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: | 811-03623 | |
Exact name of registrant as specified in charter: | The Prudential Series Fund | |
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 Prudential Series Fund
SEMIANNUAL REPORT | June 30, 2021 |
Based on the variable contract you own or the portfolios you invested in, you may receive additional reports for other portfolios. Please refer to your variable annuity or variable life insurance contract prospectus to determine which portfolios are available to you.
The views expressed in this report and information about each portfolio’s 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. Please refer to your variable annuity or variable life insurance contract prospectus to determine which supplements are applicable to you.
PSF Global Portfolio
PSF International Growth Portfolio
PSF Mid-Cap Growth Portfolio
PSF Natural Resources Portfolio
PSF PGIM 50/50 Balanced Portfolio
PSF PGIM Flexible Managed Portfolio
PSF PGIM Government Income Portfolio
PSF PGIM Government Money Market Portfolio
PSF PGIM High Yield Bond Portfolio
PSF PGIM Jennison Blend Portfolio
PSF PGIM Jennison Focused Blend Portfolio
PSF PGIM Jennison Growth Portfolio
PSF PGIM Jennison Value Portfolio
PSF PGIM Total Return Bond Portfolio
PSF Small-Cap Stock Index Portfolio
PSF Small-Cap Value Portfolio
PSF Stock Index Portfolio
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The Prudential Series Fund may offer three classes of shares in each portfolio: Class I, Class II and Class III. Class I and Class III shares are sold to separate accounts of The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey (collectively, Prudential) as investment options under variable life insurance and variable annuity contracts (Contracts). Class I shares are also sold to separate accounts of insurance companies not affiliated with Prudential where Prudential has assumed responsibility for the administration of contracts issued through such nonaffiliated insurance companies for the same types of Contracts. (A separate account keeps the assets supporting certain insurance contracts separate from the general assets and liabilities of the insurance company.) Class II shares are offered only to separate accounts of non-Prudential insurance companies for the same types of Contracts.
The Prudential Series Fund
| Semiannual Report | June 30, 2021 |
∎ |
∎ |
∎ |
∎ | FINANCIAL REPORTS |
Section A | Schedule of Investments and Financial Statements | |||||
Glossary | A1 | |||||
PSF Global Portfolio | A2 | |||||
PSF International Growth Portfolio | A10 | |||||
PSF Mid-Cap Growth Portfolio | A16 | |||||
PSF Natural Resources Portfolio | A21 | |||||
PSF PGIM 50/50 Balanced Portfolio | A25 | |||||
PSF PGIM Flexible Managed Portfolio | A60 | |||||
PSF PGIM Government Income Portfolio | A92 | |||||
PSF PGIM Government Money Market Portfolio | A101 | |||||
PSF PGIM High Yield Bond Portfolio | A105 | |||||
PSF PGIM Jennison Blend Portfolio | A125 | |||||
PSF PGIM Jennison Focused Blend Portfolio | A130 | |||||
PSF PGIM Jennison Growth Portfolio | A135 | |||||
PSF PGIM Jennison Value Portfolio | A139 | |||||
PSF PGIM Total Return Bond Portfolio | A144 | |||||
PSF Small-Cap Stock Index Portfolio | A176 | |||||
PSF Small-Cap Value Portfolio | A189 | |||||
PSF Stock Index Portfolio | A196 | |||||
Section B | Notes to Financial Statements | |||||
Section C | Financial Highlights |
∎ | APPROVAL OF ADVISORY AGREEMENTS |
This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.
The Prudential Series Fund
| Semiannual Report | June 30, 2021 |
∎ | DEAR CONTRACT OWNER |
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 Prudential Series Fund 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,
Timothy S. Cronin
President,
The Prudential Series Fund | July 31, 2021 |
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 International Growth Portfolio |
| |||||||
Ten Largest Holdings | Line of Business | Country | % of Net Assets | |||||
LVMH Moet Hennessy Louis Vuitton SE | Textiles, Apparel & Luxury Goods | France | 2.8% | |||||
Adyen NV, 144A | IT Services | Netherlands | 2.7% | |||||
ASML Holding NV | Semiconductors & Semiconductor Equipment | Netherlands | 2.2% | |||||
MercadoLibre, Inc. | Internet & Direct Marketing Retail | Argentina | 2.1% | |||||
Sea Ltd., ADR | Entertainment | Taiwan | 2.1% | |||||
Straumann Holding AG | Health Care Equipment & Supplies | Switzerland | 1.8% | |||||
Techtronic Industries Co. Ltd. | Machinery | Hong Kong | 1.8% | |||||
Shopify, Inc. (Class A Stock) | IT Services | Canada | 1.7% | |||||
Wuxi Biologics Cayman, Inc., 144A | Life Sciences Tools & Services | China | 1.6% | |||||
L’Oreal SA | Personal Products | France | 1.6% |
PSF Mid-Cap Growth Portfolio | ||||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Roku, Inc. | Entertainment | 2.4% | ||||
Generac Holdings, Inc. | Electrical Equipment | 2.0% | ||||
Dexcom, Inc. | Health Care Equipment & Supplies | 1.9% | ||||
Trane Technologies PLC | Building Products | 1.7% | ||||
Match Group, Inc. | Interactive Media & Services | 1.6% | ||||
HubSpot, Inc. | Software | 1.6% | ||||
Agilent Technologies, Inc. | Life Sciences Tools & Services | 1.5% | ||||
Zebra Technologies Corp. (Class A Stock) | Electronic Equipment, Instruments & Components | 1.5% | ||||
Crowdstrike Holdings, Inc. (Class A Stock) | Software | 1.4% | ||||
Entegris, Inc. | Semiconductors & Semiconductor Equipment | 1.4% |
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 Natural Resources Portfolio |
| |||||||
Ten Largest Holdings | Line of Business | Country | % of Net Assets | |||||
Exxon Mobil Corp. | Integrated Oil & Gas | United States | 5.2% | |||||
Chevron Corp. | Integrated Oil & Gas | United States | 5.1% | |||||
ConocoPhillips | Oil & Gas Exploration & Production | United States | 5.0% | |||||
Valero Energy Corp. | Oil & Gas Refining & Marketing | United States | 3.9% | |||||
Marathon Petroleum Corp. | Oil & Gas Refining & Marketing | United States | 3.5% | |||||
Rio Tinto PLC | Diversified Metals & Mining | Australia | 3.3% | |||||
BHP Group Ltd. | Diversified Metals & Mining | Australia | 3.0% | |||||
Royal Dutch Shell PLC (Class B Stock) | Integrated Oil & Gas | Netherlands | 3.0% | |||||
Diamondback Energy, Inc. | Oil & Gas Exploration & Production | United States | 2.7% | |||||
Schlumberger NV | Oil & Gas Equipment & Services | United States | 2.6% |
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 High Yield Bond Portfolio |
| |||
Credit Quality | % of Total Investments | |||
BBB | 1.3% | |||
BB | 33.4% | |||
B | 37.0% | |||
CCC | 19.0% | |||
CC | 0.5% | |||
NR | 5.0% | |||
Cash/Cash Equivalents | 3.8% | |||
Total Investments | 100.0% |
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 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% |
PSF PGIM Jennison Focused Blend Portfolio |
| |||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Microsoft Corp. | Software | 4.5% | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 4.3% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 3.7% | ||||
Shopify, Inc. (Canada) (Class A Stock) | IT Services | 2.9% | ||||
Eli Lilly & Co. | Pharmaceuticals | 2.8% | ||||
Tesla, Inc. | Automobiles | 2.7% | ||||
ConocoPhillips | Oil, Gas & Consumable Fuels | 2.7% | ||||
Goldman Sachs Group, Inc. (The) | Capital Markets | 2.5% | ||||
NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 2.4% | ||||
Facebook, Inc. (Class A Stock) | Interactive Media & Services | 2.3% |
PSF PGIM Jennison Growth Portfolio |
| |||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Amazon.com, Inc. | Internet & Direct Marketing Retail | 7.1% | ||||
Tesla, Inc. | Automobiles | 4.9% | ||||
Shopify, Inc. (Canada) (Class A Stock) | IT Services | 4.7% | ||||
Apple, Inc. | Technology Hardware, Storage & Peripherals | 4.5% | ||||
NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 4.4% | ||||
Facebook, Inc. (Class A Stock) | Interactive Media & Services | 4.0% | ||||
Microsoft Corp. | Software | 3.9% | ||||
Adobe, Inc. | Software | 3.4% | ||||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 2.9% | ||||
Alphabet, Inc. (Class C Stock) | Interactive Media & Services | 2.8% |
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 Jennison Value Portfolio | ||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||
JPMorgan Chase & Co. | Banks | 3.4% | ||
Goldman Sachs Group, Inc. (The) | Capital Markets | 2.7% | ||
Bank of America Corp. | Banks | 2.7% | ||
Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 2.5% | ||
General Motors Co. | Automobiles | 2.5% | ||
Chevron Corp. | Oil, Gas & Consumable Fuels | 2.4% | ||
ConocoPhillips | Oil, Gas & Consumable Fuels | 2.2% | ||
PNC Financial Services Group, Inc. (The) | Banks | 2.1% | ||
Walt Disney Co. (The) | Entertainment | 2.1% | ||
Johnson Controls International PLC | Building Products | 2.0% |
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 Small-Cap Stock Index Portfolio | ||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||
GameStop Corp. (Class A Stock) | Specialty Retail | 1.1% | ||
Omnicell, Inc. | Health Care Technology | 0.6% | ||
Macy’s, Inc. | Multiline Retail | 0.5% | ||
Saia, Inc. | Road & Rail | 0.5% | ||
iShares Core S&P Small-Cap ETF | Exchange-Traded Funds | 0.5% | ||
NeoGenomics, Inc. | Life Sciences Tools & Services | 0.5% | ||
MicroStrategy, Inc. (Class A Stock) | Software | 0.5% | ||
Chart Industries, Inc. | Machinery | 0.5% | ||
3D Systems Corp. | Technology Hardware, Storage & Peripherals | 0.5% | ||
Power Integrations, Inc. | Semiconductors & Semiconductor Equipment | 0.5% |
For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.
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.
The Prudential Series Fund Presentation of Portfolio Holdings — unaudited (continued)
| June 30, 2021 |
PSF Small-Cap Value Portfolio |
| |||||
Ten Largest Holdings | Line of Business | % of Net Assets | ||||
Avient Corp. | Chemicals | 1.3% | ||||
Rexnord Corp. | Machinery | 1.1% | ||||
Adient PLC | Auto Components | 1.0% | ||||
KBR, Inc. | Professional Services | 0.9% | ||||
Tenet Healthcare Corp. | Health Care Providers & Services | 0.9% | ||||
WESCO International, Inc. | Trading Companies & Distributors | 0.9% | ||||
PennyMac Mortgage Investment Trust | Mortgage Real Estate Investment Trusts (REITs) | 0.9% | ||||
Resideo Technologies, Inc. | Building Products | 0.9% | ||||
Healthcare Realty Trust, Inc. | Equity Real Estate Investment Trusts (REITs) | 0.8% | ||||
South State Corp. | Banks | 0.8% |
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% |
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
| 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 January 1, 2021 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 January 1, 2021 | 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 International Growth (Class I) | Actual | $1,000.00 | $1,088.10 | 1.01% | $5.23 | |||||
Hypothetical | $1,000.00 | $1,019.79 | 1.01% | $5.06 | ||||||
PSF International Growth (Class II) | Actual | $1,000.00 | $1,086.00 | 1.41% | $7.29 | |||||
Hypothetical | $1,000.00 | $1,017.80 | 1.41% | $7.05 | ||||||
PSF Mid-Cap Growth (Class I) | Actual | $1,000.00 | $1,084.90 | 0.65% | $3.36 | |||||
Hypothetical | $1,000.00 | $1,021.57 | 0.65% | $3.26 | ||||||
PSF Mid-Cap Growth (Class II) | Actual | $1,000.00 | $1,082.50 | 1.05% | $5.42 | |||||
Hypothetical | $1,000.00 | $1,019.59 | 1.05% | $5.26 | ||||||
PSF Mid-Cap Growth (Class III) | Actual** | $1,000.00 | $1,008.40 | 0.90% | $1.63 | |||||
Hypothetical | $1,000.00 | $1,020.33 | 0.90% | $4.51 | ||||||
PSF Natural Resources (Class I) | Actual | $1,000.00 | $1,194.30 | 0.52% | $2.83 | |||||
Hypothetical | $1,000.00 | $1,022.22 | 0.52% | $2.61 | ||||||
PSF Natural Resources (Class II) | Actual | $1,000.00 | $1,191.90 | 0.92% | $5.00 | |||||
Hypothetical | $1,000.00 | $1,020.23 | 0.92% | $4.61 | ||||||
PSF Natural Resources (Class III) | Actual** | $1,000.00 | $1,051.60 | 0.76% | $1.41 | |||||
Hypothetical | $1,000.00 | $1,021.03 | 0.76% | $3.81 | ||||||
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 |
The Prudential Series Fund Fees and Expenses — unaudited (continued)
| June 30, 2021 |
The Prudential Series Fund Portfolios | Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||
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 High Yield Bond (Class I) | Actual | $1,000.00 | $1,058.30 | 0.57% | $2.91 | |||||
Hypothetical | $1,000.00 | $1,021.97 | 0.57% | $2.86 | ||||||
PSF PGIM High Yield Bond (Class III) | Actual** | $1,000.00 | $1,020.30 | 0.82% | $1.50 | |||||
Hypothetical | $1,000.00 | $1,020.73 | 0.82% | $4.11 | ||||||
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 | ||||||
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 Jennison Focused Blend (Class I) | Actual | $1,000.00 | $1,114.80 | 0.84% | $4.40 | |||||
Hypothetical | $1,000.00 | $1,020.63 | 0.84% | $4.21 | ||||||
PSF PGIM Jennison Focused Blend (Class II) | Actual | $1,000.00 | $1,112.60 | 1.24% | $6.50 | |||||
Hypothetical | $1,000.00 | $1,018.65 | 1.24% | $6.21 | ||||||
PSF PGIM Jennison Focused Blend (Class III) | Actual** | $1,000.00 | $1,024.70 | 1.09% | $2.00 | |||||
Hypothetical | $1,000.00 | $1,019.39 | 1.09% | $5.46 | ||||||
PSF PGIM Jennison Growth (Class I) | Actual | $1,000.00 | $1,101.30 | 0.62% | $3.23 | |||||
Hypothetical | $1,000.00 | $1,021.72 | 0.62% | $3.11 | ||||||
PSF PGIM Jennison Growth (Class II) | Actual | $1,000.00 | $1,099.10 | 1.02% | $5.31 | |||||
Hypothetical | $1,000.00 | $1,019.74 | 1.02% | $5.11 | ||||||
PSF PGIM Jennison Growth (Class III) | Actual** | $1,000.00 | $1,055.10 | 0.87% | $1.62 | |||||
Hypothetical | $1,000.00 | $1,020.48 | 0.87% | $4.36 | ||||||
PSF PGIM Jennison Value (Class I) | Actual | $1,000.00 | $1,177.00 | 0.42% | $2.27 | |||||
Hypothetical | $1,000.00 | $1,022.71 | 0.42% | $2.11 | ||||||
PSF PGIM Jennison Value (Class II) | Actual | $1,000.00 | $1,174.90 | 0.82% | $4.42 | |||||
Hypothetical | $1,000.00 | $1,020.73 | 0.82% | $4.11 | ||||||
PSF PGIM Jennison Value (Class III) | Actual** | $1,000.00 | $1,025.70 | 0.67% | $1.23 | |||||
Hypothetical | $1,000.00 | $1,021.47 | 0.67% | $3.36 | ||||||
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 |
The Prudential Series Fund Fees and Expenses — unaudited (continued)
| June 30, 2021 |
The Prudential Series Fund Portfolios | Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||
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 Small-Cap Stock Index (Class I) | Actual | $1,000.00 | $1,233.00 | 0.38% | $2.10 | |||||
Hypothetical | $1,000.00 | $1,022.91 | 0.38% | $1.91 | ||||||
PSF Small-Cap Stock Index (Class III) | Actual** | $1,000.00 | $1,019.60 | 0.63% | $1.15 | |||||
Hypothetical | $1,000.00 | $1,021.67 | 0.63% | $3.16 | ||||||
PSF Small-Cap Value (Class I) | Actual | $1,000.00 | $1,198.30 | 0.98% | $5.34 | |||||
Hypothetical | $1,000.00 | $1,019.93 | 0.98% | $4.91 | ||||||
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.
Glossary |
The following abbreviations are used in the Portfolios’ descriptions:
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
EUR | Euro | |
GBP | British Pound | |
HUF | Hungarian Forint | |
MXN | Mexican Peso | |
NZD | New Zealand Dollar | |
PLN | Polish Zloty | |
USD | US Dollar | |
ZAR | South African Rand |
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 |
MASTR — Morgan Stanley Structured Asset Security |
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
PSF GLOBAL PORTFOLIO |
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 | 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 | 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 | 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 |
| 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 |
| 5,887,514 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 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 | 34,863,130 | $ | 34,842,212 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 57,758,743 | ||||||
|
| |||||||
TOTAL INVESTMENTS—102.1% |
| 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 June 30, 2021 | Year Ended 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
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.1% |
| |||||||
COMMON STOCKS — 97.8% | ||||||||
Argentina — 2.1% | ||||||||
MercadoLibre, Inc.* | 1,453 | $ | 2,263,469 | |||||
|
| |||||||
Australia — 0.9% | ||||||||
Aristocrat Leisure Ltd. | 22,578 | 730,304 | ||||||
CSL Ltd. | 1,441 | 308,867 | ||||||
|
| |||||||
1,039,171 | ||||||||
|
| |||||||
Austria — 0.5% | ||||||||
BAWAG Group AG, 144A* | 10,365 | 555,076 | ||||||
|
| |||||||
Belgium — 0.3% | ||||||||
KBC Group NV | 3,604 | 274,540 | ||||||
|
| |||||||
Canada — 2.4% | ||||||||
Canadian National Railway Co. | 7,084 | 747,432 | ||||||
Shopify, Inc. (Class A Stock)* | 1,278 | 1,867,132 | ||||||
|
| |||||||
2,614,564 | ||||||||
|
| |||||||
China — 7.0% | ||||||||
Alibaba Group Holding Ltd.* | 30,616 | 865,396 | ||||||
Bilibili, Inc., ADR*(a) | 4,202 | 511,972 | ||||||
Contemporary Amperex Technology Co. Ltd. (Class A Stock)* | 9,500 | 786,377 | ||||||
Meituan (Class B Stock), 144A* | 7,836 | 323,593 | ||||||
NetEase, Inc. | 30,925 | 703,068 | ||||||
NXP Semiconductors NV | 3,849 | 791,816 | ||||||
Shenzhou International Group Holdings Ltd. | 8,200 | 206,825 | ||||||
TAL Education Group, ADR* | 9,104 | 229,694 | ||||||
Tencent Holdings Ltd. | 19,280 | 1,454,046 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 98,560 | 1,805,422 | ||||||
|
| |||||||
7,678,209 | ||||||||
|
| |||||||
Denmark — 2.2% | ||||||||
Chr Hansen Holding A/S | 3,281 | 296,271 | ||||||
Coloplast A/S (Class B Stock) | 3,324 | 546,004 | ||||||
DSV Panalpina A/S | 2,381 | 555,922 | ||||||
Novo Nordisk A/S (Class B Stock) | 7,980 | 668,730 | ||||||
Orsted A/S, 144A | 2,818 | 398,605 | ||||||
|
| |||||||
2,465,532 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Neste OYJ | 8,801 | 539,620 | ||||||
Nordea Bank Abp | 42,482 | 473,541 | ||||||
|
| |||||||
1,013,161 | ||||||||
|
| |||||||
France — 13.1% | ||||||||
Air Liquide SA(a) | 1,515 | 265,807 | ||||||
Airbus SE* | 8,594 | 1,108,218 | ||||||
Arkema SA | 2,083 | 261,888 | ||||||
Dassault Systemes SE | 3,701 | 899,139 | ||||||
Hermes International | 526 | 767,989 | ||||||
Kering SA | 1,555 | 1,364,452 | ||||||
L’Oreal SA | 3,922 | 1,751,532 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,914 | 3,073,840 | ||||||
Pernod Ricard SA | 6,777 | 1,505,415 | ||||||
Remy Cointreau SA | 2,591 | 535,269 | ||||||
Safran SA | 6,424 | 890,827 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
France (cont’d.) | ||||||||
Sartorius Stedim Biotech | 1,050 | $ | 497,659 | |||||
Teleperformance | 2,674 | 1,087,515 | ||||||
TotalEnergies SE | 9,000 | 407,653 | ||||||
|
| |||||||
14,417,203 | ||||||||
|
| |||||||
Germany — 4.5% | ||||||||
adidas AG | 1,696 | 632,670 | ||||||
Brenntag SE | 6,351 | 592,144 | ||||||
Deutsche Boerse AG | 1,465 | 256,023 | ||||||
Gerresheimer AG | 6,702 | 742,064 | ||||||
Infineon Technologies AG | 20,125 | 810,248 | ||||||
Rational AG | 523 | 474,537 | ||||||
SAP SE | 714 | 100,586 | ||||||
SAP SE, ADR | 4,718 | 662,690 | ||||||
Scout24 AG, 144A* | 4,348 | 366,792 | ||||||
TeamViewer AG, 144A* | 9,884 | 372,738 | ||||||
|
| |||||||
5,010,492 | ||||||||
|
| |||||||
Hong Kong — 2.9% | ||||||||
AIA Group Ltd. | 98,400 | 1,225,708 | ||||||
Techtronic Industries Co. Ltd. | 114,062 | 1,990,810 | ||||||
|
| |||||||
3,216,518 | ||||||||
|
| |||||||
India — 1.9% | ||||||||
HDFC Bank Ltd., ADR* | 9,372 | 685,280 | ||||||
Infosys Ltd., ADR(a) | 29,648 | 628,241 | ||||||
Reliance Industries Ltd., 144A, GDR | 14,059 | 796,686 | ||||||
|
| |||||||
2,110,207 | ||||||||
|
| |||||||
Ireland — 3.2% | ||||||||
AerCap Holdings NV* | 6,637 | 339,881 | ||||||
CRH PLC | 18,936 | 959,288 | ||||||
ICON PLC* | 207 | 42,789 | ||||||
Kerry Group PLC (Class A Stock) | 4,327 | 603,848 | ||||||
Kingspan Group PLC | 7,013 | 663,284 | ||||||
Ryanair Holdings PLC, ADR* | 3,952 | 427,646 | ||||||
Smurfit Kappa Group PLC | 9,612 | 523,389 | ||||||
|
| |||||||
3,560,125 | ||||||||
|
| |||||||
Israel — 1.6% | ||||||||
Check Point Software Technologies | 5,399 | 626,986 | ||||||
Wix.com Ltd.* | 3,803 | 1,103,935 | ||||||
|
| |||||||
1,730,921 | ||||||||
|
| |||||||
Italy — 2.0% | ||||||||
Brunello Cucinelli SpA*(a) | 12,999 | 763,566 | ||||||
Ferrari NV | 4,740 | 976,897 | ||||||
Nexi SpA, 144A* | 19,677 | 430,370 | ||||||
|
| |||||||
2,170,833 | ||||||||
|
| |||||||
Japan — 9.2% | ||||||||
Asahi Intecc Co. Ltd. | 7,300 | 174,500 | ||||||
Bridgestone Corp. | 12,000 | 547,346 | ||||||
Daikin Industries Ltd. | 5,100 | 949,700 | ||||||
Fujitsu Ltd. | 1,900 | 355,994 | ||||||
GMO Payment Gateway, Inc. | 4,345 | 564,181 | ||||||
Hoya Corp. | 8,900 | 1,174,175 |
SEE NOTES TO FINANCIAL STATEMENTS.
A10
PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Japan (cont’d.) | ||||||||
Keyence Corp. | 3,102 | $ | 1,565,611 | |||||
M3, Inc. | 2,900 | 210,635 | ||||||
Menicon Co. Ltd. | 8,639 | 602,815 | ||||||
Nihon M&A Center, Inc. | 12,100 | 312,749 | ||||||
Otsuka Corp. | 7,600 | 398,921 | ||||||
Sanwa Holdings Corp. | 33,400 | 409,984 | ||||||
SCSK Corp. | 6,000 | 357,476 | ||||||
Shiseido Co. Ltd. | 4,300 | 316,100 | ||||||
SMC Corp. | 900 | 531,511 | ||||||
Sony Group Corp. | 2,900 | 280,718 | ||||||
Subaru Corp. | 14,800 | 292,693 | ||||||
Terumo Corp. | 9,600 | 388,993 | ||||||
Tokio Marine Holdings, Inc. | 7,400 | 340,412 | ||||||
Toyota Motor Corp. | 4,700 | 410,609 | ||||||
|
| |||||||
10,185,123 | ||||||||
|
| |||||||
Luxembourg — 0.7% | ||||||||
Eurofins Scientific SE* | 7,123 | 815,577 | ||||||
|
| |||||||
Netherlands — 6.9% | ||||||||
Adyen NV, 144A* | 1,206 | 2,952,288 | ||||||
Argenx SE, ADR* | 1,936 | 582,872 | ||||||
ASML Holding NV | 3,511 | 2,419,698 | ||||||
Heineken NV | 6,402 | 776,310 | ||||||
Koninklijke DSM NV | 1,521 | 284,262 | ||||||
Koninklijke Philips NV | 12,311 | 610,527 | ||||||
|
| |||||||
7,625,957 | ||||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 12,304 | 267,925 | ||||||
|
| |||||||
Norway — 0.4% | ||||||||
TOMRA Systems ASA | 6,999 | 387,319 | ||||||
|
| |||||||
Singapore — 0.4% | ||||||||
DBS Group Holdings Ltd. | 21,664 | 483,795 | ||||||
|
| |||||||
Spain — 0.6% | ||||||||
Amadeus IT Group SA* | 9,900 | 696,934 | ||||||
|
| |||||||
Sweden — 3.2% | ||||||||
Assa Abloy AB (Class B Stock) | 22,131 | 668,084 | ||||||
Atlas Copco AB (Class A Stock) | 12,925 | 793,073 | ||||||
Autoliv, Inc.(a) | 3,645 | 356,335 | ||||||
Evolution AB, 144A | 2,196 | 348,204 | ||||||
Hexagon AB (Class B Stock) | 56,959 | 844,623 | ||||||
Nibe Industrier AB (Class B Stock) | 48,000 | 505,441 | ||||||
|
| |||||||
3,515,760 | ||||||||
|
| |||||||
Switzerland — 10.0% | ||||||||
Alcon, Inc. | 4,194 | 294,533 | ||||||
Givaudan SA | 194 | 903,664 | ||||||
Julius Baer Group Ltd. | 6,688 | 437,644 | ||||||
Lonza Group AG | 1,861 | 1,322,036 | ||||||
Novartis AG | 6,688 | 609,606 | ||||||
Partners Group Holding AG | 732 | 1,110,486 | ||||||
Roche Holding AG | 2,786 | 1,049,728 | ||||||
SGS SA | 129 | 398,645 | ||||||
SIG Combibloc Group AG* | 26,936 | 733,845 | ||||||
Sika AG | 1,636 | 537,001 | ||||||
Sonova Holding AG | 1,596 | 601,326 | ||||||
Straumann Holding AG | 1,273 | 2,032,323 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (cont’d.) | ||||||||
Temenos AG | 2,818 | $ | 454,105 | |||||
UBS Group AG | 35,346 | 541,273 | ||||||
|
| |||||||
11,026,215 | ||||||||
|
| |||||||
Taiwan — 4.2% | ||||||||
Sea Ltd., ADR* | 8,230 | 2,259,958 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 48,000 | 1,026,051 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 11,029 | 1,325,245 | ||||||
|
| |||||||
4,611,254 | ||||||||
|
| |||||||
United Kingdom — 12.4% | ||||||||
Abcam PLC* | 18,076 | 346,386 | ||||||
Ashtead Group PLC | 22,941 | 1,705,969 | ||||||
Barratt Developments PLC | 28,198 | 271,212 | ||||||
Bunzl PLC | 25,364 | 837,007 | ||||||
Compass Group PLC* | 21,416 | 451,477 | ||||||
DCC PLC | 9,217 | 755,819 | ||||||
Diageo PLC | 19,622 | 944,360 | ||||||
Electrocomponents PLC | 25,376 | 361,725 | ||||||
Experian PLC | 16,342 | 631,018 | ||||||
Fevertree Drinks PLC | 10,357 | 369,680 | ||||||
Halma PLC | 9,958 | 371,994 | ||||||
London Stock Exchange Group PLC | 10,571 | 1,166,271 | ||||||
Prudential PLC | 28,855 | 548,068 | ||||||
Reckitt Benckiser Group PLC | 7,558 | 669,906 | ||||||
RELX PLC | 27,172 | 720,844 | ||||||
Rentokil Initial PLC | 52,802 | 361,819 | ||||||
Rightmove PLC | 28,408 | 254,815 | ||||||
Segro PLC, REIT | 35,588 | 539,040 | ||||||
Smith & Nephew PLC | 16,415 | 356,530 | ||||||
Spirax-Sarco Engineering PLC | 2,399 | 451,475 | ||||||
St. James’s Place PLC | 17,373 | 354,687 | ||||||
Trainline PLC, 144A* | 57,873 | 235,601 | ||||||
Unilever PLC | 8,925 | 522,535 | ||||||
Weir Group PLC (The)* | 17,878 | 459,527 | ||||||
|
| |||||||
13,687,765 | ||||||||
|
| |||||||
United States — 3.7% | ||||||||
Aon PLC (Class A Stock) | 2,098 | 500,919 | ||||||
Atlassian Corp. PLC (Class A Stock)* | 5,571 | 1,430,967 | ||||||
Ferguson PLC | 6,164 | 858,123 | ||||||
Lululemon Athletica, Inc.* | 1,219 | 444,898 | ||||||
QIAGEN NV* | 5,245 | 253,753 | ||||||
Schneider Electric SE | 4,036 | 635,866 | ||||||
|
| |||||||
4,124,526 | ||||||||
|
| |||||||
Uruguay — 0.3% | ||||||||
Dlocal Ltd.*(a) | 6,704 | 352,161 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 107,900,332 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A11
PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
PREFERRED STOCK — 1.3% | ||||||||
Germany | ||||||||
Sartorius AG (PRFC) | 2,618 | $ | 1,365,331 | |||||
|
| |||||||
(cost $250,952) | ||||||||
TOTAL LONG-TERM INVESTMENTS |
| 109,265,663 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.0% |
| |||||||
AFFILIATED MUTUAL FUNDS — 1.8% |
| |||||||
PGIM Core Ultra Short Bond | 230,791 | 230,791 | ||||||
PGIM Institutional Money Market Fund (cost $1,775,800; includes $1,775,558 of cash collateral for securities on loan)(b)(wa) | 1,780,210 | 1,779,142 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS | 2,009,933 | |||||||
|
| |||||||
UNAFFILIATED FUND — 0.2% | ||||||||
BlackRock Liquidity FedFund, (Institutional Shares) | 259,339 | 259,339 | ||||||
|
| |||||||
(cost $259,339) | ||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,269,272 | |||||||
|
| |||||||
TOTAL INVESTMENTS—101.1% | 111,534,935 | |||||||
Liabilities in excess of other assets — (1.1)% |
| (1,229,905 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 110,305,030 | ||||||
|
|
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 $1,706,826; cash collateral of $1,775,558 (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 | $ | 2,263,469 | $ | — | $— | |||||||
Australia | — | 1,039,171 | — | |||||||||
Austria | — | 555,076 | — | |||||||||
Belgium | — | 274,540 | — | |||||||||
Canada | 2,614,564 | — | — | |||||||||
China | 1,533,482 | 6,144,727 | — | |||||||||
Denmark | — | 2,465,532 | — | |||||||||
Finland | — | 1,013,161 | — | |||||||||
France | — | 14,417,203 | — | |||||||||
Germany | 662,690 | 4,347,802 | — | |||||||||
Hong Kong | — | 3,216,518 | — | |||||||||
India | 1,313,521 | 796,686 | — | |||||||||
Ireland | 810,316 | 2,749,809 | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A12
PSF INTERNATIONAL GROWTH 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) | ||||||||||||
Israel | $ | 1,730,921 | $ | — | $— | |||||||
Italy | — | 2,170,833 | — | |||||||||
Japan | — | 10,185,123 | — | |||||||||
Luxembourg | — | 815,577 | — | |||||||||
Netherlands | 582,872 | 7,043,085 | — | |||||||||
New Zealand | — | 267,925 | — | |||||||||
Norway | — | 387,319 | — | |||||||||
Singapore | — | 483,795 | — | |||||||||
Spain | — | 696,934 | — | |||||||||
Sweden | 356,335 | 3,159,425 | — | |||||||||
Switzerland | — | 11,026,215 | — | |||||||||
Taiwan | 3,585,203 | 1,026,051 | — | |||||||||
United Kingdom | — | 13,687,765 | — | |||||||||
United States | 2,630,537 | 1,493,989 | — | |||||||||
Uruguay | 352,161 | — | — | |||||||||
Preferred Stock | ||||||||||||
Germany | — | 1,365,331 | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 2,009,933 | — | — | |||||||||
Unaffiliated Fund | 259,339 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 20,705,343 | $ | 90,829,592 | $— | |||||||
|
|
|
|
|
|
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 | 8.8 | % | ||
Health Care Equipment & Supplies | 7.5 | |||
Textiles, Apparel & Luxury Goods | 6.6 | |||
Semiconductors & Semiconductor Equipment | 5.7 | |||
Life Sciences Tools & Services | 4.9 | |||
Trading Companies & Distributors | 4.3 | |||
Machinery | 4.2 | |||
Software | 4.2 | |||
Beverages | 3.8 | |||
Capital Markets | 3.5 | |||
Entertainment | 3.3 | |||
Internet & Direct Marketing Retail | 3.2 | |||
Building Products | 3.0 | |||
Professional Services | 3.0 | |||
Electronic Equipment, Instruments & Components | 2.5 | |||
Personal Products | 2.4 | |||
Insurance | 2.3 | |||
Chemicals | 2.3 | |||
Banks | 2.2 | |||
Pharmaceuticals | 2.1 | |||
Interactive Media & Services | 1.8 | |||
Aerospace & Defense | 1.8 | |||
Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan) | 1.8 | |||
Oil, Gas & Consumable Fuels | 1.6 |
Automobiles | 1.6 | % | ||
Hotels, Restaurants & Leisure | 1.5 | |||
Electrical Equipment | 1.3 | |||
Containers & Packaging | 1.2 | |||
Biotechnology | 1.1 | |||
Construction Materials | 0.9 | |||
Auto Components | 0.8 | |||
Industrial Conglomerates | 0.7 | |||
Commercial Services & Supplies | 0.7 | |||
Road & Rail | 0.7 | |||
Household Products | 0.6 | |||
Food Products | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Equity Real Estate Investment Trusts (REITs) | 0.5 | |||
Household Durables | 0.4 | |||
Airlines | 0.4 | |||
Electric Utilities | 0.3 | |||
Diversified Consumer Services | 0.2 | |||
Health Care Technology | 0.2 | |||
Unaffiliated Fund | 0.2 | |||
|
| |||
101.1 | ||||
Liabilities in excess of other assets | (1.1 | ) | ||
|
| |||
100.0 | % | |||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A13
PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
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 | $ | 1,706,826 | $ | (1,706,826 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A14
PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $1,706,826: | ||||
Unaffiliated investments (cost $62,563,549) | $ | 109,525,002 | ||
Affiliated investments (cost $2,006,591) | 2,009,933 | |||
Foreign currency, at value (cost $65,248) | 64,612 | |||
Receivable for investments sold | 377,943 | |||
Tax reclaim receivable | 319,922 | |||
Receivable for Portfolio shares sold | 180,666 | |||
Dividends receivable | 67,030 | |||
Receivable from affiliate | 755 | |||
Prepaid expenses | 767 | |||
|
| |||
Total Assets | 112,546,630 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 1,775,558 | |||
Payable for investments purchased | 146,071 | |||
Payable to affiliate | 138,105 | |||
Accrued expenses and other liabilities | 106,508 | |||
Management fee payable | 70,084 | |||
Payable for Portfolio shares purchased | 4,232 | |||
Affiliated transfer agent fee payable | 980 | |||
Distribution fee payable | 39 | |||
Administration fee payable | 23 | |||
|
| |||
Total Liabilities | 2,241,600 | |||
|
| |||
NET ASSETS | $ | 110,305,030 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 110,305,030 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $110,115,956 / 8,255,118 outstanding shares of beneficial interest | $ | 13.34 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $189,074 / 14,814 outstanding shares of beneficial interest | $ | 12.76 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income (net of $82,076 foreign withholding tax, of which $10,432 is reimbursable by an affiliate) | $ | 674,655 | ||
Income from securities lending, net (including affiliated income of $1,905) | 3,317 | |||
Affiliated dividend income | 562 | |||
|
| |||
Total income | 678,534 | |||
|
| |||
EXPENSES | ||||
Management fee | 447,874 | |||
Distribution fee—Class II | 228 | |||
Administration fee—Class II | 137 | |||
Custodian and accounting fees | 72,126 | |||
Audit fee | 15,612 | |||
Shareholders’ reports | 15,585 | |||
Legal fees and expenses | 8,933 | |||
Trustees’ fees | 5,397 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 13,480 | |||
|
| |||
Total expenses | 584,669 | |||
Less: Fee waivers and/or expense reimbursement | (52,124 | ) | ||
|
| |||
Net expenses | 532,545 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 145,989 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $271) | 5,186,305 | |||
Foreign currency transactions | (7,245 | ) | ||
|
| |||
5,179,060 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(1,184)) | 3,716,435 | |||
Foreign currencies | (8,013 | ) | ||
|
| |||
3,708,422 | ||||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 8,887,482 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,033,471 | ||
|
|
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) | $ | 145,989 | $ | 38,409 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 5,179,060 | 8,925,584 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 3,708,422 | 16,525,818 | ||||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 9,033,471 | 25,489,811 | ||||||
|
|
|
| |||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||
Portfolio shares sold | 2,687,020 | 5,403,610 | ||||||
Portfolio shares purchased | (4,752,702 | ) | (13,300,644 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (2,065,682 | ) | (7,897,034 | ) | ||||
|
|
|
| |||||
TOTAL INCREASE (DECREASE) | 6,967,789 | 17,592,777 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 103,337,241 | 85,744,464 | ||||||
|
|
|
| |||||
End of period | $ | 110,305,030 | $ | 103,337,241 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A15
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 98.1% |
| |||||||
COMMON STOCKS |
| |||||||
Aerospace & Defense — 0.4% | ||||||||
HEICO Corp. (Class A Stock) | 14,568 | $ | 1,809,054 | |||||
|
| |||||||
Airlines — 1.5% | ||||||||
Delta Air Lines, Inc.* | 98,061 | 4,242,119 | ||||||
Frontier Group Holdings, Inc.*(a) | 98,864 | 1,684,642 | ||||||
|
| |||||||
5,926,761 | ||||||||
|
| |||||||
Banks — 2.0% | ||||||||
First Republic Bank | 17,530 | 3,281,090 | ||||||
Signature Bank | 8,616 | 2,116,520 | ||||||
SVB Financial Group* | 5,144 | 2,862,276 | ||||||
|
| |||||||
8,259,886 | ||||||||
|
| |||||||
Beverages — 0.7% | ||||||||
Constellation Brands, Inc. (Class A Stock) | 12,456 | 2,913,334 | ||||||
|
| |||||||
Biotechnology — 5.4% | ||||||||
Agios Pharmaceuticals, Inc.*(a) | 48,740 | 2,686,061 | ||||||
Alnylam Pharmaceuticals, Inc.* | 21,907 | 3,713,675 | ||||||
Exact Sciences Corp.* | 32,355 | 4,022,050 | ||||||
Exelixis, Inc.* | 104,391 | 1,902,004 | ||||||
Horizon Therapeutics PLC* | 50,002 | 4,682,187 | ||||||
Ionis Pharmaceuticals, Inc.*(a) | 20,847 | 831,587 | ||||||
Neurocrine Biosciences, Inc.* | 21,740 | 2,115,737 | ||||||
Seagen, Inc.* | 13,119 | 2,071,228 | ||||||
|
| |||||||
22,024,529 | ||||||||
|
| |||||||
Building Products — 3.5% | ||||||||
Fortune Brands Home & Security, Inc. | 41,136 | 4,097,557 | ||||||
Trane Technologies PLC | 37,498 | 6,904,882 | ||||||
Trex Co., Inc.*(a) | 32,890 | 3,361,687 | ||||||
|
| |||||||
14,364,126 | ||||||||
|
| |||||||
Capital Markets — 3.9% | ||||||||
Affiliated Managers Group, Inc. | 12,195 | 1,880,591 | ||||||
Blackstone Group, Inc. (The)(a) | 29,678 | 2,882,921 | ||||||
Charles Schwab Corp. (The) | 45,854 | 3,338,630 | ||||||
Evercore, Inc. (Class A Stock) | 18,274 | 2,572,431 | ||||||
MarketAxess Holdings, Inc. | 5,528 | 2,562,725 | ||||||
MSCI, Inc. | 4,962 | 2,645,143 | ||||||
|
| |||||||
15,882,441 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.5% |
| |||||||
ACV Auctions, Inc. (Class A Stock)* | 31,160 | 798,631 | ||||||
Copart, Inc.* | 40,528 | 5,342,806 | ||||||
|
| |||||||
6,141,437 | ||||||||
|
| |||||||
Construction & Engineering — 0.8% |
| |||||||
Quanta Services, Inc. | 35,492 | 3,214,510 | ||||||
|
| |||||||
Consumer Finance — 0.7% | ||||||||
Discover Financial Services | 25,733 | 3,043,957 | ||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
Bright Horizons Family Solutions, Inc.* | 16,881 | 2,483,364 | ||||||
|
| |||||||
Electrical Equipment — 2.8% | ||||||||
AMETEK, Inc. | 25,255 | 3,371,542 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Electrical Equipment (cont’d.) | ||||||||
Generac Holdings, Inc.* | 19,420 | $ | 8,062,213 | |||||
|
| |||||||
11,433,755 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.4% |
| |||||||
Itron, Inc.* | 24,631 | 2,462,607 | ||||||
Keysight Technologies, Inc.* | 28,934 | 4,467,699 | ||||||
Littelfuse, Inc. | 11,690 | 2,978,495 | ||||||
Trimble, Inc.* | 25,537 | 2,089,693 | ||||||
Zebra Technologies Corp. (Class A Stock)* | 11,046 | 5,848,747 | ||||||
|
| |||||||
17,847,241 | ||||||||
|
| |||||||
Entertainment — 4.0% | ||||||||
Roku, Inc.* | 21,041 | 9,663,079 | ||||||
Spotify Technology SA* | 14,621 | 4,029,401 | ||||||
Take-Two Interactive Software, Inc.* | 14,792 | 2,618,480 | ||||||
|
| |||||||
16,310,960 | ||||||||
|
| |||||||
Food Products — 0.3% | ||||||||
Oatly Group AB, ADR*(a) | 55,821 | 1,365,382 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 4.8% |
| |||||||
Align Technology, Inc.* | 3,464 | 2,116,504 | ||||||
Cooper Cos., Inc. (The) | 8,577 | 3,398,808 | ||||||
Dexcom, Inc.* | 18,509 | 7,903,343 | ||||||
Insulet Corp.*(a) | 13,180 | 3,618,042 | ||||||
ResMed, Inc. | 10,611 | 2,615,823 | ||||||
|
| |||||||
19,652,520 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.7% |
| |||||||
Acadia Healthcare Co., Inc.* | 35,086 | 2,201,646 | ||||||
Amedisys, Inc.* | 10,444 | 2,558,049 | ||||||
Centene Corp.* | 44,146 | 3,219,568 | ||||||
Cigna Corp. | 15,641 | 3,708,012 | ||||||
McKesson Corp. | 17,739 | 3,392,406 | ||||||
|
| |||||||
15,079,681 | ||||||||
|
| |||||||
Health Care Technology — 0.8% | ||||||||
Teladoc Health, Inc.*(a) | 19,027 | 3,164,000 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.3% | ||||||||
Airbnb, Inc. (Class A Stock)* | 6,854 | 1,049,622 | ||||||
Aramark | 62,664 | 2,334,234 | ||||||
Booking Holdings, Inc.* | 893 | 1,953,964 | ||||||
Chipotle Mexican Grill, Inc.* | 2,080 | 3,224,707 | ||||||
DraftKings, Inc. (Class A Stock)*(a) | 71,880 | 3,749,980 | ||||||
Las Vegas Sands Corp.* | 53,619 | 2,825,185 | ||||||
Royal Caribbean Cruises Ltd.*(a) | 29,846 | 2,545,267 | ||||||
|
| |||||||
17,682,959 | ||||||||
|
| |||||||
Household Durables — 1.5% | ||||||||
Garmin Ltd. | 19,168 | 2,772,460 | ||||||
Helen of Troy Ltd.*(a) | 14,694 | 3,351,995 | ||||||
|
| |||||||
6,124,455 | ||||||||
|
| |||||||
Insurance — 0.5% | ||||||||
Progressive Corp. (The) | 20,617 | 2,024,796 | ||||||
|
| |||||||
Interactive Media & Services — 4.0% | ||||||||
Bumble, Inc. (Class A Stock)*(a) | 32,505 | 1,872,288 |
SEE NOTES TO FINANCIAL STATEMENTS.
