NPORT-EX 2 PI62350PRU033123.htm
PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 99.0%
Asset-Backed Securities — 11.9%
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%)
6.198%(c)   04/20/32     1,000   $994,322
Apidos CLO Ltd. (Jersey),
Series 2023-44A, Class A1, 144A
—%(p)   04/26/35     1,750   1,750,000
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
5.892%(c)   10/17/32     500   490,032
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
6.008%(c)   07/20/34     3,000   2,931,459
Battalion CLO Ltd.,
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)
6.142%(c)   01/17/33     2,500   2,457,787
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
6.008%(c)   10/20/34     500   487,795
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
6.052%(c)   10/30/30     3,460   3,428,836
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
6.113%(c)   06/20/34     3,250   3,166,092
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.982%(c)   10/29/34     500   488,666
Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
6.268%(c)   07/20/32     2,500   2,472,536
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%)
6.032%(c)   04/15/34     2,250   2,190,807
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)
5.868%(c)   10/20/29     826   819,501
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
6.002%(c)   10/15/34     500   488,054
 
Total Asset-Backed Securities

(cost $22,423,098)
  22,165,887
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities — 6.3%
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4
2.661%   08/15/52     3,000   $2,667,703
CD Mortgage Trust,
Series 2019-CD08, Class A3
2.657%   08/15/57     4,000   3,458,333
Fannie Mae-Aces,
Series 2022-M03, Class A2
1.707%(cc)   11/25/31     4,000   3,251,749
Series 2022-M13, Class A2
2.593%(cc)   06/25/32     2,000   1,756,379
FHLMC Multifamily Structured Pass-Through Certificates,
Series K151, Class A3
3.511%   04/25/30     400   382,140
Series K152, Class A2
3.080%   01/25/31     140   129,885
 
Total Commercial Mortgage-Backed Securities

(cost $13,020,703)
  11,646,189
Corporate Bond — 0.4%
Diversified Financial Services
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP
1.400%   07/15/28     885   772,396
(cost $883,339)        
Residential Mortgage-Backed Securities — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%   10/20/45     167   163,765
Merrill Lynch Mortgage Investors Trust,
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%)
5.465%(c)   10/25/28     5   4,900
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
5.193%(cc)   02/25/34     29   26,851
 
