NPORT-EX 2 PI62350PRU093022.htm
PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS as of September 30, 2022 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 98.8%
Asset-Backed Securities — 11.1%
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%)
4.100%(c)   04/20/32     1,000   $980,636
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
3.840%(c)   10/17/32     500   483,491
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
3.910%(c)   07/20/34     3,000   2,876,537
Battalion CLO Ltd.,
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)
4.090%(c)   01/17/33     2,500   2,427,888
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
3.910%(c)   10/20/34     500   478,889
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
4.032%(c)   10/30/30     3,709   3,655,557
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
4.677%(c)   06/20/34     3,250   3,113,238
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
3.986%(c)   10/29/34     500   477,468
Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
4.170%(c)   07/20/32     2,500   2,441,343
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%)
3.752%(c)   04/15/34     2,250   2,166,285
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)
3.770%(c)   10/20/29     995   975,487
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
3.722%(c)   10/15/34     500   479,323
 
Total Asset-Backed Securities

(cost $21,074,241)
  20,556,142
Commercial Mortgage-Backed Securities — 6.1%
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4
2.661%   08/15/52     3,000   2,585,523
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   $3,404,700
Fannie Mae-Aces,
Series 2022-M03, Class A2
1.764%(cc)   11/25/31     4,000   3,174,668
Series 2022-M13, Class A2
2.593%   06/25/32     2,000   1,701,720
FHLMC Multifamily Structured Pass-Through Certificates,
Series K151, Class A3
3.511%   04/25/30     400   377,103
Series K152, Class A2
3.080%   01/25/31     140   126,251
 
Total Commercial Mortgage-Backed Securities

(cost $12,964,248)
  11,369,965
Corporate Bond — 0.4%
Diversified Financial Services
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP
1.400%   07/15/28     885   741,520
(cost $883,189)        
Residential Mortgage-Backed Securities — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%   10/20/45     199   193,939
Merrill Lynch Mortgage Investors Trust,
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%)
3.704%(c)   10/25/28     6   6,103
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
3.624%(cc)   02/25/34     30   29,020
 