A16
PSF MID-CAP GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Interactive Media & Services (cont’d.) | ||||||||
Match Group, Inc.* | 41,555 | $ | 6,700,744 | |||||
Pinterest, Inc. (Class A Stock)* | 51,634 | 4,076,504 | ||||||
Zillow Group, Inc. (Class C Stock)*(a) | 30,967 | 3,784,787 | ||||||
|
| |||||||
16,434,323 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.5% |
| |||||||
Chewy, Inc. (Class A Stock)*(a) | 25,660 | 2,045,359 | ||||||
|
| |||||||
IT Services — 3.4% | ||||||||
Affirm Holdings, Inc.*(a) | 16,873 | 1,136,396 | ||||||
Global Payments, Inc. | 21,440 | 4,020,858 | ||||||
MongoDB, Inc.*(a) | 9,855 | 3,562,780 | ||||||
Okta, Inc.* | 15,591 | 3,814,806 | ||||||
Snowflake, Inc. (Class A Stock)*(a) | 4,870 | 1,177,566 | ||||||
|
| |||||||
13,712,406 | ||||||||
|
| |||||||
Leisure Products — 0.5% | ||||||||
Brunswick Corp. | 22,260 | 2,217,541 | ||||||
|
| |||||||
Life Sciences Tools & Services — 3.4% | ||||||||
Agilent Technologies, Inc. | 41,661 | 6,157,912 | ||||||
Maravai LifeSciences Holdings, Inc. (Class A Stock)* | 70,216 | 2,930,114 | ||||||
Mettler-Toledo International, Inc.* | 3,403 | 4,714,312 | ||||||
|
| |||||||
13,802,338 | ||||||||
|
| |||||||
Machinery — 2.3% | ||||||||
Ingersoll Rand, Inc.* | 76,097 | 3,714,295 | ||||||
ITT, Inc. | 34,331 | 3,144,376 | ||||||
Stanley Black & Decker, Inc. | 12,823 | 2,628,587 | ||||||
|
| |||||||
9,487,258 | ||||||||
|
| |||||||
Media — 0.5% | ||||||||
Discovery, Inc. (Class C Stock)* | 69,722 | 2,020,543 | ||||||
|
| |||||||
Metals & Mining — 0.7% | ||||||||
Freeport-McMoRan, Inc. | 82,308 | 3,054,450 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
EOG Resources, Inc. | 28,254 | 2,357,514 | ||||||
|
| |||||||
Pharmaceuticals — 1.9% | ||||||||
Catalent, Inc.* | 26,588 | 2,874,694 | ||||||
Jazz Pharmaceuticals PLC* | 15,309 | 2,719,491 | ||||||
Royalty Pharma PLC (Class A Stock)(a) | 50,590 | 2,073,684 | ||||||
|
| |||||||
7,667,869 | ||||||||
|
| |||||||
Professional Services — 3.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 46,378 | 3,950,478 | ||||||
CoStar Group, Inc.* | 17,680 | 1,464,258 | ||||||
Equifax, Inc. | 19,084 | 4,570,809 | ||||||
IHS Markit Ltd. | 31,052 | 3,498,318 | ||||||
|
| |||||||
13,483,863 | ||||||||
|
| |||||||
Road & Rail — 2.2% | ||||||||
Lyft, Inc. (Class A Stock)* | 62,431 | 3,775,827 | ||||||
Old Dominion Freight Line, Inc. | 19,738 | 5,009,504 | ||||||
|
| |||||||
8,785,331 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 8.5% |
| |||||||
Advanced Micro Devices, Inc.* | 31,590 | 2,967,249 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Semiconductors & Semiconductor Equipment (cont’d.) |
| |||||||
Cree, Inc.*(a) | 21,586 | $ | 2,113,917 | |||||
Entegris, Inc.(a) | 46,083 | 5,666,826 | ||||||
Lam Research Corp. | 7,013 | 4,563,359 | ||||||
Marvell Technology, Inc. | 48,922 | 2,853,620 | ||||||
Microchip Technology, Inc.(a) | 30,071 | 4,502,832 | ||||||
SolarEdge Technologies, Inc.* | 16,290 | 4,502,067 | ||||||
Teradyne, Inc. | 37,660 | 5,044,934 | ||||||
Xilinx, Inc. | 17,064 | 2,468,137 | ||||||
|
| |||||||
34,682,941 | ||||||||
|
| |||||||
Software — 12.4% | ||||||||
Avalara, Inc.* | 13,983 | 2,262,449 | ||||||
Bill.com Holdings, Inc.* | 10,875 | 1,992,083 | ||||||
Cadence Design Systems, Inc.* | 34,806 | 4,762,157 | ||||||
Confluent, Inc. (Class A Stock)* | 1,302 | 61,845 | ||||||
Coupa Software, Inc.* | 10,326 | 2,706,548 | ||||||
Crowdstrike Holdings, Inc. (Class A Stock)* | 22,722 | 5,710,266 | ||||||
DocuSign, Inc.* | 16,823 | 4,703,206 | ||||||
Five9, Inc.* | 23,216 | 4,257,582 | ||||||
HubSpot, Inc.* | 11,427 | 6,658,741 | ||||||
RingCentral, Inc. (Class A Stock)* | 12,759 | 3,707,510 | ||||||
Synopsys, Inc.* | 16,211 | 4,470,832 | ||||||
Trade Desk, Inc. (The) (Class A | 62,080 | 4,802,509 | ||||||
UiPath, Inc. (Class A Stock)* | 14,600 | 991,778 | ||||||
Zscaler, Inc.* | 16,379 | 3,538,847 | ||||||
|
| |||||||
50,626,353 | ||||||||
|
| |||||||
Specialty Retail — 5.3% | ||||||||
Burlington Stores, Inc.* | 12,958 | 4,172,346 | ||||||
CarMax, Inc.*(a) | 25,038 | 3,233,658 | ||||||
National Vision Holdings, Inc.*(a) | 43,349 | 2,216,434 | ||||||
O’Reilly Automotive, Inc.* | 5,431 | 3,075,087 | ||||||
Tractor Supply Co. | 26,026 | 4,842,398 | ||||||
Ulta Beauty, Inc.* | 11,672 | 4,035,827 | ||||||
|
| |||||||
21,575,750 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.5% |
| |||||||
Lululemon Athletica, Inc.* | 6,131 | 2,237,631 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 400,940,618 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 15.3% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 7,515,341 | 7,515,341 | ||||||
PGIM Institutional Money Market | 55,218,627 | 55,185,496 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 62,700,837 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 113.4% |
| 463,641,455 | ||||||
Liabilities in excess of other assets — (13.4)% |
| (54,838,419 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 408,803,036 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A17
PSF MID-CAP GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
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 $53,326,578; cash collateral of $55,131,707 (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 | ||||||||||||
Aerospace & Defense | $ | 1,809,054 | $— | $— | ||||||||
Airlines | �� | 5,926,761 | — | — | ||||||||
Banks | 8,259,886 | — | — | |||||||||
Beverages | 2,913,334 | — | — | |||||||||
Biotechnology | 22,024,529 | — | — | |||||||||
Building Products | 14,364,126 | — | — | |||||||||
Capital Markets | 15,882,441 | — | — | |||||||||
Commercial Services & Supplies | 6,141,437 | — | — | |||||||||
Construction & Engineering | 3,214,510 | — | — | |||||||||
Consumer Finance | 3,043,957 | — | — | |||||||||
Diversified Consumer Services | 2,483,364 | — | — | |||||||||
Electrical Equipment | 11,433,755 | — | — | |||||||||
Electronic Equipment, Instruments & Components | 17,847,241 | — | — | |||||||||
Entertainment | 16,310,960 | — | — | |||||||||
Food Products | 1,365,382 | — | — | |||||||||
Health Care Equipment & Supplies | 19,652,520 | — | — | |||||||||
Health Care Providers & Services | 15,079,681 | — | — | |||||||||
Health Care Technology | 3,164,000 | — | — | |||||||||
Hotels, Restaurants & Leisure | 17,682,959 | — | — | |||||||||
Household Durables | 6,124,455 | — | — | |||||||||
Insurance | 2,024,796 | — | — | |||||||||
Interactive Media & Services | 16,434,323 | — | — | |||||||||
Internet & Direct Marketing Retail | 2,045,359 | — | — | |||||||||
IT Services | 13,712,406 | — | — | |||||||||
Leisure Products | 2,217,541 | — | — | |||||||||
Life Sciences Tools & Services | 13,802,338 | — | — | |||||||||
Machinery | 9,487,258 | — | — | |||||||||
Media | 2,020,543 | — | — | |||||||||
Metals & Mining | 3,054,450 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 2,357,514 | — | — | |||||||||
Pharmaceuticals | 7,667,869 | — | — | |||||||||
Professional Services | 13,483,863 | — | — | |||||||||
Road & Rail | 8,785,331 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A18
PSF MID-CAP GROWTH 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) | ||||||||||||
Semiconductors & Semiconductor Equipment | $ | 34,682,941 | $— | $— | ||||||||
Software | 50,626,353 | — | — | |||||||||
Specialty Retail | 21,575,750 | — | — | |||||||||
Textiles, Apparel & Luxury Goods | 2,237,631 | — | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 62,700,837 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 463,641,455 | $— | $— | ||||||||
|
|
|
|
|
|
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 (13.5% represents investments purchased with collateral from securities on loan) | 15.3 | % | ||
Software | 12.4 | |||
Semiconductors & Semiconductor Equipment | 8.5 | |||
Biotechnology | 5.4 | |||
Specialty Retail | 5.3 | |||
Health Care Equipment & Supplies | 4.8 | |||
Electronic Equipment, Instruments & Components | 4.4 | |||
Hotels, Restaurants & Leisure | 4.3 | |||
Interactive Media & Services | 4.0 | |||
Entertainment | 4.0 | |||
Capital Markets | 3.9 | |||
Health Care Providers & Services | 3.7 | |||
Building Products | 3.5 | |||
Life Sciences Tools & Services | 3.4 | |||
IT Services | 3.4 | |||
Professional Services | 3.3 | |||
Electrical Equipment | 2.8 | |||
Machinery | 2.3 | |||
Road & Rail | 2.2 | |||
Banks | 2.0 | |||
Pharmaceuticals | 1.9 |
Commercial Services & Supplies | 1.5 | % | ||
Household Durables | 1.5 | |||
Airlines | 1.5 | |||
Construction & Engineering | 0.8 | |||
Health Care Technology | 0.8 | |||
Metals & Mining | 0.7 | |||
Consumer Finance | 0.7 | |||
Beverages | 0.7 | |||
Diversified Consumer Services | 0.6 | |||
Oil, Gas & Consumable Fuels | 0.6 | |||
Textiles, Apparel & Luxury Goods | 0.5 | |||
Leisure Products | 0.5 | |||
Internet & Direct Marketing Retail | 0.5 | |||
Insurance | 0.5 | |||
Media | 0.5 | |||
Aerospace & Defense | 0.4 | |||
Food Products | 0.3 | |||
|
| |||
113.4 | ||||
Liabilities in excess of other assets | (13.4 | ) | ||
|
| |||
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 | $53,326,578 | $(53,326,578) | $— | |||||
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A19
PSF MID-CAP GROWTH PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $53,326,578: | ||||
Unaffiliated investments (cost $254,545,467) | $ | 400,940,618 | ||
Affiliated investments (cost $62,649,763) | 62,700,837 | |||
Cash | 12,843 | |||
Receivable for investments sold | 856,788 | |||
Dividends receivable | 55,355 | |||
Tax reclaim receivable | 14,688 | |||
Prepaid expenses | 16,843 | |||
|
| |||
Total Assets | 464,597,972 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 55,131,707 | |||
Payable for investments purchased | 259,951 | |||
Management fee payable | 195,033 | |||
Accrued expenses and other liabilities | 114,687 | |||
Payable for Portfolio shares purchased | 82,413 | |||
Payable to affiliate | 10,061 | |||
Affiliated transfer agent fee payable | 980 | |||
Distribution fee payable | 67 | |||
Administration fee payable | 37 | |||
|
| |||
Total Liabilities | 55,794,936 | |||
|
| |||
NET ASSETS | $ | 408,803,036 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 408,803,036 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $408,432,275 / 13,600,208 outstanding shares of beneficial interest | $ | 30.03 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $308,028 / 11,024 outstanding shares of beneficial interest | $ | 27.94 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $62,733 / 2,090 outstanding shares of beneficial interest | $ | 30.02 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income (net of $108 foreign withholding tax) | $ | 697,706 | ||
Income from securities lending, net (including affiliated income of $11,050) | 37,785 | |||
Affiliated dividend income | 3,734 | |||
|
| |||
Total income | 739,225 | |||
|
| |||
EXPENSES | ||||
Management fee | 1,172,040 | |||
Distribution fee—Class II | 389 | |||
Distribution fee—Class III | 7 | |||
Administration fee—Class II | 233 | |||
Custodian and accounting fees | 31,160 | |||
Shareholders’ reports | 26,187 | |||
Audit fee | 14,875 | |||
Legal fees and expenses | 9,462 | |||
Trustees’ fees | 7,008 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 11,592 | |||
|
| |||
Total expenses | 1,278,250 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | (539,025 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |
| |||
Net realized gain (loss) on investment transactions (including affiliated of $(4,217)) | 36,361,447 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(2,039)) | (3,964,360 | ) | ||
|
| |||
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 32,397,087 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 31,858,062 | ||
|
|
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) | $ | (539,025 | ) | $ | (456,313 | ) | ||||
Net realized gain (loss) on investment transactions | 36,361,447 | 44,796,196 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (3,964,360 | ) | 80,524,571 | |||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 31,858,062 | 124,864,454 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 15,457,288 | 21,356,366 | ||||||||
Portfolio shares purchased | (20,956,231 | ) | (44,027,064 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (5,498,943 | ) | (22,670,698 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 26,359,119 | 102,193,756 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 382,443,917 | 280,250,161 | ||||||||
|
|
|
| |||||||
End of period | $ | 408,803,036 | $ | 382,443,917 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A20
PSF NATURAL RESOURCES PORTFOLIO |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 100.0% |
| |||||||
COMMON STOCKS |
| |||||||
Agricultural Products — 0.7% |
| |||||||
Darling Ingredients, Inc.* | 44,205 | $ | 2,983,838 | |||||
|
| |||||||
Automobile Manufacturers — 0.6% |
| |||||||
Ford Motor Co.* | 189,745 | 2,819,611 | ||||||
|
| |||||||
Building Products — 1.0% |
| |||||||
Johnson Controls International PLC | 67,825 | 4,654,830 | ||||||
|
| |||||||
Commodity Chemicals — 0.6% |
| |||||||
LG Chem Ltd. (South Korea) | 3,360 | 2,545,187 | ||||||
|
| |||||||
Construction & Engineering — 0.9% |
| |||||||
Quanta Services, Inc. | 46,170 | 4,181,617 | ||||||
|
| |||||||
Copper — 3.5% |
| |||||||
First Quantum Minerals Ltd. (Zambia) | 239,929 | 5,529,825 | ||||||
Freeport-McMoRan, Inc. | 274,990 | 10,204,879 | ||||||
|
| |||||||
15,734,704 | ||||||||
|
| |||||||
Diversified Chemicals — 1.0% |
| |||||||
Chemours Co. (The) | 125,955 | 4,383,234 | ||||||
|
| |||||||
Diversified Metals & Mining — 7.1% |
| |||||||
BHP Group Ltd. (Australia) | 358,863 | 13,142,920 | ||||||
Glencore PLC (Australia)* | 832,830 | 3,587,733 | ||||||
Rio Tinto PLC (Australia) | 176,146 | 14,584,170 | ||||||
|
| |||||||
31,314,823 | ||||||||
|
| |||||||
Electrical Components & Equipment — 5.3% |
| |||||||
Eaton Corp. PLC | 31,335 | 4,643,220 | ||||||
Generac Holdings, Inc.* | 20,525 | 8,520,954 | ||||||
Plug Power, Inc.*(a) | 128,640 | 4,398,202 | ||||||
Sunrun, Inc.*(a) | 105,575 | 5,888,973 | ||||||
|
| |||||||
23,451,349 | ||||||||
|
| |||||||
Electronic Components — 1.1% |
| |||||||
Samsung SDI Co. Ltd. (South Korea) | 7,845 | 4,884,576 | ||||||
|
| |||||||
Fertilizers & Agricultural Chemicals — 0.8% |
| |||||||
Sociedad Quimica y Minera de Chile SA (Chile), ADR | 72,200 | 3,417,226 | ||||||
|
| |||||||
Gold — 3.6% |
| |||||||
Barrick Gold Corp. (Canada)(a) | 240,280 | 4,968,990 | ||||||
Newcrest Mining Ltd. (Australia) | 225,721 | 4,305,639 | ||||||
Newmont Corp. | 83,550 | 5,295,399 | ||||||
Wheaton Precious Metals Corp. (Brazil) | 35,052 | 1,545,048 | ||||||
|
| |||||||
16,115,076 | ||||||||
|
| |||||||
Heavy Electrical Equipment — 0.8% |
| |||||||
Siemens Gamesa Renewable Energy SA (Spain) | 56,410 | 1,886,222 | ||||||
TPI Composites, Inc.* | 37,600 | 1,820,592 | ||||||
|
| |||||||
3,706,814 | ||||||||
|
| |||||||
Industrial Gases — 5.4% |
| |||||||
Air Liquide SA (France) | 31,867 | 5,591,065 | ||||||
Air Products & Chemicals, Inc. | 24,805 | 7,135,902 | ||||||
Linde PLC (United Kingdom) | 38,295 | 11,071,085 | ||||||
|
| |||||||
23,798,052 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Industrial Machinery — 1.1% |
| |||||||
Chart Industries, Inc.* | 32,415 | $ | 4,742,963 | |||||
|
| |||||||
Integrated Oil & Gas — 21.0% |
| |||||||
BP PLC (United Kingdom), ADR | 418,500 | 11,056,770 | ||||||
Chevron Corp. | 215,665 | 22,588,752 | ||||||
Equinor ASA (Norway) | 445,485 | 9,473,841 | ||||||
Exxon Mobil Corp. | 368,305 | 23,232,679 | ||||||
Royal Dutch Shell PLC (Netherlands)(Class B Stock) | 676,300 | 13,140,496 | ||||||
Suncor Energy, Inc. (Canada) | 140,979 | 3,376,627 | ||||||
TotalEnergies SE (France), ADR(a) | 229,145 | 10,371,103 | ||||||
|
| |||||||
93,240,268 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services — 4.8% |
| |||||||
Baker Hughes Co.(a) | 435,070 | 9,950,051 | ||||||
Schlumberger NV | 357,455 | 11,442,134 | ||||||
|
| |||||||
21,392,185 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production — 16.2% |
| |||||||
ConocoPhillips | 367,306 | 22,368,935 | ||||||
Devon Energy Corp. | 308,045 | 8,991,834 | ||||||
Diamondback Energy, Inc. | 125,795 | 11,810,892 | ||||||
EOG Resources, Inc. | 66,760 | 5,570,454 | ||||||
Hess Corp. | 110,455 | 9,644,931 | ||||||
Marathon Oil Corp. | 215,340 | 2,932,931 | ||||||
Pioneer Natural Resources Co. | 64,098 | 10,417,207 | ||||||
|
| |||||||
71,737,184 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing — 8.5% |
| |||||||
Marathon Petroleum Corp. | 258,115 | 15,595,309 | ||||||
Neste OYJ (Finland) | 81,831 | 5,017,341 | ||||||
Valero Energy Corp. | 218,862 | 17,088,744 | ||||||
|
| |||||||
37,701,394 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation — 7.6% |
| |||||||
Cheniere Energy, Inc.* | 51,805 | 4,493,566 | ||||||
Kinder Morgan, Inc. | 478,090 | 8,715,581 | ||||||
ONEOK, Inc. | 103,400 | 5,753,176 | ||||||
TC Energy Corp. (Canada)(a) | 93,114 | 4,607,625 | ||||||
Williams Cos., Inc. (The) | 389,205 | 10,333,393 | ||||||
|
| |||||||
33,903,341 | ||||||||
|
| |||||||
Precious Metals & Minerals — 0.0% |
| |||||||
Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (original cost $1,102,975; purchased 11/27/07)*^(f) | 129,100 | 23,216 | ||||||
|
| |||||||
Renewable Electricity — 1.2% |
| |||||||
Sunnova Energy International, Inc.*(a) | 136,000 | 5,121,760 | ||||||
|
| |||||||
Semiconductor Equipment — 2.6% |
| |||||||
Enphase Energy, Inc.* | 37,840 | 6,948,559 | ||||||
SolarEdge Technologies, Inc.* | 15,910 | 4,397,047 | ||||||
|
| |||||||
11,345,606 | ||||||||
|
| |||||||
Semiconductors — 0.5% |
| |||||||
First Solar, Inc.*(a) | 22,995 | 2,081,277 | ||||||
|
| |||||||
Specialty Chemicals — 3.3% |
| |||||||
Albemarle Corp. | 43,375 | 7,306,953 |
SEE NOTES TO FINANCIAL STATEMENTS.
A21
PSF NATURAL RESOURCES PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Specialty Chemicals (cont’d.) |
| |||||||
Livent Corp.*(a) | 128,025 | $ | 2,478,564 | |||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 27,800 | 4,648,630 | ||||||
|
| |||||||
14,434,147 | ||||||||
|
| |||||||
Steel — 0.8% |
| |||||||
Vale SA (Brazil), ADR | 154,540 | 3,525,057 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 443,239,335 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 8.3% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond | 554,318 | 554,318 | ||||||
PGIM Institutional Money Market Fund (cost $36,322,558; includes $36,320,048 of cash collateral for securities on | 36,364,296 | 36,342,478 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 36,896,796 | ||||||
|
| |||||||
TOTAL INVESTMENTS—108.3% |
| 480,136,131 | ||||||
Liabilities in excess of other assets — (8.3)% |
| (36,676,792 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| $ | 443,459,339 | |||||
|
|
See the Glossary for a list of the abbreviation(s) used in the semiannual report:
* | Non-income producing security. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $23,216 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $35,401,802; cash collateral of $36,320,048 (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. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the original cost of such security is $1,102,975. The value of $23,216 is 0.0% 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. |
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 | ||||||||||||
Australia | $ | — | $ | 35,620,462 | $ | — | ||||||
Brazil | 5,070,105 | — | — | |||||||||
Canada | 12,953,242 | — | — | |||||||||
Chile | 3,417,226 | — | — | |||||||||
Finland | — | 5,017,341 | — | |||||||||
France | 10,371,103 | 5,591,065 | — | |||||||||
Japan | — | 4,648,630 | — | |||||||||
Netherlands | — | 13,140,496 | — | |||||||||
Norway | — | 9,473,841 | — | |||||||||
South Africa | — | — | 23,216 | |||||||||
South Korea | — | 7,429,763 | — | |||||||||
Spain | — | 1,886,222 | — | |||||||||
United Kingdom | 22,127,855 | — | — | |||||||||
United States | 300,938,943 | — | — | |||||||||
Zambia | 5,529,825 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A22
PSF NATURAL RESOURCES 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 | ||||||||||||
Affiliated Mutual Funds | $ | 36,896,796 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Total | $ | 397,305,095 | $ | 82,807,820 | $ | 23,216 | ||||||
|
|
|
|
|
|
Country Classification:
The country 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:
United States (including 8.2% of collateral for securities on loan) | 76.2 | % | ||
Australia | 8.1 | |||
United Kingdom | 5.0 | |||
France | 3.6 | |||
Netherlands | 3.0 | |||
Canada | 2.9 | |||
Norway | 2.1 | |||
South Korea | 1.7 | |||
Zambia | 1.2 | |||
Brazil | 1.1 |
Finland | 1.1 | % | ||
Japan | 1.1 | |||
Chile | 0.8 | |||
Spain | 0.4 | |||
South Africa | 0.0 | * | ||
|
| |||
108.3 | ||||
Liabilities in excess of other assets | (8.3 | ) | ||
|
| |||
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 | $ | 35,401,802 | $ | (35,401,802 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A23
PSF NATURAL RESOURCES PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $35,401,802: | ||||
Unaffiliated investments (cost $314,483,921) | $ | 443,239,335 | ||
Affiliated investments (cost $36,876,876) | 36,896,796 | |||
Foreign currency, at value (cost $2,071) | 2,061 | |||
Tax reclaim receivable | 944,730 | |||
Dividends receivable | 404,176 | |||
Receivable for Portfolio shares sold | 33,711 | |||
Receivable from affiliate | 1,467 | |||
Prepaid expenses | 1,092 | |||
|
| |||
Total Assets | 481,523,368 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 36,320,048 | |||
Payable to affiliate | 719,861 | |||
Payable for investments purchased | 664,643 | |||
Management fee payable | 162,635 | |||
Accrued expenses and other liabilities | 138,039 | |||
Payable for Portfolio shares purchased | 46,365 | |||
Distribution fee payable | 7,164 | |||
Administration fee payable | 4,294 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 38,064,029 | |||
|
| |||
NET ASSETS | $ | 443,459,339 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 443,459,339 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $408,836,243 / 12,527,466 outstanding shares of beneficial interest | $ | 32.64 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $34,563,733 / 1,106,400 outstanding shares of beneficial interest | $ | 31.24 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $59,363 / 1,820 outstanding shares of beneficial interest | $ | 32.62 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) |
| |||
INCOME | ||||
Unaffiliated dividend income (net of $154,722 foreign withholding tax, of which $10,267 is reimbursable by an affiliate) | $ | 6,459,861 | ||
Income from securities lending, net (including affiliated income of $14,534) | 133,729 | |||
Affiliated dividend income | 1,388 | |||
|
| |||
Total income | 6,594,978 | |||
|
| |||
EXPENSES | ||||
Management fee | 962,848 | |||
Distribution fee—Class II | 42,415 | |||
Distribution fee—Class III | 18 | |||
Administration fee—Class II | 25,448 | |||
Shareholders’ reports | 45,371 | |||
Custodian and accounting fees | 43,203 | |||
Audit fee | 14,484 | |||
Legal fees and expenses | 9,464 | |||
Trustees’ fees | 7,023 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 14,394 | |||
|
| |||
Total expenses | 1,169,965 | |||
Less: Fee waivers and/or expense reimbursement | (17,117 | ) | ||
|
| |||
Net expenses | 1,152,848 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 5,442,130 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |
| |||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(3,617)) (net of foreign capital gains taxes $(88,814)) | 67,718,586 | |||
Foreign currency transactions | (4,931 | ) | ||
|
| |||
67,713,655 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $115) | 702,085 | |||
Foreign currencies | (7,688 | ) | ||
|
| |||
694,397 | ||||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 68,408,052 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 73,850,182 | ||
|
|
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) | $ | 5,442,130 | $ | 7,278,252 | ||||||
Net realized gain (loss) on investment and foreign currency transactions | 67,713,655 | (34,800,100 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 694,397 | 67,213,184 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 73,850,182 | 39,691,336 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 6,928,473 | 18,902,478 | ||||||||
Portfolio shares purchased | (21,572,182 | ) | (56,008,630 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (14,643,709 | ) | (37,106,152 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 59,206,473 | 2,585,184 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 384,252,866 | 381,667,682 | ||||||||
|
|
|
| |||||||
End of period | $ | 443,459,339 | $ | 384,252,866 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A24
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.
A25
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.
A26
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.
A27
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.
A28
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 | 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.
A29
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.
A30
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.
A31
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.
A32
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.
A33
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 | 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 |
| 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 | 1,725,528 | |||||||
|
|
Interest Rate | Maturity | 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.
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 | |||||||||||||
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.
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 | |||||||||||||
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.
A36
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 |
| 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.
A37
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, |
| |||||||||||||||
3.375% | 11/01/28 | 1,849 | 1,836,002 | |||||||||||||
Continental Airlines 2012-2 Class A Pass-Through Trust, |
| |||||||||||||||
4.000% | 04/29/26 | 253 | 267,840 |
SEE NOTES TO FINANCIAL STATEMENTS.
A38
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A39
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A40
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A41
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.
A42
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.
A43
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A44
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 |
| 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 |
| 16,163,173 | ||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A45
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.
A46
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 |
| 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 |
| 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.
A47
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.
A48
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.
A49
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 |
| 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 |
| 16,777,676 | ||||||||||
|
| |||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 2,509,794,066 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 14.1% |
| |||||||||||
AFFILIATED MUTUAL FUNDS — 14.0% |
| |||||||||||
PGIM Core Ultra Short Bond | 328,450,616 | 328,450,616 | ||||||||||
PGIM Institutional Money Market Fund | 66,222,186 | 66,182,452 | ||||||||||
|
| |||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 394,633,068 | ||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A50
PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| 2,674,743 | ||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 397,307,811 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.4% |
| 2,907,101,877 | ||||||||||
|
| |||||||||||
OPTION WRITTEN*~ — (0.0)% |
| |||||||||||
(premiums received $0) |
| (1,536 | ) | |||||||||
|
| |||||||||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—103.4% |
| 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.
A51
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 | 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/ | 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.
A52
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 | 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.
A53
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.
A54
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.
A55
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 | % | |||
|
|
* | Less than +/- 0.05% |
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 | 131,185 | ||||||||
Interest rate contracts | Due from/to broker-variation margin futures | 3,969,844 | * | Due from/to broker-variation margin futures | 281,630 | * | ||||||
Interest rate contracts | — | — | Due from/to broker-variation 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 | 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.
A56
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 | 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 | Interest Rate Swap Agreements(2) | |||||||||
$29,120,812 | $11,762,179 |
Credit Default Swap Agreements— | Total Return Swap Agreements(2) | Inflation Swap Agreements(2) | ||||||||
$5,833,333 | $7,338,214 | $20,850,000 |
(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 | $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.
A57
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.
A58
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.
A59
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. | 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.
A60
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
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 | ||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
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 | ||||||
|
| |||||||
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.
A61
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.
A62
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.
A63
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.
A64
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.
A65
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 | 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.
A66
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 | 22,000 | 613,800 | ||||||
|
| |||||||
Household Products — 0.0% |
| |||||||
Henkel AG & Co. KGaA (Germany) (PRFC) | 1,365 | 144,185 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| 1,008,032 | ||||||
|
|
Interest | 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 | 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.
A67
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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% |
| |||||||||||||
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 | 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.
A68
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A69
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| |||||||||||||
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 | 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.
A70
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| 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 | 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.
A71
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A72
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A73
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A74
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A75
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A76
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A77
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| 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 | 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 |
| 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.
A78
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A79
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| 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 | 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 |
| 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.
A80
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A81
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A82
PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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 |
| 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 |
| 23,946,321 | ||||||||||||
|
| |||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 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 |
| 37,109,471 |
| 37,087,206 | ||||||||||
|
| |||||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 294,581,544 | ||||||||||||
|
| |||||||||||||
Interest | 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 |
| 294,931,510 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.8% |
| 4,887,222,174 | ||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A83
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% | 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 | ) | ||||||||||
|
|
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.
A84
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/ | 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 | |||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||
Reference Entity/ | 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. | ||||||||||||||||
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|
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|
|
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.
A85
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 | ) | ||||||||||||||
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|
|
|
(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.
A86
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.
A87
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 | % | |||
|
|
* | Less than +/- 0.05% |
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.
A88
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 | Statement of | Fair Value | Statement of | 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 | 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 | 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.
A89
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 | Options | Futures | Futures | Forward Foreign | ||||
$54,309 | $4,558,000 | $266,933,751 | $40,587,103 | $10,415,928 |
Forward Foreign | Interest Rate Swap Agreements(2) | |||||||||
$29,934,201 | $16,959,759 |
Credit Default Swap Agreements— | 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 | ||||||||||||||
|
|
|
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|
|
|
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|
|
(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.
A90
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 | ||||
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.
A91
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 |
| 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 |
| 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 |
| 2,160,891 | ||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A92
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 |
| 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.
A93
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.
A94
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 |
| 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 |
| 83,479,446 | ||||||||||||||
|
| |||||||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 227,631,993 | ||||||||||||||
|
| |||||||||||||||
Shares | ||||||||||||||||
SHORT-TERM INVESTMENTS — 10.8% |
| |||||||||||||||
AFFILIATED MUTUAL FUNDS |
| |||||||||||||||
PGIM Core Ultra Short Bond |
| 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 |
| 24,758,482 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS—109.8% |
| 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.
A95
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.
A96
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.
A97
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 |
(1) | Cost. |
(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.
A98
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.
A99
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.
A100
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 |
| 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 | 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.
A101
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 |
| 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 |
| 336,973,023 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS—99.8% |
| 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.
A102
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.
A103
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.
A104
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
LONG-TERM INVESTMENTS — 94.9% |
| |||||||||||||
BANK LOANS — 4.2% |
| |||||||||||||
Airlines — 0.5% |
| |||||||||||||
American Airlines, Inc., |
| |||||||||||||
Initial Term Loan, 3 Month LIBOR + 4.750% |
| |||||||||||||
5.500%(c) | 04/20/28 | 988 | $ | 1,029,527 | ||||||||||
United Airlines, Inc., |
| |||||||||||||
Class B Term Loan, 3 Month LIBOR + 3.750% |
| |||||||||||||
4.500%(c) | 04/21/28 | 1,656 | 1,675,957 | |||||||||||
|
| |||||||||||||
2,705,484 | ||||||||||||||
|
| |||||||||||||
Chemicals — 0.6% |
| |||||||||||||
Solenis International LP, |
| |||||||||||||
First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000% |
| |||||||||||||
4.135%(c) | 06/26/25 | 1,536 | 1,534,520 | |||||||||||
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500% |
| |||||||||||||
8.635%(c) | 06/26/26 | 1,931 | 1,930,043 | |||||||||||
|
| |||||||||||||
3,464,563 | ||||||||||||||
|
| |||||||||||||
Commercial Services — 0.1% |
| |||||||||||||
MPH Acquisition Holdings LLC, |
| |||||||||||||
Initial Term Loan, 3 Month LIBOR + 2.750% |
| |||||||||||||
3.750%(c) | 06/07/23 | 518 | 516,719 | |||||||||||
|
| |||||||||||||
Computers — 0.7% |
| |||||||||||||
Everi Payments, Inc., |
| |||||||||||||
Term Loan, 3 Month LIBOR + 10.500% |
| |||||||||||||
11.500%(c) | 05/09/24^ | 99 | 102,960 | |||||||||||
McAfee LLC, |
| |||||||||||||
Term B USD Loan, 1 Month LIBOR + 3.750% |
| |||||||||||||
3.846%(c) | 09/30/24 | 1,919 | 1,918,025 | |||||||||||
Peraton Corp., |
| |||||||||||||
First Lien Term B Loan, 1 Month LIBOR + 3.750% |
| |||||||||||||
4.500%(c) | 02/01/28 | 1,621 | 1,624,737 | |||||||||||
|
| |||||||||||||
3,645,722 | ||||||||||||||
|
| |||||||||||||
Electric — 0.3% |
| |||||||||||||
Heritage Power LLC, |
| |||||||||||||
Term Loan B, 1 - 3 Month LIBOR + 6.000% |
| |||||||||||||
7.000%(c) | 07/30/26 | 1,960 | 1,736,233 | |||||||||||
|
| |||||||||||||
Electronics — 0.1% |
| |||||||||||||
Tech Data Corp., |
| |||||||||||||
Non-FILO Term Loan, 1 Month LIBOR + 3.500% |
| |||||||||||||
3.604%(c) | 06/30/25 | 571 | 571,115 | |||||||||||
|
| |||||||||||||
Engineering & Construction — 0.0% |
| |||||||||||||
Landry’s Finance Acquisition Co., |
| |||||||||||||
2020 Initial Term Loan, 3 Month LIBOR + 12.000% |
| |||||||||||||
13.000%(c) | 10/06/23^ | 59 | 64,364 | |||||||||||
|
| |||||||||||||
Entertainment — 0.2% |
| |||||||||||||
Scientific Games International, Inc., |
| |||||||||||||
Initial Term B-5 Loan, 1 Month LIBOR + 2.750% |
| |||||||||||||
2.854%(c) | 08/14/24 | 414 | 411,180 | |||||||||||
Twin River Worldwide Holdings, Inc., |
| |||||||||||||
Term B-1 Facility Loan, 3 Month LIBOR + 8.000% |
| |||||||||||||
9.000%(c) | 05/11/26 | 495 | 521,606 | |||||||||||
|
| |||||||||||||
932,786 | ||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
BANK LOANS (continued) |
| |||||||||||||
Media — 0.0% |
| |||||||||||||
Diamond Sports Group LLC, |
| |||||||||||||
Term Loan, 1 Month LIBOR + 3.250% |
| |||||||||||||
3.360%(c) | 08/24/26 | 239 | $ | 143,754 | ||||||||||
|
| |||||||||||||
Oil & Gas — 0.4% |
| |||||||||||||
Ascent Resources Utica Holdings LLC, |
| |||||||||||||
Second Lien Term Loan, 3 Month LIBOR + 9.000% |
| |||||||||||||
10.000%(c) | 11/01/25 | 1,385 | 1,527,540 | |||||||||||
Citgo Petroleum Corp., |
| |||||||||||||
2019 Incremental Term B Loan, 3 Month LIBOR + 6.250% |
| |||||||||||||
7.250%(c) | 03/28/24 | 758 | 762,149 | |||||||||||
|
| |||||||||||||
2,289,689 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals — 0.0% |
| |||||||||||||
Gainwell Acquisition Corp., |
| |||||||||||||
Term B Loan, 3 Month LIBOR + 4.000% |
| |||||||||||||
4.750%(c) | 10/01/27 | 297 | 297,717 | |||||||||||
|
| |||||||||||||
Retail — 0.2% |
| |||||||||||||
EG America LLC (United Kingdom), |
| |||||||||||||
Project Becker Additional Facility, 3 Month LIBOR + 4.250% |
| |||||||||||||
4.750%(c) | 03/31/26 | 320 | 320,000 | |||||||||||
Great Outdoors Group, LLC, |
| |||||||||||||
Term B-1 Loan, 3 Month LIBOR + 4.250% |
| |||||||||||||
5.000%(c) | 03/06/28 | 572 | 574,986 | |||||||||||
|
| |||||||||||||
894,986 | ||||||||||||||
|
| |||||||||||||
Software — 0.8% |
| |||||||||||||
Boxer Parent Co., Inc., |
| |||||||||||||
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% |
| |||||||||||||
3.854%(c) | 10/02/25 | 541 | 537,340 | |||||||||||
Finastra USA, Inc., |
| |||||||||||||
Dollar Term Loan (Second Lien), 6 Month LIBOR + 7.250% |
| |||||||||||||
8.250%(c) | 06/13/25 | 1,075 | 1,085,366 | |||||||||||
Greeneden U.S. Holdings II LLC, |
| |||||||||||||
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% |
| |||||||||||||
4.750%(c) | 12/01/27 | 474 | 474,659 | |||||||||||
Informatica LLC, |
| |||||||||||||
Second Lien Initial Loan |
| |||||||||||||
7.125% | 02/25/25 | 500 | 510,000 | |||||||||||
Rackspace Technology Global, Inc., |
| |||||||||||||
Term B Loan, 3 Month LIBOR + 2.750% |
| |||||||||||||
3.500%(c) | 02/15/28 | 374 | 371,958 | |||||||||||
TIBCO Software, Inc., |
| |||||||||||||
Second Lien Term Loan, 1 Month LIBOR + 7.250% |
| |||||||||||||
7.360%(c) | 03/03/28 | 850 | 861,333 | |||||||||||
Term Loan B-3, 1 Month LIBOR + 3.750% |
| |||||||||||||
3.860%(c) | 06/30/26 | 443 | 441,056 | |||||||||||
|
| |||||||||||||
4,281,712 | ||||||||||||||
|
| |||||||||||||
Telecommunications — 0.3% |
| |||||||||||||
West Corp., |
| |||||||||||||
Incremental B1 Term Loan, 3 Month LIBOR + 3.500% |
| |||||||||||||
4.500%(c) | 10/10/24 | 497 | 480,979 | |||||||||||
Initial Term B Loan, 3 Month LIBOR + 4.000% |
| |||||||||||||
5.000%(c) | 10/10/24 | 132 | 128,697 |
SEE NOTES TO FINANCIAL STATEMENTS.
A105
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
BANK LOANS (continued) |
| |||||||||||||
Telecommunications (cont’d.) |
| |||||||||||||
Xplornet Communications, Inc. (Canada), |
| |||||||||||||
Initial Term Loan, 1 Month LIBOR + 4.750% |
| |||||||||||||
4.854%(c) | 06/10/27 | 1,361 | $ | 1,360,612 | ||||||||||
|
| |||||||||||||
1,970,288 | ||||||||||||||
|
| |||||||||||||
TOTAL BANK LOANS |
| 23,515,132 | ||||||||||||
|
| |||||||||||||
CONVERTIBLE BOND — 0.1% |
| |||||||||||||
Telecommunications |
| |||||||||||||
Digicel Group Holdings Ltd. (Jamaica), |
| |||||||||||||
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A |
| |||||||||||||
7.000% | 07/16/21 | (oo) | 438 | 338,671 | ||||||||||
|
| |||||||||||||
(cost $31,054) |
| |||||||||||||
CORPORATE BONDS — 87.0% |
| |||||||||||||
Advertising — 0.7% |
| |||||||||||||
National CineMedia LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.875% | 04/15/28 | (a) | 450 | 442,041 | ||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.750% | 08/15/26 | 1,325 | 1,210,841 | |||||||||||
Terrier Media Buyer, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
8.875% | 12/15/27 | (a) | 2,200 | 2,375,751 | ||||||||||
|
| |||||||||||||
4,028,633 | ||||||||||||||
|
| |||||||||||||
Aerospace & Defense — 1.7% |
| |||||||||||||
Boeing Co. (The), |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.150% | 05/01/30 | 1,850 | 2,192,351 | |||||||||||
5.805% | 05/01/50 | 2,725 | 3,676,805 | |||||||||||
5.930% | 05/01/60 | 225 | 310,351 | |||||||||||
Spirit AeroSystems, Inc., |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
7.500% | 04/15/25 | (a) | 800 | 855,487 | ||||||||||
SSL Robotics LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
9.750% | 12/31/23 | (a) | 761 | 839,393 | ||||||||||
TransDigm UK Holdings PLC, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.875% | 05/15/26 | 200 | 211,003 | |||||||||||
TransDigm, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.500% | 11/15/27 | (a) | 475 | 495,283 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 01/15/29 | (a) | 600 | 601,847 | ||||||||||
|
| |||||||||||||
9,182,520 | ||||||||||||||
|
| |||||||||||||
Agriculture — 0.3% |
| |||||||||||||
Vector Group Ltd., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
10.500% | 11/01/26 | 350 | 371,735 | |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.750% | 02/01/29 | 1,100 | 1,122,047 | |||||||||||
|
| |||||||||||||
1,493,782 | ||||||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Airlines — 0.8% |
| |||||||||||||
American Airlines, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
11.750% | 07/15/25 | 800 | $ | 1,003,847 | ||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.750% | 04/20/29 | (a) | 1,200 | 1,297,706 | ||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.750% | 01/20/26 | 425 | 456,143 | |||||||||||
United Airlines, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.375% | 04/15/26 | 990 | 1,024,883 | |||||||||||
4.625% | 04/15/29 | 440 | 455,750 | |||||||||||
|
| |||||||||||||
4,238,329 | ||||||||||||||
|
| |||||||||||||
Apparel — 0.2% |
| |||||||||||||
William Carter Co. (The), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.500% | 05/15/25 | (a) | 625 | 660,785 | ||||||||||
Wolverine World Wide, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 09/01/26 | 150 | 154,003 | |||||||||||
6.375% | 05/15/25 | 425 | 451,970 | |||||||||||
|
| |||||||||||||
1,266,758 | ||||||||||||||
|
| |||||||||||||
Auto Manufacturers — 2.6% |
| |||||||||||||
Allison Transmission, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.750% | 10/01/27 | 175 | 182,430 | |||||||||||
5.875% | 06/01/29 | 225 | 247,192 | |||||||||||
Ford Motor Co., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.750% | 01/15/43 | 2,150 | 2,289,750 | |||||||||||
5.291% | 12/08/46 | (a) | 3,600 | 4,020,806 | ||||||||||
9.000% | 04/22/25 | 725 | 893,392 | |||||||||||
9.625% | 04/22/30 | (a) | 865 | 1,239,920 | ||||||||||
Ford Motor Credit Co. LLC, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.000% | 11/13/30 | (a) | 375 | 393,377 | ||||||||||
5.584% | 03/18/24 | 625 | 684,534 | |||||||||||
Jaguar Land Rover Automotive PLC (United Kingdom), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
7.750% | 10/15/25 | (a) | 750 | 823,300 | ||||||||||
Navistar International Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.625% | 11/01/25 | 2,000 | 2,066,260 | |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
9.500% | 05/01/25 | (a) | 600 | 642,750 | ||||||||||
PM General Purchaser LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
9.500% | 10/01/28 | 1,050 | 1,105,996 | |||||||||||
|
| |||||||||||||
14,589,707 | ||||||||||||||
|
| |||||||||||||
Auto Parts & Equipment — 1.5% |
| |||||||||||||
Adient Global Holdings Ltd., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.875% | 08/15/26 | 2,175 | 2,237,494 |
SEE NOTES TO FINANCIAL STATEMENTS.
A106
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Auto Parts & Equipment (cont’d.) |
| |||||||||||||
Adient US LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
9.000% | 04/15/25 | 200 | $ | 220,088 | ||||||||||
American Axle & Manufacturing, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.250% | 03/15/26 | (a) | 2,373 | 2,447,237 | ||||||||||
Cooper-Standard Automotive, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.625% | 11/15/26 | (a) | 875 | 823,342 | ||||||||||
Dana Financing Luxembourg Sarl, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.750% | 04/15/25 | 475 | 490,058 | |||||||||||
Dana, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.250% | 09/01/30 | 200 | 205,689 | |||||||||||
5.375% | 11/15/27 | 175 | 186,170 | |||||||||||
5.625% | 06/15/28 | 50 | 54,019 | |||||||||||
Tenneco, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.125% | 04/15/29 | (a) | 1,150 | 1,183,023 | ||||||||||
7.875% | 01/15/29 | 175 | 197,618 | |||||||||||
Titan International, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.000% | 04/30/28 | 325 | 339,232 | |||||||||||
|
| |||||||||||||
8,383,970 | ||||||||||||||
|
| |||||||||||||
Banks — 0.2% |
| |||||||||||||
Citigroup, Inc., |
| |||||||||||||
Jr. Sub. Notes |
| |||||||||||||
3.875%(ff) | 02/18/26 | (oo) | 600 | 616,615 | ||||||||||
Freedom Mortgage Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
7.625% | 05/01/26 | 550 | 571,992 | |||||||||||
|
| |||||||||||||
1,188,607 | ||||||||||||||
|
| |||||||||||||
Building Materials — 1.9% |
| |||||||||||||
Cornerstone Building Brands, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.125% | 01/15/29 | (a) | 750 | 805,727 | ||||||||||
Griffon Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.750% | 03/01/28 | (a) | 1,325 | 1,406,726 | ||||||||||
JELD-WEN, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 12/15/25 | (a) | 350 | 357,855 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.250% | 05/15/25 | (a) | 350 | 373,468 | ||||||||||
Masonite International Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.375% | 02/01/28 | 375 | 399,031 | |||||||||||
Patrick Industries, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.500% | 10/15/27 | 575 | 624,413 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.750% | 05/01/29 | 375 | 373,514 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Building Materials (cont’d.) |
| |||||||||||||
SRM Escrow Issuer LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.000% | 11/01/28 | (a) | 1,500 | $ | 1,589,722 | |||||||||
Standard Industries, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
3.375% | 01/15/31 | 600 | 574,051 | |||||||||||
4.375% | 07/15/30 | (a) | 675 | 695,890 | ||||||||||
4.750% | 01/15/28 | 825 | 863,245 | |||||||||||
5.000% | 02/15/27 | (a) | 790 | 819,161 | ||||||||||
Summit Materials LLC/Summit Materials Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.250% | 01/15/29 | 720 | 762,941 | |||||||||||
6.500% | 03/15/27 | 300 | 317,189 | |||||||||||
U.S. Concrete, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.125% | 03/01/29 | (a) | 300 | 328,487 | ||||||||||
|
| |||||||||||||
10,291,420 | ||||||||||||||
|
| |||||||||||||
Chemicals — 3.1% |
| |||||||||||||
Ashland LLC, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.875% | 05/15/43 | 1,705 | 2,150,945 | |||||||||||
Axalta Coating Systems LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.375% | 02/15/29 | 400 | 391,000 | |||||||||||
Chemours Co. (The), |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.375% | 05/15/27 | (a) | 670 | 726,289 | ||||||||||
7.000% | 05/15/25 | (a) | 695 | 716,934 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.750% | 11/15/28 | (a) | 925 | 989,728 | ||||||||||
Cornerstone Chemical Co., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.750% | 08/15/24 | (a) | 1,110 | 1,044,763 | ||||||||||
Hexion, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.875% | 07/15/27 | (a) | 1,000 | 1,078,602 | ||||||||||
Ingevity Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.875% | 11/01/28 | 300 | 299,370 | |||||||||||
Nouryon Holding BV (Netherlands), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
8.000% | 10/01/26 | (a) | 1,365 | 1,441,781 | ||||||||||
NOVA Chemicals Corp. (Canada), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.250% | 06/01/27 | (a) | 651 | 701,224 | ||||||||||
Rain CII Carbon LLC/CII Carbon Corp., |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
7.250% | 04/01/25 | 1,180 | 1,218,251 | |||||||||||
SCIH Salt Holdings, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.625% | 05/01/29 | (a) | 300 | 300,725 | ||||||||||
TPC Group, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
10.500% | 08/01/24 | 1,510 | 1,418,200 | |||||||||||
10.875% | 08/01/24 | 372 | 399,870 |
SEE NOTES TO FINANCIAL STATEMENTS.
