
|
|
|
|
4,695 |
|
|
|
4,801,579 |
|
| 3.272%(ff) |
|
|
09/29/25 |
|
|
|
|
|
|
|
4,063 |
|
|
|
4,345,706 |
|
| 3.750% |
|
|
02/25/26 |
|
|
|
|
|
|
|
125 |
|
|
|
138,286 |
|
| 3.814%(ff) |
|
|
04/23/29 |
(a) |
|
|
|
|
|
|
1,060 |
|
|
|
1,185,325 |
|
| 3.850% |
|
|
01/26/27 |
|
|
|
|
|
|
|
1,765 |
|
|
|
1,946,510 |
|
| HSBC Holdings PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes |
|
| 4.583%(ff) |
|
|
06/19/29 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,155,852 |
|
| JPMorgan Chase & Co., |
|
| Jr. Sub. Notes, Series FF |
|
| 5.000%(ff) |
|
|
08/01/24 |
(oo) |
|
|
|
|
|
|
1,000 |
|
|
|
1,056,337 |
|
| Jr. Sub. Notes, Series HH |
|
| 4.600%(ff) |
|
|
02/01/25 |
(oo) |
|
|
|
|
|
|
1,940 |
|
|
|
2,008,657 |
|
| Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% |
|
| 3.656%(c) |
|
|
07/30/21 |
(a)(oo) |
|
|
|
|
|
|
2,998 |
|
|
|
3,004,471 |
|
| Jr. Sub. Notes, Series II |
|
| 4.000%(ff) |
|
|
04/01/25 |
(a)(oo) |
|
|
|
|
|
|
1,350 |
|
|
|
1,367,637 |
|
| Jr. Sub. Notes, Series KK |
|
| 3.650%(ff) |
|
|
06/01/26 |
(oo) |
|
|
|
|
|
|
1,850 |
|
|
|
1,854,604 |
|
| Sr. Unsec’d. Notes |
|
| 2.525%(ff) |
|
|
11/19/41 |
|
|
|
|
|
|
|
2,330 |
|
|
|
2,219,763 |
|
| 2.580%(ff) |
|
|
04/22/32 |
|
|
|
|
|
|
|
1,735 |
|
|
|
1,782,521 |
|
| 2.950% |
|
|
10/01/26 |
|
|
|
|
|
|
|
1,740 |
|
|
|
1,874,784 |
|
| 3.200% |
|
|
06/15/26 |
|
|
|
|
|
|
|
3,020 |
|
|
|
3,288,660 |
|
| 3.509%(ff) |
|
|
01/23/29 |
|
|
|
|
|
|
|
1,435 |
|
|
|
1,581,015 |
|
| 3.782%(ff) |
|
|
02/01/28 |
|
|
|
|
|
|
|
965 |
|
|
|
1,070,926 |
|
| 3.964%(ff) |
|
|
11/15/48 |
|
|
|
|
|
|
|
985 |
|
|
|
1,154,142 |
|
| 4.005%(ff) |
|
|
04/23/29 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,359,204 |
|
| Sub. Notes |
|
| 4.250% |
|
|
10/01/27 |
|
|
|
|
|
|
|
420 |
|
|
|
478,921 |
|
| Morgan Stanley, |
|
| Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610% |
|
| 3.794%(c) |
|
|
10/15/21 |
(a)(oo) |
|
|
|
|
|
|
975 |
|
|
|
978,975 |
|
| Sr. Unsec’d. Notes |
|
| 3.217%(ff) |
|
|
04/22/42 |
|
|
|
|
|
|
|
1,700 |
|
|
|
1,798,815 |
|
| Sr. Unsec’d. Notes, GMTN |
|
| 3.772%(ff) |
|
|
01/24/29 |
|
|
|
|
|
|
|
1,875 |
|
|
|
2,105,551 |
|
| 4.431%(ff) |
|
|
01/23/30 |
|
|
|
|
|
|
|
1,340 |
|
|
|
1,571,377 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 1.794%(ff) |
|
|
02/13/32 |
|
|
|
|
|
|
|
915 |
|
|
|
880,165 |
|
| 3.125% |
|
|
07/27/26 |
|
|
|
|
|
|
|
2,725 |
|
|
|
2,950,055 |
|
| Sub. Notes, GMTN |
|
| 4.350% |
|
|
09/08/26 |
(a) |
|
|
|
|
|
|
750 |
|
|
|
849,957 |
|
| State Street Corp., |
|
| Sub. Notes |
|
| 2.200% |
|
|
03/03/31 |
|
|
|
|
|
|
|
4,130 |
|
|
|
4,164,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Banks (cont’d.) |
|
| Texas Capital Bank NA, |
|
| Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500% |
|
| 4.647%(c) |
|
|
09/30/24 |
|
|
|
|
|
|
|
3,340 |
|
|
$ |
3,340,420 |
|
| Truist Financial Corp., |
|
| Jr. Sub. Notes, Series N |
|
| 4.800%(ff) |
|
|
09/01/24 |
(oo) |
|
|
|
|
|
|
960 |
|
|
|
1,018,931 |
|
| UBS Group AG (Switzerland), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.859%(ff) |
|
|
08/15/23 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,128,421 |
|
| 3.491% |
|
|
05/23/23 |
(a) |
|
|
|
|
|
|
2,970 |
|
|
|
3,049,738 |
|
| UniCredit SpA (Italy), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.569%(ff) |
|
|
09/22/26 |
(a) |
|
|
|
|
|
|
685 |
|
|
|
694,174 |
|
| 3.127%(ff) |
|
|
06/03/32 |
|
|
|
|
|
|
|
1,225 |
|
|
|
1,231,255 |
|
| Wells Fargo & Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.068%(ff) |
|
|
04/30/41 |
|
|
|
|
|
|
|
2,675 |
|
|
|
2,743,045 |
|
| Sr. Unsec’d. Notes, MTN |
|
| 2.572%(ff) |
|
|
02/11/31 |
|
|
|
|
|
|
|
3,500 |
|
|
|
3,623,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,821,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.3% |
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
|
| Gtd. Notes |
|
| 4.900% |
|
|
02/01/46 |
|
|
|
|
|
|
|
1,880 |
|
|
|
2,378,032 |
|
| Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
|
| Gtd. Notes |
|
| 5.550% |
|
|
01/23/49 |
|
|
|
|
|
|
|
1,440 |
|
|
|
1,979,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,357,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Materials — 0.2% |
|
| Masco Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.000% |
|
|
10/01/30 |
|
|
|
|
|
|
|
925 |
|
|
|
902,479 |
|
| Masonite International Corp., |
|
| Gtd. Notes, 144A |
|
| 5.375% |
|
|
02/01/28 |
|
|
|
|
|
|
|
525 |
|
|
|
558,643 |
|
| SRM Escrow Issuer LLC, |
|
| Sr. Sec’d. Notes, 144A |
|
| 6.000% |
|
|
11/01/28 |
|
|
|
|
|
|
|
1,275 |
|
|
|
1,351,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,812,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals — 1.2% |
|
| Ashland LLC, |
|
| Gtd. Notes |
|
| 6.875% |
|
|
05/15/43 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,766,172 |
|
| CF Industries, Inc., |
|
| Gtd. Notes |
|
| 4.950% |
|
|
06/01/43 |
|
|
|
|
|
|
|
675 |
|
|
|
796,419 |
|
| 5.375% |
|
|
03/15/44 |
|
|
|
|
|
|
|
700 |
|
|
|
866,272 |
|
| Chemours Co. (The), |
|
| Gtd. Notes |
|
| 7.000% |
|
|
05/15/25 |
(a) |
|
|
|
|
|
|
1,000 |
|
|
|
1,031,559 |
|
| INEOS Quattro Finance 2 PLC (United Kingdom), |
|
| Sr. Sec’d. Notes, 144A |
|
| 2.500% |
|
|
01/15/26 |
|
|
|
|
|
|
EUR |
2,300 |
|
|
|
2,754,653 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A102
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Chemicals (cont’d.) |
|
| LYB International Finance BV, |
|
| Gtd. Notes |
|
| 5.250% |
|
|
07/15/43 |
|
|
|
|
|
|
|
1,000 |
|
|
$ |
1,292,684 |
|
| Mosaic Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 5.625% |
|
|
11/15/43 |
|
|
|
|
|
|
|
155 |
|
|
|
202,920 |
|
| NOVA Chemicals Corp. (Canada), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.875% |
|
|
06/01/24 |
(a) |
|
|
|
|
|
|
1,150 |
|
|
|
1,215,632 |
|
| Nutrien Ltd. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 4.900% |
|
|
06/01/43 |
|
|
|
|
|
|
|
870 |
|
|
|
1,099,506 |
|
| 5.250% |
|
|
01/15/45 |
|
|
|
|
|
|
|
420 |
|
|
|
559,087 |
|
| Sasol Financing International Ltd. (South Africa), |
|
| Gtd. Notes |
|
| 4.500% |
|
|
11/14/22 |
|
|
|
|
|
|
|
1,525 |
|
|
|
1,564,845 |
|
| Sasol Financing USA LLC (South Africa), |
|
| Gtd. Notes |
|
| 4.375% |
|
|
09/18/26 |
|
|
|
|
|
|
|
460 |
|
|
|
475,882 |
|
| 5.875% |
|
|
03/27/24 |
|
|
|
|
|
|
|
375 |
|
|
|
400,904 |
|
| Sherwin-Williams Co. (The), |
|
| Sr. Unsec’d. Notes |
|
| 3.450% |
|
|
08/01/25 |
|
|
|
|
|
|
|
445 |
|
|
|
484,029 |
|
| TPC Group, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 10.500% |
|
|
08/01/24 |
|
|
|
|
|
|
|
450 |
|
|
|
422,643 |
|
| 10.875% |
|
|
08/01/24 |
|
|
|
|
|
|
|
111 |
|
|
|
119,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,052,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services — 0.6% |
|
| ERAC USA Finance LLC, |
|
| Gtd. Notes, 144A |
|
| 6.700% |
|
|
06/01/34 |
|
|
|
|
|
|
|
920 |
|
|
|
1,293,134 |
|
| 7.000% |
|
|
10/15/37 |
|
|
|
|
|
|
|
770 |
|
|
|
1,149,758 |
|
| Gartner, Inc., |
|
| Gtd. Notes, 144A |
|
| 4.500% |
|
|
07/01/28 |
(a) |
|
|
|
|
|
|
230 |
|
|
|
243,143 |
|
| Loxam SAS (France), |
|
| Sr. Sub. Notes |
|
| 4.500% |
|
|
04/15/27 |
|
|
|
|
|
|
EUR |
1,650 |
|
|
|
1,967,908 |
|
| United Rentals North America, Inc., |
|
| Gtd. Notes |
|
| 3.875% |
|
|
02/15/31 |
|
|
|
|
|
|
|
250 |
|
|
|
254,517 |
|
| 4.875% |
|
|
01/15/28 |
(a) |
|
|
|
|
|
|
1,325 |
|
|
|
1,406,195 |
|
| 5.250% |
|
|
01/15/30 |
(a) |
|
|
|
|
|
|
525 |
|
|
|
575,175 |
|
| 5.500% |
|
|
05/15/27 |
|
|
|
|
|
|
|
975 |
|
|
|
1,032,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,922,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Computers — 0.1% |
|
| Everi Payments, Inc., |
|
| Gtd. Notes, 144A |
|
| 7.500% |
|
|
12/15/25 |
(a) |
|
|
|
|
|
|
780 |
|
|
|
811,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 0.3% |
|
| Jefferies Group LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.500% |
|
|
01/20/43 |
|
|
|
|
|
|
|
555 |
|
|
|
769,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Diversified Financial Services (cont’d.) |
|
| Nationstar Mortgage Holdings, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.500% |
|
|
08/15/28 |
(a) |
|
|
|
|
|
|
880 |
|
|
$ |
886,977 |
|
| 6.000% |
|
|
01/15/27 |
|
|
|
|
|
|
|
275 |
|
|
|
285,338 |
|
| OneMain Finance Corp., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.375% |
|
|
11/15/29 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,225,606 |
|
| Power Finance Corp. Ltd. (India), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
| 6.150% |
|
|
12/06/28 |
(a) |
|
|
|
|
|
|
400 |
|
|
|
474,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,641,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric — 2.7% |
|
| Baltimore Gas & Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 3.350% |
|
|
07/01/23 |
|
|
|
|
|
|
|
550 |
|
|
|
577,445 |
|
| Calpine Corp., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.625% |
|
|
02/01/29 |
|
|
|
|
|
|
|
600 |
|
|
|
592,782 |
|
| 5.000% |
|
|
02/01/31 |
|
|
|
|
|
|
|
750 |
|
|
|
745,954 |
|
| 5.125% |
|
|
03/15/28 |
(a) |
|
|
|
|
|
|
1,700 |
|
|
|
1,728,275 |
|
| Consolidated Edison Co. of New York, Inc., |
|
| Sr. Unsec’d. Notes, Series C |
|
| 4.300% |
|
|
12/01/56 |
|
|
|
|
|
|
|
235 |
|
|
|
277,105 |
|
| Dominion Energy South Carolina, Inc., |
|
| First Mortgage |
|
| 4.600% |
|
|
06/15/43 |
|
|
|
|
|
|
|
2,025 |
|
|
|
2,599,468 |
|
| El Paso Electric Co., |
|
| Sr. Unsec’d. Notes |
|
| 6.000% |
|
|
05/15/35 |
|
|
|
|
|
|
|
2,325 |
|
|
|
3,103,400 |
|
| Eskom Holdings SOC Ltd. (South Africa), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 7.125% |
|
|
02/11/25 |
|
|
|
|
|
|
|
390 |
|
|
|
412,999 |
|
| Exelon Generation Co. LLC, |
|
| Sr. Unsec’d. Notes |
|
| 6.250% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,340,582 |
|
| FirstEnergy Transmission LLC, |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.350% |
|
|
01/15/25 |
(a) |
|
|
|
|
|
|
3,750 |
|
|
|
4,115,277 |
|
| 5.450% |
|
|
07/15/44 |
|
|
|
|
|
|
|
280 |
|
|
|
350,034 |
|
| Iberdrola International BV (Spain), |
|
| Gtd. Notes |
|
| 6.750% |
|
|
09/15/33 |
|
|
|
|
|
|
|
1,150 |
|
|
|
1,561,224 |
|
| Israel Electric Corp. Ltd. (Israel), |
|
| Sr. Sec’d. Notes, 144A, GMTN |
|
| 4.250% |
|
|
08/14/28 |
|
|
|
|
|
|
|
680 |
|
|
|
762,144 |
|
| Kentucky Utilities Co., |
|
| First Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.375% |
|
|
10/01/45 |
|
|
|
|
|
|
|
3,050 |
|
|
|
3,716,881 |
|
| Korea Hydro & Nuclear Power Co. Ltd. (South Korea), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.750% |
|
|
07/13/21 |
|
|
|
|
|
|
|
250 |
|
|
|
250,323 |
|
| Narragansett Electric Co. (The), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.395% |
|
|
04/09/30 |
|
|
|
|
|
|
|
1,050 |
|
|
|
1,152,279 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A103
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Electric (cont’d.) |
|
| NRG Energy, Inc., |
|
| Gtd. Notes |
|
| 7.250% |
|
|
05/15/26 |
|
|
|
|
|
|
|
1,235 |
|
|
$ |
1,282,892 |
|
| Gtd. Notes, 144A |
|
| 5.250% |
|
|
06/15/29 |
(a) |
|
|
|
|
|
|
375 |
|
|
|
399,291 |
|
| Sr. Sec’d. Notes, 144A |
|
| 2.000% |
|
|
12/02/25 |
|
|
|
|
|
|
|
280 |
|
|
|
283,456 |
|
| 2.450% |
|
|
12/02/27 |
|
|
|
|
|
|
|
1,210 |
|
|
|
1,218,205 |
|
| Pacific Gas & Electric Co., |
|
| First Mortgage |
|
| 4.550% |
|
|
07/01/30 |
(a) |
|
|
|
|
|
|
1,670 |
|
|
|
1,786,462 |
|
| PacifiCorp, |
|
| First Mortgage |
|
| 3.300% |
|
|
03/15/51 |
|
|
|
|
|
|
|
380 |
|
|
|
404,802 |
|
| Perusahaan Listrik Negara PT (Indonesia), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 1.875% |
|
|
11/05/31 |
|
|
|
EUR |
|
|
|
216 |
|
|
|
250,002 |
|
| Tucson Electric Power Co., |
|
| Sr. Unsec’d. Notes |
|
| 4.000% |
|
|
06/15/50 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,749,097 |
|
| Vistra Operations Co. LLC, |
|
| Gtd. Notes, 144A |
|
| 5.000% |
|
|
07/31/27 |
|
|
|
|
|
|
|
450 |
|
|
|
461,955 |
|
| 5.625% |
|
|
02/15/27 |
|
|
|
|
|
|
|
600 |
|
|
|
623,507 |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.700% |
|
|
01/30/27 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,136,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,882,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electrical Components & Equipment — 0.1% |
|
| WESCO Distribution, Inc., |
|
| Gtd. Notes, 144A |
|
| 7.125% |
|
|
06/15/25 |
(a) |
|
|
|
|
|
|
575 |
|
|
|
621,452 |
|
| 7.250% |
|
|
06/15/28 |
|
|
|
|
|
|
|
550 |
|
|
|
612,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,233,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electronics — 0.1% |
|
| Sensata Technologies BV, |
|
| Gtd. Notes, 144A |
|
| 5.000% |
|
|
10/01/25 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,113,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Engineering & Construction — 0.2% |
|
| GMR Hyderabad International Airport Ltd. (India), |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.250% |
|
|
10/27/27 |
|
|
|
|
|
|
|
345 |
|
|
|
335,548 |
|
| Mexico City Airport Trust (Mexico), |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.250% |
|
|
10/31/26 |
|
|
|
|
|
|
|
605 |
|
|
|
656,011 |
|
| 5.500% |
|
|
07/31/47 |
|
|
|
|
|
|
|
1,690 |
|
|
|
1,706,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,697,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Entertainment — 0.3% |
|
| AMC Entertainment Holdings, Inc., |
|
| Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK
6.000% |
|
| 12.000% |
|
|
06/15/26 |
|
|
|
|
|
|
|
385 |
|
|
|
394,335 |
|
| Caesars Entertainment, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 6.250% |
|
|
07/01/25 |
(a) |
|
|
|
|
|
|
860 |
|
|
|
912,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
| CORPORATE BONDS (continued) |
|
| Entertainment (cont’d.) |
|
| Caesars Resort Collection LLC/CRC Finco, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.250% |
|
|
10/15/25 |
(a) |
|
|
|
|
|
|
700 |
|
|
$ |
709,006 |
|
| Golden Entertainment, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 7.625% |
|
|
04/15/26 |
|
|
|
|
|
|
|
875 |
|
|
|
931,425 |
|
| Penn National Gaming, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.625% |
|
|
01/15/27 |
(a) |
|
|
|
|
|
|
800 |
|
|
|
831,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,778,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Environmental Control — 0.0% |
|
| Madison IAQ LLC, |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.125% |
|
|
06/30/28 |
|
|
|
|
|
|
|
325 |
|
|
|
328,195 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.875% |
|
|
06/30/29 |
|
|
|
|
|
|
|
325 |
|
|
|
330,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
658,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foods — 0.9% |
|
| Bellis Acquisition Co. PLC (United Kingdom), |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.250% |
|
|
02/16/26 |
|
|
|
|
|
|
GBP |
3,100 |
|
|
|
4,297,620 |
|
| Bellis Finco PLC (United Kingdom), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.000% |
|
|
02/16/27 |
|
|
|
|
|
|
GBP |
1,600 |
|
|
|
2,216,533 |
|
| Ingles Markets, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 5.750% |
|
|
06/15/23 |
|
|
|
|
|
|
|
42 |
|
|
|
42,058 |
|
| Kraft Heinz Foods Co., |
|
| Gtd. Notes |
|
| 4.625% |
|
|
10/01/39 |
|
|
|
|
|
|
|
645 |
|
|
|
751,902 |
|
| 4.875% |
|
|
10/01/49 |
|
|
|
|
|
|
|
1,325 |
|
|
|
1,605,761 |
|
| Mars, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.875% |
|
|
04/01/39 |
|
|
|
|
|
|
|
440 |
|
|
|
517,264 |
|
| 4.200% |
|
|
04/01/59 |
|
|
|
|
|
|
|
380 |
|
|
|
475,934 |
|
| McCormick & Co., Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.500% |
|
|
04/15/30 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,054,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,961,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas — 0.2% |
|
| AmeriGas Partners LP/AmeriGas Finance Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.875% |
|
|
08/20/26 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,231,670 |
|
| NiSource, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.700% |
|
|
02/15/31 |
|
|
|
|
|
|
|
370 |
|
|
|
350,420 |
|
| 4.800% |
|
|
02/15/44 |
|
|
|
|
|
|
|
300 |
|
|
|
372,010 |
|
| Southern Co. Gas Capital Corp., |
|
| Gtd. Notes |
|
| 4.400% |
|
|
06/01/43 |
|
|
|
|
|
|
|
1,050 |
|
|
|
1,252,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,206,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A104
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Healthcare-Products — 0.4% |
|
| DH Europe Finance II Sarl, |
|
| Gtd. Notes |
|
| 1.350% |
|
|
09/18/39 |
|
|
|
|
|
|
EUR |
1,275 |
|
|
$ |
1,539,181 |
|
| Medtronic Global Holdings SCA, |
|
| Gtd. Notes |
|
| 1.375% |
|
|
10/15/40 |
|
|
|
|
|
|
EUR |
540 |
|
|
|
652,738 |
|
| 1.625% |
|
|
03/07/31 |
|
|
|
|
|
|
EUR |
200 |
|
|
|
261,437 |
|
| 1.625% |
|
|
10/15/50 |
|
|
|
|
|
|
EUR |
495 |
|
|
|
604,076 |
|
| 2.250% |
|
|
03/07/39 |
|
|
|
|
|
|
EUR |
300 |
|
|
|
417,039 |
|
| Stryker Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.125% |
|
|
11/30/27 |
|
|
|
|
|
|
EUR |
510 |
|
|
|
672,422 |
|
| Thermo Fisher Scientific, Inc., |
|
| Sr. Unsec’d. Notes, EMTN |
|
| 1.500% |
|
|
10/01/39 |
|
|
|
|
|
|
EUR |
600 |
|
|
|
738,578 |
|
| 1.875% |
|
|
10/01/49 |
|
|
|
|
|
|
EUR |
425 |
|
|
|
536,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,422,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare-Services — 0.8% |
|
| Aetna, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 6.750% |
|
|
12/15/37 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,806,388 |
|
| Anthem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.650% |
|
|
01/15/43 |
|
|
|
|
|
|
|
385 |
|
|
|
480,522 |
|
| HCA, Inc., |
|
| Gtd. Notes |
|
| 3.500% |
|
|
09/01/30 |
|
|
|
|
|
|
|
650 |
|
|
|
692,046 |
|
| 5.375% |
|
|
02/01/25 |
|
|
|
|
|
|
|
825 |
|
|
|
930,547 |
|
| 5.875% |
|
|
02/01/29 |
|
|
|
|
|
|
|
25 |
|
|
|
30,200 |
|
| 7.500% |
|
|
11/06/33 |
|
|
|
|
|
|
|
500 |
|
|
|
691,815 |
|
| Gtd. Notes, MTN |
|
| 7.750% |
|
|
07/15/36 |
|
|
|
|
|
|
|
500 |
|
|
|
679,883 |
|
| Laboratory Corp. of America Holdings, |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
09/01/24 |
|
|
|
|
|
|
|
846 |
|
|
|
905,627 |
|
| Tenet Healthcare Corp., |
|
| Gtd. Notes, 144A |
|
| 6.125% |
|
|
10/01/28 |
(a) |
|
|
|
|
|
|
425 |
|
|
|
452,226 |
|
| Sec’d. Notes, 144A |
|
| 6.250% |
|
|
02/01/27 |
(a) |
|
|
|
|
|
|
375 |
|
|
|
391,859 |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.625% |
|
|
06/15/28 |
|
|
|
|
|
|
|
285 |
|
|
|
293,170 |
|
| 4.875% |
|
|
01/01/26 |
|
|
|
|
|
|
|
850 |
|
|
|
880,480 |
|
| 5.125% |
|
|
11/01/27 |
(a) |
|
|
|
|
|
|
600 |
|
|
|
628,759 |
|
| UnitedHealth Group, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.050% |
|
|
05/15/41 |
|
|
|
|
|
|
|
880 |
|
|
|
922,043 |
|
| 3.950% |
|
|
10/15/42 |
|
|
|
|
|
|
|
220 |
|
|
|
261,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,046,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Builders — 0.2% |
|
| Taylor Morrison Communities, Inc., |
|
| Gtd. Notes, 144A |
|
| 5.875% |
|
|
06/15/27 |
|
|
|
|
|
|
|
875 |
|
|
|
991,783 |
|
| 6.625% |
|
|
07/15/27 |
|
|
|
|
|
|
|
1,050 |
|
|
|
1,124,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Home Builders (cont’d.) |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.125% |
|
|
08/01/30 |
|
|
|
|
|
|
|
45 |
|
|
$ |
48,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,165,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Housewares — 0.1% |
|
| Newell Brands, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.700% |
|
|
04/01/26 |
|
|
|
|
|
|
|
670 |
|
|
|
746,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance — 0.9% |
|
| American International Group, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.750% |
|
|
07/10/25 |
(a) |
|
|
|
|
|
|
2,110 |
|
|
|
2,323,717 |
|
| 4.500% |
|
|
07/16/44 |
|
|
|
|
|
|
|
1,075 |
|
|
|
1,304,866 |
|
| Liberty Mutual Finance Europe DAC, |
|
| Gtd. Notes, 144A |
|
| 1.750% |
|
|
03/27/24 |
|
|
|
|
|
|
EUR |
800 |
|
|
|
991,355 |
|
| Liberty Mutual Group, Inc., |
|
| Gtd. Notes, 144A |
|
| 3.951% |
|
|
10/15/50 |
|
|
|
|
|
|
|
1,030 |
|
|
|
1,142,844 |
|
| Lincoln National Corp., |
|
| Sr. Unsec’d. Notes |
|
| 7.000% |
|
|
06/15/40 |
|
|
|
|
|
|
|
405 |
|
|
|
621,849 |
|
| Markel Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.150% |
|
|
09/17/50 |
|
|
|
|
|
|
|
180 |
|
|
|
207,924 |
|
| 5.000% |
|
|
03/30/43 |
|
|
|
|
|
|
|
350 |
|
|
|
426,774 |
|
| Principal Financial Group, Inc., |
|
| Gtd. Notes |
|
| 4.625% |
|
|
09/15/42 |
|
|
|
|
|
|
|
150 |
|
|
|
186,380 |
|
| Sompo International Holdings Ltd. (Bermuda), |
|
| Sr. Unsec’d. Notes |
|
| 7.000% |
|
|
07/15/34 |
|
|
|
|
|
|
|
1,350 |
|
|
|
1,851,550 |
|
| Teachers Insurance & Annuity Association of America, |
|
| Sub. Notes, 144A |
|
| 4.270% |
|
|
05/15/47 |
|
|
|
|
|
|
|
2,310 |
|
|
|
2,759,668 |
|
| 6.850% |
|
|
12/16/39 |
|
|
|
|
|
|
|
196 |
|
|
|
296,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,113,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Iron/Steel — 0.1% |
|
| thyssenkrupp AG (Germany), |
|
| Sr. Unsec’d. Notes |
|
| 1.375% |
|
|
03/03/22 |
|
|
|
|
|
|
EUR |
1,600 |
|
|
|
1,898,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lodging — 0.4% |
|
| Marriott International, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.250% |
|
|
09/15/22 |
|
|
|
|
|
|
|
1,325 |
|
|
|
1,354,048 |
|
| Sr. Unsec’d. Notes, Series GG |
|
| 3.500% |
|
|
10/15/32 |
(a) |
|
|
|
|
|
|
1,825 |
|
|
|
1,940,316 |
|
| MGM Resorts International, |
|
| Gtd. Notes |
|
| 4.750% |
|
|
10/15/28 |
|
|
|
|
|
|
|
950 |
|
|
|
1,009,933 |
|
| Sands China Ltd. (Macau), |
|
| Sr. Unsec’d. Notes |
|
| 5.125% |
|
|
08/08/25 |
|
|
|
|
|
|
|
400 |
|
|
|
447,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,752,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A105
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Machinery-Diversified — 0.2% |
|
| Xylem, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.875% |
|
|
10/01/21 |
|
|
|
|
|
|
|
1,960 |
|
|
$ |
1,981,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 1.8% |
|
| CCO Holdings LLC/CCO Holdings Capital Corp., |
|
| Sr. Unsec’d. Notes |
|
| 4.500% |
|
|
05/01/32 |
(a) |
|
|
|
|
|
|
450 |
|
|
|
465,856 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 5.375% |
|
|
06/01/29 |
|
|
|
|
|
|
|
975 |
|
|
|
1,065,427 |
|
| 5.500% |
|
|
05/01/26 |
(a) |
|
|
|
|
|
|
3,300 |
|
|
|
3,411,148 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital, |
|
| Sr. Sec’d. Notes |
|
| 3.900% |
|
|
06/01/52 |
|
|
|
|
|
|
|
1,430 |
|
|
|
1,455,147 |
|
| 4.800% |
|
|
03/01/50 |
|
|
|
|
|
|
|
875 |
|
|
|
1,008,093 |
|
| 6.384% |
|
|
10/23/35 |
|
|
|
|
|
|
|
2,470 |
|
|
|
3,310,041 |
|
| 6.484% |
|
|
10/23/45 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,552,736 |
|
| Comcast Corp., |
|
| Gtd. Notes |
|
| 4.250% |
|
|
10/15/30 |
|
|
|
|
|
|
|
620 |
|
|
|
729,099 |
|
| Cox Communications, Inc., |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.150% |
|
|
08/15/24 |
|
|
|
|
|
|
|
965 |
|
|
|
1,030,069 |
|
| CSC Holdings LLC, |
|
| Gtd. Notes, 144A |
|
| 3.375% |
|
|
02/15/31 |
|
|
|
|
|
|
|
1,000 |
|
|
|
944,656 |
|
| 5.500% |
|
|
04/15/27 |
(a) |
|
|
|
|
|
|
650 |
|
|
|
682,162 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.625% |
|
|
12/01/30 |
|
|
|
|
|
|
|
1,000 |
|
|
|
980,850 |
|
| Diamond Sports Group LLC/Diamond Sports Finance Co., |
|
| Gtd. Notes, 144A |
|
| 6.625% |
|
|
08/15/27 |
(a) |
|
|
|
|
|
|
520 |
|
|
|
255,042 |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.375% |
|
|
08/15/26 |
(a) |
|
|
|
|
|
|
855 |
|
|
|
553,989 |
|
| Discovery Communications LLC, |
|
| Gtd. Notes |
|
| 4.000% |
|
|
09/15/55 |
|
|
|
|
|
|
|
1,229 |
|
|
|
1,299,789 |
|
| 5.300% |
|
|
05/15/49 |
|
|
|
|
|
|
|
265 |
|
|
|
334,175 |
|
| DISH DBS Corp., |
|
| Gtd. Notes |
|
| 7.375% |
|
|
07/01/28 |
(a) |
|
|
|
|
|
|
400 |
|
|
|
430,538 |
|
| NBCUniversal Media LLC, |
|
| Gtd. Notes |
|
| 4.450% |
|
|
01/15/43 |
|
|
|
|
|
|
|
15 |
|
|
|
18,410 |
|
| TCI Communications, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 7.875% |
|
|
02/15/26 |
|
|
|
|
|
|
|
750 |
|
|
|
968,363 |
|
| Univision Communications, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.125% |
|
|
02/15/25 |
(a) |
|
|
|
|
|
|
1,175 |
|
|
|
1,198,735 |
|
| 6.625% |
|
|
06/01/27 |
(a) |
|
|
|
|
|
|
975 |
|
|
|
1,056,445 |
|
| Walt Disney Co. (The), |
|
| Gtd. Notes |
|
| 7.625% |
|
|
11/30/28 |
|
|
|
|
|
|
|
500 |
|
|
|
691,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,442,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Mining — 0.1% |
|
| Barrick Gold Corp. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 5.250% |
|
|
04/01/42 |
|
|
|
|
|
|
|
680 |
|
|
$ |
895,357 |
|
| Barrick North America Finance LLC (Canada), |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.750% |
|
|
05/01/43 |
|
|
|
|
|
|
|
410 |
|
|
|
577,190 |
|
| Southern Copper Corp. (Peru), |
|
| Sr. Unsec’d. Notes |
|
| 6.750% |
|
|
04/16/40 |
|
|
|
|
|
|
|
295 |
|
|
|
421,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,893,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing — 0.4% |
|
| Bombardier, Inc. (Canada), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 7.500% |
|
|
12/01/24 |
|
|
|
|
|
|
|
1,600 |
|
|
|
1,674,388 |
|
| 7.500% |
|
|
03/15/25 |
|
|
|
|
|
|
|
1,525 |
|
|
|
1,570,382 |
|
| 7.875% |
|
|
04/15/27 |
|
|
|
|
|
|
|
1,825 |
|
|
|
1,891,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,136,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multi-National — 0.3% |
|
| Corp. Andina de Fomento (Supranational Bank), |
|
| Sr. Unsec’d. Notes |
|
| 2.125% |
|
|
09/27/21 |
|
|
|
|
|
|
|
1,240 |
|
|
|
1,244,938 |
|
| 4.375% |
|
|
06/15/22 |
|
|
|
|
|
|
|
500 |
|
|
|
518,205 |
|
| Inter-American Development Bank (Supranational Bank), |
|
| Unsec’d. Notes |
|
| 6.950% |
|
|
08/01/26 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,905,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,668,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil & Gas — 2.5% |
|
| Antero Resources Corp., |
|
| Gtd. Notes, 144A |
|
| 8.375% |
|
|
07/15/26 |
|
|
|
|
|
|
|
400 |
|
|
|
454,876 |
|
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
|
| Gtd. Notes, 144A |
|
| 7.000% |
|
|
11/01/26 |
(a) |
|
|
|
|
|
|
350 |
|
|
|
365,156 |
|
| 9.000% |
|
|
11/01/27 |
|
|
|
|
|
|
|
204 |
|
|
|
281,794 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 8.250% |
|
|
12/31/28 |
|
|
|
|
|
|
|
450 |
|
|
|
495,019 |
|
| BP Capital Markets America, Inc., |
|
| Gtd. Notes |
|
| 2.772% |
|
|
11/10/50 |
|
|
|
|
|
|
|
145 |
|
|
|
134,936 |
|
| 2.939% |
|
|
06/04/51 |
|
|
|
|
|
|
|
1,835 |
|
|
|
1,759,800 |
|
| Cenovus Energy, Inc. (Canada), |
|
| Sr. Unsec’d. Notes |
|
| 5.400% |
|
|
06/15/47 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,241,657 |
|
| Chevron USA, Inc., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.050% |
|
|
11/15/44 |
|
|
|
|
|
|
|
490 |
|
|
|
657,581 |
|
| 5.250% |
|
|
11/15/43 |
|
|
|
|
|
|
|
700 |
|
|
|
951,741 |
|
| Citgo Holding, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 9.250% |
|
|
08/01/24 |
|
|
|
|
|
|
|
125 |
|
|
|
127,514 |
|
| CITGO Petroleum Corp., |
|
| Sr. Sec’d. Notes, 144A |
|
| 7.000% |
|
|
06/15/25 |
|
|
|
|
|
|
|
800 |
|
|
|
833,266 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A106
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Oil & Gas (cont’d.) |
|
| Devon Energy Corp., |
|
| Sr. Unsec’d. Notes |
|
| 5.600% |
|
|
07/15/41 |
|
|
|
|
|
|
|
850 |
|
|
$ |
1,054,382 |
|
| Energean Israel Finance Ltd. (Israel), |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.875% |
|
|
03/30/26 |
|
|
|
|
|
|
|
52 |
|
|
|
53,281 |
|
| 5.375% |
|
|
03/30/28 |
|
|
|
|
|
|
|
850 |
|
|
|
873,139 |
|
| Gazprom PJSC Via Gaz Capital SA (Russia), |
|
| Sr. Unsec’d. Notes |
|
| 4.950% |
|
|
07/19/22 |
|
|
|
|
|
|
|
390 |
|
|
|
405,988 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 6.510% |
|
|
03/07/22 |
|
|
|
|
|
|
|
1,665 |
|
|
|
1,731,411 |
|
| Helmerich & Payne, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.650% |
|
|
03/15/25 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,669,672 |
|
| KazMunayGas National Co. JSC (Kazakhstan), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.750% |
|
|
04/24/25 |
|
|
|
|
|
|
|
1,160 |
|
|
|
1,301,026 |
|
| 4.750% |
|
|
04/19/27 |
|
|
|
|
|
|
|
200 |
|
|
|
228,511 |
|
| Lundin Energy Finance BV (Netherlands), |
|
| Gtd. Notes, 144A |
|
| 3.100% |
|
|
07/15/31 |
|
|
|
|
|
|
|
705 |
|
|
|
713,253 |
|
| MEG Energy Corp. (Canada), |
|
| Gtd. Notes, 144A |
|
| 7.125% |
|
|
02/01/27 |
|
|
|
|
|
|
|
425 |
|
|
|
453,538 |
|
| Occidental Petroleum Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.450% |
|
|
09/15/36 |
|
|
|
|
|
|
|
945 |
|
|
|
1,129,256 |
|
| Ovintiv, Inc., |
|
| Gtd. Notes |
|
| 6.625% |
|
|
08/15/37 |
|
|
|
|
|
|
|
200 |
|
|
|
267,131 |
|
| Petrobras Global Finance BV (Brazil), |
|
| Gtd. Notes |
|
| 5.600% |
|
|
01/03/31 |
(a) |
|
|
|
|
|
|
97 |
|
|
|
108,611 |
|
| 6.625% |
|
|
01/16/34 |
|
|
|
GBP |
|
|
|
680 |
|
|
|
1,083,637 |
|
| 6.900% |
|
|
03/19/49 |
(a) |
|
|
|
|
|
|
612 |
|
|
|
731,619 |
|
| 7.375% |
|
|
01/17/27 |
|
|
|
|
|
|
|
360 |
|
|
|
442,443 |
|
| Petroleos Mexicanos (Mexico), |
|
| Gtd. Notes |
|
| 4.750% |
|
|
02/26/29 |
|
|
|
EUR |
|
|
|
394 |
|
|
|
463,539 |
|
| 6.350% |
|
|
02/12/48 |
|
|
|
|
|
|
|
840 |
|
|
|
714,762 |
|
| 6.490% |
|
|
01/23/27 |
|
|
|
|
|
|
|
1,565 |
|
|
|
1,649,660 |
|
| 6.500% |
|
|
03/13/27 |
|
|
|
|
|
|
|
1,875 |
|
|
|
1,977,250 |
|
| 6.500% |
|
|
01/23/29 |
(a) |
|
|
|
|
|
|
700 |
|
|
|
718,655 |
|
| 6.840% |
|
|
01/23/30 |
|
|
|
|
|
|
|
306 |
|
|
|
315,363 |
|
| Gtd. Notes, EMTN |
|
| 3.750% |
|
|
02/21/24 |
|
|
|
EUR |
|
|
|
400 |
|
|
|
488,581 |
|
| 4.875% |
|
|
02/21/28 |
|
|
|
EUR |
|
|
|
1,230 |
|
|
|
1,481,700 |
|
| Pioneer Natural Resources Co., |
|
| Sr. Unsec’d. Notes |
|
| 1.900% |
|
|
08/15/30 |
|
|
|
|
|
|
|
2,085 |
|
|
|
2,009,362 |
|
| Qatar Petroleum (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.125% |
|
|
07/12/41 |
|
|
|
|
|
|
|
640 |
|
|
|
637,638 |
|
| Range Resources Corp., |
|
| Gtd. Notes |
|
| 9.250% |
|
|
02/01/26 |
(a) |
|
|
|
|
|
|
1,200 |
|
|
|
1,323,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Oil & Gas (cont’d.) |
|
| Transocean, Inc., |
|
| Gtd. Notes, 144A |
|
| 8.000% |
|
|
02/01/27 |
|
|
|
|
|
|
|
675 |
|
|
$ |
566,708 |
|
| Valero Energy Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.150% |
|
|
09/15/27 |
(a) |
|
|
|
|
|
|
830 |
|
|
|
843,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,740,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil & Gas Services — 0.0% |
|
| Cameron International Corp., |
|
| Gtd. Notes |
|
| 7.000% |
|
|
07/15/38 |
|
|
|
|
|
|
|
450 |
|
|
|
624,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Packaging & Containers — 0.3% |
|
| ARD Finance SA (Luxembourg), |
|
| Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750% |
|
| 5.000% |