Total Residential Mortgage-Backed Securities

(cost $245,296)
  229,062
U.S. Government Agency Obligations — 48.4%
Federal Farm Credit Bank
5.480%   06/27/42     500   483,610
Federal Home Loan Bank
3.250%   11/16/28     750   716,154
5.500%   07/15/36     1,000   1,113,089
Federal Home Loan Mortgage Corp.
1.500%   11/01/50     436   335,030
2.000%   01/01/32     126   113,107
2.000%   12/01/50     1,811   1,475,192
2.000%   05/01/51     480   390,373
2.000%   02/01/52     482   391,485
2.000%   05/01/52     985   799,160
2.500%   03/01/30     220   204,292
2.500%   11/01/46     262   223,510
2.500%   04/01/51     2,653   2,240,117
3.000%   06/01/29     162   153,544
3.000%   01/01/37     282   257,967
A1
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of September 30, 2022 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   06/01/45     150   $134,606
3.000%   01/01/48     220   194,201
3.000%   10/01/49     76   66,635
3.000%   04/01/52     496   433,019
3.000%   05/01/52     771   672,436
3.000%   06/01/52     492   428,756
3.500%   12/01/32     252   238,540
3.500%   07/01/42     243   223,871
3.500%   10/01/42     476   437,341
3.500%   08/01/43     467   429,645
3.500%   09/01/45     161   148,143
3.500%   10/01/45     141   129,281
3.500%   02/01/47     185   169,645
3.500%   07/01/47     285   261,213
3.500%   03/01/48     373   340,946
3.500%   02/01/52     1,028   926,781
4.000%   06/01/26     13   12,318
4.000%   09/01/26     54   52,162
4.000%   09/01/40     125   119,639
4.000%   12/01/40     139   133,063
4.000%   12/01/40     159   151,705
4.000%   11/01/43     304   290,106
4.000%   09/01/48     6   5,912
4.000%   05/01/52     499   463,674
4.500%   09/01/39     529   518,874
4.500%   08/01/48     142   137,565
5.000%   06/01/33     150   150,760
5.000%   05/01/34     78   78,722
5.500%   05/01/37     25   25,670
5.500%   02/01/38     82   85,174
5.500%   05/01/38     36   37,093
6.000%   09/01/34     41   42,201
6.000%   01/01/37     40   42,245
6.000%   09/01/38     25   25,821
6.000%   08/01/39     31   33,064
6.250%   07/15/32     2,500   2,917,073
6.500%   09/01/32     12   11,990
Federal Home Loan Mortgage Corp., MTN
1.899%(s)   11/15/38     600   292,393
Federal National Mortgage Assoc.
0.875%   08/05/30     500   390,545
1.500%   11/01/50     1,346   1,035,549
1.500%   12/01/50     854   657,344
2.000%   08/01/31     127   113,791
2.000%   05/01/36     813   716,967
2.000%   06/01/40     335   280,672
2.000%   07/01/40     357   298,911
2.000%   02/01/41     1,623   1,359,844
2.000%   05/01/41     1,941   1,626,740
2.000%   09/01/50     2,450   1,998,237
2.000%   10/01/50     1,583   1,290,811
2.000%   12/01/50     402   326,931
2.000%   02/01/51     3,578   2,916,096
2.000%   05/01/51     473   385,435
2.500%   06/01/28     715   681,365
2.500%   05/01/41     1,021   878,015
2.500%   02/01/43     98   83,066
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.500%   12/01/46     337   $288,685
2.500%   01/01/50     694   587,291
2.500%   03/01/50     214   180,826
2.500%   05/01/50     939   794,359
2.500%   08/01/50     2,142   1,811,573
2.500%   09/01/50     1,641   1,402,689
2.500%   10/01/50     2,413   2,040,597
2.500%   04/01/51     1,110   938,908
2.500%   04/01/51     1,623   1,371,025
2.500%   11/01/51     984   828,669
2.500%   04/01/52     982   825,862
2.500%   05/01/52     978   826,487
3.000%   TBA     1,000   869,838
3.000%   02/01/31     289   271,929
3.000%   11/01/36     223   203,418
3.000%   03/01/43     367   328,284
3.000%   07/01/43     461   412,352
3.000%   07/01/43     626   560,373
3.000%   09/01/46     308   273,513
3.000%   11/01/46     145   128,439
3.000%   11/01/46     190   168,310
3.000%   11/01/46     803   713,718
3.000%   12/01/47     429   385,325
3.000%   02/01/50     179   157,075
3.000%   06/01/50     304   266,705
3.000%   11/01/51     961   841,252
3.000%   04/01/52     488   426,500
3.000%   04/01/52     489   426,770
3.000%   04/01/52     706   616,126
3.000%   04/01/52     975   850,169
3.000%   04/01/52     977   852,402
3.000%   04/01/52     987   867,311
3.500%   TBA     500   449,632
3.500%   TBA     1,500   1,349,883
3.500%   07/01/31     374   354,947
3.500%   02/01/33     64   60,257
3.500%   06/01/39     132   122,031
3.500%   04/01/42     221   202,791
3.500%   06/01/42     325   298,548
3.500%   07/01/42     172   158,350
3.500%   07/01/42     414   380,096
3.500%   06/01/45     556   510,494
3.500%   07/01/46     181   165,760
3.500%   12/01/46     166   151,807
3.500%   12/01/46     414   380,490
3.500%   11/01/48     296   270,737
4.000%   TBA     500   482,344
4.000%   TBA     2,000   1,855,703
4.000%   09/01/40     525   500,683
4.000%   06/01/42     314   298,131
4.000%   09/01/44     202   191,710
4.000%   09/01/44     374   355,173
4.000%   04/01/45     187   177,594
4.000%   07/01/45     134   126,589
4.000%   10/01/45     224   211,995
4.000%   10/01/46     70   66,384
4.000%   02/01/47     65   61,570
 