A107
PSF PGIM HIGH YIELD 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.) | ||||||||||||
Tronox, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.625% | 03/15/29(a) | 900 | $ | 910,072 | ||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
6.500% | 05/01/25(a) | 550 | 583,663 | |||||||||
Valvoline, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.250% | 02/15/30 | 450 | 464,763 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
3.625% | 06/15/31 | 325 | 324,890 | |||||||||
Venator Finance Sarl/Venator Materials LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.750% | 07/15/25(a) | 1,155 | 1,138,858 | |||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
9.500% | 07/01/25 | 500 | 561,746 | |||||||||
W.R. Grace & Co.-Conn., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.875% | 06/15/27 | 500 | 529,951 | |||||||||
|
| |||||||||||
17,391,625 | ||||||||||||
|
| |||||||||||
Coal — 0.1% |
| |||||||||||
Coronado Finance Pty Ltd. (Australia), |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
10.750% | 05/15/26 | 375 | 398,863 | |||||||||
|
| |||||||||||
Commercial Services — 4.0% |
| |||||||||||
Adtalem Global Education, Inc., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
5.500% | 03/01/28 | 270 | 274,722 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
6.625% | 07/15/26 | 985 | 1,044,411 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
6.000% | 06/01/29(a) | 1,025 | 1,038,560 | |||||||||
9.750% | 07/15/27(a) | 1,325 | 1,459,554 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.625% | 06/01/28(a) | 660 | 662,780 | |||||||||
4.625% | 06/01/28 | 415 | 416,046 | |||||||||
Alta Equipment Group, Inc., |
| |||||||||||
Sec’d. Notes, 144A |
| |||||||||||
5.625% | 04/15/26 | 375 | 385,286 | |||||||||
AMN Healthcare, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.000% | 04/15/29 | 475 | 479,730 | |||||||||
4.625% | 10/01/27 | 575 | 597,152 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.750% | 04/01/28(a) | 550 | 563,706 | |||||||||
5.750% | 07/15/27(a) | 575 | 600,054 | |||||||||
Brink’s Co. (The), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.500% | 07/15/25(a) | 305 | 323,806 | |||||||||
Carriage Services, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.250% | 05/15/29(a) | 325 | 324,469 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Commercial Services (cont’d.) |
| |||||||||||||
CoreLogic, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.500% | 05/01/28 | 450 | $ | 446,220 | ||||||||||
Gartner, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.625% | 06/15/29 | 325 | 330,197 | |||||||||||
3.750% | 10/01/30 | 225 | 230,184 | |||||||||||
Metis Merger Sub LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.500% | 05/15/29 | 1,275 | 1,255,336 | |||||||||||
NESCO Holdings II, Inc., |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
5.500% | 04/15/29(a) | 650 | 678,297 | |||||||||||
Nielsen Co. Luxembourg Sarl (The), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 02/01/25(a) | 395 | 406,250 | |||||||||||
Nielsen Finance LLC/Nielsen Finance Co., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 07/15/29 | 300 | 300,645 | |||||||||||
5.625% | 10/01/28 | 465 | 491,193 | |||||||||||
5.875% | 10/01/30 | 165 | 179,681 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.750% | 07/15/31 | 250 | 250,734 | |||||||||||
Service Corp. International, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.000% | 05/15/31(a) | 550 | 560,860 | |||||||||||
United Rentals North America, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.875% | 02/15/31(a) | 350 | 356,324 | |||||||||||
4.000% | 07/15/30 | 275 | 283,009 | |||||||||||
4.875% | 01/15/28(a) | 4,000 | 4,245,117 | |||||||||||
5.250% | 01/15/30 | 350 | 383,450 | |||||||||||
Verscend Escrow Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
9.750% | 08/15/26 | 3,300 | 3,480,669 | |||||||||||
|
| |||||||||||||
22,048,442 | ||||||||||||||
|
| |||||||||||||
Computers — 2.0% |
| |||||||||||||
Banff Merger Sub, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
9.750% | 09/01/26(a) | 3,325 | 3,505,070 | |||||||||||
Everi Payments, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.500% | 12/15/25(a) | 1,417 | 1,474,058 | |||||||||||
NCR Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 10/01/28 | 225 | 232,523 | |||||||||||
5.125% | 04/15/29(a) | 650 | 670,629 | |||||||||||
5.250% | 10/01/30(a) | 835 | 868,619 | |||||||||||
8.125% | 04/15/25 | 275 | 300,249 | |||||||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.750% | 06/01/25 | 300 | 315,889 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.750% | 06/01/25(a) | 3,384 | 3,441,122 | |||||||||||
|
| |||||||||||||
10,808,159 | ||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A108
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Distribution/Wholesale — 0.4% |
| |||||||||||
Core & Main Holdings LP, |
| |||||||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375% |
| |||||||||||
8.625% | 09/15/24 | 1,075 | $ | 1,098,094 | ||||||||
H&E Equipment Services, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.875% | 12/15/28(a) | 1,375 | 1,351,766 | |||||||||
|
| |||||||||||
2,449,860 | ||||||||||||
|
| |||||||||||
Diversified Financial Services — 2.5% |
| |||||||||||
Alliance Data Systems Corp., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.750% | 12/15/24(a) | 800 | 822,003 | |||||||||
Fairstone Financial, Inc. (Canada), |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
7.875% | 07/15/24 | 430 | 448,333 | |||||||||
goeasy Ltd. (Canada), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.375% | 05/01/26(a) | 400 | 411,011 | |||||||||
5.375% | 12/01/24 | 100 | 103,550 | |||||||||
Home Point Capital, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.000% | 02/01/26(a) | 625 | 582,920 | |||||||||
LD Holdings Group LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
6.125% | 04/01/28(a) | 350 | 349,518 | |||||||||
LPL Holdings, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.000% | 03/15/29 | 1,050 | 1,057,482 | |||||||||
4.375% | 05/15/31(a) | 500 | 506,813 | |||||||||
Nationstar Mortgage Holdings, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.125% | 12/15/30(a) | 1,275 | 1,271,759 | |||||||||
5.500% | 08/15/28(a) | 475 | 478,766 | |||||||||
6.000% | 01/15/27(a) | 435 | 451,353 | |||||||||
OneMain Finance Corp., |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.000% | 09/15/30 | 375 | 371,679 | |||||||||
6.625% | 01/15/28 | 1,125 | 1,294,679 | |||||||||
6.875% | 03/15/25(a) | 1,100 | 1,241,323 | |||||||||
7.125% | 03/15/26(a) | 2,725 | 3,175,324 | |||||||||
PennyMac Financial Services, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.250% | 02/15/29(a) | 425 | 409,498 | |||||||||
5.375% | 10/15/25 | 575 | 605,202 | |||||||||
|
| |||||||||||
13,581,213 | ||||||||||||
|
| |||||||||||
Electric — 3.9% |
| |||||||||||
Calpine Corp., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.625% | 02/01/29(a) | 1,632 | 1,612,366 | |||||||||
5.000% | 02/01/31(a) | 1,925 | 1,914,615 | |||||||||
5.125% | 03/15/28(a) | 4,900 | 4,981,500 | |||||||||
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
9.000% | 12/01/23 | 57 | 54,856 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Electric (cont’d.) | ||||||||||||
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A |
| |||||||||||
13.000% | 06/01/24 | 651 | $ | 520,163 | ||||||||
Mirant Corp., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
0.000%(cc) | 07/15/49^ | 250 | 250 | |||||||||
NRG Energy, Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
5.750% | 01/15/28 | 525 | 559,896 | |||||||||
6.625% | 01/15/27 | 1,450 | 1,501,069 | |||||||||
7.250% | 05/15/26 | 50 | 51,939 | |||||||||
Gtd. Notes, 144A |
| |||||||||||
3.375% | 02/15/29 | 275 | 269,344 | |||||||||
3.625% | 02/15/31(a) | 675 | 662,898 | |||||||||
5.250% | 06/15/29(a) | 775 | 825,202 | |||||||||
PG&E Corp., |
| |||||||||||
Sr. Sec’d. Notes |
| |||||||||||
5.000% | 07/01/28(a) | 935 | 946,183 | |||||||||
5.250% | 07/01/30(a) | 2,705 | 2,741,468 | |||||||||
Vistra Operations Co. LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.000% | 07/31/27 | 1,515 | 1,555,247 | |||||||||
5.500% | 09/01/26(a) | 1,350 | 1,392,899 | |||||||||
5.625% | 02/15/27(a) | 1,458 | 1,515,121 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.375% | 05/01/29 | 650 | 653,429 | |||||||||
|
| |||||||||||
21,758,445 | ||||||||||||
|
| |||||||||||
Electrical Components & Equipment — 0.3% |
| |||||||||||
Energizer Holdings, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.375% | 03/31/29 | 200 | 200,287 | |||||||||
4.750% | 06/15/28 | 225 | 231,297 | |||||||||
WESCO Distribution, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
7.125% | 06/15/25(a) | 500 | 540,393 | |||||||||
7.250% | 06/15/28 | 835 | 929,838 | |||||||||
|
| |||||||||||
1,901,815 | ||||||||||||
|
| |||||||||||
Electronics — 0.2% | ||||||||||||
Brightstar Escrow Corp., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
9.750% | 10/15/25(a) | 900 | 970,403 | |||||||||
Sensata Technologies, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.750% | 02/15/31 | 250 | 247,321 | |||||||||
|
| |||||||||||
1,217,724 | ||||||||||||
|
| |||||||||||
Engineering & Construction — 0.3% |
| |||||||||||
AECOM, |
| |||||||||||
Gtd. Notes |
| |||||||||||
5.125% | 03/15/27(a) | 650 | 724,224 | |||||||||
PowerTeam Services LLC, |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
9.033% | 12/04/25 | 550 | 605,009 |
SEE NOTES TO FINANCIAL STATEMENTS.
A109
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Engineering & Construction (cont’d.) |
| |||||||||||
TopBuild Corp., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.625% | 03/15/29 | 500 | $ | 495,307 | ||||||||
|
| |||||||||||
1,824,540 | ||||||||||||
|
| |||||||||||
Entertainment — 4.3% | ||||||||||||
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 | 532 | 544,574 | |||||||||
Bally’s Corp., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
6.750% | 06/01/27(a) | 1,725 | 1,839,342 | |||||||||
Caesars Entertainment, Inc., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
6.250% | 07/01/25 | 405 | 429,593 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
8.125% | 07/01/27(a) | 410 | 456,259 | |||||||||
Caesars Resort Collection LLC/CRC Finco, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.250% | 10/15/25(a) | 2,725 | 2,760,060 | |||||||||
CCM Merger, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
6.375% | 05/01/26 | 450 | 472,870 | |||||||||
Cedar Fair LP, |
| |||||||||||
Gtd. Notes |
| |||||||||||
5.250% | 07/15/29 | 250 | 257,710 | |||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
6.500% | 10/01/28(a) | 375 | 404,623 | |||||||||
Churchill Downs, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
4.750% | 01/15/28(a) | 325 | 336,350 | |||||||||
Everi Holdings, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.000% | 07/15/29 | 150 | 150,000 | |||||||||
Golden Entertainment, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
7.625% | 04/15/26 | 2,025 | 2,155,583 | |||||||||
International Game Technology PLC, |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
5.250% | 01/15/29(a) | 700 | 750,706 | |||||||||
6.250% | 01/15/27(a) | 450 | 513,196 | |||||||||
6.500% | 02/15/25(a) | 975 | 1,090,903 | |||||||||
Jacobs Entertainment, Inc., |
| |||||||||||
Sec’d. Notes, 144A |
| |||||||||||
7.875% | 02/01/24 | 1,325 | 1,381,949 | |||||||||
Merlin Entertainments Ltd. (United Kingdom), |
| |||||||||||
Sec’d. Notes, 144A |
| |||||||||||
5.750% | 06/15/26 | 200 | 210,272 | |||||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.875% | 05/01/29 | 850 | 851,457 | |||||||||
Motion Bondco DAC (United Kingdom), |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
6.625% | 11/15/27(a) | 1,100 | 1,119,252 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||
CORPORATE BONDS (continued) |
| |||||||||||
Entertainment (cont’d.) | ||||||||||||
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
8.500% | 11/15/27 | 1,100 | $ | 1,180,518 | ||||||||
Penn National Gaming, Inc., |
| |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
4.125% | 07/01/29 | 250 | 249,717 | |||||||||
5.625% | 01/15/27(a) | 1,525 | 1,584,476 | |||||||||
Scientific Games International, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
8.250% | 03/15/26 | 2,847 | 3,057,337 | |||||||||
8.625% | 07/01/25(a) | 1,075 | 1,176,511 | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.125% | 10/01/29(a) | 470 | 497,403 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
7.750% | 04/15/25(a) | 225 | 242,431 | |||||||||
|
| |||||||||||
23,713,092 | ||||||||||||
|
| |||||||||||
Environmental Control — 0.1% |
| |||||||||||
Madison IAQ LLC, |
| |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.125% | 06/30/28 | 350 | 353,440 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
5.875% | 06/30/29(a) | 400 | 407,026 | |||||||||
|
| |||||||||||
760,466 | ||||||||||||
|
| |||||||||||
Foods — 2.7% |
| |||||||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.500% | 03/15/29 | 1,250 | 1,235,149 | |||||||||
4.875% | 02/15/30 | 775 | 826,519 | |||||||||
B&G Foods, Inc., |
| |||||||||||
Gtd. Notes |
| |||||||||||
5.250% | 09/15/27(a) | 1,285 | 1,338,877 | |||||||||
C&S Group Enterprises LLC, |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
5.000% | 12/15/28(a) | 625 | 620,584 | |||||||||
Chobani LLC/Chobani Finance Corp., Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
7.500% | 04/15/25 | 225 | 234,068 | |||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||
4.625% | 11/15/28 | 375 | 388,093 | |||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., |
| |||||||||||
Gtd. Notes, 144A |
| |||||||||||
3.750% | 12/01/31 | 400 | 408,196 | |||||||||
6.500% | 04/15/29(a) | 455 | 513,046 | |||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||
5.500% | 01/15/30(a) | 775 | 860,624 | |||||||||
Kraft Heinz Foods Co., |
| |||||||||||
Gtd. Notes |
| |||||||||||
4.375% | 06/01/46(a) | 1,100 | 1,246,648 | |||||||||
4.875% | 10/01/49(a) | 750 | 908,922 | |||||||||
5.000% | 07/15/35 | 225 | 275,410 | |||||||||
5.000% | 06/04/42 | 300 | 365,872 | |||||||||
5.200% | 07/15/45 | 250 | 310,662 | |||||||||
5.500% | 06/01/50(a) | 750 | 978,771 |
SEE NOTES TO FINANCIAL STATEMENTS.
A110
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Foods (cont’d.) |
| |||||||||||||
Pilgrim’s Pride Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.250% | 04/15/31 | (a) | 700 | $ | 725,604 | |||||||||
5.875% | 09/30/27 | 2,150 | 2,293,039 | |||||||||||
Post Holdings, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 04/15/30 | (a) | 960 | 977,020 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.500% | 09/15/31 | 150 | 149,718 | |||||||||||
U.S. Foods, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.750% | 02/15/29 | (a) | 325 | 331,484 | ||||||||||
|
| |||||||||||||
14,988,306 | ||||||||||||||
|
| |||||||||||||
Gas — 1.4% |
| |||||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.500% | 05/20/25 | (a) | 1,475 | 1,623,355 | ||||||||||
5.750% | 05/20/27 | (a) | 1,475 | 1,648,395 | ||||||||||
5.875% | 08/20/26 | (a) | 975 | 1,091,707 | ||||||||||
Ferrellgas Escrow LLC, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
8.956% | 03/30/31 | ^ | 3,150 | 3,150,000 | ||||||||||
|
| |||||||||||||
7,513,457 | ||||||||||||||
|
| |||||||||||||
Healthcare-Services — 4.0% |
| |||||||||||||
AHP Health Partners, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.750% | 07/15/29 | 125 | 126,719 | |||||||||||
Catalent Pharma Solutions, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.125% | 02/15/29 | 250 | 242,302 | |||||||||||
DaVita, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.750% | 02/15/31 | (a) | 1,525 | 1,464,185 | ||||||||||
4.625% | 06/01/30 | (a) | 1,950 | 2,006,509 | ||||||||||
HCA, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.500% | 09/01/30 | 250 | 266,172 | |||||||||||
7.050% | 12/01/27 | 1,750 | 2,108,485 | |||||||||||
7.500% | 11/06/33 | (a) | 750 | 1,037,723 | ||||||||||
Gtd. Notes, MTN |
| |||||||||||||
7.750% | 07/15/36 | 400 | 543,906 | |||||||||||
LifePoint Health, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.375% | 01/15/29 | (a) | 1,025 | 997,772 | ||||||||||
MEDNAX, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.250% | 01/15/27 | (a) | 875 | 926,656 | ||||||||||
Prime Healthcare Services, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.250% | 11/01/25 | (a) | 1,175 | 1,272,609 | ||||||||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
9.750% | 12/01/26 | (a) | 2,325 | 2,504,303 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Healthcare-Services (cont’d.) |
| |||||||||||||
Surgery Center Holdings, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.750% | 07/01/25 | (a) | 225 | $ | 229,467 | |||||||||
10.000% | 04/15/27 | (a) | 65 | 71,388 | ||||||||||
Tenet Healthcare Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.125% | 10/01/28 | (a) | 1,800 | 1,915,309 | ||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
6.250% | 02/01/27 | (a) | 1,325 | 1,384,567 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.250% | 06/01/29 | 1,250 | 1,267,283 | |||||||||||
4.875% | 01/01/26 | (a) | 1,175 | 1,217,134 | ||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
6.750% | 06/15/23 | 450 | 490,019 | |||||||||||
6.875% | 11/15/31 | 2,025 | 2,293,856 | |||||||||||
|
| |||||||||||||
22,366,364 | ||||||||||||||
|
| |||||||||||||
Home Builders — 4.5% |
| |||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.750% | 08/01/25 | 1,500 | 1,553,468 | |||||||||||
9.875% | 04/01/27 | 975 | 1,090,144 | |||||||||||
Beazer Homes USA, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.875% | 10/15/27 | (a) | 1,225 | 1,286,772 | ||||||||||
6.750% | 03/15/25 | (a) | 850 | 878,077 | ||||||||||
7.250% | 10/15/29 | (a) | 1,275 | 1,412,744 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.875% | 02/15/30 | (a) | 1,175 | 1,165,981 | ||||||||||
6.250% | 09/15/27 | (a) | 625 | 661,769 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.000% | 06/15/29 | 325 | 328,002 | |||||||||||
Century Communities, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.750% | 06/01/27 | 1,075 | 1,140,322 | |||||||||||
Forestar Group, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.850% | 05/15/26 | (a) | 350 | 353,674 | ||||||||||
5.000% | 03/01/28 | (a) | 500 | 517,131 | ||||||||||
KB Home, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.000% | 06/15/31 | (a) | 375 | 378,091 | ||||||||||
4.800% | 11/15/29 | 350 | 379,288 | |||||||||||
6.875% | 06/15/27 | 1,150 | 1,371,812 | |||||||||||
M/I Homes, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.950% | 02/01/28 | 625 | 653,113 | |||||||||||
5.625% | 08/01/25 | 425 | 438,003 | |||||||||||
Mattamy Group Corp. (Canada), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.625% | 03/01/30 | 1,000 | 1,023,406 | |||||||||||
5.250% | 12/15/27 | 650 | 681,579 | |||||||||||
Meritage Homes Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.125% | 06/06/27 | (a) | 525 | 588,447 |
SEE NOTES TO FINANCIAL STATEMENTS.
A111
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Home Builders (cont’d.) |
| |||||||||||||
6.000% | 06/01/25 | (a) | 1,125 | $ | 1,282,860 | |||||||||
Shea Homes LP/Shea Homes Funding Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.750% | 02/15/28 | (a) | 550 | 564,929 | ||||||||||
4.750% | 04/01/29 | 700 | 718,263 | |||||||||||
STL Holding Co. LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
7.500% | 02/15/26 | 550 | 579,088 | |||||||||||
Taylor Morrison Communities, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 06/15/27 | (a) | 625 | 708,417 | ||||||||||
6.625% | 07/15/27 | 1,875 | 2,008,014 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.125% | 08/01/30 | 942 | 1,020,747 | |||||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.625% | 03/01/24 | 175 | 190,352 | |||||||||||
5.875% | 04/15/23 | 1,150 | 1,228,079 | |||||||||||
Tri Pointe Homes, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.700% | 06/15/28 | 690 | 760,273 | |||||||||||
|
| |||||||||||||
24,962,845 | ||||||||||||||
|
| |||||||||||||
Home Furnishings — 0.1% |
| |||||||||||||
Tempur Sealy International, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.000% | 04/15/29 | (a) | 625 | 635,592 | ||||||||||
|
| |||||||||||||
Household Products/Wares — 0.4% |
| |||||||||||||
ACCO Brands Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.250% | 03/15/29 | (a) | 825 | 816,976 | ||||||||||
Central Garden & Pet Co., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.125% | 04/30/31 | 175 | 177,017 | |||||||||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.000% | 12/31/27 | 425 | 426,405 | |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.000% | 12/31/26 | 150 | 152,972 | |||||||||||
Spectrum Brands, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 10/01/29 | (a) | 800 | 851,931 | ||||||||||
|
| |||||||||||||
2,425,301 | ||||||||||||||
|
| |||||||||||||
Housewares — 0.2% |
| |||||||||||||
Scotts Miracle-Gro Co. (The), |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.500% | 10/15/29 | 150 | 156,048 | |||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.000% | 04/01/31 | (a) | 975 | 973,346 | ||||||||||
|
| |||||||||||||
1,129,394 | ||||||||||||||
|
| |||||||||||||
Insurance — 0.1% |
| |||||||||||||
BroadStreet Partners, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.875% | 04/15/29 | 300 | 305,900 | |||||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Internet — 0.4% |
| |||||||||||||
Cablevision Lightpath LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.875% | 09/15/27 | 275 | $ | 273,037 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.625% | 09/15/28 | 600 | 612,000 | |||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.500% | 03/01/29 | 400 | 398,025 | |||||||||||
NortonLifeLock, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.000% | 04/15/25 | (a) | 875 | 886,113 | ||||||||||
|
| |||||||||||||
2,169,175 | ||||||||||||||
|
| |||||||||||||
Iron/Steel — 0.5% |
| |||||||||||||
Big River Steel LLC/BRS Finance Corp., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.625% | 01/31/29 | (a) | 1,065 | 1,176,092 | ||||||||||
TMS International Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.250% | 04/15/29 | 250 | 262,535 | |||||||||||
United States Steel Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
6.875% | 03/01/29 | (a) | 1,295 | 1,387,013 | ||||||||||
|
| |||||||||||||
2,825,640 | ||||||||||||||
|
| |||||||||||||
Leisure Time — 0.4% |
| |||||||||||||
NCL Corp. Ltd., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
10.250% | 02/01/26 | 755 | 883,487 | |||||||||||
12.250% | 05/15/24 | 125 | 150,914 | |||||||||||
Viking Cruises Ltd., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 09/15/27 | 250 | 246,979 | |||||||||||
Viking Ocean Cruises Ship VII Ltd., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.625% | 02/15/29 | 150 | 152,657 | |||||||||||
Vista Outdoor, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 03/15/29 | (a) | 525 | 534,147 | ||||||||||
|
| |||||||||||||
1,968,184 | ||||||||||||||
|
| |||||||||||||
Lodging — 2.0% |
| |||||||||||||
Boyd Gaming Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.750% | 12/01/27 | 550 | 569,189 | |||||||||||
Gtd. Notes, 144A |
| |||||||||||||
8.625% | 06/01/25 | 225 | 247,807 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.750% | 06/15/31 | (a) | 525 | 545,813 | ||||||||||
Hilton Domestic Operating Co., Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.875% | 01/15/30 | (a) | 375 | 401,221 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.625% | 02/15/32 | 925 | 913,687 | |||||||||||
4.000% | 05/01/31 | 1,025 | 1,035,119 | |||||||||||
5.375% | 05/01/25 | 225 | 236,979 | |||||||||||
5.750% | 05/01/28 | 250 | 270,478 |
SEE NOTES TO FINANCIAL STATEMENTS.
A112
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Lodging (cont’d.) |
| |||||||||||||
MGM Resorts International, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.625% | 09/01/26 | (a) | 350 | $ | 369,702 | |||||||||
4.750% | 10/15/28 | 1,900 | 2,019,867 | |||||||||||
5.500% | 04/15/27 | (a) | 625 | 686,197 | ||||||||||
6.750% | 05/01/25 | (a) | 1,250 | 1,338,386 | ||||||||||
Travel + Leisure Co., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.625% | 03/01/30 | 350 | 361,290 | |||||||||||
Wynn Macau Ltd. (Macau), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.125% | 12/15/29 | (a) | 675 | 695,430 | ||||||||||
5.625% | 08/26/28 | 1,350 | 1,411,000 | |||||||||||
|
| |||||||||||||
11,102,165 | ||||||||||||||
|
| |||||||||||||
Machinery-Construction & Mining — 0.1% |
| |||||||||||||
Terex Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 05/15/29 | (a) | 550 | 572,727 | ||||||||||
|
| |||||||||||||
Machinery-Diversified — 0.5% |
| |||||||||||||
GrafTech Finance, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.625% | 12/15/28 | 150 | 154,266 | |||||||||||
Maxim Crane Works Holdings Capital LLC, |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
10.125% | 08/01/24 | 2,050 | 2,118,181 | |||||||||||
TK Elevator US Newco, Inc. (Germany), |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.250% | 07/15/27 | (a) | 424 | 446,645 | ||||||||||
Vertical Holdco GmbH (Germany), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.625% | 07/15/28 | 200 | 216,835 | |||||||||||
|
| |||||||||||||
2,935,927 | ||||||||||||||
|
| |||||||||||||
Media — 6.3% |
| |||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.500% | 05/01/32 | (a) | 3,965 | 4,104,711 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.250% | 02/01/31 | (a) | 3,700 | 3,771,021 | ||||||||||
4.500% | 06/01/33 | (a) | 350 | 357,534 | ||||||||||
4.750% | 03/01/30 | (a) | 2,375 | 2,509,622 | ||||||||||
5.000% | 02/01/28 | 930 | 975,815 | |||||||||||
5.375% | 06/01/29 | 200 | 218,549 | |||||||||||
CSC Holdings LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.375% | 02/15/31 | 1,190 | 1,124,141 | |||||||||||
4.125% | 12/01/30 | 575 | 573,064 | |||||||||||
5.375% | 02/01/28 | 200 | 211,387 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.625% | 12/01/30 | 3,275 | 3,212,285 | |||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.625% | 08/15/27 | (a) | 5,640 | 2,766,225 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.375% | 08/15/26 | (a) | 1,270 | 822,884 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Media (cont’d.) |
| |||||||||||||
DISH DBS Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.000% | 03/15/23 | (a) | 285 | $ | 298,695 | |||||||||
7.375% | 07/01/28 | (a) | 265 | 285,232 | ||||||||||
7.750% | 07/01/26 | (a) | 2,990 | 3,384,623 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.125% | 06/01/29 | 625 | 617,719 | |||||||||||
Gray Television, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.750% | 10/15/30 | 350 | 348,515 | |||||||||||
5.875% | 07/15/26 | 1,335 | 1,378,564 | |||||||||||
iHeartCommunications, Inc., |
| |||||||||||||
Sr. Sec’d. Notes |
| |||||||||||||
6.375% | 05/01/26 | (a) | 325 | 345,767 | ||||||||||
Midcontinent Communications/Midcontinent Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.375% | 08/15/27 | 300 | 314,966 | |||||||||||
News Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
3.875% | 05/15/29 | 425 | 429,219 | |||||||||||
Nexstar Broadcasting, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.750% | 11/01/28 | (a) | 400 | 411,182 | ||||||||||
Radiate Holdco LLC/Radiate Finance, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.500% | 09/15/26 | (a) | 505 | 522,590 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.500% | 09/15/28 | (a) | 750 | 787,769 | ||||||||||
Scripps Escrow II, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.875% | 01/15/29 | 250 | 248,026 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.375% | 01/15/31 | 200 | 199,465 | |||||||||||
Scripps Escrow, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 07/15/27 | (a) | 310 | 320,984 | ||||||||||
Sinclair Television Group, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 03/15/26 | (a) | 275 | 283,333 | ||||||||||
Univision Communications, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.500% | 05/01/29 | (a) | 300 | 302,255 | ||||||||||
5.125% | 02/15/25 | (a) | 1,760 | 1,795,552 | ||||||||||
6.625% | 06/01/27 | (a) | 1,275 | 1,381,506 | ||||||||||
Urban One, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.375% | 02/01/28 | 355 | 383,449 | |||||||||||
|
| |||||||||||||
34,686,649 | ||||||||||||||
|
| |||||||||||||
Mining — 2.4% |
| |||||||||||||
Constellium SE, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 02/15/26 | (a) | 1,425 | 1,467,109 | ||||||||||
Eldorado Gold Corp. (Turkey), |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
9.500% | 06/01/24 | 1,014 | 1,099,544 |
SEE NOTES TO FINANCIAL STATEMENTS.
A113
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Mining (cont’d.) |
| |||||||||||||
First Quantum Minerals Ltd. (Zambia), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.875% | 10/15/27 | (a) | 640 | $ | 696,753 | |||||||||
7.250% | 04/01/23 | (a) | 735 | 748,839 | ||||||||||
7.500% | 04/01/25 | 1,775 | 1,841,890 | |||||||||||
Freeport-McMoRan, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.375% | 08/01/28 | 825 | 870,647 | |||||||||||
4.625% | 08/01/30 | (a) | 475 | 519,826 | ||||||||||
Hecla Mining Co., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
7.250% | 02/15/28 | 575 | 629,171 | |||||||||||
Hudbay Minerals, Inc. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 04/01/26 | 300 | 301,425 | |||||||||||
6.125% | 04/01/29 | (a) | 995 | 1,060,035 | ||||||||||
IAMGOLD Corp. (Burkina Faso), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.750% | 10/15/28 | (a) | 850 | 884,433 | ||||||||||
New Gold, Inc. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.375% | 05/15/25 | 421 | 434,772 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
7.500% | 07/15/27 | (a) | 1,175 | 1,275,080 | ||||||||||
Novelis Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.750% | 01/30/30 | 50 | 52,485 | |||||||||||
5.875% | 09/30/26 | (a) | 1,210 | 1,259,776 | ||||||||||
|
| |||||||||||||
13,141,785 | ||||||||||||||
|
| |||||||||||||
Miscellaneous Manufacturing — 1.7% |
| |||||||||||||
Amsted Industries, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.625% | 07/01/27 | 425 | 448,049 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.625% | 05/15/30 | (a) | 570 | 584,470 | ||||||||||
Bombardier, Inc. (Canada), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
7.125% | 06/15/26 | (a) | 700 | 732,879 | ||||||||||
7.450% | 05/01/34 | 375 | 404,629 | |||||||||||
7.500% | 12/01/24 | 2,600 | 2,720,880 | |||||||||||
7.500% | 03/15/25 | 950 | 978,271 | |||||||||||
7.875% | 04/15/27 | (a) | 3,250 | 3,369,091 | ||||||||||
|
| |||||||||||||
9,238,269 | ||||||||||||||
|
| |||||||||||||
Office/Business Equipment — 0.1% |
| |||||||||||||
CDW LLC/CDW Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.250% | 02/15/29 | 305 | 308,536 | |||||||||||
|
| |||||||||||||
Oil & Gas — 7.2% |
| |||||||||||||
Aethon United BR LP/Aethon United Finance Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
8.250% | 02/15/26 | 725 | 785,252 | |||||||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
7.875% | 12/15/24 | (d) | 5,200 | 6,500 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||
Antero Resources Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.000% | 03/01/25 | 1,845 | $ | 1,890,197 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.375% | 03/01/30 | (a) | 625 | 637,814 | ||||||||||
7.625% | 02/01/29 | (a) | 900 | 1,000,732 | ||||||||||
8.375% | 07/15/26 | 50 | 56,859 | |||||||||||
Apache Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.375% | 10/15/28 | (a) | 275 | 292,877 | ||||||||||
4.750% | 04/15/43 | (a) | 400 | 415,825 | ||||||||||
5.100% | 09/01/40 | 750 | 787,563 | |||||||||||
5.250% | 02/01/42 | 50 | 52,918 | |||||||||||
5.350% | 07/01/49 | 75 | 79,084 | |||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.000% | 11/01/26 | (a) | 1,750 | 1,825,781 | ||||||||||
9.000% | 11/01/27 | (a) | 726 | 1,002,854 | ||||||||||
Chesapeake Energy Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.500% | 02/01/26 | 300 | 316,563 | |||||||||||
5.875% | 02/01/29 | 300 | 324,428 | |||||||||||
Citgo Holding, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
9.250% | �� | 08/01/24 | (a) | 1,350 | 1,377,151 | |||||||||
CITGO Petroleum Corp., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.000% | 06/15/25 | 1,525 | 1,588,413 | |||||||||||
CNX Resources Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.250% | 03/14/27 | 1,375 | 1,474,299 | |||||||||||
Comstock Resources, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 01/15/30 | 450 | 459,479 | |||||||||||
6.750% | 03/01/29 | (a) | 825 | 878,744 | ||||||||||
Continental Resources, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.900% | 06/01/44 | 275 | 310,151 | |||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.750% | 01/15/31 | 400 | 479,184 | |||||||||||
CrownRock LP/CrownRock Finance, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.000% | 05/01/29 | 200 | 209,765 | |||||||||||
5.625% | 10/15/25 | 350 | 362,148 | |||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.750% | 01/30/28 | 1,500 | 1,599,340 | |||||||||||
6.625% | 07/15/25 | 230 | 246,468 | |||||||||||
EQT Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
3.900% | 10/01/27 | (a) | 1,275 | 1,366,118 | ||||||||||
5.000% | 01/15/29 | 225 | 250,991 | |||||||||||
8.500%(cc) | 02/01/30 | 175 | 227,702 | |||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.750% | 10/01/25 | 975 | 990,514 | |||||||||||
5.750% | 02/01/29 | 200 | 208,499 |
SEE NOTES TO FINANCIAL STATEMENTS.
A114
PSF PGIM HIGH YIELD 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.) |
| |||||||||||||
6.000% | 02/01/31 | 200 | $ | 211,920 | ||||||||||
6.250% | 11/01/28 | (a) | 900 | 956,351 | ||||||||||
MEG Energy Corp. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.875% | 02/01/29 | (a) | 450 | 472,789 | ||||||||||
7.125% | 02/01/27 | 1,277 | 1,362,750 | |||||||||||
Nabors Industries Ltd., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.250% | 01/15/26 | 900 | 882,195 | |||||||||||
7.500% | 01/15/28 | 1,250 | 1,206,445 | |||||||||||
Nabors Industries, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.750% | 02/01/25 | 1,300 | 1,195,914 | |||||||||||
Occidental Petroleum Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
2.700% | 02/15/23 | (a) | 1,425 | 1,456,781 | ||||||||||
2.900% | 08/15/24 | (a) | 1,025 | 1,048,091 | ||||||||||
4.100% | 02/15/47 | 100 | 93,043 | |||||||||||
5.500% | 12/01/25 | 200 | 220,988 | |||||||||||
5.550% | 03/15/26 | 50 | 55,313 | |||||||||||
5.875% | 09/01/25 | (a) | 425 | 473,231 | ||||||||||
6.125% | 01/01/31 | (a) | 300 | 352,755 | ||||||||||
6.625% | 09/01/30 | 200 | 240,572 | |||||||||||
7.150% | 05/15/28 | 275 | 313,561 | |||||||||||
Ovintiv, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.500% | 08/15/34 | 450 | 592,470 | |||||||||||
6.500% | 02/01/38 | 225 | 300,211 | |||||||||||
6.625% | 08/15/37 | 100 | 133,565 | |||||||||||
Parkland Corp. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 10/01/29 | (a) | 500 | 507,759 | ||||||||||
Precision Drilling Corp. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.875% | 01/15/29 | 200 | 206,687 | |||||||||||
7.125% | 01/15/26 | (a) | 1,225 | 1,263,024 | ||||||||||
Range Resources Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.875% | 05/15/25 | 1,075 | 1,116,157 | |||||||||||
9.250% | 02/01/26 | 600 | 661,708 | |||||||||||
Seventy Seven Energy, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
6.500% | 07/15/22^ | (d) | 275 | 3 | ||||||||||
Sunoco LP/Sunoco Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.500% | 02/15/26 | (a) | 850 | 875,850 | ||||||||||
5.875% | 03/15/28 | 100 | 106,268 | |||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 05/15/29 | (a) | 450 | 459,252 | ||||||||||
Transocean, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.250% | 11/01/25 | 325 | 282,522 | |||||||||||
7.500% | 01/15/26 | 875 | 752,224 | |||||||||||
8.000% | 02/01/27 | 525 | 440,773 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Oil & Gas (cont’d.) |
| |||||||||||||
Vine Energy Holdings LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.750% | 04/15/29 | 400 | $ | 421,032 | ||||||||||
|
| |||||||||||||
40,166,417 | ||||||||||||||
|
| |||||||||||||
Packaging & Containers — 0.9% |
| |||||||||||||
ARD Finance SA (Luxembourg), |
| |||||||||||||
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% |
| |||||||||||||
6.500% | 06/30/27 | 1,375 | 1,442,762 | |||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.125% | 08/15/26 | (a) | 375 | 387,128 | ||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.250% | 08/15/27 | 825 | 842,399 | |||||||||||
Graham Packaging Co., Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.125% | 08/15/28 | 220 | 237,099 | |||||||||||
Intelligent Packaging Holdco Issuer LP (Canada), |
| |||||||||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% |
| |||||||||||||
9.000% | 01/15/26 | 400 | 410,817 | |||||||||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.000% | 09/15/28 | 450 | 469,479 | |||||||||||
Owens-Brockway Glass Container, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.375% | 08/15/25 | 200 | 223,310 | |||||||||||
6.625% | 05/13/27 | (a) | 725 | 789,100 | ||||||||||
|
| |||||||||||||
4,802,094 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals — 2.7% |
| |||||||||||||
AdaptHealth LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 08/01/29 | (a) | 725 | 734,622 | ||||||||||
6.125% | 08/01/28 | (a) | 820 | 873,043 | ||||||||||
Bausch Health Americas, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
8.500% | 01/31/27 | (a) | 400 | 434,766 | ||||||||||
Bausch Health Cos., Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 01/30/28 | (a) | 1,350 | 1,282,808 | ||||||||||
5.000% | 02/15/29 | (a) | 350 | 326,274 | ||||||||||
5.250% | 01/30/30 | (a) | 525 | 489,812 | ||||||||||
5.250% | 02/15/31 | (a) | 1,075 | 1,003,268 | ||||||||||
6.125% | 04/15/25 | 1,693 | 1,734,777 | |||||||||||
6.250% | 02/15/29 | (a) | 4,060 | 4,014,975 | ||||||||||
7.000% | 01/15/28 | (a) | 675 | 696,937 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.875% | 06/01/28 | 200 | 204,532 | |||||||||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.000% | 06/30/28 | (a) | 631 | 425,108 | ||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
9.500% | 07/31/27 | (a) | 63 | 64,444 | ||||||||||
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.125% | 04/01/29 | 450 | 441,084 |
SEE NOTES TO FINANCIAL STATEMENTS.
A115
PSF PGIM HIGH YIELD 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.) |
| |||||||||||||
Jazz Securities DAC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.375% | 01/15/29 | (a) | 325 | $ | 337,197 | |||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.125% | 04/30/31 | (a) | 475 | 489,298 | ||||||||||
P&L Development LLC/PLD Finance Corp., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.750% | 11/15/25 | 700 | 740,484 | |||||||||||
Prestige Brands, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.750% | 04/01/31 | 450 | 434,731 | |||||||||||
|
| |||||||||||||
14,728,160 | ||||||||||||||
|
| |||||||||||||
Pipelines — 3.5% |
| |||||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.375% | 06/15/29 | 750 | 783,238 | |||||||||||
5.750% | 01/15/28 | (a) | 1,825 | 1,920,279 | ||||||||||
Cheniere Energy Partners LP, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.000% | 03/01/31 | 900 | 941,029 | |||||||||||
Cheniere Energy, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.625% | 10/15/28 | 2,450 | 2,584,592 | |||||||||||
DCP Midstream Operating LP, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.625% | 07/15/27 | (a) | 395 | 450,060 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.450% | 11/03/36 | 200 | 234,671 | |||||||||||
Energy Transfer LP, |
| |||||||||||||
Jr. Sub. Notes, Series G |
| |||||||||||||
7.125%(ff) | 05/15/30 | (oo) | 775 | 800,085 | ||||||||||
EQM Midstream Partners LP, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.750% | 07/15/23 | 110 | 114,842 | |||||||||||
5.500% | 07/15/28 | 50 | 54,016 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.000% | 07/01/25 | 275 | 299,065 | |||||||||||
6.500% | 07/01/27 | 810 | 903,008 | |||||||||||
Global Partners LP/GLP Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.875% | 01/15/29 | 400 | 429,008 | |||||||||||
7.000% | 08/01/27 | 260 | 275,871 | |||||||||||
Rockies Express Pipeline LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.875% | 04/15/40 | (a) | 2,269 | 2,414,698 | ||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.500% | 09/15/24 | 454 | 461,442 | |||||||||||
5.500% | 01/15/28 | (a) | 1,175 | 1,193,320 | ||||||||||
6.000% | 12/31/30 | 425 | 442,775 | |||||||||||
7.500% | 10/01/25 | 175 | 190,662 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.000% | 01/15/28 | (a) | 300 | 316,881 | ||||||||||
5.375% | 02/01/27 | (a) | 275 | 286,415 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Pipelines (cont’d.) |
| |||||||||||||
5.500% | 03/01/30 | (a) | 655 | $ | 720,054 | |||||||||
5.875% | 04/15/26 | (a) | 375 | 393,455 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.875% | 02/01/31 | (a) | 450 | 487,011 | ||||||||||
Western Midstream Operating LP, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
3.950% | 06/01/25 | 575 | 597,061 | |||||||||||
4.350% | 02/01/25 | (a) | 650 | 686,770 | ||||||||||
5.300% | 02/01/30 | (a) | 1,075 | 1,207,234 | ||||||||||
5.450% | 04/01/44 | 75 | 80,735 | |||||||||||
5.500% | 08/15/48 | (a) | 300 | 327,143 | ||||||||||
|
| |||||||||||||
19,595,420 | ||||||||||||||
|
| |||||||||||||
Real Estate — 1.2% |
| |||||||||||||
Five Point Operating Co. LP/Five Point Capital Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.875% | 11/15/25 | (a) | 1,675 | 1,768,677 | ||||||||||
Greystar Real Estate Partners LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.750% | 12/01/25 | 1,825 | 1,875,934 | |||||||||||
Howard Hughes Corp. (The), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.125% | 02/01/29 | 325 | 324,976 | |||||||||||
4.375% | 02/01/31 | (a) | 500 | 498,035 | ||||||||||
5.375% | 08/01/28 | 720 | 764,004 | |||||||||||
Hunt Cos., Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.250% | 04/15/29 | 1,525 | 1,484,133 | |||||||||||
|
| |||||||||||||
6,715,759 | ||||||||||||||
|
| |||||||||||||
Real Estate Investment Trusts (REITs) — 2.5% |
| |||||||||||||
Diversified Healthcare Trust, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.375% | 03/01/31 | (a) | 275 | 263,839 | ||||||||||
9.750% | 06/15/25 | (a) | 1,775 | 1,969,740 | ||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
4.750% | 02/15/28 | (a) | 1,325 | 1,313,189 | ||||||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.500% | 01/15/28 | (a) | 1,175 | 1,243,187 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 06/15/25 | 185 | 197,586 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
3.500% | 03/15/31 | (a) | 700 | 707,081 | ||||||||||
5.000% | 10/15/27 | (a) | 1,075 | 1,139,919 | ||||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.875% | 10/01/28 | (a) | 525 | 558,686 | ||||||||||
7.500% | 06/01/25 | (a) | 1,585 | 1,717,606 | ||||||||||
RHP Hotel Properties LP/RHP Finance Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 02/15/29 | 250 | 251,250 |
SEE NOTES TO FINANCIAL STATEMENTS.
A116
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||||||||
RLJ Lodging Trust LP, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.750% | 07/01/26 | 250 | $ | 252,594 | ||||||||||
Sabra Health Care LP, |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.125% | 08/15/26 | 300 | 337,659 | |||||||||||
SBA Communications Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
3.125% | 02/01/29 | (a) | 375 | 362,141 | ||||||||||
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.125% | 12/15/24 | 305 | 315,470 | |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.875% | 02/15/25 | 805 | 862,206 | |||||||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.750% | 04/15/28 | (a) | 400 | 399,596 | ||||||||||
VICI Properties LP/VICI Note Co., Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.750% | 02/15/27 | 225 | 229,770 | |||||||||||
4.625% | 12/01/29 | (a) | 1,725 | 1,833,256 | ||||||||||
|
| |||||||||||||
13,954,775 | ||||||||||||||
|
| |||||||||||||
Retail — 2.5% |
| |||||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), |
| |||||||||||||
Sec’d. Notes, 144A |
| |||||||||||||
4.000% | 10/15/30 | (a) | 2,200 | 2,128,881 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.500% | 02/15/29 | 275 | 271,819 | |||||||||||
3.875% | 01/15/28 | 200 | 202,500 | |||||||||||
Ambience Merger Sub, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.125% | 07/15/29 | 275 | 277,750 | |||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.875% | 07/15/28 | 100 | 100,250 | |||||||||||
Brinker International, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.000% | 10/01/24 | 425 | 448,533 | |||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
3.875% | 05/15/23 | (a) | 725 | 749,131 | ||||||||||
Caleres, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.250% | 08/15/23 | 100 | 100,250 | |||||||||||
eG Global Finance PLC (United Kingdom), |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
8.500% | 10/30/25 | (a) | 1,075 | 1,135,872 | ||||||||||
Foundation Building Materials, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.000% | 03/01/29 | 500 | 495,538 | |||||||||||
Golden Nugget, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.750% | 10/15/24 | (a) | 1,750 | 1,762,711 | ||||||||||
GYP Holdings III Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.625% | 05/01/29 | 175 | 175,752 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Retail (cont’d.) |
| |||||||||||||
LBM Acquisition LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.250% | 01/15/29 | 200 | $ | 201,515 | ||||||||||
LCM Investments Holdings II LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.875% | 05/01/29 | (a) | 325 | 333,233 | ||||||||||
Murphy Oil USA, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.750% | 02/15/31 | 250 | 247,210 | |||||||||||
Park River Holdings, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
5.625% | 02/01/29 | (a) | 1,370 | 1,333,441 | ||||||||||
Sally Holdings LLC/Sally Capital, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.625% | 12/01/25 | (a) | 2,600 | 2,684,376 | ||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
5.875% | 03/01/27 | (a) | 350 | 368,067 | ||||||||||
Superior Plus LP/Superior General Partner, Inc. (Canada), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.500% | 03/15/29 | 275 | 283,202 | |||||||||||
White Cap Buyer LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.875% | 10/15/28 | 425 | 453,376 | |||||||||||
|
| |||||||||||||
13,753,407 | ||||||||||||||
|
| |||||||||||||
Semiconductors — 0.3% |
| |||||||||||||
Microchip Technology, Inc., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
4.250% | 09/01/25 | (a) | 1,470 | 1,543,923 | ||||||||||
|
| |||||||||||||
Software — 1.2% |
| |||||||||||||
Black Knight InfoServ LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.625% | 09/01/28 | (a) | 1,410 | 1,404,613 | ||||||||||
Boxer Parent Co., Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.125% | 10/02/25 | (a) | 325 | 347,844 | ||||||||||
BY Crown Parent LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
7.375% | 10/15/24 | 1,555 | 1,582,501 | |||||||||||
Clarivate Science Holdings Corp., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
4.875% | 06/30/29 | (a) | 500 | 513,050 | ||||||||||
Dun & Bradstreet Corp. (The), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
10.250% | 02/15/27 | (a) | 765 | 843,947 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.875% | 08/15/26 | 1,019 | 1,080,498 | |||||||||||
MicroStrategy, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
6.125% | 06/15/28 | (a) | 325 | 324,767 | ||||||||||
Rackspace Technology Global, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
3.500% | 02/15/28 | (a) | 450 | 435,362 |
SEE NOTES TO FINANCIAL STATEMENTS.