|
|
06/30/27 |
|
|
|
EUR |
|
|
|
1,278 |
|
|
|
1,554,509 |
|
| Silgan Holdings, Inc., |
|
| Gtd. Notes |
|
| 2.250% |
|
|
06/01/28 |
|
|
|
EUR |
|
|
|
2,100 |
|
|
|
2,506,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,060,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 2.7% |
|
| AbbVie, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.600% |
|
|
05/14/25 |
|
|
|
|
|
|
|
1,020 |
|
|
|
1,113,508 |
|
| 4.050% |
|
|
11/21/39 |
|
|
|
|
|
|
|
5,135 |
|
|
|
5,960,964 |
|
| 4.500% |
|
|
05/14/35 |
|
|
|
|
|
|
|
1,715 |
|
|
|
2,071,630 |
|
| 4.550% |
|
|
03/15/35 |
|
|
|
|
|
|
|
2,040 |
|
|
|
2,472,399 |
|
| Bausch Health Americas, Inc., |
|
| Gtd. Notes, 144A |
|
| 8.500% |
|
|
01/31/27 |
|
|
|
|
|
|
|
320 |
|
|
|
347,813 |
|
| Bausch Health Cos., Inc., |
|
| Gtd. Notes, 144A |
|
| 5.000% |
|
|
01/30/28 |
(a) |
|
|
|
|
|
|
430 |
|
|
|
408,598 |
|
| 5.000% |
|
|
02/15/29 |
|
|
|
|
|
|
|
225 |
|
|
|
209,747 |
|
| 5.250% |
|
|
01/30/30 |
(a) |
|
|
|
|
|
|
300 |
|
|
|
279,893 |
|
| 5.250% |
|
|
02/15/31 |
|
|
|
|
|
|
|
275 |
|
|
|
256,650 |
|
| 6.125% |
|
|
04/15/25 |
|
|
|
|
|
|
|
315 |
|
|
|
322,773 |
|
| 6.250% |
|
|
02/15/29 |
|
|
|
|
|
|
|
1,150 |
|
|
|
1,137,247 |
|
| Bristol-Myers Squibb Co., |
|
| Sr. Unsec’d. Notes |
|
| 4.125% |
|
|
06/15/39 |
|
|
|
|
|
|
|
420 |
|
|
|
507,783 |
|
| 4.250% |
|
|
10/26/49 |
|
|
|
|
|
|
|
210 |
|
|
|
265,237 |
|
| 5.000% |
|
|
08/15/45 |
|
|
|
|
|
|
|
569 |
|
|
|
778,596 |
|
| Cigna Corp., |
|
| Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.375% |
|
|
10/15/28 |
|
|
|
|
|
|
|
1,320 |
|
|
|
1,536,395 |
|
| 4.500% |
|
|
02/25/26 |
|
|
|
|
|
|
|
3,690 |
|
|
|
4,201,340 |
|
| Sr. Unsec’d. Notes |
|
| 3.200% |
|
|
03/15/40 |
|
|
|
|
|
|
|
440 |
|
|
|
456,714 |
|
| 3.400% |
|
|
03/15/51 |
|
|
|
|
|
|
|
1,325 |
|
|
|
1,385,908 |
|
| CVS Health Corp., |
|
| Sr. Unsec’d. Notes |
|
| 1.875% |
|
|
02/28/31 |
(a) |
|
|
|
|
|
|
765 |
|
|
|
742,583 |
|
| 2.700% |
|
|
08/21/40 |
|
|
|
|
|
|
|
480 |
|
|
|
465,449 |
|
| 4.780% |
|
|
03/25/38 |
|
|
|
|
|
|
|
270 |
|
|
|
332,110 |
|
| 5.050% |
|
|
03/25/48 |
|
|
|
|
|
|
|
655 |
|
|
|
851,803 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A107
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Pharmaceuticals (cont’d.) |
|
| 5.125% |
|
|
07/20/45 |
|
|
|
|
|
|
|
565 |
|
|
$ |
733,337 |
|
| Endo Dac/Endo Finance LLC/Endo Finco, Inc., |
|
| Sec’d. Notes, 144A |
|
| 9.500% |
|
|
07/31/27 |
(a) |
|
|
|
|
|
|
185 |
|
|
|
189,241 |
|
| Mylan, Inc., |
|
| Gtd. Notes |
|
| 5.200% |
|
|
04/15/48 |
|
|
|
|
|
|
|
1,890 |
|
|
|
2,320,792 |
|
| Shire Acquisitions Investments Ireland DAC, |
|
| Gtd. Notes |
|
| 3.200% |
|
|
09/23/26 |
|
|
|
|
|
|
|
3,745 |
|
|
|
4,065,018 |
|
| Takeda Pharmaceutical Co. Ltd. (Japan), |
|
| Sr. Unsec’d. Notes |
|
| 3.025% |
|
|
07/09/40 |
|
|
|
|
|
|
|
525 |
|
|
|
530,551 |
|
| Utah Acquisition Sub, Inc., |
|
| Gtd. Notes |
|
| 5.250% |
|
|
06/15/46 |
|
|
|
|
|
|
|
185 |
|
|
|
226,543 |
|
| Viatris, Inc., |
|
| Gtd. Notes, 144A |
|
| 4.000% |
|
|
06/22/50 |
|
|
|
|
|
|
|
1,280 |
|
|
|
1,356,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,526,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pipelines — 2.0% |
|
| Boardwalk Pipelines LP, |
|
| Gtd. Notes |
|
| 3.400% |
|
|
02/15/31 |
|
|
|
|
|
|
|
1,730 |
|
|
|
1,835,347 |
|
| Energy Transfer LP, |
|
| Jr. Sub. Notes, Series G |
|
| 7.125%(ff) |
|
|
05/15/30 |
(oo) |
|
|
|
|
|
|
875 |
|
|
|
903,322 |
|
| Jr. Sub. Notes, Series H |
|
| 6.500%(ff) |
|
|
11/15/26 |
(oo) |
|
|
|
|
|
|
1,325 |
|
|
|
1,351,116 |
|
| Sr. Unsec’d. Notes |
|
| 5.000% |
|
|
05/15/50 |
|
|
|
|
|
|
|
280 |
|
|
|
323,466 |
|
| 5.150% |
|
|
03/15/45 |
|
|
|
|
|
|
|
55 |
|
|
|
63,389 |
|
| 5.300% |
|
|
04/15/47 |
|
|
|
|
|
|
|
120 |
|
|
|
140,045 |
|
| 5.400% |
|
|
10/01/47 |
|
|
|
|
|
|
|
55 |
|
|
|
65,099 |
|
| 6.125% |
|
|
12/15/45 |
|
|
|
|
|
|
|
90 |
|
|
|
114,570 |
|
| 6.250% |
|
|
04/15/49 |
|
|
|
|
|
|
|
1,400 |
|
|
|
1,841,041 |
|
| Enterprise Products Operating LLC, |
|
| Gtd. Notes |
|
| 3.200% |
|
|
02/15/52 |
|
|
|
|
|
|
|
870 |
|
|
|
862,007 |
|
| 3.700% |
|
|
01/31/51 |
|
|
|
|
|
|
|
130 |
|
|
|
139,688 |
|
| 4.900% |
|
|
05/15/46 |
|
|
|
|
|
|
|
2,110 |
|
|
|
2,610,997 |
|
| Fermaca Enterprises S de RL de CV (Mexico), |
|
| Sr. Sec’d. Notes, 144A |
|
| 6.375% |
|
|
03/30/38 |
|
|
|
|
|
|
|
363 |
|
|
|
411,661 |
|
| Kinder Morgan, Inc., |
|
| Gtd. Notes |
|
| 3.250% |
|
|
08/01/50 |
(a) |
|
|
|
|
|
|
1,940 |
|
|
|
1,877,718 |
|
| Magellan Midstream Partners LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.200% |
|
|
03/15/45 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,065,169 |
|
| MPLX LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.500% |
|
|
04/15/38 |
|
|
|
|
|
|
|
970 |
|
|
|
1,108,917 |
|
| 5.200% |
|
|
03/01/47 |
|
|
|
|
|
|
|
115 |
|
|
|
141,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Pipelines (cont’d.) |
|
| NGPL PipeCo LLC, |
|
| Sr. Unsec’d. Notes, 144A |
|
| 4.875% |
|
|
08/15/27 |
(a) |
|
|
|
|
|
|
225 |
|
|
$ |
257,699 |
|
| ONEOK Partners LP, |
|
| Gtd. Notes |
|
| 6.850% |
|
|
10/15/37 |
|
|
|
|
|
|
|
1,250 |
|
|
|
1,706,932 |
|
| ONEOK, Inc., |
|
| Gtd. Notes |
|
| 4.500% |
|
|
03/15/50 |
|
|
|
|
|
|
|
2,685 |
|
|
|
2,996,923 |
|
| 4.950% |
|
|
07/13/47 |
|
|
|
|
|
|
|
450 |
|
|
|
527,287 |
|
| Phillips 66 Partners LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.680% |
|
|
02/15/45 |
|
|
|
|
|
|
|
1,900 |
|
|
|
2,174,371 |
|
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
|
| Gtd. Notes, 144A |
|
| 7.500% |
|
|
10/01/25 |
|
|
|
|
|
|
|
1,150 |
|
|
|
1,252,920 |
|
| Western Midstream Operating LP, |
|
| Sr. Unsec’d. Notes |
|
| 5.450% |
|
|
04/01/44 |
|
|
|
|
|
|
|
575 |
|
|
|
618,964 |
|
| Williams Cos., Inc. (The), |
|
| Sr. Unsec’d. Notes |
|
| 4.900% |
|
|
01/15/45 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,451,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,841,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate — 0.1% |
|
| Greystar Real Estate Partners LLC, |
|
| Sr. Sec’d. Notes, 144A |
|
| 5.750% |
|
|
12/01/25 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,233,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Investment Trusts (REITs) — 0.6% |
|
| Brixmor Operating Partnership LP, |
|
| Sr. Unsec’d. Notes |
|
| 4.050% |
|
|
07/01/30 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,261,390 |
|
| Diversified Healthcare Trust, |
|
| Gtd. Notes |
|
| 9.750% |
|
|
06/15/25 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,109,713 |
|
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., |
|
| Gtd. Notes, 144A |
|
| 4.625% |
|
|
06/15/25 |
(a) |
|
|
|
|
|
|
405 |
|
|
|
432,553 |
|
| MPT Operating Partnership LP/MPT Finance Corp., |
|
| Gtd. Notes |
|
| 3.500% |
|
|
03/15/31 |
|
|
|
|
|
|
|
1,100 |
|
|
|
1,111,127 |
|
| Spirit Realty LP, |
|
| Gtd. Notes |
|
| 2.700% |
|
|
02/15/32 |
|
|
|
|
|
|
|
2,190 |
|
|
|
2,171,633 |
|
| VEREIT Operating Partnership LP, |
|
| Gtd. Notes |
|
| 2.850% |
|
|
12/15/32 |
(a) |
|
|
|
|
|
|
525 |
|
|
|
549,056 |
|
| WP Carey, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.250% |
|
|
04/01/33 |
|
|
|
|
|
|
|
1,930 |
|
|
|
1,857,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,492,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail — 0.8% |
|
| 1011778 BC ULC/New Red Finance, Inc. (Canada), |
|
| Sec’d. Notes, 144A |
|
| 4.000% |
|
|
10/15/30 |
(a) |
|
|
|
|
|
|
1,525 |
|
|
|
1,475,702 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A108
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Retail (cont’d.) |
|
| Ambience Merger Sub, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 4.875% |
|
|
07/15/28 |
|
|
|
|
|
|
|
275 |
|
|
$ |
275,688 |
|
| AutoZone, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.650% |
|
|
01/15/31 |
(a) |
|
|
|
|
|
|
335 |
|
|
|
318,811 |
|
| Best Buy Co., Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.950% |
|
|
10/01/30 |
|
|
|
|
|
|
|
495 |
|
|
|
479,454 |
|
| Dollar Tree, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.200% |
|
|
05/15/28 |
|
|
|
|
|
|
|
1,875 |
|
|
|
2,139,057 |
|
| eG Global Finance PLC (United Kingdom), |
|
| Sr. Sec’d. Notes |
|
| 6.250% |
|
|
10/30/25 |
|
|
|
EUR |
|
|
|
1,600 |
|
|
|
1,943,031 |
|
| L Brands, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
10/15/23 |
(a) |
|
|
|
|
|
|
1,000 |
|
|
|
1,098,297 |
|
| O’Reilly Automotive, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 1.750% |
|
|
03/15/31 |
(a) |
|
|
|
|
|
|
2,115 |
|
|
|
2,033,592 |
|
| Sally Holdings LLC/Sally Capital, Inc., |
|
| Gtd. Notes |
|
| 5.625% |
|
|
12/01/25 |
(a) |
|
|
|
|
|
|
454 |
|
|
|
468,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,232,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings & Loans — 0.1% |
|
| People’s United Financial, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.650% |
|
|
12/06/22 |
(a) |
|
|
|
|
|
|
1,675 |
|
|
|
1,733,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Semiconductors — 1.0% |
|
| Broadcom, Inc., |
|
| Gtd. Notes |
|
| 3.459% |
|
|
09/15/26 |
|
|
|
|
|
|
|
3,509 |
|
|
|
3,819,106 |
|
| 4.750% |
|
|
04/15/29 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,744,905 |
|
| 5.000% |
|
|
04/15/30 |
|
|
|
|
|
|
|
2,500 |
|
|
|
2,954,992 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 3.419% |
|
|
04/15/33 |
|
|
|
|
|
|
|
1,250 |
|
|
|
1,317,974 |
|
| NXP BV/NXP Funding LLC (China), |
|
| Gtd. Notes, 144A |
|
| 4.625% |
|
|
06/01/23 |
|
|
|
|
|
|
|
2,675 |
|
|
|
2,874,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,711,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software — 0.4% |
|
| Boxer Parent Co., Inc., |
|
| Sec’d. Notes, 144A |
|
| 9.125% |
|
|
03/01/26 |
|
|
|
|
|
|
|
850 |
|
|
|
896,711 |
|
| Fidelity National Information Services, Inc., |
|
| Gtd. Notes |
|
| 0.750% |
|
|
05/21/23 |
|
|
|
EUR |
|
|
|
400 |
|
|
|
482,017 |
|
| Sr. Unsec’d. Notes |
|
| 3.100% |
|
|
03/01/41 |
|
|
|
|
|
|
|
1,320 |
|
|
|
1,356,128 |
|
| Microsoft Corp., |
|
| Sr. Unsec’d. Notes |
|
| 2.525% |
|
|
06/01/50 |
|
|
|
|
|
|
|
1,815 |
|
|
|
1,783,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Software (cont’d.) |
|
| 2.675% |
|
|
06/01/60 |
|
|
|
|
|
|
|
435 |
|
|
$ |
433,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,951,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Telecommunications — 1.9% |
|
| AT&T, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 4.300% |
|
|
02/15/30 |
|
|
|
|
|
|
|
485 |
|
|
|
560,757 |
|
| Sr. Unsec’d. Notes, 144A |
|
| 2.550% |
|
|
12/01/33 |
|
|
|
|
|
|
|
1,216 |
|
|
|
1,205,207 |
|
| 3.500% |
|
|
09/15/53 |
|
|
|
|
|
|
|
4,881 |
|
|
|
4,895,271 |
|
| 3.550% |
|
|
09/15/55 |
|
|
|
|
|
|
|
972 |
|
|
|
973,965 |
|
| 3.650% |
|
|
09/15/59 |
|
|
|
|
|
|
|
65 |
|
|
|
65,853 |
|
| Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), |
|
| Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% |
|
| 13.000% |
|
|
12/31/25 |
|
|
|
|
|
|
|
500 |
|
|
|
501,960 |
|
| Sr. Sec’d. Notes, 144A |
|
| 8.750% |
|
|
05/25/24 |
|
|
|
|
|
|
|
200 |
|
|
|
208,424 |
|
| 8.750% |
|
|
05/25/24 |
|
|
|
|
|
|
|
997 |
|
|
|
1,038,355 |
|
| Digicel Ltd. (Jamaica), |
|
| Gtd. Notes, 144A |
|
| 6.750% |
|
|
03/01/23 |
|
|
|
|
|
|
|
500 |
|
|
|
478,407 |
|
| Level 3 Financing, Inc., |
|
| Sr. Sec’d. Notes, 144A |
|
| 3.400% |
|
|
03/01/27 |
|
|
|
|
|
|
|
230 |
|
|
|
244,508 |
|
| Lumen Technologies, Inc., |
|
| Sr. Unsec’d. Notes, Series P |
|
| 7.600% |
|
|
09/15/39 |
(a) |
|
|
|
|
|
|
850 |
|
|
|
965,926 |
|
| Qwest Corp., |
|
| Sr. Unsec’d. Notes |
|
| 6.750% |
|
|
12/01/21 |
|
|
|
|
|
|
|
600 |
|
|
|
614,946 |
|
| Sprint Corp., |
|
| Gtd. Notes |
|
| 7.625% |
|
|
02/15/25 |
|
|
|
|
|
|
|
500 |
|
|
|
593,912 |
|
| 7.875% |
|
|
09/15/23 |
|
|
|
|
|
|
|
2,000 |
|
|
|
2,273,597 |
|
| T-Mobile USA, Inc., |
|
| Sr. Sec’d. Notes |
|
| 4.375% |
|
|
04/15/40 |
|
|
|
|
|
|
|
425 |
|
|
|
498,153 |
|
| 4.500% |
|
|
04/15/50 |
|
|
|
|
|
|
|
3,080 |
|
|
|
3,663,975 |
|
| Verizon Communications, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 2.650% |
|
|
11/20/40 |
|
|
|
|
|
|
|
3,285 |
|
|
|
3,169,448 |
|
| 3.400% |
|
|
03/22/41 |
|
|
|
|
|
|
|
1,175 |
|
|
|
1,244,596 |
|
| 4.016% |
|
|
12/03/29 |
|
|
|
|
|
|
|
120 |
|
|
|
137,652 |
|
| 4.500% |
|
|
08/10/33 |
|
|
|
|
|
|
|
990 |
|
|
|
1,184,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,519,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Textiles — 0.0% |
|
| Mohawk Industries, Inc., |
|
| Sr. Unsec’d. Notes |
|
| 3.850% |
|
|
02/01/23 |
|
|
|
|
|
|
|
294 |
|
|
|
306,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation — 0.0% |
|
| Lima Metro Line 2 Finance Ltd. (Peru), |
|
| Sr. Sec’d. Notes |
|
| 5.875% |
|
|
07/05/34 |
|
|
|
|
|
|
|
103 |
|
|
|
119,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A109
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| CORPORATE BONDS (continued) |
|
| Water — 0.1% |
|
| American Water Capital Corp., |
|
| Sr. Unsec’d. Notes |
|
| 3.450% |
|
|
05/01/50 |
(a) |
|
|
|
|
|
|
625 |
|
|
$ |
675,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS
(cost $458,049,074) |
|
|
|
493,762,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS — 1.8% |
|
| California — 0.4% |
|
| Bay Area Toll Authority, |
|
| Taxable, Revenue Bonds, BABs, Series S3 |
|
| 6.907% |
|
|
10/01/50 |
|
|
|
|
|
|
|
1,125 |
|
|
|
1,988,314 |
|
| State of California, |
|
| General Obligation Unlimited, BABs |
|
| 7.300% |
|
|
10/01/39 |
|
|
|
|
|
|
|
1,550 |
|
|
|
2,474,436 |
|
| General Obligation Unlimited, Taxable, BABs |
|
| 7.625% |
|
|
03/01/40 |
|
|
|
|
|
|
|
725 |
|
|
|
1,216,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,679,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colorado — 0.1% |
|
| Regional Transportation District Sales Tax Revenue, |
|
| Revenue Bonds, BABs, Series B |
|
| 5.844% |
|
|
11/01/50 |
|
|
|
|
|
|
|
770 |
|
|
|
1,220,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.4% |
|
| Chicago O’Hare International Airport, |
|
| Revenue Bonds, BABs, Series B |
|
| 6.395% |
|
|
01/01/40 |
|
|
|
|
|
|
|
1,380 |
|
|
|
2,092,618 |
|
| State of Illinois, |
|
| General Obligation Unlimited, Series A |
|
| 5.000% |
|
|
10/01/22 |
|
|
|
|
|
|
|
20 |
|
|
|
21,159 |
|
| General Obligation Unlimited, Series D |
|
| 5.000% |
|
|
11/01/22 |
|
|
|
|
|
|
|
2,650 |
|
|
|
2,814,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,927,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey — 0.4% |
|
| New Jersey Turnpike Authority, |
|
| Taxable, Revenue Bonds, BABs, Series A |
|
| 7.102% |
|
|
01/01/41 |
|
|
|
|
|
|
|
1,175 |
|
|
|
1,880,352 |
|
| Taxable, Revenue Bonds, BABs, Series F |
|
| 7.414% |
|
|
01/01/40 |
|
|
|
|
|
|
|
2,050 |
|
|
|
3,370,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,251,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ohio — 0.1% |
|
| Ohio State University (The), |
|
| Taxable, Revenue Bonds, BABs, Series C |
|
| 4.910% |
|
|
06/01/40 |
|
|
|
|
|
|
|
695 |
|
|
|
940,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon — 0.1% |
|
| State of Oregon Department of Transportation, |
|
| Taxable, Revenue Bonds, BABs, Series A |
|
| 5.834% |
|
|
11/15/34 |
|
|
|
|
|
|
|
615 |
|
|
|
860,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.1% |
|
| Pennsylvania Turnpike Commission, |
|
| Revenue Bonds, BABs, Series B |
|
| 5.511% |
|
|
12/01/45 |
|
|
|
|
|
|
|
800 |
|
|
|
1,142,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| MUNICIPAL BONDS (continued) |
|
| Puerto Rico — 0.2% |
|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, |
|
| Revenue Bonds, Series A-1 |
|
| 5.000% |
|
|
07/01/58 |
|
|
|
|
|
|
|
1,710 |
|
|
$ |
1,970,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Texas — 0.0% |
|
| Texas Private Activity Bond Surface Transportation Corp., |
|
| Taxable, Revenue Bonds, Series B |
|
| 3.922% |
|
|
12/31/49 |
|
|
|
|
|
|
|
450 |
|
|
|
504,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Virginia — 0.0% |
|
| University of Virginia, |
|
| Taxable, Revenue Bonds, Series C |
|
| 4.179% |
|
|
09/01/2117 |
|
|
|
|
|
|
|
425 |
|
|
|
536,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(cost $16,228,648) |
|
|
|
23,034,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.1% |
|
| Alternative Loan Trust, |
|
| Series 2004-18CB, Class 3A1 |
|
| 5.250% |
|
|
09/25/35 |
|
|
|
|
|
|
|
13 |
|
|
|
12,775 |
|
| Bellemeade Re Ltd. (Bermuda), |
|
| Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) |
|
| 1.692%(c) |
|
|
04/25/28 |
|
|
|
|
|
|
|
416 |
|
|
|
415,822 |
|
| Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) |
|
| 1.942%(c) |
|
|
10/25/28 |
|
|
|
|
|
|
|
568 |
|
|
|
569,050 |
|
| Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) |
|
| 1.542%(c) |
|
|
04/25/29 |
|
|
|
|
|
|
|
268 |
|
|
|
267,917 |
|
| Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
|
| 1.492%(c) |
|
|
10/25/29 |
|
|
|
|
|
|
|
174 |
|
|
|
173,581 |
|
| Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) |
|
| 2.092%(c) |
|
|
10/25/29 |
|
|
|
|
|
|
|
700 |
|
|
|
700,437 |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%) |
|
| 3.492%(c) |
|
|
06/25/30 |
|
|
|
|
|
|
|
46 |
|
|
|
46,075 |
|
| Series 2020-02A, Class M1A, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%) |
|
| 2.392%(c) |
|
|
08/26/30 |
|
|
|
|
|
|
|
32 |
|
|
|
32,406 |
|
| Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.200% (Cap N/A, Floor 3.200%) |
|
| 3.292%(c) |
|
|
08/26/30 |
|
|
|
|
|
|
|
240 |
|
|
|
241,580 |
|
| Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%) |
|
| 4.092%(c) |
|
|
08/26/30 |
|
|
|
|
|
|
|
275 |
|
|
|
280,292 |
|
| Series 2020-03A, Class M1A, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) |
|
| 2.092%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
290 |
|
|
|
291,086 |
|
| Series 2020-03A, Class M1B, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) |
|
| 2.942%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
215 |
|
|
|
219,630 |
|
| Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%) |
|
| 3.792%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
275 |
|
|
|
287,323 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A110
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| BVRT Financing Trust, |
|
| Series 2019-01, Class F, 144A, 1 Month LIBOR + 2.150% |
|
| 2.227%(c) |
|
|
09/15/21^ |
|
|
|
|
|
|
|
2,793 |
|
|
$ |
2,785,646 |
|
| Central Park Funding Trust, |
|
| Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
|
| 2.846%(c) |
|
|
08/29/22 |
|
|
|
|
|
|
|
4,466 |
|
|
|
4,468,299 |
|
| Citigroup Mortgage Loan Trust, |
|
| Series 2011-12, Class 3A2, 144A |
|
| 3.041%(cc) |
|
|
09/25/47 |
|
|
|
|
|
|
|
377 |
|
|
|
362,909 |
|
| Connecticut Avenue Securities Trust, |
|
| Series 2019-R04, Class 2M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%) |
|
| 2.192%(c) |
|
|
06/25/39 |
|
|
|
|
|
|
|
304 |
|
|
|
304,731 |
|
| Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%) |
|
| 2.192%(c) |
|
|
10/25/39 |
|
|
|
|
|
|
|
400 |
|
|
|
401,991 |
|
| Credit Suisse Mortgage Trust, |
|
| Series 2020-RPL5, Class A1, 144A |
|
| 3.023%(cc) |
|
|
08/25/60 |
|
|
|
|
|
|
|
467 |
|
|
|
474,005 |
|
| Eagle Re Ltd. (Bermuda), |
|
| Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) |
|
| 1.792%(c) |
|
|
11/25/28 |
|
|
|
|
|
|
|
585 |
|
|
|
585,412 |
|
| Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%) |
|
| 1.892%(c) |
|
|
04/25/29 |
|
|
|
|
|
|
|
180 |
|
|
|
181,065 |
|
| Series 2020-02, Class M1A, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%) |
|
| 3.092%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
379 |
|
|
|
380,052 |
|
| Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 0.000%) |
|
| 4.092%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
520 |
|
|
|
523,224 |
|
| Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%) |
|
| 4.592%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
360 |
|
|
|
365,763 |
|
| Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor
2.150%) |
|
| 2.168%(c) |
|
|
10/25/33 |
|
|
|
|
|
|
|
605 |
|
|
|
612,609 |
|
| Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor
2.700%) |
|
| 2.718%(c) |
|
|
10/25/33 |
|
|
|
|
|
|
|
940 |
|
|
|
958,576 |
|
| Fannie Mae Connecticut Avenue Securities, |
|
| Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%) |
|
| 2.492%(c) |
|
|
05/25/30 |
|
|
|
|
|
|
|
464 |
|
|
|
470,108 |
|
| Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%) |
|
| 2.242%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
291 |
|
|
|
294,286 |
|
| Fannie Mae REMICS, |
|
| Series 2011-116, Class ZA |
|
| 3.500% |
|
|
11/25/41 |
|
|
|
|
|
|
|
2,243 |
|
|
|
2,427,621 |
|
| Series 2012-34, Class EB |
|
| 4.000% |
|
|
04/25/42 |
|
|
|
|
|
|
|
1,575 |
|
|
|
1,809,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| FHLMC Structured Agency Credit Risk Debt Notes, |
|
| Series 2016-HQA03, Class M2, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.442%(c) |
|
|
03/25/29 |
|
|
|
|
|
|
|
32 |
|
|
$ |
32,246 |
|
| Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor
0.000%) |
|
| 4.018%(c) |
|
|
11/25/50 |
|
|
|
|
|
|
|
900 |
|
|
|
941,844 |
|
| Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor
0.000%) |
|
| 2.618%(c) |
|
|
11/25/50 |
|
|
|
|
|
|
|
4,365 |
|
|
|
4,434,005 |
|
| Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor
0.000%) |
|
| 3.418%(c) |
|
|
08/25/33 |
|
|
|
|
|
|
|
3,955 |
|
|
|
4,072,800 |
|
| FHLMC Structured Agency Credit Risk REMIC Trust, |
|
| Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) |
|
| 1.942%(c) |
|
|
02/25/50 |
|
|
|
|
|
|
|
1,220 |
|
|
|
1,229,932 |
|
| Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%) |
|
| 5.192%(c) |
|
|
06/25/50 |
|
|
|
|
|
|
|
205 |
|
|
|
214,632 |
|
| Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%) |
|
| 3.092%(c) |
|
|
06/25/50 |
|
|
|
|
|
|
|
423 |
|
|
|
425,810 |
|
| Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%) |
|
| 6.092%(c) |
|
|
08/25/50 |
|
|
|
|
|
|
|
1,570 |
|
|
|
1,681,933 |
|
| Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%) |
|
| 3.842%(c) |
|
|
08/25/50 |
|
|
|
|
|
|
|
589 |
|
|
|
595,203 |
|
| Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor
0.000%) |
|
| 4.818%(c) |
|
|
10/25/50 |
|
|
|
|
|
|
|
670 |
|
|
|
711,352 |
|
| Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor
0.000%) |
|
| 2.818%(c) |
|
|
10/25/50 |
|
|
|
|
|
|
|
500 |
|
|
|
507,480 |
|
| Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%) |
|
| 3.192%(c) |
|
|
03/25/50 |
|
|
|
|
|
|
|
90 |
|
|
|
91,406 |
|
| Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%) |
|
| 3.692%(c) |
|
|
07/25/50 |
|
|
|
|
|
|
|
1,454 |
|
|
|
1,472,061 |
|
| Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%) |
|
| 5.342%(c) |
|
|
09/25/50 |
|
|
|
|
|
|
|
320 |
|
|
|
337,821 |
|
| Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%) |
|
| 3.242%(c) |
|
|
09/25/50 |
|
|
|
|
|
|
|
190 |
|
|
|
192,578 |
|
| Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor
0.000%) |
|
| 2.268%(c) |
|
|
08/25/33 |
|
|
|
|
|
|
|
4,200 |
|
|
|
4,255,199 |
|
| FHLMC Structured Agency Credit Risk Trust, |
|
| Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%) |
|
| 0.842%(c) |
|
|
09/25/48 |
|
|
|
|
|
|
|
3 |
|
|
|
2,882 |
|
| Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%) |
|
| 2.742%(c) |
|
|
01/25/49 |
|
|
|
|
|
|
|
222 |
|
|
|
224,883 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A111
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Freddie Mac REMICS, |
|
| Series 4289, Class WZ |
|
| 3.000% |
|
|
01/15/44 |
|
|
|
|
|
|
|
790 |
|
|
$ |
840,825 |
|
| Series 4768, Class GA |
|
| 3.500% |
|
|
09/15/45 |
|
|
|
|
|
|
|
1,012 |
|
|
|
1,057,396 |
|
| Series 4768, Class VB |
|
| 3.500% |
|
|
06/15/38 |
|
|
|
|
|
|
|
500 |
|
|
|
509,470 |
|
| Series 4939, Class KT |
|
| 3.000% |
|
|
07/15/48 |
|
|
|
|
|
|
|
868 |
|
|
|
902,494 |
|
| GCAT LLC, |
|
| Series 2019-04, Class A1, 144A |
|
| 3.228% |
|
|
11/26/49 |
|
|
|
|
|
|
|
1,402 |
|
|
|
1,405,174 |
|
| GSMSC Resecuritization Trust, |
|
| Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%) |
|
| 0.232%(c) |
|
|
01/26/37 |
|
|
|
|
|
|
|
746 |
|
|
|
740,708 |
|
| Home Re Ltd. (Bermuda), |
|
| Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) |
|
| 1.692%(c) |
|
|
10/25/28 |
|
|
|
|
|
|
|
151 |
|
|
|
150,979 |
|
| Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) |
|
| 1.742%(c) |
|
|
05/25/29 |
|
|
|
|
|
|
|
179 |
|
|
|
179,440 |
|
| Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%) |
|
| 2.692%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
538 |
|
|
|
540,044 |
|
| Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 3.250% (Cap N/A, Floor 3.250%) |
|
| 3.342%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
500 |
|
|
|
505,155 |
|
| Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%) |
|
| 4.242%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
200 |
|
|
|
203,000 |
|
| Legacy Mortgage Asset Trust, |
|
| Series 2019-GS06, Class A1, 144A |
|
| 3.000% |
|
|
06/25/59 |
|
|
|
|
|
|
|
573 |
|
|
|
574,818 |
|
| Series 2020-GS01, Class A1, 144A |
|
| 2.882% |
|
|
10/25/59 |
|
|
|
|
|
|
|
1,235 |
|
|
|
1,243,557 |
|
| Series 2020-SL01, Class A, 144A |
|
| 2.734% |
|
|
01/25/60 |
|
|
|
|
|
|
|
1,088 |
|
|
|
1,097,622 |
|
| Mortgage Repurchase Agreement Financing Trust, |
|
| Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) |
|
| 1.327%(c) |
|
|
01/23/23 |
|
|
|
|
|
|
|
655 |
|
|
|
655,021 |
|
| Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
620 |
|
|
|
620,297 |
|
| Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) |
|
| 1.427%(c) |
|
|
04/23/23 |
|
|
|
|
|
|
|
1,200 |
|
|
|
1,200,575 |
|
| MRA Issuance Trust, |
|
| Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%) |
|
| 1.692%(c) |
|
|
12/11/21 |
|
|
|
|
|
|
|
11,580 |
|
|
|
11,594,382 |
|
| Series 2021-09, Class A1X, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.292%(c) |
|
|
11/15/21 |
|
|
|
|
|
|
|
4,600 |
|
|
|
4,594,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Series 2021-EBO03, Class A1X, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%) |
|
| 1.860%(c) |
|
|
03/31/23 |
|
|
|
|
|
|
|
3,430 |
|
|
$ |
3,443,966 |
|
| Series 2021-EBO03, Class A2, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) |
|
| 2.860%(c) |
|
|
03/31/23 |
|
|
|
|
|
|
|
3,600 |
|
|
|
3,604,645 |
|
| Series 2021-EBO06, Class A1X, 144A |
|
| 0.000%(cc) |
|
|
02/16/22^ |
|
|
|
|
|
|
|
4,433 |
|
|
|
4,433,000 |
|
| New Residential Mortgage Loan Trust, |
|
| Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) |
|
| 0.842%(c) |
|
|
01/25/48 |
|
|
|
|
|
|
|
721 |
|
|
|
722,159 |
|
| Oaktown Re II Ltd. (Bermuda), |
|
| Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) |
|
| 1.642%(c) |
|
|
07/25/28 |
|
|
|
|
|
|
|
103 |
|
|
|
103,301 |
|
| Oaktown Re III Ltd. (Bermuda), |
|
| Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%) |
|
| 1.492%(c) |
|
|
07/25/29 |
|
|
|
|
|
|
|
46 |
|
|
|
46,389 |
|
| Oaktown Re IV Ltd. (Bermuda), |
|
| Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%) |
|
| 4.842%(c) |
|
|
07/25/30 |
|
|
|
|
|
|
|
236 |
|
|
|
236,968 |
|
| Oaktown Re V Ltd. (Bermuda), |
|
| Series 2020-02A, Class M1A, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%) |
|
| 2.492%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
97 |
|
|
|
97,321 |
|
| Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%) |
|
| 3.692%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
260 |
|
|
|
264,550 |
|
| Radnor Re Ltd. (Bermuda), |
|
| Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) |
|
| 1.492%(c) |
|
|
03/25/28 |
|
|
|
|
|
|
|
27 |
|
|
|
27,090 |
|
| Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%) |
|
| 2.792%(c) |
|
|
03/25/28 |
|
|
|
|
|
|
|
360 |
|
|
|
363,636 |
|
| Series 2019-02, Class M1A, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) |
|
| 1.292%(c) |
|
|
06/25/29 |
|
|
|
|
|
|
|
47 |
|
|
|
46,601 |
|
| Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) |
|
| 1.042%(c) |
|
|
01/25/30 |
|
|
|
|
|
|
|
500 |
|
|
|
500,053 |
|
| Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) |
|
| 1.542%(c) |
|
|
01/25/30 |
|
|
|
|
|
|
|
1,500 |
|
|
|
1,503,045 |
|
| Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%) |
|
| 4.092%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
790 |
|
|
|
793,236 |
|
| Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.600% (Cap N/A, Floor 4.600%) |
|
| 4.692%(c) |
|
|
10/25/30 |
|
|
|
|
|
|
|
655 |
|
|
|
663,628 |
|
| Station Place Securitization Trust, |
|
| Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%) |
|
| 0.891%(c) |
|
|
06/20/22 |
|
|
|
|
|
|
|
3,410 |
|
|
|
3,411,535 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A112
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued) |
|
| Structured Adjustable Rate Mortgage Loan Trust, |
|
| Series 2004-01, Class 4A3 |
|
|
|
|
|
| 2.537%(cc) |
|
|
02/25/34 |
|
|
|
|
|
|
|
263 |
|
|
$ |
266,575 |
|
| Series 2004-18, Class 3A1 |
|
|
|
|
|
| 2.491%(cc) |
|
|
12/25/34 |
|
|
|
|
|
|
|
1,527 |
|
|
|
1,566,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $91,961,280) |
|
|
|
93,077,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS — 3.9% |
|
| Argentine Republic Government International Bond (Argentina), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 0.125%(cc) |
|
|
07/09/30 |
|
|
|
|
|
|
|
369 |
|
|
|
132,385 |
|
| 0.125%(cc) |
|
|
01/09/38 |
|
|
|
|
|
|
|
905 |
|
|
|
340,947 |
|
| Bermuda Government International Bond (Bermuda), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 2.375% |
|
|
08/20/30 |
|
|
|
|
|
|
|
570 |
|
|
|
570,072 |
|
| Brazil Minas SPE via State of Minas Gerais (Brazil), |
|
| Gov’t. Gtd. Notes |
|
|
|
|
|
| 5.333% |
|
|
02/15/28 |
|
|
|
|
|
|
|
1,123 |
|
|
|
1,214,867 |
|
| Brazilian Government International Bond (Brazil), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 4.500% |
|
|
05/30/29 |
|
|
|
|
|
|
|
725 |
|
|
|
775,543 |
|
| Colombia Government International Bond (Colombia), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 4.000% |
|
|
02/26/24 |
|
|
|
|
|
|
|
250 |
|
|
|
264,825 |
|
| 5.000% |
|
|
06/15/45 |
|
|
|
|
|
|
|
205 |
|
|
|
217,823 |
|
| Dominican Republic International Bond (Dominican Republic), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 6.000% |
|
|
07/19/28 |
|
|
|
|
|
|
|
575 |
|
|
|
653,577 |
|
| Egypt Government International Bond (Egypt), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
|
|
|
|
| 4.750% |
|
|
04/16/26 |
|
|
|
|
|
|
EUR |
551 |
|
|
|
681,115 |
|
| Ghana Government International Bond (Ghana), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 6.375% |
|
|
02/11/27 |
|
|
|
|
|
|
|
570 |
|
|
|
572,849 |
|
| Hellenic Republic Government International Bond (Greece), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 5.200% |
|
|
07/17/34 |
|
|
|
|
|
|
EUR |
1,500 |
|
|
|
2,628,636 |
|
| Hungary Government International Bond (Hungary), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 5.375% |
|
|
02/21/23 |
|
|
|
|
|
|
|
436 |
|
|
|
471,385 |
|
| 5.375% |
