Prudential Series Fund N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Item 1 – Reports to Stockholders

The Prudential Series Fund

ANNUAL REPORT     December 31, 2023

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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.

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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 annual report outlines our efforts to achieve this goal. We hope you find it informative and useful.

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Equity Market Overview

Easing inflationary pressures, hopes for central bank interest rate cuts, and artificial intelligence (AI) excitement helped drive equity returns sharply higher in 2023. Markets rose despite several headwinds, including the failure of several high-profile banks in the spring and Hamas’ attack on Israel in October. Anticipation of a rate-cut pivot pushed the 10-year US Treasury yield lower, which helped bond markets post gains for the first time in two years. Conversely, oil and gas prices retreated based on fears of oversupply.

Equities rally worldwide during the year

US equities were led by the tech-heavy Nasdaq Composite, which soared 43.42%. The large-cap S&P 500 Index advanced 26.29%, and the broad-based Russell 3000 Index added 25.96%. Stocks gained internationally as well, with the MSCI ACWI Ex-US Index—a gauge of stock performance in developed and emerging markets outside the US—gaining 15.62%. (Performance is based on net returns in US dollars unless stated otherwise and assumes reinvestment of dividends.)

Rate-cut expectations drove market sentiment

The US Federal Reserve (the Fed) hiked the federal funds rate four times in 2023 but paused at its September Federal Open Market Committee (FOMC) meeting. Market enthusiasm spiked in December when the Fed held interest rates steady for the third consecutive FOMC meeting. After the December meeting, Fed Chairman Jerome Powell noted that rates were “likely at or near peak,” and the Fed signaled the potential for several rate cuts in 2024.

During the year, inflation trended lower while still remaining above the Fed’s 2% target. Gross domestic product gained steadily in both the first and second quarters, followed by faster-than-expected growth in the third quarter.

Generative AI boosts US technology stocks

Enthusiasm over generative AI and its implications for both labor and operational efficiencies drove US stock market gains during the year. The market capitalization of NVIDIA Corp., maker of an overwhelming majority of the chips needed for generative AI programs, surged to over $1 trillion. In all, seven mega-tech companies—Apple, Inc., Alphabet, Inc., Microsoft Corp., Amazon.com, Inc., Meta Platforms, Inc., Tesla, Inc., and NVIDIA Corp. (also known as the Magnificent Seven)—accounted for most of the S&P 500 Index’s positive returns in 2023.

Fueled by technology stocks, growth equities handily outperformed value equities. During the year, the Russell 1000 Growth Index surged 42.68%, significantly higher than the 11.46% gain of the Russell 1000 Value Index. The Russell Midcap Index rose 17.23%, and the small-cap Russell 2000 Index added 16.93%.

Financials gain despite rising rates and bank failures

While financial services stocks ultimately ended the year higher, challenges proliferated as bank profit margins were squeezed by higher interest rates and elevated borrowing costs. Higher rates prompted concerns about liquidity, which then led to several bank runs. Over the course of a few weeks in the spring, the deposits of Silicon Valley Bank Group, Signature Bank, and First Republic Bank were all seized by the Federal Deposit Insurance Corporation, significantly impacting other regional banking stocks. Fears also spread to Europe as the 167-year-old Credit Suisse AG suffered a similar demise before it was absorbed by its rival UBS Group AG.

Oil and gas prices plummet

Despite increasing geopolitical strife in the Middle East and the continuation of the Russia-Ukraine war, oil prices fell during the year. Fears of oversupply weighed on markets, combined with a weaker-than-expected recovery in China. Natural gas prices experienced double-digit losses on record production, higher supply inventories, and a warm start to winter in the northern hemisphere.

Developed markets rally

European equities rose as inflation cooled during 2023. However, unlike the Fed in the United States, neither the European Central Bank nor the Bank of England gave any indication of potential interest rate cuts in 2024. Macroeconomic data in the region remained uncertain.

Japan’s negative interest rate policy, which has been in place since 2016, continued even as inflation remained above the Bank of Japan’s 2% target. The Bank of Japan maintained its conservative guidance, although indications surfaced that it would begin adjusting its ultra-loose monetary policy. Japanese stocks posted solid gains into year-end, helped by better earnings and corporate governance reform.

Developed equity markets outside the US and Canada, as measured by the MSCI EAFE Index, rose 18.85% during the year, while the MSCI Europe Index gained 19.89% and the MSCI Japan Index soared 20.32%.

