NPORT-EX 2 PI62350PRU033125.htm
PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 98.9%
Asset-Backed Securities — 8.9%
Collateralized Loan Obligations
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%)
5.552%(c)   02/15/38     1,000   $996,500
Apidos CLO,
Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)
5.696%(c)   01/22/38     1,000   1,000,090
Barrow Hanley CLO Ltd. (Cayman Islands),
Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%)
5.636%(c)   01/20/38     1,000   1,000,833
Columbia Cent CLO Ltd. (Cayman Islands),
Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.893%(c)   04/20/37     1,500   1,502,914
Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)
5.700%(c)   10/22/37     1,500   1,502,678
LCM Ltd. (Cayman Islands),
Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.794%(c)   01/15/38     1,000   1,000,771
Marble Point CLO Ltd. (Cayman Islands),
Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%)
5.486%(c)   03/15/38     1,000   998,512
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)
5.716%(c)   06/20/34     3,250   3,255,768
Rockford Tower CLO Ltd. (Cayman Islands),
Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)
5.842%(c)   01/15/38     1,000   999,022
Tikehau US CLO Ltd. (Bermuda),
Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%)
5.492%(c)   02/25/38     1,500   1,497,449
 
Total Asset-Backed Securities

(cost $13,772,259)
  13,754,537
Commercial Mortgage-Backed Securities — 8.8%
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4
2.661%   08/15/52     2,603   2,414,479
CD Mortgage Trust,
Series 2019-CD08, Class A3
2.657%   08/15/57     1,909   1,758,880
Citigroup Commercial Mortgage Trust,
Series 2016-P05, Class A3
2.684%   10/10/49     2,163   2,111,633
Fannie Mae-Aces,
Series 2019-M22, Class A2
2.522%   08/25/29     1,763   1,643,378
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2022-M03, Class A2
1.707%(cc)   11/25/31     4,000   $3,379,857
Series 2022-M13, Class A2
2.594%(cc)   06/25/32     2,000   1,769,133
FHLMC Multifamily Structured Pass-Through Certificates,
Series K151, Class A3
3.511%   04/25/30     400   385,242
Series K152, Class A2
3.080%   01/25/31     140   130,757
 
Total Commercial Mortgage-Backed Securities

(cost $14,410,032)
  13,593,359
Corporate Bonds — 0.7%
Diversified Financial Services — 0.6%
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP
1.400%   07/15/28     885   809,336
Multi-National — 0.1%
International Bank for Reconstruction & Development (Supranational Bank),
Unsec’d. Notes, MTN
4.472%(s)   09/17/30     235   181,904
 