A117
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Software (cont’d.) |
| |||||||||||||
Rocket Software, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.500% | 02/15/29 | (a) | 375 | $ | 371,856 | |||||||||
|
| |||||||||||||
6,904,438 | ||||||||||||||
|
| |||||||||||||
Telecommunications — 6.1% |
| |||||||||||||
Altice France SA (France), |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.125% | 07/15/29 | (a) | 375 | 379,285 | ||||||||||
7.375% | 05/01/26 | 2,490 | 2,588,467 | |||||||||||
CommScope Technologies LLC, |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.000% | 06/15/25 | 1,771 | 1,809,146 | |||||||||||
Digicel Group Holdings Ltd. (Jamaica), |
| |||||||||||||
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000% |
| |||||||||||||
10.000% | 04/01/24 | 1,783 | 1,739,726 | |||||||||||
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% or PIK 8.000% |
| |||||||||||||
8.000% | 04/01/25 | 652 | 553,377 | |||||||||||
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
8.000% | 12/31/26 | (a) | 363 | 354,269 | ||||||||||
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% |
| |||||||||||||
13.000% | 12/31/25 | (a) | 1,517 | 1,522,531 | ||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
8.750% | 05/25/24 | 1,050 | 1,094,227 | |||||||||||
8.750% | 05/25/24 | 1,058 | 1,102,164 | |||||||||||
Digicel Ltd. (Jamaica), |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.750% | 03/01/23 | 4,710 | 4,506,595 | |||||||||||
Intelsat Jackson Holdings SA (Luxembourg), |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
5.500% | 08/01/23 | (d) | 1,595 | 913,990 | ||||||||||
Gtd. Notes, 144A |
| |||||||||||||
9.750% | 07/15/25 | (d) | 3,955 | 2,309,210 | ||||||||||
Intelsat Luxembourg SA (Luxembourg), |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
8.125% | 06/01/23 | (d) | 1,690 | 58,620 | ||||||||||
Intrado Corp., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
8.500% | 10/15/25 | (a) | 3,454 | 3,374,411 | ||||||||||
Level 3 Financing, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.750% | 07/15/29 | 270 | 262,561 | |||||||||||
Lumen Technologies, Inc., |
| |||||||||||||
Sr. Unsec’d. Notes, Series P |
| |||||||||||||
7.600% | 09/15/39 | (a) | 1,185 | 1,346,615 | ||||||||||
Sr. Unsec’d. Notes, Series U |
| |||||||||||||
7.650% | 03/15/42 | 1,100 | 1,234,704 | |||||||||||
Northwestern Bell Telephone, |
| |||||||||||||
Sr. Unsec’d. Notes |
| |||||||||||||
7.750% | 05/01/30 | 100 | 127,033 | |||||||||||
Sprint Capital Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
6.875% | 11/15/28 | 430 | 551,668 | |||||||||||
8.750% | 03/15/32 | (a) | 731 | 1,110,778 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | |||||||||||
CORPORATE BONDS (continued) |
| |||||||||||||
Telecommunications (cont’d.) |
| |||||||||||||
Sprint Corp., |
| |||||||||||||
Gtd. Notes |
| |||||||||||||
7.625% | 02/15/25 | (a) | 1,385 | $ | 1,645,137 | |||||||||
7.625% | 03/01/26 | (a) | 500 | 611,672 | ||||||||||
7.875% | 09/15/23 | 1,175 | 1,335,738 | |||||||||||
Switch Ltd., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
4.125% | 06/15/29 | 275 | 281,915 | |||||||||||
Viasat, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
5.625% | 04/15/27 | 275 | 287,014 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.625% | 09/15/25 | (a) | 525 | 534,876 | ||||||||||
6.500% | 07/15/28 | (a) | 430 | 458,564 | ||||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
7.750% | 08/15/28 | (a) | 570 | 590,015 | ||||||||||
Zayo Group Holdings, Inc., |
| |||||||||||||
Sr. Sec’d. Notes, 144A |
| |||||||||||||
4.000% | 03/01/27 | 115 | 114,244 | |||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
6.125% | 03/01/28 | (a) | 1,125 | 1,148,717 | ||||||||||
|
| |||||||||||||
33,947,269 | ||||||||||||||
|
| |||||||||||||
Toys/Games/Hobbies — 0.0% |
| |||||||||||||
Mattel, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
3.375% | 04/01/26 | 125 | 129,586 | |||||||||||
|
| |||||||||||||
Transportation — 0.0% |
| |||||||||||||
XPO Logistics, Inc., |
| |||||||||||||
Gtd. Notes, 144A |
| |||||||||||||
6.250% | 05/01/25 | 170 | 180,863 | |||||||||||
|
| |||||||||||||
Trucking & Leasing — 0.0% |
| |||||||||||||
Fortress Transportation & Infrastructure Investors LLC, |
| |||||||||||||
Sr. Unsec’d. Notes, 144A |
| |||||||||||||
5.500% | 05/01/28 | 200 | 208,330 | |||||||||||
|
| |||||||||||||
TOTAL CORPORATE BONDS |
| 482,424,627 | ||||||||||||
|
| |||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0% |
| |||||||||||||
Adjustable Rate Mortgage Trust, |
| |||||||||||||
Series 2005-07, Class 1A1 |
| |||||||||||||
2.721%(cc) | 10/25/35 | 4 | 3,235 | |||||||||||
Alternative Loan Trust, |
| |||||||||||||
Series 2005-43, Class 4A3 |
| |||||||||||||
2.842%(cc) | 10/25/35 | 2 | 1,834 | |||||||||||
Series 2006-HY13, Class 4A1 |
| |||||||||||||
3.051%(cc) | 02/25/37 | 2 | 2,199 | |||||||||||
Series 2006-OA09, Class 2A1A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) |
| |||||||||||||
0.513%(c) | 07/20/46 | 3 | 2,313 | |||||||||||
American Home Mortgage Assets Trust, |
| |||||||||||||
Series 2006-04, Class 1A12, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) |
| |||||||||||||
0.302%(c) | 10/25/46 | 18 | 12,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
A118
PSF PGIM HIGH YIELD 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) |
| |||||||||||||
American Home Mortgage Investment Trust, |
| |||||||||||||
Series 2005-02, Class 4A1, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%) |
| |||||||||||||
1.671%(c) | 09/25/45 | — | (r) | $ | 273 | |||||||||
Banc of America Funding Trust, |
| |||||||||||||
Series 2006-B, Class 2A1 |
| |||||||||||||
2.919%(cc) | 03/20/36 | 4 | 4,237 | |||||||||||
Citigroup Mortgage Loan Trust, |
| |||||||||||||
Series 2007-10, Class 22AA |
| |||||||||||||
3.234%(cc) | 09/25/37 | 9 | 9,177 | |||||||||||
HarborView Mortgage Loan Trust, |
| |||||||||||||
Series 2006-05, Class 2A1A, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%) |
| |||||||||||||
0.453%(c) | 07/19/46 | 5 | 3,049 | |||||||||||
IndyMac INDX Mortgage Loan Trust, |
| |||||||||||||
Series 2006-AR12, Class A1, 1 Month LIBOR + 0.190% (Cap N/A, Floor 0.190%) |
| |||||||||||||
0.282%(c) | 09/25/46 | 4 | 3,726 | |||||||||||
JPMorgan Mortgage Trust, |
| |||||||||||||
Series 2007-S03, Class 1A96 |
| |||||||||||||
6.000% | 08/25/37 | 12 | 8,598 | |||||||||||
MASTR Adjustable Rate Mortgages Trust, |
| |||||||||||||
Series 2006-OA01, Class 1A1, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%) |
| |||||||||||||
0.302%(c) | 04/25/46 | 2 | 1,950 | |||||||||||
RALI Trust, | ||||||||||||||
Series 2006-QA02, Class 3A1 |
| |||||||||||||
5.445%(cc) | 02/25/36 | 12 | 9,692 | |||||||||||
Residential Asset Securitization Trust, |
| |||||||||||||
Series 2007-A05, Class 2A3 |
| |||||||||||||
6.000% | 05/25/37 | 3 | 2,376 | |||||||||||
WaMu Mortgage Pass-Through Certificates Trust, |
| |||||||||||||
Series 2007-HY01, Class 2A3 |
| |||||||||||||
3.000%(cc) | 02/25/37 | 2 | 2,188 | |||||||||||
Series 2007-HY01, Class 4A1 |
| |||||||||||||
3.031%(cc) | 02/25/37 | 3 | 2,907 | |||||||||||
|
| |||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| 69,754 | ||||||||||||
|
| |||||||||||||
Shares | ||||||||||||||
COMMON STOCKS — 3.5% |
| |||||||||||||
Chemicals — 0.1% |
| |||||||||||||
Hexion Holdings Corp. (Class B Stock)* | 23,260 | 430,310 | ||||||||||||
|
| |||||||||||||
Electric Utilities — 0.4% |
| |||||||||||||
GenOn Energy Holdings, Inc. (Class A Stock)*^ | 11,836 | 1,657,040 | ||||||||||||
Keycon Power Holdings LLC*^ | 2,150 | 303,150 | ||||||||||||
|
| |||||||||||||
1,960,190 | ||||||||||||||
|
| |||||||||||||
Gas Utilities — 0.7% |
| |||||||||||||
Ferrellgas Partners LP (Class B Stock)* | 18,116 | 4,004,995 | ||||||||||||
|
| |||||||||||||
Independent Power & Renewable Electricity Producers — 0.1% |
| |||||||||||||
Vistra Corp. |
| 44,042 | 816,979 | |||||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Oil, Gas & Consumable Fuels — 2.2% |
| |||||||
Chesapeake Energy Corp.(a) | 167,802 | $ | 8,712,280 | |||||
Chesapeake Energy Corp. Backstop Commitment*^ | 1,220 | 62,629 | ||||||
Extraction Oil & Gas, Inc.* | 64,683 | 3,551,743 | ||||||
|
| |||||||
12,326,652 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 19,539,126 | ||||||
|
| |||||||
PREFERRED STOCKS — 0.1% |
| |||||||
Capital Markets — 0.1% | ||||||||
Goldman Sachs Group, Inc. (The), |
| |||||||
Series K, 6.375%(c), 3 Month LIBOR + 3.550%, Maturing 05/10/24(oo) | 11,850 | 348,390 | ||||||
|
| |||||||
Construction Materials — 0.0% |
| |||||||
New Millennium Homes LLC, Maturing 01/01/49^ | 408 | 2,859 | ||||||
|
| |||||||
Media — 0.0% | ||||||||
Adelphia Communications Corp.^ | 700 | 1 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| 351,250 | ||||||
|
| |||||||
Units | ||||||||
WARRANTS* — 0.0% | ||||||||
Hotels, Restaurants & Leisure | ||||||||
CEC Brands LLC, expiring 12/31/25 (cost $0) | 41,205 | 138,037 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 526,376,597 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS — 36.6% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 20,211,484 | 20,211,484 | ||||||
PGIM Institutional Money Market Fund | 182,977,187 | 182,867,401 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 203,078,885 | ||||||
|
| |||||||
TOTAL INVESTMENTS—131.5% |
| 729,455,482 | ||||||
Liabilities in excess of other assets(z) — (31.5)% |
| (174,756,704 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 554,698,778 | ||||||
|
|
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. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,343,256 and 0.9% of net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
A119
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $179,704,369; cash collateral of $182,837,236 (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. |
(oo) | Perpetual security. Maturity date represents next call date. |
(r) | Principal or notional amount is less than $500 par. |
(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: | |||||||||||||||||
111 | 2 Year U.S. Treasury Notes | Sep. 2021 | $ | 24,455,555 | $ | (37,493 | ) | ||||||||||
298 | 5 Year U.S. Treasury Notes | Sep. 2021 | 36,782,047 | (86,724 | ) | ||||||||||||
132 | 10 Year U.S. Treasury Notes | Sep. 2021 | 17,490,000 | 67,131 | |||||||||||||
14 | 20 Year U.S. Treasury Bonds | Sep. 2021 | 2,250,500 | 59,026 | |||||||||||||
|
| ||||||||||||||||
1,940 | |||||||||||||||||
|
| ||||||||||||||||
Short Position: | |||||||||||||||||
20 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2021 | 3,853,750 | (164,304 | ) | ||||||||||||
|
| ||||||||||||||||
$ | (162,364 | ) | |||||||||||||||
|
|
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) | Value at Trade Date | Value at June 30, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): |
| ||||||||||||||||||||||||||||||||||
CDX.NA.HY.36.V1 | 06/20/26 | 5.000 | %(Q) | 4,225 | 2.737 | % | $ | (394,534 | ) | $ | (438,474 | ) | $ | (43,940 | ) | ||||||||||||||||||||
|
|
|
|
|
|
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. |
SEE NOTES TO FINANCIAL STATEMENTS.
A120
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
(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. |
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. | $ | 1,093,000 | $ | — | ||||||
|
|
|
|
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 | ||||||||||||
Bank Loans | $ | — | $ | 23,347,808 | $ | 167,324 | ||||||
Convertible Bond | — | 338,671 | — | |||||||||
Corporate Bonds | — | 479,274,374 | 3,150,253 | |||||||||
Residential Mortgage-Backed Securities | — | 69,754 | — | |||||||||
Common Stocks | 13,081,002 | 4,435,305 | 2,022,819 | |||||||||
Preferred Stocks | 348,390 | — | 2,860 | |||||||||
Warrants | — | 138,037 | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 203,078,885 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 216,508,277 | $ | 507,603,949 | $ | 5,343,256 | ||||||
|
|
|
|
|
| |||||||
Other Financial Instruments* | ||||||||||||
Assets | ||||||||||||
Futures Contracts | $ | 126,157 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (288,521 | ) | $ | — | $ | — | |||||
Centrally Cleared Credit Default Swap Agreement | — | (43,940 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total | $ | (288,521 | ) | $ | (43,940 | ) | $ | — | ||||
|
|
|
|
|
|
* | 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 (33.0% represents investments purchased with collateral from securities on loan) | 36.6 | % | ||
Oil & Gas | 7.6 |
Telecommunications | 6.5 | % | ||
Media | 6.3 | |||
Home Builders | 4.5 |
SEE NOTES TO FINANCIAL STATEMENTS.
A121
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Industry Classification (continued):
Entertainment | 4.5 | % | ||
Electric | 4.2 | |||
Commercial Services | 4.1 | |||
Healthcare-Services | 4.0 | |||
Chemicals | 3.8 | |||
Pipelines | 3.5 | |||
Pharmaceuticals | 2.7 | |||
Foods | 2.7 | |||
Retail | 2.7 | |||
Computers | 2.7 | |||
Auto Manufacturers | 2.6 | |||
Real Estate Investment Trusts (REITs) | 2.5 | |||
Diversified Financial Services | 2.5 | |||
Mining | 2.4 | |||
Oil, Gas & Consumable Fuels | 2.2 | |||
Software | 2.0 | |||
Lodging | 2.0 | |||
Building Materials | 1.9 | |||
Miscellaneous Manufacturing | 1.7 | |||
Aerospace & Defense | 1.7 | |||
Auto Parts & Equipment | 1.5 | |||
Gas | 1.4 | |||
Airlines | 1.3 | |||
Real Estate | 1.2 | |||
Packaging & Containers | 0.9 | |||
Advertising | 0.7 | |||
Gas Utilities | 0.7 | |||
Machinery-Diversified | 0.5 | |||
Iron/Steel | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Household Products/Wares | 0.4 |
Internet | 0.4 | % | ||
Leisure Time | 0.4 | |||
Electric Utilities | 0.4 | |||
Electrical Components & Equipment | 0.3 | |||
Engineering & Construction | 0.3 | |||
Electronics | 0.3 | |||
Semiconductors | 0.3 | |||
Agriculture | 0.3 | |||
Apparel | 0.2 | |||
Banks | 0.2 | |||
Housewares | 0.2 | |||
Independent Power & Renewable Electricity Producers | 0.1 | |||
Environmental Control | 0.1 | |||
Home Furnishings | 0.1 | |||
Machinery-Construction & Mining | 0.1 | |||
Coal | 0.1 | |||
Capital Markets | 0.1 | |||
Office/Business Equipment | 0.1 | |||
Insurance | 0.1 | |||
Trucking & Leasing | 0.0 | * | ||
Transportation | 0.0 | * | ||
Hotels, Restaurants & Leisure | 0.0 | * | ||
Toys/Games/Hobbies | 0.0 | * | ||
Residential Mortgage-Backed Securities | 0.0 | * | ||
Construction Materials | 0.0 | * | ||
|
| |||
131.5 | ||||
Liabilities in excess of other assets | (31.5 | ) | ||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
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 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 | Fair Value | Statement of Assets and | Fair Value | ||||||||
Credit contracts | — | $ | — | Due from/to broker-variation margin swaps | $ | 43,940 | * | |||||
Interest rate contracts | Due from/to broker-variation margin futures | 126,157 | * | Due from/to broker-variation margin futures | 288,521 | * | ||||||
|
|
|
| |||||||||
$ | 126,157 | $ | 332,461 | |||||||||
|
|
|
|
* | 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.
A122
PSF PGIM HIGH YIELD 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 | Swaps | ||||||
Credit contracts | $ | — | $ | (678,592 | ) | |||
Interest rate contracts | (349,724 | ) | — | |||||
|
|
|
| |||||
Total | $ | (349,724 | ) | $ | (678,592 | ) | ||
|
|
|
| |||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||
Derivatives not accounted for as hedging instruments, carried at fair value | Futures | Swaps | ||||||
Credit contracts | $ | — | $ | 365,767 | ||||
Interest rate contracts | (215,536 | ) | — | |||||
|
|
|
| |||||
Total | $ | (215,536 | ) | $ | 365,767 | |||
|
|
|
|
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
Futures Contracts— Long Positions(1) | Futures Contracts— Short Positions(1) | |||||
$63,231,422 | $5,321,068 |
Credit Default Swap Agreements— Buy Protection(1) |
$6,325,000 |
Credit Default Swap Agreements— Sell Protection(1) |
$1,408,333 |
(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 | $ | 179,704,369 | $ | (179,704,369 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A123
PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $179,704,369: | ||||
Unaffiliated investments (cost $499,976,861) | $ | 526,376,597 | ||
Affiliated investments (cost $203,059,819) | 203,078,885 | |||
Cash | 45,823 | |||
Dividends and interest receivable | 7,764,826 | |||
Receivable for investments sold | 2,789,687 | |||
Deposit with broker for centrally cleared/exchange-traded derivatives | 1,093,000 | |||
Receivable for Portfolio shares sold | 155,830 | |||
Due from broker-variation margin futures | 33,433 | |||
Tax reclaim receivable | 3,712 | |||
Prepaid expenses | 1,294 | |||
|
| |||
Total Assets | 741,343,087 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 182,837,236 | |||
Payable for investments purchased | 3,165,948 | |||
Accrued expenses and other liabilities | 315,370 | |||
Management fee payable | 235,043 | |||
Payable for Portfolio shares purchased | 83,533 | |||
Payable to affiliate | 3,712 | |||
Due to broker-variation margin swaps | 2,303 | |||
Affiliated transfer agent fee payable | 980 | |||
Distribution fee payable | 184 | |||
|
| |||
Total Liabilities | 186,644,309 | |||
|
| |||
NET ASSETS | $ | 554,698,778 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 554,698,778 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $553,618,194 / 84,656,650 outstanding shares of beneficial interest | $ | 6.54 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $1,080,584 / 165,282 outstanding shares of beneficial interest | $ | 6.54 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Interest income | $ | 15,541,894 | ||
Income from securities lending, net (including affiliated income of $49,440) | 84,935 | |||
Unaffiliated dividend income (net of $426 foreign withholding tax, all of which is reimbursable by an affiliate) | 82,091 | |||
Affiliated dividend income | 10,158 | |||
|
| |||
Total income | 15,719,078 | |||
|
| |||
EXPENSES | ||||
Management fee | 1,480,046 | |||
Distribution fee—Class III | 244 | |||
Shareholders’ reports | 42,991 | |||
Custodian and accounting fees | 38,860 | |||
Audit fee | 23,806 | |||
Legal fees and expenses | 9,634 | |||
Trustees’ fees | 7,887 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 12,264 | |||
|
| |||
Total expenses | 1,621,029 | |||
Less: Fee waivers and/or expense reimbursement | (86,917 | ) | ||
|
| |||
Net expenses | 1,534,112 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 14,184,966 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(24,073)) | 2,630,705 | |||
Futures transactions | (349,724 | ) | ||
Swap agreements transactions | (678,592 | ) | ||
|
| |||
1,602,389 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(1,067)) | 14,558,499 | |||
Futures | (215,536 | ) | ||
Swap agreements. | 365,767 | |||
|
| |||
14,708,730 | ||||
|
| |||
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 16,311,119 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,496,085 | ||
|
|
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) | $ | 14,184,966 | $ | 30,591,114 | ||||||
Net realized gain (loss) on investment transactions | 1,602,389 | 2,720,001 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 14,708,730 | 1,317,496 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 30,496,085 | 34,628,611 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 14,511,765 | 17,957,341 | ||||||||
Portfolio shares purchased | (19,543,783 | ) | (45,352,928 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (5,032,018 | ) | (27,395,587 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 25,464,067 | 7,233,024 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 529,234,711 | 522,001,687 | ||||||||
|
|
|
| |||||||
End of period | $ | 554,698,778 | $ | 529,234,711 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A124
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.4% |
| |||||||
COMMON STOCKS | ||||||||
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 | ||||||
|
| |||||||
125,066,814 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.8% |
| |||||||
FedEx Corp. | 165,352 | 49,329,462 | ||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Delta Air Lines, Inc.* | 749,714 | 32,432,628 | ||||||
|
| |||||||
Automobiles — 4.2% | ||||||||
General Motors Co.* | 1,257,566 | 74,410,180 | ||||||
Tesla, Inc.* | 267,143 | 181,577,097 | ||||||
|
| |||||||
255,987,277 | ||||||||
|
| |||||||
Banks — 5.8% |
| |||||||
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 | 55,489,288 | ||||||
|
| |||||||
352,977,804 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
PepsiCo, Inc. | 246,730 | 36,557,984 | ||||||
|
| |||||||
Biotechnology — 0.3% | ||||||||
Zai Lab Ltd. (China), ADR* | 107,515 | 19,029,080 | ||||||
|
| |||||||
Building Products — 1.2% | ||||||||
Johnson Controls International PLC | 1,031,023 | 70,759,109 | ||||||
|
| |||||||
Capital Markets — 2.2% | ||||||||
Blackstone Group, Inc. (The)(a) | 471,978 | 45,847,943 | ||||||
Goldman Sachs Group, Inc. (The) | 239,754 | 90,993,836 | ||||||
|
| |||||||
136,841,779 | ||||||||
|
| |||||||
Chemicals — 1.8% |
| |||||||
FMC Corp. | 295,603 | 31,984,245 | ||||||
Linde PLC (United Kingdom) | 279,016 | 80,663,525 | ||||||
|
| |||||||
112,647,770 | ||||||||
|
| |||||||
Communications Equipment — 0.6% |
| |||||||
Cisco Systems, Inc. | 692,428 | 36,698,684 | ||||||
|
| |||||||
Consumer Finance — 1.7% | ||||||||
Capital One Financial Corp. | 359,878 | 55,669,528 | ||||||
SLM Corp.(a) | 2,155,555 | 45,137,322 | ||||||
|
| |||||||
100,806,850 | ||||||||
|
| |||||||
Containers & Packaging — 0.8% |
| |||||||
Crown Holdings, Inc. | 492,053 | 50,292,737 | ||||||
|
| |||||||
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 | ||||||
|
| |||||||
206,251,837 | ||||||||
|
|
Shares | 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 | ||||||
|
| |||||||
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 | ||||||||
|
| |||||||
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.
A125
PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED) |
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 | 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 |
| 6,096,048,883 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 6.2% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond | 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 | 346,885,953 | 346,677,822 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 382,922,047 | ||||||
|
| |||||||
TOTAL INVESTMENTS—105.6% |
| 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.
A126
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.
A127
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.
A128
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.
A129
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.8% |
| |||||||
COMMON STOCKS |
| |||||||
Aerospace & Defense — 1.3% | ||||||||
Airbus SE (France)* | 22,352 | $ | 2,882,348 | |||||
|
| |||||||
Air Freight & Logistics — 0.8% |
| |||||||
FedEx Corp. | 6,389 | 1,906,030 | ||||||
|
| |||||||
Airlines — 0.8% |
| |||||||
Delta Air Lines, Inc.* | 40,791 | 1,764,619 | ||||||
|
| |||||||
Automobiles — 4.5% | ||||||||
General Motors Co.* | 69,891 | 4,135,450 | ||||||
Tesla, Inc.* | 9,054 | 6,154,004 | ||||||
|
| |||||||
10,289,454 | ||||||||
|
| |||||||
Banks — 7.1% | ||||||||
Bank of America Corp. | 109,226 | 4,503,388 | ||||||
JPMorgan Chase & Co. | 32,298 | 5,023,631 | ||||||
PNC Financial Services Group, Inc. (The) | 17,740 | 3,384,082 | ||||||
Truist Financial Corp. | 55,189 | 3,062,990 | ||||||
|
| |||||||
15,974,091 | ||||||||
|
| |||||||
Building Products — 1.5% | ||||||||
Johnson Controls International PLC | 49,268 | 3,381,263 | ||||||
|
| |||||||
Capital Markets — 2.5% | ||||||||
Goldman Sachs Group, Inc. (The) | 15,002 | 5,693,709 | ||||||
|
| |||||||
Chemicals — 1.8% | ||||||||
Linde PLC (United Kingdom) | 13,899 | 4,018,201 | ||||||
|
| |||||||
Containers & Packaging — 1.1% |
| |||||||
Crown Holdings, Inc. | 24,488 | 2,502,918 | ||||||
|
| |||||||
Entertainment — 3.8% | ||||||||
Netflix, Inc.* | 5,311 | 2,805,323 | ||||||
ROBLOX Corp. (Class A | 7,801 | 701,934 | ||||||
Spotify Technology SA* | 5,900 | 1,625,981 | ||||||
Walt Disney Co. (The)* | 19,170 | 3,369,511 | ||||||
|
| |||||||
8,502,749 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.6% |
| |||||||
Walmart, Inc. | 25,966 | 3,661,725 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.3% |
| |||||||
Zimmer Biomet Holdings, Inc. | 18,153 | 2,919,365 | ||||||
|
| |||||||
Health Care Providers & Services — 1.5% |
| |||||||
Cigna Corp. | 7,064 | 1,674,662 | ||||||
Laboratory Corp. of America Holdings* | 6,608 | 1,822,817 | ||||||
|
| |||||||
3,497,479 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.1% |
| |||||||
Airbnb, Inc. (Class A Stock)* | 20,429 | 3,128,497 | ||||||
Royal Caribbean Cruises | 18,753 | 1,599,256 | ||||||
|
| |||||||
4,727,753 | ||||||||
|
| |||||||
Household Durables — 0.7% | ||||||||
D.R. Horton, Inc. | 17,691 | 1,598,736 | ||||||
|
| |||||||
Industrial Conglomerates — 0.9% |
| |||||||
General Electric Co. | 151,946 | 2,045,193 | ||||||
|
| |||||||
Insurance — 2.7% | ||||||||
Chubb Ltd. | 19,424 | 3,087,251 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Insurance (cont’d.) | ||||||||
MetLife, Inc. | 51,332 | $ | 3,072,220 | |||||
|
| |||||||
6,159,471 | ||||||||
|
| |||||||
Interactive Media & Services — 11.2% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 3,404 | 8,311,853 | ||||||
Alphabet, Inc. (Class C Stock)* | 1,491 | 3,736,923 | ||||||
Facebook, Inc. (Class A Stock)* | 14,808 | 5,148,890 | ||||||
Match Group, Inc.* | 30,080 | 4,850,400 | ||||||
Snap, Inc. (Class A Stock)* | 48,559 | 3,308,810 | ||||||
|
| |||||||
25,356,876 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 5.8% |
| |||||||
Amazon.com, Inc.* | 2,814 | 9,680,610 | ||||||
MercadoLibre, Inc. (Argentina)* | 2,202 | 3,430,254 | ||||||
|
| |||||||
13,110,864 | ||||||||
|
| |||||||
IT Services — 13.2% | ||||||||
Adyen NV (Netherlands), 144A* | 1,305 | 3,194,640 | ||||||
Affirm Holdings, Inc.*(a) | 26,665 | 1,795,888 | ||||||
Mastercard, Inc. (Class A Stock) | 9,924 | 3,623,153 | ||||||
Okta, Inc.* | 9,797 | 2,397,130 | ||||||
PayPal Holdings, Inc.* | 12,345 | 3,598,321 | ||||||
Shopify, Inc. (Canada) (Class A Stock)* | 4,519 | 6,602,169 | ||||||
Snowflake, Inc. (Class A Stock)*(a) | 4,418 | 1,068,272 | ||||||
Square, Inc. (Class A Stock)* | 15,916 | 3,880,321 | ||||||
Twilio, Inc. (Class A Stock)* | 9,675 | 3,813,498 | ||||||
|
| |||||||
29,973,392 | ||||||||
|
| |||||||
Multi-Utilities — 1.5% | ||||||||
Dominion Energy, Inc. | 45,869 | 3,374,582 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.7% |
| |||||||
ConocoPhillips | 101,031 | 6,152,788 | ||||||
|
| |||||||
Personal Products — 1.3% | ||||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 9,015 | 2,867,491 | ||||||
|
| |||||||
Pharmaceuticals — 4.1% | ||||||||
AstraZeneca PLC (United Kingdom), ADR(a) | 50,791 | 3,042,381 | ||||||
Eli Lilly & Co. | 27,209 | 6,245,010 | ||||||
|
| |||||||
9,287,391 | ||||||||
|
| |||||||
Road & Rail — 3.1% | ||||||||
Uber Technologies, Inc.* | 63,218 | 3,168,486 | ||||||
Union Pacific Corp. | 17,243 | 3,792,253 | ||||||
|
| |||||||
6,960,739 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.5% |
| |||||||
Broadcom, Inc. | 4,370 | 2,083,791 | ||||||
Lam Research Corp. | 3,433 | 2,233,853 | ||||||
NVIDIA Corp. | 6,893 | 5,515,089 | ||||||
Texas Instruments, Inc. | 14,102 | 2,711,815 | ||||||
|
| |||||||
12,544,548 | ||||||||
|
| |||||||
Software — 9.0% | ||||||||
Adobe, Inc.* | 7,253 | 4,247,647 | ||||||
DocuSign, Inc.* | 7,918 | 2,213,635 | ||||||
HubSpot, Inc.* | 1,381 | 804,736 |
SEE NOTES TO FINANCIAL STATEMENTS.
A130
PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Software (cont’d.) | ||||||||
Microsoft Corp. | 38,118 | $ | 10,326,166 | |||||
PTC, Inc.* | 12,452 | 1,758,970 | ||||||
RingCentral, Inc. (Class A Stock)* | 3,701 | 1,075,437 | ||||||
|
| |||||||
20,426,591 | ||||||||
|
| |||||||
Specialty Retail — 2.1% | ||||||||
Lowe’s Cos., Inc. | 11,368 | 2,205,051 | ||||||
Ross Stores, Inc. | 20,440 | 2,534,560 | ||||||
|
| |||||||
4,739,611 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 4.3% |
| |||||||
Lululemon Athletica, Inc.* | 7,297 | 2,663,186 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 6,402 | 5,027,778 | ||||||
NIKE, Inc. (Class B Stock) | 13,582 | 2,098,283 | ||||||
|
| |||||||
9,789,247 | ||||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| |||||||
(cost $154,325,607) | 226,109,224 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 3.9% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 981,539 | 981,539 | ||||||
PGIM Institutional Money Market Fund (cost $7,795,932; includes $7,795,401 of cash collateral for securities on | 7,800,622 | 7,795,941 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
|
| 8,777,480 |
| ||||
|
| |||||||
TOTAL INVESTMENTS—103.7% |
| 234,886,704 | ||||||
Liabilities in excess of other assets — (3.7)% |
| (8,433,383 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| $ | 226,453,321 | |||||
|
|
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 $7,641,708; cash collateral of $7,795,401 (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 | ||||||||||||
Aerospace & Defense | $ | — | $ | 2,882,348 | $— | |||||||
Air Freight & Logistics | 1,906,030 | — | — | |||||||||
Airlines | 1,764,619 | — | — | |||||||||
Automobiles | 10,289,454 | — | — | |||||||||
Banks | 15,974,091 | — | — | |||||||||
Building Products | 3,381,263 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A131
PSF PGIM JENNISON FOCUSED BLEND 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) | ||||||||||||
Capital Markets | $ | 5,693,709 | $ | — | $ | — | ||||||
Chemicals | 4,018,201 | — | — | |||||||||
Containers & Packaging | 2,502,918 | — | — | |||||||||
Entertainment | 8,502,749 | — | — | |||||||||
Food & Staples Retailing | 3,661,725 | — | — | |||||||||
Health Care Equipment & Supplies | 2,919,365 | — | — | |||||||||
Health Care Providers & Services | 3,497,479 | — | — | |||||||||
Hotels, Restaurants & Leisure | 4,727,753 | — | — | |||||||||
Household Durables | 1,598,736 | — | — | |||||||||
Industrial Conglomerates | 2,045,193 | — | — | |||||||||
Insurance | 6,159,471 | — | — | |||||||||
Interactive Media & Services | 25,356,876 | — | — | |||||||||
Internet & Direct Marketing Retail | 13,110,864 | — | — | |||||||||
IT Services | 26,778,752 | 3,194,640 | — | |||||||||
Multi-Utilities | 3,374,582 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 6,152,788 | — | — | |||||||||
Personal Products | 2,867,491 | — | — | |||||||||
Pharmaceuticals | 9,287,391 | — | — | |||||||||
Road & Rail | 6,960,739 | — | — | |||||||||
Semiconductors & Semiconductor Equipment | 12,544,548 | — | — | |||||||||
Software | 20,426,591 | — | — | |||||||||
Specialty Retail | 4,739,611 | — | — | |||||||||
Textiles, Apparel & Luxury Goods. | 4,761,469 | 5,027,778 | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 8,777,480 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 223,781,938 | $ | 11,104,766 | $ | — | ||||||
|
|
|
|
|
|
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 | 13.2 | % | ||
Interactive Media & Services | 11.2 | |||
Software | 9.0 | |||
Banks | 7.1 | |||
Internet & Direct Marketing Retail | 5.8 | |||
Semiconductors & Semiconductor Equipment | 5.5 | |||
Automobiles | 4.5 | |||
Textiles, Apparel & Luxury Goods | 4.3 | |||
Pharmaceuticals | 4.1 | |||
Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan) | 3.9 | |||
Entertainment | 3.8 | |||
Road & Rail | 3.1 | |||
Insurance | 2.7 | |||
Oil, Gas & Consumable Fuels | 2.7 | |||
Capital Markets | 2.5 | |||
Specialty Retail | 2.1 | |||
Hotels, Restaurants & Leisure | 2.1 |
Chemicals | 1.8 | % | ||
Food & Staples Retailing | 1.6 | |||
Health Care Providers & Services | 1.5 | |||
Building Products | 1.5 | |||
Multi-Utilities | 1.5 | |||
Health Care Equipment & Supplies | 1.3 | |||
Aerospace & Defense | 1.3 | |||
Personal Products | 1.3 | |||
Containers & Packaging | 1.1 | |||
Industrial Conglomerates | 0.9 | |||
Air Freight & Logistics | 0.8 | |||
Airlines | 0.8 | |||
Household Durables | 0.7 | |||
|
| |||
103.7 | ||||
Liabilities in excess of other assets | (3.7 | ) | ||
|
| |||
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.
SEE NOTES TO FINANCIAL STATEMENTS.
A132
PSF PGIM JENNISON FOCUSED BLEND 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 | $ | 7,641,708 | $ | (7,641,708 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A133
PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $7,641,708: | ||||
Unaffiliated investments (cost $154,325,607) | $ | 226,109,224 | ||
Affiliated investments (cost $8,777,471) | 8,777,480 | |||
Dividends receivable | 51,102 | |||
Tax reclaim receivable | 41,156 | |||
Receivable for Portfolio shares sold | 40,180 | |||
Prepaid expenses | 900 | |||
|
| |||
Total Assets | 235,020,042 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 7,795,401 | |||
Payable for Portfolio shares purchased | 386,823 | |||
Payable for investments purchased | 146,043 | |||
Management fee payable | 136,926 | |||
Accrued expenses and other liabilities | 48,204 | |||
Distribution fee payable | 26,936 | |||
Administration fee payable | 16,153 | |||
Payable to affiliate | 9,255 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 8,566,721 | |||
|
| |||
NET ASSETS | $ | 226,453,321 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 226,453,321 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $93,659,632 / 1,685,970 outstanding shares of beneficial interest | $ | 55.55 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $132,681,606 / 2,528,277 outstanding shares of beneficial interest | $ | 52.48 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $112,083 / 2,019 outstanding shares of beneficial interest | $ | 55.53 | ||
|
| |||
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 $25,768 foreign withholding tax, of which $19,332 is reimbursable by an affiliate) | $ | 1,017,795 | ||
Income from securities lending, net (including affiliated income of $3,905) | 4,715 | |||
Affiliated dividend income | 2,356 | |||
|
| |||
Total income | 1,024,866 | |||
|
| |||
EXPENSES | ||||
Management fee | 822,052 | |||
Distribution fee—Class II | 162,430 | |||
Distribution fee—Class III | 21 | |||
Administration fee—Class II | 97,458 | |||
Custodian and accounting fees | 39,937 | |||
Audit fee | 12,797 | |||
Shareholders’ reports | 12,732 | |||
Legal fees and expenses | 9,192 | |||
Trustees’ fees | 6,053 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 11,416 | |||
|
| |||
Total expenses | 1,179,385 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | (154,519 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(44)) | 35,494,493 | |||
Foreign currency transactions | (2,648 | ) | ||
|
| |||
35,491,845 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (11,491,078 | ) | ||
Foreign currencies | (330 | ) | ||
|
| |||
(11,491,408 | ) | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 24,000,437 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 23,845,918 | ||
|
|
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) | $ | (154,519 | ) | $ | 281,437 | |||||
Net realized gain (loss) on investment and foreign currency transactions | 35,491,845 | 32,579,113 | ||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (11,491,408 | ) | 20,083,474 | |||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 23,845,918 | 52,944,024 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 6,818,908 | 10,553,886 | ||||||||
Portfolio shares purchased | (21,662,005 | ) | (39,093,305 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (14,843,097 | ) | (28,539,419 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 9,002,821 | 24,404,605 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 217,450,500 | 193,045,895 | ||||||||
|
|
|
| |||||||
End of period | $ | 226,453,321 | $ | 217,450,500 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A134
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.7% |
| |||||||
COMMON STOCKS |
| |||||||
Aerospace & Defense — 0.8% | ||||||||
Safran SA (France) | 206,359 | $ | 28,616,139 | |||||
|
| |||||||
Automobiles — 4.9% | ||||||||
Tesla, Inc.* | 255,267 | 173,504,980 | ||||||
|
| |||||||
Capital Markets — 1.3% |
| |||||||
Goldman Sachs Group, Inc. (The) | 46,993 | 17,835,253 | ||||||
S&P Global, Inc. | 68,330 | 28,046,049 | ||||||
|
| |||||||
45,881,302 | ||||||||
|
| |||||||
Entertainment — 4.1% |
| |||||||
Netflix, Inc.* | 157,258 | 83,065,248 | ||||||
ROBLOX Corp. (Class A | 245,783 | 22,115,554 | ||||||
Spotify Technology SA* | 145,162 | 40,005,196 | ||||||
|
| |||||||
145,185,998 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
Costco Wholesale Corp. | 102,848 | 40,693,868 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.2% |
| |||||||
Danaher Corp. | 141,793 | 38,051,569 | ||||||
Dexcom, Inc.* | 53,565 | 22,872,255 | ||||||
Intuitive Surgical, Inc.* | 19,150 | 17,611,106 | ||||||
|
| |||||||
78,534,930 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.7% |
| |||||||
UnitedHealth Group, Inc. | 65,623 | 26,278,074 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.4% |
| |||||||
Airbnb, Inc. (Class A Stock)* | 219,675 | 33,641,029 | ||||||
Chipotle Mexican Grill, Inc.* | 26,887 | 41,683,992 | ||||||
Marriott International, Inc. (Class A Stock)* | 75,798 | 10,347,943 | ||||||
|
| |||||||
85,672,964 | ||||||||
|
| |||||||
Interactive Media & Services — 13.5% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 41,640 | 101,676,135 | ||||||
Alphabet, Inc. (Class C Stock)* | 39,835 | 99,839,257 | ||||||
Facebook, Inc. (Class A Stock)* | 406,825 | 141,457,121 | ||||||
Match Group, Inc.*(a) | 435,891 | 70,287,424 | ||||||
Snap, Inc. (Class A Stock)* | 956,770 | 65,194,308 | ||||||
|
| |||||||
478,454,245 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 7.8% |
| |||||||
Amazon.com, Inc.* | 73,179 | 251,747,469 | ||||||
MercadoLibre, Inc. (Argentina)* | 16,709 | 26,029,113 | ||||||
|
| |||||||
277,776,582 | ||||||||
|
| |||||||
IT Services — 18.4% |
| |||||||
Adyen NV (Netherlands), 144A* | 26,664 | 65,273,481 | ||||||
Mastercard, Inc. (Class A Stock) | 172,435 | 62,954,294 | ||||||
Okta, Inc.* | 51,849 | 12,686,413 | ||||||
PayPal Holdings, Inc.* | 283,056 | 82,505,163 | ||||||
Shopify, Inc. (Canada) (Class A Stock)* | 113,724 | 166,148,489 | ||||||
Snowflake, Inc. (Class A | 84,606 | 20,457,731 | ||||||
Square, Inc. (Class A Stock)* | 279,204 | 68,069,935 | ||||||
Twilio, Inc. (Class A Stock)* | 207,316 | 81,715,675 | ||||||
Visa, Inc. (Class A Stock)(a) | 400,291 | 93,596,042 | ||||||
|
| |||||||
653,407,223 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Multiline Retail — 1.5% | ||||||||
Target Corp. | 220,502 | $ | 53,304,153 | |||||
|
| |||||||
Personal Products — 1.9% | ||||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) | 211,572 | 67,296,822 | ||||||
|
| |||||||
Pharmaceuticals — 1.5% | ||||||||
Eli Lilly & Co. | 234,805 | 53,892,444 | ||||||
|
| |||||||
Road & Rail — 2.8% | ||||||||
Uber Technologies, Inc.* | 1,296,437 | 64,977,423 | ||||||
Union Pacific Corp. | 158,625 | 34,886,396 | ||||||
|
| |||||||
99,863,819 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.1% |
| |||||||
NVIDIA Corp. | 195,489 | 156,410,749 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 500,419 | 60,130,347 | ||||||
|
| |||||||
216,541,096 | ||||||||
|
| |||||||
Software — 14.8% |
| |||||||
Adobe, Inc.* | 206,589 | 120,986,782 | ||||||
Atlassian Corp. PLC (Class A Stock)* | 124,040 | 31,860,914 | ||||||
Crowdstrike Holdings, Inc. (Class A Stock)* | 234,406 | 58,908,572 | ||||||
DocuSign, Inc.* | 130,155 | 36,387,433 | ||||||
Microsoft Corp. | 514,387 | 139,347,438 | ||||||
RingCentral, Inc. (Class A | 64,107 | 18,628,212 | ||||||
salesforce.com, Inc.* | 249,502 | 60,945,854 | ||||||
Trade Desk, Inc. (The) (Class A Stock)*(a) | 448,494 | 34,695,496 | ||||||
Workday, Inc. (Class A Stock)* | 95,151 | 22,716,350 | ||||||
|
| |||||||
524,477,051 | ||||||||
|
| |||||||
Specialty Retail — 2.8% |
| |||||||
Carvana Co.*(a) | 139,410 | 42,076,726 | ||||||
Home Depot, Inc. (The) | 50,771 | 16,190,364 | ||||||
TJX Cos., Inc. (The) | 621,755 | 41,918,722 | ||||||
|
| |||||||
100,185,812 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.5% |
| |||||||
Apple, Inc. | 1,176,967 | 161,197,400 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 6.6% |
| |||||||
Kering SA (France) | 64,795 | 56,855,084 | ||||||
Lululemon Athletica, Inc.* | 118,076 | 43,094,198 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 92,158 | 72,375,808 | ||||||
NIKE, Inc. (Class B Stock) | 394,108 | 60,885,745 | ||||||
|
| |||||||
233,210,835 | ||||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 3,543,975,737 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 5.9% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond Fund(wa) | 21,733,968 | 21,733,968 |
SEE NOTES TO FINANCIAL STATEMENTS.