|
|
03/25/24 |
|
|
|
|
|
|
|
290 |
|
|
|
327,160 |
|
| 5.750% |
|
|
11/22/23 |
|
|
|
|
|
|
|
2,300 |
|
|
|
2,583,476 |
|
| Indonesia Government International Bond (Indonesia), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 1.100% |
|
|
03/12/33 |
|
|
|
|
|
|
EUR |
410 |
|
|
|
475,219 |
|
| 1.450% |
|
|
09/18/26 |
|
|
|
|
|
|
EUR |
375 |
|
|
|
462,982 |
|
| 3.375% |
|
|
07/30/25 |
|
|
|
|
|
|
EUR |
3,125 |
|
|
|
4,145,028 |
|
| Sr. Unsec’d. Notes, EMTN |
|
|
|
|
|
| 2.875% |
|
|
07/08/21 |
|
|
|
|
|
|
EUR |
1,225 |
|
|
|
1,453,640 |
|
| 3.750% |
|
|
06/14/28 |
|
|
|
|
|
|
EUR |
1,250 |
|
|
|
1,758,329 |
|
| Japan Bank for International Cooperation (Japan), |
|
| Gov’t. Gtd. Notes |
|
|
|
|
|
| 2.500% |
|
|
05/23/24 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,054,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| SOVEREIGN BONDS (continued) |
|
| Japan Finance Organization for Municipalities (Japan), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 3.375% |
|
|
09/27/23 |
|
|
|
|
|
|
|
600 |
|
|
$ |
637,631 |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
|
|
|
|
| 1.750% |
|
|
09/05/24 |
|
|
|
|
|
|
|
600 |
|
|
|
618,314 |
|
| 2.625% |
|
|
04/20/22 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,018,596 |
|
| 3.000% |
|
|
03/12/24 |
|
|
|
|
|
|
|
600 |
|
|
|
637,403 |
|
| Lithuania Government International Bond (Lithuania), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 6.625% |
|
|
02/01/22 |
|
|
|
|
|
|
|
1,000 |
|
|
|
1,036,984 |
|
| Panama Government International Bond (Panama), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 3.750% |
|
|
03/16/25 |
|
|
|
|
|
|
|
450 |
|
|
|
489,785 |
|
| Provincia de Buenos Aires (Argentina), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 6.500% |
|
|
02/15/23 |
(d) |
|
|
|
|
|
|
120 |
|
|
|
52,061 |
|
| 9.950% |
|
|
06/09/21 |
(d) |
|
|
|
|
|
|
1,790 |
|
|
|
835,052 |
|
| Qatar Government International Bond (Qatar), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 5.103% |
|
|
04/23/48 |
|
|
|
|
|
|
|
780 |
|
|
|
1,035,788 |
|
| Republic of Italy Government International Bond (Italy), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 2.875% |
|
|
10/17/29 |
|
|
|
|
|
|
|
200 |
|
|
|
208,218 |
|
| Sr. Unsec’d. Notes, EMTN |
|
|
|
|
|
| 6.000% |
|
|
08/04/28 |
|
|
|
|
|
|
GBP |
1,995 |
|
|
|
3,564,160 |
|
| Sr. Unsec’d. Notes, MTN |
|
|
|
|
|
| 5.375% |
|
|
06/15/33 |
|
|
|
|
|
|
|
4,730 |
|
|
|
5,957,146 |
|
| Romanian Government International Bond (Romania), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
|
|
|
|
| 3.875% |
|
|
10/29/35 |
|
|
|
|
|
|
EUR |
1,156 |
|
|
|
1,610,544 |
|
| Sr. Unsec’d. Notes, EMTN |
|
|
|
|
|
| 3.875% |
|
|
10/29/35 |
|
|
|
|
|
|
EUR |
940 |
|
|
|
1,309,612 |
|
| 4.125% |
|
|
03/11/39 |
|
|
|
|
|
|
EUR |
254 |
|
|
|
356,899 |
|
| Saudi Government International Bond (Saudi Arabia), |
|
| Sr. Unsec’d. Notes, 144A, MTN |
|
|
|
|
|
| 4.000% |
|
|
04/17/25 |
|
|
|
|
|
|
|
675 |
|
|
|
745,460 |
|
| Serbia International Bond (Serbia), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 1.500% |
|
|
06/26/29 |
|
|
|
|
|
|
EUR |
442 |
|
|
|
528,206 |
|
| 3.125% |
|
|
05/15/27 |
|
|
|
|
|
|
EUR |
237 |
|
|
|
312,670 |
|
| 7.250% |
|
|
09/28/21 |
|
|
|
|
|
|
|
533 |
|
|
|
541,307 |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 1.650% |
|
|
03/03/33 |
|
|
|
|
|
|
EUR |
610 |
|
|
|
709,152 |
|
| 2.125% |
|
|
12/01/30 |
|
|
|
|
|
|
|
1,435 |
|
|
|
1,360,197 |
|
| Tokyo Metropolitan Government (Japan), |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 2.500% |
|
|
06/08/22 |
|
|
|
|
|
|
|
600 |
|
|
|
611,901 |
|
| Turkey Government International Bond (Turkey), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 7.250% |
|
|
12/23/23 |
|
|
|
|
|
|
|
680 |
|
|
|
733,611 |
|
| Ukraine Government International Bond (Ukraine), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 7.750% |
|
|
09/01/21 |
|
|
|
|
|
|
|
160 |
|
|
|
161,400 |
|
| 7.750% |
|
|
09/01/22 |
|
|
|
|
|
|
|
1,120 |
|
|
|
1,176,081 |
|
| 8.994% |
|
|
02/01/24 |
|
|
|
|
|
|
|
200 |
|
|
|
221,794 |
|
| Sr. Unsec’d. Notes, 144A |
|
|
|
|
|
| 4.375% |
|
|
01/27/30 |
|
|
|
|
|
|
EUR |
1,325 |
|
|
|
1,466,196 |
|
| 7.750% |
|
|
09/01/22 |
|
|
|
|
|
|
|
930 |
|
|
|
976,568 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A113
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| SOVEREIGN BONDS (continued) |
|
| 8.994% |
|
|
02/01/24 |
|
|
|
|
|
|
|
200 |
|
|
$ |
221,794 |
|
| 9.750% |
|
|
11/01/28 |
|
|
|
|
|
|
|
400 |
|
|
|
476,268 |
|
| Uruguay Government International Bond (Uruguay), |
|
| Sr. Unsec’d. Notes |
|
|
|
|
|
| 4.975% |
|
|
04/20/55 |
|
|
|
|
|
|
|
500 |
|
|
|
646,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(cost $48,116,283) |
|
|
|
51,041,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9% |
|
| Federal Home Loan Mortgage Corp. |
|
| 3.500% |
|
|
02/01/47 |
|
|
|
|
|
|
|
1,134 |
|
|
|
1,212,462 |
|
| 5.500% |
|
|
10/01/33 |
|
|
|
|
|
|
|
472 |
|
|
|
548,947 |
|
| 5.500% |
|
|
06/01/34 |
|
|
|
|
|
|
|
4 |
|
|
|
4,613 |
|
| 6.000% |
|
|
11/01/33 |
|
|
|
|
|
|
|
106 |
|
|
|
121,445 |
|
| 6.000% |
|
|
05/01/34 |
|
|
|
|
|
|
|
49 |
|
|
|
54,751 |
|
| 6.000% |
|
|
06/01/34 |
|
|
|
|
|
|
|
90 |
|
|
|
100,447 |
|
| 6.250% |
|
|
07/15/32 |
(k) |
|
|
|
|
|
|
830 |
|
|
|
1,219,723 |
|
| 6.500% |
|
|
07/01/32 |
|
|
|
|
|
|
|
10 |
|
|
|
11,221 |
|
| 6.500% |
|
|
07/01/32 |
|
|
|
|
|
|
|
17 |
|
|
|
19,439 |
|
| 6.500% |
|
|
08/01/32 |
|
|
|
|
|
|
|
24 |
|
|
|
26,848 |
|
| 6.500% |
|
|
08/01/32 |
|
|
|
|
|
|
|
30 |
|
|
|
33,785 |
|
| 6.500% |
|
|
08/01/32 |
|
|
|
|
|
|
|
37 |
|
|
|
41,789 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
29 |
|
|
|
33,015 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
90 |
|
|
|
102,167 |
|
| 6.750% |
|
|
03/15/31 |
|
|
|
|
|
|
|
600 |
|
|
|
881,809 |
|
| Federal National Mortgage Assoc. |
|
| 4.500% |
|
|
08/01/40 |
(k) |
|
|
|
|
|
|
1,249 |
|
|
|
1,392,864 |
|
| 5.500% |
|
|
02/01/33 |
|
|
|
|
|
|
|
6 |
|
|
|
6,765 |
|
| 5.500% |
|
|
02/01/33 |
|
|
|
|
|
|
|
10 |
|
|
|
11,472 |
|
| 5.500% |
|
|
03/01/33 |
|
|
|
|
|
|
|
17 |
|
|
|
19,169 |
|
| 5.500% |
|
|
03/01/33 |
|
|
|
|
|
|
|
29 |
|
|
|
33,749 |
|
| 5.500% |
|
|
03/01/33 |
|
|
|
|
|
|
|
33 |
|
|
|
37,625 |
|
| 5.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
4 |
|
|
|
4,641 |
|
| 5.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
21 |
|
|
|
23,924 |
|
| 5.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
25 |
|
|
|
28,317 |
|
| 5.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
25 |
|
|
|
29,148 |
|
| 5.500% |
|
|
07/01/33 |
|
|
|
|
|
|
|
15 |
|
|
|
17,329 |
|
| 5.500% |
|
|
07/01/33 |
|
|
|
|
|
|
|
23 |
|
|
|
26,926 |
|
| 5.500% |
|
|
08/01/33 |
|
|
|
|
|
|
|
15 |
|
|
|
16,602 |
|
| 5.500% |
|
|
02/01/34 |
|
|
|
|
|
|
|
23 |
|
|
|
26,238 |
|
| 5.500% |
|
|
04/01/34 |
|
|
|
|
|
|
|
15 |
|
|
|
16,573 |
|
| 5.500% |
|
|
06/01/34 |
|
|
|
|
|
|
|
31 |
|
|
|
35,119 |
|
| 6.000% |
|
|
10/01/33 |
|
|
|
|
|
|
|
2 |
|
|
|
1,826 |
|
| 6.000% |
|
|
10/01/33 |
|
|
|
|
|
|
|
183 |
|
|
|
209,428 |
|
| 6.000% |
|
|
03/01/34 |
|
|
|
|
|
|
|
52 |
|
|
|
58,209 |
|
| 6.000% |
|
|
02/01/35 |
|
|
|
|
|
|
|
152 |
|
|
|
180,361 |
|
| 6.000% |
|
|
11/01/36 |
|
|
|
|
|
|
|
41 |
|
|
|
48,501 |
|
| 6.250% |
|
|
05/15/29 |
(k) |
|
|
|
|
|
|
535 |
|
|
|
728,527 |
|
| 6.500% |
|
|
08/01/32 |
|
|
|
|
|
|
|
84 |
|
|
|
93,950 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
92 |
|
|
|
104,192 |
|
| 6.500% |
|
|
09/01/32 |
|
|
|
|
|
|
|
132 |
|
|
|
155,386 |
|
| 6.500% |
|
|
10/01/32 |
|
|
|
|
|
|
|
53 |
|
|
|
60,091 |
|
| 6.500% |
|
|
04/01/33 |
|
|
|
|
|
|
|
106 |
|
|
|
122,789 |
|
| 6.500% |
|
|
11/01/33 |
|
|
|
|
|
|
|
3 |
|
|
|
3,351 |
|
| 6.625% |
|
|
11/15/30 |
(k) |
|
|
|
|
|
|
530 |
|
|
|
766,790 |
|
| 7.000% |
|
|
05/01/32 |
|
|
|
|
|
|
|
53 |
|
|
|
56,191 |
|
| 7.000% |
|
|
06/01/32 |
|
|
|
|
|
|
|
4 |
|
|
|
4,641 |
|
| 7.125% |
|
|
01/15/30 |
|
|
|
|
|
|
|
785 |
|
|
|
1,143,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
Value |
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
|
| Government National Mortgage Assoc. |
|
| 3.500% |
|
|
01/20/48 |
|
|
|
|
|
|
|
207 |
|
|
$ |
219,155 |
|
| 4.000% |
|
|
02/20/49 |
|
|
|
|
|
|
|
475 |
|
|
|
502,463 |
|
| 5.500% |
|
|
01/15/33 |
|
|
|
|
|
|
|
45 |
|
|
|
52,838 |
|
| 5.500% |
|
|
02/15/33 |
|
|
|
|
|
|
|
31 |
|
|
|
36,729 |
|
| 5.500% |
|
|
05/15/33 |
|
|
|
|
|
|
|
111 |
|
|
|
124,411 |
|
| 5.500% |
|
|
05/15/33 |
|
|
|
|
|
|
|
161 |
|
|
|
180,330 |
|
| 5.500% |
|
|
06/15/33 |
|
|
|
|
|
|
|
166 |
|
|
|
187,749 |
|
| 5.500% |
|
|
09/15/33 |
|
|
|
|
|
|
|
67 |
|
|
|
75,231 |
|
| 5.500% |
|
|
07/15/35 |
|
|
|
|
|
|
|
42 |
|
|
|
49,311 |
|
| 6.000% |
|
|
12/15/32 |
|
|
|
|
|
|
|
92 |
|
|
|
108,811 |
|
| 6.000% |
|
|
11/15/33 |
|
|
|
|
|
|
|
36 |
|
|
|
42,696 |
|
| 6.000% |
|
|
01/15/34 |
|
|
|
|
|
|
|
7 |
|
|
|
8,637 |
|
| 6.000% |
|
|
06/20/34 |
|
|
|
|
|
|
|
235 |
|
|
|
274,780 |
|
| 6.000% |
|
|
11/15/34 |
|
|
|
|
|
|
|
314 |
|
|
|
366,702 |
|
| 6.500% |
|
|
09/15/32 |
|
|
|
|
|
|
|
32 |
|
|
|
36,119 |
|
| 6.500% |
|
|
09/15/32 |
|
|
|
|
|
|
|
124 |
|
|
|
138,692 |
|
| 6.500% |
|
|
09/15/32 |
|
|
|
|
|
|
|
131 |
|
|
|
146,734 |
|
| 6.500% |
|
|
11/15/33 |
|
|
|
|
|
|
|
102 |
|
|
|
114,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $11,677,417) |
|
|
|
12,543,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY OBLIGATIONS — 8.3% |
|
|
|
|
|
| U.S. Treasury Bonds |
|
| 1.875% |
|
|
02/15/51 |
|
|
|
|
|
|
|
905 |
|
|
|
863,568 |
|
| 2.250% |
|
|
05/15/41 |
|
|
|
|
|
|
|
20,430 |
|
|
|
21,259,969 |
|
| 2.500% |
|
|
02/15/46 |
|
|
|
|
|
|
|
41,510 |
|
|
|
44,954,033 |
|
| 2.500% |
|
|
05/15/46 |
(k) |
|
|
|
|
|
|
965 |
|
|
|
1,045,065 |
|
| 3.000% |
|
|
05/15/45 |
(k) |
|
|
|
|
|
|
4,065 |
|
|
|
4,792,254 |
|
| 3.000% |
|
|
02/15/48 |
(k) |
|
|
|
|
|
|
9,950 |
|
|
|
11,854,492 |
|
| 3.125% |
|
|
02/15/43 |
(k) |
|
|
|
|
|
|
3,095 |
|
|
|
3,695,623 |
|
| 3.625% |
|
|
08/15/43 |
(h) |
|
|
|
|
|
|
200 |
|
|
|
257,375 |
|
| 3.625% |
|
|
02/15/44 |
(k) |
|
|
|
|
|
|
1,180 |
|
|
|
1,524,228 |
|
| U.S. Treasury Notes |
|
| 1.125% |
|
|
02/15/31 |
(k) |
|
|
|
|
|
|
1,255 |
|
|
|
1,218,723 |
|
| 1.375% |
|
|
01/31/25 |
|
|
|
|
|
|
|
2,150 |
|
|
|
2,209,293 |
|
| U.S. Treasury Strips Coupon |
|
| 1.467%(s) |
|
|
11/15/41 |
|
|
|
|
|
|
|
500 |
|
|
|
320,898 |
|
| 2.056%(s) |
|
|
11/15/38 |
(k) |
|
|
|
|
|
|
290 |
|
|
|
203,464 |
|
| 2.208%(s) |
|
|
05/15/39 |
(k) |
|
|
|
|
|
|
3,425 |
|
|
|
2,359,236 |
|
| 2.335%(s) |
|
|
08/15/44 |
|
|
|
|
|
|
|
2,500 |
|
|
|
1,500,977 |
|
| 2.364%(s) |
|
|
05/15/45 |
|
|
|
|
|
|
|
3,420 |
|
|
|
2,023,144 |
|
| 2.377%(s) |
|
|
08/15/45 |
|
|
|
|
|
|
|
1,250 |
|
|
|
735,303 |
|
| 2.387%(s) |
|
|
05/15/43 |
|
|
|
|
|
|
|
4,015 |
|
|
|
2,483,340 |
|
| 2.395%(s) |
|
|
11/15/43 |
|
|
|
|
|
|
|
619 |
|
|
|
377,517 |
|
| 2.423%(s) |
|
|
11/15/40 |
|
|
|
|
|
|
|
430 |
|
|
|
284,657 |
|
| 2.423%(s) |
|
|
05/15/44 |
|
|
|
|
|
|
|
7,225 |
|
|
|
4,369,996 |
|
| 3.176%(s) |
|
|
08/15/40 |
|
|
|
|
|
|
|
120 |
|
|
|
79,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. TREASURY OBLIGATIONS
(cost $105,003,034) |
|
|
|
108,413,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
| COMMON STOCKS — 0.5% |
|
| Gas Utilities — 0.1% |
|
| Ferrellgas Partners LP (Class B Stock)* |
|
|
|
6,372 |
|
|
|
1,408,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A114
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
|
| COMMON STOCKS (continued) |
|
| Oil, Gas & Consumable Fuels — 0.4% |
|
| Chesapeake Energy Corp.(a) |
|
|
89,905 |
|
|
$ |
4,667,868 |
|
| Chesapeake Energy Corp. Backstop Commitment*^ |
|
|
517 |
|
|
|
26,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,694,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $3,321,161) |
|
|
|
|
|
|
6,103,098 |
|
|
|
|
|
|
|
|
|
|
|
| PREFERRED STOCKS — 0.2% |
|
| Banks — 0.1% |
|
| Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 |
|
|
45,000 |
|
|
|
1,255,500 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 0.1% |
|
| State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing
03/15/26(oo) |
|
|
35,000 |
|
|
|
1,053,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED STOCKS
(cost $2,000,000) |
|
|
|
|
|
|
2,308,650 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $1,215,904,439) |
|
|
|
1,278,622,120 |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 4.7% |
|
|
|
|
|
|
| AFFILIATED MUTUAL FUNDS — 4.7% |
|
| PGIM Core Ultra Short Bond
Fund(wa) |
|
|
19,402,964 |
|
|
|
19,402,964 |
|
| PGIM Institutional Money Market Fund (cost $41,955,619; includes $41,952,793 of cash collateral for
securities on loan)(b)(wa) |
|
|
41,993,525 |
|
|
|
41,968,329 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL AFFILIATED MUTUAL FUNDS
(cost $61,358,583) |
|
|
|
61,371,293 |
|
|
|
|
|
|
|
|
|
|
|
| OPTIONS PURCHASED*~ — 0.0% |
|
| (cost $225,553) |
|
|
|
62,712 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $61,584,136) |
|
|
|
61,434,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—102.6%
(cost $1,277,488,575) |
|
|
|
|
|
|
1,340,056,125 |
|
|
|
|
|
|
|
|
|
|
|
| OPTIONS WRITTEN*~ — (0.0)% |
|
| (premiums received $220,474) |
|
|
|
(168,190 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—102.6%
(cost
$1,277,268,101) |
|
|
|
1,339,887,935 |
|
| Liabilities in excess of other assets(z) — (2.6)% |
|
|
|
(33,989,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,305,898,823 |
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ~ |
See tables subsequent to the Schedule of Investments for options detail. |
| ^ |
Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $8,066,633 and 0.6% 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 $41,386,054; cash collateral of $41,952,793 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the
last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2021.
|
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
|
| (d) |
Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such
securities may be post-maturity. |
| (ff) |
Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end. |
| (h) |
Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
| (k) |
Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
|
| (oo) |
Perpetual security. Maturity date represents next call date. |
| (p) |
Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is
after the period end. |
| (r) |
Principal or notional amount is less than $500 par. |
| (s) |
Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
|
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM
Institutional Money Market Fund, if applicable. |
| (z) |
Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments: |
SEE NOTES TO FINANCIAL
STATEMENTS.
A115
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Options Purchased:
OTC Swaptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Call/
Put |
|
Counterparty |
|
Expiration
Date |
|
Strike |
|
Receive |
|
Pay |
|
Notional
Amount
(000)# |
|
|
Value |
|
| CDX.NA.HY.36.V1, 06/20/26 |
|
Call |
|
BNP Paribas S.A. |
|
08/18/21 |
|
$112.00 |
|
5.00%(Q) |
|
CDX.NA.HY.36.V1(Q) |
|
|
12,350 |
|
|
$ |
7 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Barclays Bank PLC |
|
07/21/21 |
|
0.40% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
20,390 |
|
|
|
176 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Deutsche Bank AG |
|
08/18/21 |
|
0.38% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
10,050 |
|
|
|
16 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Goldman Sachs International |
|
08/18/21 |
|
0.40% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
20,390 |
|
|
|
300 |
|
| CDX.NA.HY.36.V1, 06/20/26 |
|
Put |
|
BNP Paribas S.A. |
|
08/18/21 |
|
$108.00 |
|
CDX.NA.HY.36.V1(Q) |
|
5.00%(Q) |
|
|
12,350 |
|
|
|
40,501 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Barclays Bank PLC |
|
07/21/21 |
|
0.58% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
20,390 |
|
|
|
3,176 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Deutsche Bank AG |
|
08/18/21 |
|
0.55% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
10,050 |
|
|
|
7,072 |
|
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Goldman Sachs International |
|
08/18/21 |
|
0.58% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
20,390 |
|
|
|
11,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Options Purchased (cost $225,553) |
|
|
|
|
|
|
|
$ |
62,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Written:
OTC Swaptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Call/
Put |
|
Counterparty |
|
Expiration
Date |
|
Strike |
|
Receive |
|
Pay |
|
Notional
Amount
(000)# |
|
|
Value |
|
| CDX.NA.HY.36.V1, 06/20/26 |
|
Call |
|
BNP Paribas S.A. |
|
08/18/21 |
|
$109.50 |
|
CDX.NA.HY.36.V1(Q) |
|
5.00%(Q) |
|
|
12,350 |
|
|
$ |
(74,639 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Barclays Bank PLC |
|
07/21/21 |
|
0.50% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
20,390 |
|
|
|
(24,957 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Deutsche Bank AG |
|
08/18/21 |
|
0.48% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
10,050 |
|
|
|
(6,881 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Call |
|
Goldman Sachs International |
|
08/18/21 |
|
0.50% |
|
CDX.NA.IG.36.V1(Q) |
|
1.00%(Q) |
|
|
20,390 |
|
|
|
(29,928 |
) |
| CDX.NA.HY.36.V1, 06/20/26 |
|
Put |
|
BNP Paribas S.A. |
|
08/18/21 |
|
$105.00 |
|
5.00%(Q) |
|
CDX.NA.HY.36.V1(Q) |
|
|
12,350 |
|
|
|
(16,018 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Barclays Bank PLC |
|
07/21/21 |
|
0.75% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
20,390 |
|
|
|
(1,274 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Deutsche Bank AG |
|
08/18/21 |
|
0.70% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
10,050 |
|
|
|
(2,500 |
) |
| CDX.NA.IG.36.V1, 06/20/26 |
|
Put |
|
Goldman Sachs International |
|
08/18/21 |
|
0.75% |
|
1.00%(Q) |
|
CDX.NA.IG.36.V1(Q) |
|
|
20,390 |
|
|
|
(4,059 |
) |
| GS_21-PJA††^ |
|
Put |
|
Goldman Sachs International |
|
06/17/24 |
|
0.25% |
|
0.25%(M) |
|
GS_21-PJA(M) |
|
|
15,090 |
|
|
|
(2,547 |
) |
| iTraxx.XO.35.V1, 06/20/26 |
|
Put |
|
Barclays Bank PLC |
|
10/20/21 |
|
5.00% |
|
5.00%(Q) |
|
iTraxx.XO.35.V1(Q) |
|
EUR |
2,500 |
|
|
|
(5,387 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Options Written (premiums received $220,474) |
|
|
|
|
|
$ |
(168,190 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| †† |
The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages |
SEE NOTES TO FINANCIAL STATEMENTS.
A116
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Futures contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number
of Contracts |
|
Type |
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| Long Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,359 |
|
5 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
$ |
291,170,639 |
|
|
$ |
(725,997 |
) |
| 814 |
|
10 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
107,855,000 |
|
|
|
452,375 |
|
| 200 |
|
10 Year U.S. Ultra Treasury Notes |
|
|
Sep. 2021 |
|
|
|
29,440,626 |
|
|
|
445,539 |
|
| 317 |
|
20 Year U.S. Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
50,957,750 |
|
|
|
1,131,156 |
|
| 124 |
|
30 Year U.S. Ultra Treasury Bonds |
|
|
Sep. 2021 |
|
|
|
23,893,250 |
|
|
|
719,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,022,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,180 |
|
2 Year U.S. Treasury Notes |
|
|
Sep. 2021 |
|
|
|
480,298,280 |
|
|
|
728,096 |
|
| 211 |
|
5 Year Euro-Bobl |
|
|
Sep. 2021 |
|
|
|
33,563,424 |
|
|
|
(39,147 |
) |
| 121 |
|
10 Year Euro-Bund |
|
|
Sep. 2021 |
|
|
|
24,765,349 |
|
|
|
(147,112 |
) |
| 127 |
|
Euro Schatz Index |
|
|
Sep. 2021 |
|
|
|
16,887,191 |
|
|
|
2,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
544,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,566,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase
Contracts |
|
Counterparty |
|
|
|
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
| British Pound, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Barclays Bank PLC |
|
|
|
|
|
GBP |
1,534 |
|
|
$ |
2,136,086 |
|
|
$ |
2,122,248 |
|
|
$ |
— |
|
|
$ |
(13,838 |
) |
| Expiring 07/02/21 |
|
UBS AG |
|
|
|
|
|
GBP |
10,385 |
|
|
|
14,458,658 |
|
|
|
14,365,284 |
|
|
|
— |
|
|
|
(93,374 |
) |
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
|
|
|
|
EUR |
65,664 |
|
|
|
78,402,944 |
|
|
|
77,864,592 |
|
|
|
— |
|
|
|
(538,352 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
94,997,688 |
|
|
$ |
94,352,124 |
|
|
|
— |
|
|
|
(645,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale
Contracts |
|
Counterparty |
|
|
|
|
Notional
Amount
(000) |
|
|
Value at
Settlement
Date |
|
|
Current
Value |
|
|
Unrealized
Appreciation |
|
|
Unrealized
Depreciation |
|
| OTC Forward Foreign Currency Exchange Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Australian Dollar, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/20/21 |
|
Barclays Bank PLC |
|
|
|
|
|
AUD |
559 |
|
|
$ |
433,395 |
|
|
$ |
419,536 |
|
|
$ |
13,859 |
|
|
$ |
— |
|
| British Pound, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Bank of America, N.A. |
|
|
|
|
|
GBP |
11,919 |
|
|
|
16,878,204 |
|
|
|
16,487,533 |
|
|
|
390,671 |
|
|
|
— |
|
| Expiring 08/03/21 |
|
UBS AG |
|
|
|
|
|
GBP |
10,385 |
|
|
|
14,459,427 |
|
|
|
14,366,606 |
|
|
|
92,821 |
|
|
|
— |
|
| Euro, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 07/02/21 |
|
Bank of America, N.A. |
|
|
|
|
|
EUR |
260 |
|
|
|
317,985 |
|
|
|
307,838 |
|
|
|
10,147 |
|
|
|
— |
|
| Expiring 07/02/21 |
|
Citibank, N.A. |
|
|
|
|
|
EUR |
65,405 |
|
|
|
79,971,657 |
|
|
|
77,556,754 |
|
|
|
2,414,903 |
|
|
|
— |
|
| Expiring 08/03/21 |
|
Citibank, N.A. |
|
|
|
|
|
EUR |
65,664 |
|
|
|
78,452,980 |
|
|
|
77,915,693 |
|
|
|
537,287 |
|
|
|
— |
|
| South African Rand, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiring 09/15/21 |
|
Citibank, N.A. |
|
|
|
|
|
ZAR |
4,651 |
|
|
|
338,827 |
|
|
|
322,524 |
|
|
|
16,303 |
|
|
|
— |
|
| Expiring 09/15/21 |
|
Citibank, N.A. |
|
|
|
|
|
ZAR |
3,729 |
|
|
|
272,637 |
|
|
|
258,600 |
|
|
|
14,037 |
|
|
|
— |
|
| Expiring 09/15/21 |
|
The Toronto-Dominion Bank |
|
|
|
|
|
ZAR |
3,152 |
|
|
|
226,105 |
|
|
|
218,552 |
|
|
|
7,553 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
191,351,217 |
|
|
$ |
187,853,636 |
|
|
|
3,497,581 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,497,581 |
|
|
$ |
(645,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A117
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Credit default swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
Counterparty |
| OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell
Protection(2)^: |
| GS_21-PJA†† |
|
|
08/14/21 |
|
|
|
0.250%(M) |
|
|
|
15,090 |
|
|
|
0.250 |
% |
|
$ |
5,318 |
|
|
$ |
(1,504 |
) |
|
$ |
6,822 |
|
|
Goldman Sachs International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| †† |
The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
Counterparty |
| OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy
Protection(1): |
| U.S. Treasury Notes |
|
|
12/20/22 |
|
|
|
0.250%(Q) |
|
|
EUR |
4,855 |
|
|
$ |
(17,506 |
) |
|
$ |
(17,553 |
) |
|
$ |
47 |
|
|
Barclays Bank PLC |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
665 |
|
|
|
(8,733 |
) |
|
|
1,925 |
|
|
|
(10,658 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
655 |
|
|
|
(8,602 |
) |
|
|
4,806 |
|
|
|
(13,408 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
220 |
|
|
|
(2,889 |
) |
|
|
1,808 |
|
|
|
(4,697 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
220 |
|
|
|
(2,889 |
) |
|
|
1,660 |
|
|
|
(4,549 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
215 |
|
|
|
(2,823 |
) |
|
|
586 |
|
|
|
(3,409 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
115 |
|
|
|
(1,510 |
) |
|
|
333 |
|
|
|
(1,843 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
12/20/24 |
|
|
|
1.000%(Q) |
|
|
|
160 |
|
|
|
(2,225 |
) |
|
|
783 |
|
|
|
(3,008 |
) |
|
Citibank, N.A. |
| United Mexican States |
|
|
12/20/24 |
|
|
|
1.000%(Q) |
|
|
|
130 |
|
|
|
(1,807 |
) |
|
|
762 |
|
|
|
(2,569 |
) |
|
Citibank, N.A. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(48,984 |
) |
|
$ |
(4,890 |
) |
|
$ |
(44,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Implied
Credit
Spread at
June 30,
2021(4) |
|
|
Fair
Value |
|
|
Upfront
Premiums
Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
Counterparty |
| OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell
Protection(2): |
|
|
|
| Boeing Co. |
|
|
12/20/21 |
|
|
|
1.000%(Q) |
|
|
|
3,700 |
|
|
|
0.456 |
% |
|
$ |
10,790 |
|
|
$ |
9,483 |
|
|
$ |
1,307 |
|
|
Bank of America, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
2,205 |
|
|
|
2.411 |
% |
|
|
(59,846 |
) |
|
|
(29,303 |
) |
|
|
(30,543 |
) |
|
Credit Suisse International |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
550 |
|
|
|
2.411 |
% |
|
|
(14,928 |
) |
|
|
(14,150 |
) |
|
|
(778 |
) |
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
545 |
|
|
|
2.411 |
% |
|
|
(14,792 |
) |
|
|
(16,831 |
) |
|
|
2,039 |
|
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
185 |
|
|
|
2.411 |
% |
|
|
(5,021 |
) |
|
|
(5,855 |
) |
|
|
834 |
|
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
185 |
|
|
|
2.411 |
% |
|
|
(5,021 |
) |
|
|
(5,749 |
) |
|
|
728 |
|
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
180 |
|
|
|
2.411 |
% |
|
|
(4,886 |
) |
|
|
(4,653 |
) |
|
|
(233 |
) |
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
06/20/23 |
|
|
|
1.000%(Q) |
|
|
|
90 |
|
|
|
2.411 |
% |
|
|
(2,443 |
) |
|
|
(2,314 |
) |
|
|
(129 |
) |
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
12/20/24 |
|
|
|
1.000%(Q) |
|
|
|
160 |
|
|
|
3.220 |
% |
|
|
(11,676 |
) |
|
|
(10,487 |
) |
|
|
(1,189 |
) |
|
Citibank, N.A. |
| Petroleos Mexicanos |
|
|
12/20/24 |
|
|
|
1.000%(Q) |
|
|
|
130 |
|
|
|
3.220 |
% |
|
|
(9,487 |
) |
|
|
(8,621 |
) |
|
|
(866 |
) |
|
Citibank, N.A. |
| State of Illinois |
|
|
06/20/24 |
|
|
|
1.000%(Q) |
|
|
|
580 |
|
|
|
0.855 |
% |
|
|
2,610 |
|
|
|
(4,369 |
) |
|
|
6,979 |
|
|
Citibank, N.A. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(114,700 |
) |
|
$ |
(92,849 |
) |
|
$ |
(21,851 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Entity/
Obligation |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Notional
Amount
(000)#(3) |
|
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Centrally Cleared Credit Default Swap Agreement on credit indices - Buy
Protection(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CDX.NA.IG.36.V1 |
|
|
06/20/26 |
|
|
|
1.000%(Q) |
|
|
|
59,150 |
|
|
$ |
(1,243,141 |
) |
|
$ |
(1,523,630 |
) |
|
$ |
(280,489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
A118
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
| |
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. |
Inflation swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notional
Amount
(000)# |
|
Termination
Date |
|
|
Fixed
Rate |
|
|
Floating
Rate |
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Centrally Cleared Inflation Swap Agreements: |
|
|
|
|
|
| 1,990 |
|
|
01/12/26 |
|
|
|
2.185%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
$ |
— |
|
|
$ |
(71,498 |
) |
|
$ |
(71,498 |
) |
| 1,130 |
|
|
01/13/31 |
|
|
|
2.229%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(46,388 |
) |
|
|
(46,388 |
) |
| 3,400 |
|
|
01/13/31 |
|
|
|
2.230%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(139,204 |
) |
|
|
(139,204 |
) |
| 2,430 |
|
|
04/07/31 |
|
|
|
2.469%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(27,724 |
) |
|
|
(27,724 |
) |
| 830 |
|
|
04/09/31 |
|
|
|
2.435%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(12,473 |
) |
|
|
(12,473 |
) |
| 1,670 |
|
|
04/09/31 |
|
|
|
2.448%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(22,786 |
) |
|
|
(22,786 |
) |
| 1,705 |
|
|
04/13/31 |
|
|
|
2.445%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(23,452 |
) |
|
|
(23,452 |
) |
| 1,030 |
|
|
04/13/31 |
|
|
|
2.450%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(13,597 |
) |
|
|
(13,597 |
) |
| 1,040 |
|
|
04/14/31 |
|
|
|
2.450%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(13,590 |
) |
|
|
(13,590 |
) |
| 1,010 |
|
|
04/15/31 |
|
|
|
2.460%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(12,018 |
) |
|
|
(12,018 |
) |
| 1,945 |
|
|
04/15/31 |
|
|
|
2.465%(T) |
|
|
U.S. CPI Urban Consumers NSA Index(2)(T) |
|
|
— |
|
|
|
(22,066 |
) |
|
|
(22,066 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(404,796 |
) |
|
$ |
(404,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
Interest
rate swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notional
Amount (000)# |
|
Termination
Date |
|
|
Fixed
Rate |
|
Floating
Rate |
|
Value at
Trade Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Centrally Cleared Interest Rate Swap Agreements: |
|
|
|
|
|
|
|
|
|
| AUD 6,000 |
|
|
02/13/30 |
|
|
1.210%(S) |
|
6 Month BBSW(2)(S) |
|
$ |
(23 |
) |
|
$ |
(68,026 |
) |
|
$ |
(68,003 |
) |
| AUD 1,300 |
|
|
01/18/31 |
|
|
1.073%(S) |
|
6 Month BBSW(2)(S) |
|
|
(27 |
) |
|
|
(36,652 |
) |
|
|
(36,625 |
) |
| AUD 1,910 |
|
|
01/18/31 |
|
|
1.081%(S) |
|
6 Month BBSW(2)(S) |
|
|
252 |
|
|
|
(52,753 |
) |
|
|
(53,005 |
) |
| AUD 5,270 |
|
|
03/19/31 |
|
|
1.800%(S) |
|
6 Month BBSW(2)(S) |
|
|
(568 |
) |
|
|
110,430 |
|
|
|
110,998 |
|
| AUD 1,760 |
|
|
03/19/31 |
|
|
1.850%(S) |
|
6 Month BBSW(2)(S) |
|
|
(195 |
) |
|
|
43,175 |
|
|
|
43,370 |
|
| BRL 12,664 |
|
|
01/02/25 |
|
|
5.903%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(53,006 |
) |
|
|
(53,006 |
) |
| BRL 23,370 |
|
|
01/02/25 |
|
|
6.343%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(172,335 |
) |
|
|
(172,335 |
) |
| BRL 25,186 |
|
|
01/02/25 |
|
|
6.343%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(187,398 |
) |
|
|
(187,398 |
) |
| BRL 39,452 |
|
|
01/02/25 |
|
|
6.359%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(290,046 |
) |
|
|
(290,046 |
) |
| BRL 6,276 |
|
|
01/02/25 |
|
|
6.640%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
23,701 |
|
|
|
23,701 |
|
| BRL 7,043 |
|
|
01/02/25 |
|
|
6.670%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
29,171 |
|
|
|
29,171 |
|
| BRL 18,662 |
|
|
01/02/25 |
|
|
6.670%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
76,320 |
|
|
|
76,320 |
|
| BRL 8,496 |
|
|
01/04/27 |
|
|
6.845%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(97,964 |
) |
|
|
(97,964 |
) |
| BRL 8,006 |
|
|
01/04/27 |
|
|
6.890%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(88,648 |
) |
|
|
(88,648 |
) |
| BRL 14,270 |
|
|
01/04/27 |
|
|
6.890%(T) |
|
1 Day BROIS(2)(T) |
|
|
— |
|
|
|
(159,057 |
) |
|
|
(159,057 |
) |
| CAD 9,320 |
|
|
01/14/26 |
|
|
0.875%(S) |
|
3 Month Canadian Banker’s Acceptance(2)(S) |
|
|
(77 |
) |
|
|
(155,891 |
) |
|
|
(155,814 |
) |
SEE NOTES TO FINANCIAL STATEMENTS.
