PSF PGIM Total Return Bond Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, PSF PGIM Total Return Bond Portfolio held 1,670 positions with $2.49B in net assets. Its ten largest holdings made up 18.1% of the fund. Its share classes cost 0.43%–0.68% a year. Over the 12 months to May 2026, it returned 6.0%, with dividends reinvested. In 2026 Q2 it added 143 new positions and exited 222.
The investment objective of the Portfolio is a high level of income over a longer term while providing reasonable safety of capital.
The fund is managed by subadviser PGIM Fixed Income, which combines top-down economic analysis and bottom-up research with proprietary quantitative models to construct a portfolio of at least 80% bonds. The strategy emphasizes investment-grade debt and money market investments while permitting up to 30% in lower-rated speculative securities and up to 20% in international debt. The fund adjusts its mix of short-, intermediate-, and long-term obligations to benefit from interest rate declines and limit losses when rates rise. Because security selection depends on the subadviser's internal ratings, financial analysis, and expected total return assessments rather than a fixed index, portfolio composition will vary with those judgments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.63% · due 2044-05-15 | 3.37% | $83.76M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.75% · due 2032-11-30 | 3.03% | $75.36M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.00% · due 2033-01-31 | 2.40% | $59.60M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.63% · due 2044-11-15 | 1.96% | $48.71M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.38% · due 2051-05-15 | 1.92% | $47.69M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2032-12-31 | 1.32% | $32.95M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.13% · due 2044-08-15 | 1.29% | $31.98M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.88% · due 2051-02-15 | 1.10% | $27.33M | — |
BATTALION CLO LTD 2024-25 0.00% floating · due 2039-07-20 | 0.90% | $22.50M | — |
FEDERAL HOME LOAN MORTGAGE CORP 5.00% · due 2056-02-01 | 0.83% | $20.70M | — |
The 200 largest of 1,670 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 57.56% |
| Bonds | 37.58% |
| Cash & short-term | 2.11% |
| Loans | 1.01% |
| Stocks | 0.25% |
| Derivatives | -0.03% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Securitized
- 40.5%
- Government
- 25.2%
- Other
- 9.9%
- International
- 6.5%
- 12 other sectors
- 17.8%
- Securitized
- 40.5%
- Government
- 25.2%
- Other
- 9.9%
- International
- 6.5%
- Financials
- 6.0%
- Utilities
- 2.4%
- Energy
- 1.6%
- Industrials
- 1.2%
- Cash
- 1.1%
- Communication Services
- 1.0%
- Health Care
- 1.0%
- Consumer Staples
- 0.9%
- Consumer Discretionary
- 0.8%
- Information Technology
- 0.7%
- Real Estate
- 0.6%
- Materials
- 0.5%
How it has done
C000005704 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
PSF PGIM Total Return Bond Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.43% – 0.68%
- Portfolio turnover
- 96.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
143 new· the largest 5
222 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 75.6% |
| Floating rate | 23.1% |
| Zero-coupon or unclassified | 1.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 7.9% |
| 3-5y | 10.2% |
| 5-10y | 22.2% |
| 10y+ | 57.5% |
| Unknown | 0.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 64% |
| Credit spreads | 36% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.02 yr |
| High yield | +0.27 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.60 yr | 10% |
| 5 yr | 1.73 yr | 30% |
| 10 yr | 2.38 yr | 41% |
| 30 yr | 1.00 yr | 17% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.53 yr | 16% |
| 5 yr | 1.94 yr | 59% |
| 10 yr | 0.75 yr | 23% |
| 30 yr | 0.06 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.02 | +0.00 | $4.1k | $860 |
| 1 yr | +0.60 | +0.43 | +0.10 | $106.2k | $25.7k |
| 5 yr | +1.73 | +1.79 | +0.14 | $445.8k | $36.0k |
| 10 yr | +2.38 | +0.73 | +0.02 | $181.8k | $4.3k |
| 30 yr | +1.00 | +0.06 | +0.00 | $13.8k | $82 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.75 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”