A135
PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS (continued) |
| |||||||
PGIM Institutional Money Market Fund (cost $189,233,946; includes $189,217,900 of cash collateral for securities on | 189,473,786 | $ | 189,360,102 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 211,094,070 | ||||||
|
| |||||||
TOTAL INVESTMENTS—105.6% |
| 3,755,069,807 | ||||||
Liabilities in excess of other assets — (5.6)% |
| (198,706,448 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,556,363,359 | ||||||
|
|
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 $182,905,783; cash collateral of $189,217,900 (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. |
(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 | ||||||||||||
Aerospace & Defense | $ | — | $ | 28,616,139 | $— | |||||||
Automobiles | 173,504,980 | — | — | |||||||||
Capital Markets | 45,881,302 | — | — | |||||||||
Entertainment | 145,185,998 | — | — | |||||||||
Food & Staples Retailing | 40,693,868 | — | — | |||||||||
Health Care Equipment & Supplies | 78,534,930 | — | — | |||||||||
Health Care Providers & Services | 26,278,074 | — | — | |||||||||
Hotels, Restaurants & Leisure | 85,672,964 | — | — | |||||||||
Interactive Media & Services | 478,454,245 | — | — | |||||||||
Internet & Direct Marketing Retail | 277,776,582 | — | — | |||||||||
IT Services | 588,133,742 | 65,273,481 | — | |||||||||
Multiline Retail | 53,304,153 | — | — | |||||||||
Personal Products | 67,296,822 | — | — | |||||||||
Pharmaceuticals | 53,892,444 | — | — | |||||||||
Road & Rail | 99,863,819 | — | — | |||||||||
Semiconductors & Semiconductor Equipment | 216,541,096 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A136
PSF PGIM JENNISON GROWTH 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) | |||||||||||||||
Software | $ | 524,477,051 | $ | — | $ | — | |||||||||
Specialty Retail | 100,185,812 | — | — | ||||||||||||
Technology Hardware, Storage & Peripherals | 161,197,400 | — | — | ||||||||||||
Textiles, Apparel & Luxury Goods | 103,979,943 | 129,230,892 | — | ||||||||||||
Short-Term Investments | |||||||||||||||
Affiliated Mutual Funds | 211,094,070 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total | $ | 3,531,949,295 | $ | 223,120,512 | $ | — | |||||||||
|
|
|
|
|
|
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 | 18.4 | % | ||
Software | 14.8 | |||
Interactive Media & Services | 13.5 | |||
Internet & Direct Marketing Retail | 7.8 | |||
Textiles, Apparel & Luxury Goods | 6.6 | |||
Semiconductors & Semiconductor Equipment | 6.1 | |||
Affiliated Mutual Funds (5.3% represents investments purchased with collateral from securities on loan) | 5.9 | |||
Automobiles | 4.9 | |||
Technology Hardware, Storage & Peripherals | 4.5 | |||
Entertainment | 4.1 | |||
Specialty Retail | 2.8 | |||
Road & Rail | 2.8 | |||
Hotels, Restaurants & Leisure | 2.4 |
Health Care Equipment & Supplies | 2.2 | % | ||
Personal Products | 1.9 | |||
Pharmaceuticals | 1.5 | |||
Multiline Retail | 1.5 | |||
Capital Markets | 1.3 | |||
Food & Staples Retailing | 1.1 | |||
Aerospace & Defense | 0.8 | |||
Health Care Providers & Services | 0.7 | |||
|
| |||
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 | $ | 182,905,783 | $ | (182,905,783 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A137
PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $182,905,783: | ||||
Unaffiliated investments (cost $1,383,269,247) | $ | 3,543,975,737 | ||
Affiliated investments (cost $210,967,914) | 211,094,070 | |||
Receivable for investments sold | 3,517,223 | |||
Tax reclaim receivable | 447,308 | |||
Dividends receivable | 363,989 | |||
Receivable for Portfolio shares sold | 267,559 | |||
Prepaid expenses and other assets | 28,383 | |||
|
| |||
Total Assets | 3,759,694,269 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 189,217,900 | |||
Payable for investments purchased | 11,552,448 | |||
Management fee payable | 1,676,020 | |||
Payable for Portfolio shares purchased | 406,220 | |||
Payable to affiliate | 277,079 | |||
Accrued expenses and other liabilities | 172,583 | |||
Distribution fee payable | 17,300 | |||
Administration fee payable | 10,380 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 203,330,910 | |||
|
| |||
NET ASSETS | $ | 3,556,363,359 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 3,556,363,359 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $3,468,491,442 / 24,705,222 outstanding shares of beneficial interest | $ | 140.40 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $86,870,466 / 651,867 outstanding shares of beneficial interest | $ | 133.26 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $1,001,451 / 7,137 outstanding shares of beneficial interest | $ | 140.32 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) | ||||
INCOME | ||||
Unaffiliated dividend income (net of $274,499 foreign withholding tax) | $ | 5,236,576 | ||
Income from securities lending, net (including affiliated income of $72,082) | 79,622 | |||
Affiliated dividend income | 7,932 | |||
|
| |||
Total income | 5,324,130 | |||
|
| |||
EXPENSES | ||||
Management fee | 9,956,300 | |||
Distribution fee—Class II | 104,636 | |||
Distribution fee—Class III | 245 | |||
Administration fee—Class II | 62,782 | |||
Custodian and accounting fees | 110,034 | |||
Shareholders’ reports | 57,701 | |||
Trustees’ fees | 23,704 | |||
Legal fees and expenses | 14,940 | |||
Audit fee | 12,500 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 34,824 | |||
|
| |||
Total expenses | 10,382,963 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | (5,058,833 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(14,355)) | 216,492,851 | |||
Foreign currency transactions | (87,554 | ) | ||
|
| |||
216,405,297 | ||||
|
| |||
Net change in unrealized appreciation | ||||
Investments (including affiliated of $(2,962)) | 116,664,437 | |||
Foreign currencies | (2,714 | ) | ||
|
| |||
116,661,723 | ||||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 333,067,020 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 328,008,187 | ||
|
|
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) | $ | (5,058,833 | ) | $ | (3,738,436 | ) | ||||
Net realized gain (loss) on investment and foreign currency transactions | 216,405,297 | 438,266,732 | ||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 116,661,723 | 802,336,475 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 328,008,187 | 1,236,864,771 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 31,810,461 | 57,172,725 | ||||||||
Portfolio shares purchased | (151,576,509 | ) | (253,732,889 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (119,766,048 | ) | (196,560,164 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 208,242,139 | 1,040,304,607 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 3,348,121,220 | 2,307,816,613 | ||||||||
|
|
|
| |||||||
End of period | $ | 3,556,363,359 | $ | 3,348,121,220 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A138
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.6% |
| |||||||
COMMON STOCKS |
| |||||||
Aerospace & Defense — 2.7% | ||||||||
Airbus SE (France)* | 125,545 | $ | 16,189,350 | |||||
Raytheon Technologies Corp. | 305,226 | 26,038,830 | ||||||
|
| |||||||
42,228,180 | ||||||||
|
| |||||||
Air Freight & Logistics — 1.0% | ||||||||
FedEx Corp. | 53,702 | 16,020,918 | ||||||
|
| |||||||
Airlines — 1.0% |
| |||||||
Delta Air Lines, Inc.* | 344,331 | 14,895,759 | ||||||
|
| |||||||
Automobiles — 2.5% |
| |||||||
General Motors Co.* | 652,808 | 38,626,649 | ||||||
|
| |||||||
Banks — 11.9% |
| |||||||
Bank of America Corp. | 1,037,265 | 42,766,436 | ||||||
Citigroup, Inc. | 381,802 | 27,012,492 | ||||||
JPMorgan Chase & Co. | 347,550 | 54,057,927 | ||||||
PNC Financial Services Group, Inc. (The) | 174,757 | 33,336,645 | ||||||
Truist Financial Corp. | 551,884 | 30,629,562 | ||||||
|
| |||||||
187,803,062 | ||||||||
|
| |||||||
Beverages — 1.4% |
| |||||||
PepsiCo, Inc. | 144,146 | 21,358,113 | ||||||
|
| |||||||
Biotechnology — 1.2% |
| |||||||
AbbVie, Inc. | 171,426 | 19,309,425 | ||||||
|
| |||||||
Building Products — 2.0% |
| |||||||
Johnson Controls International PLC | 467,911 | 32,112,732 | ||||||
|
| |||||||
Capital Markets — 4.1% |
| |||||||
Blackstone Group, Inc. (The)(a) | 219,272 | 21,300,082 | ||||||
Goldman Sachs Group, Inc. (The) | 113,164 | 42,949,133 | ||||||
|
| |||||||
64,249,215 | ||||||||
|
| |||||||
Chemicals — 4.3% |
| |||||||
Dow, Inc. | 354,184 | 22,412,764 | ||||||
FMC Corp. | 122,270 | 13,229,614 | ||||||
Linde PLC (United Kingdom) | 110,385 | 31,912,303 | ||||||
|
| |||||||
67,554,681 | ||||||||
|
| |||||||
Communications Equipment — 1.3% |
| |||||||
Cisco Systems, Inc. | 386,014 | 20,458,742 | ||||||
|
| |||||||
Consumer Finance — 3.5% |
| |||||||
Capital One Financial Corp. | 198,647 | 30,728,704 | ||||||
SLM Corp. | 1,194,485 | 25,012,516 | ||||||
|
| |||||||
55,741,220 | ||||||||
|
| |||||||
Containers & Packaging — 1.3% |
| |||||||
Crown Holdings, Inc. | 202,674 | 20,715,309 | ||||||
|
| |||||||
Electrical Equipment — 1.1% |
| |||||||
Emerson Electric Co. | 180,308 | 17,352,842 | ||||||
|
| |||||||
Entertainment — 2.1% |
| |||||||
Walt Disney Co. (The)* | 183,541 | 32,261,002 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.5% |
| |||||||
Alexandria Real Estate Equities, Inc. | 60,257 | 10,963,158 | ||||||
American Campus Communities, Inc. | 313,051 | 14,625,743 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Equity Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||
American Tower Corp. | 49,216 | $ | 13,295,210 | |||||
|
| |||||||
38,884,111 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.9% |
| |||||||
Walmart, Inc. | 214,811 | 30,292,647 | ||||||
|
| |||||||
Food Products — 1.5% |
| |||||||
Mondelez International, Inc. (Class A Stock) | 388,287 | 24,244,640 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.4% |
| |||||||
Abbott Laboratories | 252,554 | 29,278,585 | ||||||
Zimmer Biomet Holdings, Inc. | 152,280 | 24,489,670 | ||||||
|
| |||||||
53,768,255 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.7% |
| |||||||
Cigna Corp. | 88,877 | 21,070,070 | ||||||
Laboratory Corp. of America Holdings* | 77,303 | 21,324,033 | ||||||
|
| |||||||
42,394,103 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.1% |
| |||||||
McDonald’s Corp. | 78,171 | 18,056,719 | ||||||
Royal Caribbean Cruises Ltd.*(a) | 178,330 | 15,207,983 | ||||||
|
| |||||||
33,264,702 | ||||||||
|
| |||||||
Household Durables — 0.9% |
| |||||||
D.R. Horton, Inc. | 162,742 | 14,706,994 | ||||||
|
| |||||||
Household Products — 0.9% |
| |||||||
Procter & Gamble Co. (The) | 109,253 | 14,741,507 | ||||||
|
| |||||||
Industrial Conglomerates — 1.2% |
| |||||||
General Electric Co. | 1,367,005 | 18,399,887 | ||||||
|
| |||||||
Insurance — 5.4% |
| |||||||
Chubb Ltd. | 193,696 | 30,786,042 | ||||||
Marsh & McLennan Cos., Inc. | 123,748 | 17,408,869 | ||||||
MetLife, Inc. | 394,226 | 23,594,426 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 90,835 | 13,518,065 | ||||||
|
| |||||||
85,307,402 | ||||||||
|
| |||||||
Interactive Media & Services — 2.5% |
| |||||||
Alphabet, Inc. (Class A Stock)* | 16,130 | 39,386,073 | ||||||
|
| |||||||
Machinery — 3.4% |
| |||||||
Deere & Co. | 52,296 | 18,445,322 | ||||||
Fortive Corp. | 175,091 | 12,210,847 | ||||||
Otis Worldwide Corp. | 272,464 | 22,279,381 | ||||||
|
| |||||||
52,935,550 | ||||||||
|
| |||||||
Media — 0.8% |
| |||||||
Comcast Corp. (Class A Stock) | 215,059 | 12,262,664 | ||||||
|
| |||||||
Multi-Utilities — 3.2% |
| |||||||
Ameren Corp. | 224,633 | 17,979,626 | ||||||
Dominion Energy, Inc. | 435,532 | 32,042,089 | ||||||
|
| |||||||
50,021,715 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.7% |
| |||||||
Chevron Corp. | 364,930 | 38,222,768 | ||||||
ConocoPhillips | 573,310 | 34,914,579 |
SEE NOTES TO FINANCIAL STATEMENTS.
A139
PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Oil, Gas & Consumable Fuels (cont’d.) |
| |||||||
Williams Cos., Inc. (The) | 630,846 | $ | 16,748,961 | |||||
|
| |||||||
89,886,308 | ||||||||
|
| |||||||
Pharmaceuticals — 5.0% |
| |||||||
AstraZeneca PLC (United Kingdom), ADR(a) | 404,912 | 24,254,229 | ||||||
Bristol-Myers Squibb Co. | 333,708 | 22,298,369 | ||||||
Eli Lilly & Co. | 136,703 | 31,376,072 | ||||||
|
| |||||||
77,928,670 | ||||||||
|
| |||||||
Road & Rail — 1.5% |
| |||||||
Union Pacific Corp. | 107,606 | 23,665,788 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.7% |
| |||||||
Broadcom, Inc. | 64,932 | 30,962,175 | ||||||
Lam Research Corp. | 24,971 | 16,248,629 | ||||||
QUALCOMM, Inc. | 114,318 | 16,339,472 | ||||||
Texas Instruments, Inc. | 136,593 | 26,266,834 | ||||||
|
| |||||||
89,817,110 | ||||||||
|
| |||||||
Software — 2.8% |
| |||||||
Microsoft Corp. | 101,789 | 27,574,640 | ||||||
PTC, Inc.* | 112,991 | 15,961,109 | ||||||
|
| |||||||
43,535,749 | ||||||||
|
| |||||||
Specialty Retail — 2.7% |
| |||||||
Lowe’s Cos., Inc. | 101,860 | 19,757,784 | ||||||
Ross Stores, Inc. | 181,095 | 22,455,780 | ||||||
|
| |||||||
42,213,564 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.3% |
| |||||||
Apple, Inc. | 147,259 | 20,168,593 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.1% |
| |||||||
United Rentals, Inc.* | 52,365 | 16,704,959 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 1,565,218,840 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 4.2% |
| |||||||
AFFILIATED MUTUAL FUNDS | ||||||||
PGIM Core Ultra Short Bond | 6,954,250 | $ | 6,954,250 | |||||
PGIM Institutional Money Market Fund (cost $59,206,690; includes $59,204,317 of cash collateral for securities on loan)(b)(wa) | 59,255,093 | 59,219,539 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 66,173,789 | ||||||
|
| |||||||
TOTAL INVESTMENTS—103.8% |
| 1,631,392,629 | ||||||
Liabilities in excess of other assets — (3.8)% |
| (59,043,379 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,572,349,250 | ||||||
|
|
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 $57,718,234; cash collateral of $59,204,317 (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 | ||||||||||||
Aerospace & Defense | $ | 26,038,830 | $ | 16,189,350 | $— | |||||||
Air Freight & Logistics | 16,020,918 | — | — | |||||||||
Airlines | 14,895,759 | — | — | |||||||||
Automobiles | 38,626,649 | — | — | |||||||||
Banks | 187,803,062 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A140
PSF PGIM JENNISON VALUE 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) | ||||||||||||
Beverages | $ | 21,358,113 | $ | — | $— | |||||||
Biotechnology | 19,309,425 | — | — | |||||||||
Building Products | 32,112,732 | — | — | |||||||||
Capital Markets | 64,249,215 | — | — | |||||||||
Chemicals | 67,554,681 | — | — | |||||||||
Communications Equipment | 20,458,742 | — | — | |||||||||
Consumer Finance | 55,741,220 | — | — | |||||||||
Containers & Packaging | 20,715,309 | — | — | |||||||||
Electrical Equipment | 17,352,842 | — | — | |||||||||
Entertainment | 32,261,002 | — | — | |||||||||
Equity Real Estate Investment Trusts (REITs) | 38,884,111 | — | — | |||||||||
Food & Staples Retailing | 30,292,647 | — | — | |||||||||
Food Products | 24,244,640 | — | — | |||||||||
Health Care Equipment & Supplies | 53,768,255 | — | — | |||||||||
Health Care Providers & Services | 42,394,103 | — | — | |||||||||
Hotels, Restaurants & Leisure | 33,264,702 | — | — | |||||||||
Household Durables | 14,706,994 | — | — | |||||||||
Household Products | 14,741,507 | — | — | |||||||||
Industrial Conglomerates | 18,399,887 | — | — | |||||||||
Insurance | 85,307,402 | — | — | |||||||||
Interactive Media & Services | 39,386,073 | — | — | |||||||||
Machinery | 52,935,550 | — | — | |||||||||
Media | 12,262,664 | — | — | |||||||||
Multi-Utilities | 50,021,715 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 89,886,308 | — | — | |||||||||
Pharmaceuticals | 77,928,670 | — | — | |||||||||
Road & Rail | 23,665,788 | — | — | |||||||||
Semiconductors & Semiconductor Equipment | 89,817,110 | — | — | |||||||||
Software | 43,535,749 | — | — | |||||||||
Specialty Retail | 42,213,564 | — | — | |||||||||
Technology Hardware, Storage & Peripherals | 20,168,593 | — | — | |||||||||
Trading Companies & Distributors | 16,704,959 | — | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 66,173,789 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 1,615,203,279 | $ | 16,189,350 | $— | |||||||
|
|
|
|
|
|
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:
Banks | 11.9 | % | ||
Oil, Gas & Consumable Fuels | 5.7 | |||
Semiconductors & Semiconductor Equipment | 5.7 | |||
Insurance | 5.4 | |||
Pharmaceuticals | 5.0 | |||
Chemicals | 4.3 | |||
Affiliated Mutual Funds (3.8% represents investments purchased with collateral from securities on loan) | 4.2 | |||
Capital Markets | 4.1 | |||
Consumer Finance | 3.5 | |||
Health Care Equipment & Supplies | 3.4 | |||
Machinery | 3.4 | |||
Multi-Utilities | 3.2 | |||
Software | 2.8 | |||
Health Care Providers & Services | 2.7 |
Aerospace & Defense | 2.7 | % | ||
Specialty Retail | 2.7 | |||
Interactive Media & Services | 2.5 | |||
Equity Real Estate Investment Trusts (REITs) | 2.5 | |||
Automobiles | 2.5 | |||
Hotels, Restaurants & Leisure | 2.1 | |||
Entertainment | 2.1 | |||
Building Products | 2.0 | |||
Food & Staples Retailing | 1.9 | |||
Food Products | 1.5 | |||
Road & Rail | 1.5 | |||
Beverages | 1.4 | |||
Containers & Packaging | 1.3 | |||
Communications Equipment | 1.3 | |||
Technology Hardware, Storage & Peripherals | 1.3 |
SEE NOTES TO FINANCIAL STATEMENTS.
A141
PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Industry Classification (continued):
Biotechnology | 1.2 | % | ||
Industrial Conglomerates | 1.2 | |||
Electrical Equipment | 1.1 | |||
Trading Companies & Distributors | 1.1 | |||
Air Freight & Logistics | 1.0 | |||
Airlines | 1.0 | |||
Household Products | 0.9 |
Household Durables | 0.9 | % | ||
Media | 0.8 | |||
|
| |||
103.8 | ||||
Liabilities in excess of other assets | (3.8 | ) | ||
|
| |||
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 | $ | 57,718,234 | $ | (57,718,234 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A142
PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | ||||
Investments at value, including securities on loan of $57,718,234: | ||||
Unaffiliated investments (cost $911,024,880) | $ | 1,565,218,840 | ||
Affiliated investments (cost $66,160,940) | 66,173,789 | |||
Cash | 32,750 | |||
Tax reclaim receivable | 869,951 | |||
Dividends receivable | 792,305 | |||
Receivable for Portfolio shares sold | 3,675 | |||
Prepaid expenses and other assets | 168,538 | |||
|
| |||
Total Assets | 1,633,259,848 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 59,204,317 | |||
Payable to affiliate | 598,500 | |||
Management fee payable | 518,807 | |||
Payable for Portfolio shares purchased | 318,013 | |||
Accrued expenses and other liabilities | 266,568 | |||
Distribution fee payable | 2,141 | |||
Administration fee payable | 1,272 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 60,910,598 | |||
|
| |||
NET ASSETS | $ | 1,572,349,250 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 1,572,349,250 | ||
|
| |||
Class I: | ||||
Net asset value and redemption price per share, $1,561,990,714 / 35,593,161 outstanding shares of beneficial interest | $ | 43.88 | ||
|
| |||
Class II: | ||||
Net asset value and redemption price per share, $10,240,852 / 239,720 outstanding shares of beneficial interest | $ | 42.72 | ||
|
| |||
Class III: | ||||
Net asset value and redemption price per share, $117,684 / 2,683 outstanding shares of beneficial interest | $ | 43.87 | ||
|
| |||
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 $20,425 foreign withholding tax, of which $582 is reimbursable by an affiliate) | $ | 14,702,514 | ||
Income from securities lending, net (including affiliated income of $10,878) | 16,544 | |||
Affiliated dividend income | 5,723 | |||
|
| |||
Total income | 14,724,781 | |||
|
| |||
EXPENSES | ||||
Management fee | 2,989,165 | |||
Distribution fee—Class II | 12,192 | |||
Distribution fee—Class III | 32 | |||
Administration fee—Class II | 7,315 | |||
Shareholders’ reports | 52,303 | |||
Custodian and accounting fees | 49,705 | |||
Trustees’ fees | 13,167 | |||
Audit fee | 12,496 | |||
Legal fees and expenses | 11,192 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 19,818 | |||
|
| |||
Total expenses | 3,172,682 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | 11,552,099 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(1,260)) | 52,937,920 | |||
Foreign currency transactions | 1,692 | |||
|
| |||
52,939,612 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $68) | 177,004,115 | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 229,943,727 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 241,495,826 | ||
|
|
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) | $ | 11,552,099 | $ | 25,261,919 | ||||||
Net realized gain (loss) on investment and foreign currency transactions | 52,939,612 | 8,510,387 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 177,004,115 | 5,619,054 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 241,495,826 | 39,391,360 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 8,100,170 | 15,301,549 | ||||||||
Portfolio shares purchased | (57,437,918 | ) | (113,124,170 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (49,337,748 | ) | (97,822,621 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 192,158,078 | (58,431,261 | ) | |||||||
NET ASSETS: | ||||||||||
Beginning of period | 1,380,191,172 | 1,438,622,433 | ||||||||
|
|
|
| |||||||
End of period | $ | 1,572,349,250 | $ | 1,380,191,172 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A143
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.
A144
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.
A145
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.
A146
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 |
| 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.
A147
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 |
| 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.
A148
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 |
| 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.
A149
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.
A150
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.
A151
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.
A152
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.
A153
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.
A154
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.
A155
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.
A156
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.
A157
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. |
| |||||||||||||||
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.
A158
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 |
| 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 |
| 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.
A159
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Interest | 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 | 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.
A160
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.
A161
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 |
| 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.
A162
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 |
| 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 |
| 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 |
| 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.
A163
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 |
| 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 | 35,000 | 1,053,150 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 2,308,650 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 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 | 41,993,525 | 41,968,329 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 61,371,293 | ||||||
|
| |||||||
OPTIONS PURCHASED*~ — 0.0% |
| 62,712 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 61,434,005 | ||||||
|
| |||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—102.6% |
| 1,340,056,125 | ||||||
|
| |||||||
OPTIONS WRITTEN*~ — (0.0)% |
| (168,190 | ) | |||||
|
| |||||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—102.6% |
| 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.
A164
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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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, | 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.
A165
PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Futures contracts outstanding at June 30, 2021:
Number | 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 | 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 | 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.
A166
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 | ) | ||||||||||||||||||
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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.
A167
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 (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 | ) | ||||||||||||||||||||
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$— | $ | (404,796 | ) | $ | (404,796 | ) | ||||||||||||||||||||||
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(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 | 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.
A168
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 | 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 | |||||||||||||||||||
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$(357,464) | $(3,954,131 | ) | $ (3,596,667 | ) | ||||||||||||||||||||||
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(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.
A169
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 | |||||||
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(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 | ||||||
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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.
A170
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 | — | |||||||||
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Total | $ | 68,347,811 | $ | 1,263,644,452 | $ | 8,063,862 | ||||||
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Liabilities | ||||||||||||
Options Written | $ | — | $ | (165,643 | ) | $ | (2,547 | ) | ||||
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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 | — | |||||||||
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| |||||||
Total | $ | 3,478,999 | $ | 5,210,553 | $ | 5,318 | ||||||
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| |||||||
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 | ) | — | ||||||||
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| |||||||
Total | $ | (912,256 | ) | $ | (6,802,232 | ) | $ | — | ||||
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* | 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.
A171
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 | % | |||
|
|
* | Less than +/- 0.05% |
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 | Fair Value | Statement of Assets and | 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 | ||||||||
Credit contracts | Unaffiliated investments | 62,712 | Options written outstanding, at value | 168,190 | ||||||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 18,756 | Unrealized depreciation on OTC swap agreements | 77,879 | ||||||||
Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 3,497,581 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 645,564 | ||||||||
Interest rate contracts | Due from/to broker-variation margin futures | 3,478,999 | * | Due from/to broker-variation 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 | ||||||||
Interest rate contracts | Unrealized appreciation on OTC 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.
A172
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 | Futures |
Forward | 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 | Options Purchased(1) | Options Written | Futures |
Forward | 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 | Cross Currency Exchange Contracts(4) | Interest Rate Swap Agreements(2) | Credit Default 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 |
(1) | Cost. |
(2) | Notional Amount in USD. |
(3) | Value at Settlement Date. |
(4) | Value at Trade 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.
A173
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.
A174
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.
A175
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.6% |
| |||||||
COMMON STOCKS — 99.1% |
| |||||||
Aerospace & Defense — 1.2% |
| |||||||
AAR Corp.* | 32,071 | $ | 1,242,751 | |||||
Aerojet Rocketdyne Holdings, Inc.(a) | 71,855 | 3,469,878 | ||||||
AeroVironment, Inc.* | 21,664 | 2,169,649 | ||||||
Kaman Corp. | 26,842 | 1,352,837 | ||||||
Moog, Inc. (Class A Stock) | 28,244 | 2,374,191 | ||||||
National Presto Industries, Inc. | 5,089 | 517,297 | ||||||
Park Aerospace Corp. | 17,944 | 267,366 | ||||||
Triumph Group, Inc.* | 58,840 | 1,220,930 | ||||||
|
| |||||||
12,614,899 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.7% |
| |||||||
Atlas Air Worldwide Holdings, Inc.*(a) | 26,580 | 1,810,364 | ||||||
Echo Global Logistics, Inc.* | 25,560 | 785,714 | ||||||
Forward Air Corp. | 26,366 | 2,366,348 | ||||||
Hub Group, Inc. (Class A Stock)* | 32,570 | 2,148,969 | ||||||
|
| |||||||
7,111,395 | ||||||||
|
| |||||||
Airlines — 0.6% |
| |||||||
Allegiant Travel Co.* | 14,064 | 2,728,416 | ||||||
Hawaiian Holdings, Inc.*(a) | 49,300 | 1,201,441 | ||||||
SkyWest, Inc.* | 48,560 | 2,091,479 | ||||||
|
| |||||||
6,021,336 | ||||||||
|
| |||||||
Auto Components — 1.2% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 109,590 | 1,134,256 | ||||||
Cooper-Standard Holdings, Inc.*(a) | 16,200 | 469,800 | ||||||
Dorman Products, Inc.* | 27,550 | 2,856,108 | ||||||
Gentherm, Inc.* | 32,000 | 2,273,600 | ||||||
LCI Industries | 24,429 | 3,210,459 | ||||||
Motorcar Parts of America, Inc.* | 18,190 | 408,184 | ||||||
Patrick Industries, Inc. | 21,560 | 1,573,880 | ||||||
Standard Motor Products, Inc. | 19,259 | 834,878 | ||||||
|
| |||||||
12,761,165 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
Winnebago Industries, Inc.(a) | 32,411 | 2,202,652 | ||||||
|
| |||||||
Banks — 9.4% |
| |||||||
Allegiance Bancshares, Inc. | 17,860 | 686,538 | ||||||
Ameris Bancorp | 67,270 | 3,405,880 | ||||||
Banc of California, Inc. | 42,880 | 752,115 | ||||||
BancFirst Corp. | 18,070 | 1,128,110 | ||||||
Bancorp, Inc. (The)* | 48,940 | 1,126,109 | ||||||
BankUnited, Inc. | 89,900 | 3,837,831 | ||||||
Banner Corp. | 33,560 | 1,819,288 | ||||||
Berkshire Hills Bancorp, Inc. | 49,400 | 1,354,054 | ||||||
Boston Private Financial Holdings, Inc. | 79,372 | 1,170,737 | ||||||
Brookline Bancorp, Inc. | 75,262 | 1,125,167 | ||||||
Cadence BanCorp | 120,260 | 2,511,029 | ||||||
Central Pacific Financial Corp. | 27,240 | 709,874 | ||||||
City Holding Co. | 15,124 | 1,137,930 | ||||||
Columbia Banking System, Inc. | 69,198 | 2,668,275 | ||||||
Community Bank System, Inc. | 51,946 | 3,929,715 | ||||||
Customers Bancorp, Inc.* | 28,640 | 1,116,674 | ||||||
CVB Financial Corp. | 123,050 | 2,533,599 | ||||||
Dime Community Bancshares, Inc. | 33,988 | 1,142,677 | ||||||
Eagle Bancorp, Inc. | 30,810 | 1,727,825 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Banks (cont’d.) | ||||||||
FB Financial Corp. | 32,440 | $ | 1,210,661 | |||||
First Bancorp.(a) | 27,470 | 1,123,798 | ||||||
First BanCorp. (Puerto Rico) | 207,632 | 2,474,973 | ||||||
First Commonwealth Financial Corp. | 92,760 | 1,305,133 | ||||||
First Financial Bancorp | 93,633 | 2,212,548 | ||||||
First Hawaiian, Inc.(a) | 125,750 | 3,563,755 | ||||||
First Midwest Bancorp, Inc. | 110,030 | 2,181,895 | ||||||
Great Western Bancorp, Inc. | 53,150 | 1,742,788 | ||||||
Hanmi Financial Corp. | 29,356 | 559,525 | ||||||
Heritage Financial Corp. | 34,700 | 868,194 | ||||||
Hilltop Holdings, Inc.(a) | 62,780 | 2,285,192 | ||||||
Hope Bancorp, Inc. | 118,894 | 1,685,917 | ||||||
Independent Bank Corp.(a) | 31,876 | 2,406,638 | ||||||
Independent Bank Group, Inc. | 35,430 | 2,621,111 | ||||||
Investors Bancorp, Inc.(a) | 217,110 | 3,095,989 | ||||||
National Bank Holdings Corp. (Class A Stock) | 29,650 | 1,118,991 | ||||||
NBT Bancorp, Inc. | 41,890 | 1,506,783 | ||||||
OFG Bancorp (Puerto Rico) | 49,700 | 1,099,364 | ||||||
Old National Bancorp(a) | 159,617 | 2,810,855 | ||||||
Pacific Premier Bancorp, Inc. | 91,285 | 3,860,443 | ||||||
Park National Corp.(a) | 13,700 | 1,608,654 | ||||||
Preferred Bank | 13,080 | 827,572 | ||||||
Renasant Corp.(a) | 54,320 | 2,172,800 | ||||||
S&T Bancorp, Inc. | 37,853 | 1,184,799 | ||||||
Seacoast Banking Corp. of Florida | 53,330 | 1,821,219 | ||||||
ServisFirst Bancshares, Inc.(a) | 45,460 | 3,090,371 | ||||||
Simmons First National Corp. (Class A Stock)(a) | 104,506 | 3,066,206 | ||||||
Southside Bancshares, Inc. | 29,856 | 1,141,395 | ||||||
Tompkins Financial Corp. | 11,644 | 903,109 | ||||||
Triumph Bancorp, Inc.* | 21,840 | 1,621,620 | ||||||
United Community Banks, Inc. | 83,717 | 2,679,781 | ||||||
Veritex Holdings, Inc. | 47,720 | 1,689,765 | ||||||
Westamerica BanCorp | 25,920 | 1,504,138 | ||||||
|
| |||||||
96,929,409 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
Celsius Holdings, Inc.*(a) | 31,660 | 2,409,009 | ||||||
Coca-Cola Consolidated, | 4,550 | 1,829,692 | ||||||
MGP Ingredients, Inc.(a) | 12,700 | 859,028 | ||||||
National Beverage Corp.(a) | 22,510 | 1,063,147 | ||||||
|
| |||||||
6,160,876 | ||||||||
|
| |||||||
Biotechnology — 1.4% |
| |||||||
Anika Therapeutics, Inc.*(a) | 13,900 | 601,731 | ||||||
Coherus Biosciences, Inc.*(a) | 64,000 | 885,120 | ||||||
Cytokinetics, Inc.*(a) | 69,000 | 1,365,510 | ||||||
Eagle Pharmaceuticals, Inc.*(a) | 11,220 | 480,216 | ||||||
Enanta Pharmaceuticals, | 17,370 | 764,454 | ||||||
Myriad Genetics, Inc.* | 74,330 | 2,273,011 | ||||||
Organogenesis Holdings, | 47,980 | 797,428 | ||||||
REGENXBIO, Inc.* | 33,630 | 1,306,525 | ||||||
Spectrum Pharmaceuticals, Inc.* | 154,750 | 580,313 | ||||||
Vanda Pharmaceuticals, Inc.* | 53,390 | 1,148,419 | ||||||
Vericel Corp.* | 44,720 | 2,347,800 | ||||||
Xencor, Inc.* | 56,150 | 1,936,613 | ||||||
|
| |||||||
14,487,140 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A176
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Building Products — 1.9% |
| |||||||
AAON, Inc.(a) | 39,449 | $ | 2,469,113 | |||||
American Woodmark Corp.* | 16,400 | 1,339,716 | ||||||
Apogee Enterprises, Inc.(a) | 24,878 | 1,013,281 | ||||||
Gibraltar Industries, Inc.* | 31,478 | 2,402,086 | ||||||
Griffon Corp. | 43,599 | 1,117,442 | ||||||
Insteel Industries, Inc. | 18,560 | 596,704 | ||||||
PGT Innovations, Inc.* | 57,240 | 1,329,685 | ||||||
Quanex Building Products Corp. | 32,378 | 804,270 | ||||||
Resideo Technologies, Inc.* | 138,760 | 4,162,800 | ||||||
UFP Industries, Inc. | 59,662 | 4,435,273 | ||||||
|
| |||||||
19,670,370 | ||||||||
|
| |||||||
Capital Markets — 1.0% |
| |||||||
B Riley Financial, Inc. | 17,060 | 1,288,030 | ||||||
Blucora, Inc.* | 46,492 | 804,777 | ||||||
Brightsphere Investment Group, Inc. | 57,400 | 1,344,882 | ||||||
Donnelley Financial Solutions, Inc.* | 28,707 | 947,331 | ||||||
Greenhill & Co., Inc. | 14,070 | 218,929 | ||||||
Piper Sandler Cos | 13,925 | 1,804,123 | ||||||
StoneX Group, Inc.* | 16,060 | 974,360 | ||||||
Virtus Investment Partners, Inc. | 6,980 | 1,938,835 | ||||||
WisdomTree Investments, Inc.(a) | 108,000 | 669,600 | ||||||
|
| |||||||
9,990,867 | ||||||||
|
| |||||||
Chemicals — 2.7% |
| |||||||
AdvanSix, Inc.* | 26,910 | 803,533 | ||||||
American Vanguard Corp. | 26,158 | 458,027 | ||||||
Balchem Corp. | 31,293 | 4,107,519 | ||||||
Ferro Corp.* | 79,550 | 1,715,893 | ||||||
FutureFuel Corp. | 24,770 | 237,792 | ||||||
GCP Applied Technologies, Inc.* | 46,610 | 1,084,149 | ||||||
Hawkins, Inc. | 18,180 | 595,395 | ||||||
HB Fuller Co. | 50,388 | 3,205,181 | ||||||
Innospec, Inc. | 23,740 | 2,151,081 | ||||||
Koppers Holdings, Inc.* | 20,470 | 662,204 | ||||||
Kraton Corp.* | 31,000 | 1,000,990 | ||||||
Livent Corp.*(a) | 152,880 | 2,959,757 | ||||||
Quaker Chemical Corp.(a) | 12,838 | 3,045,045 | ||||||
Rayonier Advanced Materials, Inc.* | 61,110 | 408,826 | ||||||
Stepan Co. | 20,710 | 2,490,792 | ||||||
Tredegar Corp. | 24,905 | 342,942 | ||||||
Trinseo SA | 37,380 | 2,236,819 | ||||||
|
| |||||||
27,505,945 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.1% |
| |||||||
ABM Industries, Inc. | 64,713 | 2,870,022 | ||||||
Brady Corp. (Class A Stock) | 46,802 | 2,622,784 | ||||||
CoreCivic, Inc.*(a) | 115,620 | 1,210,541 | ||||||
Deluxe Corp. | 40,690 | 1,943,761 | ||||||
Harsco Corp.* | 76,210 | 1,556,208 | ||||||
HNI Corp. | 42,011 | 1,847,224 | ||||||
Interface, Inc. | 56,692 | 867,388 | ||||||
Matthews International Corp. (Class A Stock) | 30,540 | 1,098,218 | ||||||
Pitney Bowes, Inc.(a) | 168,840 | 1,480,727 | ||||||
Team, Inc.* | 29,480 | 197,516 | ||||||
UniFirst Corp. | 14,700 | 3,449,208 | ||||||
US Ecology, Inc.* | 30,340 | 1,138,357 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services & Supplies (cont’d.) |
| |||||||
Viad Corp.* | 19,707 | $ | 982,394 | |||||
|
| |||||||
21,264,348 | ||||||||
|
| |||||||
Communications Equipment — 1.1% |
| |||||||
ADTRAN, Inc. | 46,660 | 963,529 | ||||||
Applied Optoelectronics, Inc.*(a) | 23,490 | 198,960 | ||||||
CalAmp Corp.* | 33,780 | 429,681 | ||||||
Comtech Telecommunications Corp.(a) | 25,099 | 606,392 | ||||||
Digi International, Inc.* | 32,624 | 656,069 | ||||||
Extreme Networks, Inc.* | 121,200 | 1,352,592 | ||||||
Harmonic, Inc.*(a) | 96,984 | 826,304 | ||||||
NETGEAR, Inc.* | 29,396 | 1,126,455 | ||||||
Plantronics, Inc.*(a) | 36,730 | 1,532,743 | ||||||
Viavi Solutions, Inc.*(a) | 220,300 | 3,890,498 | ||||||
|
| |||||||
11,583,223 | ||||||||
|
| |||||||
Construction & Engineering — 0.9% |
| |||||||
Arcosa, Inc. | 46,480 | 2,730,235 | ||||||
Comfort Systems USA, Inc. | 34,974 | 2,755,601 | ||||||
Granite Construction, Inc.(a) | 44,110 | 1,831,888 | ||||||
Matrix Service Co.* | 25,513 | 267,887 | ||||||
MYR Group, Inc.*(a) | 16,240 | 1,476,541 | ||||||
|
| |||||||
9,062,152 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
U.S. Concrete, Inc.* | 15,560 | 1,148,328 | ||||||
|
| |||||||
Consumer Finance — 0.7% |
| |||||||
Encore Capital Group, Inc.*(a) | 29,910 | 1,417,435 | ||||||
Enova International, Inc.* | 35,459 | 1,213,052 | ||||||
EZCORP, Inc. (Class A Stock)* | 50,521 | 304,642 | ||||||
Green Dot Corp. (Class A Stock)* | 52,510 | 2,460,093 | ||||||
PRA Group, Inc.* | 44,127 | 1,697,566 | ||||||
World Acceptance Corp.*(a) | 3,872 | 620,449 | ||||||
|
| |||||||
7,713,237 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% |
| |||||||
Myers Industries, Inc. | 34,610 | 726,810 | ||||||
O-I Glass, Inc.* | 152,150 | 2,484,610 | ||||||
|
| |||||||
3,211,420 | ||||||||
|
| |||||||
Distributors — 0.2% |
| |||||||
Core-Mark Holding Co., Inc.(a) | 43,570 | 1,961,086 | ||||||
|
| |||||||
Diversified Consumer Services — 0.2% |
| |||||||
American Public Education, Inc.* | 17,913 | 507,654 | ||||||
Perdoceo Education Corp.*(a) | 67,870 | 832,765 | ||||||
Regis Corp.*(a) | 23,010 | 215,374 | ||||||
|
| |||||||
1,555,793 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.5% |
| |||||||
ATN International, Inc. | 10,610 | 482,649 | ||||||
Cincinnati Bell, Inc.* | 48,820 | 752,804 | ||||||
Cogent Communications Holdings, Inc. | 40,820 | 3,138,650 | ||||||
Consolidated Communications Holdings, Inc.*(a) | 70,440 | 619,168 | ||||||
|
| |||||||
4,993,271 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% |
| |||||||
AZZ, Inc. | 24,132 | 1,249,555 |
SEE NOTES TO FINANCIAL STATEMENTS.
A177
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Electrical Equipment (cont’d.) | ||||||||
Encore Wire Corp. | 19,901 | $ | 1,508,297 | |||||
Powell Industries, Inc. | 8,592 | 265,922 | ||||||
Vicor Corp.* | 20,561 | 2,174,120 | ||||||
|
| |||||||
5,197,894 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.9% |
| |||||||
Advanced Energy Industries, Inc.(a) | 37,047 | 4,175,567 | ||||||
Arlo Technologies, Inc.* | 77,804 | 526,733 | ||||||
Badger Meter, Inc.(a) | 28,134 | 2,760,508 | ||||||
Bel Fuse, Inc. (Class B Stock) | 9,722 | 139,997 | ||||||
Benchmark Electronics, Inc. | 34,550 | 983,293 | ||||||
CTS Corp. | 31,204 | 1,159,541 | ||||||
Daktronics, Inc.* | 34,908 | 230,044 | ||||||
ePlus, Inc.* | 13,020 | 1,128,704 | ||||||
Fabrinet (Thailand)* | 35,580 | 3,411,054 | ||||||
FARO Technologies, Inc.* | 17,544 | 1,364,397 | ||||||
Insight Enterprises, Inc.* | 34,115 | 3,411,841 | ||||||
Itron, Inc.* | 43,550 | 4,354,129 | ||||||
Knowles Corp.* | 89,250 | 1,761,795 | ||||||
Methode Electronics, Inc. | 37,086 | 1,825,002 | ||||||
OSI Systems, Inc.* | 16,140 | 1,640,470 | ||||||
PC Connection, Inc. | 10,560 | 488,611 | ||||||
Plexus Corp.* | 27,590 | 2,522,002 | ||||||
Rogers Corp.* | 18,051 | 3,624,641 | ||||||
Sanmina Corp.* | 62,790 | 2,446,298 | ||||||
ScanSource, Inc.* | 24,473 | 688,425 | ||||||
TTM Technologies, Inc.*(a) | 95,849 | 1,370,641 | ||||||
|
| |||||||
40,013,693 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.6% |
| |||||||
Archrock, Inc. | 124,330 | 1,107,780 | ||||||
Bristow Group, Inc.* | 22,257 | 570,002 | ||||||
Core Laboratories NV(a) | 44,670 | 1,739,896 | ||||||
DMC Global, Inc.*(a) | 18,050 | 1,014,591 | ||||||
Dril-Quip, Inc.*(a) | 34,170 | 1,155,971 | ||||||
Helix Energy Solutions Group, Inc.*(a) | 136,200 | 777,702 | ||||||
Helmerich & Payne, Inc.(a) | 104,070 | 3,395,804 | ||||||
Nabors Industries Ltd.* | 6,336 | 723,825 | ||||||
Oceaneering International, Inc.* | 96,100 | 1,496,277 | ||||||
Oil States International, Inc.* | 58,980 | 462,993 | ||||||
Patterson-UTI Energy, Inc.(a) | 180,740 | 1,796,556 | ||||||
ProPetro Holding Corp.* | 78,850 | 722,266 | ||||||
RPC, Inc.*(a) | 55,480 | 274,626 | ||||||
US Silica Holdings, Inc.*(a) | 71,440 | 825,846 | ||||||
|
| |||||||
16,064,135 | ||||||||
|
| |||||||
Entertainment — 0.0% |
| |||||||
Marcus Corp. (The)*(a) | 23,218 | 492,454 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 7.1% |
| |||||||
Acadia Realty Trust | 83,215 | 1,827,401 | ||||||
Agree Realty Corp.(a) | 65,680 | 4,629,783 | ||||||
Alexander & Baldwin, Inc. | 69,800 | 1,278,736 | ||||||
American Assets Trust, Inc. | 48,410 | 1,805,209 | ||||||
Armada Hoffler Properties, Inc. | 57,870 | 769,092 | ||||||
Brandywine Realty Trust(a) | 164,520 | 2,255,569 | ||||||
CareTrust REIT, Inc. | 93,165 | 2,164,223 | ||||||
Centerspace | 12,500 | 986,250 | ||||||
Chatham Lodging Trust* | 46,540 | 598,970 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Equity Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||
Community Healthcare Trust, Inc. | 22,150 | $ | 1,051,239 | |||||
DiamondRock Hospitality Co.* | 202,370 | 1,962,989 | ||||||
Diversified Healthcare Trust | 229,050 | 957,429 | ||||||
Easterly Government Properties, Inc.(a) | 80,700 | 1,701,156 | ||||||
Essential Properties Realty Trust, Inc.(a) | 113,190 | 3,060,658 | ||||||
Four Corners Property Trust, Inc. | 73,469 | 2,028,479 | ||||||
Franklin Street Properties Corp. | 92,282 | 485,403 | ||||||
GEO Group, Inc. (The)(a) | 116,790 | 831,545 | ||||||
Getty Realty Corp. | 35,984 | 1,120,902 | ||||||
Global Net Lease, Inc. | 91,760 | 1,697,560 | ||||||
Hersha Hospitality Trust* | 35,270 | 379,505 | ||||||
Independence Realty Trust, Inc. | 98,420 | 1,794,197 | ||||||
Industrial Logistics Properties Trust | 62,980 | 1,646,297 | ||||||
Innovative Industrial Properties, Inc.(a) | 23,080 | 4,408,742 | ||||||
iStar, Inc.(a) | 70,440 | 1,460,221 | ||||||
Kite Realty Group Trust | 81,462 | 1,792,979 | ||||||
Lexington Realty Trust(a) | 267,456 | 3,196,099 | ||||||
LTC Properties, Inc.(a) | 37,926 | 1,455,979 | ||||||
Mack-Cali Realty Corp. | 82,890 | 1,421,563 | ||||||
NexPoint Residential Trust, Inc.(a) | 21,790 | 1,198,014 | ||||||
Office Properties Income Trust(a) | 46,610 | 1,366,139 | ||||||
Retail Opportunity Investments Corp. | 114,370 | 2,019,774 | ||||||
Retail Properties of America, Inc. (Class A Stock) | 206,790 | 2,367,745 | ||||||
RPT Realty | 78,270 | 1,015,945 | ||||||
Safehold, Inc.(a) | 13,880 | 1,089,580 | ||||||
Saul Centers, Inc. | 12,410 | 564,034 | ||||||
Service Properties Trust | 158,920 | 2,002,392 | ||||||
SITE Centers Corp. | 162,550 | 2,448,003 | ||||||
Summit Hotel Properties, Inc.* | 102,170 | 953,246 | ||||||
Tanger Factory Outlet Centers, Inc.(a) | 96,980 | 1,828,073 | ||||||
Uniti Group, Inc.(a) | 224,930 | 2,382,009 | ||||||
Universal Health Realty Income Trust | 12,340 | 759,527 | ||||||
Urstadt Biddle Properties, Inc. (Class A Stock) | 28,850 | 559,113 | ||||||
Washington Real Estate Investment Trust(a) | 81,380 | 1,871,740 | ||||||
Whitestone REIT | 38,450 | 317,213 | ||||||
Xenia Hotels & Resorts, Inc.* | 109,520 | 2,051,310 | ||||||
|
| |||||||
73,562,032 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.6% |
| |||||||
Andersons, Inc. (The) | 30,194 | 921,823 | ||||||
Chefs’ Warehouse, Inc. (The)*(a) | 31,440 | 1,000,735 | ||||||
PriceSmart, Inc. | 22,550 | 2,052,275 | ||||||
SpartanNash Co.(a) | 34,716 | 670,366 | ||||||
United Natural Foods, Inc.*(a) | 54,260 | 2,006,535 | ||||||
|
| |||||||
6,651,734 | ||||||||
|
| |||||||
Food Products — 1.2% |
| |||||||
B&G Foods, Inc.(a) | 62,440 | 2,048,032 | ||||||
Calavo Growers, Inc. | 16,050 | 1,017,891 | ||||||
Cal-Maine Foods, Inc.(a) | 36,130 | 1,308,267 | ||||||
Fresh Del Monte Produce, Inc. | 29,220 | 960,753 | ||||||
J & J SnackFoods Corp. | 14,578 | 2,542,549 | ||||||
John B. Sanfilippo & Son, Inc. | 8,580 | 759,931 | ||||||
Seneca Foods Corp. (Class A Stock)* | 6,470 | 330,488 |
SEE NOTES TO FINANCIAL STATEMENTS.
A178
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Food Products (cont’d.) |
| |||||||
Simply Good Foods Co. (The)*(a) | 81,290 | $ | 2,967,898 | |||||
|
| |||||||
11,935,809 | ||||||||
|
| |||||||
Gas Utilities — 0.6% |
| |||||||
Chesapeake Utilities Corp. | 16,910 | 2,034,780 | ||||||
Northwest Natural Holding Co. | 29,575 | 1,553,279 | ||||||
South Jersey Industries, Inc.(a) | 108,444 | 2,811,953 | ||||||
|
| |||||||
6,400,012 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.3% |
| |||||||
AngioDynamics, Inc.* | 36,760 | 997,299 | ||||||
Avanos Medical, Inc.* | 46,310 | 1,684,295 | ||||||
Cardiovascular Systems, Inc.* | 38,750 | 1,652,687 | ||||||
CONMED Corp. | 28,139 | 3,867,143 | ||||||
CryoLife, Inc.* | 37,733 | 1,071,617 | ||||||
Cutera, Inc.* | 17,190 | 842,826 | ||||||
Glaukos Corp.*(a) | 44,660 | 3,788,508 | ||||||
Heska Corp.*(a) | 9,610 | 2,207,705 | ||||||
Inogen, Inc.* | 17,990 | 1,172,408 | ||||||
Integer Holdings Corp.* | 31,824 | 2,997,821 | ||||||
Invacare Corp.*(a) | 33,212 | 268,021 | ||||||
Lantheus Holdings, Inc.* | 65,100 | 1,799,364 | ||||||
LeMaitre Vascular, Inc.(a) | 16,510 | 1,007,440 | ||||||
Meridian Bioscience, Inc.*(a) | 41,575 | 922,134 | ||||||
Merit Medical Systems, Inc.* | 47,578 | 3,076,393 | ||||||
Mesa Laboratories, Inc.(a) | 4,780 | 1,296,193 | ||||||
Natus Medical, Inc.*(a) | 32,805 | 852,274 | ||||||
OraSure Technologies, Inc.*(a) | 69,350 | 703,209 | ||||||
Orthofix Medical, Inc.* | 18,810 | 754,469 | ||||||
Surmodics, Inc.* | 13,392 | 726,516 | ||||||
Tactile Systems Technology, Inc.* | 18,970 | 986,440 | ||||||
Varex Imaging Corp.* | 37,750 | 1,012,455 | ||||||
Zynex, Inc.*(a) | 18,700 | 290,411 | ||||||
|
| |||||||
33,977,628 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.8% |
| |||||||
Addus HomeCare Corp.* | 14,620 | 1,275,449 | ||||||
AMN Healthcare Services, Inc.* | 45,589 | 4,421,221 | ||||||
Apollo Medical Holdings, Inc.*(a) | 12,740 | 800,199 | ||||||
Community Health Systems, Inc.* | 119,510 | 1,845,234 | ||||||
CorVel Corp.* | 8,830 | 1,185,869 | ||||||
Covetrus, Inc.* | 96,090 | 2,594,430 | ||||||
Cross Country Healthcare, Inc.* | 33,543 | 553,795 | ||||||
Ensign Group, Inc. (The) | 49,840 | 4,319,633 | ||||||
Fulgent Genetics, Inc.*(a) | 17,040 | 1,571,599 | ||||||
Hanger, Inc.* | 37,180 | 939,910 | ||||||
Joint Corp. (The)* | 12,700 | 1,065,784 | ||||||
Magellan Health, Inc.* | 22,521 | 2,121,478 | ||||||
MEDNAX, Inc.*(a) | 83,150 | 2,506,973 | ||||||
ModivCare, Inc.* | 11,770 | 2,001,724 | ||||||
Owens & Minor, Inc.(a) | 72,490 | 3,068,502 | ||||||
Pennant Group, Inc. (The)* | 24,545 | 1,003,891 | ||||||
RadNet, Inc.* | 42,190 | 1,421,381 | ||||||
Select Medical Holdings Corp. | 104,060 | 4,397,576 | ||||||
Tivity Health, Inc.*(a) | 36,488 | 959,999 | ||||||
US Physical Therapy, Inc.(a) | 12,480 | 1,446,058 | ||||||
|
| |||||||
39,500,705 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Health Care Technology — 1.2% |
| |||||||
Allscripts Healthcare Solutions, | 135,910 | $ | 2,515,694 | |||||
Computer Programs & Systems, Inc. | 12,366 | 410,922 | ||||||
HealthStream, Inc.* | 24,310 | 679,221 | ||||||
NextGen Healthcare, Inc.* | 53,474 | 887,134 | ||||||
Omnicell, Inc.*(a) | 41,662 | 6,309,710 | ||||||
Simulations Plus, Inc.(a) | 14,750 | 809,923 | ||||||
Tabula Rasa HealthCare, Inc.*(a) | 21,790 | 1,089,500 | ||||||
|
| |||||||
12,702,104 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.8% |
| |||||||
BJ’s Restaurants, Inc.*(a) | 22,382 | 1,099,851 | ||||||
Bloomin’ Brands, Inc.*(a) | 78,050 | 2,118,277 | ||||||
Brinker International, Inc.*(a) | 44,100 | 2,727,585 | ||||||
Cheesecake Factory, Inc. (The)*(a) | 44,510 | 2,411,552 | ||||||
Chuy’s Holdings, Inc.*(a) | 19,280 | 718,373 | ||||||
Dave & Buster’s Entertainment, Inc.* | 46,040 | 1,869,224 | ||||||
Dine Brands Global, Inc.*(a) | 16,565 | 1,478,426 | ||||||
El Pollo Loco Holdings, Inc.*(a) | 18,230 | 333,427 | ||||||
Fiesta Restaurant Group, Inc.* | 16,880 | 226,698 | ||||||
Monarch Casino & Resort, Inc.* | 12,551 | 830,500 | ||||||
Red Robin Gourmet Burgers, Inc.*(a) | 15,053 | 498,405 | ||||||
Ruth’s Hospitality Group, Inc.* | 30,818 | 709,738 | ||||||
Shake Shack, Inc. (Class A Stock)*(a) | 35,080 | 3,754,262 | ||||||
|
| |||||||
18,776,318 | ||||||||
|
| |||||||
Household Durables — 2.3% |
| |||||||
Cavco Industries, Inc.* | 8,250 | 1,833,068 | ||||||
Century Communities, Inc. | 28,310 | 1,883,747 | ||||||
Ethan Allen Interiors, Inc. | 20,989 | 579,296 | ||||||
Installed Building Products, Inc.(a) | 21,840 | 2,672,342 | ||||||
iRobot Corp.*(a) | 27,110 | 2,531,803 | ||||||
La-Z-Boy, Inc.(a) | 44,661 | 1,654,244 | ||||||
LGI Homes, Inc.*(a) | 21,180 | 3,429,889 | ||||||
M/I Homes, Inc.* | 28,200 | 1,654,494 | ||||||
MDC Holdings, Inc. | 53,552 | 2,709,731 | ||||||
Meritage Homes Corp.* | 36,507 | 3,434,579 | ||||||
Tupperware Brands Corp.*(a) | 47,900 | 1,137,625 | ||||||
Universal Electronics, Inc.* | 13,284 | 644,274 | ||||||
|
| |||||||
24,165,092 | ||||||||
|
| |||||||
Household Products — 0.6% |
| |||||||
Central Garden & Pet Co.* | 9,440 | 499,659 | ||||||
Central Garden & Pet Co. (Class A Stock)* | 38,298 | 1,849,793 | ||||||
WD-40 Co.(a) | 13,299 | 3,408,401 | ||||||
|
| |||||||
5,757,853 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.2% |
| |||||||
Raven Industries, Inc. | 34,610 | 2,002,189 | ||||||
|
| |||||||
Insurance — 2.7% |
| |||||||
Ambac Financial Group, Inc.*(a) | 44,380 | 694,991 | ||||||
American Equity Investment Life Holding Co. | 82,850 | 2,677,712 | ||||||
AMERISAFE, Inc. | 18,624 | 1,111,667 | ||||||
Assured Guaranty Ltd. | 72,740 | 3,453,695 | ||||||
eHealth, Inc.*(a) | 25,191 | 1,471,154 | ||||||
Employers Holdings, Inc. | 27,505 | 1,177,214 |
SEE NOTES TO FINANCIAL STATEMENTS.