Total Corporate Bonds

(cost $1,068,550)
  991,240
Residential Mortgage-Backed Security — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%   10/20/45     129   124,716
(cost $133,974)        
U.S. Government Agency Obligations — 45.1%
Fannie Mae Interest Strips
4.264%(s)   05/15/30     75   60,115
Federal Agricultural Mortgage Corp., MTN
1.440%   09/25/35     45   33,295
Federal Farm Credit Bank
1.230%   07/29/30     185   157,571
1.240%   08/11/31     75   61,629
1.670%   03/03/31     100   85,224
1.730%   09/22/31     115   97,140
1.770%   02/04/31     125   108,192
2.040%   03/19/40     240   163,097
2.150%   12/01/31     1,125   968,066
2.170%   10/29/29     70   64,108
2.200%   12/09/31     355   309,069
2.350%   03/10/36     115   89,787
2.460%   02/05/35     90   73,337
2.490%   05/19/36     140   110,637
2.750%   02/02/37     100   80,214
3.300%   03/23/32     112   104,049
5.480%   06/27/42     500   492,925
Federal Home Loan Bank
1.150%(cc)   02/10/31     200   168,508
1.240%   08/19/30     50   42,529
1.250%   12/30/30     140   117,818
1.410%   10/14/32     150   119,920
A1
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
1.500%(cc)   05/27/31     100   $90,992
1.500%   09/30/33     115   89,452
1.750%   06/20/31     90   76,450
1.790%   12/21/35     185   137,748
2.000%(cc)   05/27/31     100   91,146
2.000%(cc)   05/27/31     200   181,787
2.050%   05/12/31     105   91,560
2.050%   03/19/35     153   118,383
2.090%   02/22/36     110   84,525
4.250%   09/10/32     210   208,731
5.500%   07/15/36     885   966,154
Federal Home Loan Mortgage Corp.
1.500%   01/01/36     152   133,995
1.500%   11/01/50     377   285,222
2.000%   01/01/32     76   72,199
2.000%   12/01/50     1,546   1,237,287
2.500%   03/01/30     99   95,786
2.500%   11/01/46     218   186,133
2.500%   04/01/51     2,252   1,888,262
3.000%   06/01/29     69   67,283
3.000%   01/01/37     208   195,052
3.000%   06/01/45     43   39,227
3.000%   01/01/48     179   157,883
3.000%   10/01/49     62   54,270
3.000%   04/01/52     439   384,857
3.500%   12/01/32     162   158,458
3.500%   07/01/42     202   188,430
3.500%   10/01/42     319   297,294
3.500%   08/01/43     379   353,859
3.500%   09/01/45     126   116,842
3.500%   10/01/45     112   103,201
3.500%   02/01/47     136   125,075
3.500%   07/01/47     221   202,673
3.500%   03/01/48     301   275,091
3.500%   02/01/52     786   712,555
4.000%   06/01/26     3   2,937
4.000%   09/01/26     9   8,758
4.000%   09/01/40     100   96,437
4.000%   12/01/40     103   98,951
4.000%   12/01/40     123   118,212
4.000%   11/01/43     216   208,166
4.000%   09/01/48     4   4,186
4.000%   05/01/52     413   385,251
4.500%   01/01/38     390   386,765
4.500%   09/01/39     361   357,301
4.500%   08/01/48     107   103,867
5.000%   06/01/33     93   93,391
5.000%   05/01/34     45   45,520
5.000%   09/01/52     842   827,962
5.500%   05/01/37     18   18,502
5.500%   02/01/38     60   61,461
5.500%   05/01/38     26   26,907
5.500%   10/01/52     1,043   1,044,155
6.000%   09/01/34     32   32,950
6.000%   01/01/37     16   16,192
6.000%   09/01/38     18   18,864
6.000%   08/01/39     21   21,509
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.250%   07/15/32     220   $248,402
6.500%   09/01/32     9   9,450
6.750%   03/15/31     190   216,187
Federal Home Loan Mortgage Corp., MTN
1.220%   08/19/30     95   80,717
1.899%(s)   11/15/38     95   49,517
Federal National Mortgage Assoc.
0.875%   08/05/30     75   63,691
1.500%   02/01/36     175   154,282
1.500%   08/01/36     180   158,106
1.500%   11/01/50     1,162   878,825
1.500%   12/01/50     742   561,813
2.000%   08/01/31     77   72,928
2.000%   05/01/36     608   550,074
2.000%   06/01/40     268   234,053
2.000%   07/01/40     286   249,895
2.000%   02/01/41     548   468,171
2.000%   05/01/41     1,589   1,357,386
2.000%   09/01/50     2,086   1,670,225
2.000%   10/01/50     1,165   934,945
2.000%   12/01/50     343   274,763
2.000%   02/01/51(k)     3,064   2,454,157
2.500%   06/01/28     270   262,787
2.500%   05/01/41     828   731,446
2.500%   02/01/43     78   67,213
2.500%   12/01/46     280   238,212
2.500%   01/01/50     574   483,154
2.500%   03/01/50     185   156,551
2.500%   05/01/50     708   596,845
2.500%   08/01/50     1,787   1,502,138
2.500%   09/01/50     1,243   1,055,126
2.500%   10/01/50     2,012   1,681,339
2.500%   04/01/51     443   371,038
2.500%   04/01/51     887   747,669
2.500%   05/01/52     797   670,805
3.000%   02/01/31     142   138,326
3.000%   11/01/36     160   149,319
3.000%   03/01/43     286   256,972
3.000%   07/01/43     360   323,743
3.000%   07/01/43     474   426,675
3.000%   12/01/47     342   303,344
3.000%   02/01/50     146   127,893
3.000%   06/01/50     254   222,838
3.000%   11/01/51     757   660,394
3.000%   02/01/52     471   409,422
3.000%   04/01/52     803   699,223
3.000%   04/01/52     810   703,130
3.000%   04/01/52     814   716,202
3.500%   07/01/31     175   171,935
3.500%   02/01/33     38   37,036
3.500%   06/01/39     99   92,348
3.500%   04/01/42     171   159,504
3.500%   06/01/42     260   242,607
3.500%   07/01/42     130   120,892
3.500%   07/01/42     343   319,736
3.500%   06/01/45     437   403,702
3.500%   07/01/46     138   126,301
 