Emerging-market stocks trail as China’s recovery disappoints

Emerging-market stocks gained but underperformed their developed-market peers. The year began with strong hopes for a recovery in China as the country lifted its zero-COVID policy. When that optimism faded following the policy change, confidence waned and pushed down the value of stocks in China. Meanwhile, Indian stocks posted strong returns on bullish sentiment due to solid economic growth and robust international investments.

In Latin America, Mexico’s central bank said interest rate cuts were possible in early 2024 and revised its inflation and growth forecast for the year, while Brazil began its monetary policy easing during the summer. In Argentina, newly elected President Javier Milei lifted the value of stocks with his ideas for economic reform.

Fixed Income Market Overview

After a dismal bond market performance for most of 2023, strong rallies in November and December lifted fixed income prices. The potential end of central bank interest rate hikes and the growing possibility of rate cuts in 2024 were the driving forces behind the renewed strength in bonds.

The rally in bond prices pushed the US 10-year Treasury yield from 5.0% to below 4.0% in a matter of weeks, and the yield ultimately ended the year at 3.88%. (Yields move inversely to prices.) Bonds registered their first gain in two years, with the Bloomberg US Aggregate Bond Index gaining 5.53%. Bonds issued by the US government and indexed to inflation, or Treasury inflation-protected securities (TIPS), added 3.90% per the Bloomberg US TIPS Index.

High yield bonds (i.e., debt rated below investment grade) were the standout performers, rising 13.46%, as measured by the Bloomberg US Corporate High Yield Index. Emerging-market debt, based on the J.P. Morgan EMBI Global Diversified Index, also posted solid gains, up 11.09%. (All returns cited are in US dollars unless stated otherwise.)

Central bankers turn dovish

The year began with consistently hawkish comments from developed-market central banks and continued interest rate hikes. (A hawkish view signals a tighter monetary policy supported by the potential for higher rates. A dovish view signals the potential for a looser monetary policy supported by holding rates steady or lowering them.) Over the reporting period, the Federal Reserve (the Fed) raised rates by an additional 100 basis points. (One basis point equals 0.01%.)

While remaining above the Fed’s 2% target, inflation began to cool in the second half of 2023. Slowing pricing pressures prompted the Fed to pause interest rate hikes at its September Federal Open Market Committee (FOMC) meeting, and it held rates steady through the end of the year. The pause lifted market expectations that the Fed was likely done hiking and increased hopes for future rate cuts. After the December FOMC meeting, Fed Chairman Jerome Powell noted that rates were “likely at or near peak,” and the Fed signaled the potential for several rate cuts in 2024.

The European Central Bank (ECB) also paused interest rate hikes at its October meeting amid a cooling inflation environment. However, ECB officials stated that any hope of rate cuts would be “premature” and that the fight against inflation would continue. Despite a rising inflation trend, the Bank of Japan maintained its negative interest rate policy. However, the Bank of Japan began to loosen its grip on long-term interest rates, and signs emerged of a possible end to the country’s ultra-loose monetary policy.

Investors hope for a soft landing

The US economy proved resilient, as gross domestic product showed better-than-expected real growth in 2023, buoyed by strength in manufacturing and robust (albeit moderating) consumer spending, particularly on travel and entertainment. With inflation cooling and employment growth slowing, investors’ anticipation of a soft landing increased. (A soft landing refers to the central bank tightening monetary policy enough to slow the economy and lower inflation without causing a recession.)

Treasury yields spike but end the year unchanged

Throughout 2023, yields on short-term US Treasuries were higher than those of longer-dated issues, referred to as yield curve inversion. (Typically, longer-term issues command a higher yield than shorter issues.) While the yield curve inversion continued into year-end, interest rates started to normalize.

The 10-year US Treasury yield began the year at 3.88%, spiked as high as 5% in October, only to end the year back at 3.88%. This drop in yields helped the US Treasury market post its first annual gain since 2020. Short-maturity yields, which are more sensitive to changes in monetary policy, declined the most during the year.

Government bonds in the United Kingdom, Germany, and Japan followed a similar path, with 10-year yields retreating from highs earlier in the year.

Credit spreads widen

Spreads and yields tightened into year-end as risk assets benefited from easing pricing pressures, better-than-feared third-quarter corporate earnings, and expectations that the Fed would pivot to interest rate cuts sometime in 2024. (Risk assets generally refer to assets that potentially have a significant

degree of price volatility, such as equities, high yield bonds, real estate, and currencies.) These solid fundamentals helped US investment-grade corporate spreads tighten. US high yield bonds rallied strongly amid lower new issuances, resilient economic data, and an ongoing supply deficit.