A179
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Insurance (cont’d.) | ||||||||
Genworth Financial, Inc. (Class A Stock)* | 487,840 | $ | 1,902,576 | |||||
HCI Group, Inc.(a) | 6,310 | 627,403 | ||||||
Horace Mann Educators Corp. | 40,020 | 1,497,549 | ||||||
James River Group Holdings Ltd. | 35,950 | 1,348,844 | ||||||
Palomar Holdings, Inc.* | 21,040 | 1,587,679 | ||||||
ProAssurance Corp. | 51,926 | 1,181,317 | ||||||
Safety Insurance Group, Inc. | 13,750 | 1,076,350 | ||||||
Selectquote, Inc.* | 42,440 | 817,394 | ||||||
SiriusPoint Ltd. (Bermuda)*(a) | 72,860 | 733,700 | ||||||
Stewart Information Services Corp. | 25,872 | 1,466,684 | ||||||
Trupanion, Inc.*(a) | 32,470 | 3,737,297 | ||||||
United Fire Group, Inc. | 20,821 | 577,366 | ||||||
United Insurance Holdings Corp. | 19,820 | 112,974 | ||||||
Universal Insurance Holdings, Inc. | 27,130 | 376,564 | ||||||
|
| |||||||
27,630,130 | ||||||||
|
| |||||||
Interactive Media & Services — 0.1% |
| |||||||
QuinStreet, Inc.* | 47,460 | 881,807 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.7% |
| |||||||
Liquidity Services, Inc.* | 25,870 | 658,392 | ||||||
PetMed Express, Inc.(a) | 19,541 | 622,381 | ||||||
Shutterstock, Inc. | 21,550 | 2,115,563 | ||||||
Stamps.com, Inc.* | 17,670 | 3,539,124 | ||||||
|
| |||||||
6,935,460 | ||||||||
|
| |||||||
IT Services — 1.5% | ||||||||
BM Technologies, Inc. (original cost $54,525; purchased 12/17/20)*^(f) | 4,362 | 51,483 | ||||||
CSG Systems International, Inc. | 31,724 | 1,496,738 | ||||||
EVERTEC, Inc. (Puerto Rico) | 57,770 | 2,521,661 | ||||||
ExlService Holdings, Inc.* | 32,280 | 3,430,073 | ||||||
Perficient, Inc.*(a) | 31,884 | 2,564,111 | ||||||
Sykes Enterprises, Inc.* | 38,290 | 2,056,173 | ||||||
TTEC Holdings, Inc. | 17,647 | 1,819,229 | ||||||
Unisys Corp.*(a) | 64,650 | 1,636,292 | ||||||
|
| |||||||
15,575,760 | ||||||||
|
| |||||||
Leisure Products — 0.4% | ||||||||
Sturm Ruger & Co., Inc. | 16,977 | 1,527,590 | ||||||
Vista Outdoor, Inc.* | 55,700 | 2,577,796 | ||||||
|
| |||||||
4,105,386 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
Luminex Corp. | 42,440 | 1,561,792 | ||||||
NeoGenomics, Inc.*(a) | 113,770 | 5,138,991 | ||||||
|
| |||||||
6,700,783 | ||||||||
|
| |||||||
Machinery — 5.4% | ||||||||
Alamo Group, Inc. | 9,570 | 1,461,148 | ||||||
Albany International Corp. (Class A Stock) | 29,614 | 2,643,346 | ||||||
Astec Industries, Inc. | 21,940 | 1,380,904 | ||||||
Barnes Group, Inc. | 44,956 | 2,303,995 | ||||||
Chart Industries, Inc.* | 34,330 | 5,023,165 | ||||||
CIRCOR International, Inc.* | 19,428 | 633,353 | ||||||
Enerpac Tool Group Corp. | 57,804 | 1,538,742 | ||||||
EnPro Industries, Inc. | 19,938 | 1,936,977 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Machinery (cont’d.) | ||||||||
ESCO Technologies, Inc. | 25,131 | $ | 2,357,539 | |||||
Federal Signal Corp. | 58,400 | 2,349,432 | ||||||
Franklin Electric Co., Inc. | 37,210 | 2,999,870 | ||||||
Greenbrier Cos., Inc. (The)(a) | 31,660 | 1,379,743 | ||||||
Hillenbrand, Inc. | 72,588 | 3,199,679 | ||||||
John Bean Technologies Corp. | 30,627 | 4,368,023 | ||||||
Lindsay Corp. | 10,539 | 1,741,886 | ||||||
Lydall, Inc.* | 16,456 | 995,917 | ||||||
Meritor, Inc.* | 69,960 | 1,638,463 | ||||||
Mueller Industries, Inc. | 55,118 | 2,387,160 | ||||||
Proto Labs, Inc.*(a) | 26,720 | 2,452,896 | ||||||
SPX Corp.* | 43,670 | 2,667,364 | ||||||
SPX FLOW, Inc. | 40,730 | 2,657,225 | ||||||
Standex International Corp. | 11,840 | 1,123,734 | ||||||
Tennant Co. | 17,930 | 1,431,710 | ||||||
Titan International, Inc.* | 48,150 | 408,312 | ||||||
Wabash National Corp.(a) | 49,750 | 796,000 | ||||||
Watts Water Technologies, Inc. (Class A Stock) | 26,571 | 3,876,975 | ||||||
|
| |||||||
55,753,558 | ||||||||
|
| |||||||
Marine — 0.3% | ||||||||
Matson, Inc. | 41,900 | 2,681,600 | ||||||
|
| |||||||
Media — 0.8% | ||||||||
AMC Networks, Inc. (Class A Stock)*(a) | 29,650 | 1,980,620 | ||||||
EW Scripps Co. (The) (Class A Stock)(a) | 55,631 | 1,134,316 | ||||||
Gannett Co., Inc.*(a) | 129,830 | 712,767 | ||||||
Meredith Corp.* | 39,160 | 1,701,110 | ||||||
Scholastic Corp. | 29,040 | 1,100,326 | ||||||
TechTarget, Inc.*(a) | 22,820 | 1,768,322 | ||||||
|
| |||||||
8,397,461 | ||||||||
|
| |||||||
Metals & Mining — 1.4% | ||||||||
Allegheny Technologies, Inc.*(a) | 122,550 | 2,555,167 | ||||||
Arconic Corp.* | 94,470 | 3,365,021 | ||||||
Carpenter Technology Corp. | 46,330 | 1,863,393 | ||||||
Century Aluminum Co.* | 48,423 | 624,172 | ||||||
Haynes International, Inc. | 12,220 | 432,344 | ||||||
Kaiser Aluminum Corp. | 15,280 | 1,886,927 | ||||||
Materion Corp. | 19,698 | 1,484,244 | ||||||
Olympic Steel, Inc. | 8,658 | 254,459 | ||||||
SunCoke Energy, Inc. | 79,850 | 570,129 | ||||||
TimkenSteel Corp.*(a) | 36,730 | 519,730 | ||||||
Warrior Met Coal, Inc. | 49,310 | 848,132 | ||||||
|
| |||||||
14,403,718 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.4% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 123,890 | 1,976,046 | ||||||
ARMOUR Residential REIT, Inc.(a) | 68,370 | 780,786 | ||||||
Capstead Mortgage Corp. | 93,310 | 572,923 | ||||||
Ellington Financial, Inc. | 42,082 | 805,870 | ||||||
Granite Point Mortgage Trust, Inc. | 52,900 | 780,275 | ||||||
Invesco Mortgage Capital, Inc.(a) | 273,020 | 1,064,778 | ||||||
KKR Real Estate Finance Trust, Inc.(a) | 26,110 | 564,759 | ||||||
New York Mortgage Trust, Inc. | 364,960 | 1,631,371 |
SEE NOTES TO FINANCIAL STATEMENTS.
A180
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Mortgage Real Estate Investment Trusts (REITs) (cont’d.) |
| |||||||
PennyMac Mortgage Investment Trust | 94,270 | $ | 1,985,326 | |||||
Ready Capital Corp.(a) | 55,393 | 879,087 | ||||||
Redwood Trust, Inc. | 108,650 | 1,311,406 | ||||||
Two Harbors Investment Corp.(a) | 263,450 | 1,991,682 | ||||||
|
| |||||||
14,344,309 | ||||||||
|
| |||||||
Multiline Retail — 0.7% | ||||||||
Big Lots, Inc.(a) | 30,810 | 2,033,768 | ||||||
Macy’s, Inc.*(a) | 300,400 | 5,695,584 | ||||||
|
| |||||||
7,729,352 | ||||||||
|
| |||||||
Multi-Utilities — 0.4% | ||||||||
Avista Corp. | 66,873 | 2,853,471 | ||||||
Unitil Corp. | 14,500 | 768,065 | ||||||
|
| |||||||
3,621,536 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.1% | ||||||||
Bonanza Creek Energy, Inc.(a) | 18,390 | 865,617 | ||||||
Callon Petroleum Co.*(a) | 44,580 | 2,571,820 | ||||||
CONSOL Energy, Inc.* | 28,980 | 535,261 | ||||||
Dorian LPG Ltd.* | 26,080 | 368,250 | ||||||
Green Plains, Inc.* | 40,890 | 1,374,722 | ||||||
Laredo Petroleum, Inc.*(a) | 9,332 | 865,916 | ||||||
Matador Resources Co.(a) | 105,900 | 3,813,459 | ||||||
Par Pacific Holdings, Inc.* | 42,710 | 718,382 | ||||||
PBF Energy, Inc. (Class A Stock)*(a) | 92,720 | 1,418,616 | ||||||
PDC Energy, Inc. | 95,808 | 4,387,048 | ||||||
Penn Virginia Corp.*(a) | 14,670 | 346,359 | ||||||
Range Resources Corp.* | 250,140 | 4,192,347 | ||||||
Renewable Energy Group, Inc.*(a) | 45,980 | 2,866,393 | ||||||
REX American Resources Corp.* | 5,060 | 456,311 | ||||||
SM Energy Co. | 105,480 | 2,597,972 | ||||||
Southwestern Energy Co.* | 626,420 | 3,551,801 | ||||||
Talos Energy, Inc.* | 30,670 | 479,679 | ||||||
|
| |||||||
31,409,953 | ||||||||
|
| |||||||
Paper & Forest Products — 0.6% | ||||||||
Clearwater Paper Corp.* | 16,100 | 466,417 | ||||||
Domtar Corp.* | 48,480 | 2,664,461 | ||||||
Glatfelter Corp. | 42,870 | 598,894 | ||||||
Mercer International, Inc. (Germany) | 38,020 | 484,755 | ||||||
Neenah, Inc. | 16,278 | 816,667 | ||||||
Schweitzer-Mauduit International, Inc. | 30,266 | 1,222,141 | ||||||
|
| |||||||
6,253,335 | ||||||||
|
| |||||||
Personal Products — 0.9% | ||||||||
Edgewell Personal Care Co. | 52,440 | 2,302,116 | ||||||
elf Beauty, Inc.* | 37,370 | 1,014,222 | ||||||
Inter Parfums, Inc. | 17,100 | 1,231,200 | ||||||
Medifast, Inc. | 11,430 | 3,234,461 | ||||||
USANA Health Sciences, Inc.*(a) | 11,140 | 1,141,070 | ||||||
|
| |||||||
8,923,069 | ||||||||
|
| |||||||
Pharmaceuticals — 1.3% | ||||||||
Amphastar Pharmaceuticals, Inc.*(a) | 35,300 | 711,648 | ||||||
ANI Pharmaceuticals, Inc.* | 9,570 | 335,429 | ||||||
Cara Therapeutics, Inc.*(a) | 41,283 | 589,108 | ||||||
Collegium Pharmaceutical, Inc.*(a) | 34,000 | 803,760 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Pharmaceuticals (cont’d.) | ||||||||
Corcept Therapeutics, Inc.*(a) | 101,060 | $ | 2,223,320 | |||||
Endo International PLC* | 224,210 | 1,049,303 | ||||||
Innoviva, Inc.* | 60,430 | 810,366 | ||||||
Pacira BioSciences, Inc.* | 42,460 | 2,576,473 | ||||||
Phibro Animal Health Corp. (Class A Stock) | 19,640 | 567,203 | ||||||
Prestige Consumer Healthcare, Inc.* | 48,150 | 2,508,615 | ||||||
Supernus Pharmaceuticals, Inc.*(a) | 51,090 | 1,573,061 | ||||||
|
| |||||||
13,748,286 | ||||||||
|
| |||||||
Professional Services — 1.4% | ||||||||
Exponent, Inc. | 50,310 | 4,488,155 | ||||||
Forrester Research, Inc.* | 10,742 | 491,984 | ||||||
Heidrick & Struggles International, Inc. | 18,804 | 837,718 | ||||||
Kelly Services, Inc. (Class A Stock)* | 32,089 | 769,173 | ||||||
Korn Ferry | 52,100 | 3,779,855 | ||||||
ManTech International Corp. (Class A Stock) | 26,450 | 2,288,983 | ||||||
Resources Connection, Inc. | 29,510 | 423,764 | ||||||
TrueBlue, Inc.* | 34,118 | 959,057 | ||||||
|
| |||||||
14,038,689 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
Marcus & Millichap, Inc.* | 23,230 | 902,950 | ||||||
RE/MAX Holdings, Inc. (Class A Stock) | 18,220 | 607,273 | ||||||
Realogy Holdings Corp.* | 112,060 | 2,041,733 | ||||||
St. Joe Co. (The) | 30,080 | 1,341,869 | ||||||
|
| |||||||
4,893,825 | ||||||||
|
| |||||||
Road & Rail — 0.8% | ||||||||
ArcBest Corp. | 24,485 | 1,424,782 | ||||||
Heartland Express, Inc. | 46,948 | 804,219 | ||||||
Marten Transport Ltd. | 56,405 | 930,119 | ||||||
Saia, Inc.*(a) | 25,410 | 5,323,141 | ||||||
|
| |||||||
8,482,261 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.4% |
| |||||||
Axcelis Technologies, Inc.*(a) | 32,420 | 1,310,416 | ||||||
CEVA, Inc.*(a) | 22,010 | 1,041,073 | ||||||
Cohu, Inc.* | 46,717 | 1,718,719 | ||||||
Diodes, Inc.* | 40,930 | 3,264,986 | ||||||
DSP Group, Inc.* | 21,728 | 321,574 | ||||||
FormFactor, Inc.* | 74,870 | 2,729,760 | ||||||
Ichor Holdings Ltd.* | 27,070 | 1,456,366 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore)(a) | 59,872 | 3,664,167 | ||||||
MaxLinear, Inc.* | 66,160 | 2,811,139 | ||||||
Onto Innovation, Inc.* | 47,297 | 3,454,573 | ||||||
PDF Solutions, Inc.* | 28,490 | 517,948 | ||||||
Photronics, Inc.* | 61,010 | 805,942 | ||||||
Power Integrations, Inc. | 58,520 | 4,802,151 | ||||||
Rambus, Inc.* | 108,320 | 2,568,267 | ||||||
SMART Global Holdings, Inc.*(a) | 13,120 | 625,562 | ||||||
Ultra Clean Holdings, Inc.* | 42,260 | 2,270,207 | ||||||
Veeco Instruments, Inc.* | 48,203 | 1,158,800 | ||||||
|
| |||||||
34,521,650 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A181
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Software — 3.2% | ||||||||
8x8, Inc.* | 105,860 | $ | 2,938,674 | |||||
Agilysys, Inc.* | 19,822 | 1,127,277 | ||||||
Alarm.com Holdings, Inc.* | 43,690 | 3,700,543 | ||||||
Bottomline Technologies DE, Inc.* | 37,940 | 1,406,815 | ||||||
Ebix, Inc.(a) | 22,577 | 765,360 | ||||||
InterDigital, Inc. | 29,690 | 2,168,261 | ||||||
LivePerson, Inc.*(a) | 61,860 | 3,912,027 | ||||||
MicroStrategy, Inc. (Class A Stock)*(a) | 7,570 | 5,030,265 | ||||||
OneSpan, Inc.* | 32,620 | 833,115 | ||||||
Progress Software Corp. | 42,457 | 1,963,636 | ||||||
SPS Commerce, Inc.* | 34,600 | 3,454,810 | ||||||
Vonage Holdings Corp.*(a) | 227,640 | 3,280,292 | ||||||
Xperi Holding Corp. | 100,985 | 2,245,906 | ||||||
|
| |||||||
32,826,981 | ||||||||
|
| |||||||
Specialty Retail — 5.7% | ||||||||
Aaron’s Co., Inc. (The) | 32,950 | 1,054,071 | ||||||
Abercrombie & Fitch Co. (Class A Stock)*(a) | 59,750 | 2,774,193 | ||||||
America’s Car-Mart, Inc.* | 6,020 | 853,154 | ||||||
Asbury Automotive Group, Inc.* | 18,660 | 3,197,764 | ||||||
Barnes & Noble Education, Inc.*(a) | 30,716 | 221,462 | ||||||
Bed Bath & Beyond, Inc.*(a) | 102,860 | 3,424,209 | ||||||
Boot Barn Holdings, Inc.* | 28,230 | 2,372,732 | ||||||
Buckle, Inc. (The)(a) | 27,799 | 1,383,000 | ||||||
Caleres, Inc. | 36,954 | 1,008,475 | ||||||
Cato Corp. (The) (Class A Stock) | 18,673 | 315,014 | ||||||
Chico’s FAS, Inc.* | 117,600 | 773,808 | ||||||
Children’s Place, Inc. (The)* | 14,185 | 1,320,056 | ||||||
Conn’s, Inc.* | 18,700 | 476,850 | ||||||
Designer Brands, Inc. (Class A | 57,040 | 944,012 | ||||||
GameStop Corp. (Class A Stock)*(a) | 53,560 | 11,469,338 | ||||||
Genesco, Inc.* | 13,702 | 872,543 | ||||||
Group 1 Automotive, Inc. | 16,454 | 2,540,991 | ||||||
Guess?, Inc.(a) | 36,950 | 975,480 | ||||||
Haverty Furniture Cos., Inc.(a) | 16,321 | 697,886 | ||||||
Hibbett, Inc.* | 15,646 | 1,402,351 | ||||||
Lumber Liquidators Holdings, Inc.*(a) | 27,922 | 589,154 | ||||||
MarineMax, Inc.*(a) | 21,352 | 1,040,697 | ||||||
Monro, Inc.(a) | 32,272 | 2,049,595 | ||||||
ODP Corp. (The)* | 51,625 | 2,478,516 | ||||||
Rent-A-Center, Inc. | 57,580 | 3,055,771 | ||||||
Sally Beauty Holdings, Inc.*(a) | 108,890 | 2,403,202 | ||||||
Shoe Carnival, Inc.(a) | 8,320 | 595,629 | ||||||
Signet Jewelers Ltd.*(a) | 50,510 | 4,080,703 | ||||||
Sleep Number Corp.*(a) | 23,600 | 2,594,820 | ||||||
Sonic Automotive, Inc. (Class A | 22,537 | 1,008,305 | ||||||
Zumiez, Inc.*(a) | 20,370 | 997,926 | ||||||
|
| |||||||
58,971,707 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.6% |
| |||||||
3D Systems Corp.*(a) | 120,620 | 4,821,181 | ||||||
Diebold Nixdorf, Inc.*(a) | 75,170 | 965,183 | ||||||
|
| |||||||
5,786,364 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Textiles, Apparel & Luxury Goods — 1.3% |
| |||||||
Fossil Group, Inc.*(a) | 45,420 | $ | 648,598 | |||||
G-III Apparel Group Ltd.* | 41,940 | 1,378,148 | ||||||
Kontoor Brands, Inc. | 45,550 | 2,569,475 | ||||||
Movado Group, Inc. | 16,217 | 510,349 | ||||||
Oxford Industries, Inc. | 16,306 | 1,611,685 | ||||||
Steven Madden Ltd. | 74,235 | 3,248,524 | ||||||
Unifi, Inc.* | 14,430 | 351,515 | ||||||
Vera Bradley, Inc.* | 21,350 | 264,527 | ||||||
Wolverine World Wide, Inc. | 79,824 | 2,685,279 | ||||||
|
| |||||||
13,268,100 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 2.1% |
| |||||||
Axos Financial, Inc.*(a) | 49,660 | 2,303,727 | ||||||
Capitol Federal Financial, Inc. | 124,170 | 1,462,723 | ||||||
Flagstar Bancorp, Inc. | 45,790 | 1,935,543 | ||||||
HomeStreet, Inc. | 20,590 | 838,837 | ||||||
Meta Financial Group, Inc. | 30,800 | 1,559,404 | ||||||
Mr. Cooper Group, Inc.* | 65,630 | 2,169,728 | ||||||
NMI Holdings, Inc. (Class A | 82,550 | 1,855,724 | ||||||
Northfield Bancorp, Inc. | 44,290 | 726,356 | ||||||
Northwest Bancshares, Inc. | 122,450 | 1,670,218 | ||||||
Provident Financial Services, Inc. | 69,890 | 1,599,782 | ||||||
TrustCo Bank Corp. NY | 18,597 | 639,365 | ||||||
Walker & Dunlop, Inc. | 28,540 | 2,979,005 | ||||||
WSFS Financial Corp. | 45,850 | 2,136,151 | ||||||
|
| |||||||
21,876,563 | ||||||||
|
| |||||||
Tobacco — 0.3% | ||||||||
Universal Corp. | 23,660 | 1,347,910 | ||||||
Vector Group Ltd.(a) | 123,392 | 1,744,763 | ||||||
|
| |||||||
3,092,673 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.0% |
| |||||||
Applied Industrial Technologies, Inc. | 37,498 | 3,414,568 | ||||||
Boise Cascade Co. | 37,930 | 2,213,215 | ||||||
DXP Enterprises, Inc.* | 17,040 | 567,432 | ||||||
GMS, Inc.* | 41,340 | 1,990,108 | ||||||
NOW, Inc.* | 105,950 | 1,005,465 | ||||||
Veritiv Corp.* | 11,790 | 724,142 | ||||||
|
| |||||||
9,914,930 | ||||||||
|
| |||||||
Water Utilities — 0.5% | ||||||||
American States Water Co. | 35,612 | 2,833,291 | ||||||
California Water Service Group | 49,040 | 2,723,681 | ||||||
|
| |||||||
5,556,972 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% |
| |||||||
Shenandoah Telecommunications Co. | 48,180 | 2,337,212 | ||||||
Spok Holdings, Inc. | 17,120 | 164,694 | ||||||
|
| |||||||
2,501,906 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,019,976,688 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A182
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||||
EXCHANGE-TRADED FUND — 0.5% |
| |||||||||
iShares Core S&P Small-Cap ETF(a) | 46,800 | $ | 5,287,464 | |||||||
|
| |||||||||
TOTAL LONG-TERM INVESTMENTS |
| 1,025,264,152 | ||||||||
|
| |||||||||
SHORT-TERM INVESTMENTS — 27.0% |
| |||||||||
AFFILIATED MUTUAL FUNDS — 27.0% |
| |||||||||
PGIM Core Ultra Short Bond | 2,574,438 | 2,574,438 | ||||||||
PGIM Institutional Money Market Fund | 275,819,868 | 275,654,377 | ||||||||
|
| |||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 278,228,815 | ||||||||
|
|
Interest Rate | Maturity Date | Principal Amount (000)# | ||||||||||||
U.S. TREASURY OBLIGATIONS(k)(n) — 0.0% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
0.025% | 12/09/21 | 150 | 149,965 | |||||||||||
0.040% | 09/16/21 | 250 | 249,976 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | 399,941 | |||||||||||||
|
| |||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 278,628,756 | |||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS—126.6% | 1,303,892,908 | |||||||||||||
Liabilities in excess of other | (274,316,573 | ) | ||||||||||||
|
| |||||||||||||
NET ASSETS — 100.0% | $ | 1,029,576,335 | ||||||||||||
|
|
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. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $51,483 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $270,398,974; cash collateral of $275,463,772 (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. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $54,525. The aggregate value of $51,483 is 0.0% of net assets. |
(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: | |||||||||||||||||
37 | Russell 2000 E-Mini Index | Sep. 2021 | $ | 4,269,430 | $ | (5,707 | ) | ||||||||||
|
|
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 | $ | — | $ | 399,941 | ||||||
|
|
|
|
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.
SEE NOTES TO FINANCIAL STATEMENTS.
A183
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
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 | $ | 12,614,899 | $ | — | $ — | |||||||
Air Freight & Logistics | 7,111,395 | — | — | |||||||||
Airlines | 6,021,336 | — | — | |||||||||
Auto Components | 12,761,165 | — | — | |||||||||
Automobiles | 2,202,652 | — | — | |||||||||
Banks | 96,929,409 | — | — | |||||||||
Beverages | 6,160,876 | — | — | |||||||||
Biotechnology | 14,487,140 | — | — | |||||||||
Building Products | 19,670,370 | — | — | |||||||||
Capital Markets | 9,990,867 | — | — | |||||||||
Chemicals | 27,505,945 | — | — | |||||||||
Commercial Services & Supplies | 21,264,348 | — | — | |||||||||
Communications Equipment | 11,583,223 | — | — | |||||||||
Construction & Engineering | 9,062,152 | — | — | |||||||||
Construction Materials | 1,148,328 | — | — | |||||||||
Consumer Finance | 7,713,237 | — | — | |||||||||
Containers & Packaging | 3,211,420 | — | — | |||||||||
Distributors | 1,961,086 | — | — | |||||||||
Diversified Consumer Services | 1,555,793 | — | — | |||||||||
Diversified Telecommunication Services | 4,993,271 | — | — | |||||||||
Electrical Equipment | 5,197,894 | — | — | |||||||||
Electronic Equipment, Instruments & Components | 40,013,693 | — | — | |||||||||
Energy Equipment & Services | 16,064,135 | — | — | |||||||||
Entertainment | 492,454 | — | — | |||||||||
Equity Real Estate Investment Trusts (REITs) | 73,562,032 | — | — | |||||||||
Food & Staples Retailing | 6,651,734 | — | — | |||||||||
Food Products | 11,935,809 | — | — | |||||||||
Gas Utilities | 6,400,012 | — | — | |||||||||
Health Care Equipment & Supplies | 33,977,628 | — | — | |||||||||
Health Care Providers & Services | 39,500,705 | — | — | |||||||||
Health Care Technology | 12,702,104 | — | — | |||||||||
Hotels, Restaurants & Leisure | 18,776,318 | — | — | |||||||||
Household Durables | 24,165,092 | — | — | |||||||||
Household Products | 5,757,853 | — | — | |||||||||
Industrial Conglomerates | 2,002,189 | — | — | |||||||||
Insurance | 27,630,130 | — | — | |||||||||
Interactive Media & Services | 881,807 | — | — | |||||||||
Internet & Direct Marketing Retail | 6,935,460 | — | — | |||||||||
IT Services | 15,524,277 | — | 51,483 | |||||||||
Leisure Products | 4,105,386 | — | — | |||||||||
Life Sciences Tools & Services | 6,700,783 | — | — | |||||||||
Machinery | 55,753,558 | — | — | |||||||||
Marine | 2,681,600 | — | — | |||||||||
Media | 8,397,461 | — | — | |||||||||
Metals & Mining | 14,403,718 | — | — | |||||||||
Mortgage Real Estate Investment Trusts (REITs) | 14,344,309 | — | — | |||||||||
Multiline Retail | 7,729,352 | — | — | |||||||||
Multi-Utilities | 3,621,536 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 31,409,953 | — | — | |||||||||
Paper & Forest Products | 6,253,335 | — | — | |||||||||
Personal Products | 8,923,069 | — | — | |||||||||
Pharmaceuticals | 13,748,286 | — | — | |||||||||
Professional Services | 14,038,689 | — | — | |||||||||
Real Estate Management & Development | 4,893,825 | — | — | |||||||||
Road & Rail | 8,482,261 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A184
PSF SMALL-CAP 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) | ||||||||||||
Semiconductors & Semiconductor Equipment | $ | 34,521,650 | $ | — | $— | |||||||
Software | 32,826,981 | — | — | |||||||||
Specialty Retail | 58,971,707 | — | — | |||||||||
Technology Hardware, Storage & Peripherals | 5,786,364 | — | — | |||||||||
Textiles, Apparel & Luxury Goods | 13,268,100 | — | — | |||||||||
Thrifts & Mortgage Finance | 21,876,563 | — | — | |||||||||
Tobacco | 3,092,673 | — | — | |||||||||
Trading Companies & Distributors | 9,914,930 | — | — | |||||||||
Water Utilities | 5,556,972 | — | — | |||||||||
Wireless Telecommunication Services | 2,501,906 | — | — | |||||||||
Exchange-Traded Fund | 5,287,464 | — | — | |||||||||
Short-Term Investments | ||||||||||||
Affiliated Mutual Funds | 278,228,815 | — | — | |||||||||
U.S. Treasury Obligations | — | 399,941 | — | |||||||||
|
|
|
|
|
|
| ||||||
Total | $ | 1,303,441,484 | $ | 399,941 | $51,483 | |||||||
|
|
|
|
|
|
| ||||||
Other Financial Instruments* | ||||||||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (5,707 | ) | $ | — | $— | ||||||
|
|
|
|
|
|
|
* | 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 (26.8% represents investments purchased with collateral from securities on loan) | 27.0 | % | ||
Banks | 9.4 | |||
Equity Real Estate Investment Trusts (REITs) | 7.1 | |||
Specialty Retail | 5.7 | |||
Machinery | 5.4 | |||
Electronic Equipment, Instruments & Components | 3.9 | |||
Health Care Providers & Services | 3.8 | |||
Semiconductors & Semiconductor Equipment | 3.4 | |||
Health Care Equipment & Supplies | 3.3 | |||
Software | 3.2 | |||
Oil, Gas & Consumable Fuels | 3.1 | |||
Insurance | 2.7 | |||
Chemicals | 2.7 | |||
Household Durables | 2.3 | |||
Thrifts & Mortgage Finance | 2.1 | |||
Commercial Services & Supplies | 2.1 | |||
Building Products | 1.9 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Energy Equipment & Services | 1.6 | |||
IT Services | 1.5 | |||
Biotechnology | 1.4 | |||
Metals & Mining | 1.4 | |||
Mortgage Real Estate Investment Trusts (REITs) | 1.4 | |||
Professional Services | 1.4 | |||
Pharmaceuticals | 1.3 | |||
Textiles, Apparel & Luxury Goods | 1.3 | |||
Auto Components | 1.2 |
Health Care Technology | 1.2 | % | ||
Aerospace & Defense | 1.2 | |||
Food Products | 1.2 | |||
Communications Equipment | 1.1 | |||
Capital Markets | 1.0 | |||
Trading Companies & Distributors | 1.0 | |||
Construction & Engineering | 0.9 | |||
Personal Products | 0.9 | |||
Road & Rail | 0.8 | |||
Media | 0.8 | |||
Multiline Retail | 0.7 | |||
Consumer Finance | 0.7 | |||
Air Freight & Logistics | 0.7 | |||
Internet & Direct Marketing Retail | 0.7 | |||
Life Sciences Tools & Services | 0.7 | |||
Food & Staples Retailing | 0.6 | |||
Gas Utilities | 0.6 | |||
Paper & Forest Products | 0.6 | |||
Beverages | 0.6 | |||
Airlines | 0.6 | |||
Technology Hardware, Storage & Peripherals | 0.6 | |||
Household Products | 0.6 | |||
Water Utilities | 0.5 | |||
Exchange-Traded Fund | 0.5 | |||
Electrical Equipment | 0.5 | |||
Diversified Telecommunication Services | 0.5 | |||
Real Estate Management & Development | 0.5 | |||
Leisure Products | 0.4 |
SEE NOTES TO FINANCIAL STATEMENTS.
A185
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Industry Classification (continued):
Multi-Utilities | 0.4 | % | ||
Containers & Packaging | 0.3 | |||
Tobacco | 0.3 | |||
Marine | 0.3 | |||
Wireless Telecommunication Services | 0.2 | |||
Automobiles | 0.2 | |||
Industrial Conglomerates | 0.2 | |||
Distributors | 0.2 | |||
Diversified Consumer Services | 0.2 | |||
Construction Materials | 0.1 |
Interactive Media & Services | 0.1 | % | ||
Entertainment | 0.0 | * | ||
U.S. Treasury Obligations | 0.0 | * | ||
|
| |||
126.6 | ||||
Liabilities in excess of other assets | (26.6 | ) | ||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
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 | $ | 5,707 | * | ||||
|
|
|
* | 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 | $ | 331,381 | |||
|
| ||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |||||
Derivatives not accounted for as hedging instruments, carried at fair value | Futures | ||||
Equity contracts | $ | (10,785 | ) | ||
|
|
For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:
Futures Contracts— Long Positions(1) | ||||
$3,632,918 |
(1) | Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
A186
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
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 | $ | 270,398,974 | $ | (270,398,974 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A187
PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2021
ASSETS | |||||
Investments at value, including securities on loan of $270,398,974: | |||||
Unaffiliated investments (cost $554,315,053) | $ | 1,025,664,093 | |||
Affiliated investments (cost $278,054,857) | 278,228,815 | ||||
Cash | 10,551 | ||||
Receivable for investments sold | 1,081,240 | ||||
Dividends and interest receivable | 908,444 | ||||
Due from broker-variation margin futures | 7,529 | ||||
Receivable for Portfolio shares sold | 4,089 | ||||
Tax reclaim receivable | 1,107 | ||||
Prepaid expenses | 1,570 | ||||
|
| ||||
Total Assets | 1,305,907,438 | ||||
|
| ||||
LIABILITIES | |||||
Payable to broker for collateral for securities on loan | 275,463,772 | ||||
Management fee payable | 297,787 | ||||
Payable for Portfolio shares purchased | 290,188 | ||||
Accrued expenses and other liabilities | 277,074 | ||||
Payable to affiliate | 1,107 | ||||
Affiliated transfer agent fee payable | 980 | ||||
Distribution fee payable | 195 | ||||
|
| ||||
Total Liabilities | 276,331,103 | ||||
|
| ||||
NET ASSETS | $ | 1,029,576,335 | |||
|
| ||||
Net assets were comprised of: | |||||
Partners’ Equity | $ | 1,029,576,335 | |||
|
| ||||
Class I: | |||||
Net asset value and redemption price per share, $1,028,271,381 / 17,461,989 outstanding shares of beneficial interest | $ | 58.89 | |||
|
| ||||
Class III: | |||||
Net asset value and redemption price per share, $1,304,954 / 22,170 outstanding shares of beneficial interest | $ | 58.86 | |||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) | |||||
INCOME | |||||
Unaffiliated dividend income (net of $4,617 foreign withholding tax, of which $205 is reimbursable by an affiliate) | $ | 5,209,399 | |||
Income from securities lending, net (including affiliated income of $63,684) | 150,665 | ||||
Affiliated dividend income | 2,196 | ||||
Interest income | 80 | ||||
|
| ||||
Total income | 5,362,340 | ||||
|
| ||||
EXPENSES | |||||
Management fee | 1,726,129 | ||||
Distribution fee—Class III | 282 | ||||
Custodian and accounting fees | 57,118 | ||||
Shareholders’ reports | 45,004 | ||||
Audit fee | 12,793 | ||||
Trustees’ fees | 10,292 | ||||
Legal fees and expenses | 10,205 | ||||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | ||||
Miscellaneous | 14,394 | ||||
|
| ||||
Total expenses | 1,881,514 | ||||
|
| ||||
NET INVESTMENT INCOME (LOSS) | 3,480,826 | ||||
|
| ||||
REALIZED AND UNREALIZED GAIN (LOSS) ON | |||||
INVESTMENT TRANSACTIONS | |||||
Net realized gain (loss) on: | |||||
Investment transactions (including affiliated of $(6,376)) | 43,451,003 | ||||
Futures transactions | 331,381 | ||||
|
| ||||
43,782,384 | |||||
|
| ||||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments (including affiliated of $(15,393)) | 151,219,943 | ||||
Futures | (10,785 | ) | |||
|
| ||||
151,209,158 | |||||
|
| ||||
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 194,991,542 | ||||
|
| ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 198,472,368 | |||
|
|
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) | $ | 3,480,826 | $ | 7,490,592 | ||||||
Net realized gain (loss) on investment transactions | 43,782,384 | 19,541,105 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 151,209,158 | 51,036,156 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 198,472,368 | 78,067,853 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold | 14,674,907 | 15,006,733 | ||||||||
Portfolio shares purchased | (41,557,154 | ) | (69,049,362 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (26,882,247 | ) | (54,042,629 | ) | ||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 171,590,121 | 24,025,224 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 857,986,214 | 833,960,990 | ||||||||
|
|
|
| |||||||
End of period | $ | 1,029,576,335 | $ | 857,986,214 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A188
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
LONG-TERM INVESTMENTS — 99.3% |
| |||||||
COMMON STOCKS — 98.7% |
| |||||||
Aerospace & Defense — 1.5% |
| |||||||
AAR Corp.* | 36,782 | $ | 1,425,302 | |||||
Ducommun, Inc.* | 12,660 | 690,730 | ||||||
Kaman Corp. | 24,460 | 1,232,784 | ||||||
Maxar Technologies, Inc.(a) | 28,216 | 1,126,383 | ||||||
|
| |||||||
4,475,199 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.2% |
| |||||||
Air Transport Services Group, Inc.* | 24,620 | 571,923 | ||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Allegiant Travel Co.* | 3,371 | 653,974 | ||||||
SkyWest, Inc.* | 19,380 | 834,697 | ||||||
|
| |||||||
1,488,671 | ||||||||
|
| |||||||
Auto Components — 1.2% |
| |||||||
Adient PLC* | 62,029 | 2,803,711 | ||||||
Goodyear Tire & Rubber Co. (The)* | 41,588 | 713,234 | ||||||
|
| |||||||
3,516,945 | ||||||||
|
| |||||||
Automobiles — 0.1% | ||||||||
Workhorse Group, Inc.* | 19,088 | 316,670 | ||||||
|
| |||||||
Banks — 15.4% | ||||||||
Amalgamated Financial Corp. | 16,525 | 258,286 | ||||||
Ameris Bancorp | 42,590 | 2,156,332 | ||||||
Atlantic Union Bankshares Corp. | 47,354 | 1,715,162 | ||||||
BancorpSouth Bank | 51,123 | 1,448,315 | ||||||
Banner Corp. | 33,512 | 1,816,685 | ||||||
Brookline Bancorp, Inc. | 73,289 | 1,095,670 | ||||||
Cadence BanCorp | 20,685 | 431,903 | ||||||
Columbia Banking System, Inc. | 50,664 | 1,953,604 | ||||||
Community Bank System, Inc. | 25,899 | 1,959,259 | ||||||
ConnectOne Bancorp, Inc. | 47,158 | 1,234,125 | ||||||
CVB Financial Corp. | 82,964 | 1,708,229 | ||||||
FB Financial Corp. | 39,906 | 1,489,292 | ||||||
First Financial Bankshares, Inc.(a) | 24,227 | 1,190,272 | ||||||
First Merchants Corp. | 41,537 | 1,730,847 | ||||||
First of Long Island Corp. (The) | 8,779 | 186,378 | ||||||
German American Bancorp, Inc. | 20,430 | 759,996 | ||||||
Glacier Bancorp, Inc. | 36,825 | 2,028,321 | ||||||
Great Western Bancorp, Inc. | 29,142 | 955,566 | ||||||
Hancock Whitney Corp. | 30,224 | 1,343,155 | ||||||
Heritage Financial Corp. | 33,712 | 843,474 | ||||||
Home BancShares, Inc. | 57,985 | 1,431,070 | ||||||
Independent Bank Corp.(a) | 18,915 | 1,428,082 | ||||||
Lakeland Financial Corp. | 27,688 | 1,706,688 | ||||||
OceanFirst Financial Corp. | 60,138 | 1,253,276 | ||||||
Pacific Premier Bancorp, Inc. | 44,379 | 1,876,788 | ||||||
PacWest Bancorp | 28,307 | 1,165,116 | ||||||
Pinnacle Financial Partners, Inc. | 20,188 | 1,782,398 | ||||||
Renasant Corp. | 42,939 | 1,717,560 | ||||||
South State Corp. | 29,801 | 2,436,530 | ||||||
Towne Bank | 31,985 | 972,984 | ||||||
TriCo Bancshares | 29,629 | 1,261,603 | ||||||
United Community Banks, Inc. | 62,699 | 2,006,995 | ||||||
|
| |||||||
45,343,961 | ||||||||
|
| |||||||
Beverages — 0.5% | ||||||||
Primo Water Corp. | 95,168 | 1,592,161 | ||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Biotechnology — 3.1% | ||||||||
Agios Pharmaceuticals, Inc.*(a) | 20,568 | $ | 1,133,502 | |||||
Alkermes PLC* | 34,080 | 835,642 | ||||||
Allogene Therapeutics, Inc.* | 21,210 | 553,157 | ||||||
Arena Pharmaceuticals, Inc.* | 16,508 | 1,125,846 | ||||||
Bluebird Bio, Inc.* | 26,771 | 856,137 | ||||||
Blueprint Medicines Corp.* | 4,575 | 402,417 | ||||||
Inovio Pharmaceuticals, Inc.* | 28,046 | 259,986 | ||||||
Invitae Corp.* | 24,399 | 822,978 | ||||||
Ironwood Pharmaceuticals, Inc.* | 51,255 | 659,652 | ||||||
MannKind Corp.* | 33,510 | 182,629 | ||||||
Myriad Genetics, Inc.* | 32,313 | 988,131 | ||||||
REVOLUTION Medicines, Inc.* | 10,716 | 340,126 | ||||||
Turning Point Therapeutics, Inc.* | 12,193 | 951,298 | ||||||
|
| |||||||
9,111,501 | ||||||||
|
| |||||||
Building Products — 1.3% | ||||||||
Gibraltar Industries, Inc.* | 14,239 | 1,086,578 | ||||||
Griffon Corp. | 12,277 | 314,660 | ||||||
Resideo Technologies, Inc.* | 83,252 | 2,497,560 | ||||||
|
| |||||||
3,898,798 | ||||||||
|
| |||||||
Capital Markets — 1.4% | ||||||||
Hamilton Lane, Inc. (Class A Stock) | 8,093 | 737,434 | ||||||
Houlihan Lokey, Inc. | 12,163 | 994,812 | ||||||
PJT Partners, Inc. (Class A Stock) | 12,940 | 923,657 | ||||||
Stifel Financial Corp. | 20,835 | 1,351,358 | ||||||
|
| |||||||
4,007,261 | ||||||||
|
| |||||||
Chemicals — 2.3% | ||||||||
Amyris, Inc.*(a) | 21,347 | 349,450 | ||||||
Avient Corp. | 75,011 | 3,687,540 | ||||||
HB Fuller Co. | 4,682 | 297,822 | ||||||
Kraton Corp.* | 13,611 | 439,499 | ||||||
Tronox Holdings PLC (Class A Stock) | 85,651 | 1,918,583 | ||||||
|
| |||||||
6,692,894 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.4% |
| |||||||
Brady Corp. (Class A Stock) | 20,426 | 1,144,673 | ||||||
Deluxe Corp. | 31,505 | 1,504,994 | ||||||
UniFirst Corp. | 5,841 | 1,370,532 | ||||||
|
| |||||||
4,020,199 | ||||||||
|
| |||||||
Communications Equipment — 0.7% |
| |||||||
NetScout Systems, Inc.* | 22,071 | 629,906 | ||||||
Viavi Solutions, Inc.* | 86,781 | 1,532,553 | ||||||
|
| |||||||
2,162,459 | ||||||||
|
| |||||||
Construction & Engineering — 1.5% |
| |||||||
Arcosa, Inc. | 25,226 | 1,481,775 | ||||||
Dycom Industries, Inc.* | 16,979 | 1,265,445 | ||||||
WillScot Mobile Mini Holdings Corp.* | 58,216 | 1,622,480 | ||||||
|
| |||||||
4,369,700 | ||||||||
|
| |||||||
Construction Materials — 0.5% |
| |||||||
Summit Materials, Inc. (Class A Stock)* | 43,173 | 1,504,579 | ||||||
|
| |||||||
Consumer Finance — 0.8% |
| |||||||
FirstCash, Inc. | 12,920 | 987,605 | ||||||
Green Dot Corp. (Class A Stock)* | 26,958 | 1,262,982 |
SEE NOTES TO FINANCIAL STATEMENTS.