Total Residential Mortgage-Backed Securities

(cost $209,128)
  195,516
U.S. Government Agency Obligations — 49.0%
Fannie Mae Interest Strips
4.264%(s)   05/15/30     75   54,948
Federal Farm Credit Bank
5.480%   06/27/42     500   494,754
Federal Home Loan Bank
4.250%   09/10/32     210   211,438
5.500%   07/15/36     1,000   1,151,926
Federal Home Loan Mortgage Corp.
1.500%   11/01/50     424   333,693
2.000%   01/01/32     115   106,156
2.000%   12/01/50     1,757   1,457,650
2.000%   05/01/51     467   386,781
2.500%   03/01/30     188   178,893
2.500%   11/01/46     252   221,532
2.500%   04/01/51     2,566   2,215,738
A1
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   06/01/29     139   $133,407
3.000%   01/01/37     265   248,868
3.000%   06/01/45     143   131,868
3.000%   01/01/48     211   192,210
3.000%   10/01/49     73   65,709
3.000%   04/01/52     492   441,366
3.000%   05/01/52     754   676,741
3.000%   06/01/52     481   431,931
3.500%   12/01/32     233   226,908
3.500%   07/01/42     228   217,414
3.500%   10/01/42     401   383,088
3.500%   08/01/43     447   426,612
3.500%   09/01/45     152   143,788
3.500%   10/01/45     134   126,419
3.500%   02/01/47     176   166,812
3.500%   07/01/47     270   255,992
3.500%   03/01/48     351   331,044
3.500%   02/01/52     983   913,614
3.500%   08/01/52     493   458,154
4.000%   06/01/26     10   10,438
4.000%   09/01/26     42   42,201
4.000%   11/01/37     576   567,529
4.000%   09/01/40     120   117,580
4.000%   12/01/40     130   127,746
4.000%   12/01/40     153   149,712
4.000%   11/01/43     293   286,995
4.000%   09/01/48     6   5,558
4.000%   05/01/52     486   464,750
4.500%   09/01/39     486   489,766
4.500%   08/01/48     131   130,383
4.500%   08/01/52     528   516,952
5.000%   06/01/33     122   124,570
5.000%   05/01/34     69   70,031
5.000%   09/01/52     979   976,365
5.500%   05/01/37     23   24,201
5.500%   02/01/38     77   80,300
5.500%   05/01/38     33   34,712
5.500%   10/01/52     529   534,430
5.500%   01/01/53     466   470,343
6.000%   09/01/34     40   40,619
6.000%   01/01/37     31   31,724
6.000%   09/01/38     23   23,692
6.000%   08/01/39     28   29,052
6.250%   07/15/32     2,275   2,711,163
6.500%   09/01/32     11   11,459
6.750%   03/15/31     210   251,650
Federal Home Loan Mortgage Corp., MTN
1.899%(s)   11/15/38     600   299,354
Federal National Mortgage Assoc.
0.875%   08/05/30     390   317,864
1.500%   11/01/50     1,308   1,030,153
1.500%   12/01/50     833   654,686
2.000%   08/01/31     118   108,367
2.000%   05/01/36     771   695,208
2.000%   06/01/40     321   276,722
2.000%   07/01/40     342   295,822
2.000%   02/01/41     1,558   1,331,156
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.000%   05/01/41     1,869   $1,615,674
2.000%   09/01/50     2,376   1,971,568
2.000%   10/01/50     1,536   1,275,559
2.000%   12/01/50     389   323,100
2.000%   02/01/51(k)     3,475   2,881,463
2.000%   05/01/51     1,947   1,613,561
2.500%   06/01/28     608   583,379
2.500%   05/01/41     983   876,781
2.500%   02/01/43     94   82,114
2.500%   12/01/46     329   288,459
2.500%   01/01/50     668   578,526
2.500%   03/01/50     207   179,597
2.500%   05/01/50     903   781,109
2.500%   08/01/50     2,066   1,785,090
2.500%   09/01/50     1,542   1,354,246
2.500%   10/01/50     2,326   2,009,746
2.500%   04/01/51     1,053   921,479
2.500%   04/01/51     1,572   1,355,475
2.500%   11/01/51     953   822,496
2.500%   04/01/52     469   404,162
2.500%   05/01/52     945   819,749
3.000%   02/01/31     259   247,429
3.000%   11/01/36     208   194,760
3.000%   03/01/43     355   327,033
3.000%   07/01/43     437   402,926
3.000%   07/01/43     583   537,578
3.000%   09/01/46     301   275,612
3.000%   11/01/46     138   126,453
3.000%   11/01/46     181   166,399
3.000%   11/01/46     770   704,560
3.000%   12/01/47     412   381,069
3.000%   02/01/50     171   154,906
3.000%   06/01/50     291   262,853
3.000%   11/01/51     919   826,724
3.000%   04/01/52     477   427,957
3.000%   04/01/52     478   429,429
3.000%   04/01/52     662   594,898
3.000%   04/01/52     954   856,856
3.000%   04/01/52     961   862,662
3.000%   04/01/52     963   872,542
3.500%   TBA     500   464,590
3.500%   07/01/31     322   312,612
3.500%   02/01/33     58   56,343
3.500%   06/01/39     126   120,792
3.500%   04/01/42     211   201,182
3.500%   06/01/42     305   291,065
3.500%   07/01/42     162   155,027
3.500%   07/01/42     398   380,086
3.500%   06/01/45     527   497,943
3.500%   07/01/46     173   163,801
3.500%   12/01/46     158   148,761
3.500%   12/01/46     393   375,144
3.500%   11/01/48     283   266,919
3.500%   09/01/51     497   462,609
4.000%   07/01/37     364   358,677
4.000%   09/01/40     492   481,689
4.000%   06/01/42     303   296,955
 