A119
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
Amount
(000)# |
|
|
Termination
Date |
|
|
Fixed
Rate |
|
Floating Rate |
|
Value at
Trade
Date |
|
|
Value at
June 30,
2021 |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
Centrally Cleared Interest Rate Swap Agreements (cont’d.): |
|
|
|
|
|
|
|
|
|
| |
CAD |
|
|
|
8,420 |
|
|
|
01/19/26 |
|
|
0.865%(S) |
|
3 Month Canadian Banker’s Acceptance(2)(S) |
|
$ |
(69 |
) |
|
$ |
(145,531 |
) |
|
$ |
(145,462 |
) |
| |
CLP |
|
|
|
180,000 |
|
|
|
01/25/26 |
|
|
1.634%(S) |
|
1 Day CLOIS(2)(S) |
|
|
— |
|
|
|
(18,350 |
) |
|
|
(18,350 |
) |
| |
CLP |
|
|
|
3,000,000 |
|
|
|
01/20/28 |
|
|
2.090%(S) |
|
1 Day CLOIS(2)(S) |
|
|
— |
|
|
|
(393,580 |
) |
|
|
(393,580 |
) |
| |
CLP |
|
|
|
500,000 |
|
|
|
01/21/28 |
|
|
2.065%(S) |
|
1 Day CLOIS(2)(S) |
|
|
— |
|
|
|
(72,118 |
) |
|
|
(72,118 |
) |
| |
CLP |
|
|
|
3,181,000 |
|
|
|
01/22/29 |
|
|
2.293%(S) |
|
1 Day CLOIS(2)(S) |
|
|
— |
|
|
|
(459,784 |
) |
|
|
(459,784 |
) |
| |
COP |
|
|
|
3,909,000 |
|
|
|
02/18/25 |
|
|
4.505%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(7,561 |
) |
|
|
(7,561 |
) |
| |
COP |
|
|
|
6,724,755 |
|
|
|
02/21/25 |
|
|
4.565%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(3,821 |
) |
|
|
(3,821 |
) |
| |
COP |
|
|
|
18,811,000 |
|
|
|
02/03/26 |
|
|
3.080%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(404,672 |
) |
|
|
(404,672 |
) |
| |
COP |
|
|
|
2,761,000 |
|
|
|
02/18/30 |
|
|
5.072%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(31,094 |
) |
|
|
(31,094 |
) |
| |
COP |
|
|
|
1,932,000 |
|
|
|
02/18/30 |
|
|
5.081%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(21,423 |
) |
|
|
(21,423 |
) |
| |
COP |
|
|
|
4,156,000 |
|
|
|
02/24/30 |
|
|
5.078%(Q) |
|
1 Day COOIS(2)(Q) |
|
|
— |
|
|
|
(46,507 |
) |
|
|
(46,507 |
) |
| |
GBP |
|
|
|
635 |
|
|
|
05/08/23 |
|
|
0.950%(A) |
|
1 Day SONIA(1)(A) |
|
|
(14,468 |
) |
|
|
(13,737 |
) |
|
|
731 |
|
| |
GBP |
|
|
|
3,946 |
|
|
|
05/08/26 |
|
|
1.000%(A) |
|
1 Day SONIA(1)(A) |
|
|
(184,608 |
) |
|
|
(149,531 |
) |
|
|
35,077 |
|
| |
GBP |
|
|
|
977 |
|
|
|
10/22/28 |
|
|
0.680%(A) |
|
1 Day SONIA(1)(A) |
|
|
— |
|
|
|
(14,034 |
) |
|
|
(14,034 |
) |
| |
GBP |
|
|
|
2,100 |
|
|
|
05/08/30 |
|
|
1.100%(A) |
|
1 Day SONIA(1)(A) |
|
|
(145,549 |
) |
|
|
(113,604 |
) |
|
|
31,945 |
|
| |
GBP |
|
|
|
767 |
|
|
|
05/08/31 |
|
|
1.150%(A) |
|
1 Day SONIA(2)(A) |
|
|
48,148 |
|
|
|
47,211 |
|
|
|
(937 |
) |
| |
GBP |
|
|
|
230 |
|
|
|
05/08/34 |
|
|
1.200%(A) |
|
1 Day SONIA(1)(A) |
|
|
(9,088 |
) |
|
|
(16,857 |
) |
|
|
(7,769 |
) |
| |
HUF |
|
|
|
99,000 |
|
|
|
02/13/30 |
|
|
1.595%(A) |
|
6 Month BUBOR(2)(S) |
|
|
— |
|
|
|
(26,585 |
) |
|
|
(26,585 |
) |
| |
HUF |
|
|
|
1,548,000 |
|
|
|
02/14/30 |
|
|
1.605%(A) |
|
6 Month BUBOR(2)(S) |
|
|
— |
|
|
|
(411,679 |
) |
|
|
(411,679 |
) |
| |
HUF |
|
|
|
432,000 |
|
|
|
02/18/30 |
|
|
1.803%(A) |
|
6 Month BUBOR(2)(S) |
|
|
— |
|
|
|
(91,569 |
) |
|
|
(91,569 |
) |
| |
MXN |
|
|
|
36,985 |
|
|
|
03/19/26 |
|
|
6.050%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(82 |
) |
|
|
(37,887 |
) |
|
|
(37,805 |
) |
| |
MXN |
|
|
|
51,300 |
|
|
|
01/12/28 |
|
|
5.020%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(37 |
) |
|
|
(241,836 |
) |
|
|
(241,799 |
) |
| |
MXN |
|
|
|
7,310 |
|
|
|
01/03/31 |
|
|
5.550%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(32 |
) |
|
|
(37,012 |
) |
|
|
(36,980 |
) |
| |
MXN |
|
|
|
20,460 |
|
|
|
01/13/31 |
|
|
5.460%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(27 |
) |
|
|
(110,939 |
) |
|
|
(110,912 |
) |
| |
MXN |
|
|
|
72,900 |
|
|
|
01/15/31 |
|
|
5.450%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(96 |
) |
|
|
(398,423 |
) |
|
|
(398,327 |
) |
| |
MXN |
|
|
|
19,550 |
|
|
|
01/03/33 |
|
|
5.715%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(33 |
) |
|
|
(112,285 |
) |
|
|
(112,252 |
) |
| |
MXN |
|
|
|
5,485 |
|
|
|
12/28/35 |
|
|
6.000%(M) |
|
28 Day Mexican Interbank Rate(2)(M) |
|
|
(34 |
) |
|
|
(34,196 |
) |
|
|
(34,162 |
) |
| |
NZD |
|
|
|
2,100 |
|
|
|
02/14/30 |
|
|
1.523%(S) |
|
3 Month BBR(2)(Q) |
|
|
— |
|
|
|
(22,279 |
) |
|
|
(22,279 |
) |
| |
NZD |
|
|
|
1,220 |
|
|
|
01/19/31 |
|
|
1.090%(S) |
|
3 Month BBR(2)(Q) |
|
|
— |
|
|
|
(54,260 |
) |
|
|
(54,260 |
) |
| |
NZD |
|
|
|
4,670 |
|
|
|
01/19/31 |
|
|
1.096%(S) |
|
3 Month BBR(2)(Q) |
|
|
2,033 |
|
|
|
(205,858 |
) |
|
|
(207,891 |
) |
| |
NZD |
|
|
|
1,630 |
|
|
|
01/26/31 |
|
|
1.098%(S) |
|
3 Month BBR(2)(Q) |
|
|
— |
|
|
|
(72,167 |
) |
|
|
(72,167 |
) |
| |
NZD |
|
|
|
2,495 |
|
|
|
03/22/31 |
|
|
1.920%(S) |
|
3 Month BBR(2)(Q) |
|
|
— |
|
|
|
18,761 |
|
|
|
18,761 |
|
| |
PLN |
|
|
|
4,290 |
|
|
|
01/19/31 |
|
|
1.200%(A) |
|
6 Month WIBOR(2)(S) |
|
|
1,638 |
|
|
|
(49,007 |
) |
|
|
(50,645 |
) |
| |
PLN |
|
|
|
17,070 |
|
|
|
01/21/31 |
|
|
1.170%(A) |
|
6 Month WIBOR(2)(S) |
|
|
(14,930 |
) |
|
|
(207,995 |
) |
|
|
(193,065 |
) |
| |
PLN |
|
|
|
6,250 |
|
|
|
03/16/31 |
|
|
1.760%(A) |
|
6 Month WIBOR(2)(S) |
|
|
4,545 |
|
|
|
10,003 |
|
|
|
5,458 |
|
|
|
|
|
|
5,400 |
|
|
|
01/19/26 |
|
|
0.380%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
70,139 |
|
|
|
70,139 |
|
|
|
|
|
|
6,475 |
|
|
|
01/21/26 |
|
|
0.374%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
86,548 |
|
|
|
86,548 |
|
|
|
|
|
|
3,100 |
|
|
|
02/14/30 |
|
|
1.382%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
(83,273 |
) |
|
|
(83,273 |
) |
|
|
|
|
|
435 |
|
|
|
01/19/31 |
|
|
0.931%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
8,382 |
|
|
|
8,382 |
|
|
|
|
|
|
1,270 |
|
|
|
01/20/31 |
|
|
0.915%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
26,413 |
|
|
|
26,413 |
|
|
|
|
|
|
4,100 |
|
|
|
03/22/31 |
|
|
1.449%(A) |
|
1 Day USOIS(1)(A) |
|
|
— |
|
|
|
(115,624 |
) |
|
|
(115,624 |
) |
| |
ZAR |
|
|
|
27,400 |
|
|
|
02/11/30 |
|
|
7.481%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(1,098 |
) |
|
|
63,168 |
|
|
|
64,266 |
|
| |
ZAR |
|
|
|
36,800 |
|
|
|
02/28/30 |
|
|
7.500%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(10,075 |
) |
|
|
81,927 |
|
|
|
92,002 |
|
| |
ZAR |
|
|
|
19,800 |
|
|
|
03/02/30 |
|
|
7.625%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
489 |
|
|
|
54,750 |
|
|
|
54,261 |
|
| |
ZAR |
|
|
|
22,200 |
|
|
|
03/12/30 |
|
|
7.840%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(182 |
) |
|
|
81,544 |
|
|
|
81,726 |
|
| |
ZAR |
|
|
|
14,700 |
|
|
|
03/12/30 |
|
|
7.900%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(125 |
) |
|
|
58,109 |
|
|
|
58,234 |
|
| |
ZAR |
|
|
|
58,300 |
|
|
|
03/18/30 |
|
|
10.650%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
— |
|
|
|
259,998 |
|
|
|
259,998 |
|
| |
ZAR |
|
|
|
6,400 |
|
|
|
03/27/30 |
|
|
9.150%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(119 |
) |
|
|
61,539 |
|
|
|
61,658 |
|
| |
ZAR |
|
|
|
12,600 |
|
|
|
04/01/30 |
|
|
8.600%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(49 |
) |
|
|
99,169 |
|
|
|
99,218 |
|
| |
ZAR |
|
|
|
29,700 |
|
|
|
04/03/30 |
|
|
9.300%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(544 |
) |
|
|
333,246 |
|
|
|
333,790 |
|
| |
ZAR |
|
|
|
61,200 |
|
|
|
07/07/30 |
|
|
7.040%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(1,568 |
) |
|
|
1,012 |
|
|
|
2,580 |
|
| |
ZAR |
|
|
|
26,100 |
|
|
|
01/15/31 |
|
|
6.765%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
(48,046 |
) |
|
|
(52,058 |
) |
|
|
(4,012 |
) |
| |
ZAR |
|
|
|
21,000 |
|
|
|
03/18/31 |
|
|
7.660%(Q) |
|
3 Month JIBAR(2)(Q) |
|
|
17,180 |
|
|
|
40,065 |
|
|
|
22,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(357,464 |
) |
|
$ |
(3,954,131 |
) |
|
$ |
(3,596,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Portfolio pays the fixed rate and receives the floating rate. |
| (2) |
The Portfolio pays the floating rate and receives the fixed rate. |
SEE NOTES TO FINANCIAL STATEMENTS.
A120
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Total return swap agreements outstanding at June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 Agreement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IOS.FN30.450.10(M) |
|
1 Month
LIBOR(M) |
|
Credit Suisse International |
|
1/12/41 |
|
808 |
|
|
$ |
1,940 |
|
|
|
$ |
(2,213 |
) |
|
|
$ |
4,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes
payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
|
| (2) |
Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
|
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
|
|
|
|
|
|
|
|
|
| |
|
Premiums Paid |
|
Premiums Received |
|
Unrealized
Appreciation |
|
Unrealized
Depreciation |
| |
| OTC Swap Agreements |
|
$22,146 |
|
$(123,602) |
|
$22,909 |
|
$(77,879) |
| |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally
cleared/exchange-traded derivatives are listed by broker as follows:
|
|
|
|
|
|
|
|
|
|
|
| Broker |
|
Cash and/or Foreign Currency |
|
Securities Market Value |
| Citigroup Global Markets, Inc. |
|
|
$ |
— |
|
|
|
$ |
13,363,277 |
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements:
Various inputs
are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and
other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation
procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles |
|
$ |
— |
|
|
$ |
11,691,910 |
|
|
$ |
818,676 |
|
| Collateralized Loan Obligations |
|
|
— |
|
|
|
241,875,064 |
|
|
|
— |
|
| Consumer Loans |
|
|
— |
|
|
|
18,243,542 |
|
|
|
— |
|
| Credit Cards |
|
|
— |
|
|
|
3,566,305 |
|
|
|
— |
|
| Home Equity Loans |
|
|
— |
|
|
|
550,212 |
|
|
|
— |
|
| Other |
|
|
— |
|
|
|
2,344,463 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
7,171,917 |
|
|
|
— |
|
| Student Loans |
|
|
— |
|
|
|
18,242,994 |
|
|
|
— |
|
| Bank Loans |
|
|
— |
|
|
|
14,306,722 |
|
|
|
— |
|
| Commercial Mortgage-Backed Securities |
|
|
— |
|
|
|
169,527,142 |
|
|
|
— |
|
| Corporate Bonds |
|
|
— |
|
|
|
493,762,381 |
|
|
|
— |
|
| Municipal Bonds |
|
|
— |
|
|
|
23,034,690 |
|
|
|
— |
|
| Residential Mortgage-Backed Securities |
|
|
— |
|
|
|
85,858,433 |
|
|
|
7,218,646 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
51,041,139 |
|
|
|
— |
|
| U.S. Government Agency Obligations |
|
|
— |
|
|
|
12,543,040 |
|
|
|
— |
|
| U.S. Treasury Obligations |
|
|
— |
|
|
|
108,413,096 |
|
|
|
— |
|
| Common Stocks |
|
|
4,667,868 |
|
|
|
1,408,690 |
|
|
|
26,540 |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A121
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Stocks |
|
$ |
2,308,650 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
61,371,293 |
|
|
|
— |
|
|
|
— |
|
| Options Purchased |
|
|
— |
|
|
|
62,712 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
68,347,811 |
|
|
$ |
1,263,644,452 |
|
|
$ |
8,063,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Options Written |
|
$ |
— |
|
|
$ |
(165,643 |
) |
|
$ |
(2,547 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments* |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
3,478,999 |
|
|
$ |
— |
|
|
$ |
— |
|
| OTC Forward Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
3,497,581 |
|
|
|
— |
|
| OTC Credit Default Swap Agreements |
|
|
— |
|
|
|
13,400 |
|
|
|
5,318 |
|
| Centrally Cleared Interest Rate Swap Agreements |
|
|
— |
|
|
|
1,697,632 |
|
|
|
— |
|
| OTC Total Return Swap Agreement |
|
|
— |
|
|
|
1,940 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
3,478,999 |
|
|
$ |
5,210,553 |
|
|
$ |
5,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
(912,256 |
) |
|
$ |
— |
|
|
$ |
— |
|
| OTC Forward Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
(645,564 |
) |
|
|
— |
|
| Centrally Cleared Credit Default Swap Agreement |
|
|
— |
|
|
|
(280,489 |
) |
|
|
— |
|
| OTC Credit Default Swap Agreements |
|
|
— |
|
|
|
(177,084 |
) |
|
|
— |
|
| Centrally Cleared Inflation Swap Agreements |
|
|
— |
|
|
|
(404,796 |
) |
|
|
— |
|
| Centrally Cleared Interest Rate Swap Agreements |
|
|
— |
|
|
|
(5,294,299 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(912,256 |
) |
|
$ |
(6,802,232 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures,
forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of investments and
liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| Collateralized Loan Obligations |
|
|
18.5 |
% |
| Commercial Mortgage-Backed Securities |
|
|
13.0 |
|
| Banks |
|
|
9.8 |
|
| U.S. Treasury Obligations |
|
|
8.3 |
|
| Residential Mortgage-Backed Securities |
|
|
7.6 |
|
| Affiliated Mutual Funds (3.2% represents investments purchased with collateral from securities on
loan) |
|
|
4.7 |
|
| Sovereign Bonds |
|
|
3.9 |
|
| Pharmaceuticals |
|
|
2.8 |
|
| Electric |
|
|
2.7 |
|
| Oil & Gas |
|
|
2.5 |
|
| Telecommunications |
|
|
2.0 |
|
| Pipelines |
|
|
2.0 |
|
| Media |
|
|
1.9 |
|
| Municipal Bonds |
|
|
1.8 |
|
| Consumer Loans |
|
|
1.4 |
|
| Student Loans |
|
|
1.4 |
|
| Chemicals |
|
|
1.2 |
|
| Auto Manufacturers |
|
|
1.2 |
|
| Retail |
|
|
1.1 |
|
| Insurance |
|
|
1.0 |
|
| Semiconductors |
|
|
1.0 |
|
|
|
|
|
|
| Automobiles |
|
|
1.0 |
% |
| U.S. Government Agency Obligations |
|
|
0.9 |
|
| Foods |
|
|
0.9 |
|
| Healthcare-Services |
|
|
0.8 |
|
| Commercial Services |
|
|
0.7 |
|
| Real Estate Investment Trusts (REITs) |
|
|
0.6 |
|
| Airlines |
|
|
0.6 |
|
| Aerospace & Defense |
|
|
0.5 |
|
| Software |
|
|
0.5 |
|
| Healthcare-Products |
|
|
0.4 |
|
| Miscellaneous Manufacturing |
|
|
0.4 |
|
| Lodging |
|
|
0.4 |
|
| Oil, Gas & Consumable Fuels |
|
|
0.4 |
|
| Agriculture |
|
|
0.3 |
|
| Beverages |
|
|
0.3 |
|
| Packaging & Containers |
|
|
0.3 |
|
| Entertainment |
|
|
0.3 |
|
| Multi-National |
|
|
0.3 |
|
| Diversified Financial Services |
|
|
0.3 |
|
| Credit Cards |
|
|
0.3 |
|
| Gas |
|
|
0.2 |
|
| Auto Parts & Equipment |
|
|
0.2 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A122
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification (continued):
|
|
|
|
|
| Building Materials |
|
|
0.2 |
% |
| Engineering & Construction |
|
|
0.2 |
|
| Other |
|
|
0.2 |
|
| Home Builders |
|
|
0.2 |
|
| Machinery-Diversified |
|
|
0.2 |
|
| Computers |
|
|
0.2 |
|
| Iron/Steel |
|
|
0.1 |
|
| Mining |
|
|
0.1 |
|
| Savings & Loans |
|
|
0.1 |
|
| Gas Utilities |
|
|
0.1 |
|
| Electrical Components & Equipment |
|
|
0.1 |
|
| Real Estate |
|
|
0.1 |
|
| Electronics |
|
|
0.1 |
|
| Capital Markets |
|
|
0.1 |
|
| Housewares |
|
|
0.1 |
|
|
|
|
|
|
| Water |
|
|
0.1 |
% |
| Environmental Control |
|
|
0.0 |
* |
| Oil & Gas Services |
|
|
0.0 |
* |
| Home Equity Loans |
|
|
0.0 |
* |
| Textiles |
|
|
0.0 |
* |
| Machinery-Construction & Mining |
|
|
0.0 |
* |
| Transportation |
|
|
0.0 |
* |
| Options Purchased |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
102.6 |
|
| Options Written |
|
|
(0.0 |
)* |
| Liabilities in excess of other assets |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Effects of Derivative Instruments on the
Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The
primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative
instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the
summary below.
Fair values of derivative instruments as of June 30, 2021 as presented in the Statement of Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Asset Derivatives |
|
|
Liability Derivatives |
|
| Derivatives not accounted for as hedging
instruments, carried at fair
value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
| Credit contracts |
|
— |
|
$ |
— |
|
|
Due from/to broker-variation margin swaps |
|
$ |
280,489 |
* |
| Credit contracts |
|
Premiums paid for OTC swap agreements |
|
|
22,146 |
|
|
Premiums received for OTC swap agreements |
|
|
121,389 |
|
|
|
|
|
|
|
|
|
Options written outstanding, at |
|
|
|
|
| Credit contracts |
|
Unaffiliated investments |
|
|
62,712 |
|
|
value |
|
|
168,190 |
|
|
|
Unrealized appreciation on OTC |
|
|
|
|
|
Unrealized depreciation on OTC |
|
|
|
|
| Credit contracts |
|
swap agreements |
|
|
18,756 |
|
|
swap agreements |
|
|
77,879 |
|
|
|
Unrealized appreciation on OTC forward foreign currency |
|
|
|
|
|
Unrealized depreciation on OTC forward foreign currency |
|
|
|
|
| Foreign exchange contracts |
|
exchange contracts |
|
|
3,497,581 |
|
|
exchange contracts |
|
|
645,564 |
|
|
|
Due from/to broker-variation |
|
|
|
|
|
Due from/to broker-variation |
|
|
|
|
| Interest rate contracts |
|
margin futures |
|
|
3,478,999 |
* |
|
margin futures |
|
|
912,256 |
* |
| Interest rate contracts |
|
Due from/to broker-variation margin swaps |
|
|
1,697,632 |
* |
|
Due from/to broker-variation
margin swaps |
|
|
5,699,095 |
* |
| Interest rate contracts |
|
— |
|
|
— |
|
|
Premiums received for OTC swap agreements |
|
|
2,213 |
|
|
|
Unrealized appreciation on OTC |
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
swap agreements |
|
|
4,153 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,781,979 |
|
|
|
|
$ |
7,907,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap
contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
SEE NOTES TO FINANCIAL STATEMENTS.
A123
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in
Income |
|
| Derivatives not accounted for as hedging
instruments, carried at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures |
|
|
Forward
&Cross
Currency
Exchange
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
170,179 |
|
| Foreign exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(2,199,619 |
) |
|
|
— |
|
| Interest rate contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,424,955 |
) |
|
|
— |
|
|
|
457,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(22,424,955 |
) |
|
$ |
(2,199,619 |
) |
|
$ |
628,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income |
|
| Derivatives not accounted for as hedging
instruments, carried at fair
value |
|
Options
Purchased(1) |
|
|
Options
Written |
|
|
Futures |
|
|
Forward
&Cross
Currency
Exchange
Contracts |
|
|
Swaps |
|
| Credit contracts |
|
$ |
(162,841 |
) |
|
$ |
52,284 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(891,009 |
) |
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,920,702 |
|
|
|
— |
|
| Interest rate contracts |
|
|
— |
|
|
|
— |
|
|
|
4,321,254 |
|
|
|
— |
|
|
|
(6,927,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(162,841 |
) |
|
$ |
52,284 |
|
|
$ |
4,321,254 |
|
|
$ |
4,920,702 |
|
|
$ |
(7,818,133 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included in net
change in unrealized appreciation (depreciation) on investments in the Statement of Operations.
For the six months ended June 30, 2021, the Portfolio’s
average volume of derivative activities is as follows:
|
|
|
|
|
|
|
|
|
| Options
Purchased(1) |
|
Options
Written(2) |
|
Futures
Contracts—
Long
Positions(2) |
|
Futures
Contracts—
Short
Positions(2) |
|
Forward Foreign
Currency
Exchange
Contracts—
Purchased(3) |
| $75,184 |
|
$48,138,125 |
|
$473,713,707 |
|
$555,847,781 |
|
$61,489,922 |
|
|
|
|
|
|
|
| Forward Foreign
Currency
Exchange
Contracts—Sold(3) |
|
Cross
Currency
Exchange
Contracts(4) |
|
Interest Rate
Swap
Agreements(2) |
|
Credit Default
Swap Agreements—
Buy Protection(2) |
| $143,486,731 |
|
$5,276 |
|
$148,199,240 |
|
$58,875,605 |
|
|
|
|
|
| Credit Default
Swap Agreements—
Sell Protection(2) |
|
Total Return
Swap
Agreements(2) |
|
Inflation Swap
Agreements(2) |
| $30,286,667 |
|
$900,609 |
|
$8,233,333 |
| (2) |
Notional Amount in USD. |
| (3) |
Value at Settlement Date. |
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
A124
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in
accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial
instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and
liabilities:
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(2) |
|
Net
Amount |
| Securities on Loan |
|
$41,386,054 |
|
$(41,386,054) |
|
$— |
|
|
|
|
|
|
|
Offsetting of OTC derivative assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Gross Amounts of
Recognized
Assets(1) |
|
|
Gross Amounts of
Recognized
Liabilities(1) |
|
|
Net Amounts of
Recognized
Assets/(Liabilities) |
|
|
Collateral
Pledged/(Received)(2) |
|
|
Net Amount |
|
| Bank of America, N.A. |
|
$ |
411,608 |
|
|
$ |
— |
|
|
$ |
411,608 |
|
|
$ |
(297,377 |
) |
|
$ |
114,231 |
|
| Barclays Bank PLC |
|
|
17,258 |
|
|
|
(63,009 |
) |
|
|
(45,751 |
) |
|
|
— |
|
|
|
(45,751 |
) |
| BNP Paribas S.A. |
|
|
40,508 |
|
|
|
(90,657 |
) |
|
|
(50,149 |
) |
|
|
— |
|
|
|
(50,149 |
) |
| Citibank, N.A. |
|
|
3,005,773 |
|
|
|
(658,717 |
) |
|
|
2,347,056 |
|
|
|
(2,049,424 |
) |
|
|
297,632 |
|
| Credit Suisse International |
|
|
4,153 |
|
|
|
(62,059 |
) |
|
|
(57,906 |
) |
|
|
57,906 |
|
|
|
— |
|
| Deutsche Bank AG |
|
|
7,088 |
|
|
|
(9,381 |
) |
|
|
(2,293 |
) |
|
|
— |
|
|
|
(2,293 |
) |
| Goldman Sachs International |
|
|
18,586 |
|
|
|
(38,038 |
) |
|
|
(19,452 |
) |
|
|
— |
|
|
|
(19,452 |
) |
| The Toronto-Dominion Bank |
|
|
7,553 |
|
|
|
— |
|
|
|
7,553 |
|
|
|
— |
|
|
|
7,553 |
|
| UBS AG |
|
|
92,821 |
|
|
|
(93,374 |
) |
|
|
(553 |
) |
|
|
— |
|
|
|
(553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$3,605,348 |
|
|
$ |
(1,015,235 |
) |
|
$ |
2,590,113 |
|
|
$ |
(2,288,895 |
) |
|
$ |
301,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and
market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and
the Portfolio’s OTC derivative exposure by counterparty. |
SEE NOTES TO FINANCIAL STATEMENTS.
A125
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $41,386,054: |
|
|
|
|
| Unaffiliated investments (cost $1,216,129,992) |
|
$ |
1,278,684,832 |
|
| Affiliated investments (cost $61,358,583) |
|
|
61,371,293 |
|
| Foreign currency, at value (cost $1,130,924) |
|
|
1,115,362 |
|
| Cash |
|
|
57,200 |
|
| Dividends and interest receivable |
|
|
8,647,686 |
|
| Unrealized appreciation on OTC forward foreign currency exchange contracts |
|
|
3,497,581 |
|
| Receivable for investments sold |
|
|
1,918,439 |
|
| Due from broker-variation margin futures |
|
|
603,734 |
|
| Receivable for Portfolio shares sold |
|
|
130,651 |
|
| Tax reclaim receivable |
|
|
26,366 |
|
| Unrealized appreciation on OTC swap agreements |
|
|
22,909 |
|
| Premiums paid for OTC swap agreements |
|
|
22,146 |
|
| Prepaid expenses |
|
|
2,383 |
|
|
|
|
|
|
| Total Assets |
|
|
1,356,100,582 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
41,952,793 |
|
| Payable for investments purchased |
|
|
6,422,478 |
|
| Unrealized depreciation on OTC forward foreign currency exchange contracts |
|
|
645,564 |
|
| Management fee payable |
|
|
427,638 |
|
| Accrued expenses and other liabilities |
|
|
200,707 |
|
| Options written outstanding, at value (premiums received $220,474) |
|
|
168,190 |
|
| Due to broker-variation margin swaps |
|
|
132,852 |
|
| Premiums received for OTC swap agreements |
|
|
123,602 |
|
| Unrealized depreciation on OTC swap agreements |
|
|
77,879 |
|
| Payable for Portfolio shares purchased |
|
|
48,842 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Distribution fee payable |
|
|
158 |
|
| Trustees’ fees payable |
|
|
76 |
|
|
|
|
|
|
| Total Liabilities |
|
|
50,201,759 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
1,305,898,823 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
$ |
1,305,898,823 |
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, |
|
|
|
|
| $1,304,935,385 / 83,618,107 outstanding shares of beneficial interest |
|
$ |
15.61 |
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, |
|
|
|
|
| $963,438 / 61,758 outstanding shares of beneficial interest |
|
$ |
15.60 |
|
|
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) INCOME |
|
|
|
|
| Interest income |
|
$ |
19,236,463 |
|
| Unaffiliated dividend income |
|
|
91,746 |
|
| Income from securities lending, net (including affiliated income of $17,766) |
|
|
25,882 |
|
| Affiliated dividend income |
|
|
23,715 |
|
|
|
|
|
|
| Total income |
|
|
19,377,806 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
2,531,687 |
|
| Distribution fee—Class III |
|
|
242 |
|
| Custodian and accounting fees |
|
|
58,803 |
|
| Shareholders’ reports |
|
|
47,912 |
|
| Audit fee |
|
|
28,086 |
|
| Trustees’ fees |
|
|
12,356 |
|
| Legal fees and expenses |
|
|
11,248 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
20,494 |
|
|
|
|
|
|
| Total expenses |
|
|
2,716,125 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
16,661,681 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(5,505)) |
|
|
9,035,306 |
|
| Futures transactions |
|
|
(22,424,955 |
) |
| Forward and cross currency contract transactions |
|
|
(2,199,619 |
) |
| Swap agreements transactions |
|
|
628,012 |
|
| Foreign currency transactions |
|
|
599,045 |
|
|
|
|
|
|
|
|
|
(14,362,211 |
) |
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(1,282)) |
|
|
(17,510,146 |
) |
| Futures |
|
|
4,321,254 |
|
| Forward and cross currency contracts |
|
|
4,920,702 |
|
| Options written |
|
|
52,284 |
|
| Swap agreements |
|
|
(7,818,133 |
) |
| Foreign currencies |
|
|
130,464 |
|
|
|
|
|
|
|
|
|
(15,903,575 |
) |
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
|
|
(30,265,786 |
) |
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(13,604,105 |
) |
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
16,661,681 |
|
|
$ |
36,939,115 |
|
| Net realized gain (loss) on investment and foreign currency transactions |
|
|
(14,362,211 |
) |
|
|
(715,016 |
) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
(15,903,575 |
) |
|
|
64,021,649 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(13,604,105 |
) |
|
|
100,245,748 |
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
75,276,839 |
|
|
|
108,389,140 |
|
| Portfolio shares purchased |
|
|
(48,381,968 |
) |
|
|
(106,131,559 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
26,894,871 |
|
|
|
2,257,581 |
|
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
13,290,766 |
|
|
|
102,503,329 |
|
|
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
1,292,608,057 |
|
|
|
1,190,104,728 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
1,305,898,823 |
|
|
$ |
1,292,608,057 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A126
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| LONG-TERM INVESTMENTS — 97.9% |
|
|
|
|
|
| COMMON STOCKS — 97.4% |
|
|
|
|
|
|
|
|
| Aerospace & Defense — 1.6% |
|
|
|
|
|
|
|
|
| Boeing Co. (The)* |
|
|
94,636 |
|
|
$ |
22,671,000 |
|
| General Dynamics Corp. |
|
|
40,200 |
|
|
|
7,568,052 |
|
| Howmet Aerospace, Inc.* |
|
|
67,292 |
|
|
|
2,319,555 |
|
| Huntington Ingalls Industries, Inc. |
|
|
7,000 |
|
|
|
1,475,250 |
|
| L3Harris Technologies, Inc. |
|
|
35,580 |
|
|
|
7,690,617 |
|
| Lockheed Martin Corp. |
|
|
42,658 |
|
|
|
16,139,654 |
|
| Northrop Grumman Corp. |
|
|
26,826 |
|
|
|
9,749,373 |
|
| Raytheon Technologies Corp. |
|
|
263,148 |
|
|
|
22,449,156 |
|
| Teledyne Technologies, Inc.* |
|
|
8,129 |
|
|
|
3,404,669 |
|
| Textron, Inc. |
|
|
40,050 |
|
|
|
2,754,239 |
|
| TransDigm Group, Inc.* |
|
|
9,430 |
|
|
|
6,103,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,325,510 |
|
|
|
|
|
|
|
|
|
|
| Air Freight & Logistics — 0.7% |
|
|
|
|
|
|
|
|
| C.H. Robinson Worldwide, Inc.(a) |
|
|
23,600 |
|
|
|
2,210,612 |
|
| Expeditors International of Washington, Inc. |
|
|
29,500 |
|
|
|
3,734,700 |
|
| FedEx Corp. |
|
|
42,140 |
|
|
|
12,571,626 |
|
| United Parcel Service, Inc. (Class B Stock) |
|
|
125,400 |
|
|
|
26,079,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,596,376 |
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.3% |
|
|
|
|
|
|
|
|
| Alaska Air Group, Inc.* |
|
|
21,900 |
|
|
|
1,320,789 |
|
| American Airlines Group, Inc.*(a) |
|
|
106,600 |
|
|
|
2,260,986 |
|
| Delta Air Lines, Inc.* |
|
|
110,900 |
|
|
|
4,797,534 |
|
| Southwest Airlines Co.*(a) |
|
|
102,037 |
|
|
|
5,417,144 |
|
| United Airlines Holdings, Inc.*(a) |
|
|
54,100 |
|
|
|
2,828,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,625,342 |
|
|
|
|
|
|
|
|
|
|
| Auto Components — 0.1% |
|
|
|
|
|
|
|
|
| Aptiv PLC* |
|
|
46,700 |
|
|
|
7,347,311 |
|
| BorgWarner, Inc.(a) |
|
|
43,100 |
|
|
|
2,092,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,439,385 |
|
|
|
|
|
|
|
|
|
|
| Automobiles — 1.8% |
|
|
|
|
|
|
|
|
| Ford Motor Co.* |
|
|
673,159 |
|
|
|
10,003,143 |
|
| General Motors Co.* |
|
|
219,300 |
|
|
|
12,975,981 |
|
| Tesla, Inc.* |
|
|
133,490 |
|
|
|
90,733,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,712,277 |
|
|
|
|
|
|
|
|
|
|
| Banks — 4.2% |
|
|
|
|
|
|
|
|
| Bank of America Corp. |
|
|
1,313,182 |
|
|
|
54,142,494 |
|
| Citigroup, Inc. |
|
|
360,622 |
|
|
|
25,514,007 |
|
| Citizens Financial Group, Inc. |
|
|
73,700 |
|
|
|
3,380,619 |
|
| Comerica, Inc. |
|
|
24,550 |
|
|
|
1,751,397 |
|
| Fifth Third Bancorp |
|
|
124,149 |
|
|
|
4,746,216 |
|
| First Republic Bank |
|
|
30,100 |
|
|
|
5,633,817 |
|
| Huntington Bancshares, Inc. |
|
|
255,675 |
|
|
|
3,648,482 |
|
| JPMorgan Chase & Co. |
|
|
526,295 |
|
|
|
81,859,924 |
|
| KeyCorp |
|
|
168,000 |
|
|
|
3,469,200 |
|
| M&T Bank Corp. |
|
|
22,200 |
|
|
|
3,225,882 |
|
| People’s United Financial, Inc. |
|
|
73,100 |
|
|
|
1,252,934 |
|
| PNC Financial Services Group, Inc. (The) |
|
|
73,293 |
|
|
|
13,981,373 |
|
| Regions Financial Corp. |
|
|
166,712 |
|
|
|
3,364,248 |
|
| SVB Financial Group* |
|
|
9,400 |
|
|
|
5,230,442 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Banks (cont’d.) |
|
|
|
|
|
|
|
|
| Truist Financial Corp. |
|
|
233,126 |
|
|
$ |
12,938,493 |
|
| U.S. Bancorp |
|
|
236,981 |
|
|
|
13,500,808 |
|
| Wells Fargo & Co. |
|
|
716,176 |
|
|
|
32,435,611 |
|
| Zions Bancorp NA |
|
|
28,300 |
|
|
|
1,495,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
271,571,885 |
|
|
|
|
|
|
|
|
|
|
| Beverages — 1.4% |
|
|
|
|
|
|
|
|
| Brown-Forman Corp. (Class B Stock)(a) |
|
|
32,025 |
|
|
|
2,399,954 |
|
| Coca-Cola Co. (The) |
|
|
671,950 |
|
|
|
36,359,214 |
|
| Constellation Brands, Inc. (Class A Stock) |
|
|
29,400 |
|
|
|
6,876,366 |
|
| Molson Coors Beverage Co. (Class B Stock)*(a) |
|
|
32,300 |
|
|
|
1,734,187 |
|
| Monster Beverage Corp.* |
|
|
63,900 |
|
|
|
5,837,265 |
|
| PepsiCo, Inc. |
|
|
239,294 |
|
|
|
35,456,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,663,178 |
|
|
|
|
|
|
|
|
|
|
| Biotechnology — 1.7% |
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
305,889 |
|
|
|
34,455,337 |
|
| Alexion Pharmaceuticals, Inc.* |
|
|
37,900 |
|
|
|
6,962,609 |
|
| Amgen, Inc. |
|
|
99,794 |
|
|
|
24,324,788 |
|
| Biogen, Inc.* |
|
|
26,855 |
|
|
|
9,299,081 |
|
| Gilead Sciences, Inc. |
|
|
217,400 |
|
|
|
14,970,164 |
|
| Incyte Corp.* |
|
|
32,200 |
|
|
|
2,708,986 |
|
| Regeneron Pharmaceuticals, Inc.* |
|
|
18,310 |
|
|
|
10,226,867 |
|
| Vertex Pharmaceuticals, Inc.* |
|
|
45,040 |
|
|
|
9,081,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,029,247 |
|
|
|
|
|
|
|
|
|
|
| Building Products — 0.5% |
|
|
|
|
|
|
|
|
| A.O. Smith Corp. |
|
|
23,800 |
|
|
|
1,715,028 |
|
| Allegion PLC |
|
|
15,933 |
|
|
|
2,219,467 |
|
| Carrier Global Corp. |
|
|
140,867 |
|
|
|
6,846,136 |
|
| Fortune Brands Home & Security, Inc. |
|
|
24,400 |
|
|
|
2,430,484 |
|
| Johnson Controls International PLC |
|
|
125,215 |
|
|
|
8,593,506 |
|
| Masco Corp. |
|
|
45,130 |
|
|
|
2,658,608 |
|
| Trane Technologies PLC |
|
|
41,800 |
|
|
|
7,697,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,160,281 |
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 3.0% |
|
|
|
|
|
|
|
|
| Ameriprise Financial, Inc. |
|
|
20,450 |
|
|
|
5,089,596 |
|
| Bank of New York Mellon Corp. (The) |
|
|
140,849 |
|
|
|
7,215,694 |
|
| BlackRock, Inc. |
|
|
24,620 |
|
|
|
21,541,761 |
|
| Cboe Global Markets, Inc. |
|
|
19,200 |
|
|
|
2,285,760 |
|
| Charles Schwab Corp. (The) |
|
|
258,700 |
|
|
|
18,835,947 |
|
| CME Group, Inc. |
|
|
62,110 |
|
|
|
13,209,555 |
|
| Franklin Resources, Inc.(a) |
|
|
47,100 |
|
|
|
1,506,729 |
|
| Goldman Sachs Group, Inc. (The) |
|
|
59,720 |
|
|
|
22,665,532 |
|
| Intercontinental Exchange, Inc. |
|
|
97,090 |
|
|
|
11,524,583 |
|
| Invesco Ltd. |
|
|
65,400 |
|
|
|
1,748,142 |
|
| MarketAxess Holdings, Inc. |
|
|
6,600 |
|
|
|
3,059,694 |
|
| Moody’s Corp. |
|
|
28,120 |
|
|
|
10,189,844 |
|
| Morgan Stanley |
|
|
259,178 |
|
|
|
23,764,031 |
|
| MSCI, Inc. |
|
|
14,400 |
|
|
|
7,676,352 |
|
| Nasdaq, Inc. |
|
|
19,900 |
|
|
|
3,498,420 |
|
| Northern Trust Corp. |
|
|
36,000 |
|
|
|
4,162,320 |
|
| Raymond James Financial, Inc. |
|
|
21,500 |
|
|
|
2,792,850 |
|
| S&P Global, Inc. |
|
|
41,680 |
|
|
|
17,107,556 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A127
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Capital Markets (cont’d.) |
|
|
|
|
|
|
|
|
| State Street Corp.(a) |
|
|
60,975 |
|
|
$ |
5,017,023 |
|
| T. Rowe Price Group, Inc.(a) |
|
|
39,200 |
|
|
|
7,760,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190,651,813 |
|
|
|
|
|
|
|
|
|
|
| Chemicals — 1.7% |
|
|
|
|
|
|
|
|
| Air Products & Chemicals, Inc. |
|
|
38,300 |
|
|
|
11,018,144 |
|
| Albemarle Corp. |
|
|
20,000 |
|
|
|
3,369,200 |
|
| Celanese Corp. |
|
|
20,200 |
|
|
|
3,062,320 |
|
| CF Industries Holdings, Inc. |
|
|
37,600 |
|
|
|
1,934,520 |
|
| Corteva, Inc. |
|
|
128,856 |
|
|
|
5,714,764 |
|
| Dow, Inc. |
|
|
128,222 |
|
|
|
8,113,888 |
|
| DuPont de Nemours, Inc. |
|
|
93,256 |
|
|
|
7,218,947 |
|
| Eastman Chemical Co. |
|
|
23,800 |
|
|
|
2,778,650 |
|
| Ecolab, Inc. |
|
|
43,000 |
|
|
|
8,856,710 |
|
| FMC Corp. |
|
|
22,650 |
|
|
|
2,450,730 |
|
| International Flavors & Fragrances, Inc. |
|
|
42,940 |
|
|
|
6,415,236 |
|
| Linde PLC (United Kingdom) |
|
|
90,400 |
|
|
|
26,134,640 |
|
| LyondellBasell Industries NV (Class A Stock) |
|
|
44,500 |
|
|
|
4,577,715 |
|
| Mosaic Co. (The) |
|
|
60,100 |
|
|
|
1,917,791 |
|
| PPG Industries, Inc. |
|
|
40,900 |
|
|
|
6,943,593 |
|
| Sherwin-Williams Co. (The) |
|
|
42,200 |
|
|
|
11,497,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,004,238 |
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies — 0.4% |
|
| Cintas Corp. |
|
|
15,200 |
|
|
|
5,806,400 |
|
| Copart, Inc.* |
|
|
35,900 |
|
|
|
4,732,697 |
|
| Republic Services, Inc. |
|
|
36,835 |
|
|
|
4,052,219 |
|
| Rollins, Inc.(a) |
|
|
38,425 |
|
|
|
1,314,135 |
|
| Waste Management, Inc. |
|
|
67,230 |
|
|
|
9,419,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,325,046 |
|
|
|
|
|
|
|
|
|
|
| Communications Equipment — 0.8% |
|
| Arista Networks, Inc.* |
|
|
9,600 |
|
|
|
3,478,176 |
|
| Cisco Systems, Inc. |
|
|
731,175 |
|
|
|
38,752,275 |
|
| F5 Networks, Inc.* |
|
|
10,700 |
|
|
|
1,997,262 |
|
| Juniper Networks, Inc. |
|
|