A189
PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Finance (cont’d.) | ||||||||
Oportun Financial Corp.* | 11,928 | $ | 238,918 | |||||
|
| |||||||
2,489,505 | ||||||||
|
| |||||||
Diversified Financial Services — 0.1% |
| |||||||
Alerus Financial Corp. | 7,941 | 230,368 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% |
| |||||||
Iridium Communications, Inc.* | 31,193 | 1,247,408 | ||||||
|
| |||||||
Electric Utilities — 2.0% | ||||||||
ALLETE, Inc. | 27,875 | 1,950,693 | ||||||
IDACORP, Inc. | 19,654 | 1,916,265 | ||||||
MGE Energy, Inc. | 24,917 | 1,854,821 | ||||||
Portland General Electric Co. | 3,923 | 180,772 | ||||||
|
| |||||||
5,902,551 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.8% |
| |||||||
CTS Corp. | 27,120 | 1,007,779 | ||||||
FARO Technologies, Inc.* | 16,668 | 1,296,270 | ||||||
Knowles Corp.* | 17,005 | 335,679 | ||||||
Rogers Corp.* | 7,732 | 1,552,586 | ||||||
TTM Technologies, Inc.*(a) | 77,296 | 1,105,333 | ||||||
|
| |||||||
5,297,647 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.2% |
| |||||||
Cactus, Inc. (Class A Stock) | 38,869 | 1,427,270 | ||||||
ChampionX Corp.* | 84,673 | 2,171,862 | ||||||
|
| |||||||
3,599,132 | ||||||||
|
| |||||||
Entertainment — 0.2% | ||||||||
Cinemark Holdings, Inc.*(a) | 23,585 | 517,691 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 9.5% |
| |||||||
Acadia Realty Trust | 81,849 | 1,797,404 | ||||||
DigitalBridge Group, Inc.*(a) | 184,611 | 1,458,427 | ||||||
EastGroup Properties, Inc. | 7,438 | 1,223,179 | ||||||
Healthcare Realty Trust, Inc. | 81,679 | 2,466,706 | ||||||
Highwoods Properties, Inc. | 51,507 | 2,326,571 | ||||||
Hudson Pacific Properties, Inc. | 84,052 | 2,338,327 | ||||||
Life Storage, Inc.(a) | 6,202 | 665,785 | ||||||
National Health Investors, Inc. | 28,243 | 1,893,693 | ||||||
Park Hotels & Resorts, Inc.* | 56,912 | 1,172,956 | ||||||
Pebblebrook Hotel Trust(a) | 101,929 | 2,400,428 | ||||||
PS Business Parks, Inc. | 6,516 | 964,889 | ||||||
RLJ Lodging Trust | 99,718 | 1,518,705 | ||||||
Ryman Hospitality Properties, Inc.* | 25,182 | 1,988,371 | ||||||
Sabra Health Care REIT, Inc. | 70,716 | 1,287,031 | ||||||
SITE Centers Corp. | 70,526 | 1,062,122 | ||||||
STAG Industrial, Inc. | 50,108 | 1,875,542 | ||||||
Terreno Realty Corp. | 23,924 | 1,543,577 | ||||||
|
| |||||||
27,983,713 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.7% |
| |||||||
Performance Food Group Co.* | 20,695 | 1,003,501 | ||||||
United Natural Foods, Inc.* | 29,884 | 1,105,110 | ||||||
|
| |||||||
2,108,611 | ||||||||
|
| |||||||
Food Products — 1.4% | ||||||||
Hostess Brands, Inc.*(a) | 91,604 | 1,483,069 | ||||||
Sanderson Farms, Inc. | 3,476 | 653,384 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Food Products (cont’d.) | ||||||||
Simply Good Foods Co. (The)* | 27,203 | $ | 993,181 | |||||
Utz Brands, Inc.(a) | 50,548 | 1,101,441 | ||||||
|
| |||||||
4,231,075 | ||||||||
|
| |||||||
Gas Utilities — 1.3% | ||||||||
Chesapeake Utilities Corp. | 12,485 | 1,502,320 | ||||||
ONE Gas, Inc. | 30,046 | 2,227,010 | ||||||
|
| |||||||
3,729,330 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.6% |
| |||||||
Avanos Medical, Inc.* | 39,829 | 1,448,581 | ||||||
CONMED Corp. | 11,401 | 1,566,839 | ||||||
Figs, Inc. (Class A Stock)* | 7,999 | 400,750 | ||||||
LivaNova PLC* | 13,135 | 1,104,785 | ||||||
Merit Medical Systems, Inc.* | 23,340 | 1,509,164 | ||||||
NuVasive, Inc.* | 24,990 | 1,693,822 | ||||||
|
| |||||||
7,723,941 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.7% |
| |||||||
Acadia Healthcare Co., Inc.* | 22,735 | 1,426,621 | ||||||
AMN Healthcare Services, Inc.* | 14,301 | 1,386,911 | ||||||
Option Care Health, Inc.* | 63,262 | 1,383,540 | ||||||
Owens & Minor, Inc. | 28,512 | 1,206,913 | ||||||
Tenet Healthcare Corp.* | 39,951 | 2,676,318 | ||||||
|
| |||||||
8,080,303 | ||||||||
|
| |||||||
Health Care Technology — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 70,988 | 1,313,988 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.7% |
| |||||||
Bloomin’ Brands, Inc.* | 26,377 | 715,872 | ||||||
Boyd Gaming Corp.* | 19,466 | 1,196,964 | ||||||
SeaWorld Entertainment, Inc.* | 38,099 | 1,902,664 | ||||||
Travel + Leisure Co. | 19,843 | 1,179,667 | ||||||
|
| |||||||
4,995,167 | ||||||||
|
| |||||||
Household Durables — 1.6% | ||||||||
Century Communities, Inc. | 20,401 | 1,357,483 | ||||||
Installed Building Products, Inc. | 7,526 | 920,881 | ||||||
Meritage Homes Corp.* | 23,550 | 2,215,584 | ||||||
Tupperware Brands | 11,093 | 263,459 | ||||||
|
| |||||||
4,757,407 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers — 0.5% |
| |||||||
Clearway Energy, Inc. (Class A Stock) | 13,152 | 331,694 | ||||||
NextEra Energy Partners | 15,378 | 1,174,264 | ||||||
|
| |||||||
1,505,958 | ||||||||
|
| |||||||
Insurance — 2.8% | ||||||||
AMERISAFE, Inc. | 10,359 | 618,329 | ||||||
BRP Group, Inc. (Class A | 29,276 | 780,205 | ||||||
CNO Financial Group, Inc. | 60,671 | 1,433,049 | ||||||
Enstar Group Ltd.* | 5,938 | 1,418,707 | ||||||
Primerica, Inc. | 7,122 | 1,090,663 | ||||||
RLI Corp. | 9,334 | 976,243 | ||||||
Selective Insurance Group, Inc. | 23,701 | 1,923,336 | ||||||
|
| |||||||
8,240,532 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A190
PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
IT Services — 0.5% | ||||||||
LiveRamp Holdings, Inc.* | 32,242 | $ | 1,510,538 | |||||
|
| |||||||
Leisure Products — 0.6% | ||||||||
Callaway Golf Co.* | 51,210 | 1,727,313 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.4% |
| |||||||
Pacific Biosciences of California, Inc.* | 30,576 | 1,069,243 | ||||||
|
| |||||||
Machinery — 6.3% | ||||||||
Astec Industries, Inc. | 22,499 | 1,416,087 | ||||||
Chart Industries, Inc.*(a) | 13,598 | 1,989,659 | ||||||
Colfax Corp.* | 47,507 | 2,176,296 | ||||||
Columbus McKinnon Corp. | 41,709 | 2,012,042 | ||||||
Federal Signal Corp. | 43,264 | 1,740,511 | ||||||
Kennametal, Inc. | 49,430 | 1,775,525 | ||||||
Proto Labs, Inc.*(a) | 10,316 | 947,009 | ||||||
Rexnord Corp. | 64,299 | 3,217,522 | ||||||
SPX FLOW, Inc. | 24,325 | 1,586,963 | ||||||
Terex Corp. | 32,084 | 1,527,840 | ||||||
|
| |||||||
18,389,454 | ||||||||
|
| |||||||
Media — 2.2% | ||||||||
Entravision Communications Corp. (Class A Stock) | 48,863 | 326,405 | ||||||
Gray Television, Inc. | 38,089 | 891,283 | ||||||
iHeartMedia, Inc. (Class A Stock)* | 61,297 | 1,650,728 | ||||||
John Wiley & Sons, Inc. (Class A Stock) | 33,035 | 1,988,046 | ||||||
Nexstar Media Group, Inc. (Class A Stock) | 11,064 | 1,636,144 | ||||||
|
| |||||||
6,492,606 | ||||||||
|
| |||||||
Metals & Mining — 1.9% | ||||||||
Alcoa Corp.* | 24,578 | 905,453 | ||||||
Allegheny Technologies, | 29,454 | 614,116 | ||||||
Arconic Corp.* | 46,456 | 1,654,763 | ||||||
Coeur Mining, Inc.* | 80,410 | 714,041 | ||||||
Commercial Metals Co. | 30,258 | 929,526 | ||||||
Constellium SE* | 45,613 | 864,366 | ||||||
|
| |||||||
5,682,265 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.9% |
| |||||||
KKR Real Estate Finance Trust, Inc.(a) | 67,412 | 1,458,122 | ||||||
PennyMac Mortgage Investment Trust | 123,076 | 2,591,980 | ||||||
Two Harbors Investment | 193,715 | 1,464,485 | ||||||
|
| |||||||
5,514,587 | ||||||||
|
| |||||||
Multiline Retail — 0.4% | ||||||||
Big Lots, Inc.(a) | 2,746 | 181,263 | ||||||
Macy’s, Inc.* | 46,575 | 883,062 | ||||||
|
| |||||||
1,064,325 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.3% |
| |||||||
Antero Resources Corp.* | 148,410 | 2,230,602 | ||||||
Brigham Minerals, Inc. (Class A Stock) | 55,176 | 1,174,697 | ||||||
CNX Resources Corp.*(a) | 118,315 | 1,616,183 | ||||||
EQT Corp.* | 55,784 | 1,241,752 | ||||||
Magnolia Oil & Gas Corp. (Class A Stock)*(a) | 95,289 | 1,489,367 | ||||||
Matador Resources Co.(a) | 24,547 | 883,937 |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Oil, Gas & Consumable Fuels (cont’d.) |
| |||||||
PDC Energy, Inc. | 37,935 | $ | 1,737,044 | |||||
Range Resources Corp.* | 95,167 | 1,594,999 | ||||||
Rattler Midstream LP | 38,956 | 425,400 | ||||||
SM Energy Co. | 59,725 | 1,471,027 | ||||||
Viper Energy Partners LP | 91,811 | 1,728,801 | ||||||
|
| |||||||
15,593,809 | ||||||||
|
| |||||||
Paper & Forest Products — 0.2% |
| |||||||
Domtar Corp.* | 11,596 | 637,316 | ||||||
|
| |||||||
Pharmaceuticals — 0.3% | ||||||||
Intra-Cellular Therapies, Inc.*(a) | 18,653 | 761,415 | ||||||
|
| |||||||
Professional Services — 2.6% |
| |||||||
ASGN, Inc.* | 18,383 | 1,781,864 | ||||||
First Advantage Corp.* | 64,967 | 1,293,493 | ||||||
ICF International, Inc. | 10,394 | 913,217 | ||||||
KBR, Inc. | 71,036 | 2,710,023 | ||||||
ManTech International Corp. (Class A Stock) | 11,920 | 1,031,557 | ||||||
|
| |||||||
7,730,154 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.3% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 41,786 | 830,288 | ||||||
|
| |||||||
Road & Rail — 1.0% | ||||||||
ArcBest Corp. | 24,558 | 1,429,030 | ||||||
Saia, Inc.* | 7,622 | 1,596,733 | ||||||
|
| |||||||
3,025,763 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.8% |
| |||||||
Cohu, Inc.* | 41,685 | 1,533,591 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 26,756 | 1,714,525 | ||||||
Onto Innovation, Inc.* | 27,426 | 2,003,195 | ||||||
|
| |||||||
5,251,311 | ||||||||
|
| |||||||
Software — 1.3% | ||||||||
Cerence, Inc.*(a) | 12,868 | 1,373,144 | ||||||
InterDigital, Inc. | 11,755 | 858,468 | ||||||
Vonage Holdings Corp.* | 106,652 | 1,536,855 | ||||||
|
| |||||||
3,768,467 | ||||||||
|
| |||||||
Specialty Retail — 2.4% | ||||||||
Abercrombie & Fitch Co. (Class A | 33,418 | 1,551,598 | ||||||
American Eagle Outfitters, Inc.(a) | 39,540 | 1,483,936 | ||||||
Citi Trends, Inc.* | 8,441 | 734,367 | ||||||
Group 1 Automotive, Inc. | 8,156 | 1,259,531 | ||||||
Rent-A-Center, Inc. | 26,230 | 1,392,026 | ||||||
RH* | 335 | 227,465 | ||||||
Zumiez, Inc.* | 7,367 | 360,909 | ||||||
|
| |||||||
7,009,832 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.1% |
| |||||||
Capri Holdings Ltd.* | 17,439 | 997,336 | ||||||
Crocs, Inc.* | 16,720 | 1,948,214 | ||||||
Deckers Outdoor Corp.* | 423 | 162,462 | ||||||
|
| |||||||
3,108,012 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A191
PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED) |
SCHEDULE OF INVESTMENTS | as of June 30, 2021 (unaudited) |
Shares | Value | |||||||
COMMON STOCKS (continued) |
| |||||||
Thrifts & Mortgage Finance — 2.2% |
| |||||||
MGIC Investment Corp. | 120,454 | $ | 1,638,174 | |||||
NMI Holdings, Inc. (Class A Stock)* | 44,949 | 1,010,454 | ||||||
Walker & Dunlop, Inc. | 18,229 | 1,902,743 | ||||||
Washington Federal, Inc. | 63,234 | 2,009,576 | ||||||
|
| |||||||
6,560,947 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.8% |
| |||||||
Beacon Roofing Supply, Inc.* | 29,471 | 1,569,331 | ||||||
Herc Holdings, Inc.* | 9,372 | 1,050,320 | ||||||
WESCO International, Inc.* | 25,452 | 2,616,974 | ||||||
|
| |||||||
5,236,625 | ||||||||
|
| |||||||
Water Utilities — 0.3% | ||||||||
SJW Group | 14,842 | 939,499 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
Telephone & Data Systems, Inc. | 58,650 | 1,329,009 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 290,260,026 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.6% |
| |||||||
iShares Russell 2000 Value | 10,955 | 1,816,010 | ||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS |
| 292,076,036 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 8.0% |
| |||||||
AFFILIATED MUTUAL FUNDS |
| |||||||
PGIM Core Ultra Short Bond | 552,602 | 552,602 | ||||||
PGIM Institutional Money Market Fund (cost $23,049,209; includes $23,047,738 of cash collateral for securities on loan)(b)(wa) | 23,069,162 | 23,055,321 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| 23,607,923 | ||||||
|
| |||||||
TOTAL INVESTMENTS—107.3% |
| 315,683,959 | ||||||
Liabilities in excess of other assets — (7.3)% |
| (21,424,410 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | $ | 294,259,549 | ||||||
|
|
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 $22,615,252; cash collateral of $23,047,738 (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.
SEE NOTES TO FINANCIAL STATEMENTS.
A192
PSF SMALL-CAP VALUE 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 | ||||||||||||
Aerospace & Defense | $ | 4,475,199 | $— | $— | ||||||||
Air Freight & Logistics | 571,923 | — | — | |||||||||
Airlines | 1,488,671 | — | — | |||||||||
Auto Components | 3,516,945 | — | — | |||||||||
Automobiles | 316,670 | — | — | |||||||||
Banks | 45,343,961 | — | — | |||||||||
Beverages | 1,592,161 | — | — | |||||||||
Biotechnology | 9,111,501 | — | — | |||||||||
Building Products | 3,898,798 | — | — | |||||||||
Capital Markets | 4,007,261 | — | — | |||||||||
Chemicals | 6,692,894 | — | — | |||||||||
Commercial Services & Supplies | 4,020,199 | — | — | |||||||||
Communications Equipment | 2,162,459 | — | — | |||||||||
Construction & Engineering | 4,369,700 | — | — | |||||||||
Construction Materials | 1,504,579 | — | — | |||||||||
Consumer Finance | 2,489,505 | — | — | |||||||||
Diversified Financial Services | 230,368 | — | — | |||||||||
Diversified Telecommunication Services | 1,247,408 | — | — | |||||||||
Electric Utilities | 5,902,551 | — | — | |||||||||
Electronic Equipment, Instruments & Components | 5,297,647 | — | — | |||||||||
Energy Equipment & Services | 3,599,132 | — | — | |||||||||
Entertainment | 517,691 | — | — | |||||||||
Equity Real Estate Investment Trusts (REITs) | 27,983,713 | — | — | |||||||||
Food & Staples Retailing | 2,108,611 | — | — | |||||||||
Food Products | 4,231,075 | — | — | |||||||||
Gas Utilities | 3,729,330 | — | — | |||||||||
Health Care Equipment & Supplies | 7,723,941 | — | — | |||||||||
Health Care Providers & Services | 8,080,303 | — | — | |||||||||
Health Care Technology | 1,313,988 | — | — | |||||||||
Hotels, Restaurants & Leisure | 4,995,167 | — | — | |||||||||
Household Durables | 4,757,407 | — | — | |||||||||
Independent Power & Renewable Electricity Producers | 1,505,958 | — | — | |||||||||
Insurance | 8,240,532 | — | — | |||||||||
IT Services | 1,510,538 | — | — | |||||||||
Leisure Products | 1,727,313 | — | — | |||||||||
Life Sciences Tools & Services | 1,069,243 | — | — | |||||||||
Machinery | 18,389,454 | — | — | |||||||||
Media | 6,492,606 | — | — | |||||||||
Metals & Mining | 5,682,265 | — | — | |||||||||
Mortgage Real Estate Investment Trusts (REITs) | 5,514,587 | — | — | |||||||||
Multiline Retail | 1,064,325 | — | — | |||||||||
Oil, Gas & Consumable Fuels | 15,593,809 | — | — | |||||||||
Paper & Forest Products | 637,316 | — | — | |||||||||
Pharmaceuticals | 761,415 | — | — | |||||||||
Professional Services | 7,730,154 | — | — | |||||||||
Real Estate Management & Development | 830,288 | — | — | |||||||||
Road & Rail | 3,025,763 | — | — | |||||||||
Semiconductors & Semiconductor Equipment | 5,251,311 | — | — | |||||||||
Software | 3,768,467 | — | — | |||||||||
Specialty Retail | 7,009,832 | — | — | |||||||||
Textiles, Apparel & Luxury Goods | 3,108,012 | — | — | |||||||||
Thrifts & Mortgage Finance | 6,560,947 | — | — | |||||||||
Trading Companies & Distributors | 5,236,625 | — | — | |||||||||
Water Utilities | 939,499 | — | — | |||||||||
Wireless Telecommunication Services | 1,329,009 | — | — | |||||||||
Exchange-Traded Fund | 1,816,010 | — | — |
SEE NOTES TO FINANCIAL STATEMENTS.
A193
PSF SMALL-CAP VALUE 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 | ||||||||||||
Affiliated Mutual Funds | $ | 23,607,923 | $— | $— | ||||||||
|
|
|
|
|
| |||||||
Total | $ | 315,683,959 | $— | $— | ||||||||
|
|
|
|
|
|
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:
Banks | 15.4 | % | ||
Equity Real Estate Investment Trusts (REITs) | 9.5 | |||
Affiliated Mutual Funds (7.8% represents investments purchased with collateral from securities on loan) | 8.0 | |||
Machinery | 6.3 | |||
Oil, Gas & Consumable Fuels | 5.3 | |||
Biotechnology | 3.1 | |||
Insurance | 2.8 | |||
Health Care Providers & Services | 2.7 | |||
Professional Services | 2.6 | |||
Health Care Equipment & Supplies | 2.6 | |||
Specialty Retail | 2.4 | |||
Chemicals | 2.3 | |||
Thrifts & Mortgage Finance | 2.2 | |||
Media | 2.2 | |||
Electric Utilities | 2.0 | |||
Metals & Mining | 1.9 | |||
Mortgage Real Estate Investment Trusts (REITs) | 1.9 | |||
Electronic Equipment, Instruments & Components | 1.8 | |||
Semiconductors & Semiconductor Equipment | 1.8 | |||
Trading Companies & Distributors | 1.8 | |||
Hotels, Restaurants & Leisure | 1.7 | |||
Household Durables | 1.6 | |||
Aerospace & Defense | 1.5 | |||
Construction & Engineering | 1.5 | |||
Food Products | 1.4 | |||
Commercial Services & Supplies | 1.4 | |||
Capital Markets | 1.4 | |||
Building Products | 1.3 | |||
Software | 1.3 | |||
Gas Utilities | 1.3 | |||
Energy Equipment & Services | 1.2 |
Auto Components | 1.2 | % | ||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Road & Rail | 1.0 | |||
Consumer Finance | 0.8 | |||
Communications Equipment | 0.7 | |||
Food & Staples Retailing | 0.7 | |||
Leisure Products | 0.6 | |||
Exchange-Traded Fund | 0.6 | |||
Beverages | 0.5 | |||
IT Services | 0.5 | |||
Independent Power & Renewable Electricity Producers | 0.5 | |||
Construction Materials | 0.5 | |||
Airlines | 0.5 | |||
Wireless Telecommunication Services | 0.5 | |||
Health Care Technology | 0.5 | |||
Diversified Telecommunication Services | 0.4 | |||
Life Sciences Tools & Services | 0.4 | |||
Multiline Retail | 0.4 | |||
Water Utilities | 0.3 | |||
Real Estate Management & Development | 0.3 | |||
Pharmaceuticals | 0.3 | |||
Paper & Forest Products | 0.2 | |||
Air Freight & Logistics | 0.2 | |||
Entertainment | 0.2 | |||
Automobiles | 0.1 | |||
Diversified Financial Services | 0.1 | |||
|
| |||
107.3 | ||||
Liabilities in excess of other assets | (7.3 | ) | ||
|
| |||
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 | $ | 22,615,252 | $ | (22,615,252 | ) | $ | — | ||||||||
|
|
|
|
|
|
(1) | Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions. |
SEE NOTES TO FINANCIAL STATEMENTS.
A194
PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED) |
STATEMENT OF ASSETS AND LIABILITIES (unaudited) as of June 30, 2021
|
| |||
ASSETS | ||||
Investments at value, including securities on loan of $22,615,252: | ||||
Unaffiliated investments (cost $220,386,580) | $ | 292,076,036 | ||
Affiliated investments (cost $23,601,811) | 23,607,923 | |||
Receivable for investments sold | 5,028,857 | |||
Dividends receivable | 273,436 | |||
Receivable for Portfolio shares sold | 108,714 | |||
Tax reclaim receivable | 6,135 | |||
Prepaid expenses | 870 | |||
|
| |||
Total Assets | 321,101,971 | |||
|
| |||
LIABILITIES | ||||
Payable to broker for collateral for securities on loan | 23,047,738 | |||
Payable for investments purchased | 3,068,720 | |||
Payable for Portfolio shares purchased | 402,698 | |||
Management fee payable | 220,908 | |||
Accrued expenses and other liabilities | 95,243 | |||
Payable to affiliate | 6,135 | |||
Affiliated transfer agent fee payable | 980 | |||
|
| |||
Total Liabilities | 26,842,422 | |||
|
| |||
NET ASSETS | $ | 294,259,549 | ||
|
| |||
Net assets were comprised of: | ||||
Partners’ Equity | $ | 294,259,549 | ||
|
| |||
Net asset value and redemption price per share, $294,259,549 / 8,650,504 outstanding shares of beneficial interest | $ | 34.02 | ||
|
|
STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2021
NET INVESTMENT INCOME (LOSS) INCOME | ||||
Unaffiliated dividend income (net of $1,325 foreign withholding tax) | $ | 1,343,066 | ||
Income from securities lending, net (including affiliated income of $7,027) | 8,757 | |||
Affiliated dividend income | 2,584 | |||
|
| |||
Total income | 1,354,407 | |||
|
| |||
EXPENSES | ||||
Management fee | 1,273,796 | |||
Custodian and accounting fees | 34,100 | |||
Shareholders’ reports | 28,472 | |||
Audit fee | 15,124 | |||
Legal fees and expenses | 9,033 | |||
Trustees’ fees | 6,084 | |||
Transfer agent’s fees and expenses (including affiliated expense of $2,941) | 5,297 | |||
Miscellaneous | 10,086 | |||
|
| |||
Total expenses | 1,381,992 | |||
|
| |||
NET INVESTMENT INCOME (LOSS) | (27,585 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS | ||||
Net realized gain (loss) on investment transactions (including affiliated of $(1,580)) | 36,642,689 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $(988)) | 12,112,045 | |||
|
| |||
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 48,754,734 | |||
|
| |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 48,727,149 | ||
|
|
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) | $ | (27,585 | ) | $ | 1,146,357 | |||||
Net realized gain (loss) on investment transactions | 36,642,689 | (8,958,111 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments | 12,112,045 | 16,282,566 | ||||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 48,727,149 | 8,470,812 | ||||||||
|
|
|
| |||||||
PORTFOLIO SHARE TRANSACTIONS | ||||||||||
Portfolio shares sold [653,082 and 1,269,719 shares, respectively] | 21,392,286 | 28,928,500 | ||||||||
Portfolio shares purchased [611,109 and 579,007 shares, respectively] | (20,286,625 | ) | (13,577,173 | ) | ||||||
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | 1,105,661 | 15,351,327 | ||||||||
|
|
|
| |||||||
TOTAL INCREASE (DECREASE) | 49,832,810 | 23,822,139 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 244,426,739 | 220,604,600 | ||||||||
|
|
|
| |||||||
End of period | $ | 294,259,549 | $ | 244,426,739 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
A195
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. | 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. | 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.
A196
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.
A197
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.
A198
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.
A199
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.
A200
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.
A201
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 |
| 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 |
| 30,453,056 | ||||||||||
|
| |||||||||||
TOTAL LONG-TERM INVESTMENTS |
| 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 |
| 255,786,135 | 255,632,664 | |||||||||
|
| |||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
| 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 |
| 390,390,357 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS—103.9% |
| 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 | 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.
A202
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.
A203
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.
A204
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 | % | |||
|
|
* | Less than +/- 0.05% |
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.
A205
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.
A206
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 | ||||||
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|
|
| |||||
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 | ||||
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SEE NOTES TO FINANCIAL STATEMENTS.
A207
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 17 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 International Growth Portfolio (formerly known as, SP International Growth Portfolio): Long-term growth of capital.
PSF Mid-Cap Growth Portfolio (formerly known as, SP Prudential U.S. Emerging Growth Portfolio): Long-term capital appreciation.
PSF Natural Resources Portfolio (formerly known as, Natural Resources 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 High Yield Bond Portfolio (formerly known as, High Yield Bond Portfolio): High total return.
PSF PGIM Jennison Blend Portfolio (formerly known as, Equity Portfolio): Long-term growth of capital.
PSF PGIM Jennison Focused Blend Portfolio (formerly known as, Jennison 20/20 Focus Portfolio): Long-term growth of capital.
PSF PGIM Jennison Growth Portfolio (formerly known as, Jennison Portfolio): Long-term growth of capital.
PSF PGIM Jennison Value Portfolio (formerly known as, Value Portfolio): Capital appreciation.
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 Small-Cap Stock Index Portfolio (formerly known as, Small Capitalization Stock Portfolio): Long-term growth of capital.
PSF Small-Cap Value Portfolio (formerly known as, SP Small-Cap Value Portfolio): Long-term growth 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.
B1
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.
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
B2
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 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
B3
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 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.
B4
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 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
B5
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 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
B6
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 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.
B7
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 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.
B8
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.), Allianz Global Investors U.S. LLC (“Allianz”), Brown Advisory LLC (“Brown”), Goldman Sachs Asset Management, L.P. (“GSAM”), J.P. Morgan Investment Management, Inc. (“J.P. Morgan”), LSV Asset Management (“LSV”), Neuberger Berman Investment Advisors, LLC (“Neuberger Berman”), QMALLC (“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.
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 International Growth Portfolio | 0.85 | 0.75 | ** | ||||
PSF Mid-Cap Growth Portfolio | 0.60 | 0.60 | |||||
PSF Natural Resources Portfolio | 0.45 | 0.44 | *** | ||||
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 High Yield Bond Portfolio | 0.55 | 0.52 | ***** | ||||
PSF PGIM Jennison Blend Portfolio | 0.45 | 0.45 | |||||
PSF PGIM Jennison Focused Blend Portfolio | 0.75 | 0.75 | |||||
PSF PGIM Jennison Growth Portfolio | 0.60 | 0.60 | |||||
PSF PGIM Jennison Value Portfolio | 0.40 | 0.40 | |||||
PSF PGIM Total Return Bond Portfolio | 0.40 | 0.40 | |||||
PSF Small-Cap Stock Index Portfolio | 0.35 | 0.35 | |||||
PSF Small-Cap Value Portfolio | 0.90 | 0.90 | |||||
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 contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.019% of the average daily net assets of the Portfolio. The Manager has also contractually agreed through June 30, 2022 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, administrative fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Portfolio to 1.01% of the Portfolio’s average daily net assets. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. |
*** | The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.008% 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. |
B9
***** | The Manager has contractually agreed through June 30, 2022 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, administrative fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, acquired fund fees and expenses, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of the Portfolio to 0.57% of the Portfolio’s average daily net assets. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. |
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 International Growth Portfolio | Jennison; Neuberger Berman & William Blair | |
PSF Mid-Cap Growth Portfolio | J.P. Morgan | |
PSF Natural Resources Portfolio | Allianz | |
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 High Yield Bond Portfolio | PFI & PGIM Limited | |
PSF PGIM Jennison Blend Portfolio | Jennison | |
PSF PGIM Jennison Focused Blend Portfolio | Jennison | |
PSF PGIM Jennison Growth Portfolio | Jennison | |
PSF PGIM Jennison Value Portfolio | Jennison | |
PSF PGIM Total Return Bond Portfolio | PFI & PGIM Limited | |
PSF Small-Cap Stock Index Portfolio | QMA | |
PSF Small-Cap Value Portfolio | GSAM | |
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 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 International Growth Portfolio | 3,189 | |||
PSF Mid-Cap Growth Portfolio | 1,765 | |||
PSF PGIM Jennison Blend Portfolio | 74,609 |
B10
Portfolio | Amount | |||
PSF PGIM Jennison Focused Blend Portfolio | $ | 2,501 | ||
PSF PGIM Jennison Growth Portfolio | 31,514 | |||
PSF PGIM Jennison Value Portfolio | 10,372 |
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 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.
B11
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 International Growth Portfolio | 10,432 | |||
PSF Natural Resources Portfolio | 10,267 | |||
PSF PGIM 50/50 Balanced Portfolio | 14,622 | |||
PSF PGIM Flexible Managed Portfolio | 48,476 | |||
PSF PGIM High Yield Bond Portfolio | 426 | |||
PSF PGIM Jennison Focused Blend Portfolio | 19,332 | |||
PSF PGIM Jennison Value Portfolio | 582 | |||
PSF Small-Cap Stock Index Portfolio | 205 |
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 International Growth Portfolio | 10,626 | |||
PSF Natural Resources Portfolio | 58,813 | |||
PSF PGIM 50/50 Balanced Portfolio | 9,952 | |||
PSF PGIM Jennison Blend Portfolio | 76,536 | |||
PSF PGIM Jennison Growth Portfolio | 131,518 | |||
PSF PGIM Jennison Value Portfolio | 4,154 | |||
PSF Small-Cap Value Portfolio | 857 |
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 International Growth Portfolio | 14,080,781 | 15,439,044 | ||||||
PSF Mid-Cap Growth Portfolio | 102,526,264 | 112,358,473 | ||||||
PSF Natural Resources Portfolio | 212,447,537 | 220,662,029 | ||||||
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 High Yield Bond Portfolio | 155,239,134 | 151,110,872 | ||||||
PSF PGIM Jennison Blend Portfolio | 1,191,087,880 | 1,380,636,969 | ||||||
PSF PGIM Jennison Focused Blend Portfolio | 106,027,683 | 116,209,887 | ||||||
PSF PGIM Jennison Growth Portfolio | 768,518,875 | 902,404,460 | ||||||
PSF PGIM Jennison Value Portfolio | 160,142,806 | 199,655,464 | ||||||
PSF PGIM Total Return Bond Portfolio | 197,126,587 | 287,534,725 | ||||||
PSF Small-Cap Stock Index Portfolio | 87,338,772 | 110,659,695 | ||||||
PSF Small-Cap Value Portfolio | 126,194,580 | 122,375,263 | ||||||
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:
B12
| PSF Global Portfolio
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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) | ||||||||||||||||||||
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$43,948,903 | $ | 241,665,707 | $ | 227,851,670 | $ | (358 | ) | $ | (3,839 | ) | $ | 57,758,743 | $ | 22,148 | ||||||||||||||||
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PSF International Growth 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) | ||||||||||||||||||||||||||||||
$ 979,546 | $ | 6,973,106 | $ | 7,721,861 | $ | — | $ | — | $ | 230,791 | 230,791 | $ | 562 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
5,979,911 | 25,814,044 | 30,013,900 | (1,184 | ) | 271 | 1,779,142 | 1,780,210 | 1,905 | (2) | |||||||||||||||||||||
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$6,959,457 | $ | 32,787,150 | $ | 37,735,761 | $ | (1,184 | ) | $ | 271 | $ | 2,009,933 | $ | 2,467 | |||||||||||||||||
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PSF Mid-Cap Growth Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||||||||||||
$ 4,451,129 | $ | 45,351,257 | $ | 42,287,045 | $ | — | $ | — | $ | 7,515,341 | 7,515,341 | $ | 3,734 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
37,675,892 | 159,797,587 | 142,281,727 | (2,039 | ) | (4,217 | ) | 55,185,496 | 55,218,627 | 11,050 | (2) | ||||||||||||||||||||
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$42,127,021 | $ | 205,148,844 | $ | 184,568,772 | $ | (2,039 | ) | $ | (4,217 | ) | $ | 62,700,837 | $ | 14,784 | ||||||||||||||||
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PSF Natural Resources Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||||||||||||
$ 1,121,990 | $ | 71,881,197 | $ | 72,448,869 | $ | — | $ | — | $ | 554,318 | 554,318 | $ | 1,388 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
36,621,121 | 225,423,564 | 225,698,705 | 115 | (3,617 | ) | 36,342,478 | 36,364,296 | 14,534 | (2) | |||||||||||||||||||||
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$37,743,111 | $ | 297,304,761 | $ | 298,147,574 | $ | 115 | $ | (3,617 | ) | $ | 36,896,796 | $ | 15,922 | |||||||||||||||||
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B13
PSF PGIM 50/50 Balanced Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||||||||||||
$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) | ||||||||||||||||||||
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$459,427,502 | $ | 547,034,821 | $ | 611,823,028 | $ | (3,992 | ) | $ | (2,235 | ) | $ | 394,633,068 | $ | 286,668 | ||||||||||||||||
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PSF PGIM Flexible Managed Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||
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$394,483,112 | $ | 816,257,758 | $ | 916,152,562 | $ | (2,927 | ) | $ | (3,837 | ) | $ | 294,581,544 | $ | 243,715 | ||||||||||||||||
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PSF PGIM Government Income Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||
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$33,734,048 | $ | 130,119,275 | $ | 139,092,688 | $ | (3 | ) | $ | (2,150 | ) | $ | 24,758,482 | $ | 13,162 | ||||||||||||||||
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PSF PGIM High Yield 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) | ||||||||||||||||||||||||||||||
$15,920,182 | $ | 65,084,890 | $ | 60,793,588 | $ | — | $ | — | $ | 20,211,484 | 20,211,484 | $ | 10,158 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
130,341,153 | 311,307,593 | 258,756,205 | (1,067 | ) | (24,073 | ) | 182,867,401 | 182,977,187 | 49,440 | (2) | ||||||||||||||||||||
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$146,261,335 | $ | 376,392,483 | $ | 319,549,793 | $ | (1,067 | ) | $ | (24,073 | ) | $ | 203,078,885 | $ | 59,598 | ||||||||||||||||
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B14
PSF PGIM Jennison Blend Portfolio |
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Value, 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: |
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PGIM Core Ultra Short Bond Fund (1)(wa) |
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$ 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) |
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509,328,849 | 1,298,980,333 | 1,461,604,555 | (6,107 | ) | (20,698 | ) | 346,677,822 | 346,885,953 | 126,640 | (2) | |||||||||||||||||||||||||
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$543,865,346 | $ | 1,813,814,591 | $ | 1,974,731,085 | $ | (6,107 | ) | $ | (20,698 | ) | $ | 382,922,047 | $ | 163,804 | |||||||||||||||||||||
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PSF PGIM Jennison Focused Blend Portfolio |
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Value, 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: |
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PGIM Core Ultra Short Bond Fund (1)(wa) |
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$ 3,948,214 | $ | 27,258,432 | $ | 30,225,107 | $ | — | $ | — | $ | 981,539 | 981,539 | $ | 2,356 | ||||||||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) |
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13,233,266 | 64,810,618 | 70,247,899 | — | (44 | ) | 7,795,941 | 7,800,622 | 3,905 | (2) | ||||||||||||||||||||||||||
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$17,181,480 | $ | 92,069,050 | $ | 100,473,006 | $ | — | $ | (44 | ) | $ | 8,777,480 | $ | 6,261 | ||||||||||||||||||||||
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PSF PGIM Jennison Growth Portfolio |
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Value, 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: |
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PGIM Core Ultra Short Bond Fund (1)(wa) |
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$ 573,256 | $ | 365,464,791 | $ | 344,304,079 | $ | — | $ | — | $ | 21,733,968 | 21,733,968 | $ | 7,932 | ||||||||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) |
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339,841,014 | 1,013,541,034 | 1,164,004,629 | (2,962 | ) | (14,355 | ) | 189,360,102 | 189,473,786 | 72,082 | (2) | |||||||||||||||||||||||||
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$340,414,270 | $ | 1,379,005,825 | $ | 1,508,308,708 | $ | (2,962 | ) | $ | (14,355 | ) | $ | 211,094,070 | $ | 80,014 | |||||||||||||||||||||
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PSF PGIM Jennison Value Portfolio |
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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: |
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PGIM Core Ultra Short Bond Fund (1)(wa) |
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$ 5,147,064 | $ | 78,726,187 | $ | 76,919,001 | $ | — | $ | — | $ | 6,954,250 | 6,954,250 | $ | 5,723 | ||||||||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) |
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29,095,213 | 245,666,135 | 215,540,617 | 68 | (1,260 | ) | 59,219,539 | 59,255,093 | 10,878 | (2) | ||||||||||||||||||||||||||
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$34,242,277 | $ | 324,392,322 | $ | 292,459,618 | $ | 68 | $ | (1,260 | ) | $ | 66,173,789 | $ | 16,601 | ||||||||||||||||||||||
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B15
PSF PGIM Total Return Bond Portfolio | ||||||||||||||||||||||||||||||
Value, 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 | |||||||||||||||||
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) | ||||||||||||||||||||
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$58,145,052 | $ | 379,410,349 | $ | 376,177,321 | $ | (1,282 | ) | $ | (5,505 | ) | $ | 61,371,293 | $ | 41,481 | ||||||||||||||||
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PSF Small-Cap Stock Index Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||||||||||||
$ 1,916,230 | $ | 48,283,271 | $ | 47,625,063 | $ | — | $ | — | $ | 2,574,438 | 2,574,438 | $ | 2,196 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
153,807,687 | 435,983,695 | 314,115,236 | (15,393 | ) | (6,376 | ) | 275,654,377 | 275,819,868 | 63,684 | (2) | ||||||||||||||||||||
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$155,723,917 | $ | 484,266,966 | $ | 361,740,299 | $ | (15,393 | ) | $ | (6,376 | ) | $ | 278,228,815 | $ | 65,880 | ||||||||||||||||
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PSF Small-Cap Value Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||||||||||||
$ 4,141,818 | $ | 34,173,033 | $ | 37,762,249 | $ | — | $ | — | $ | 552,602 | 552,602 | $ | 2,584 | |||||||||||||||||
PGIM Institutional Money Market Fund (1)(b)(wa) | ||||||||||||||||||||||||||||||
18,138,979 | 92,604,475 | 87,685,565 | (988 | ) | (1,580 | ) | 23,055,321 | 23,069,162 | 7,027 | (2) | ||||||||||||||||||||
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$22,280,797 | $ | 126,777,508 | $ | 125,447,814 | $ | (988 | ) | $ | (1,580 | ) | $ | 23,607,923 | $ | 9,611 | ||||||||||||||||
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PSF Stock Index Portfolio | ||||||||||||||||||||||||||||||
Value, 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) | ||||||||||||||||||||
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$326,632,121 | $ | 1,235,423,996 | $ | 1,178,894,999 | $ | (5,693 | ) | $ | (14,370 | ) | $ | 383,141,055 | $ | 148,999 | ||||||||||||||||
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(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. |
B16
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 |
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 Portfolios utilized the SCA during the reporting period ended June 30, 2021. The average balance outstanding is for the number of days the Portfolios 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 | $— | |||||||||||||||||||||
PSF Natural Resources Portfolio | 231,111 | 1.41 | 9 | 370,000 | — | ||||||||||||||||||||||||
PSF PGIM Jennison Focused Blend Portfolio | 341,700 | 1.42 | 20 | 612,000 | — | ||||||||||||||||||||||||
PSF PGIM Jennison Growth Portfolio | 880,455 | 1.41 | 11 | 2,931,000 | — | ||||||||||||||||||||||||
PSF Small-Cap Stock Index Portfolio | 349,750 | 1.41 | 4 | 439,000 | — |
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
B17
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 International Growth Portfolio–Class I | 8,255,118 | 100.0 | ||
PSF Mid-Cap Growth Portfolio–Class I | 13,600,208 | 100.0 | ||
PSF Mid-Cap Growth Portfolio–Class III | 2,090 | 100.0 | ||
PSF Natural Resources Portfolio–Class I | 12,527,466 | 100.0 | ||
PSF Natural Resources Portfolio–Class III | 1,820 | 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 High Yield Bond Portfolio–Class I | 84,656,650 | 100.0 | ||
PSF PGIM High Yield Bond Portfolio–Class III | 165,282 | 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 Jennison Focused Blend Portfolio–Class I | 1,685,970 | 100.0 | ||
PSF PGIM Jennison Focused Blend Portfolio–Class III | 2,019 | 100.0 | ||
PSF PGIM Jennison Growth Portfolio–Class I | 24,705,222 | 100.0 | ||
PSF PGIM Jennison Growth Portfolio–Class III | 7,137 | 100.0 | ||
PSF PGIM Jennison Value Portfolio–Class I | 35,593,161 | 100.0 | ||
PSF PGIM Jennison Value Portfolio–Class III | 2,683 | 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 Small-Cap Stock Index Portfolio–Class I | 17,461,989 | 100.0 | ||
PSF Small-Cap Stock Index Portfolio–Class III | 22,170 | 100.0 | ||
PSF Small-Cap Value Portfolio–Composite | 8,650,504 | 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 International Growth Portfolio | 3 | 95.3 | — | — | ||||
PSF Mid-Cap Growth Portfolio | 2 | 99.5 | — | — | ||||
PSF Natural Resources Portfolio | 2 | 89.7 | 1 | 5.4 |
B18
Affiliated | Unaffiliated | |||||||
Portfolio | Number of Shareholders | Percentage of Outstanding Shares | Number of Shareholders | Percentage of Outstanding Shares | ||||
PSF PGIM 50/50 Balanced Portfolio | 3 | 100.0% | — | —% | ||||
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 High Yield Bond Portfolio | 3 | 100.0 | — | — | ||||
PSF PGIM Jennison Blend Portfolio | 3 | 99.9 | — | — | ||||
PSF PGIM Jennison Focused Blend Portfolio | 1 | 35.9 | 2 | 54.5 | ||||
PSF PGIM Jennison Growth Portfolio | 2 | 93.2 | — | — | ||||
PSF PGIM Jennison Value Portfolio | 2 | 95.1 | — | — | ||||
PSF PGIM Total Return Bond Portfolio | 3 | 98.6 | — | — | ||||
PSF Small-Cap Stock Index Portfolio | 2 | 96.3 | — | — | ||||
PSF Small-Cap Value Portfolio | 2 | 99.4 | — | — | ||||
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. |
B19
PSF International Growth Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 209,708 | $ | 2,658,948 | |||||
Portfolio shares purchased | (370,431 | ) | (4,725,019 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (160,723 | ) | $ | (2,066,071 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 543,521 | $ | 5,403,599 | |||||
Portfolio shares purchased | (1,353,938 | ) | (13,293,021 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (810,417 | ) | $ | (7,889,422 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 2,361 | $ | 28,072 | |||||
Portfolio shares purchased | (2,368 | ) | (27,683 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (7 | ) | $ | 389 | ||||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 1 | $ | 11 | |||||
Portfolio shares purchased | (795 | ) | (7,623 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (794 | ) | $ | (7,612 | ) | |||
|
|
|
|
PSF Mid-Cap Growth Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 533,788 | $ | 15,378,062 | |||||
Portfolio shares purchased | (737,456 | ) | (20,896,404 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (203,668 | ) | $ | (5,518,342 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 979,430 | $ | 21,347,038 | |||||
Portfolio shares purchased | (2,081,043 | ) | (43,735,970 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (1,101,613 | ) | $ | (22,388,932 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 639 | $ | 17,136 | |||||
Portfolio shares purchased | (2,222 | ) | (59,822 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (1,583 | ) | $ | (42,686 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 414 | $ | 9,328 | |||||
Portfolio shares purchased | (14,678 | ) | (291,094 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (14,264 | ) | $ | (281,766 | ) | |||
|
|
|
| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 2,090 | $ | 62,090 | |||||
Portfolio shares purchased | — | ** | (5 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 2,090 | $ | 62,085 | |||||
|
|
|
|
* | Commencement of offering was April 26, 2021. |
** | Less than 1 share. |
B20
PSF Natural Resources Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 105,296 | $ | 3,338,955 | |||||
Portfolio shares purchased | (451,208 | ) | (14,068,819 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (345,912 | ) | $ | (10,729,864 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 372,607 | $ | 7,379,403 | |||||
Portfolio shares purchased | (1,146,855 | ) | (24,955,570 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (774,248 | ) | $ | (17,576,167 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 118,278 | $ | 3,531,141 | |||||
Portfolio shares purchased | (251,015 | ) | (7,503,304 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (132,737 | ) | $ | (3,972,163 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 661,009 | $ | 11,523,075 | |||||
Portfolio shares purchased | (1,531,511 | ) | (31,053,060 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (870,502 | ) | $ | (19,529,985 | ) | |||
|
|
|
| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 1,822 | $ | 58,377 | |||||
Portfolio shares purchased | (2 | ) | (59 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 1,820 | $ | 58,318 | |||||
|
|
|
|
* | 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. |
B21
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. |
** | Less than 1 share. |
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 | |||||
|
|
|
|
B22
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 High Yield Bond Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 2,111,626 | $ | 13,441,911 | |||||
Portfolio shares purchased | (3,068,240 | ) | (19,543,294 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (956,614 | ) | $ | (6,101,383 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 3,153,074 | $ | 17,957,341 | |||||
Portfolio shares purchased | (8,052,712 | ) | (45,352,928 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (4,899,638 | ) | $ | (27,395,587 | ) | |||
|
|
|
| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 165,357 | $ | 1,069,854 | |||||
Portfolio shares purchased | (75 | ) | (489 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 165,282 | $ | 1,069,365 | |||||
|
|
|
|
* | Commencement of offering was April 26, 2021. |
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 | ) | |||
|
|
|
|
B23
Class II: | Shares | Amount | ||||||
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. |
** Less than 1 share.
PSF PGIM Jennison Focused Blend Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 51,496 | $ | 2,704,225 | |||||
Portfolio shares purchased | (105,226 | ) | (5,529,808 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (53,730 | ) | $ | (2,825,583 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 135,606 | $ | 5,549,775 | |||||
Portfolio shares purchased | (279,439 | ) | (11,452,948 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (143,833 | ) | $ | (5,903,173 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 81,831 | $ | 4,006,734 | |||||
Portfolio shares purchased | (325,527 | ) | (16,132,122 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (243,696 | ) | $ | (12,125,388 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 129,143 | $ | 5,004,111 | |||||
Portfolio shares purchased | (711,872 | ) | (27,640,357 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (582,729 | ) | $ | (22,636,246 | ) | |||
|
|
|
| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 2,020 | $ | 107,949 | |||||
Portfolio shares purchased | (1 | ) | (75 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 2,019 | $ | 107,874 | |||||
|
|
|
|
* | Commencement of offering was April 26, 2021. |
B24
PSF PGIM Jennison Growth Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 184,622 | $ | 24,103,300 | |||||
Portfolio shares purchased | (1,050,238 | ) | (135,566,695 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (865,616 | ) | $ | (111,463,395 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 434,139 | $ | 41,958,227 | |||||
Portfolio shares purchased | (2,327,216 | ) | (227,484,202 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (1,893,077 | ) | $ | (185,525,975 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 54,965 | $ | 6,754,005 | |||||
Portfolio shares purchased | (129,552 | ) | (15,975,345 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (74,587 | ) | $ | (9,221,340 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 152,672 | $ | 15,214,498 | |||||
Portfolio shares purchased | (277,016 | ) | (26,248,687 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (124,344 | ) | $ | (11,034,189 | ) | |||
|
|
|
| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 7,399 | $ | 953,156 | |||||
Portfolio shares purchased | (262 | ) | (34,469 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 7,137 | $ | 918,687 | |||||
|
|
|
|
* | Commencement of offering was April 26, 2021. |
PSF PGIM Jennison Value Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 190,394 | $ | 7,753,428 | |||||
Portfolio shares purchased | (1,376,484 | ) | (56,874,918 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (1,186,090 | ) | $ | (49,121,490 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 469,060 | $ | 14,940,937 | |||||
Portfolio shares purchased | (3,418,107 | ) | (112,766,386 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (2,949,047 | ) | $ | (97,825,449 | ) | |||
|
|
|
| |||||
Class II: | ||||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 5,405 | $ | 228,932 | |||||
Portfolio shares purchased | (13,662 | ) | (562,937 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (8,257 | ) | $ | (334,005 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 12,657 | $ | 360,612 | |||||
Portfolio shares purchased | (10,965 | ) | (357,784 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 1,692 | $ | 2,828 | |||||
|
|
|
|
B25
Class III: | Shares | Amount | ||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 2,684 | $ | 117,810 | |||||
Portfolio shares purchased | (1 | ) | (63 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | 2,683 | $ | 117,747 | |||||
|
|
|
|
* | Commencement of offering was April 26, 2021. |
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 Small-Cap Stock Index Portfolio
Class I: | Shares | Amount | ||||||
Six months ended June 30, 2021: | ||||||||
Portfolio shares sold | 239,806 | $ | 13,379,864 | |||||
Portfolio shares purchased | (742,965 | ) | (41,557,027 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (503,159 | ) | $ | (28,177,163 | ) | |||
|
|
|
| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 412,603 | $ | 15,006,733 | |||||
Portfolio shares purchased | (1,826,796 | ) | (69,049,362 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (1,414,193 | ) | $ | (54,042,629 | ) | |||
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| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 22,172 | $ | 1,295,043 | |||||
Portfolio shares purchased | (2 | ) | (127 | ) | ||||
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|
|
| |||||
Net increase (decrease) in shares outstanding | 22,170 | $ | 1,294,916 | |||||
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|
* | Commencement of offering was April 26, 2021. |
B26
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 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | (32,143 | ) | $ | (3,290,014 | ) | |||
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| |||||
Year ended December 31, 2020: | ||||||||
Portfolio shares sold | 3,906,549 | $ | 296,701,054 | |||||
Portfolio shares purchased | (3,862,546 | ) | (290,448,745 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 44,003 | $ | 6,252,309 | |||||
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| |||||
Class III: | ||||||||
Period ended June 30, 2021*: | ||||||||
Portfolio shares sold | 34,430 | $ | 3,384,808 | |||||
Portfolio shares purchased | (6 | ) | (571 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 34,424 | $ | 3,384,237 | |||||
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* | 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.