A2
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   12/01/46     138   $126,456
3.500%   12/01/46     314   292,775
3.500%   11/01/48     239   218,280
4.000%   07/01/37     263   256,737
4.000%   09/01/40     385   370,847
4.000%   06/01/42     259   249,034
4.000%   09/01/44     156   148,985
4.000%   09/01/44     278   266,435
4.000%   04/01/45     154   146,219
4.000%   07/01/45     104   98,591
4.000%   10/01/45     185   175,358
4.000%   10/01/46     58   55,036
4.000%   02/01/47     47   44,320
4.000%   06/01/47     88   83,342
4.000%   07/01/47     91   86,036
4.000%   10/01/47     285   269,176
4.000%   11/01/47     72   67,933
4.000%   11/01/47     103   97,429
4.000%   05/01/52     818   763,224
4.500%   05/01/40     406   398,662
4.500%   04/01/42     219   216,549
4.500%   07/01/52     851   815,422
5.000%   12/01/31     17   16,470
5.000%   03/01/34     99   100,015
5.000%   06/01/35     43   43,474
5.000%   07/01/35     24   23,751
5.000%   05/01/36     30   30,085
5.000%   07/01/52     404   397,599
5.000%   08/01/52     511   502,798
5.500%   02/01/34     65   65,222
5.500%   09/01/34     74   75,373
5.500%   02/01/35     71   72,273
5.500%   06/01/35     26   26,427
5.500%   06/01/35     42   42,751
5.500%   09/01/35     13   12,839
5.500%   09/01/35     53   53,645
5.500%   10/01/35     80   81,671
5.500%   11/01/35     22   22,230
5.500%   11/01/35     33   33,621
5.500%   11/01/35     152   156,003
6.000%   12/01/33     7   6,855
6.000%   02/01/34     35   36,299
6.000%   08/01/34     —(r)   149
6.000%   11/01/34     —(r)   121
6.000%   01/01/36     45   46,319
6.000%   05/01/38     15   15,466
6.000%   10/01/53     859   874,296
6.500%   07/01/32     46   47,874
6.500%   08/01/32     20   20,158
6.500%   10/01/32     52   53,511
6.500%   10/01/37     53   55,866
6.625%   11/15/30     2,535   2,855,997
7.000%   12/01/31     15   15,146
7.000%   01/01/36     10   10,155
4.336%(s)   03/17/31     315   242,500
Freddie Mac Coupon Strips
5.245%(s)   03/15/31     105   81,363
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
Freddie Mac Strips
5.078%(s)   07/15/32     330   $239,705
Government National Mortgage Assoc.
2.000%   09/20/51     264   215,723
2.000%   10/20/51     1,294   1,059,194
2.500%   12/20/46     72   62,229
2.500%   05/20/51     819   698,507
2.500%   08/20/51     1,231   1,050,316
3.000%   03/15/45     309   276,310
3.000%   07/20/46     287   257,646
3.000%   09/20/46     308   277,022
3.000%   10/20/46     78   69,822
3.000%   04/20/47     365   327,338
3.000%   12/20/48     245   219,413
3.000%   04/20/49     217   194,252
3.000%   07/20/49     57   50,713
3.000%   12/20/49     242   215,626
3.000%   09/20/51     843   747,313
3.500%   01/20/43     343   319,945
3.500%   04/20/43     163   151,732
3.500%   03/20/45     201   187,065
3.500%   04/20/45     162   150,367
3.500%   04/20/46     271   251,324
3.500%   07/20/46     394   365,848
3.500%   07/20/48     317   292,617
3.500%   11/20/48     84   77,468
3.500%   01/20/49     148   136,630
3.500%   05/20/49     275   253,339
4.000%   06/15/40     53   50,621
4.000%   08/20/46     163   154,536
4.000%   11/20/46     99   94,801
4.000%   09/20/47     130   123,493
4.000%   06/20/48     198   186,467
4.000%   02/20/49     176   165,896
4.500%   02/20/41     155   152,796
4.500%   03/20/41     130   127,883
4.500%   06/20/44     100   98,449
4.500%   09/20/46     113   109,267
4.500%   11/20/46     204   199,695
4.500%   01/20/47     26   25,061
4.500%   05/20/52     430   415,588
5.000%   07/15/33     45   45,388
5.000%   09/15/33     71   71,417
5.000%   04/15/34     27   27,500
5.000%   10/20/48     36   36,102
5.500%   03/15/34     87   89,771
5.500%   03/15/36     25   25,670
6.500%   07/15/32     6   6,115
6.500%   08/15/32     1   1,122
6.500%   08/15/32     2   2,238
6.500%   08/15/32     6   6,160
6.500%   08/15/32     31   31,904
7.000%   08/15/28     6   5,773
7.500%   12/15/25     2   2,272
Resolution Funding Corp. Interest Strips, Bonds
3.230%(s)   01/15/30     450   367,461
3.606%(s)   04/15/30     535   429,515
 