A2
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of September 30, 2022 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.000%   06/01/47     113   $106,522
4.000%   07/01/47     117   110,872
4.000%   10/01/47     368   348,471
4.000%   11/01/47     93   87,855
4.000%   11/01/47     127   120,650
4.000%   05/01/52     997   926,861
4.500%   TBA     500   476,289
4.500%   05/01/40     467   451,475
4.500%   04/01/42     312   305,596
5.000%   12/01/31     21   20,883
5.000%   03/01/34     156   157,137
5.000%   06/01/35     66   66,499
5.000%   07/01/35     33   33,304
5.000%   05/01/36     43   43,832
5.000%   07/01/52     495   483,188
5.500%   02/01/34     101   103,522
5.500%   09/01/34     115   118,019
5.500%   02/01/35     104   104,039
5.500%   06/01/35     31   30,923
5.500%   06/01/35     63   63,008
5.500%   09/01/35     31   30,699
5.500%   09/01/35     65   65,218
5.500%   10/01/35     107   108,125
5.500%   11/01/35     41   40,837
5.500%   11/01/35     56   55,249
5.500%   11/01/35     218   225,093
6.000%   12/01/33     9   8,785
6.000%   02/01/34     55   57,285
6.000%   08/01/34     —(r)   196
6.000%   11/01/34     —(r)   268
6.000%   01/01/35     4   3,943
6.000%   01/01/36     53   53,850
6.000%   05/01/38     20   21,330
6.500%   07/01/32     101   104,303
6.500%   08/01/32     48   49,388
6.500%   10/01/32     124   128,165
6.500%   10/01/37     74   77,139
6.625%   11/15/30     3,000   3,511,662
7.000%   12/01/31     25   24,955
7.000%   01/01/36     13   13,090
8.000%   10/01/23     —(r)   16
8.000%   09/01/24     —(r)   390
8.000%   11/01/24     —(r)   499
8.000%   01/01/26     —(r)   19
9.000%   02/01/25     2   2,356
9.000%   04/01/25     1   905
Government National Mortgage Assoc.
2.000%   09/20/51     325   271,724
2.500%   12/20/46     93   80,169
2.500%   05/20/51     409   353,135
3.000%   03/15/45     384   341,158
3.000%   07/20/46     373   334,808
3.000%   09/20/46     401   359,996
3.000%   10/20/46     101   90,305
3.000%   04/20/47     467   418,511
3.000%   12/20/48     298   267,404
3.000%   04/20/49     287   257,209
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   07/20/49     75   $66,470
3.000%   12/20/49     312   278,571
3.500%   01/20/43     446   412,766
3.500%   04/20/43     211   195,305
3.500%   03/20/45     262   242,564
3.500%   04/20/45     210   195,185
3.500%   04/20/46     352   325,274
3.500%   07/20/46     512   472,691
3.500%   07/20/48     422   389,004
3.500%   11/20/48     110   101,662
3.500%   01/20/49     196   181,241
3.500%   05/20/49     367   337,657
4.000%   06/15/40     67   63,432
4.000%   08/20/46     212   200,861
4.000%   11/20/46     128   121,535
4.000%   09/20/47     170   162,061
4.000%   06/20/48     261   246,759
4.000%   02/20/49     237   224,557
4.500%   02/20/41     203   197,934
4.500%   03/20/41     172   170,112
4.500%   06/20/44     130   129,517
4.500%   09/20/46     154   149,274
4.500%   11/20/46     266   264,480
4.500%   01/20/47     34   34,079
5.000%   07/15/33     66   66,825
5.000%   09/15/33     121   122,522
5.000%   04/15/34     68   67,027
5.000%   10/20/48     49   48,128
5.500%   03/15/34     124   130,364
5.500%   03/15/36     34   35,801
6.500%   07/15/32     8   8,314
6.500%   08/15/32     1   1,427
6.500%   08/15/32     3   2,918
6.500%   08/15/32     10   9,863
6.500%   08/15/32     46   47,552
7.000%   05/15/23     —(r)   29
7.000%   06/15/23     —(r)   155
7.000%   06/15/23     —(r)   419
7.000%   06/15/23     1   608
7.000%   07/15/23     —(r)   32
7.000%   07/15/23     2   2,435
7.000%   08/15/23     —(r)   99
7.000%   08/15/23     1   598
7.000%   09/15/23     —(r)   302
7.000%   10/15/23     —(r)   155
7.000%   11/15/23     —(r)   419
7.000%   11/15/23     1   1,297
7.000%   01/15/24     2   2,358
7.000%   05/15/24     4   3,928
7.000%   08/15/28     18   18,173
7.500%   12/15/25     14   14,707
7.500%   02/15/26     3   2,950
8.500%   09/15/24     15   14,585
8.500%   04/15/25     1   1,117
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes
5.500%   09/18/33     300   331,719
 
A3
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of September 30, 2022 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
Resolution Funding Corp. Interest Strips, Bonds
2.895%(s)   01/15/30     350   $252,291
3.555%(s)   04/15/30     675   490,019
Resolution Funding Corp. Principal Strips, Bonds
3.143%(s)   04/15/30     2,305   1,665,173
3.596%(s)   01/15/30     2,290   1,671,701
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%   05/15/25     325   296,064
1.500%   09/15/31     500   395,447
2.875%   02/01/27     175   165,801
5.880%   04/01/36     230   256,296
6.750%   11/01/25     510   544,503
7.125%   05/01/30     530   622,100
 