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
B27
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 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
B28
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 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.
Real Estate Risk: Investments in REITs and real estate-linked derivative instruments will subject a Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, operating expenses, overbuilding, construction delays and the supply of real estate generally, extended vacancies of properties, and the management skill and credit worthiness of the issuer. An investment in a real estate-linked derivative instrument that is linked to the value of a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to tax laws, or failure by the REIT to qualify for tax-free pass-through of income under the tax laws. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property and, as a result, may be more exposed to events that adversely affect such properties or areas than REITs that invest more broadly.
Small and Medium Sized Company Risk: Securities of small and medium sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the price of these securities and on a Portfolio’s ability to sell these securities. Changes in the demand for these securities
B29
generally have a disproportionate effect on their market price, tending to make prices rise more in response to buying demand and fall more in response to selling pressure. Such investments also may be more volatile than investments in larger companies, as smaller and medium sized companies generally experience higher growth and failure rates, and typically have less diversified product lines, less experienced senior management, and less access to capital than larger companies. In the case of small sized technology companies, the risks associated with technology company stocks, which tend to be more volatile than other sectors, are magnified.
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.
B30
(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 | ||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Total from investment operations | 6.35 | 6.57 | 9.66 | (2.52 | ) | 6.83 | 1.15 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.02 | (b) | — | 0.02 | (d) | |||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 54.41 | $ | 48.06 | $ | 41.49 | $ | 31.83 | $ | 34.33 | $ | 27.50 | ||||||||||||||||||||||
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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 | |||
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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 | ||||
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Total from investment operations | 1.25 | ||||
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Net Asset Value, end of period | $ | 54.38 | |||
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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. |
(j) | Annualized. |
(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 International Growth 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 | $ | 12.26 | $ | 9.28 | $ | 7.01 | $ | 8.05 | $ | 5.92 | $ | 6.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.02 | — | (b) | 0.05 | 0.07 | 0.05 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.06 | 2.98 | 2.21 | (1.12 | ) | 2.08 | (0.28 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total from investment operations | 1.08 | 2.98 | 2.26 | (1.05 | ) | 2.13 | (0.23 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Capital Contributions | — | — | 0.01 | (d)(e) | 0.01 | (e) | — | 0.01 | (f) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 13.34 | $ | 12.26 | $ | 9.28 | $ | 7.01 | $ | 8.05 | $ | 5.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total Return(g) | 8.81 | % | 32.11 | % | 32.38 | %(h) | (12.92 | )%(i) | 35.98 | % | (3.58 | )%(j) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 110.1 | $ | 103.2 | $ | 85.6 | $ | 70.1 | $ | 84.3 | $ | 63.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average net assets (in millions) | $ | 106.1 | $ | 86.3 | $ | 79.6 | $ | 81.8 | $ | 75.1 | $ | 66.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios to average net assets(k): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.01 | %(l) | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.11 | %(l) | 1.21 | % | 1.24 | % | 1.20 | % | 1.34 | % | 1.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.28 | %(l) | 0.05 | % | 0.64 | % | 0.83 | % | 0.67 | % | 0.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(m) | 14 | % | 44 | % | 26 | % | 37 | % | 45 | % | 57 | % |
PSF International Growth 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 | $ | 11.75 | $ | 8.93 | $ | 6.77 | $ | 7.81 | $ | 5.76 | $ | 6.01 | ||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.01 | )(c) | (0.03 | ) | 0.02 | 0.03 | 0.03 | 0.04 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.02 | 2.85 | 2.13 | (1.08 | ) | 2.02 | (0.30 | ) | ||||||||||||||||||||||||||
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Total from investment operations | 1.01 | 2.82 | 2.15 | (1.05 | ) | 2.05 | (0.26 | ) | ||||||||||||||||||||||||||
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Capital Contributions | — | — | 0.01 | (d)(e) | 0.01 | (e) | — | 0.01 | (f) | |||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 12.76 | $ | 11.75 | $ | 8.93 | $ | 6.77 | $ | 7.81 | $ | 5.76 | ||||||||||||||||||||||
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Total Return(g) | 8.60 | % | 31.58 | % | 31.91 | %(h) | (13.32 | )%(i) | 35.59 | % | (4.16 | )%(j) | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 0.2 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.3 | ||||||||||||||||||||||
Average net assets (in millions) | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 4.3 | ||||||||||||||||||||||
Ratios to average net assets(k): | ||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.41 | %(l) | 1.41 | % | 1.41 | % | 1.41 | % | 1.41 | % | 1.43 | % | ||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.51 | %(l) | 1.61 | % | 1.64 | % | 1.60 | % | 1.72 | % | 1.65 | % | ||||||||||||||||||||||
Net investment income (loss) | (0.10 | )%(l) | (0.36 | )% | 0.24 | % | 0.44 | % | 0.39 | % | 0.61 | % | ||||||||||||||||||||||
Portfolio turnover rate(m) | 14 | % | 44 | % | 26 | % | 37 | % | 45 | % | 57 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Amount rounds to zero. |
(c) | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses. |
(d) | Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error. |
(e) | 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. |
(f) | 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. |
(g) | 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. |
(h) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 32.24% and 31.76% for Class I and Class II, respectively. |
(i) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (13.04)% and (13.45)% for Class I and Class II, respectively. |
(j) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (3.74)% and (4.33)% for Class I and Class II, respectively. |
(k) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(l) | Annualized. |
(m) | 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
C2
Financial Highlights
(unaudited)
PSF Mid-Cap Growth 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 | $ | 27.68 | $ | 18.77 | $ | 13.63 | $ | 14.79 | $ | 12.08 | $ | 11.58 | ||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.04 | ) | (0.03 | ) | — | (b) | 0.02 | 0.02 | 0.01 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.39 | 8.94 | 5.14 | (1.18 | ) | 2.69 | 0.47 | |||||||||||||||||||||||||||
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Total from investment operations | 2.35 | 8.91 | 5.14 | (1.16 | ) | 2.71 | 0.48 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | — | 0.02 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 30.03 | $ | 27.68 | $ | 18.77 | $ | 13.63 | $ | 14.79 | $ | 12.08 | ||||||||||||||||||||||
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Total Return(e) | 8.49 | % | 47.47 | % | 37.71 | % | (7.84 | )%(f) | 22.43 | % | 4.32 | %(g) | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 408.4 | $ | 382.1 | $ | 279.8 | $ | 214.8 | $ | 249.8 | $ | 217.7 | ||||||||||||||||||||||
Average net assets (in millions) | $ | 393.6 | $ | 302.1 | $ | 257.0 | $ | 248.2 | $ | 235.7 | $ | 215.0 | ||||||||||||||||||||||
Ratios to average net assets(h): | ||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.65 | %(i) | 0.67 | % | 0.70 | % | 0.68 | % | 0.71 | % | 0.69 | % | ||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.65 | %(i) | 0.67 | % | 0.70 | % | 0.68 | % | 0.71 | % | 0.69 | % | ||||||||||||||||||||||
Net investment income (loss) | (0.28 | )%(i) | (0.15 | )% | (0.01 | )% | 0.15 | % | 0.18 | % | 0.10 | % | ||||||||||||||||||||||
Portfolio turnover rate(j) | 27 | % | 63 | % | 106 | % | 43 | % | 39 | % | 35 | % |
PSF Mid-Cap Growth 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 | $ | 25.81 | $ | 17.57 | $ | 12.81 | $ | 13.95 | $ | 11.44 | $ | 11.02 | ||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.09 | ) | (0.10 | ) | (0.06 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.22 | 8.34 | 4.82 | (1.11 | ) | 2.54 | 0.43 | |||||||||||||||||||||||||||
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Total from investment operations | 2.13 | 8.24 | 4.76 | (1.14 | ) | 2.51 | 0.40 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | — | 0.02 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 27.94 | $ | 25.81 | $ | 17.57 | $ | 12.81 | $ | 13.95 | $ | 11.44 | ||||||||||||||||||||||
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Total Return(e) | 8.25 | % | 46.90 | % | 37.16 | % | (8.17 | )%(f) | 21.94 | % | 3.81 | %(g) | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 0.3 | $ | 0.3 | $ | 0.5 | $ | 0.5 | $ | 0.6 | $ | 0.8 | ||||||||||||||||||||||
Average net assets (in millions) | $ | 0.3 | $ | 0.4 | $ | 0.6 | $ | 0.6 | $ | 0.8 | $ | 0.8 | ||||||||||||||||||||||
Ratios to average net assets(h): | ||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.05 | %(i) | 1.07 | % | 1.10 | % | 1.08 | % | 1.10 | % | 1.09 | % | ||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.05 | %(i) | 1.07 | % | 1.10 | % | 1.08 | % | 1.10 | % | 1.09 | % | ||||||||||||||||||||||
Net investment income (loss) | (0.67 | )%(i) | (0.53 | )% | (0.40 | )% | (0.24 | )% | (0.22 | )% | (0.30 | )% | ||||||||||||||||||||||
Portfolio turnover rate(j) | 27 | % | 63 | % | 106 | % | 43 | % | 39 | % | 35 | % |
PSF Mid-Cap Growth Portfolio—Class III | ||||||||||
April 26, 2021(k) through June 30, 2021 | ||||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 29.77 | ||||||||
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Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | (0.03 | ) | ||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.28 | |||||||||
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Total from investment operations | 0.25 | |||||||||
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Net Asset Value, end of period | $ | 30.02 | ||||||||
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Total Return(e) | 0.84 | % | ||||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 0.1 | ||||||||
Average net assets (in millions) | $ | 0.0 | (b) | |||||||
Ratios to average net assets(h): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.90 | %(i) | ||||||||
Expenses before waivers and/or expense reimbursement | 0.90 | %(i) | ||||||||
Net investment income (loss) | (0.52 | )%(i) | ||||||||
Portfolio turnover rate(j) | 27 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Amount rounds to zero. |
(c) | 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. |
(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.
C3
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 4.15% and 3.63% for Class I and Class II, respectively. |
(h) | Does not include expenses of the investment companies in which the Portfolio invests. |
(i) | Annualized. |
(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 Natural Resources 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 | $ | 27.33 | $ | 24.34 | $ | 21.99 | $ | 26.84 | $ | 26.89 | $ | 21.45 | ||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.40 | 0.49 | 0.72 | 0.60 | 0.40 | 0.26 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.91 | 2.50 | 1.63 | (5.46 | ) | (0.45 | ) | 5.15 | ||||||||||||||||||||||||||
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Total from investment operations | 5.31 | 2.99 | 2.35 | (4.86 | ) | (0.05 | ) | 5.41 | ||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.01 | (b) | — | 0.03 | (d) | |||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 32.64 | $ | 27.33 | $ | 24.34 | $ | 21.99 | $ | 26.84 | $ | 26.89 | ||||||||||||||||||||||
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Total Return(e) | 19.43 | % | 12.28 | % | 10.69 | %(f) | (18.07 | )%(g) | (0.19 | )% | 25.36 | %(h) | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 408.8 | $ | 351.8 | $ | 332.2 | $ | 324.3 | $ | 424.6 | $ | 456.1 | ||||||||||||||||||||||
Average net assets (in millions) | $ | 397.3 | $ | 284.9 | $ | 338.8 | $ | 398.1 | $ | 410.3 | $ | 416.1 | ||||||||||||||||||||||
Ratios to average net assets(i): | ||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.51 | %(j) | 0.54 | % | 0.53 | % | 0.51 | % | 0.52 | % | 0.56 | % | ||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.52 | %(j) | 0.55 | % | 0.54 | % | 0.52 | % | 0.53 | % | 0.57 | % | ||||||||||||||||||||||
Net investment income (loss) | 2.58 | %(j) | 2.28 | % | 3.04 | % | 2.30 | % | 1.60 | % | 1.08 | % | ||||||||||||||||||||||
Portfolio turnover rate(k) | 51 | % | 136 | % | 132 | % | 108 | % | 114 | % | 140 | % |
PSF Natural Resources 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 | $ | 26.21 | $ | 23.44 | $ | 21.26 | $ | 26.06 | $ | 26.20 | $ | 20.99 | ||||||||||||||||||||||
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Income (Loss) From Investment Operations: | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.32 | 0.41 | 0.61 | 0.49 | 0.29 | 0.15 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.71 | 2.36 | 1.57 | (5.30 | ) | (0.43 | ) | 5.03 | ||||||||||||||||||||||||||
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Total from investment operations | 5.03 | 2.77 | 2.18 | (4.81 | ) | (0.14 | ) | 5.18 | ||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.01 | (b) | — | 0.03 | (d) | |||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 31.24 | $ | 26.21 | $ | 23.44 | $ | 21.26 | $ | 26.06 | $ | 26.20 | ||||||||||||||||||||||
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Total Return(e) | 19.19 | % | 11.82 | % | 10.25 | %(f) | (18.42 | )%(g) | (0.53 | )% | 24.82 | %(h) | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 34.6 | $ | 32.5 | $ | 49.5 | $ | 48.4 | $ | 53.4 | $ | 42.0 | ||||||||||||||||||||||
Average net assets (in millions) | $ | 34.2 | $ | 37.6 | $ | 50.1 | $ | 52.0 | $ | 48.3 | $ | 37.8 | ||||||||||||||||||||||
Ratios to average net assets(i): | ||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.91 | %(j) | 0.94 | % | 0.93 | % | 0.91 | % | 0.92 | % | 0.96 | % | ||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.92 | %(j) | 0.95 | % | 0.94 | % | 0.92 | % | 0.93 | % | 0.97 | % | ||||||||||||||||||||||
Net investment income (loss) | 2.16 | %(j) | 2.05 | % | 2.63 | % | 1.93 | % | 1.21 | % | 0.64 | % | ||||||||||||||||||||||
Portfolio turnover rate(k) | 51 | % | 136 | % | 132 | % | 108 | % | 114 | % | 140 | % |
PSF Natural Resources Portfolio—Class III | ||||||||||
April 26, 2021(l) through June 30, 2021 | ||||||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, beginning of period | $ | 31.02 | ||||||||
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Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) | 0.13 | |||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.47 | |||||||||
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Total from investment operations | 1.60 | |||||||||
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Net Asset Value, end of period | $ | 32.62 | ||||||||
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Total Return(e) | 5.16 | % | ||||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in millions) | $ | 0.1 | ||||||||
Average net assets (in millions) | $ | 0.0 | (c) | |||||||
Ratios to average net assets(i): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.75 | %(j) | ||||||||
Expenses before waivers and/or expense reimbursement | 0.76 | %(j) | ||||||||
Net investment income (loss) | 2.16 | %(j) | ||||||||
Portfolio turnover rate(k) | 51 | % |
(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.
C5
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 (18.11)% and (18.46)% 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 25.22% and 24.68% for Class I and Class II, respectively. |
(i) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(j) | Annualized. |
(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.
C6
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 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
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|
|
|
|
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|
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|
| ||||||||||||||||||||||||
Total from investment operations | 2.49 | 3.59 | 4.90 | (0.67 | ) | 2.99 | 1.62 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Capital Contributions | — | — | — | (b)(c) | — | (b)(c) | — | 0.02 | (d) | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 37.48 | $ | 34.99 | $ | 31.40 | $ | 26.50 | $ | 27.17 | $ | 24.18 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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. |
(i) | Annualized. |
(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.
C7
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 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total from investment operations | 3.86 | 3.29 | 5.69 | (1.25 | ) | 3.89 | 2.02 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Capital Contributions | — | — | — | (b)(c) | — | (b)(c) | — | 0.02 | (d) | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 41.47 | $ | 37.61 | $ | 34.32 | $ | 28.63 | $ | 29.88 | $ | 25.99 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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. |
(i) | Annualized. |
(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.
C8
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 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total from investment operations | (0.35 | ) | 0.97 | 0.84 | 0.08 | 0.36 | 0.26 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Capital Contributions | — | — | — | — | (b)(c) | — | — | (c)(d) | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 14.16 | $ | 14.51 | $ | 13.54 | $ | 12.70 | $ | 12.62 | $ | 12.26 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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. |
(h) | Annualized. |
(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.
C9
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 | |||||||||||||||||||||||
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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 | ) | |||||||||||||||||||||||
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Net Asset Value, end of period | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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 | ||||||
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| |||||||
Income (Loss) From Investment Operations: | ||||||||||
Net investment income (loss) and realized gains (losses) | — | (b) | — | (b) | ||||||
Less Dividends and Distributions: | — | (b) | — | (b) | ||||||
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| |||||||
Net Asset Value, end of period | $ | 10.00 | $ | 10.00 | ||||||
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| |||||||
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. |
(e) | Annualized. |
(f) | Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C10
Financial Highlights
(unaudited)
PSF PGIM High Yield 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 | $ | 6.18 | $ | 5.77 | $ | 4.96 | $ | 5.17 | $ | 5.10 | $ | 4.68 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.17 | 0.35 | 0.34 | 0.33 | 0.32 | 0.32 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.19 | 0.06 | 0.47 | (0.39 | ) | 0.07 | 0.42 | ||||||||||||||||||||||||||||
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Total from investment operations | 0.36 | 0.41 | 0.81 | (0.06 | ) | 0.39 | 0.74 | ||||||||||||||||||||||||||||
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Less Dividends and Distributions | — | — | — | (0.15 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | (b)(c) | — | — | (c)(d) | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 6.54 | $ | 6.18 | $ | 5.77 | $ | 4.96 | $ | 5.17 | $ | 5.10 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total Return(e) | 5.83 | % | 7.11 | % | 16.33 | % | (1.26 | )%(f) | 7.80 | % | 16.24 | %(f) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 554 | $ | 529 | $ | 522 | $ | 474 | $ | 508 | $ | 3,568 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 542 | $ | 497 | $ | 507 | $ | 499 | $ | 3,549 | $ | 3,362 | |||||||||||||||||||||||
Ratios to average net assets(g): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.57 | %(h) | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.60 | %(h) | 0.61 | % | 0.62 | % | 0.62 | % | 0.57 | % | 0.57 | % | |||||||||||||||||||||||
Net investment income (loss) | 5.27 | %(h) | 6.16 | % | 6.28 | % | 6.50 | % | 6.17 | % | 6.61 | % | |||||||||||||||||||||||
Portfolio turnover rate(i) | 29 | % | 61 | % | 58 | % | 47 | % | 54 | %(j) | 39 | % |
PSF PGIM High Yield Bond Portfolio—Class III | |||||
April 26, 2021(k) through June 30, 2021 | |||||
Per Share Operating Performance(a): | |||||
Net Asset Value, beginning of period | $ | 6.41 | |||
|
| ||||
Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | 0.06 | ||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.07 | ||||
|
| ||||
Total from investment operations | 0.13 | ||||
|
| ||||
Net Asset Value, end of period | $ | 6.54 | |||
|
| ||||
Total Return(e) | 2.03 | % | |||
Ratios/Supplemental Data: | |||||
Net assets, end of period (in millions) | $ | 1 | |||
Average net assets (in millions) | $ | 1 | |||
Ratios to average net assets(g): | |||||
Expenses after waivers and/or expense reimbursement | 0.82 | %(h) | |||
Expenses before waivers and/or expense reimbursement | 0.85 | %(h) | |||
Net investment income (loss) | 4.77 | %(h) | |||
Portfolio turnover rate(i) | 29 | % |
(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. |
(h) | Annualized. |
(i) | 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. |
(j) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
(k) | Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C11
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 | ||||||||||||||||||
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| |||||||||||||||||||
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 | |||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 9.83 | 18.32 | 14.16 | (2.54 | ) | 10.56 | 1.45 | |||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.04 | (b) | — | 0.04 | (d) | |||||||||||||||||||||
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Net Asset Value, end of period | $ | 91.33 | $ | 81.50 | $ | 63.18 | $ | 49.02 | $ | 51.52 | $ | 40.96 | ||||||||||||||||||
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| |||||||||||||||||||
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 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
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|
| ||||||||||||||||||||||||
Total from investment operations | 9.45 | 17.69 | 13.72 | (2.71 | ) | 10.30 | 1.28 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Capital Contributions | — | — | — | (b)(c) | 0.04 | (b) | — | 0.04 | (d) | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 89.23 | $ | 79.78 | $ | 62.09 | $ | 48.37 | $ | 51.04 | $ | 40.74 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
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.
C12
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. |
(j) | Annualized. |
(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.
C13
Financial Highlights
(unaudited)
PSF PGIM Jennison Focused 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 | $ | 49.83 | $ | 38.06 | $ | 29.52 | $ | 31.19 | $ | 23.94 | $ | 23.56 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.03 | (b) | 0.16 | 0.23 | 0.26 | 0.10 | 0.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.69 | 11.61 | 8.31 | (1.95 | ) | 7.15 | 0.27 | ||||||||||||||||||||||||||||
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Total from investment operations | 5.72 | 11.77 | 8.54 | (1.69 | ) | 7.25 | 0.36 | ||||||||||||||||||||||||||||
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Capital Contributions | — | — | — | 0.02 | (d) | — | 0.02 | (e) | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 55.55 | $ | 49.83 | $ | 38.06 | $ | 29.52 | $ | 31.19 | $ | 23.94 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total Return(f) | 11.48 | % | 30.92 | % | 28.93 | % | (5.35 | )%(g) | 30.28 | % | 1.61 | %(h) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 93.7 | $ | 86.7 | $ | 71.7 | $ | 59.0 | $ | 68.9 | $ | 59.3 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 90.0 | $ | 73.4 | $ | 66.3 | $ | 68.9 | $ | 64.7 | $ | 60.1 | |||||||||||||||||||||||
Ratios to average net assets(i): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.84 | %(j) | 0.86 | % | 0.87 | % | 0.82 | % | 0.82 | % | 0.83 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.84 | %(j) | 0.86 | % | 0.87 | % | 0.84 | % | 0.87 | % | 0.83 | % | |||||||||||||||||||||||
Net investment income (loss) | 0.10 | %(j) | 0.39 | % | 0.66 | % | 0.80 | % | 0.36 | % | 0.39 | % | |||||||||||||||||||||||
Portfolio turnover rate(k) | 49 | % | 82 | % | 61 | % | 42 | % | 99 | % | 69 | % |
PSF PGIM Jennison Focused 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 | $ | 47.17 | $ | 36.17 | $ | 28.17 | $ | 29.88 | $ | 23.03 | $ | 22.75 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.07 | ) | — | (c) | 0.09 | 0.13 | (0.01 | ) | — | (c) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.38 | 11.00 | 7.91 | (1.86 | ) | 6.86 | 0.26 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total from investment operations | 5.31 | 11.00 | 8.00 | (1.73 | ) | 6.85 | 0.26 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Capital Contributions | — | — | — | 0.02 | (d) | — | 0.02 | (e) | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Net Asset Value, end of period | $ | 52.48 | $ | 47.17 | $ | 36.17 | $ | 28.17 | $ | 29.88 | $ | 23.03 | |||||||||||||||||||||||
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| ||||||||||||||||||||||||
Total Return(f) | 11.26 | % | 30.41 | % | 28.40 | % | (5.72 | )%(g) | 29.74 | % | 1.23 | %(h) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 132.7 | $ | 130.8 | $ | 121.4 | $ | 118.6 | $ | 156.1 | $ | 142.5 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 131.0 | $ | 117.4 | $ | 118.1 | $ | 147.4 | $ | 150.7 | $ | 146.2 | |||||||||||||||||||||||
Ratios to average net assets(i): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.24 | %(j) | 1.26 | % | 1.27 | % | 1.22 | % | 1.22 | % | 1.23 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.24 | %(j) | 1.26 | % | 1.27 | % | 1.24 | % | 1.27 | % | 1.23 | % | |||||||||||||||||||||||
Net investment income (loss) | (0.30 | )%(j) | — | %(c) | 0.26 | % | 0.40 | % | (0.04 | )% | (0.01 | )% | |||||||||||||||||||||||
Portfolio turnover rate(k) | 49 | % | 82 | % | 61 | % | 42 | % | 99 | % | 69 | % |
PSF PGIM Jennison Focused Blend Portfolio—Class III
April 26, 2021(l) through June 30, 2021 | |||||
Per Share Operating Performance(a): | |||||
Net Asset Value, beginning of period | $ | 54.19 | |||
|
| ||||
Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | (0.04 | ) | |||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.38 | ||||
|
| ||||
Total from investment operations | 1.34 | ||||
|
| ||||
Net Asset Value, end of period | $ | 55.53 | |||
|
| ||||
Total Return(f) | 2.47 | % | |||
Ratios/Supplemental Data: | |||||
Net assets, end of period (in millions) | $ | 0.1 | |||
Average net assets (in millions) | $ | 0.0 | |||
Ratios to average net assets(i): | |||||
Expenses after waivers and/or expense reimbursement | 1.09 | %(j) | |||
Expenses before waivers and/or expense reimbursement | 1.09 | %(j) | |||
Net investment income (loss) | (0.39 | )%(j) | |||
Portfolio turnover rate(k) | 49 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses. |
(c) | Amount rounds to zero. |
(d) | 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. |
(e) | 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.
C14
Financial Highlights
(unaudited)
(f) | 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. |
(g) | Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (5.41)% and (5.79)% 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 1.53% and 1.14% for Class I and Class II, respectively. |
(i) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(j) | Annualized. |
(k) | The Portfolio’s turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. |
(l) | Commencement of offering. |
SEE NOTES TO FINANCIAL STATEMENTS.
C15
Financial Highlights
(unaudited)
PSF PGIM Jennison Growth 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 | $ | 127.49 | $ | 81.62 | $ | 61.21 | $ | 61.69 | $ | 45.13 | $ | 45.54 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.19 | ) | (0.13 | ) | 0.09 | 0.13 | 0.13 | 0.10 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 13.10 | 46.00 | 20.32 | (0.61 | ) | 16.43 | (0.55 | ) | |||||||||||||||||||||||||||
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Total from investment operations | 12.91 | 45.87 | 20.41 | (0.48 | ) | 16.56 | (0.45 | ) | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | — | (b)(c) | — | 0.04 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 140.40 | $ | 127.49 | $ | 81.62 | $ | 61.21 | $ | 61.69 | $ | 45.13 | |||||||||||||||||||||||
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Total Return(e) | 10.13 | % | 56.20 | % | 33.34 | %(f) | (0.78 | )%(f) | 36.69 | % | (0.90 | )%(g) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 3,468 | $ | 3,260 | $ | 2,242 | $ | 1,803 | $ | 1,937 | $ | 1,520 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 3,262 | $ | 2,606 | $ | 2,073 | $ | 2,052 | $ | 1,761 | $ | 1,529 | |||||||||||||||||||||||
Ratios to average net assets(h): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.62 | %(i) | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.62 | %(i) | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | |||||||||||||||||||||||
Net investment income (loss) | (0.29 | )%(i) | (0.13 | )% | 0.13 | % | 0.19 | % | 0.25 | % | 0.23 | % | |||||||||||||||||||||||
Portfolio turnover rate(j) | 23 | % | 56 | % | 41 | % | 38 | % | 51 | % | 35 | % |
PSF PGIM Jennison Growth 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 | $ | 121.26 | $ | 77.94 | $ | 58.68 | $ | 59.38 | $ | 43.62 | $ | 44.19 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.43 | ) | (0.49 | ) | (0.19 | ) | (0.14 | ) | (0.08 | ) | (0.07 | ) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 12.43 | 43.81 | 19.45 | (0.56 | ) | 15.84 | (0.54 | ) | |||||||||||||||||||||||||||
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Total from investment operations | 12.00 | 43.32 | 19.26 | (0.70 | ) | 15.76 | (0.61 | ) | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | — | (b)(c) | — | 0.04 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 133.26 | $ | 121.26 | $ | 77.94 | $ | 58.68 | $ | 59.38 | $ | 43.62 | |||||||||||||||||||||||
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Total Return(e) | 9.91 | % | 55.57 | % | 32.82 | %(f) | (1.18 | )%(f) | 36.13 | % | (1.29 | )%(g) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 87 | $ | 88 | $ | 66 | $ | 61 | $ | 60 | $ | 41 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 84 | $ | 72 | $ | 64 | $ | 70 | $ | 49 | $ | 50 | |||||||||||||||||||||||
Ratios to average net assets(h): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.02 | %(i) | 1.02 | % | 1.02 | % | 1.02 | % | 1.03 | % | 1.03 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.02 | %(i) | 1.02 | % | 1.02 | % | 1.02 | % | 1.03 | % | 1.03 | % | |||||||||||||||||||||||
Net investment income (loss) | (0.70 | )%(i) | (0.53 | )% | (0.27 | )% | (0.22 | )% | (0.16 | )% | (0.17 | )% | |||||||||||||||||||||||
Portfolio turnover rate(j) | 23 | % | 56 | % | 41 | % | 38 | % | 51 | % | 35 | % |
PSF PGIM Jennison Growth Portfolio—Class III
April 26, 2021(k) through June 30, 2021 | |||||
Per Share Operating Performance(a): | |||||
Net Asset Value, beginning of period | $ | 132.99 | |||
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Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | (0.13 | ) | |||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 7.46 | ||||
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Total from investment operations | 7.33 | ||||
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Net Asset Value, end of period | $ | 140.32 | |||
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Total Return(e) | 5.51 | % | |||
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 | 0.87 | %(i) | |||
Expenses before waivers and/or expense reimbursement | 0.87 | %(i) | |||
Net investment income (loss) | (0.52 | )%(i) | |||
Portfolio turnover rate(j) | 23 | % |
(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.
C16
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 (0.99)% and (1.38)% for Class I and Class II, respectively |
(h) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(i) | Annualized. |
(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.
C17
Financial Highlights
(unaudited)
PSF PGIM Jennison Value 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 | $ | 37.28 | $ | 35.99 | $ | 28.55 | $ | 31.68 | $ | 27.08 | $ | 24.31 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.32 | 0.66 | 0.67 | 0.56 | 0.47 | 0.46 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 6.28 | 0.63 | 6.77 | (3.71 | ) | 4.13 | 2.28 | ||||||||||||||||||||||||||||
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Total from investment operations | 6.60 | 1.29 | 7.44 | (3.15 | ) | 4.60 | 2.74 | ||||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.02 | (b) | — | 0.03 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 43.88 | $ | 37.28 | $ | 35.99 | $ | 28.55 | $ | 31.68 | $ | 27.08 | |||||||||||||||||||||||
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Total Return(e) | 17.70 | % | 3.58 | % | 26.06 | %(f) | (9.88 | )%(g) | 16.99 | % | 11.39 | %(h) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,562.0 | $ | 1,371.2 | $ | 1,429.9 | $ | 1,226.4 | $ | 1,480.3 | $ | 1,375.1 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 1,497.1 | $ | 1,236.8 | $ | 1,354.1 | $ | 1,416.6 | $ | 1,412.8 | $ | 1,289.8 | |||||||||||||||||||||||
Ratios to average net assets(i): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.42 | %(j) | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.42 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.42 | %(j) | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.42 | % | |||||||||||||||||||||||
Net investment income (loss) | 1.55 | %(j) | 2.03 | % | 2.04 | % | 1.76 | % | 1.63 | % | 1.90 | % | |||||||||||||||||||||||
Portfolio turnover rate(k) | 11 | % | 32 | % | 25 | % | 23 | % | 16 | % | 24 | % |
PSF PGIM Jennison Value 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 | $ | 36.36 | $ | 35.25 | $ | 28.07 | $ | 31.27 | $ | 26.84 | $ | 24.19 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.23 | 0.51 | 0.53 | 0.42 | 0.35 | 0.37 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 6.13 | 0.60 | 6.65 | (3.64 | ) | 4.08 | 2.25 | ||||||||||||||||||||||||||||
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Total from investment operations | 6.36 | 1.11 | 7.18 | (3.22 | ) | 4.43 | 2.62 | ||||||||||||||||||||||||||||
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Capital Contributions | — | — | — | (b)(c) | 0.02 | (b) | — | 0.03 | (d) | ||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 42.72 | $ | 36.36 | $ | 35.25 | $ | 28.07 | $ | 31.27 | $ | 26.84 | |||||||||||||||||||||||
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Total Return(e) | 17.49 | % | 3.15 | % | 25.58 | %(f) | (10.23 | )%(g) | 16.51 | % | 10.95 | %(h) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 10.2 | $ | 9.0 | $ | 8.7 | $ | 6.1 | $ | 7.5 | $ | 7.1 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 9.8 | $ | 7.9 | $ | 7.4 | $ | 7.2 | $ | 7.1 | $ | 8.0 | |||||||||||||||||||||||
Ratios to average net assets(i): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.82 | %(j) | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.82 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.82 | %(j) | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.82 | % | |||||||||||||||||||||||
Net investment income (loss) | 1.15 | %(j) | 1.62 | % | 1.63 | % | 1.36 | % | 1.23 | % | 1.53 | % | |||||||||||||||||||||||
Portfolio turnover rate(k) | 11 | % | 32 | % | 25 | % | 23 | % | 16 | % | 24 | % |
PSF PGIM Jennison Value Portfolio—Class III
April 26, 2021(l) through June 30, 2021 | |||||
Per Share Operating Performance(a): | |||||
Net Asset Value, beginning of period | $ | 42.77 | |||
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Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | 0.10 | ||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.00 | ||||
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Total from investment operations | 1.10 | ||||
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Net Asset Value, end of period | $ | 43.87 | |||
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Total Return(e) | 2.57 | % | |||
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 | 0.67 | %(j) | |||
Expenses before waivers and/or expense reimbursement | 0.67 | %(j) | |||
Net investment income (loss) | 1.18 | %(j) | |||
Portfolio turnover rate(k) | 11 | % |
(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.
C18
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 (9.94)% and (10.29)% 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 11.27% and 10.83% for Class I and Class II, respectively. |
(i) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(j) | Annualized. |
(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.
C19
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 | |||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Total from investment operations | (0.17 | ) | 1.23 | 1.43 | (0.03 | ) | 0.86 | 0.64 | |||||||||||||||||||||||||||
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Capital Contributions | — | — | — | 0.01 | (b) | — | — | (c)(d) | |||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 15.61 | $ | 15.78 | $ | 14.55 | $ | 13.12 | $ | 13.14 | $ | 12.28 | |||||||||||||||||||||||
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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. |
(i) | Annualized. |
(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.
C20
Financial Highlights
(unaudited)
PSF Small-Cap Stock Index 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 | $ | 47.76 | $ | 43.03 | $ | 35.15 | $ | 38.51 | $ | 34.08 | $ | 26.94 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.20 | 0.40 | 0.46 | 0.40 | 0.39 | 0.35 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 10.93 | 4.33 | 7.42 | (3.76 | ) | 4.04 | 6.72 | ||||||||||||||||||||||||||||
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Total from investment operations | 11.13 | 4.73 | 7.88 | (3.36 | ) | 4.43 | 7.07 | ||||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | — | 0.07 | (d) | |||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 58.89 | $ | 47.76 | $ | 43.03 | $ | 35.15 | $ | 38.51 | $ | 34.08 | |||||||||||||||||||||||
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Total Return(e) | 23.30 | % | 10.99 | % | 22.42 | % | (8.73 | )%(f) | 13.00 | % | 26.50 | %(g) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,028 | $ | 858 | $ | 834 | $ | 729 | $ | 850 | $ | 811 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 994 | $ | 701 | $ | 794 | $ | 871 | $ | 811 | $ | 704 | |||||||||||||||||||||||
Ratios to average net assets(h): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.38 | %(i) | 0.40 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.38 | %(i) | 0.40 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.42 | % | |||||||||||||||||||||||
Net investment income (loss) | 0.71 | %(i) | 1.07 | % | 1.15 | % | 0.98 | % | 1.11 | % | 1.21 | % | |||||||||||||||||||||||
Portfolio turnover rate(j) | 9 | % | 18 | % | 19 | % | 18 | % | 17 | % | 20 | % |
PSF Small-Cap Stock Index Portfolio—Class III
April 26, 2021(k) through June 30, 2021 | |||||
Per Share Operating Performance(a): | |||||
Net Asset Value, beginning of period | $ | 57.73 | |||
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Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | 0.04 | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.09 | ||||
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Total from investment operations | 1.13 | ||||
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Net Asset Value, end of period | $ | 58.86 | |||
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Total Return(e) | 1.96 | % | |||
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 | 0.63 | %(i) | |||
Expenses before waivers and/or expense reimbursement | 0.63 | %(i) | |||
Net investment income (loss) | 0.38 | %(i) | |||
Portfolio turnover rate(j) | 9 | % |
(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 26.24%. |
(h) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(i) | Annualized. |
(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.
C21
Financial Highlights
(unaudited)
PSF Small-Cap Value Portfolio
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 | $ | 28.39 | $ | 27.86 | $ | 22.69 | $ | 26.32 | $ | 23.46 | $ | 18.70 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | (b) | 0.14 | 0.20 | 0.13 | 0.12 | 0.15 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.63 | 0.39 | 4.97 | (3.76 | ) | 2.74 | 4.60 | ||||||||||||||||||||||||||||
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Total from investment operations | 5.63 | 0.53 | 5.17 | (3.63 | ) | 2.86 | 4.75 | ||||||||||||||||||||||||||||
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Capital Contributions | — | — | — | — | (b)(c) | — | 0.01 | (d) | |||||||||||||||||||||||||||
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Net Asset Value, end of period | $ | 34.02 | $ | 28.39 | $ | 27.86 | $ | 22.69 | $ | 26.32 | $ | 23.46 | |||||||||||||||||||||||
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Total Return(e) | 19.83 | % | 1.90 | % | 22.79 | % | (13.79 | )%(f) | 12.19 | % | 25.45 | %(g) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 294 | $ | 244 | $ | 221 | $ | 180 | $ | 214 | $ | 211 | |||||||||||||||||||||||
Average net assets (in millions) | $ | 285 | $ | 188 | $ | 207 | $ | 211 | $ | 208 | $ | 189 | |||||||||||||||||||||||
Ratios to average net assets(h): | |||||||||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.98 | %(i) | 1.03 | % | 1.01 | % | 0.99 | % | 1.01 | % | 1.01 | % | |||||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.98 | %(i) | 1.03 | % | 1.02 | % | 1.00 | % | 1.02 | % | 1.02 | % | |||||||||||||||||||||||
Net investment income (loss) | (0.02 | )%(i) | 0.61 | % | 0.76 | % | 0.48 | % | 0.51 | % | 0.75 | % | |||||||||||||||||||||||
Portfolio turnover rate(j) | 44 | % | 69 | % | 56 | % | 58 | % | 62 | % | 57 | % |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Amount rounds to zero. |
(c) | 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. |
(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 25.40%. |
(h) | Does not include expenses of the underlying funds in which the Portfolio invests. |
(i) | Annualized. |
(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. |
SEE NOTES TO FINANCIAL STATEMENTS.
C22
Financial Highlights
(unaudited)
PSF Stock Index 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 | $ | 87.66 | $ | 74.24 | $ | 56.64 | $ | 59.38 | $ | 50.70 | $ | 48.59 | |||||||||||||||||||||||
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Income (Loss) From Investment Operations: | |||||||||||||||||||||||||||||||||||
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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Less Dividends and Distributions | — | — | — | — | (1.99 | ) | (3.37 | ) | |||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | 0.07 | (b) | ||||||||||||||||||||||||||||
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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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Total Return(c) | 15.06 | % | 18.08 | % | 31.07 | % | (4.61 | )% | 21.46 | % | 11.83 | %(d) | |||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||||
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 | |||
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Income (Loss) From Investment Operations: | |||||
Net investment income (loss) | 0.15 | ||||
Net realized and unrealized gain (loss) on investment transactions | 2.77 | ||||
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Total from investment operations | 2.92 | ||||
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Net Asset Value, end of period | $ | 100.82 | |||
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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. |
(f) | Annualized. |
(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.
C23
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.
C24
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.
PSF Global Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 2nd Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | The Board noted that PGIM Investments had contractually agreed to waive 0.0363% of its management fee through June 30, 2022. |
• | 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. |
PSF International Growth Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 4th Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | The Board noted that PGIM Investments had contractually agreed to waive 0.019% of its management fee through June 30, 2022. |
• | The Board also noted that PGIM Investments contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 1.01% of the Portfolio’s average daily net assets through June 30, 2022. |
• | 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. |
PSF Mid-Cap Growth Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 2nd Quartile | 2nd Quartile | 3rd Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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 management agreement, and that the management fees (including sub-advisory fees) and total expenses were reasonable in light of the services provided. |
PSF Natural Resources Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 2nd Quartile | 3rd Quartile | |||||
Actual Management Fee: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods, other than the ten-year period. |
• | The Board noted that PGIM Investments had contractually agreed to waive 0.008% of its management fee through June 30, 2022. |
• | 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 management agreement, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided. |
PSF PGIM 50/50 Balanced Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
2nd Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 3rd Quartile | ||||||||
Net Total Expenses: 2nd Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods other than the one-year period. |
• | 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. |
PSF PGIM Flexible Managed Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
3rd Quartile | 2nd Quartile | 2nd Quartile | 1st Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 3rd Quartile |
• | 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. |
• | 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. |
• | 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. |
PSF PGIM Government Income Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 2nd Quartile | 1st Quartile | 2nd Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods other than the one-year period. |
• | 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. |
PSF PGIM Government Money Market Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
3rd Quartile | 2nd Quartile | 2nd Quartile | 3rd Quartile | |||||
Actual Management Fees: 2nd Quartile | ||||||||
Net Total Expenses: 2nd Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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. |
PSF PGIM High Yield Bond Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | The Board also noted that PGIM Investments contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 0.57% of the Portfolio’s average daily net assets through June 30, 2022. |
• | 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. |
PSF PGIM Jennison Blend Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 3rd Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Gross Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods other than the ten-year period. |
• | 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. |
PSF PGIM Jennison Focused Blend Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 2nd Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 4th Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods other than the ten-year period. |
• | 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. |
PSF PGIM Jennison Growth Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 2nd Quartile | ||||||||
Net Total Expenses: 2nd Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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. |
PSF PGIM Jennison Value Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
2nd Quartile | 3rd Quartile | 4th Quartile | 4th Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over the one-year period, though it underperformed its benchmark index over the other periods. |
• | The Board also noted information provided by the Manager indicating the continued rebound of the Portfolio, which outperformed its benchmark and Peer Universe in 2020. |
• | 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. |
PSF PGIM Total Return Bond Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 2nd Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 1st Quartile | ||||||||
Net Total Expenses: 1st Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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. |
• | 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. |
PSF Small-Cap Stock Index Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
3rd Quartile | 2nd Quartile | 2nd Quartile | 1st Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 3rd Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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. |
PSF Small-Cap Value Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
4th Quartile | 3rd Quartile | 2nd Quartile | 2nd Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 4th Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, and it underperformed over the one- and three-year periods. |
• | The Board considered the Manager’s assertion that it believes the Portfolio’s underperformance to be temporary and largely attributed to 2020. In that regard, the Board noted that when it considered the performance of the Portfolio one year before (for periods ended December 31, 2019), the Portfolio outperformed its Peer Universe median and benchmark index over all periods. |
• | The Board also noted that the Manager contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 0.97% of the Portfolio’s average daily net assets through June 30, 2022. |
• | 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. |
PSF Stock Index Portfolio | ||||||||
Gross Performance | 1 Year | 3 Years | 5 Years | 10 Years | ||||
1st Quartile | 1st Quartile | 1st Quartile | 1st Quartile | |||||
Actual Management Fees: 4th Quartile | ||||||||
Net Total Expenses: 4th Quartile |
• | The Board noted that the Portfolio outperformed its benchmark index over all periods. |
• | 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 prospectuses for the Prudential Series Fund portfolios and the applicable variable annuity or variable life prospectuses contain information on the investment objectives, risks, charges and expenses of the portfolios and on the contracts and should be read carefully.
Information regarding how the Fund 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 the Fund’s website at www.prudential.com/variableinsuranceportfolios.
The Fund files with the Commission a complete listing of portfolio holdings as of its first and third calendar quarter-end on Form N-PORT. Form N-PORT is available on the Commission’s website at www.sec.gov or call (800) SEC-0330.
The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge upon request by calling the appropriate phone number listed below.
To contact your client services representative, please call the phone number listed below. Thank you.
Owners of Individual Annuity contracts should call (888) 778-2888.
Owners of Individual Life Insurance contracts should call (800) 778-2255.
Owners of Group Variable Universal Life Insurance contracts should call (800) 562-9874.
Owners of Group Variable Universal Life Insurance contracts through AICPA should call (800) 223-7473.
Annuity and life insurance contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your licensed financial professional can provide you with costs and complete details. Contract guarantees are based on the claims-paying ability of the issuing company.
The Prudential Insurance Company of America | ||
751 Broad Street Newark, NJ 07102-3714 |
The Audited Financial Statements of Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities Life Assurance Corporation and The Prudential Insurance Company of America are available upon request. You may call (800) 944-8786 to obtain a free copy of the audited financial statements of the insurance company that issued your contract.
Every year we will send you an updated summary prospectus. We will also send you, or make available to you pursuant to Rule 30e-3 under the Investment Company Act of 1940, an annual report and a semi-annual report, which contain important financial information about the Portfolios.
To reduce Portfolio expenses, we may send or make available one annual shareholder report, one semi-annual shareholder report and one summary prospectus per household (householding), unless you instruct us or the relevant participating insurance company otherwise.
Householding is not yet available on all products. You should be aware that by calling (800) 778-2255, you can revoke, or “opt out,” of householding at any time, which may increase the volume of mail you will receive. Note: Effective January 1, 2021 you may no longer receive mailed copies of the annual and semi-annual reports, unless you elect to continue to receive these mailings.
©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.
PSF-SAR-A
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
(a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
(b) | There 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
Management Investment Companies – Not applicable.
Item 13 – Exhibits
(a) | (1) | Code of Ethics – Not required, as this is not an annual filing. | ||
(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT. | |||
(3) | Any written solicitation to purchase securities under Rule 23c-1. – Not applicable. | |||
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as 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 Series Fund | |
By: | /s/ Andrew R. French | |
Andrew R. French | ||
Secretary | ||
Date: | August 18, 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.
By: | /s/ Timothy S. Cronin | |
Timothy S. Cronin | ||
Principal Executive Officer | ||
Date: | August 18, 2021 | |
By: | /s/ Christian J. Kelly | |
Christian J. Kelly | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | August 18, 2021 |