A3
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
Resolution Funding Corp. Principal Strips, Bonds
3.701%(s)   01/15/30     2,035   $1,666,662
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%   05/15/25     325   323,543
1.500%   09/15/31     360   303,063
5.880%   04/01/36     230   253,936
7.125%   05/01/30     400   455,778
Tennessee Valley Authority, Sr. Unsec’d. Notes, Series A
2.875%   02/01/27     175   171,521
Tennessee Valley Authority, Sr. Unsec’d. Notes, Series E
6.750%   11/01/25     510   517,348
Tennessee Valley Authority Generic Strips, Bonds
4.724%(s)   07/15/34     10   6,377
 
Total U.S. Government Agency Obligations

(cost $76,531,767)
  69,280,609
U.S. Treasury Obligations — 35.3%
U.S. Treasury Bonds
1.625%   11/15/50     1,340   729,253
1.875%   02/15/51     4,445   2,577,405
1.875%   11/15/51     4,815   2,768,625
2.250%   05/15/41(k)     690   511,355
2.375%   11/15/49     1,690   1,117,777
2.375%   05/15/51     715   467,543
2.875%   05/15/43(k)     815   641,558
3.000%   02/15/49     1,535   1,160,604
3.625%   02/15/53     310   261,127
4.750%   11/15/53     2,035   2,080,152
U.S. Treasury Notes
1.250%   11/30/26     7,385   7,067,964
3.500%   02/15/33     335   320,867
3.750%   06/30/30     2,895   2,862,884
3.875%   08/15/33     465   455,773
4.000%   03/31/30     2,770   2,775,410
4.125%   02/29/32     765   767,032
4.125%   03/31/32     765   767,032
4.250%   11/15/34     720   722,250
4.375%   05/15/34     5,600   5,676,125
4.625%   04/30/29     1,740   1,785,403
4.625%   02/15/35     575   593,957
U.S. Treasury Strips Coupon
2.208%(s)   05/15/39     455   236,892
2.353%(s)   02/15/44     440   177,588
2.402%(s)   05/15/41     1,995   930,423
2.424%(s)   11/15/40     10   4,798
2.434%(s)   11/15/45     345   127,973
2.436%(s)   02/15/46     390   142,966
2.443%(s)   08/15/44     210   82,703
2.486%(s)   02/15/45     150   57,634
3.336%(s)   08/15/40     895   435,109
3.387%(s)   05/15/42     135   59,657
3.666%(s)   08/15/41     5,440   2,500,880
3.870%(s)   02/15/41     730   345,492
3.995%(s)   02/15/42     4,020   1,801,172
4.120%(s)   11/15/42     1,075   462,683
4.197%(s)   02/15/39     3,835   2,024,139
4.343%(s)   11/15/41     3,075   1,396,305
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
4.461%(s)   05/15/44     1,670   $665,817
4.591%(s)   08/15/42     1,055   459,794
4.608%(s)   11/15/48     25   8,048
4.652%(s)   05/15/49     2,100   657,205
4.691%(s)   05/15/38     1,685   926,344
4.770%(s)   11/15/49     455   139,367
4.924%(s)   02/15/49     75   23,835
5.311%(s)   02/15/40     2,130   1,066,334
5.357%(s)   05/15/40     7,030   3,466,728
 
Total U.S. Treasury Obligations

(cost $56,987,690)
  54,309,982
 
Total Long-Term Investments

(cost $162,904,272)
  152,054,443
    
      Shares  
Short-Term Investment — 0.8%
Affiliated Mutual Fund
PGIM Core Ultra Short Bond Fund

(cost $1,212,232)(wb)
1,212,232 1,212,232
 
TOTAL INVESTMENTS—99.7%

(cost $164,116,504)
153,266,675
 
Other assets in excess of liabilities(z) — 0.3%
520,813
 
Net Assets — 100.0%
$153,787,488
    
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
MTN Medium Term Note
N/A Not Applicable
SOFR Secured Overnight Financing Rate
STRIPs Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
USOIS United States Overnight Index Swap
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2025. 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.
 
A4
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) Represents an investment in a Fund affiliated with the Manager. 
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
 
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
81   2 Year U.S. Treasury Notes   Jun. 2025   $16,780,922   $76,909
130   5 Year U.S. Treasury Notes   Jun. 2025   14,060,313   162,128
12   10 Year U.S. Treasury Notes   Jun. 2025   1,334,625   397
                239,434
Short Positions:
10   10 Year U.S. Ultra Treasury Notes   Jun. 2025   1,141,250   (10,896)
157   20 Year U.S. Treasury Bonds   Jun. 2025   18,413,156   (286,433)
39   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   4,767,750   (94,289)
                (391,618)
                $(152,184)
Interest rate swap agreements outstanding at March 31, 2025:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreement:
  12,700   05/07/25   4.321%(T)   1 Day USOIS(2)(T)/ 4.330%   $—   $(342)   $(342)
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A5