Total U.S. Government Agency Obligations

(cost $101,180,397)
  89,476,052
U.S. Treasury Obligations — 32.7%
U.S. Treasury Bonds
1.375%   11/15/40     6,870   4,439,737
2.000%   11/15/41     830   593,969
2.250%   05/15/41(k)     25,835   19,525,609
2.375%   02/15/42     245   187,731
2.500%   02/15/46     710   538,712
2.500%   05/15/46     1,485   1,124,887
2.875%   05/15/43(k)     1,515   1,247,745
2.875%   05/15/52     375   314,355
3.000%   05/15/47     340   284,378
3.625%   08/15/43     125   116,465
3.750%   11/15/43     3,645   3,459,333
U.S. Treasury Notes
0.750%   12/31/23     1,460   1,397,152
1.250%   09/30/28     2,245   1,911,232
2.750%   08/15/32     945   864,527
3.125%   08/31/27     135   129,505
3.125%   11/15/28     8,120   7,713,366
3.125%   08/31/29     550   522,156
3.250%   06/30/29     2,705   2,586,234
U.S. Treasury Strips Coupon
0.807%(s)   11/15/29     15   11,287
1.225%(s)   02/15/41     130   60,780
1.450%(s)   08/15/42     60   25,774
1.463%(s)   11/15/42     155   65,821
1.488%(s)   11/15/41     730   324,764
1.775%(s)   02/15/40     535   263,926
1.982%(s)   08/15/39     2,120   1,072,173
1.990%(s)   02/15/39     2,825   1,454,654
2.010%(s)   08/15/30     945   692,729
2.056%(s)   11/15/38     220   114,426
2.172%(s)   02/15/28     530   425,636
2.208%(s)   05/15/39     560   285,337
2.353%(s)   02/15/44     780   315,565
2.361%(s)   05/15/41     1,945   897,511
2.365%(s)   05/15/44     2,790   1,115,891
2.415%(s)   11/15/40     525   248,104
2.416%(s)   05/15/42     80   34,803
2.434%(s)   11/15/45     345   131,046
2.436%(s)   02/15/46     390   146,479
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
2.443%(s)   08/15/44     210   $82,950
2.452%(s)   08/15/43     1,145   474,549
2.486%(s)   02/15/45     200   77,758
2.506%(s)   11/15/43     4,315   1,768,476
2.513%(s)   08/15/41     2,740   1,242,526
2.857%(s)   05/15/31     145   103,216
3.176%(s)   08/15/40     800   383,000
3.979%(s)   02/15/42     3,945   1,737,649
 
Total U.S. Treasury Obligations

(cost $77,311,852)
  60,513,923
 
Total Long-Term Investments

(cost $213,659,223)
  182,886,664
    
      Shares  
Short-Term Investments — 3.5%
Affiliated Mutual Fund — 3.7%
PGIM Core Ultra Short Bond Fund

(cost $6,813,070)(wb)
6,813,070 6,813,070
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		 
U.S. Treasury Obligation — (0.2)%
Federal National Mortgage Assoc.
2.500%   TBA     (500) (419,405)
(cost $(429,532))      
 
Total Short-Term Investments

(cost $6,383,538)
  6,393,665
 
TOTAL INVESTMENTS—102.3%

(cost $220,042,761)
  189,280,329
 
Liabilities in excess of other assets(z) — (2.3)%
  (4,276,482)
 
Net Assets — 100.0%
  $185,003,847
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
Aces Alternative Credit Enhancements Securities
CLO Collateralized Loan Obligation
FHLMC Federal Home Loan Mortgage Corporation
LIBOR London Interbank Offered Rate
MTN Medium Term Note
STRIPs Separate Trading of Registered Interest and Principal of Securities
TBA To Be Announced
USAID United States Agency for International Development
    
 
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PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of September 30, 2022 (unaudited)
# 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 September 30, 2022.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of September 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(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 September 30, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
135   2 Year U.S. Treasury Notes   Dec. 2022   $27,727,735   $(440,823)
194   5 Year U.S. Treasury Notes   Dec. 2022   20,856,515   (768,476)
428   10 Year U.S. Treasury Notes   Dec. 2022   47,962,750   (2,444,448)
56   30 Year U.S. Ultra Treasury Bonds   Dec. 2022   7,672,000   (715,970)
                (4,369,717)
Short Positions:
275   10 Year U.S. Ultra Treasury Notes   Dec. 2022   32,583,205   2,098,618
401   20 Year U.S. Treasury Bonds   Dec. 2022   50,688,906   3,789,265
                5,887,883
                $1,518,166
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A5