A2
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.000%   09/01/44     191   $186,340
4.000%   09/01/44     350   341,193
4.000%   04/01/45     178   173,475
4.000%   07/01/45     127   123,695
4.000%   10/01/45     219   213,113
4.000%   10/01/46     67   65,517
4.000%   02/01/47     60   58,144
4.000%   06/01/47     106   103,542
4.000%   07/01/47     111   107,915
4.000%   10/01/47     346   336,818
4.000%   11/01/47     88   85,332
4.000%   11/01/47     121   118,289
4.000%   05/01/52     966   924,011
4.500%   TBA     1,000   979,796
4.500%   05/01/40     455   453,356
4.500%   04/01/42     301   302,377
4.500%   07/01/52     982   962,532
4.500%   01/01/53     425   416,726
5.000%   12/01/31     21   20,561
5.000%   03/01/34     143   145,872
5.000%   06/01/35     61   61,855
5.000%   07/01/35     31   31,506
5.000%   05/01/36     40   41,189
5.000%   07/01/52     479   477,388
5.500%   02/01/34     92   94,746
5.500%   09/01/34     98   100,978
5.500%   02/01/35     101   102,537
5.500%   06/01/35     30   30,535
5.500%   06/01/35     51   51,875
5.500%   09/01/35     29   29,604
5.500%   09/01/35     62   63,032
5.500%   10/01/35     102   103,279
5.500%   11/01/35     40   39,923
5.500%   11/01/35     53   53,391
5.500%   11/01/35     210   216,865
6.000%   12/01/33     8   8,435
6.000%   02/01/34     51   53,119
6.000%   08/01/34     —(r)   189
6.000%   11/01/34     —(r)   249
6.000%   01/01/35     2   2,520
6.000%   01/01/36     52   52,603
6.000%   05/01/38     19   19,765
6.500%   07/01/32     84   87,982
6.500%   08/01/32     44   45,600
6.500%   10/01/32     100   104,663
6.500%   10/01/37     73   76,118
6.625%   11/15/30     2,620   3,104,843
7.000%   12/01/31     23   23,495
7.000%   01/01/36     12   12,857
8.000%   10/01/23     —(r)   7
8.000%   09/01/24     —(r)   289
8.000%   11/01/24     —(r)   390
9.000%   02/01/25     2   1,639
9.000%   04/01/25     1   615
Government National Mortgage Assoc.
2.000%   09/20/51     312   265,446
2.500%   12/20/46     88   78,328
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.500%   05/20/51     392   $345,652
2.500%   08/20/51     1,474   1,297,164
3.000%   03/15/45     360   331,922
3.000%   07/20/46     351   325,617
3.000%   09/20/46     378   350,225
3.000%   10/20/46     95   88,022
3.000%   04/20/47     442   408,426
3.000%   12/20/48     285   262,681
3.000%   04/20/49     270   249,034
3.000%   07/20/49     70   64,430
3.000%   12/20/49     295   271,485
3.000%   09/20/51     1,030   941,252
3.500%   TBA     500   468,730
3.500%   01/20/43     422   403,034
3.500%   04/20/43     199   190,406
3.500%   03/20/45     247   234,972
3.500%   04/20/45     198   188,827
3.500%   04/20/46     331   315,082
3.500%   07/20/46     482   458,524
3.500%   07/20/48     398   378,266
3.500%   11/20/48     104   98,230
3.500%   01/20/49     183   174,039
3.500%   05/20/49     345   326,625
4.000%   06/15/40     63   60,786
4.000%   08/20/46     201   195,602
4.000%   11/20/46     120   117,522
4.000%   09/20/47     160   156,435
4.000%   06/20/48     246   238,604
4.000%   02/20/49     221   214,521
4.500%   02/20/41     191   193,752
4.500%   03/20/41     162   164,522
4.500%   06/20/44     123   124,035
4.500%   09/20/46     144   142,940
4.500%   11/20/46     249   251,472
4.500%   01/20/47     32   32,184
4.500%   05/20/52     518   510,799
5.000%   07/15/33     61   63,280
5.000%   09/15/33     107   111,526
5.000%   04/15/34     66   67,295
5.000%   10/20/48     45   46,124
5.500%   03/15/34     109   112,550
5.500%   03/15/36     31   32,531
6.500%   07/15/32     8   7,927
6.500%   08/15/32     1   1,369
6.500%   08/15/32     3   2,794
6.500%   08/15/32     9   9,463
6.500%   08/15/32     43   44,882
7.000%   06/15/23     —(r)   3
7.000%   06/15/23     —(r)   45
7.000%   06/15/23     —(r)   51
7.000%   07/15/23     1   984
7.000%   08/15/23     —(r)   4
7.000%   08/15/23     —(r)   242
7.000%   09/15/23     —(r)   154
7.000%   10/15/23     —(r)   54
7.000%   11/15/23     —(r)   229
7.000%   11/15/23     1   674
 