57,400 |
|
|
|
1,569,890 |
|
| Motorola Solutions, Inc. |
|
|
29,327 |
|
|
|
6,359,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,157,163 |
|
|
|
|
|
|
|
|
|
|
| Construction & Engineering — 0.0% |
|
|
|
|
|
|
|
|
| Quanta Services, Inc. |
|
|
24,300 |
|
|
|
2,200,851 |
|
|
|
|
|
|
|
|
|
|
| Construction Materials — 0.1% |
|
| Martin Marietta Materials, Inc. |
|
|
10,800 |
|
|
|
3,799,548 |
|
| Vulcan Materials Co. |
|
|
23,200 |
|
|
|
4,038,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,837,972 |
|
|
|
|
|
|
|
|
|
|
| Consumer Finance — 0.7% |
|
| American Express Co. |
|
|
113,200 |
|
|
|
18,704,036 |
|
| Capital One Financial Corp. |
|
|
79,569 |
|
|
|
12,308,529 |
|
| Discover Financial Services |
|
|
53,005 |
|
|
|
6,269,961 |
|
| Synchrony Financial |
|
|
93,730 |
|
|
|
4,547,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,830,306 |
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.3% |
|
| Amcor PLC(a) |
|
|
269,800 |
|
|
|
3,091,908 |
|
| Avery Dennison Corp. |
|
|
14,500 |
|
|
|
3,048,480 |
|
| Ball Corp. |
|
|
56,500 |
|
|
|
4,577,630 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Containers & Packaging (cont’d.) |
|
|
|
|
|
|
|
|
| International Paper Co. |
|
|
67,967 |
|
|
$ |
4,167,057 |
|
| Packaging Corp. of America |
|
|
16,700 |
|
|
|
2,261,514 |
|
| Sealed Air Corp.(a) |
|
|
27,320 |
|
|
|
1,618,710 |
|
| Westrock Co. |
|
|
45,261 |
|
|
|
2,408,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,174,089 |
|
|
|
|
|
|
|
|
|
|
| Distributors — 0.1% |
|
|
|
|
|
|
|
|
| Genuine Parts Co. |
|
|
24,925 |
|
|
|
3,152,265 |
|
| LKQ Corp.* |
|
|
48,000 |
|
|
|
2,362,560 |
|
| Pool Corp. |
|
|
7,100 |
|
|
|
3,256,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,771,311 |
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services — 1.4% |
|
|
|
|
|
| Berkshire Hathaway, Inc. (Class B Stock)* |
|
|
329,460 |
|
|
|
91,563,523 |
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services — 1.2% |
|
|
|
|
|
| AT&T, Inc. |
|
|
1,234,771 |
|
|
|
35,536,710 |
|
| Lumen Technologies, Inc.(a) |
|
|
167,243 |
|
|
|
2,272,832 |
|
| Verizon Communications, Inc. |
|
|
716,338 |
|
|
|
40,136,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,945,960 |
|
|
|
|
|
|
|
|
|
|
| Electric Utilities — 1.5% |
|
|
|
|
|
|
|
|
| Alliant Energy Corp.(a) |
|
|
43,700 |
|
|
|
2,436,712 |
|
| American Electric Power Co., Inc. |
|
|
85,840 |
|
|
|
7,261,205 |
|
| Duke Energy Corp. |
|
|
133,348 |
|
|
|
13,164,114 |
|
| Edison International |
|
|
66,000 |
|
|
|
3,816,120 |
|
| Entergy Corp. |
|
|
35,000 |
|
|
|
3,489,500 |
|
| Evergy, Inc. |
|
|
39,700 |
|
|
|
2,399,071 |
|
| Eversource Energy |
|
|
59,600 |
|
|
|
4,782,304 |
|
| Exelon Corp. |
|
|
168,673 |
|
|
|
7,473,901 |
|
| FirstEnergy Corp. |
|
|
93,680 |
|
|
|
3,485,833 |
|
| NextEra Energy, Inc. |
|
|
339,300 |
|
|
|
24,863,904 |
|
| NRG Energy, Inc. |
|
|
43,000 |
|
|
|
1,732,900 |
|
| Pinnacle West Capital Corp. |
|
|
19,600 |
|
|
|
1,606,612 |
|
| PPL Corp. |
|
|
132,900 |
|
|
|
3,717,213 |
|
| Southern Co. (The) |
|
|
182,600 |
|
|
|
11,049,126 |
|
| Xcel Energy, Inc. |
|
|
91,995 |
|
|
|
6,060,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,339,146 |
|
|
|
|
|
|
|
|
|
|
| Electrical Equipment — 0.6% |
|
|
|
|
|
|
|
|
| AMETEK, Inc. |
|
|
40,200 |
|
|
|
5,366,700 |
|
| Eaton Corp. PLC |
|
|
68,961 |
|
|
|
10,218,641 |
|
| Emerson Electric Co. |
|
|
103,400 |
|
|
|
9,951,216 |
|
| Generac Holdings, Inc.* |
|
|
10,900 |
|
|
|
4,525,135 |
|
| Rockwell Automation, Inc. |
|
|
20,120 |
|
|
|
5,754,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,816,414 |
|
|
|
|
|
|
|
|
|
|
| Electronic Equipment, Instruments & Components — 0.6% |
|
| Amphenol Corp. (Class A Stock) |
|
|
103,600 |
|
|
|
7,087,276 |
|
| CDW Corp. |
|
|
24,800 |
|
|
|
4,331,320 |
|
| Corning, Inc. |
|
|
131,700 |
|
|
|
5,386,530 |
|
| IPG Photonics Corp.* |
|
|
6,300 |
|
|
|
1,327,851 |
|
| Keysight Technologies, Inc.* |
|
|
32,100 |
|
|
|
4,956,561 |
|
| TE Connectivity Ltd. |
|
|
57,200 |
|
|
|
7,734,012 |
|
| Trimble, Inc.* |
|
|
43,300 |
|
|
|
3,543,239 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A128
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Electronic Equipment, Instruments & Components (cont’d.) |
|
| Zebra Technologies Corp. (Class A Stock)* |
|
|
9,300 |
|
|
$ |
4,924,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,291,046 |
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services — 0.2% |
|
|
|
|
|
| Baker Hughes Co.(a) |
|
|
124,948 |
|
|
|
2,857,561 |
|
| Halliburton Co. |
|
|
152,900 |
|
|
|
3,535,048 |
|
| NOV, Inc.*(a) |
|
|
67,100 |
|
|
|
1,027,972 |
|
| Schlumberger NV |
|
|
240,398 |
|
|
|
7,695,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,115,721 |
|
|
|
|
|
|
|
|
|
|
| Entertainment — 1.9% |
|
|
|
|
|
|
|
|
| Activision Blizzard, Inc. |
|
|
133,700 |
|
|
|
12,760,328 |
|
| Electronic Arts, Inc. |
|
|
50,500 |
|
|
|
7,263,415 |
|
| Live Nation Entertainment, Inc.* |
|
|
24,800 |
|
|
|
2,172,232 |
|
| Netflix, Inc.* |
|
|
76,950 |
|
|
|
40,645,760 |
|
| Take-Two Interactive Software, Inc.* |
|
|
20,000 |
|
|
|
3,540,400 |
|
| Walt Disney Co. (The)* |
|
|
314,472 |
|
|
|
55,274,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121,656,878 |
|
|
|
|
|
|
|
|
|
|
| Equity Real Estate Investment Trusts (REITs) — 2.4% |
|
| Alexandria Real Estate Equities, Inc. |
|
|
23,780 |
|
|
|
4,326,533 |
|
| American Tower Corp. |
|
|
78,500 |
|
|
|
21,205,990 |
|
| AvalonBay Communities, Inc. |
|
|
24,418 |
|
|
|
5,095,792 |
|
| Boston Properties, Inc. |
|
|
24,600 |
|
|
|
2,818,914 |
|
| Crown Castle International Corp. |
|
|
74,600 |
|
|
|
14,554,460 |
|
| Digital Realty Trust, Inc. |
|
|
48,500 |
|
|
|
7,297,310 |
|
| Duke Realty Corp. |
|
|
64,500 |
|
|
|
3,054,075 |
|
| Equinix, Inc. |
|
|
15,495 |
|
|
|
12,436,287 |
|
| Equity Residential |
|
|
59,200 |
|
|
|
4,558,400 |
|
| Essex Property Trust, Inc. |
|
|
11,470 |
|
|
|
3,441,115 |
|
| Extra Space Storage, Inc. |
|
|
22,700 |
|
|
|
3,718,714 |
|
| Federal Realty Investment Trust(a) |
|
|
12,300 |
|
|
|
1,441,191 |
|
| Healthpeak Properties, Inc. |
|
|
93,200 |
|
|
|
3,102,628 |
|
| Host Hotels & Resorts, Inc.*(a) |
|
|
122,426 |
|
|
|
2,092,260 |
|
| Iron Mountain, Inc.(a) |
|
|
50,730 |
|
|
|
2,146,894 |
|
| Kimco Realty Corp.(a) |
|
|
74,500 |
|
|
|
1,553,325 |
|
| Mid-America Apartment Communities, Inc. |
|
|
20,100 |
|
|
|
3,385,242 |
|
| Prologis, Inc. |
|
|
127,828 |
|
|
|
15,279,281 |
|
| Public Storage |
|
|
26,350 |
|
|
|
7,923,182 |
|
| Realty Income Corp.(a) |
|
|
63,500 |
|
|
|
4,237,990 |
|
| Regency Centers Corp. |
|
|
27,800 |
|
|
|
1,781,146 |
|
| SBA Communications Corp. |
|
|
18,830 |
|
|
|
6,001,121 |
|
| Simon Property Group, Inc. |
|
|
57,161 |
|
|
|
7,458,367 |
|
| UDR, Inc.(a) |
|
|
51,400 |
|
|
|
2,517,572 |
|
| Ventas, Inc.(a) |
|
|
65,404 |
|
|
|
3,734,568 |
|
| Vornado Realty Trust(a) |
|
|
26,757 |
|
|
|
1,248,749 |
|
| Welltower, Inc. |
|
|
72,800 |
|
|
|
6,049,680 |
|
| Weyerhaeuser Co. |
|
|
129,030 |
|
|
|
4,441,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156,901,999 |
|
|
|
|
|
|
|
|
|
|
| Food & Staples Retailing — 1.3% |
|
|
|
|
|
|
|
|
| Costco Wholesale Corp. |
|
|
76,492 |
|
|
|
30,265,590 |
|
| Kroger Co. (The)(a) |
|
|
133,700 |
|
|
|
5,122,047 |
|
| Sysco Corp. |
|
|
88,000 |
|
|
|
6,842,000 |
|
| Walgreens Boots Alliance, Inc. |
|
|
124,300 |
|
|
|
6,539,423 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Food & Staples Retailing (cont’d.) |
|
|
|
|
|
|
|
|
| Walmart, Inc. |
|
|
240,100 |
|
|
$ |
33,858,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,627,962 |
|
|
|
|
|
|
|
|
|
|
| Food Products — 0.9% |
|
|
|
|
|
|
|
|
| Archer-Daniels-Midland Co. |
|
|
96,938 |
|
|
|
5,874,442 |
|
| Campbell Soup Co.(a) |
|
|
35,800 |
|
|
|
1,632,122 |
|
| Conagra Brands, Inc.(a) |
|
|
84,000 |
|
|
|
3,055,920 |
|
| General Mills, Inc. |
|
|
105,700 |
|
|
|
6,440,301 |
|
| Hershey Co. (The) |
|
|
25,500 |
|
|
|
4,441,590 |
|
| Hormel Foods Corp.(a) |
|
|
48,800 |
|
|
|
2,330,200 |
|
| J.M. Smucker Co. (The)(a) |
|
|
19,000 |
|
|
|
2,461,830 |
|
| Kellogg Co.(a) |
|
|
44,600 |
|
|
|
2,869,118 |
|
| Kraft Heinz Co. (The) |
|
|
112,037 |
|
|
|
4,568,869 |
|
| Lamb Weston Holdings, Inc. |
|
|
25,700 |
|
|
|
2,072,962 |
|
| McCormick & Co., Inc. |
|
|
43,400 |
|
|
|
3,833,088 |
|
| Mondelez International, Inc. (Class A Stock) |
|
|
244,311 |
|
|
|
15,254,779 |
|
| Tyson Foods, Inc. (Class A Stock) |
|
|
50,900 |
|
|
|
3,754,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,589,605 |
|
|
|
|
|
|
|
|
|
|
| Gas Utilities — 0.0% |
|
|
|
|
|
|
|
|
| Atmos Energy Corp.(a) |
|
|
21,800 |
|
|
|
2,095,198 |
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 3.5% |
|
|
|
|
|
| Abbott Laboratories |
|
|
308,125 |
|
|
|
35,720,931 |
|
| ABIOMED, Inc.* |
|
|
7,900 |
|
|
|
2,465,669 |
|
| Align Technology, Inc.* |
|
|
12,620 |
|
|
|
7,710,820 |
|
| Baxter International, Inc. |
|
|
88,500 |
|
|
|
7,124,250 |
|
| Becton, Dickinson & Co. |
|
|
50,349 |
|
|
|
12,244,373 |
|
| Boston Scientific Corp.* |
|
|
247,599 |
|
|
|
10,587,333 |
|
| Cooper Cos., Inc. (The) |
|
|
8,630 |
|
|
|
3,419,810 |
|
| Danaher Corp. |
|
|
110,100 |
|
|
|
29,546,436 |
|
| DENTSPLY SIRONA, Inc. |
|
|
38,200 |
|
|
|
2,416,532 |
|
| Dexcom, Inc.* |
|
|
16,680 |
|
|
|
7,122,360 |
|
| Edwards Lifesciences Corp.* |
|
|
107,750 |
|
|
|
11,159,668 |
|
| Hologic, Inc.* |
|
|
44,500 |
|
|
|
2,969,040 |
|
| IDEXX Laboratories, Inc.* |
|
|
14,800 |
|
|
|
9,346,940 |
|
| Intuitive Surgical, Inc.* |
|
|
20,450 |
|
|
|
18,806,638 |
|
| Medtronic PLC |
|
|
233,228 |
|
|
|
28,950,592 |
|
| ResMed, Inc. |
|
|
25,100 |
|
|
|
6,187,652 |
|
| STERIS PLC |
|
|
16,900 |
|
|
|
3,486,470 |
|
| Stryker Corp. |
|
|
56,570 |
|
|
|
14,692,926 |
|
| Teleflex, Inc. |
|
|
8,200 |
|
|
|
3,294,678 |
|
| West Pharmaceutical Services, Inc. |
|
|
13,000 |
|
|
|
4,668,300 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
36,286 |
|
|
|
5,835,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
227,756,933 |
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services — 2.6% |
|
|
|
|
|
| AmerisourceBergen Corp. |
|
|
25,400 |
|
|
|
2,908,046 |
|
| Anthem, Inc. |
|
|
43,000 |
|
|
|
16,417,400 |
|
| Cardinal Health, Inc. |
|
|
51,375 |
|
|
|
2,932,999 |
|
| Centene Corp.* |
|
|
100,268 |
|
|
|
7,312,545 |
|
| Cigna Corp. |
|
|
60,652 |
|
|
|
14,378,770 |
|
| CVS Health Corp. |
|
|
226,999 |
|
|
|
18,940,796 |
|
| DaVita, Inc.* |
|
|
13,200 |
|
|
|
1,589,676 |
|
| HCA Healthcare, Inc. |
|
|
46,000 |
|
|
|
9,510,040 |
|
| Henry Schein, Inc.* |
|
|
25,200 |
|
|
|
1,869,588 |
|
| Humana, Inc. |
|
|
22,300 |
|
|
|
9,872,656 |
|
| Laboratory Corp. of America Holdings* |
|
|
17,100 |
|
|
|
4,717,035 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A129
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Health Care Providers & Services (cont’d.) |
|
|
|
|
|
| McKesson Corp. |
|
|
27,807 |
|
|
$ |
5,317,811 |
|
| Quest Diagnostics, Inc. |
|
|
23,300 |
|
|
|
3,074,901 |
|
| UnitedHealth Group, Inc. |
|
|
163,630 |
|
|
|
65,523,997 |
|
| Universal Health Services, Inc. (Class B Stock) |
|
|
13,700 |
|
|
|
2,006,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,372,351 |
|
|
|
|
|
|
|
|
|
|
| Health Care Technology — 0.1% |
|
|
|
|
|
| Cerner Corp. |
|
|
53,000 |
|
|
|
4,142,480 |
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure — 2.0% |
|
|
|
|
|
| Booking Holdings, Inc.* |
|
|
7,130 |
|
|
|
15,601,082 |
|
| Caesars Entertainment, Inc.*(a) |
|
|
35,000 |
|
|
|
3,631,250 |
|
| Carnival Corp.*(a) |
|
|
136,000 |
|
|
|
3,584,960 |
|
| Chipotle Mexican Grill, Inc.* |
|
|
4,870 |
|
|
|
7,550,156 |
|
| Darden Restaurants, Inc. |
|
|
22,650 |
|
|
|
3,306,673 |
|
| Domino’s Pizza, Inc.(a) |
|
|
6,900 |
|
|
|
3,218,781 |
|
| Expedia Group, Inc.* |
|
|
24,000 |
|
|
|
3,929,040 |
|
| Hilton Worldwide Holdings, Inc.* |
|
|
48,000 |
|
|
|
5,789,760 |
|
| Las Vegas Sands Corp.* |
|
|
56,800 |
|
|
|
2,992,792 |
|
| Marriott International, Inc. (Class A Stock)* |
|
|
46,023 |
|
|
|
6,283,060 |
|
| McDonald’s Corp. |
|
|
129,210 |
|
|
|
29,846,218 |
|
| MGM Resorts International |
|
|
71,400 |
|
|
|
3,045,210 |
|
| Norwegian Cruise Line Holdings Ltd.*(a) |
|
|
61,100 |
|
|
|
1,796,951 |
|
| Penn National Gaming, Inc.*(a) |
|
|
24,700 |
|
|
|
1,889,303 |
|
| Royal Caribbean Cruises Ltd.*(a) |
|
|
36,900 |
|
|
|
3,146,832 |
|
| Starbucks Corp. |
|
|
203,500 |
|
|
|
22,753,335 |
|
| Wynn Resorts Ltd.*(a) |
|
|
17,800 |
|
|
|
2,176,940 |
|
| Yum! Brands, Inc. |
|
|
52,200 |
|
|
|
6,004,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,546,909 |
|
|
|
|
|
|
|
|
|
|
| Household Durables — 0.4% |
|
|
|
|
|
| D.R. Horton, Inc. |
|
|
57,800 |
|
|
|
5,223,386 |
|
| Garmin Ltd. |
|
|
25,900 |
|
|
|
3,746,176 |
|
| Leggett & Platt, Inc.(a) |
|
|
22,600 |
|
|
|
1,170,906 |
|
| Lennar Corp. (Class A Stock) |
|
|
47,600 |
|
|
|
4,729,060 |
|
| Mohawk Industries, Inc.* |
|
|
10,400 |
|
|
|
1,998,776 |
|
| Newell Brands, Inc. |
|
|
65,749 |
|
|
|
1,806,125 |
|
| NVR, Inc.* |
|
|
610 |
|
|
|
3,033,713 |
|
| PulteGroup, Inc. |
|
|
46,885 |
|
|
|
2,558,515 |
|
| Whirlpool Corp. |
|
|
10,967 |
|
|
|
2,391,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,657,682 |
|
|
|
|
|
|
|
|
|
|
| Household Products — 1.3% |
|
|
|
|
|
| Church & Dwight Co., Inc. |
|
|
43,100 |
|
|
|
3,672,982 |
|
| Clorox Co. (The)(a) |
|
|
21,800 |
|
|
|
3,922,038 |
|
| Colgate-Palmolive Co. |
|
|
147,100 |
|
|
|
11,966,585 |
|
| Kimberly-Clark Corp. |
|
|
58,188 |
|
|
|
7,784,390 |
|
| Procter & Gamble Co. (The) |
|
|
426,476 |
|
|
|
57,544,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,890,402 |
|
|
|
|
|
|
|
|
|
|
| Independent Power & Renewable Electricity Producers — 0.1% |
|
| AES Corp. (The) |
|
|
116,500 |
|
|
|
3,037,155 |
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates — 1.2% |
|
|
|
|
|
| 3M Co. |
|
|
100,370 |
|
|
|
19,936,493 |
|
| General Electric Co. |
|
|
1,513,347 |
|
|
|
20,369,651 |
|
| Honeywell International, Inc. |
|
|
120,800 |
|
|
|
26,497,480 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Industrial Conglomerates (cont’d.) |
|
| Roper Technologies, Inc. |
|
|
18,300 |
|
|
$ |
8,604,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,408,284 |
|
|
|
|
|
|
|
|
|
|
| Insurance — 1.7% |
|
|
|
|
|
|
|
|
| Aflac, Inc. |
|
|
113,000 |
|
|
|
6,063,580 |
|
| Allstate Corp. (The) |
|
|
52,628 |
|
|
|
6,864,796 |
|
| American International Group, Inc. |
|
|
148,929 |
|
|
|
7,089,021 |
|
| Aon PLC (Class A Stock)(a) |
|
|
39,025 |
|
|
|
9,317,609 |
|
| Arthur J. Gallagher & Co. |
|
|
34,900 |
|
|
|
4,888,792 |
|
| Assurant, Inc. |
|
|
10,300 |
|
|
|
1,608,654 |
|
| Chubb Ltd. |
|
|
78,130 |
|
|
|
12,417,982 |
|
| Cincinnati Financial Corp. |
|
|
26,028 |
|
|
|
3,035,385 |
|
| Everest Re Group Ltd. |
|
|
6,900 |
|
|
|
1,738,869 |
|
| Globe Life, Inc. |
|
|
16,675 |
|
|
|
1,588,294 |
|
| Hartford Financial Services Group, Inc. (The) |
|
|
62,000 |
|
|
|
3,842,140 |
|
| Lincoln National Corp. |
|
|
31,463 |
|
|
|
1,977,135 |
|
| Loews Corp. |
|
|
40,226 |
|
|
|
2,198,351 |
|
| Marsh & McLennan Cos., Inc. |
|
|
87,700 |
|
|
|
12,337,636 |
|
| MetLife, Inc. |
|
|
132,280 |
|
|
|
7,916,958 |
|
| Principal Financial Group, Inc. |
|
|
44,500 |
|
|
|
2,811,955 |
|
| Progressive Corp. (The) |
|
|
101,300 |
|
|
|
9,948,673 |
|
| Travelers Cos., Inc. (The) |
|
|
43,798 |
|
|
|
6,556,999 |
|
| Unum Group |
|
|
34,756 |
|
|
|
987,070 |
|
| W.R. Berkley Corp. |
|
|
24,600 |
|
|
|
1,830,978 |
|
| Willis Towers Watson PLC |
|
|
22,500 |
|
|
|
5,175,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,196,327 |
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services — 6.3% |
|
|
|
|
|
| Alphabet, Inc. (Class A Stock)* |
|
|
52,179 |
|
|
|
127,410,160 |
|
| Alphabet, Inc. (Class C Stock)* |
|
|
49,490 |
|
|
|
124,037,777 |
|
| Facebook, Inc. (Class A Stock)* |
|
|
416,020 |
|
|
|
144,654,314 |
|
| Twitter, Inc.* |
|
|
138,000 |
|
|
|
9,495,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
405,598,031 |
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail — 4.1% |
|
|
|
|
|
| Amazon.com, Inc.* |
|
|
74,330 |
|
|
|
255,707,093 |
|
| eBay, Inc. |
|
|
113,200 |
|
|
|
7,947,772 |
|
| Etsy, Inc.* |
|
|
21,800 |
|
|
|
4,487,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
268,142,177 |
|
|
|
|
|
|
|
|
|
|
| IT Services — 5.0% |
|
|
|
|
|
|
|
|
| Accenture PLC (Class A Stock) |
|
|
110,200 |
|
|
|
32,485,858 |
|
| Akamai Technologies, Inc.*(a) |
|
|
28,500 |
|
|
|
3,323,100 |
|
| Automatic Data Processing, Inc. |
|
|
74,460 |
|
|
|
14,789,245 |
|
| Broadridge Financial Solutions, Inc. |
|
|
20,100 |
|
|
|
3,246,753 |
|
| Cognizant Technology Solutions Corp. (Class A Stock) |
|
|
92,500 |
|
|
|
6,406,550 |
|
| DXC Technology Co.* |
|
|
43,950 |
|
|
|
1,711,413 |
|
| Fidelity National Information Services, Inc. |
|
|
107,500 |
|
|
|
15,229,525 |
|
| Fiserv, Inc.* |
|
|
103,000 |
|
|
|
11,009,670 |
|
| FleetCor Technologies, Inc.* |
|
|
14,500 |
|
|
|
3,712,870 |
|
| Gartner, Inc.* |
|
|
15,700 |
|
|
|
3,802,540 |
|
| Global Payments, Inc. |
|
|
51,063 |
|
|
|
9,576,355 |
|
| International Business Machines Corp. |
|
|
154,525 |
|
|
|
22,651,820 |
|
| Jack Henry & Associates, Inc.(a) |
|
|
13,500 |
|
|
|
2,207,385 |
|
| Mastercard, Inc. (Class A Stock) |
|
|
151,500 |
|
|
|
55,311,135 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A130
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| IT Services (cont’d.) |
|
|
|
|
|
|
|
|
| Paychex, Inc. |
|
|
55,350 |
|
|
$ |
5,939,055 |
|
| PayPal Holdings, Inc.* |
|
|
203,600 |
|
|
|
59,345,328 |
|
| VeriSign, Inc.* |
|
|
17,400 |
|
|
|
3,961,806 |
|
| Visa, Inc. (Class A Stock)(a) |
|
|
293,400 |
|
|
|
68,602,788 |
|
| Western Union Co. (The) |
|
|
70,104 |
|
|
|
1,610,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324,923,485 |
|
|
|
|
|
|
|
|
|
|
| Leisure Products — 0.0% |
|
|
|
|
|
|
|
|
| Hasbro, Inc. |
|
|
22,350 |
|
|
|
2,112,522 |
|
|
|
|
|
|
|
|
|
|
| Life Sciences Tools & Services — 1.2% |
|
|
|
|
|
| Agilent Technologies, Inc. |
|
|
52,982 |
|
|
|
7,831,269 |
|
| Bio-Rad Laboratories, Inc. (Class A Stock)* |
|
|
3,800 |
|
|
|
2,448,302 |
|
| Charles River Laboratories International, Inc.* |
|
|
8,700 |
|
|
|
3,218,304 |
|
| Illumina, Inc.* |
|
|
25,260 |
|
|
|
11,953,285 |
|
| IQVIA Holdings, Inc.* |
|
|
33,200 |
|
|
|
8,045,024 |
|
| Mettler-Toledo International, Inc.* |
|
|
4,120 |
|
|
|
5,707,601 |
|
| PerkinElmer, Inc. |
|
|
19,400 |
|
|
|
2,995,554 |
|
| Thermo Fisher Scientific, Inc. |
|
|
68,400 |
|
|
|
34,505,748 |
|
| Waters Corp.* |
|
|
10,800 |
|
|
|
3,732,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,437,675 |
|
|
|
|
|
|
|
|
|
|
| Machinery — 1.6% |
|
|
|
|
|
|
|
|
| Caterpillar, Inc. |
|
|
95,000 |
|
|
|
20,674,850 |
|
| Cummins, Inc. |
|
|
25,800 |
|
|
|
6,290,298 |
|
| Deere & Co. |
|
|
54,250 |
|
|
|
19,134,517 |
|
| Dover Corp. |
|
|
25,100 |
|
|
|
3,780,060 |
|
| Fortive Corp. |
|
|
58,400 |
|
|
|
4,072,816 |
|
| IDEX Corp. |
|
|
13,100 |
|
|
|
2,882,655 |
|
| Illinois Tool Works, Inc. |
|
|
49,875 |
|
|
|
11,150,055 |
|
| Ingersoll Rand, Inc.* |
|
|
64,237 |
|
|
|
3,135,408 |
|
| Otis Worldwide Corp. |
|
|
70,383 |
|
|
|
5,755,218 |
|
| PACCAR, Inc. |
|
|
59,928 |
|
|
|
5,348,574 |
|
| Parker-Hannifin Corp. |
|
|
22,487 |
|
|
|
6,905,983 |
|
| Pentair PLC(a) |
|
|
28,907 |
|
|
|
1,950,933 |
|
| Snap-on, Inc. |
|
|
9,600 |
|
|
|
2,144,928 |
|
| Stanley Black & Decker, Inc. |
|
|
27,935 |
|
|
|
5,726,396 |
|
| Westinghouse Air Brake Technologies Corp. |
|
|
31,112 |
|
|
|
2,560,518 |
|
| Xylem, Inc. |
|
|
31,200 |
|
|
|
3,742,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,255,961 |
|
|
|
|
|
|
|
|
|
|
| Media — 1.3% |
|
|
|
|
|
|
|
|
| Charter Communications, Inc. (Class A Stock)*(a) |
|
|
24,090 |
|
|
|
17,379,731 |
|
| Comcast Corp. (Class A Stock) |
|
|
794,292 |
|
|
|
45,290,530 |
|
| Discovery, Inc. (Class A Stock)*(a) |
|
|
28,000 |
|
|
|
859,040 |
|
| Discovery, Inc. (Class C Stock)* |
|
|
50,100 |
|
|
|
1,451,898 |
|
| DISH Network Corp. (Class A Stock)*(a) |
|
|
43,175 |
|
|
|
1,804,715 |
|
| Fox Corp. (Class A Stock) |
|
|
58,366 |
|
|
|
2,167,130 |
|
| Fox Corp. (Class B Stock) |
|
|
27,466 |
|
|
|
966,803 |
|
| Interpublic Group of Cos., Inc. (The)(a) |
|
|
68,262 |
|
|
|
2,217,832 |
|
| News Corp. (Class A Stock) |
|
|
67,925 |
|
|
|
1,750,427 |
|
| News Corp. (Class B Stock) |
|
|
21,400 |
|
|
|
521,090 |
|
| Omnicom Group, Inc. |
|
|
37,300 |
|
|
|
2,983,627 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Media (cont’d.) |
|
|
|
|
|
|
|
|
| ViacomCBS, Inc. (Class B Stock) |
|
|
101,566 |
|
|
$ |
4,590,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,983,606 |
|
|
|
|
|
|
|
|
|
|
| Metals & Mining — 0.4% |
|
|
|
|
|
|
|
|
| Freeport-McMoRan, Inc. |
|
|
251,712 |
|
|
|
9,341,032 |
|
| Newmont Corp. |
|
|
138,903 |
|
|
|
8,803,672 |
|
| Nucor Corp. |
|
|
52,800 |
|
|
|
5,065,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,209,808 |
|
|
|
|
|
|
|
|
|
|
| Multiline Retail — 0.5% |
|
|
|
|
|
|
|
|
| Dollar General Corp. |
|
|
42,000 |
|
|
|
9,088,380 |
|
| Dollar Tree, Inc.* |
|
|
40,747 |
|
|
|
4,054,327 |
|
| Target Corp. |
|
|
86,668 |
|
|
|
20,951,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,093,829 |
|
|
|
|
|
|
|
|
|
|
| Multi-Utilities — 0.7% |
|
|
|
|
|
|
|
|
| Ameren Corp. |
|
|
43,200 |
|
|
|
3,457,728 |
|
| CenterPoint Energy, Inc. |
|
|
97,310 |
|
|
|
2,386,041 |
|
| CMS Energy Corp. |
|
|
49,800 |
|
|
|
2,942,184 |
|
| Consolidated Edison, Inc. |
|
|
59,200 |
|
|
|
4,245,824 |
|
| Dominion Energy, Inc. |
|
|
139,840 |
|
|
|
10,288,029 |
|
| DTE Energy Co. |
|
|
33,700 |
|
|
|
4,367,520 |
|
| NiSource, Inc. |
|
|
65,500 |
|
|
|
1,604,750 |
|
| Public Service Enterprise Group, Inc. |
|
|
87,500 |
|
|
|
5,227,250 |
|
| Sempra Energy |
|
|
54,454 |
|
|
|
7,214,066 |
|
| WEC Energy Group, Inc. |
|
|
54,576 |
|
|
|
4,854,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,587,927 |
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 2.5% |
|
|
|
|
|
| APA Corp. |
|
|
65,250 |
|
|
|
1,411,357 |
|
| Cabot Oil & Gas Corp.(a) |
|
|
67,600 |
|
|
|
1,180,296 |
|
| Chevron Corp. |
|
|
334,659 |
|
|
|
35,052,184 |
|
| ConocoPhillips |
|
|
234,561 |
|
|
|
14,284,765 |
|
| Devon Energy Corp.(a) |
|
|
102,700 |
|
|
|
2,997,813 |
|
| Diamondback Energy, Inc. |
|
|
31,300 |
|
|
|
2,938,757 |
|
| EOG Resources, Inc. |
|
|
100,900 |
|
|
|
8,419,096 |
|
| Exxon Mobil Corp. |
|
|
733,804 |
|
|
|
46,288,356 |
|
| Hess Corp. |
|
|
47,775 |
|
|
|
4,171,713 |
|
| Kinder Morgan, Inc. |
|
|
334,143 |
|
|
|
6,091,427 |
|
| Marathon Oil Corp. |
|
|
135,594 |
|
|
|
1,846,790 |
|
| Marathon Petroleum Corp. |
|
|
112,487 |
|
|
|
6,796,465 |
|
| Occidental Petroleum Corp. |
|
|
145,828 |
|
|
|
4,560,042 |
|
| ONEOK, Inc. |
|
|
76,840 |
|
|
|
4,275,378 |
|
| Phillips 66 |
|
|
75,564 |
|
|
|
6,484,902 |
|
| Pioneer Natural Resources Co. |
|
|
39,400 |
|
|
|
6,403,288 |
|
| Valero Energy Corp. |
|
|
71,000 |
|
|
|
5,543,680 |
|
| Williams Cos., Inc. (The) |
|
|
209,900 |
|
|
|
5,572,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,319,154 |
|
|
|
|
|
|
|
|
|
|
| Personal Products — 0.2% |
|
|
|
|
|
|
|
|
| Estee Lauder Cos., Inc. (The) (Class A Stock) |
|
|
40,200 |
|
|
|
12,786,816 |
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 3.5% |
|
|
|
|
|
|
|
|
| Bristol-Myers Squibb Co. |
|
|
389,340 |
|
|
|
26,015,699 |
|
| Catalent, Inc.* |
|
|
28,500 |
|
|
|
3,081,420 |
|
| Eli Lilly & Co. |
|
|
137,500 |
|
|
|
31,559,000 |
|
| Johnson & Johnson |
|
|
456,396 |
|
|
|
75,186,677 |
|
| Merck & Co., Inc. |
|
|
437,903 |
|
|
|
34,055,716 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A131
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Pharmaceuticals (cont’d.) |
|
|
|
|
|
|
|
|
| Organon & Co.* |
|
|
43,790 |
|
|
$ |
1,325,085 |
|
| Perrigo Co. PLC(a) |
|
|
23,900 |
|
|
|
1,095,815 |
|
| Pfizer, Inc. |
|
|
969,723 |
|
|
|
37,974,353 |
|
| Viatris, Inc. |
|
|
206,194 |
|
|
|
2,946,512 |
|
| Zoetis, Inc. |
|
|
82,600 |
|
|
|
15,393,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,633,613 |
|
|
|
|
|
|
|
|
|
|
| Professional Services — 0.4% |
|
|
|
|
|
| Equifax, Inc. |
|
|
21,100 |
|
|
|
5,053,661 |
|
| IHS Markit Ltd. |
|
|
64,500 |
|
|
|
7,266,570 |
|
| Jacobs Engineering Group, Inc. |
|
|
22,400 |
|
|
|
2,988,608 |
|
| Leidos Holdings, Inc. |
|
|
23,400 |
|
|
|
2,365,740 |
|
| Nielsen Holdings PLC |
|
|
61,800 |
|
|
|
1,524,606 |
|
| Robert Half International, Inc. |
|
|
20,200 |
|
|
|
1,797,194 |
|
| Verisk Analytics, Inc. |
|
|
28,400 |
|
|
|
4,962,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,958,427 |
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development — 0.1% |
|
| CBRE Group, Inc. (Class A Stock)* |
|
|
58,000 |
|
|
|
4,972,340 |
|
| Road & Rail — 0.9% |
|
|
|
|
|
|
|
|
| CSX Corp. |
|
|
396,816 |
|
|
|
12,729,857 |
|
| J.B. Hunt Transport Services, Inc. |
|
|
14,700 |
|
|
|
2,395,365 |
|
| Kansas City Southern |
|
|
16,000 |
|
|
|
4,533,920 |
|
| Norfolk Southern Corp. |
|
|
43,500 |
|
|
|
11,545,335 |
|
| Old Dominion Freight Line, Inc. |
|
|
16,650 |
|
|
|
4,225,770 |
|
| Union Pacific Corp. |
|
|
115,900 |
|
|
|
25,489,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,920,134 |
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment — 5.6% |
|
| Advanced Micro Devices, Inc.*(a) |
|
|
210,600 |
|
|
|
19,781,658 |
|
| Analog Devices, Inc.(a) |
|
|
63,923 |
|
|
|
11,004,984 |
|
| Applied Materials, Inc. |
|
|
158,700 |
|
|
|
22,598,880 |
|
| Broadcom, Inc. |
|
|
70,720 |
|
|
|
33,722,125 |
|
| Enphase Energy, Inc.* |
|
|
23,000 |
|
|
|
4,223,490 |
|
| Intel Corp. |
|
|
703,100 |
|
|
|
39,472,034 |
|
| KLA Corp. |
|
|
26,800 |
|
|
|
8,688,828 |
|
| Lam Research Corp. |
|
|
24,800 |
|
|
|
16,137,360 |
|
| Maxim Integrated Products, Inc. |
|
|
46,700 |
|
|
|
4,920,312 |
|
| Microchip Technology, Inc.(a) |
|
|
46,600 |
|
|
|
6,977,884 |
|
| Micron Technology, Inc.* |
|
|
193,100 |
|
|
|
16,409,638 |
|
| Monolithic Power Systems, Inc. |
|
|
7,400 |
|
|
|
2,763,530 |
|
| NVIDIA Corp. |
|
|
107,990 |
|
|
|
86,402,799 |
|
| NXP Semiconductors NV (China) |
|
|
47,900 |
|
|
|
9,853,988 |
|
| Qorvo, Inc.* |
|
|
19,786 |
|
|
|
3,871,131 |
|
| QUALCOMM, Inc. |
|
|
196,450 |
|
|
|
28,078,598 |
|
| Skyworks Solutions, Inc. |
|
|
28,800 |
|
|
|
5,522,400 |
|
| Teradyne, Inc. |
|
|
28,700 |
|
|
|
3,844,652 |
|
| Texas Instruments, Inc. |
|
|
160,000 |
|
|
|
30,768,000 |
|
| Xilinx, Inc. |
|
|
42,400 |
|
|
|
6,132,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
361,175,027 |
|
|
|
|
|
|
|
|
|
|
| Software — 8.6% |
|
|
|
|
|
|
|
|
| Adobe, Inc.* |
|
|
83,075 |
|
|
|
48,652,043 |
|
| ANSYS, Inc.* |
|
|
15,100 |
|
|
|
5,240,606 |
|
| Autodesk, Inc.* |
|
|
38,070 |
|
|
|
11,112,633 |
|
| Cadence Design Systems, Inc.* |
|
|
48,300 |
|
|
|
6,608,406 |
|
| Citrix Systems, Inc. |
|
|
21,600 |
|
|
|
2,533,032 |
|
| Fortinet, Inc.* |
|
|
23,300 |
|
|
|
5,549,827 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Software (cont’d.) |
|
|
|
|
|
|
|
|
| Intuit, Inc. |
|
|
47,400 |
|
|
$ |
23,234,058 |
|
| Microsoft Corp. |
|
|
1,305,480 |
|
|
|
353,654,532 |
|
| NortonLifeLock, Inc. |
|
|
100,811 |
|
|
|
2,744,075 |
|
| Oracle Corp. |
|
|
317,495 |
|
|
|
24,713,811 |
|
| Paycom Software, Inc.* |
|
|
8,500 |
|
|
|
3,089,495 |
|
| PTC, Inc.* |
|
|
18,200 |
|
|
|
2,570,932 |
|
| salesforce.com, Inc.* |
|
|
160,100 |
|
|
|
39,107,627 |
|
| ServiceNow, Inc.* |
|
|
34,180 |
|
|
|
18,783,619 |
|
| Synopsys, Inc.* |
|
|
26,400 |
|
|
|
7,280,856 |
|
| Tyler Technologies, Inc.* |
|
|
7,100 |
|
|
|
3,211,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
558,087,379 |
|
|
|
|
|
|
|
|
|
|
| Specialty Retail — 2.2% |
|
|
|
|
|
|
|
|
| Advance Auto Parts, Inc. |
|
|
11,760 |
|
|
|
2,412,446 |
|
| AutoZone, Inc.* |
|
|
3,920 |
|
|
|
5,849,502 |
|
| Best Buy Co., Inc. |
|
|
39,925 |
|
|
|
4,590,576 |
|
| CarMax, Inc.*(a) |
|
|
28,500 |
|
|
|
3,680,775 |
|
| Gap, Inc. (The)(a) |
|
|
34,587 |
|
|
|
1,163,853 |
|
| Home Depot, Inc. (The) |
|
|
184,769 |
|
|
|
58,920,986 |
|
| L Brands, Inc. |
|
|
40,296 |
|
|
|
2,903,730 |
|
| Lowe’s Cos., Inc. |
|
|
123,975 |
|
|
|
24,047,431 |
|
| O’Reilly Automotive, Inc.* |
|
|
12,360 |
|
|
|
6,998,356 |
|
| Ross Stores, Inc. |
|
|
61,600 |
|
|
|
7,638,400 |
|
| TJX Cos., Inc. (The) |
|
|
207,600 |
|
|
|
13,996,392 |
|
| Tractor Supply Co. |
|
|
20,500 |
|
|
|
3,814,230 |
|
| Ulta Beauty, Inc.* |
|
|
9,770 |
|
|
|
3,378,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,394,850 |
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals — 6.1% |
|
| Apple, Inc. |
|
|
2,720,820 |
|
|
|
372,643,507 |
|
| Hewlett Packard Enterprise Co. |
|
|
224,966 |
|
|
|
3,280,004 |
|
| HP, Inc. |
|
|
216,166 |
|
|
|
6,526,052 |
|
| NetApp, Inc. |
|
|
39,100 |
|
|
|
3,199,162 |
|
| Seagate Technology Holdings PLC (Ireland)(a) |
|
|
34,700 |
|
|
|
3,051,171 |
|
| Western Digital Corp.* |
|
|
53,168 |
|
|
|
3,783,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
392,483,863 |
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 0.7% |
|
|
|
|
|
| Hanesbrands, Inc.(a) |
|
|
59,100 |
|
|
|
1,103,397 |
|
| NIKE, Inc. (Class B Stock) |
|
|
220,600 |
|
|
|
34,080,494 |
|
| PVH Corp.* |
|
|
12,400 |
|
|
|
1,334,116 |
|
| Ralph Lauren Corp. |
|
|
8,500 |
|
|
|
1,001,385 |
|
| Tapestry, Inc.* |
|
|
47,700 |
|
|
|
2,073,996 |
|
| Under Armour, Inc. (Class A Stock)*(a) |
|
|
32,700 |
|
|
|
691,605 |
|
| Under Armour, Inc. (Class C Stock)*(a) |
|
|
33,303 |
|
|
|
618,436 |
|
| VF Corp. |
|
|
55,344 |
|
|
|
4,540,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,443,851 |
|
|
|
|
|
|
|
|
|
|
| Tobacco — 0.7% |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
321,300 |
|
|
|
15,319,584 |
|
| Philip Morris International, Inc. |
|
|
269,700 |
|
|
|
26,729,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,049,551 |
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors — 0.2% |
|
|
|
|
|
| Fastenal Co. |
|
|
99,300 |
|
|
|
5,163,600 |
|
| United Rentals, Inc.* |
|
|
12,540 |
|
|
|
4,000,385 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A132
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (continued) |
|
|
|
|
|
| Trading Companies & Distributors (cont’d.) |
|
| W.W. Grainger, Inc. |
|
|
7,820 |
|
|
$ |
3,425,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,589,145 |
|
|
|
|
|
|
|
|
|
|
| Water Utilities — 0.1% |
|
|
|
|
|
|
|
|
| American Water Works Co., Inc. |
|
|
31,400 |
|
|
|
4,839,682 |
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services — 0.2% |
|
| T-Mobile US, Inc.* |
|
|
100,900 |
|
|
|
14,613,347 |
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS
(cost $1,468,034,386) |
|
|
|
|
|
|
6,297,640,445 |
|
|
|
|
|
|
|
|
|
|
| EXCHANGE-TRADED FUNDS — 0.5% |
|
| iShares Core S&P 500 ETF(a) |
|
|
55,700 |
|
|
|
23,946,544 |
|
| SPDR S&P 500 ETF Trust(a) |
|
|
15,200 |
|
|
|
6,506,512 |
|
| TOTAL EXCHANGE-TRADED FUNDS
(cost $20,827,874) |
|
|
|
30,453,056 |
|
|
|
|
|
|
|
|
|
|
| TOTAL LONG-TERM INVESTMENTS
(cost $1,488,862,260) |
|
|
|
6,328,093,501 |
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS — 6.0% |
|
|
|
|
|
| AFFILIATED MUTUAL FUNDS — 5.9% |
|
|
|
|
|
| PGIM Core Ultra Short Bond Fund(wa) . 127,508,391 |
|
|
|
127,508,391 |
|
| PGIM Institutional Money Market Fund (cost $255,489,469; includes $255,472,598 of cash collateral for
securities on loan)(b)(wa) |
|
|
255,786,135 |
|
|
|
255,632,664 |
|
|
|
|
|
|
|
|
|
|
| TOTAL AFFILIATED MUTUAL FUNDS
(cost $382,997,860) |
|
|
|
383,141,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate |
|
Maturity
Date |
|
|
|
|
|
Principal
Amount
(000)# |
|
|
|
|
| U.S. TREASURY OBLIGATION(k)(n) — 0.1% |
|
| U.S. Treasury Bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.040% |
|
|
09/16/21 |
|
|
|
|
|
|
|
7,250 |
|
|
|
7,249,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (cost $7,249,380) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(cost $390,247,240) |
|
|
|
390,390,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS—103.9%
(cost $1,879,109,500) |
|
|
|
6,718,483,858 |
|
| Liabilities in excess of other assets(z) — (3.9)% |
|
|
|
(251,493,345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS — 100.0% |
|
|
|
|
|
|
|
|
|
|
$ |
6,466,990,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * |
Non-income producing security. |
| # |
Principal amount is shown in U.S. dollars unless otherwise stated. |
| (a) |
All or a portion of security is on loan. The aggregate market value of such securities, including those sold and
pending settlement, is $249,787,655; cash collateral of $255,472,598 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on
loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. (k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (n) |
Rate shown reflects yield to maturity at purchased date. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and
PGIM Institutional Money Market Fund, if applicable. |
| (z) |
Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from
the Schedule of Investments: |
Futures contracts outstanding at June 30,
2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Contracts |
|
Type |
|
Expiration
Date |
|
|
Current
Notional
Amount |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| Long Position: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 612 |
|
S&P 500 E-Mini Index |
|
|
Sep. 2021 |
|
|
$ |
131,231,160 |
|
|
$ |
1,779,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A133
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally
cleared/exchange-traded derivatives are listed by broker as follows:
|
|
|
|
|
| Broker |
|
Cash and/or Foreign Currency |
|
Securities Market Value |
| UBS Securities LLC |
|
$— |
|
$7,249,302 |
|
|
|
|
|
Fair Value Measurements:
Various inputs
are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
$ |
102,325,510 |
|
|
$ |
— |
|
|
$ |
— |
|
| Air Freight & Logistics |
|
|
44,596,376 |
|
|
|
— |
|
|
|
— |
|
| Airlines |
|
|
16,625,342 |
|
|
|
— |
|
|
|
— |
|
| Auto Components |
|
|
9,439,385 |
|
|
|
— |
|
|
|
— |
|
| Automobiles |
|
|
113,712,277 |
|
|
|
— |
|
|
|
— |
|
| Banks |
|
|
271,571,885 |
|
|
|
— |
|
|
|
— |
|
| Beverages |
|
|
88,663,178 |
|
|
|
— |
|
|
|
— |
|
| Biotechnology |
|
|
112,029,247 |
|
|
|
— |
|
|
|
— |
|
| Building Products |
|
|
32,160,281 |
|
|
|
— |
|
|
|
— |
|
| Capital Markets |
|
|
190,651,813 |
|
|
|
— |
|
|
|
— |
|
| Chemicals |
|
|
112,004,238 |
|
|
|
— |
|
|
|
— |
|
| Commercial Services & Supplies |
|
|
25,325,046 |
|
|
|
— |
|
|
|
— |
|