Emerging-market bond performance varies by region

Emerging-market bonds delivered positive returns in US dollar terms but underperformed their developed-market bond peers. Similar to equities, performance diverged by region. Latin America was the strongest performer, as local-currency bonds benefited from strong domestic economies. Asian bonds had a more mixed performance, as China’s economic headwinds and geopolitical tensions impacted the country’s sovereign bonds. Geopolitical strife caused bonds in emerging-market Europe, the Middle East, and Africa to lag.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF Global Portfolio Class I shares returned 19.59%. The Portfolio’s Class I shares underperformed the MSCI World Index (GD).

What were the market conditions during the reporting period?

Investors began calendar year 2023 (the reporting period) with fears that aggressive interest rate hikes by the US Federal Reserve (the Fed) would tip the US economy into a recession. However, the economy proved more resilient than expected, as inflation pressures eased and the Fed signaled at the end of the reporting period that it was poised to pivot from interest rate hikes to interest rate cuts in 2024. As a result, recession fears gave way to increased optimism that policymakers could pull off a soft landing, which the Portfolio managers believe helped fuel the outperformance of risk assets. (A soft landing refers to the central bank tightening monetary policy to fight inflation without causing a recession.) (Risk assets generally refer to assets that potentially have a significant degree of price volatility, such as equities, high yield bonds, real estate, and currencies.)

Following steep losses in the prior reporting period, US equities rebounded sharply in the reporting period, with the S&P 500 Index gaining 26.29% and finishing just shy of its all-time high. Growth stocks performed particularly well. The Russell 1000 Growth Index soared 42.68%, which was buoyed by a technology sector that gained over 50% due in part to growing optimism over the earnings potential of artificial intelligence. Defensive areas of the equity market, such as consumer staples and utilities, underperformed. Small-cap stocks lagged large-cap stocks but still produced solid gains, with the Russell 2000 Index adding 16.93%.

International developed equities performed well, with the MSCI EAFE Index (GD) rising 18.85% in the reporting period. However, these equities underperformed the US market, where the S&P 500 Index rose 26.29%, benefiting from top-performing technology stocks. At the country level, the United Kingdom underperformed the broad European area and Japan. Emerging market equities lagged their developed market counterparts, with the MSCI Emerging Market Index (GD) gaining a more muted 10.27%. China continued to be a key detractor, producing negative returns for the third straight year as economic growth lagged expectations.

Rate markets were choppy during the reporting period. Global government bond yields were volatile, rising for much of the reporting period only to fall sharply near the end. The US 10-year Treasury yield finished the reporting period exactly where it started, at 3.88%, after flirting with 5% just a few months earlier. Credit spreads tightened along with falling recession odds.

Bonds rebounded during the reporting period. The Bloomberg US Aggregate Bond Index rose 5.53%, the Bloomberg Global Aggregate Bond Index increased 5.71%, and the Bloomberg US High Yield Index gained 13.46%.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

What strategies or holdings affected the Portfolio’s performance?*

Overall asset allocation detracted from the Portfolio’s performance during the reporting period. The Portfolio had overweight positions in the US Large Cap Value and International Value sleeves and underweight positions in the US Large Cap Growth and International Growth sleeves. This positioning detracted from performance as growth strongly outperformed value in the US during the reporting period. In the second half of the reporting period, the Portfolio was broadly positioned in line with its benchmark index.

Subadvisor performance detracted from the Portfolio’s performance for the reporting period. Growth managers, both domestic and international, meaningfully underperformed their benchmark. Diversified growth managers in general struggled given the concentration of mega-cap names within the benchmark index.

The Portfolio used derivatives during the reporting period to gain certain market exposures and provide liquidity. PGIM Quantitative Solutions manages an active overlay of the Portfolio that used derivatives, including index futures, to manage cash flows and provide liquidity for the Portfolio. The use of derivatives did not have a material impact on the Portfolio’s performance during the reporting period.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF Mid-Cap Growth Portfolio Class I shares returned 23.55%. The Portfolio’s Class I shares underperformed the Russell Midcap Growth Index and outperformed the S&P Midcap 400 Index.

What were the market conditions during the reporting period?

Equity markets rebounded in calendar year 2023 (the reporting period), with the S&P 500 Index gaining 26.29% following its worst performance since 2008 in the previous reporting period. Market leadership experienced a sharp reversal during the reporting period, as higher-growth sectors of the market such as technology and consumer discretionary drove returns after being among the worst-performing sectors in the previous reporting period. Across market capitalizations, growth as a style meaningfully outperformed value. Within mid caps, the Russell Midcap Growth Index rose 25.87%, while the Russell Midcap Value Index gained 12.71%. In the Russell Midcap Growth Index, the technology (+52.2%) and consumer discretionary (+33.2%) sectors had the highest returns while energy (-10.5%) and telecommunications (-1.7%) were the only sectors to post negative returns for the reporting period.