A3
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
7.000%   01/15/24     1   $1,372
7.000%   05/15/24     2   1,946
7.000%   08/15/28     14   14,966
7.500%   12/15/25     11   10,708
7.500%   02/15/26     3   2,548
8.500%   09/15/24     10   10,310
8.500%   04/15/25     1   719
Resolution Funding Corp. Interest Strips, Bonds
2.895%(s)   01/15/30     350   265,462
3.555%(s)   04/15/30     675   506,227
Resolution Funding Corp. Principal Strips, Bonds
3.143%(s)   04/15/30     2,305   1,733,430
3.596%(s)   01/15/30     2,290   1,744,359
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%   05/15/25     325   302,080
1.500%   09/15/31     500   407,553
5.880%   04/01/36     230   264,400
7.125%   05/01/30     530   629,875
Tennessee Valley Authority, Sr. Unsec’d. Notes, Series A
2.875%   02/01/27     175   168,022
Tennessee Valley Authority, Sr. Unsec’d. Notes, Series E
6.750%   11/01/25     510   541,885
 
Total U.S. Government Agency Obligations

(cost $100,156,683)
  91,569,202
U.S. Treasury Obligations — 31.3%
U.S. Treasury Bonds
1.250%   05/15/50     370   215,178
1.375%   11/15/40     6,870   4,727,419
2.000%   11/15/41     830   626,131
2.250%   05/15/41(k)     23,535   18,691,938
2.250%   08/15/49     385   289,412
2.375%   02/15/42     245   196,957
2.375%   11/15/49     12,265   9,476,629
2.500%   02/15/46     60   47,644
2.875%   05/15/43(k)     1,515   1,307,634
3.000%   02/15/49     260   227,581
3.625%   08/15/43     45   43,657
3.750%   11/15/43     3,645   3,597,729
4.000%   11/15/42     80   82,175
U.S. Treasury Notes
3.500%   02/15/33     705   706,212
3.625%   03/31/28     70   70,126
4.000%   02/29/28     150   152,730
4.000%   02/28/30     1,610   1,653,017
U.S. Treasury Strips Coupon
0.807%(s)   11/15/29     15   11,834
1.450%(s)   08/15/42     60   27,865
1.463%(s)   11/15/42     155   71,088
1.488%(s)   11/15/41     730   350,999
1.775%(s)   02/15/40     535   279,433
1.982%(s)   08/15/39     2,120   1,131,964
1.990%(s)   02/15/39     2,825   1,541,722
2.010%(s)   08/15/30     941   722,254
2.056%(s)   11/15/38     220   121,284
2.172%(s)   02/15/28     530   444,579
2.208%(s)   05/15/39     560   302,050
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
2.353%(s)   02/15/44     440   $191,727
2.365%(s)   05/15/44     2,790   1,204,495
2.402%(s)   05/15/41     1,995   983,161
2.415%(s)   11/15/40     525   264,817
2.416%(s)   05/15/42     80   37,563
2.434%(s)   11/15/45     345   141,167
2.436%(s)   02/15/46     390   158,087
2.443%(s)   08/15/44     210   89,660
2.452%(s)   08/15/43     1,145   511,090
2.486%(s)   02/15/45     150   62,965
2.506%(s)   11/15/43     4,315   1,902,477
2.513%(s)   08/15/41     2,740   1,331,576
2.857%(s)   05/15/31     33   24,692
3.176%(s)   08/15/40     800   408,313
3.215%(s)   02/15/41     475   236,702
3.812%(s)   05/15/38     3,315   1,865,723
3.979%(s)   02/15/42     3,945   1,874,954
 