| Communications Equipment |
|
|
52,157,163 |
|
|
|
— |
|
|
|
— |
|
| Construction & Engineering |
|
|
2,200,851 |
|
|
|
— |
|
|
|
— |
|
| Construction Materials |
|
|
7,837,972 |
|
|
|
— |
|
|
|
— |
|
| Consumer Finance |
|
|
41,830,306 |
|
|
|
— |
|
|
|
— |
|
| Containers & Packaging |
|
|
21,174,089 |
|
|
|
— |
|
|
|
— |
|
| Distributors |
|
|
8,771,311 |
|
|
|
— |
|
|
|
— |
|
| Diversified Financial Services |
|
|
91,563,523 |
|
|
|
— |
|
|
|
— |
|
| Diversified Telecommunication Services |
|
|
77,945,960 |
|
|
|
— |
|
|
|
— |
|
| Electric Utilities |
|
|
97,339,146 |
|
|
|
— |
|
|
|
— |
|
| Electrical Equipment |
|
|
35,816,414 |
|
|
|
— |
|
|
|
— |
|
| Electronic Equipment, Instruments & Components |
|
|
39,291,046 |
|
|
|
— |
|
|
|
— |
|
| Energy Equipment & Services |
|
|
15,115,721 |
|
|
|
— |
|
|
|
— |
|
| Entertainment |
|
|
121,656,878 |
|
|
|
— |
|
|
|
— |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
156,901,999 |
|
|
|
— |
|
|
|
— |
|
| Food & Staples Retailing |
|
|
82,627,962 |
|
|
|
— |
|
|
|
— |
|
| Food Products |
|
|
58,589,605 |
|
|
|
— |
|
|
|
— |
|
| Gas Utilities |
|
|
2,095,198 |
|
|
|
— |
|
|
|
— |
|
| Health Care Equipment & Supplies |
|
|
227,756,933 |
|
|
|
— |
|
|
|
— |
|
| Health Care Providers & Services |
|
|
166,372,351 |
|
|
|
— |
|
|
|
— |
|
| Health Care Technology |
|
|
4,142,480 |
|
|
|
— |
|
|
|
— |
|
| Hotels, Restaurants & Leisure |
|
|
126,546,909 |
|
|
|
— |
|
|
|
— |
|
| Household Durables |
|
|
26,657,682 |
|
|
|
— |
|
|
|
— |
|
| Household Products |
|
|
84,890,402 |
|
|
|
— |
|
|
|
— |
|
| Independent Power & Renewable Electricity Producers |
|
|
3,037,155 |
|
|
|
— |
|
|
|
— |
|
| Industrial Conglomerates |
|
|
75,408,284 |
|
|
|
— |
|
|
|
— |
|
| Insurance |
|
|
110,196,327 |
|
|
|
— |
|
|
|
— |
|
| Interactive Media & Services |
|
|
405,598,031 |
|
|
|
— |
|
|
|
— |
|
SEE NOTES TO FINANCIAL STATEMENTS.
A134
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Investments in Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Internet & Direct Marketing Retail |
|
$ |
268,142,177 |
|
|
$ |
— |
|
|
$ |
— |
|
| IT Services |
|
|
324,923,485 |
|
|
|
— |
|
|
|
— |
|
| Leisure Products |
|
|
2,112,522 |
|
|
|
— |
|
|
|
— |
|
| Life Sciences Tools & Services |
|
|
80,437,675 |
|
|
|
— |
|
|
|
— |
|
| Machinery |
|
|
105,255,961 |
|
|
|
— |
|
|
|
— |
|
| Media |
|
|
81,983,606 |
|
|
|
— |
|
|
|
— |
|
| Metals & Mining |
|
|
23,209,808 |
|
|
|
— |
|
|
|
— |
|
| Multiline Retail |
|
|
34,093,829 |
|
|
|
— |
|
|
|
— |
|
| Multi-Utilities |
|
|
46,587,927 |
|
|
|
— |
|
|
|
— |
|
| Oil, Gas & Consumable Fuels |
|
|
164,319,154 |
|
|
|
— |
|
|
|
— |
|
| Personal Products |
|
|
12,786,816 |
|
|
|
— |
|
|
|
— |
|
| Pharmaceuticals |
|
|
228,633,613 |
|
|
|
— |
|
|
|
— |
|
| Professional Services |
|
|
25,958,427 |
|
|
|
— |
|
|
|
— |
|
| Real Estate Management & Development |
|
|
4,972,340 |
|
|
|
— |
|
|
|
— |
|
| Road & Rail |
|
|
60,920,134 |
|
|
|
— |
|
|
|
— |
|
| Semiconductors & Semiconductor Equipment |
|
|
361,175,027 |
|
|
|
— |
|
|
|
— |
|
| Software |
|
|
558,087,379 |
|
|
|
— |
|
|
|
— |
|
| Specialty Retail |
|
|
139,394,850 |
|
|
|
— |
|
|
|
— |
|
| Technology Hardware, Storage & Peripherals |
|
|
392,483,863 |
|
|
|
— |
|
|
|
— |
|
| Textiles, Apparel & Luxury Goods |
|
|
45,443,851 |
|
|
|
— |
|
|
|
— |
|
| Tobacco |
|
|
42,049,551 |
|
|
|
— |
|
|
|
— |
|
| Trading Companies & Distributors |
|
|
12,589,145 |
|
|
|
— |
|
|
|
— |
|
| Water Utilities |
|
|
4,839,682 |
|
|
|
— |
|
|
|
— |
|
| Wireless Telecommunication Services |
|
|
14,613,347 |
|
|
|
— |
|
|
|
— |
|
| Exchange-Traded Funds |
|
|
30,453,056 |
|
|
|
— |
|
|
|
— |
|
| Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Mutual Funds |
|
|
383,141,055 |
|
|
|
— |
|
|
|
— |
|
| U.S. Treasury Obligation |
|
|
— |
|
|
|
7,249,302 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
6,711,234,556 |
|
|
$ |
7,249,302 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments* |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
1,779,367 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures,
forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
Industry Classification:
The industry classification of
investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:
|
|
|
|
|
| Software |
|
|
8.6 |
% |
| Interactive Media & Services |
|
|
6.3 |
|
| Technology Hardware, Storage & Peripherals |
|
|
6.1 |
|
| Affiliated Mutual Funds (4.0% represents investments purchased with collateral from securities on
loan) |
|
|
5.9 |
|
| Semiconductors & Semiconductor Equipment |
|
|
5.6 |
|
| IT Services |
|
|
5.0 |
|
| Banks |
|
|
4.2 |
|
| Internet & Direct Marketing Retail |
|
|
4.1 |
|
| Pharmaceuticals |
|
|
3.5 |
|
| Health Care Equipment & Supplies |
|
|
3.5 |
|
| Capital Markets |
|
|
3.0 |
|
| Health Care Providers & Services |
|
|
2.6 |
|
| Oil, Gas & Consumable Fuels |
|
|
2.5 |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
2.4 |
|
|
|
|
|
|
| Specialty Retail |
|
|
2.2 |
% |
| Hotels, Restaurants & Leisure |
|
|
2.0 |
|
| Entertainment |
|
|
1.9 |
|
| Automobiles |
|
|
1.8 |
|
| Biotechnology |
|
|
1.7 |
|
| Chemicals |
|
|
1.7 |
|
| Insurance |
|
|
1.7 |
|
| Machinery |
|
|
1.6 |
|
| Aerospace & Defense |
|
|
1.6 |
|
| Electric Utilities |
|
|
1.5 |
|
| Diversified Financial Services |
|
|
1.4 |
|
| Beverages |
|
|
1.4 |
|
| Household Products |
|
|
1.3 |
|
| Food & Staples Retailing |
|
|
1.3 |
|
SEE NOTES TO FINANCIAL
STATEMENTS.
A135
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
Industry Classification (continued):
|
|
|
|
|
| Media |
|
|
1.3 |
% |
| Life Sciences Tools & Services |
|
|
1.2 |
|
| Diversified Telecommunication Services |
|
|
1.2 |
|
| Industrial Conglomerates |
|
|
1.2 |
|
| Road & Rail |
|
|
0.9 |
|
| Food Products |
|
|
0.9 |
|
| Communications Equipment |
|
|
0.8 |
|
| Multi-Utilities |
|
|
0.7 |
|
| Textiles, Apparel & Luxury Goods |
|
|
0.7 |
|
| Air Freight & Logistics |
|
|
0.7 |
|
| Tobacco |
|
|
0.7 |
|
| Consumer Finance |
|
|
0.7 |
|
| Electronic Equipment, Instruments & Components |
|
|
0.6 |
|
| Electrical Equipment |
|
|
0.6 |
|
| Multiline Retail |
|
|
0.5 |
|
| Building Products |
|
|
0.5 |
|
| Exchange-Traded Funds |
|
|
0.5 |
|
| Household Durables |
|
|
0.4 |
|
| Professional Services |
|
|
0.4 |
|
| Commercial Services & Supplies |
|
|
0.4 |
|
| Metals & Mining |
|
|
0.4 |
|
| Containers & Packaging |
|
|
0.3 |
|
|
|
|
|
|
| Airlines |
|
|
0.3 |
% |
| Energy Equipment & Services |
|
|
0.2 |
|
| Wireless Telecommunication Services |
|
|
0.2 |
|
| Personal Products |
|
|
0.2 |
|
| Trading Companies & Distributors |
|
|
0.2 |
|
| Auto Components |
|
|
0.1 |
|
| Distributors |
|
|
0.1 |
|
| Construction Materials |
|
|
0.1 |
|
| U.S. Treasury Obligation |
|
|
0.1 |
|
| Real Estate Management & Development |
|
|
0.1 |
|
| Water Utilities |
|
|
0.1 |
|
| Health Care Technology |
|
|
0.1 |
|
| Independent Power & Renewable Electricity Producers |
|
|
0.1 |
|
| Construction & Engineering |
|
|
0.0 |
* |
| Leisure Products |
|
|
0.0 |
* |
| Gas Utilities |
|
|
0.0 |
* |
|
|
|
|
|
|
|
|
103.9 |
|
| Liabilities in excess of other assets |
|
|
(3.9 |
) |
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
Effects of Derivative Instruments on the
Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The
primary type of risk associated with these derivative instruments is equity contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments
on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of June 30, 2021 as presented in the Statement of Assets and Liabilities:
|
|
|
|
|
|
|
|
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Derivatives not accounted for as hedging
instruments, carried at fair value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
|
Statement of
Assets and
Liabilities Location |
|
Fair
Value |
| Equity contracts |
|
Due from/to broker-variation margin futures |
|
$1,779,367* |
|
— |
|
$— |
|
|
|
|
|
|
|
|
|
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap
contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The
effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:
|
|
|
|
|
|
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
|
| Derivatives not accounted for as hedging
instruments, carried at fair value |
|
|
|
Futures |
|
| Equity contracts |
|
|
|
$ |
17,828,149 |
|
|
|
|
|
|
|
|
|
|
|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
|
|
|
|
|
|
| Derivatives not accounted for
as hedging instruments, carried at fair value |
|
|
|
Futures |
|
| Equity contracts |
|
|
|
$ |
(564,710 |
) |
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A136
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
as of June 30, 2021 (unaudited) |
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
|
| Futures |
| Contracts— |
| Long |
| Positions(1) |
| $122,448,960 |
| (1) |
Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to
enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to
set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Gross Market
Value of
Recognized
Assets/(Liabilities) |
|
Collateral
Pledged/(Received)(1) |
|
Net
Amount |
| Securities on Loan |
|
|
$ |
249,787,655 |
|
|
|
$ |
(249,787,655 |
) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.
|
SEE NOTES TO FINANCIAL STATEMENTS.
A137
|
|
|
|
|
|
|
|
|
|
|
|
PSF STOCK INDEX PORTFOLIO
(CONTINUED) |
|
|
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
|
|
|
|
|
| ASSETS |
|
|
|
|
| Investments at value, including securities on loan of $249,787,655: |
|
|
|
|
| Unaffiliated investments (cost $1,496,111,640) |
|
|
$6,335,342,803 |
|
| Affiliated investments (cost $382,997,860) |
|
|
383,141,055 |
|
| Cash |
|
|
23,124 |
|
| Dividends receivable |
|
|
3,672,332 |
|
| Receivable for Portfolio shares sold |
|
|
2,268,512 |
|
| Due from broker-variation margin futures |
|
|
201,960 |
|
| Receivable for investments sold |
|
|
109,643 |
|
| Tax reclaim receivable |
|
|
18,359 |
|
| Prepaid expenses |
|
|
687,408 |
|
|
|
|
|
|
| Total Assets |
|
|
6,725,465,196 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Payable to broker for collateral for securities on loan |
|
|
255,472,598 |
|
| Management fee payable |
|
|
1,472,459 |
|
| Payable for investments purchased |
|
|
921,631 |
|
| Payable for Portfolio shares purchased |
|
|
443,513 |
|
| Accrued expenses and other liabilities |
|
|
162,910 |
|
| Affiliated transfer agent fee payable |
|
|
980 |
|
| Distribution fee payable |
|
|
592 |
|
|
|
|
|
|
| Total Liabilities |
|
|
258,474,683 |
|
|
|
|
|
|
| NET ASSETS |
|
|
$ 6,466,990,513 |
|
|
|
|
|
|
| Net assets were comprised of: |
|
|
|
|
| Partners’ Equity |
|
|
$6,466,990,513 |
|
|
|
|
|
|
|
|
| Class I: |
|
|
|
|
| Net asset value and redemption price per share, $6,463,519,896 / 64,082,333 outstanding shares of
beneficial interest |
|
|
$100.86 |
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
| Net asset value and redemption price per share, $3,470,617 / 34,424 outstanding shares of beneficial
interest |
|
|
$ 100.82 |
|
|
|
|
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
|
|
| INCOME |
|
|
|
|
| Unaffiliated dividend income (net of $4,041 foreign withholding tax) |
|
|
$ 41,909,406 |
|
| Affiliated dividend income |
|
|
86,181 |
|
| Income from securities lending, net (including affiliated income of $62,818) |
|
|
72,086 |
|
| Interest income |
|
|
1,940 |
|
|
|
|
|
|
| Total income |
|
|
42,069,613 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Management fee |
|
|
8,469,947 |
|
| Distribution fee—Class III |
|
|
822 |
|
| Custodian and accounting fees |
|
|
148,176 |
|
| Shareholders’ reports |
|
|
64,667 |
|
| Trustees’ fees |
|
|
38,337 |
|
| Legal fees and expenses |
|
|
19,226 |
|
| Audit fee |
|
|
14,861 |
|
| Transfer agent’s fees and expenses (including affiliated expense of $2,941) |
|
|
5,297 |
|
| Miscellaneous |
|
|
61,523 |
|
|
|
|
|
|
| Total expenses |
|
|
8,822,856 |
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
33,246,757 |
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investment transactions (including affiliated of $(14,370)) |
|
|
16,901,828 |
|
| Futures transactions |
|
|
17,828,149 |
|
|
|
|
|
|
|
|
|
34,729,977 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments (including affiliated of $(5,693)) |
|
|
779,286,200 |
|
| Futures |
|
|
(564,710 |
) |
|
|
|
|
|
|
|
|
778,721,490 |
|
|
|
|
|
|
| NET GAIN (LOSS) ON INVESTMENT
TRANSACTIONS |
|
|
813,451,467 |
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$846,698,224 |
|
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
Year Ended
December 31, 2020 |
|
| INCREASE (DECREASE) IN NET ASSETS
OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
33,246,757 |
|
|
$ |
72,019,778 |
|
| Net realized gain (loss) on investment transactions |
|
|
34,729,977 |
|
|
|
59,543,856 |
|
|
|
|
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on investments |
|
|
778,721,490 |
|
|
|
725,481,123 |
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
846,698,224 |
|
|
|
857,044,757 |
|
| PORTFOLIO SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
142,936,809 |
|
|
|
296,701,054 |
|
| Portfolio shares purchased |
|
|
(142,842,586 |
) |
|
|
(290,448,745 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS |
|
|
94,223 |
|
|
|
6,252,309 |
|
|
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE) |
|
|
846,792,447 |
|
|
|
863,297,066 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
5,620,198,066 |
|
|
|
4,756,901,000 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
6,466,990,513 |
|
|
|
$5,620,198,066 |
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A138
NOTES TO FINANCIAL STATEMENTS OF
THE PRUDENTIAL SERIES FUND
(unaudited)
1. Organization
The Prudential
Series Fund (“Series Fund”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The
Series Fund is currently composed of 17 Portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The information presented in these financial statements pertains to the 8 Portfolios listed below together with their
investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act.
PSF Global Portfolio (formerly
known as, Global Portfolio): Long-term growth of capital.
PSF PGIM 50/50 Balanced Portfolio (formerly
known as, Conservative Balanced Portfolio): Total investment return consistent with a conservatively managed diversified portfolio.
PSF PGIM Flexible Managed Portfolio (formerly known as, Flexible Managed Portfolio): Total return
consistent with an aggressively managed diversified portfolio.
PSF PGIM Government Income Portfolio (formerly known as,
Government Income Portfolio): High level of income over the long-term consistent with the preservation of capital.
PSF PGIM Government Money Market Portfolio (formerly known as, Government Money Market Portfolio): Maximum current income
consistent with the stability of capital and maintenance of liquidity.
PSF PGIM Jennison Blend Portfolio (formerly known as,
Equity Portfolio): Long-term growth of capital.
PSF PGIM Total Return Bond Portfolio (formerly known as, Diversified Bond
Portfolio): High level of income over a longer term while providing reasonable safety of capital.
PSF Stock Index Portfolio (formerly known as, Stock Index Portfolio): Achieve investment results that
generally correspond to the performance of publicly traded common stocks.
2. Accounting Policies
The Series Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board
(“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Series Fund in the
preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Series Fund and the Portfolios consistently follow such policies in the preparation of their financial
statements.
Securities Valuation: Each Portfolio holds securities and other assets and liabilities that are fair valued as of
the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Portfolios’ investments are valued daily based on a number of factors,
including the type of investment and whether market quotations are readily available. The Series Fund’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation
responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair
valuation of portfolio securities and other assets and liabilities. The valuation procedures permit a Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations
are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement
date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued
at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the
values of some of the Portfolios’ foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.
B1
Various inputs determine how the Portfolios’ investments are valued, all of which are
categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurements and
Disclosures.
Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a
national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent
these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are
generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices
derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified
as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued.
Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation
policies discussed above.
Investments in open-end funds (other than exchange-traded funds)
are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of
valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy.
Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value
securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to,
yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach
when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation
approach and/or valuation techniques discussed above.
The Government Money Market Portfolio values all of its securities of
sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference
between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.
Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer
quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the
original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.
OTC and
centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data
from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income
approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal
to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash
flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates
and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by
B2
obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach
and/or valuation techniques discussed above.
Securities and other assets that cannot be priced according to the methods described
above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or
more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.
When
determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial
condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any
available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a
security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency
amounts are translated into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and
liabilities — at the current rates of exchange;
(ii) purchases and sales of investment securities, income and expenses —
at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Portfolios are
presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the
fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from
changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.
Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included
in net realized gains (losses) on foreign currency transactions.
Additionally, net realized gains (losses) on foreign currency
transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the
amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency
denominated assets and liabilities (other than investments) at period end exchange rates.
Forward and Cross Currency Contracts:
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge
their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at
current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference
between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts
from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and
Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract
where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.
Options:
Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency
B3
exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market
exposure. The Portfolios’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a
premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the
current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the
proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated
as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.
The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold
(called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk
of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges’ clearinghouse acts as counterparty to
all exchange-traded options and guarantees the options contracts against default.
When a Portfolio writes an option on a swap, an
amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to
pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest
rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with
writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.
Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed
amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the
contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Portfolios each day, depending on the daily fluctuations in the value of the underlying
security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net
realized gain (loss) on futures transactions.
Certain Portfolios invested in financial futures contracts in order to hedge their
existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since
futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.
Bank Loans: Certain Portfolios invested in bank loans. Bank loans include fixed and floating rate loans that are privately
negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Portfolios acquires interests in loans directly (by way
of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Portfolios generally will succeed to all the rights and obligations of
an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Portfolios generally will have a contractual relationship only with the
lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt
by the lender of the payments from the relevant
B4
borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Portfolios will assume the
credit risk of both the borrower and the institution selling the participation to the Portfolios.
Repurchase Agreements:
Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’s policy that its custodian or designated subcustodians
under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any
repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller
defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.
Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap
agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized
appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For
OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement
of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.
Interest
Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are
subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to
increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over
the contract’s remaining life.
Inflation Swaps: Certain Portfolios entered into inflation swap agreements to protect
against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index.
Inflation swaps subject the Portfolios to interest rate risk.
Credit Default Swaps (“CDS”): CDS involve one party
(the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit
event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced
entities comprising a credit index.
Certain Portfolios are subject to credit risk in the normal course of pursuing their investment
objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference
entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the
more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to
honor the contract up to the notional value due to a credit event.
As a seller of protection on credit default swap agreements, the
Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its
total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.
The maximum amount of the
payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential
amount will be partially offset by any recovery values of the respective
B5
referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a
buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where
the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the
likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit
spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event
occurring as defined under the terms of the agreement.
Total Return Swaps: In a total return swap, one party receives
payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk
exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of
loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.
Master Netting Arrangements: The Series Fund, on behalf of certain Portfolios, is subject to various Master Agreements, or
netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their
respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement
between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolios to cover
the Portfolios’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists
when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the
reporting party intends to set-off and the right of set-off is enforceable by law.
The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”)
Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general
obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in
a segregated account by the Portfolio’s custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is
segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio
and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets
below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon
occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined
by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.
In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.),
swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation
to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty
in accordance with the terms of the respective swap
B6
agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions
which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on
financial statements.
Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate
agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.
Warrants and Rights: Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to
corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held
as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.
Payment-In-Kind: Certain fixed income Portfolios
invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK
interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is
recorded as interest income.
Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued
or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary
settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a
security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The
Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a
delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.
Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured
by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the
value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value
that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to
the Portfolio securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right
to repurchase the securities in the open market using the collateral.
The Portfolio recognizes income, net of any rebate and
securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed
back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolio also continues to recognize any unrealized gain
(loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral
invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.
Mortgage Dollar Rolls: Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage
securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the
Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The
B7
difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of
which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase
price.
Equity and Mortgage Real Estate Investment Trusts (collectively REITs): Certain Portfolios invested in REITs,
which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of
capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.
Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains
(losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolio
becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of
certain estimates by management that may differ from actual. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) and
unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.
Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated
as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s
shareholders (participating insurance companies). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign
dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related
income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the
diversification requirements of the underlying separate accounts.
Distributions: Distributions, if any, from each Portfolio
are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the
ex-date.
Estimates: The preparation of financial statements requires management to
make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
3. Agreements
The Series Fund, on behalf of
the Portfolios, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment management services and supervises the subadvisers’ performance of such services.
The Manager has entered into subadvisory agreements with each of PGIM, Inc., which provides subadvisory services to the Portfolios
through its business unit PGIM Fixed Income (“PFI”), PGIM Limited, Jennison Associates LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.), Brown Advisory LLC (“Brown”), LSV Asset Management (“LSV”),
QMA LLC (“QMA”) (a wholly-owned subsidiary of PGIM, Inc.), T. Rowe Price Associates, Inc. (“T. Rowe”) and William Blair & Co. LLC (“William Blair”) (collectively, the “subadvisers”), under which each
provides investment advisory services for certain Portfolios of the Series Fund. The Manager pays for the services of the subadvisers, cost of compensation officers of the Portfolio, occupancy and certain clerical and administrative expenses of the
Portfolios. The Portfolios bear all other costs and expenses.
B8
The management fee paid to the Manager is accrued daily and payable monthly, using the
value of each Portfolio’s average daily net assets, at the respective annual rates specified below.
|
|
|
|
|
| Portfolio |
|
Management Fee |
|
Effective
Management Fee,
Net of Waiver,
if Applicable |
| PSF Global Portfolio |
|
0.75% |
|
0.71*% |
| PSF PGIM 50/50 Balanced Portfolio |
|
0.55 |
|
0.55 |
| PSF PGIM Flexible Managed Portfolio |
|
0.60 |
|
0.60 |
| PSF PGIM Government Income Portfolio |
|
0.40 |
|
0.40 |
| PSF PGIM Government Money Market Portfolio |
|
0.30 |
|
0.04**** |
| PSF PGIM Jennison Blend Portfolio |
|
0.45 |
|
0.45 |
| PSF PGIM Total Return Bond Portfolio |
|
0.40 |
|
0.40 |
| PSF Stock Index Portfolio |
|
0.30% up to $4 billion
0.25% over $4 billion |
|
0.28 |
| * |
The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an
annual rate of 0.0363% of the average daily net assets of the Portfolio. |
| **** |
The Manager has voluntarily agreed to limit the management fee of the Government Money Market Portfolio such that the 1-day yield of the Portfolio, excluding realized gain (loss) on investment transactions, does not fall below 0.00%. The waiver/reimbursement is voluntary and may be modified or terminated by the Manager at any time
without notice. During the period ended June 30, 2021, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $1,119,094, 0.26% of the Government Money Market Portfolio’s averaged daily net
assets. |
At June 30, 2021, the subadvisers that provide investment advisory services to the Portfolios are
listed directly below. Where more than one subadviser is listed, each subadviser provides services to a segment of the Portfolio:
|
|
|
| Portfolio |
|
Subadviser(s) |
| PSF Global Portfolio |
|
Brown; LSV; QMA; T. Rowe & William Blair |
| PSF PGIM 50/50 Balanced Portfolio |
|
PFI; PGIM Limited & QMA |
| PSF PGIM Flexible Managed Portfolio |
|
PFI; PGIM Limited & QMA |
| PSF PGIM Government Income Portfolio |
|
PFI |
| PSF PGIM Government Money Market Portfolio |
|
PFI |
| PSF PGIM Jennison Blend Portfolio |
|
Jennison |
| PSF PGIM Total Return Bond Portfolio |
|
PFI & PGIM Limited |
| PSF Stock Index Portfolio |
|
QMA |
The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The
Portfolios compensate PIMS for distributing and servicing the Portfolios’ Class II and Class III shares pursuant to a plan of distribution (the “Class II Plan” and “Class III Plan”, together, the Plans),
regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the
Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares. In order to support the
Fund’s income yield, PIMS has voluntarily undertaken to waive the distribution and service (12b-1) fees of the Government Money Market Portfolio Class III shares, respectively, such that the 1-day income yield (excluding capital gain (loss)) does not fall below 0.00%.
The Series Fund has
an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average
daily net assets of the Class II shares.
The Series Fund, on behalf of the Portfolios, has entered into brokerage commission
recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid
B9
solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the
reporting period ended June 30, 2021, brokerage commission recaptured under these agreements was as follows:
|
|
|
|
|
| Portfolio |
|
Amount |
|
| PSF Global Portfolio |
|
$ |
26,492 |
|
| PSF PGIM Jennison Blend Portfolio |
|
|
74,609 |
|
PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, QMA and Jennison are indirect, wholly-owned
subsidiaries of Prudential.
4. Other Transactions with Affiliates
a.) Related Parties
Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of
Prudential, serves as the transfer agent of the Portfolios. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket
expenses paid to non-affiliates, where applicable.
The Portfolios may invest their overnight
sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”) and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment
Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Portfolios may also invest in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities Exchange Commission (“SEC”), a
series of Prudential Investment Portfolios 2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”) registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or
reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the
Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.
Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment
companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2021,
no 17a-7 transactions were entered into by the Portfolios.
b.) Foreign Withholding Tax
Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies (RICs). As a
result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign
jurisdictions (collectively, “excess withholding tax”).
Prudential instituted a process in consultation with the Series
Fund’s independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event
regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e.,
jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios’ partnership tax status.
In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected
Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments
received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding
tax which Prudential previously paid to the Portfolios are reported as “Payable to affiliate” on the “Statement of Assets and Liabilities” and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is
recorded as “Receivable from affiliate” on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine
B10
tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Tax reclaim receivable” on the “Statement of Assets and
Liabilities.” To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.
The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above
for certain countries due to the Portfolios’ status as partnerships for tax purposes.
|
|
|
|
|
| Portfolio |
|
2021 Payments |
|
| PSF Global Portfolio |
|
|
$195,169 |
|
| PSF PGIM 50/50 Balanced Portfolio |
|
|
14,622 |
|
| PSF PGIM Flexible Managed Portfolio |
|
|
48,476 |
|
The following amounts have been paid by Prudential for excess withholding taxes related to timing
differences as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.
|
|
|
|
|
| Portfolio |
|
2021 Payments |
|
| PSF Global Portfolio |
|
|
$13,827 |
|
| PSF PGIM 50/50 Balanced Portfolio |
|
|
9,952 |
|
| PSF PGIM Jennison Blend Portfolio |
|
|
76,536 |
|
5. Portfolio Securities
The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government
securities) for the reporting period ended June 30, 2021, were as follows:
|
|
|
|
|
|
|
|
|
| Portfolio |
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
| PSF Global Portfolio |
|
|
$ 140,757,770 |
|
|
|
$ 202,707,925 |
|
| PSF PGIM 50/50 Balanced Portfolio |
|
|
623,512,658 |
|
|
|
752,412,512 |
|
| PSF PGIM Flexible Managed Portfolio |
|
|
2,221,149,578 |
|
|
|
2,415,240,904 |
|
| PSF PGIM Government Income Portfolio |
|
|
152,262,846 |
|
|
|
202,807,346 |
|
| PSF PGIM Jennison Blend Portfolio |
|
|
1,191,087,880 |
|
|
|
1,380,636,969 |
|
| PSF PGIM Total Return Bond Portfolio |
|
|
197,126,587 |
|
|
|
287,534,725 |
|
| PSF Stock Index Portfolio |
|
|
80,764,459 |
|
|
|
44,907,166 |
|
A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds
for the reporting period ended June 30, 2021, is presented as follows:
PSF Global Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning
of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PGIM Core Ultra Short Bond Fund (1)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$26,392,925 |
|
|
|
$ 96,626,960 |
|
|
|
$100,103,354 |
|
|
|
$ — |
|
|
|
$ — |
|
|
|
$22,916,531 |
|
|
|
22,916,531 |
|
|
|
$18,037 |
|
|
|
|
|
|
|
| |
PGIM Institutional Money Market Fund (1)(b)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,555,978 |
|
|
|
145,038,747 |
|
|
|
127,748,316 |
|
|
|
(358 |
) |
|
|
(3,839 |
) |
|
|
34,842,212 |
|
|
|
34,863,130 |
|
|
|
4,111 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$43,948,903 |
|
|
|
$241,665,707 |
|
|
|
$227,851,670 |
|
|
|
$(358 |
) |
|
|
$(3,839 |
) |
|
|
$57,758,743 |
|
|
|
|
|
|
|
$22,148 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM 50/50 Balanced Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning
of
Period |
|
Cost of
Purchases |
|
Proceeds
from Sales |
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PGIM Core Ultra Short Bond Fund
(1)(wa) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning
of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized Gain
(Loss) |
|
Realized
Gain
(Loss) |
|
|
Value, End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| $ |
386,462,547 |
|
|
$ |
327,681,521 |
|
|
$ |
385,693,452 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
328,450,616 |
|
|
|
328,450,616 |
|
|
$ |
266,799 |
|
|
|
|
|
|
|
| |
PGIM Institutional Money Market Fund (1)(b)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
72,964,955 |
|
|
|
219,353,300 |
|
|
|
226,129,576 |
|
|
|
|
|
(3,992 |
) |
|
|
|
|
(2,235 |
) |
|
|
66,182,452 |
|
|
|
66,222,186 |
|
|
|
19,869 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
459,427,502 |
|
|
$ |
547,034,821 |
|
|
$ |
611,823,028 |
|
|
|
|
$ |
(3,992 |
) |
|
|
|
$ |
(2,235 |
) |
|
$ |
394,633,068 |
|
|
|
|
|
|
$ |
286,668 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM Flexible Managed Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PGIM Core Ultra Short Bond Fund (1)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
353,385,879 |
|
|
$ |
597,166,660 |
|
|
$ |
693,058,201 |
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
|
$ |
257,494,338 |
|
|
|
257,494,338 |
|
|
$ |
226,736 |
|
|
|
|
|
|
|
|
|
| |
PGIM Institutional Money Market Fund (1)(b)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
41,097,233 |
|
|
|
219,091,098 |
|
|
|
223,094,361 |
|
|
|
|
|
|
|
(2,927 |
) |
|
|
|
|
|
|
(3,837 |
) |
|
|
37,087,206 |
|
|
|
37,109,471 |
|
|
|
16,979 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
394,483,112 |
|
|
$ |
816,257,758 |
|
|
$ |
916,152,562 |
|
|
|
|
|
|
$ |
(2,927 |
) |
|
|
|
|
|
$ |
(3,837 |
) |
|
$ |
294,581,544 |
|
|
|
|
|
|
$ |
243,715 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM Government Income Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PGIM Core Ultra Short Bond Fund (1)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
33,734,048 |
|
|
$ |
65,656,020 |
|
|
$ |
88,999,568 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
10,390,500 |
|
|
|
10,390,500 |
|
|
$ |
10,497 |
|
|
|
|
|
|
|
|
|
| |
PGIM Institutional Money Market Fund (1)(b)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
— |
|
|
|
64,463,255 |
|
|
|
50,093,120 |
|
|
|
|
|
(3 |
) |
|
|
|
|
(2,150 |
) |
|
|
14,367,982 |
|
|
|
14,376,608 |
|
|
|
2,665 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
33,734,048 |
|
|
$ |
130,119,275 |
|
|
$ |
139,092,688 |
|
|
|
|
$ |
(3 |
) |
|
|
|
$ |
(2,150 |
) |
|
$ |
24,758,482 |
|
|
|
|
|
|
$ |
13,162 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM Jennison Blend Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain (Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PGIM Core Ultra Short Bond Fund (1)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
34,536,497 |
|
|
$ |
514,834,258 |
|
|
$ |
513,126,530 |
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
|
$ |
36,244,225 |
|
|
|
36,244,225 |
|
|
$ |
37,164 |
|
|
|
|
|
|
|
|
|
| |
PGIM Institutional Money Market Fund (1)(b)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
509,328,849 |
|
|
|
1,298,980,333 |
|
|
|
1,461,604,555 |
|
|
|
|
|
|
|
(6,107 |
) |
|
|
|
|
|
|
(20,698 |
) |
|
|
346,677,822 |
|
|
|
346,885,953 |
|
|
|
126,640 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
543,865,346 |
|
|
$ |
1,813,814,591 |
|
|
$ |
1,974,731,085 |
|
|
|
|
|
|
$ |
(6,107 |
) |
|
|
|
|
|
$ |
(20,698 |
) |
|
$ |
382,922,047 |
|
|
|
|
|
|
$ |
163,804 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF PGIM Total Return Bond Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning of
Period |
|
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PGIM Core Ultra Short Bond Fund (1)(wa)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
14,079,089 |
|
|
$ |
222,657,294 |
|
|
$ |
217,333,419 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,402,964 |
|
|
|
19,402,964 |
|
|
$ |
23,715 |
|
B12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value,
Beginning
of
Period |
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
|
Income |
|
| PGIM Institutional Money
Market Fund (1)(b)(wa) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $44,065,963 |
|
$ |
156,753,055 |
|
|
$ |
158,843,902 |
|
|
$ |
(1,282 |
) |
|
$ |
(5,505 |
) |
|
$ |
41,968,329 |
|
|
|
41,993,525 |
|
|
$ |
17,766 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $58,145,052 |
|
$ |
379,410,349 |
|
|
$ |
376,177,321 |
|
|
$ |
(1,282 |
) |
|
$ |
(5,505 |
) |
|
$ |
61,371,293 |
|
|
|
|
|
|
$ |
41,481 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSF Stock Index Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Value,
Beginning
of
Period |
|
Cost of
Purchases |
|
|
Proceeds
from Sales |
|
|
Change in
Unrealized
Gain
(Loss) |
|
|
Realized
Gain
(Loss) |
|
|
Value,
End of
Period |
|
|
Shares,
End
of
Period |
|
Income |
|
| |
Short-Term Investments - Affiliated Mutual Funds: |
|
| |
PGIM Core Ultra Short Bond
Fund (1)(wa) |
|
|
|
|
|
|
|
| |
$110,777,275 |
|
$ |
115,569,373 |
|
|
$ |
98,838,257 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
127,508,391 |
|
|
127,508,391 |
|
$ |
86,181 |
|
| |
PGIM Institutional Money
Market Fund (1)(b)(wa) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
215,854,846 |
|
|
1,119,854,623 |
|
|
|
1,080,056,742 |
|
|
|
(5,693 |
) |
|
|
(14,370 |
) |
|
|
255,632,664 |
|
|
255,786,135 |
|
|
62,818 |
(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$326,632,121 |
|
$ |
1,235,423,996 |
|
|
$ |
1,178,894,999 |
|
|
$ |
(5,693 |
) |
|
$ |
(14,370 |
) |
|
$ |
383,141,055 |
|
|
|
|
$ |
148,999 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Fund did not have any capital gain distributions during the reporting period. |
| (2) |
The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of
Operations. |
| (b) |
Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment. |
| (wa) |
PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and
PGIM Institutional Money Market Fund, if applicable. |
6. Tax Information
All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the
partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership’s income, gains,
losses and deductions.
With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each
Portfolio’s adoption of a mark to market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.
The Manager has analyzed the Portfolios’ tax positions taken on federal, state and local income tax returns for all open tax years
and has concluded that no provision for income tax is required in the Portfolios’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios’ U.S. federal and state
tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2020 are subject to such review.
7. Borrowings
The Series Fund, on behalf of the Portfolios, (excluding the Government Money Market Portfolio), along with other affiliated registered
investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share
redemptions. The table below provides details of the SCA.
|
|
|
|
|
| |
|
SCA |
|
|
| Term of Commitment |
|
10/2/2020 – 9/30/2021 |
|
|
| Total Commitment |
|
$ 1,200,000,000 |
|
|
| Annualized Commitment Fee on
the Unused Portion of the SCA |
|
0.15% |
|
|
| Annualized Interest Rate on Borrowings |
|
1.30% plus the higher of (1)
the effective federal
funds
rate, (2) the one-month
LIBOR rate or (3) zero
percent |
|
|
B13
Certain affiliated registered investment companies that are parties to the SCA include
portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently,
these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a
Board-approved methodology designed to treat the Participating Funds in the SCA equitably.
The following Portfolio utilized the SCA
during the reporting period ended June 30, 2021. The average balance outstanding is for the number of days the Portfolio utilized the credit facility.
|
|
|
|
|
|
|
|
|
|
|
| Portfolio |
|
Average
Balance
Outstanding |
|
Weighted
Average
Interest Rates |
|
Number
of Days
Outstanding |
|
Maximum
Balance
Outstanding |
|
Balance
Outstanding at
June 30, 2021 |
| PSF Global Portfolio |
|
$29,831,667 |
|
1.41% |
|
3 |
|
$40,063,000 |
|
$— |
8. Capital and Ownership
The Portfolios offer Class I shares and certain Portfolios offer Class II and/or Class III shares. All share classes are
not subject to any sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I and Class III shares are sold only to certain separate accounts of Prudential to fund benefits under certain variable life
insurance and variable annuity contracts (“contracts”). Class II shares are sold only to separate accounts of non-Prudential insurance companies as investment options under certain contracts.
Class I shares are also offered to separate accounts of non-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance or variable annuity contracts
issued in connection with the separate accounts. The separate accounts invest in shares of the Portfolios through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Portfolios to the extent necessary to
provide benefits under the contracts or for such other purposes as may be consistent with the contracts.
As of June 30, 2021,
the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.
|
|
|
|
|
|
|
|
|
| Portfolio |
|
Number of Shares |
|
|
Percentage of
Outstanding Shares |
|
| PSF Global
Portfolio–Class I |
|
|
27,192,398 |
|
|
|
100.0% |
|
| PSF Global
Portfolio–Class III |
|
|
1,587 |
|
|
|
100.0 |
|
| PSF PGIM 50/50
Balanced
Portfolio–Class I |
|
|
75,032,231 |
|
|
|
100.0 |
|
| PSF PGIM 50/50
Balanced
Portfolio–Class III |
|
|
9,113 |
|
|
|
100.0 |
|
| PSF PGIM Flexible
Managed
Portfolio–Class I |
|
|
115,757,594 |
|
|
|
100.0 |
|
| PSF PGIM Flexible
Managed
Portfolio–Class III |
|
|
2,809 |
|
|
|
100.0 |
|
| PSF PGIM Government
Income
Portfolio–Class I |
|
|
16,231,269 |
|
|
|
100.0 |
|
| PSF PGIM Government
Income
Portfolio–Class III |
|
|
1,369 |
|
|
|
100.0 |
|
| PSF PGIM Government
Money Market
Portfolio–Class I |
|
|
76,763,276 |
|
|
|
99.9 |
|
| PSF PGIM Government
Money Market
Portfolio–Class III |
|
|
12,619,093 |
|
|
|
100.0 |
|
| PSF PGIM Jennison
Blend
Portfolio–Class I |
|
|
67,141,689 |
|
|
|
100.0 |
|
| PSF PGIM Jennison
Blend
Portfolio–Class III |
|
|
1,259 |
|
|
|
100.0 |
|
| PSF PGIM Total Return
Bond
Portfolio–Class I |
|
|
82,411,815 |
|
|
|
98.6 |
|
| PSF PGIM Total Return
Bond
Portfolio–Class III |
|
|
61,758 |
|
|
|
100.0 |
|
|
PSF Stock Index Portfolio–Class I |
|
|
64,082,333 |
|
|
|
100.0 |
|
| PSF Stock Index
Portfolio–Class III |
|
|
34,424 |
|
|
|
100.0 |
|
The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the
following percentage of outstanding shares, on behalf of multiple beneficial owners:
|
|
|
|
|
|
|
|
|
| |
|
Affiliated |
|
Unaffiliated |
| Portfolio |
|
Number of
Shareholders |
|
Percentage of
Outstanding Shares |
|
Number of
Shareholders |
|
Percentage of
Outstanding Shares |
| |
|
|
|
|
|
PSF Global Portfolio |
|
2 |
|
97.6% |
|
— |
|
—% |
| |
|
|
|
|
|
PSF PGIM 50/50 Balanced Portfolio |
|
3 |
|
100.0 |
|
— |
|
— |
B14
|
|
|
|
|
|
|
|
|
| |
|
Affiliated |
|
Unaffiliated |
| Portfolio |
|
Number of
Shareholders |
|
Percentage of
Outstanding Shares |
|
Number of
Shareholders |
|
Percentage of
Outstanding Shares |
| |
|
|
|
|
|
PSF PGIM Flexible Managed Portfolio |
|
3 |
|
100.0% |
|
— |
|
—% |
| |
|
|
|
|
|
PSF PGIM Government Income Portfolio |
|
2 |
|
98.4 |
|
— |
|
— |
| PSF PGIM Government
Money Market Portfolio |
|
4 |
|
99.9 |
|
— |
|
— |
| |
|
|
|
|
|
PSF PGIM Jennison Blend Portfolio |
|
3 |
|
99.9 |
|
— |
|
— |
| |
|
|
|
|
|
PSF PGIM Total Return Bond Portfolio |
|
3 |
|
98.6 |
|
— |
|
— |
| |
|
|
|
|
|
PSF Stock Index Portfolio |
|
3 |
|
100.0 |
|
— |
|
— |
Transactions in shares of beneficial interest of the Portfolios were as follows:
PSF Global Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
181,704 |
|
|
$ |
9,264,766 |
|
| Portfolio shares purchased |
|
|
(1,642,384 |
) |
|
|
(84,867,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(1,460,680 |
) |
|
$ |
(75,602,696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
386,642 |
|
|
$ |
15,803,644 |
|
| Portfolio shares purchased |
|
|
(2,188,536 |
) |
|
|
(86,119,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(1,801,894 |
) |
|
$ |
(70,315,563 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,588 |
|
|
$ |
85,003 |
|
| Portfolio shares purchased |
|
|
(1 |
) |
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
1,587 |
|
|
$ |
84,958 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
PSF PGIM 50/50 Balanced Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
225,642 |
|
|
$ |
8,089,864 |
|
| Portfolio shares purchased |
|
|
(2,653,620 |
) |
|
|
(95,537,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(2,427,978 |
) |
|
$ |
(87,447,372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
401,718 |
|
|
$ |
12,730,292 |
|
| Portfolio shares purchased |
|
|
(5,642,700 |
) |
|
|
(179,703,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(5,240,982 |
) |
|
$ |
(166,973,257 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
9,118 |
|
|
$ |
337,006 |
|
| Portfolio shares purchased |
|
|
(5 |
) |
|
|
(181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
9,113 |
|
|
$ |
336,825 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
B15
PSF PGIM Flexible Managed Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
125,053 |
|
|
$ |
4,850,971 |
|
| Portfolio shares purchased |
|
|
(3,450,643 |
) |
|
|
(136,481,108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(3,325,590 |
) |
|
$ |
(131,630,137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
273,315 |
|
|
$ |
8,597,942 |
|
| Portfolio shares purchased |
|
|
(7,294,813 |
) |
|
|
(249,244,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(7,021,498 |
) |
|
$ |
(240,646,252 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
2,889 |
|
|
$ |
118,149 |
|
| Portfolio shares purchased |
|
|
(80 |
) |
|
|
(3,292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
2,809 |
|
|
$ |
114,857 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
PSF PGIM Government Income Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
107,037 |
|
|
$ |
1,516,775 |
|
| Portfolio shares purchased |
|
|
(850,729 |
) |
|
|
(12,083,241 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(743,692 |
) |
|
$ |
(10,566,466 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,083,338 |
|
|
$ |
15,481,186 |
|
| Portfolio shares purchased |
|
|
(1,725,391 |
) |
|
|
(24,541,321 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(642,053 |
) |
|
$ |
(9,060,135 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,369 |
|
|
$ |
19,380 |
|
| Portfolio shares purchased |
|
|
— |
** |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
1,369 |
|
|
$ |
19,378 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
PSF PGIM Government Money Market Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
41,707,617 |
|
|
$ |
417,076,170 |
|
| Shares issued in reinvestment of dividends and distributions |
|
|
297 |
|
|
|
2,975 |
|
| Portfolio shares purchased |
|
|
(44,128,942 |
) |
|
|
(441,289,425 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(2,421,028 |
) |
|
$ |
(24,210,280 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
70,339,155 |
|
|
$ |
703,391,553 |
|
| Shares issued in reinvestment of dividends and distributions |
|
|
179,185 |
|
|
|
1,791,854 |
|
| Portfolio shares purchased |
|
|
(51,256,624 |
) |
|
|
(512,566,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
19,261,716 |
|
|
$ |
192,617,163 |
|
|
|
|
|
|
|
|
|
|
B16
|
|
|
|
|
|
|
|
|
| Class III: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
17,579,206 |
|
|
$ |
175,792,062 |
|
| Shares issued in reinvestment of dividends and distributions |
|
|
37 |
|
|
|
373 |
|
| Portfolio shares purchased |
|
|
(11,521,367 |
) |
|
|
(115,213,672 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
6,057,876 |
|
|
$ |
60,578,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period ended December 31, 2020*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
14,739,505 |
|
|
$ |
147,395,045 |
|
| Shares issued in reinvestment of dividends and distributions |
|
|
9 |
|
|
|
87 |
|
| Portfolio shares purchased |
|
|
(8,178,297 |
) |
|
|
(81,782,967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
6,561,217 |
|
|
$ |
65,612,165 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was May 18, 2020. |
PSF PGIM Jennison Blend Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
42,815 |
|
|
$ |
3,646,696 |
|
| Portfolio shares purchased |
|
|
(2,496,380 |
) |
|
|
(213,463,893 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(2,453,565 |
) |
|
$ |
(209,817,197 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
181,520 |
|
|
$ |
10,472,312 |
|
| Portfolio shares purchased |
|
|
(5,150,263 |
) |
|
|
(344,048,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(4,968,743 |
) |
|
$ |
(333,576,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class II: |
|
|
|
|
|
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares purchased |
|
|
(476 |
) |
|
$ |
(40,410 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(476 |
) |
|
$ |
(40,410 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
278 |
|
|
$ |
21,699 |
|
| Portfolio shares purchased |
|
|
(3,338 |
) |
|
|
(215,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(3,060 |
) |
|
$ |
(193,686 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class III: |
|
|
|
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,259 |
|
|
$ |
110,251 |
|
| Portfolio shares purchased |
|
|
— |
** |
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
1,259 |
|
|
$ |
110,216 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
B17
PSF PGIM Total Return Bond Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
4,852,844 |
|
|
$ |
74,321,370 |
|
| Portfolio shares purchased |
|
|
(3,143,583 |
) |
|
|
(48,377,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
1,709,261 |
|
|
$ |
25,944,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
7,159,168 |
|
|
$ |
108,389,140 |
|
| Portfolio shares purchased |
|
|
(7,041,212 |
) |
|
|
(106,131,559 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
117,956 |
|
|
$ |
2,257,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class III: |
|
|
|
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
62,080 |
|
|
$ |
955,469 |
|
| Portfolio shares purchased |
|
|
(322 |
) |
|
|
(4,953 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
61,758 |
|
|
$ |
950,516 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
PSF Stock Index Portfolio
|
|
|
|
|
|
|
|
|
| Class I: |
|
Shares |
|
|
Amount |
|
|
|
|
| Six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
1,492,668 |
|
|
$ |
139,552,001 |
|
| Portfolio shares purchased |
|
|
(1,524,811 |
) |
|
|
(142,842,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
(32,143 |
) |
|
$ |
(3,290,014 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2020: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
3,906,549 |
|
|
$ |
296,701,054 |
|
| Portfolio shares purchased |
|
|
(3,862,546 |
) |
|
|
(290,448,745 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
44,003 |
|
|
$ |
6,252,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class III: |
|
|
|
|
|
|
|
|
|
| Period ended June 30, 2021*: |
|
|
|
|
|
|
|
|
| Portfolio shares sold |
|
|
34,430 |
|
|
$ |
3,384,808 |
|
| Portfolio shares purchased |
|
|
(6 |
) |
|
|
(571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shares outstanding |
|
|
34,424 |
|
|
$ |
3,384,237 |
|
|
|
|
|
|
|
|
|
|
| * |
Commencement of offering was April 26, 2021. |
9. Risks of Investing in the Portfolios
The Portfolios’ risks include, but are not limited to, some or all of the risks discussed below. For further information on the
risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.
Derivatives Risk: Derivatives involve special risks and costs and may result in losses to a Portfolio. The successful use
of derivatives requires sophisticated management, and, to the extent that derivatives are used, a Portfolio will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected
ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to a Portfolio. A Portfolio’s use of derivatives may also increase the amount of taxes
payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for a Portfolio’s derivatives positions. In fact, many OTC derivative instruments
lack liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to a Portfolio.
B18
Emerging Markets Risk: The risks of non-US
investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political and social systems that are less developed, and can be expected to be less stable, than those of more
developed countries. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of
liquidity, price volatility and valuation difficulties. Emerging market countries may have policies that restrict investments by non-US investors, or that prevent non-US
investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions such as Asia,
Latin America, Eastern Europe and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and
clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.
Equity Securities Risk: There is a risk that the value of a particular stock or equity-related security held by a Portfolio
could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a
Portfolio invests could go down. A Portfolio’s holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse
issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the
liquidation of assets, but does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market
conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial
condition of the stock’s issuer. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.
Fixed Income Securities Risk: Investment in fixed income securities involves a variety of risks, including credit risk,
liquidity risk and interest rate risk.
Credit risk: Credit risk is the risk that an issuer or guarantor of a security
will be unable or unwilling to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able or willing to make required principal and interest payments. The downgrade of
the credit of a security held by a Portfolio may decrease its value. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not
guarantees as to quality. The lower the rating of a debt security held by a Portfolio, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Portfolio
assets allocated to lower-rated securities generally will increase the credit risk to which a Portfolio is subject.
Liquidity
risk: Liquidity risk is the risk that a Portfolio may not be able to sell some or all of the securities it holds, either at the price it values the security or at any price. Liquidity risk also includes the risk that there may be delays
in selling a security, if it can be sold at all, which could prevent a Portfolio from taking advantage of other investment opportunities. In addition, liquidity risk refers to the risk that a Portfolio may not be able to pay redemption proceeds
within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, redemption requests by certain large shareholders such as
institutional investors, or other reasons. Meeting such redemption requests may cause a Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of a
Portfolio and dilute remaining investors’ interests.
Interest rate risk: Interest rate risk is the risk that the value
of an investment may go down in value when interest rates rise. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Changes in interest rates may also affect the liquidity of a
Portfolio’s investments in fixed income securities. The risks associated with changing interest rates are heightened, given that interest rates in the US may increase, possibly suddenly and significantly, with unpredictable effects on the
markets and a Portfolio’s investments. Volatility in interest rates and in fixed income markets may increase the risk that a Portfolio’s investment in fixed income securities will go down in value. A wide variety of factors can cause
B19
interest rates to rise, including central bank monetary policies and inflation rates. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when
rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities.
Foreign Securities Risk: A Portfolios’ investments in securities of foreign issuers or issuers with significant
exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than US markets. The value of a Portfolios’ investments may decline because of
factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.
LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or
“LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar
interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still
end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any
phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental
debt, bank loans, derivatives and other instruments invested in by a Portfolio as well as loan facilities used by a Portfolio. As such, the potential impact of a transition away from LIBOR on a Portfolio or the financial instruments in which a
Portfolio invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value
of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be
exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period,
these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.
Market and Management Risk: Market risk is the risk that the markets in which a Portfolio invests will experience market
volatility and go down in value, including the possibility that a market will go down sharply and unpredictably. All markets go through cycles, and market risk involves being on the wrong side of a cycle. Factors affecting market risk include
political events, broad economic and social changes, and the mood of the investing public. If investor sentiment turns negative, the price of all securities may decline. Market risk also includes the risk that geopolitical and other events will
disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of
infectious diseases, pandemics, or epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause a Portfolio to lose value. Such events may reduce consumer demand or economic output, result in
market closures, travel restrictions or quarantines, and significantly adversely impact the economy. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that
events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in,
among other things, a Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, a Portfolio may rely on various third-party sources to calculate its net asset value.
As a result, a Portfolio is subject to certain operational risks associated with reliance on service providers and service providers’ data sources. In particular, errors or systems failures and other technological issues may adversely impact
the Portfolio’s calculations of its net asset value. Such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculations and/or the inability to calculate net asset values over
extended periods. A Portfolio may be unable to recover any losses associated with such failures.
Management risk is the risk that
the investment strategy or the Manager or a subadviser will not work as intended. All decisions by the Manager or a subadviser require judgment and are based on imperfect information. In addition, if a Portfolio is managed using a quantitative
investment model, it is subject to the risk that the model may
B20
not perform as expected. Similarly, there can be no assurance that quantitative models or methods utilized by the Manager or a subadviser, or related data sources, will always be available, and
the loss of access to any such model(s) or data sources could have an adverse impact on a Portfolio’s ability to realize its investment objective. Moreover, regulatory restrictions, actual or potential conflicts of interest or other
considerations may cause the Manager or a subadviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.
US Government Securities Risk: US Treasury obligations are backed by the “full faith and credit” of the US
Government. Securities issued or guaranteed by federal agencies or authorities and US Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US Government. For example, securities
issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the US Government. These securities may be supported by the ability to borrow from
the US Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the US Treasury. Further, the US Government and its
agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing
uncertainty regarding the status of negotiations in the US Congress to increase the statutory debt ceiling. If the US Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the US Government may
default on payments on certain US Government securities, including those held by a Portfolio (including the Government Money Market Portfolio), which could have a negative impact on the Portfolio. An increase in demand for US Government securities
resulting from an increase in demand for government money market funds may lead to lower yields on such securities.
10. Recent Accounting Pronouncement and
Regulatory Developments
In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial
statement disclosures has not yet been determined.
On December 3, 2020, the SEC announced that it voted to adopt a new rule
that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment
of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance
date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.