Total U.S. Treasury Obligations

(cost $69,419,107)
  58,406,410
 
Total Long-Term Investments

(cost $206,112,058)
  184,755,600
    
      Shares  
Short-Term Investments — 8.3%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(wa)
4,987,745 4,987,745
PGIM Institutional Money Market Fund

(cost $10,555,567; includes $10,528,575 of cash collateral for securities on loan)(b)(wa)
10,557,775 10,552,495
 
Total Short-Term Investments

(cost $15,543,312)
15,540,240
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—107.3%

(cost $221,655,370)
200,295,840
Options Written*~ — (0.0)%
(premiums received $4,922)
(4)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—107.3%

(cost $221,650,448)
200,295,836
 
Liabilities in excess of other assets(z) — (7.3)%
(13,550,417)
 
Net Assets — 100.0%
$186,745,419
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
A Annual payment frequency for swaps
Aces Alternative Credit Enhancements Securities
CGM Citigroup Global Markets, Inc.
 
A4
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
CLO Collateralized Loan Obligation
CME Chicago Mercantile Exchange
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LIBOR London Interbank Offered Rate
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
STRIPs Separate Trading of Registered Interest and Principal of Securities
TBA To Be Announced
    
* 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.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $10,415,548; cash collateral of $10,528,575 (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 March 31, 2023.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(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:
 
Options Written:
OTC Traded  
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		Value
FNMA TBA 5.50%   Put   CGM   04/06/23     $99.16   —     1,000 $(4)  
(premiums received $4,922)  
Futures contracts outstanding at March 31, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
100   2 Year U.S. Treasury Notes   Jun. 2023   $20,645,313   $208,653
10   3 Month CME SOFR   Jun. 2023   2,378,188   7,294
284   5 Year U.S. Treasury Notes   Jun. 2023   31,100,218   440,218
289   10 Year U.S. Treasury Notes   Jun. 2023   33,212,423   851,891
                1,508,056
Short Positions:
137   10 Year U.S. Ultra Treasury Notes   Jun. 2023   16,596,266   (531,604)
402   20 Year U.S. Treasury Bonds   Jun. 2023   52,724,813   (2,125,246)
5   30 Year U.S. Ultra Treasury Bonds   Jun. 2023   705,625   6,563
                (2,650,287)
                $(1,142,231)
Interest rate swap agreements outstanding at March 31, 2023:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2023 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  1,908   03/08/25   4.946%(A)   1 Day SOFR(2)(A)/ 4.870%   $—   $29,192   $29,192
A5
PSF PGIM GOVERNMENT INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2023 (unaudited)
Interest rate swap agreements outstanding at March 31, 2023 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2023 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  2,332   03/09/25   5.110%(A)   1 Day SOFR(2)(A)/ 4.870%   $—   $42,970   $42,970
                    $—   $72,162   $72,162
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A6