B21
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF Global Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
48.06 |
|
|
|
|
|
|
|
|
$ |
41.49 |
|
|
|
$ |
31.83 |
|
|
|
$ |
34.33 |
|
|
|
$ |
27.50 |
|
|
|
$ |
26.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
0.41 |
|
|
|
|
0.52 |
|
|
|
|
0.47 |
|
|
|
|
0.42 |
|
|
|
|
0.34 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
6.06 |
|
|
|
|
|
|
|
|
|
6.16 |
|
|
|
|
9.14 |
|
|
|
|
(2.99 |
) |
|
|
|
6.41 |
|
|
|
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
6.35 |
|
|
|
|
|
|
|
|
|
6.57 |
|
|
|
|
9.66 |
|
|
|
|
(2.52 |
) |
|
|
|
6.83 |
|
|
|
|
1.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
0.02 |
(b) |
|
|
|
— |
|
|
|
|
0.02 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
54.41 |
|
|
|
|
|
|
|
|
$ |
48.06 |
|
|
|
$ |
41.49 |
|
|
|
$ |
31.83 |
|
|
|
$ |
34.33 |
|
|
|
$ |
27.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
13.21 |
% |
|
|
|
|
|
|
|
|
15.84 |
% |
|
|
|
30.39 |
%(f) |
|
|
|
(7.28 |
)%(g) |
|
|
|
24.84 |
% |
|
|
|
4.44 |
%(h) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
1,479.5 |
|
|
|
|
|
|
|
|
$ |
1,377.0 |
|
|
|
$ |
1,263.7 |
|
|
|
$ |
1,006.6 |
|
|
|
$ |
1,132.9 |
|
|
|
$ |
955.4 |
|
| Average net assets (in millions) |
|
|
$ |
1,434.7 |
|
|
|
|
|
|
|
|
$ |
1,190.6 |
|
|
|
$ |
1,157.5 |
|
|
|
$ |
1,139.9 |
|
|
|
$ |
1,051.8 |
|
|
|
$ |
942.1 |
|
| Ratios to average net assets(i): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.75 |
%(j) |
|
|
|
|
|
|
|
|
0.76 |
% |
|
|
|
0.77 |
% |
|
|
|
0.77 |
% |
|
|
|
0.79 |
% |
|
|
|
0.80 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.79 |
%(j) |
|
|
|
|
|
|
|
|
0.80 |
% |
|
|
|
0.80 |
% |
|
|
|
0.80 |
% |
|
|
|
0.81 |
% |
|
|
|
0.81 |
% |
| Net investment income (loss) |
|
|
|
1.15 |
%(j) |
|
|
|
|
|
|
|
|
1.01 |
% |
|
|
|
1.41 |
% |
|
|
|
1.33 |
% |
|
|
|
1.34 |
% |
|
|
|
1.29 |
% |
| Portfolio turnover rate(k) |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
34 |
% |
|
|
|
26 |
% |
|
|
|
28 |
% |
|
|
|
33 |
% |
|
|
|
40 |
% |
|
|
|
|
|
|
| PSF Global Portfolio—Class III |
|
|
| |
|
April 26, 2021(l)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
53.13 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.08 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
1.17 |
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
1.25 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
54.38 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
2.35 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
0.1 |
|
| Average net assets (in millions) |
|
|
$ |
0.1 |
|
| Ratios to average net assets(i): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
1.00 |
%(j) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
1.04 |
%(j) |
| Net investment income (loss) |
|
|
|
0.84 |
%(j) |
| Portfolio turnover rate(k) |
|
|
|
10 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Amount rounds to zero. |
| (d) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (g) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been (7.34)%. |
| (h) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been 4.36%. |
| (i) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (k) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (l) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C1
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM 50/50 Balanced Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
34.99 |
|
|
|
|
|
|
|
|
$ |
31.40 |
|
|
|
$ |
26.50 |
|
|
|
$ |
27.17 |
|
|
|
$ |
24.18 |
|
|
|
$ |
22.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
0.50 |
|
|
|
|
0.59 |
|
|
|
|
0.53 |
|
|
|
|
0.45 |
|
|
|
|
0.42 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
2.29 |
|
|
|
|
|
|
|
|
|
3.09 |
|
|
|
|
4.31 |
|
|
|
|
(1.20 |
) |
|
|
|
2.54 |
|
|
|
|
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
2.49 |
|
|
|
|
|
|
|
|
|
3.59 |
|
|
|
|
4.90 |
|
|
|
|
(0.67 |
) |
|
|
|
2.99 |
|
|
|
|
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
— |
(b)(c) |
|
|
|
— |
|
|
|
|
0.02 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
37.48 |
|
|
|
|
|
|
|
|
$ |
34.99 |
|
|
|
$ |
31.40 |
|
|
|
$ |
26.50 |
|
|
|
$ |
27.17 |
|
|
|
$ |
24.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
7.12 |
% |
|
|
|
|
|
|
|
|
11.43 |
% |
|
|
|
18.49 |
%(f) |
|
|
|
(2.47 |
)%(f) |
|
|
|
12.37 |
% |
|
|
|
7.28 |
%(g) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
2,812.1 |
|
|
|
|
|
|
|
|
$ |
2,710.0 |
|
|
|
$ |
2,597.0 |
|
|
|
$ |
2,369.8 |
|
|
|
$ |
2,594.7 |
|
|
|
$ |
2,473.2 |
|
| Average net assets (in millions) |
|
|
$ |
2,745.5 |
|
|
|
|
|
|
|
|
$ |
2,540.2 |
|
|
|
$ |
2,506.2 |
|
|
|
$ |
2,535.4 |
|
|
|
$ |
2,534.8 |
|
|
|
$ |
2,487.3 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.58 |
%(i) |
|
|
|
|
|
|
|
|
0.58 |
% |
|
|
|
0.59 |
% |
|
|
|
0.59 |
% |
|
|
|
0.58 |
% |
|
|
|
0.58 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.58 |
%(i) |
|
|
|
|
|
|
|
|
0.58 |
% |
|
|
|
0.59 |
% |
|
|
|
0.59 |
% |
|
|
|
0.58 |
% |
|
|
|
0.58 |
% |
| Net investment income (loss) |
|
|
|
1.13 |
%(i) |
|
|
|
|
|
|
|
|
1.58 |
% |
|
|
|
2.02 |
% |
|
|
|
1.94 |
% |
|
|
|
1.75 |
% |
|
|
|
1.79 |
% |
| Portfolio turnover rate(j)(k) |
|
|
|
28 |
% |
|
|
|
|
|
|
|
|
75 |
% |
|
|
|
90 |
% |
|
|
|
101 |
% |
|
|
|
136 |
% |
|
|
|
185 |
% |
|
|
|
|
|
|
| PSF PGIM 50/50 Balanced Portfolio—Class III |
|
|
| |
|
April 26, 2021(l)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
36.75 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.06 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
0.65 |
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
0.71 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
37.46 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
1.93 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
0.3 |
|
| Average net assets (in millions) |
|
|
$ |
0.2 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement. |
|
|
|
0.83 |
%(i) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.83 |
%(i) |
| Net investment income (loss) |
|
|
|
0.88 |
%(i) |
| Portfolio turnover rate(j)(k) |
|
|
|
28 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Amount rounds to zero. |
| (d) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (g) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been 7.19%. |
| (h) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (j) |
The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result,
can increase its portfolio turnover rate. |
| (k) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (l) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C2
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Flexible Managed Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
37.61 |
|
|
|
|
|
|
|
|
$ |
34.32 |
|
|
|
$ |
28.63 |
|
|
|
$ |
29.88 |
|
|
|
$ |
25.99 |
|
|
|
$ |
23.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.24 |
|
|
|
|
|
|
|
|
|
0.56 |
|
|
|
|
0.61 |
|
|
|
|
0.53 |
|
|
|
|
0.45 |
|
|
|
|
0.44 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
3.62 |
|
|
|
|
|
|
|
|
|
2.73 |
|
|
|
|
5.08 |
|
|
|
|
(1.78 |
) |
|
|
|
3.44 |
|
|
|
|
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
3.86 |
|
|
|
|
|
|
|
|
|
3.29 |
|
|
|
|
5.69 |
|
|
|
|
(1.25 |
) |
|
|
|
3.89 |
|
|
|
|
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
— |
(b)(c) |
|
|
|
— |
|
|
|
|
0.02 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
41.47 |
|
|
|
|
|
|
|
|
$ |
37.61 |
|
|
|
$ |
34.32 |
|
|
|
$ |
28.63 |
|
|
|
$ |
29.88 |
|
|
|
$ |
25.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
10.26 |
% |
|
|
|
|
|
|
|
|
9.59 |
% |
|
|
|
19.87 |
%(f) |
|
|
|
(4.18 |
)%(f) |
|
|
|
14.97 |
% |
|
|
|
8.52 |
%(g) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
4,800.1 |
|
|
|
|
|
|
|
|
$ |
4,479.1 |
|
|
|
$ |
4,327.9 |
|
|
|
$ |
3,833.5 |
|
|
|
$ |
4,229.7 |
|
|
|
$ |
3,889.7 |
|
| Average net assets (in millions) |
|
|
$ |
4,647.7 |
|
|
|
|
|
|
|
|
$ |
4,170.8 |
|
|
|
$ |
4,127.1 |
|
|
|
$ |
4,157.4 |
|
|
|
$ |
4,043.2 |
|
|
|
$ |
3,799.2 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.62 |
%(i) |
|
|
|
|
|
|
|
|
0.62 |
% |
|
|
|
0.63 |
% |
|
|
|
0.63 |
% |
|
|
|
0.62 |
% |
|
|
|
0.63 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.62 |
%(i) |
|
|
|
|
|
|
|
|
0.62 |
% |
|
|
|
0.63 |
% |
|
|
|
0.63 |
% |
|
|
|
0.62 |
% |
|
|
|
0.63 |
% |
| Net investment income (loss) |
|
|
|
1.24 |
%(i) |
|
|
|
|
|
|
|
|
1.64 |
% |
|
|
|
1.92 |
% |
|
|
|
1.75 |
% |
|
|
|
1.62 |
% |
|
|
|
1.78 |
% |
| Portfolio turnover rate(j)(k) |
|
|
|
52 |
% |
|
|
|
|
|
|
|
|
120 |
% |
|
|
|
125 |
% |
|
|
|
139 |
% |
|
|
|
175 |
% |
|
|
|
203 |
% |
|
|
|
|
|
|
| PSF PGIM Flexible Managed Portfolio—Class III |
|
|
| |
|
April 26, 2021(l)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
40.73 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.06 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
0.66 |
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
0.72 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
41.45 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
1.77 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
0.1 |
|
| Average net assets (in millions) |
|
|
$ |
0.1 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement. |
|
|
|
0.87 |
%(i) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.87 |
%(i) |
| Net investment income (loss) |
|
|
|
0.73 |
%(i) |
| Portfolio turnover rate(j)(k) |
|
|
|
52 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Amount rounds to zero. |
| (d) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (g) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been 8.44%. |
| (h) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (j) |
The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result,
can increase its portfolio turnover rate. |
| (k) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (l) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C3
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Government Income Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
14.51 |
|
|
|
|
|
|
|
|
$ |
13.54 |
|
|
|
$ |
12.70 |
|
|
|
$ |
12.62 |
|
|
|
$ |
12.26 |
|
|
|
$ |
12.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.10 |
|
|
|
|
|
|
|
|
|
0.23 |
|
|
|
|
0.31 |
|
|
|
|
0.28 |
|
|
|
|
0.23 |
|
|
|
|
0.20 |
|
| Net realized and unrealized gain (loss) on investment transactions |
|
|
|
(0.45 |
) |
|
|
|
|
|
|
|
|
0.74 |
|
|
|
|
0.53 |
|
|
|
|
(0.20 |
) |
|
|
|
0.13 |
|
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
(0.35 |
) |
|
|
|
|
|
|
|
|
0.97 |
|
|
|
|
0.84 |
|
|
|
|
0.08 |
|
|
|
|
0.36 |
|
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
— |
|
|
|
|
— |
(c)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
14.16 |
|
|
|
|
|
|
|
|
$ |
14.51 |
|
|
|
$ |
13.54 |
|
|
|
$ |
12.70 |
|
|
|
$ |
12.62 |
|
|
|
$ |
12.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
(2.41 |
)% |
|
|
|
|
|
|
|
|
7.16 |
% |
|
|
|
6.61 |
% |
|
|
|
0.63 |
%(f) |
|
|
|
2.94 |
% |
|
|
|
2.17 |
%(f) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
229.9 |
|
|
|
|
|
|
|
|
$ |
246.2 |
|
|
|
$ |
238.6 |
|
|
|
$ |
221.1 |
|
|
|
$ |
244.1 |
|
|
|
$ |
226.3 |
|
| Average net assets (in millions) |
|
|
$ |
235.5 |
|
|
|
|
|
|
|
|
$ |
246.6 |
|
|
|
$ |
234.6 |
|
|
|
$ |
230.5 |
|
|
|
$ |
252.4 |
|
|
|
$ |
235.8 |
|
| Ratios to average net assets(g): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.50 |
%(h) |
|
|
|
|
|
|
|
|
0.51 |
% |
|
|
|
0.52 |
% |
|
|
|
0.51 |
% |
|
|
|
0.53 |
% |
|
|
|
0.51 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.50 |
%(h) |
|
|
|
|
|
|
|
|
0.51 |
% |
|
|
|
0.52 |
% |
|
|
|
0.51 |
% |
|
|
|
0.53 |
% |
|
|
|
0.51 |
% |
| Net investment income (loss) |
|
|
|
1.45 |
%(h) |
|
|
|
|
|
|
|
|
1.58 |
% |
|
|
|
2.34 |
% |
|
|
|
2.28 |
% |
|
|
|
1.84 |
% |
|
|
|
1.60 |
% |
| Portfolio turnover rate(i)(j) |
|
|
|
93 |
% |
|
|
|
|
|
|
|
|
150 |
% |
|
|
|
269 |
% |
|
|
|
284 |
% |
|
|
|
495 |
% |
|
|
|
705 |
% |
|
|
|
|
|
|
| PSF PGIM Government Income Portfolio—Class III |
|
|
| |
|
April 26, 2021(k)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
14.17 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.04 |
|
| Net realized and unrealized gain (loss) on investment transactions |
|
|
|
(0.05 |
) |
|
|
|
|
|
|
| Total from investment operations |
|
|
|
(0.01 |
) |
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
14.16 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
(0.07 |
)% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
0.0 |
(c) |
| Average net assets (in millions) |
|
|
$ |
0.0 |
(c) |
| Ratios to average net assets(g): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement. |
|
|
|
0.73 |
%(h) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.73 |
%(h) |
| Net investment income (loss) |
|
|
|
1.35 |
%(h) |
| Portfolio turnover rate(i)(j) |
|
|
|
93 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Amount rounds to zero. |
| (d) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (g) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (i) |
The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result,
can increase its portfolio turnover rate. |
| (j) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (k) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C4
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Government Money Market Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) and realized gains (losses) |
|
|
|
— |
(b) |
|
|
|
|
|
|
|
|
0.03 |
|
|
|
|
0.19 |
|
|
|
|
0.15 |
|
|
|
|
0.06 |
|
|
|
|
0.01 |
|
| Less Dividends and Distributions |
|
|
|
— |
(b) |
|
|
|
|
|
|
|
|
(0.03 |
) |
|
|
|
(0.19 |
) |
|
|
|
(0.15 |
) |
|
|
|
(0.06 |
) |
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(c) |
|
|
|
— |
%(b) |
|
|
|
|
|
|
|
|
0.30 |
% |
|
|
|
1.92 |
% |
|
|
|
1.53 |
% |
|
|
|
0.56 |
% |
|
|
|
0.10 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
768 |
|
|
|
|
|
|
|
|
$ |
792 |
|
|
|
$ |
600 |
|
|
|
$ |
536 |
|
|
|
$ |
560 |
|
|
|
$ |
724 |
|
| Average net assets (in millions) |
|
|
$ |
754 |
|
|
|
|
|
|
|
|
$ |
667 |
|
|
|
$ |
563 |
|
|
|
$ |
560 |
|
|
|
$ |
665 |
|
|
|
$ |
717 |
|
| Ratios to average net assets(d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.07 |
%(e) |
|
|
|
|
|
|
|
|
0.21 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.33 |
%(e) |
|
|
|
|
|
|
|
|
0.34 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
|
|
|
0.35 |
% |
| Net investment income (loss) |
|
|
|
— |
%(b)(e) |
|
|
|
|
|
|
|
|
0.26 |
% |
|
|
|
1.88 |
% |
|
|
|
1.52 |
% |
|
|
|
0.55 |
% |
|
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Government Money Market Portfolio—Class III |
|
|
|
|
| |
|
Six Months
Ended
June 30,
2021 |
|
May 18, 2020(f)
through December 31,
2020 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) and realized gains (losses) |
|
|
|
— |
(b) |
|
|
|
— |
(b) |
| Less Dividends and Distributions: |
|
|
|
— |
(b) |
|
|
|
— |
(b) |
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(c) |
|
|
|
— |
%(b) |
|
|
|
— |
%(b) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
126 |
|
|
|
$ |
66 |
|
| Average net assets (in millions) |
|
|
$ |
108 |
|
|
|
$ |
34 |
|
| Ratios to average net assets(d): |
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.07 |
%(e) |
|
|
|
0.13 |
%(e) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.58 |
%(e) |
|
|
|
0.58 |
%(e) |
| Net investment income (loss) |
|
|
|
— |
%(b)(e) |
|
|
|
— |
%(b)(e) |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Amount rounds to zero. |
| (c) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (f) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C5
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Jennison Blend Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
81.50 |
|
|
|
|
|
|
|
|
$ |
63.18 |
|
|
|
$ |
49.02 |
|
|
|
$ |
51.52 |
|
|
|
$ |
40.96 |
|
|
|
$ |
39.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
0.53 |
|
|
|
|
0.66 |
|
|
|
|
0.53 |
|
|
|
|
0.41 |
|
|
|
|
0.38 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
9.63 |
|
|
|
|
|
|
|
|
|
17.79 |
|
|
|
|
13.50 |
|
|
|
|
(3.07 |
) |
|
|
|
10.15 |
|
|
|
|
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
9.83 |
|
|
|
|
|
|
|
|
|
18.32 |
|
|
|
|
14.16 |
|
|
|
|
(2.54 |
) |
|
|
|
10.56 |
|
|
|
|
1.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
0.04 |
(b) |
|
|
|
— |
|
|
|
|
0.04 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
91.33 |
|
|
|
|
|
|
|
|
$ |
81.50 |
|
|
|
$ |
63.18 |
|
|
|
$ |
49.02 |
|
|
|
$ |
51.52 |
|
|
|
$ |
40.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
12.06 |
% |
|
|
|
|
|
|
|
|
29.00 |
% |
|
|
|
28.89 |
%(f) |
|
|
|
(4.85 |
)%(g) |
|
|
|
25.78 |
% |
|
|
|
3.78 |
%(h) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
6,132.2 |
|
|
|
|
|
|
|
|
$ |
5,672.4 |
|
|
|
$ |
4,711.0 |
|
|
|
$ |
3,919.6 |
|
|
|
$ |
4,415.6 |
|
|
|
$ |
3,741.7 |
|
| Average net assets (in millions) |
|
|
$ |
5,848.1 |
|
|
|
|
|
|
|
|
$ |
4,776.8 |
|
|
|
$ |
4,406.8 |
|
|
|
$ |
4,497.1 |
|
|
|
$ |
4,098.8 |
|
|
|
$ |
3,615.1 |
|
| Ratios to average net assets(i): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.46 |
%(j) |
|
|
|
|
|
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.46 |
%(j) |
|
|
|
|
|
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
|
|
|
0.47 |
% |
| Net investment income (loss) |
|
|
|
0.47 |
%(j) |
|
|
|
|
|
|
|
|
0.80 |
% |
|
|
|
1.16 |
% |
|
|
|
0.98 |
% |
|
|
|
0.89 |
% |
|
|
|
1.01 |
% |
| Portfolio turnover rate(k) |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
62 |
% |
|
|
|
43 |
% |
|
|
|
37 |
% |
|
|
|
55 |
% |
|
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Jennison Blend Portfolio—Class II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
79.78 |
|
|
|
|
|
|
|
|
$ |
62.09 |
|
|
|
$ |
48.37 |
|
|
|
$ |
51.04 |
|
|
|
$ |
40.74 |
|
|
|
$ |
39.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
0.26 |
|
|
|
|
0.43 |
|
|
|
|
0.32 |
|
|
|
|
0.23 |
|
|
|
|
0.23 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
9.42 |
|
|
|
|
|
|
|
|
|
17.43 |
|
|
|
|
13.29 |
|
|
|
|
(3.03 |
) |
|
|
|
10.07 |
|
|
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
9.45 |
|
|
|
|
|
|
|
|
|
17.69 |
|
|
|
|
13.72 |
|
|
|
|
(2.71 |
) |
|
|
|
10.30 |
|
|
|
|
1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
(b)(c) |
|
|
|
0.04 |
(b) |
|
|
|
— |
|
|
|
|
0.04 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
89.23 |
|
|
|
|
|
|
|
|
$ |
79.78 |
|
|
|
$ |
62.09 |
|
|
|
$ |
48.37 |
|
|
|
$ |
51.04 |
|
|
|
$ |
40.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
11.85 |
% |
|
|
|
|
|
|
|
|
28.49 |
% |
|
|
|
28.36 |
%(f) |
|
|
|
(5.23 |
)%(g) |
|
|
|
25.28 |
% |
|
|
|
3.35 |
%(h) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
2.2 |
|
|
|
|
|
|
|
|
$ |
2.0 |
|
|
|
$ |
1.7 |
|
|
|
$ |
1.5 |
|
|
|
$ |
1.7 |
|
|
|
$ |
1.7 |
|
| Average net assets (in millions) |
|
|
$ |
2.1 |
|
|
|
|
|
|
|
|
$ |
1.7 |
|
|
|
$ |
1.6 |
|
|
|
$ |
1.8 |
|
|
|
$ |
1.8 |
|
|
|
$ |
1.8 |
|
| Ratios to average net assets(i): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.86 |
%(j) |
|
|
|
|
|
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.86 |
%(j) |
|
|
|
|
|
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
|
|
|
0.87 |
% |
| Net investment income (loss) |
|
|
|
0.07 |
%(j) |
|
|
|
|
|
|
|
|
0.40 |
% |
|
|
|
0.76 |
% |
|
|
|
0.59 |
% |
|
|
|
0.50 |
% |
|
|
|
0.61 |
% |
| Portfolio turnover rate(k) |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
62 |
% |
|
|
|
43 |
% |
|
|
|
37 |
% |
|
|
|
55 |
% |
|
|
|
39 |
% |
|
|
|
|
|
|
| PSF PGIM Jennison Blend Portfolio—Class III |
|
|
| |
|
April 26, 2021(l)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
87.74 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.02 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
3.53 |
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
3.55 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
91.29 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
4.05 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
0.1 |
|
| Average net assets (in millions) |
|
|
$ |
0.1 |
|
| Ratios to average net assets(i): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement. |
|
|
|
0.71 |
%(j) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.71 |
%(j) |
| Net investment income (loss) |
|
|
|
0.11 |
%(j) |
| Portfolio turnover rate(k) |
|
|
|
21 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Amount rounds to zero. |
| (d) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
SEE NOTES TO FINANCIAL STATEMENTS.
C6
Financial Highlights
(unaudited)
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (g) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been (4.93)% and (5.31)% for Class I and Class II, respectively. |
| (h) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been 3.68% and 3.25% for Class I and Class II, respectively. |
| (i) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (k) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (l) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C7
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PSF PGIM Total Return Bond Portfolio—Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2021 |
|
|
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
15.78 |
|
|
|
|
|
|
|
|
$ |
14.55 |
|
|
|
$ |
13.12 |
|
|
|
$ |
13.14 |
|
|
|
$ |
12.28 |
|
|
|
$ |
11.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
0.45 |
|
|
|
|
0.49 |
|
|
|
|
0.45 |
|
|
|
|
0.42 |
|
|
|
|
0.43 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions. |
|
|
|
(0.37 |
) |
|
|
|
|
|
|
|
|
0.78 |
|
|
|
|
0.94 |
|
|
|
|
(0.48 |
) |
|
|
|
0.44 |
|
|
|
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
(0.17 |
) |
|
|
|
|
|
|
|
|
1.23 |
|
|
|
|
1.43 |
|
|
|
|
(0.03 |
) |
|
|
|
0.86 |
|
|
|
|
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.01 |
(b) |
|
|
|
— |
|
|
|
|
— |
(c)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
15.61 |
|
|
|
|
|
|
|
|
$ |
15.78 |
|
|
|
$ |
14.55 |
|
|
|
$ |
13.12 |
|
|
|
$ |
13.14 |
|
|
|
$ |
12.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
(1.08 |
)% |
|
|
|
|
|
|
|
|
8.45 |
% |
|
|
|
10.90 |
% |
|
|
|
(0.15 |
)%(f) |
|
|
|
7.00 |
% |
|
|
|
5.50 |
%(g) |
| Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
1,305 |
|
|
|
|
|
|
|
|
$ |
1,293 |
|
|
|
$ |
1,190 |
|
|
|
$ |
1,123 |
|
|
|
$ |
1,145 |
|
|
|
$ |
1,105 |
|
| Average net assets (in millions) |
|
|
$ |
1,276 |
|
|
|
|
|
|
|
|
$ |
1,235 |
|
|
|
$ |
1,166 |
|
|
|
$ |
1,132 |
|
|
|
$ |
1,123 |
|
|
|
$ |
1,121 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.43 |
%(i) |
|
|
|
|
|
|
|
|
0.43 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.43 |
%(i) |
|
|
|
|
|
|
|
|
0.43 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
|
|
|
0.44 |
% |
| Net investment income (loss) |
|
|
|
2.63 |
%(i) |
|
|
|
|
|
|
|
|
2.99 |
% |
|
|
|
3.53 |
% |
|
|
|
3.44 |
% |
|
|
|
3.28 |
% |
|
|
|
3.52 |
% |
| Portfolio turnover rate(j) |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
35 |
% |
|
|
|
48 |
% |
|
|
|
51 |
% |
|
|
|
71 |
% |
|
|
|
49 |
% |
|
|
|
|
|
|
| PSF PGIM Total Return Bond Portfolio—Class III |
|
|
| |
|
April 26, 2021(k)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
15.35 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.07 |
|
| Net realized and unrealized gain (loss) on investment and foreign currency transactions |
|
|
|
0.18 |
(l) |
|
|
|
|
|
|
| Total from investment operations |
|
|
|
0.25 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
15.60 |
|
|
|
|
|
|
|
| Total Return(e) |
|
|
|
1.63 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
1 |
|
| Average net assets (in millions) |
|
|
$ |
1 |
|
| Ratios to average net assets(h): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement. |
|
|
|
0.68 |
%(i) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.68 |
%(i) |
| Net investment income (loss) |
|
|
|
2.30 |
%(i) |
| Portfolio turnover rate(j) |
|
|
|
24 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership. |
| (c) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (d) |
Amount rounds to zero. |
| (e) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (f) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been (0.23)%. |
| (g) |
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
| (h) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (j) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (k) |
Commencement of offering. |
| (l) |
The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts
reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values. |
SEE NOTES TO FINANCIAL STATEMENTS.
C8
Financial Highlights
(unaudited)
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| PSF Stock Index Portfolio—Class I |
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| |
|
Six Months Ended
June 30, 2021 |
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Year Ended December 31, |
| |
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2020 |
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2019 |
|
2018 |
|
2017 |
|
2016 |
| Per Share Operating Performance(a): |
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| Net Asset Value, beginning of period |
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|
$ |
87.66 |
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|
|
|
|
|
|
|
$ |
74.24 |
|
|
|
$ |
56.64 |
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|
|
$ |
59.38 |
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|
$ |
50.70 |
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|
$ |
48.59 |
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| Income (Loss) From Investment Operations: |
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|
|
| Net investment income (loss) |
|
|
|
0.52 |
|
|
|
|
|
|
|
|
|
1.12 |
|
|
|
|
1.12 |
|
|
|
|
1.00 |
|
|
|
|
0.92 |
|
|
|
|
0.89 |
|
| Net realized and unrealized gain (loss) on investment transactions |
|
|
|
12.68 |
|
|
|
|
|
|
|
|
|
12.30 |
|
|
|
|
16.48 |
|
|
|
|
(3.74 |
) |
|
|
|
9.75 |
|
|
|
|
4.52 |
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|
|
|
|
|
| Total from investment operations |
|
|
|
13.20 |
|
|
|
|
|
|
|
|
|
13.42 |
|
|
|
|
17.60 |
|
|
|
|
(2.74 |
) |
|
|
|
10.67 |
|
|
|
|
5.41 |
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|
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| Less Dividends and Distributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
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|
|
|
— |
|
|
|
|
— |
|
|
|
|
(1.99 |
) |
|
|
|
(3.37 |
) |
| Capital Contributions |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.07 |
(b) |
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|
|
|
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|
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| Net Asset Value, end of period |
|
|
$ |
100.86 |
|
|
|
|
|
|
|
|
$ |
87.66 |
|
|
|
$ |
74.24 |
|
|
|
$ |
56.64 |
|
|
|
$ |
59.38 |
|
|
|
$ |
50.70 |
|
|
|
|
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|
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|
|
| Total Return(c) |
|
|
|
15.06 |
% |
|
|
|
|
|
|
|
|
18.08 |
% |
|
|
|
31.07 |
% |
|
|
|
(4.61 |
)% |
|
|
|
21.46 |
% |
|
|
|
11.83 |
%(d) |
| Ratios/Supplemental Data: |
|
|
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|
|
| Net assets, end of period (in millions) |
|
|
$ |
6,464 |
|
|
|
|
|
|
|
|
$ |
5,620 |
|
|
|
$ |
4,757 |
|
|
|
$ |
3,672 |
|
|
|
$ |
3,928 |
|
|
|
$ |
3,305 |
|
| Average net assets (in millions) |
|
|
$ |
6,031 |
|
|
|
|
|
|
|
|
$ |
4,802 |
|
|
|
$ |
4,298 |
|
|
|
$ |
4,051 |
|
|
|
$ |
3,630 |
|
|
|
$ |
3,122 |
|
| Ratios to average net assets(e): |
|
|
|
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|
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|
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|
|
|
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|
|
|
|
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.29 |
%(f) |
|
|
|
|
|
|
|
|
0.31 |
% |
|
|
|
0.31 |
% |
|
|
|
0.31 |
% |
|
|
|
0.32 |
% |
|
|
|
0.32 |
% |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.29 |
%(f) |
|
|
|
|
|
|
|
|
0.31 |
% |
|
|
|
0.31 |
% |
|
|
|
0.31 |
% |
|
|
|
0.32 |
% |
|
|
|
0.34 |
% |
| Net investment income (loss) |
|
|
|
1.11 |
%(f) |
|
|
|
|
|
|
|
|
1.50 |
% |
|
|
|
1.69 |
% |
|
|
|
1.63 |
% |
|
|
|
1.69 |
% |
|
|
|
1.84 |
% |
| Portfolio turnover rate(g) |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
4 |
% |
|
|
|
3 |
% |
|
|
|
4 |
% |
|
|
|
4 |
% |
|
|
|
5 |
% |
|
|
|
|
|
|
| PSF Stock Index Portfolio—Class III |
|
|
| |
|
April 26, 2021(h)
through June 30,
2021 |
| Per Share Operating Performance(a): |
|
|
|
|
|
| Net Asset Value, beginning of period |
|
|
$ |
97.90 |
|
|
|
|
|
|
|
| Income (Loss) From Investment Operations: |
|
|
|
|
|
| Net investment income (loss) |
|
|
|
0.15 |
|
| Net realized and unrealized gain (loss) on investment transactions |
|
|
|
2.77 |
|
|
|
|
|
|
|
| Total from investment operations |
|
|
|
2.92 |
|
|
|
|
|
|
|
| Net Asset Value, end of period |
|
|
$ |
100.82 |
|
|
|
|
|
|
|
| Total Return(c) |
|
|
|
2.98 |
% |
| Ratios/Supplemental Data: |
|
|
|
|
|
| Net assets, end of period (in millions) |
|
|
$ |
3 |
|
| Average net assets (in millions) |
|
|
$ |
2 |
|
| Ratios to average net assets(e): |
|
|
|
|
|
| Expenses after waivers and/or expense reimbursement |
|
|
|
0.54 |
%(f) |
| Expenses before waivers and/or expense reimbursement |
|
|
|
0.54 |
%(f) |
| Net investment income (loss) |
|
|
|
0.80 |
%(f) |
| Portfolio turnover rate(g) |
|
|
|
1 |
% |
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities
lending income due to a restriction that benefited Prudential. |
| (c) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees,
account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) |
Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total
return would have been 11.69%. |
| (e) |
Does not include expenses of the underlying funds in which the Portfolio invests. |
| (g) |
The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| (h) |
Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C9
|
|
|
| The Prudential Series Fund
Portfolio Liquidity Risk Management Program — unaudited |
|
June 30, 2021 |
Consistent
with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Portfolio (excluding money market portfolios) has adopted and implemented a liquidity risk management program (the “LRMP”). Each Portfolio’s LRMP seeks to
assess and manage the Portfolio’s liquidity risk, which is defined as the risk that the Portfolio is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Portfolio. The Series
Fund’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Portfolios’ investment manager, to serve as the administrator of each Portfolio’s LRMP. As part of its
responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.
Each Portfolio’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Portfolio’s
LRMP includes no less than annual assessments of factors that influence the Portfolio’s liquidity risk; no less than monthly classifications of the Portfolio’s investments into one of four liquidity classifications provided for in the
Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Portfolio’s assets to be invested in investments classified as
“highly liquid” (as defined under the Liquidity Rule) if the Portfolio does not invest primarily in highly liquid investments; and regular reporting to the Board.
At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and
effectiveness of each Portfolio’s LRMP, including any material changes to the LRMP for the period from. January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that each Portfolio’s LRMP was
reasonably designed to assess and manage that Portfolio’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further
concluded that each Portfolio’s investment strategies continue to be appropriate given each Portfolio’s status as an open-end fund.
There can be no
assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in a Portfolio, including liquidity risks presented by each Portfolio’s investment portfolio, is found in a Portfolio’s
Prospectus and Statement of Additional Information.
SEE NOTES TO FINANCIAL
STATEMENTS.
C10
The Prudential Variable Contract Account-10
Approval of Advisory Agreements
The VCA-10 Committee
The Committee of the Prudential Variable Contract Account-10 (“VCA-10”) (the “Committee”) consists of five individuals, four of whom are not “interested persons” of VCA-10, as defined in the Investment
Company Act of 1940, as amended (the “1940 Act”) (the “Independent Committee Members”). The Committee is responsible for the oversight of VCA-10 and its operations, and performs the various
duties imposed on the directors of investment companies by the 1940 Act. The Independent Committee Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Committee is an Independent Committee
Member. The Committee has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Committee Members.
Annual Approval of VCA-10’s Advisory Agreements
As required under the 1940 Act, the Committee determines annually whether to renew VCA-10’s management agreement with PGIM
Investments LLC (“PGIM Investments”) and VCA-10’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Committee,
including all of the Independent Committee Members, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the
best interests of VCA-10 and its investors.
In advance of the meetings, the Committee requested and received materials
relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Committee considered comparative fee information from PGIM Investments and Jennison.
Also, the Committee considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.
In approving the
agreements, the Committee, including the Independent Committee Members advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the
subadviser, the performance of VCA-10, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with VCA-10 and its investors as VCA-10’s assets grow. In its deliberations, the Committee did not identify any single factor which alone was responsible for the
Committee’s decision to approve the agreements with respect to VCA-10. In connection with its deliberations, the Committee considered information provided by PGIM Investments throughout the year at
regular Committee meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.
The Committee determined that the overall arrangements between VCA-10 and PGIM Investments, which serves as VCA-10’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as VCA-10’s subadviser pursuant to the terms
of a subadvisory agreement with PGIM Investments, are in the best interests of VCA-10 and its investors in light of the services performed, fees charged and such other matters as the Committee Members
considered relevant in the exercise of their business judgment.
The material factors and conclusions that formed the basis for the Committee’s reaching its
determinations to approve the continuance of the agreements are separately discussed below.
Nature, Quality and Extent of Services
The Committee received and considered information regarding the nature, quality and extent of services provided to VCA-10 by PGIM
Investments and Jennison. The Committee noted that Jennison is affiliated with PGIM Investments. The Committee considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for VCA-10, as well as the provision of recordkeeping, compliance, and other services to VCA-10, and PGIM Investments’ role as administrator of
VCA-10’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Committee noted that PGIM Investments’ Strategic Investment Research Group
(“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Committee also considered that PGIM
Investments pays the salaries of all of the officers and Committee Members. The Committee also considered the investment subadvisory services provided by Jennison, as well as adherence to VCA-10’s
investment restrictions and compliance with
applicable VCA-10 policies and procedures. The Committee considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’
recommendation, based on its review of the subadviser, to renew the subadvisory agreement.
The Committee considered the qualifications, backgrounds and
responsibilities of PGIM Investments’ senior management responsible for the oversight of VCA-10 and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s
portfolio managers who are responsible for the day-to-day management of VCA-10’s portfolio. The Committee was provided with
information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Committee also noted that
it received favorable compliance reports from VCA-10’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.
The Committee concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory
services provided to VCA-10 by Jennison, and that there was a reasonable basis on which to conclude that VCA-10 benefits from the services provided by PGIM Investments
and Jennison under the management and subadvisory agreements.
Costs of Services and Profits Realized by PGIM Investments
The Committee was provided with information on the profitability of PGIM Investments and its affiliates in serving as
VCA-10’s investment manager. The Committee discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Committee
recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular
adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Committee concluded that the profitability of
PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.
Economies of Scale
The Committee received and discussed information concerning economies of scale that PGIM Investments may realize as VCA-10’s
assets grow beyond current levels. During the course of time, the Committee has considered information regarding the launch date of VCA-10, the management fees of VCA-10
compared to those of similarly managed funds and PGIM Investments’ investment in VCA-10 over time. The Committee noted that, while VCA-10 does not have breakpoints
in its management fees, economies of scale can be shared with VCA-10 in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder
services, and maintaining existing expense structures in the face of a rising cost environment. The Committee considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of
VCA-10 and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.
The
Committee recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Committee’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred
across a variety of products and services.
Other Benefits to PGIM Investments and Jennison
The Committee considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with
VCA-10. The Committee concluded that potential benefits to be derived by PGIM Investments included benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with
VCA-10. The Committee concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally
resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Committee concluded that the benefits derived by PGIM Investments and Jennison were consistent
with the types of benefits generally derived by investment managers and subadvisers to mutual funds.
Performance of
VCA-10 / Fees and Expenses
The Committee considered certain additional factors and made related conclusions relating
to the historical performance of VCA-10 for the one-, three-, five- and ten-year periods ended December 31, 2020. The
Committee also considered VCA-10’s actual management fee, as well as VCA-10’s net total expense ratio, for the fiscal year ended December 31, 2020. The
Committee considered the management
fee for VCA-10 as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual
funds in a Peer Group. The actual management fee represents the fee rate actually paid by VCA-10 investors and includes any fee waivers or reimbursements. The net total expense ratio for VCA-10 represents the actual expense ratio incurred by VCA-10 investors.
The mutual funds
included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances
PGIM Investments also provided supplemental Peer Universe of Peer Group information for reasons addressed with the Committee. The comparisons placed VCA-10 in various quartiles over various periods, with the
first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).
The
section below summarizes key factors considered by the Committee and the Committee’s conclusions regarding VCA-10’s performance, fees and overall expenses. The table sets forth net performance
comparisons (which reflect the impact on performance of any fund expenses, or subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or
fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Committee.
|
|
|
|
|
|
|
|
|
|
Net Performance |
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
| |
2nd Quartile |
|
4th Quartile |
|
4th Quartile |
|
4th Quartile |
| Actual Management Fees: 1st Quartile |
| Net Total Expenses: 4th Quartile |
| • |
|
The Committee noted that VCA-10 underperformed its benchmark index over all
periods. |
| • |
|
The Committee considered PGIM Investments’ assertions that VCA-10’s
underperformance was primarily attributable to VCA-10’s allocation to value stocks, which continued to trail their growth counterparts and the broader market for most of 2020; and that PGIM Investments
expects relative returns to improve as markets normalize. |
| • |
|
The Committee considered that VCA-10 outperformed its benchmark index and peer
group (ranking in the first quartile) for the fourth quarter of 2020 and outperformed its benchmark index and performed within three basis points of its peer group median for the first quarter of 2021. |
| • |
|
The Committee considered PGIM Investments’ explanation that VCA-10’s
fourth quartile ranking for net total expenses was attributable to the fact that, because it was organized as a managed separate account, VCA-10 charged both an administrative fee as well as a management fee,
while the other funds included in the Peer Group were organized as open-end mutual funds that charged only a management fee, with the administrative fee charged at the product level. In this regard, the
Committee noted PGIM Investments’ assertion that if VCA-10’s administrative fee was excluded, VCA-10 would have ranked in the first quartile of its peer group
for net total expenses. |
| • |
|
The Committee concluded that, in light of the above, and given the unique structural considerations and limited
distribution of this legacy product, it would be in the best interests of VCA-10 and its investors to renew the agreements. |
| • |
|
The Committee concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light
of the services provided. |
* * *
After full
consideration of these factors, the Committee concluded that the approval of the agreements was in the best interests of VCA-10 and its investors.
The Prudential Series Fund
Approval of Advisory Agreements
Renewal of Management and Subadvisory Agreements
The Trust’s Board of Trustees
The Board of Trustees (the Board)
of The Prudential Series Fund (the Trust, and each series thereof, the Portfolios) consists of nine individuals, eight of whom are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended (the
1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act.
The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the
Governance Committee, the Compliance Committee and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.
Annual
Approval of the Trust’s Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust’s management
agreement with PGIM Investments LLC (PGIM Investments) and each Portfolio’s subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent
Trustees, met on June 14-16, 2021 (the Meeting) and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each
Portfolio’s beneficial shareholders.
In advance of the Meeting, the Trustees requested and received materials relating to the agreements, and had the
opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is
further discussed below.
In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it
deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be
shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board’s decision to approve the agreements. In connection with its deliberations, the
Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from PGIM Investments and subadviser personnel, such as
portfolio managers.
The Board determined that the overall arrangements between the Trust and PGIM Investments, which serves as the Trust’s investment manager
pursuant to a management agreement, and between PGIM Investments and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Trust, each Portfolio and each
Portfolio’s shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each
Portfolio as part of its consideration of agreements for multiple Portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.
The material factors and conclusions that formed the basis for the Board’s determinations to approve the renewal of the agreements are discussed separately below.
Nature, Quality and Extent of Services
The Board received and
considered information regarding the nature, quality and extent of services provided to the Trust by PGIM Investments and each subadviser. The Board noted that the PGIM Fixed Income unit of PGIM, Inc. (PGIM Fixed Income), PGIM Limited (PGIML),
Jennison Associates LLC (Jennison) and QMA LLC (QMA), each of which serve as subadvisers to various Portfolios of the Trust, are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not
limited to the oversight of the subadvisers, the provision of recordkeeping, compliance and other services to the Trust, and PGIM Investments’ role as administrator of the Portfolios’ liquidity risk management program. With respect to PGIM
Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when
appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and the interested Trustee of the Trust. The
Board also considered the investment subadvisory services provided by each subadviser, as
well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM
Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.
The Board reviewed the qualifications, backgrounds
and responsibilities of PGIM Investments’ senior management personnel responsible for the oversight of the Trust and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio
managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PGIM Investments’ and each
subadviser’s organizational structure, senior management, investment operations and other relevant information pertaining to PGIM Investments and each subadviser. The Board also noted that it received favorable compliance reports from the
Trust’s Chief Compliance Officer (CCO) as to PGIM Investments and each subadviser.
The Board concluded that it was satisfied with the nature, extent and
quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the
services provided by PGIM Investments and each subadviser under the management and subadvisory agreements.
Costs of Services and Profits Realized by PGIM
Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates from serving as the Trust’s investment
manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from
fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions
regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. The Board considered information regarding the profitability of PGIM Fixed Income, PGIML, Jennison and QMA, each of which are
affiliates of PGIM Investments, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.
The Board concluded that the level of profitability of a subadviser not affiliated with PGIM Investments may not be as significant as PGIM Investments’
profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PGIM Investments and the unaffiliated subadvisers, as well as the fact that PGIM investments compensates the subadvisers out of its
management fee.
Economies of Scale
The Board received and
discussed information concerning whether PGIM Investments realizes economies of scale as the Portfolios’ assets grow beyond current levels. The Board noted that economies of scale, if any, may be shared with the Portfolios in several ways,
including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board recognized the inherent
limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and
services.
Other Benefits to PGIM Investments and the Subadvisers
The Board considered potential ancillary benefits that might be received by PGIM Investments, the subadvisers, and their affiliates as a result of their relationship
with the Trust. The Board concluded that potential benefits to be derived by PGIM Investments included compensation received by insurance company affiliates of PGIM Investments from the subadvisers, as well as benefits to its reputation or other
intangible benefits resulting from PGIM Investments’ association with the Trust. The Board also considered information provided by PGIM Investments regarding the regulatory requirement that insurance companies determine that the fees and
charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of PGIM Investments at least annually review and represent that the fees and charges of the variable contracts using the Trust’s
Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the
potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits
derived by PGIM Investments and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.
Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the
Portfolios (depending on each Portfolio’s inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2020, except as
otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio’s benchmark index and to a universe of mutual funds (the Peer Universe) that were determined by
Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio.
The Board also considered each Portfolio’s actual
management fee, as well as each Portfolio’s net total expense ratio, for the calendar year 2020. The Board considered the management fee for each Portfolio as compared to the management fee charged by PGIM Investments to other funds and
accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid
by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the
variable contracts.
The mutual funds included in each Peer Universe and each Peer Group were objectively determined by Broadridge, an independent provider of
mutual fund data. The comparisons placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best
performing mutual funds and, for expenses, the lowest cost mutual funds). To the extent that PGIM Investments deemed appropriate, and for reasons addressed in detail with the Board, PGIM Investments may have provided, and the Board may have
considered, supplemental data compiled by Broadridge for the Board’s consideration.
The sections below summarize certain key factors considered by the Board
and the Board’s conclusions regarding each Portfolio’s performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies,
expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors
considered by the Board.
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| PSF Global
Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
1st Quartile |
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1st Quartile |
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1st Quartile |
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1st Quartile |
| Actual Management Fees: 2nd Quartile |
| Net Total Expenses: 1st Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods. |
| • |
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The Board noted that PGIM Investments had contractually agreed to waive 0.0363% of its management fee through June 30,
2022. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM 50/50 Balanced
Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
|
10 Years |
| |
2nd Quartile |
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1st Quartile |
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1st Quartile |
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1st Quartile |
| Actual Management Fees: 3rd Quartile |
| Net Total Expenses: 2nd Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods other than the one-year period. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM Flexible
Managed Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
3rd Quartile |
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2nd Quartile |
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2nd Quartile |
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1st Quartile |
| Actual Management Fees: 4th Quartile |
| Net Total Expenses: 3rd Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over the
ten-year period, though it underperformed its benchmark index over the other periods. |
| • |
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The Board considered that the Portfolio’s recent performance had improved, with the Portfolio outperforming both its
benchmark index and Peer Universe median during the first quarter of 2021 and outperforming its benchmark index over the one-year period ended March 31, 2021. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM Government
Income Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
1st Quartile |
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2nd Quartile |
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1st Quartile |
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2nd Quartile |
| Actual Management Fees: 1st Quartile |
| Net Total Expenses: 1st Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods other than the one-year period. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM Government
Money Market Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
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3rd Quartile |
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2nd Quartile |
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2nd Quartile |
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3rd Quartile |
| Actual Management Fees: 2nd Quartile |
| Net Total Expenses: 2nd Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods. |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM Jennison Blend
Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
1st Quartile |
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1st Quartile |
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1st Quartile |
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3rd Quartile |
| Actual Management Fees: 1st Quartile |
| Gross Total Expenses: 1st Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods other than the ten-year period. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF PGIM Total Return
Bond Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
4th Quartile |
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2nd Quartile |
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1st Quartile |
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1st Quartile |
| Actual Management Fees: 1st Quartile |
| Net Total Expenses: 1st Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods. |
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The Board considered the Manager’s assertion that it believes the Portfolio’s underperformance was primarily
attributable to performance challenges in the first quarter of 2020. |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
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| PSF Stock Index
Portfolio |
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Gross Performance |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
| |
1st Quartile |
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1st Quartile |
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1st Quartile |
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1st Quartile |
| Actual Management Fees: 4th Quartile |
| Net Total Expenses: 4th Quartile |
| • |
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The Board noted that the Portfolio outperformed its benchmark index over all periods. |
| • |
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The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in
the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
**********
After full consideration of these factors, the Board
concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.
The Prudential Insurance Company of America
751 Broad Street
Newark, NJ 07102-3714
©2021 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential
logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
MD.RS.011
Item 2 – Code of Ethics – Not required, as this is not an annual filing.
Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 – Audit Committee of Listed Registrants – Not applicable.
| Item 6 – |
Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item
1 of this Form. |
| Item 7 – |
Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not applicable. |
| Item 8 – |
Portfolio Managers of Closed-End Management Investment Companies –
Not applicable. |
| Item 9 – |
Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers – Not applicable. |
Item 10 – Submission of Matters to a Vote of Security Holders
– There have been no material changes to these procedures.
Item 11 – Controls and Procedures
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(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. |
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(b) |
There has been no significant change in the registrant’s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12 – |
Controls and Procedures - Disclosure of Securities Lending Activities for
Closed-End |
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Management Investment Companies – Not applicable. |
Item 13 – Exhibits
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(a) (1) |
Code of Ethics – Not required, as this is not an annual filing. |
Exhibit EX-99.CERT.
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(3) |
Any written solicitation to purchase securities under Rule 23c-1.
– Not applicable. |
Exhibit EX-99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: The
Prudential Variable Contract Account-10
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| By: |
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/s/ Andrew R. French |
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Andrew R. French |
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Secretary |
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| Date: |
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August 24, 2021 |
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.
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| By: |
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/s/ Stuart S. Parker |
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Stuart S. Parker |
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President and Principal Executive Officer |
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| Date: |
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August 24, 2021 |
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| By: |
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/s/ Christian J. Kelly |
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Christian J. Kelly |
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Treasurer and Principal Financial and Accounting Officer |
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| Date: |
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August 24, 2021 |