What strategies or holdings affected the Portfolio’s performance?*

Underperformance during the reporting period was driven by challenging results in the first and fourth quarters as higher-growth segments of the market rallied sharply. Ultimately, stock selection and overweight allocations relative to its assigned performance index, the Russell MidCap Growth Index (“the Index”), in the healthcare and financials sectors were the primary detractors from performance. Stock selection in energy and an underweight position relative to the Index in consumer staples contributed positively to performance.

An overweight position relative to the Index in SolarEdge Technologies, Inc. was the top detractor from Portfolio returns during the reporting period. Results were challenged in the back half of the reporting period largely due to weaker US residential solar demand and supply issues. Growing competition in the US and globally also weighed on returns and, as a result, the SolarEdge position was eliminated in the fourth quarter. An overweight position relative to the Index in First Republic Bank also detracted from returns as the stock came under pressure due to substantial deposit outflows after Silicon Valley Bank and Signature Bank collapsed. With a significant number of uninsured deposits and a substantial liquidity crunch, First Republic was forced to tap into expensive funding sources before regulators seized its assets in May and sold most of them to JPMorgan Chase. The Portfolio exited its First Republic position in the first quarter of the reporting period.

An overweight position relative to the Index in Palo Alto Networks, Inc. was the top contributor to the Portfolio’s returns during the reporting period due to continued strong earnings reports as budgets for cybersecurity proved to be more resilient than the market was anticipating. Palo Alto Networks remained a top overweight position on expectations that it can continue to benefit from increased cybersecurity spending as well as consolidation of

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

network security spending among the leading vendors. An underweight position relative to the Index in Enphase Energy, Inc. also contributed to returns as higher rates and increasing competition weighed on demand. The Portfolio exited its Enphase position in the first quarter of the reporting period before these headwinds were fully apparent.

Portfolio positioning at the end of the reporting period was balanced between high-quality cyclical and secular growth opportunities across a variety of sectors. After entering the reporting period as a top underweight relative to the Index, the technology sector represented an overweight position at the end of the reporting period, with the Portfolio selectively adding to quality growth companies with solid fundamentals. While the Portfolio identified select secular growth opportunities within manufacturing infrastructure and grid transformation, the industrials sector represented an underweight position relative to the Index at the end of the reporting period due to concerns about demand and competition. Healthcare remained a top overweight position relative to the Index despite narrowing throughout the reporting period as more defensive stocks that had held up well in the previous reporting period were trimmed. The consumer discretionary sector was also a top overweight relative to the Index, with additions to select tech-enabled companies. The consumer staples and real estate sectors represented the top underweights.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception
Portfolio: Class I		1.98%		14.19%		1.36%		—
Portfolio: Class II		1.58		13.73		0.96		—
Portfolio: Class III		1.75		N/A		N/A		12.40
Lipper Global Natural Resources Funds Index		1.19		12.48		2.69		—
MSCI World Index® (GD)		24.42		13.37		9.18		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2023, the PSF Natural Resources Portfolio Class I shares returned 1.98%. The Portfolio’s Class I shares outperformed the Lipper Global Natural Resources Funds Index and underperformed the MSCI World Index (GD).

What were the market conditions during the reporting period?

US equities produced strong gains in calendar year 2023 (the reporting period), driven by generally favorable corporate earnings, a resilient economy, and increasing investor interest in artificial intelligence. Markets overcame negative factors such as regional bank turmoil in March, uncertainty about raising the US federal debt ceiling, geopolitical conflicts, and a sluggish Chinese economic recovery. Arguably the most significant factor affecting the US economy throughout the reporting period was rising interest rates in response to elevated inflation. The US Federal Reserve (the Fed) raised short-term interest rates four times through the end of July, lifting the fed funds rate to the range of 5.25% to 5.50%. Equities rallied through the end of the reporting period, with Fed officials in December signaling several potential interest rate cuts in 2024.

After spending a decade underweight in energy, the Portfolio was overweight versus its assigned performance index, the Lipper Global Natural Resources Funds Index (“the Index”), at the end of the reporting period. During the period, there was incremental evidence that the productivity wave in oil and natural gas was in its end stages, approaching what Portfolio managers believe could be a more structurally positive environment for commodities.

Though near-term uncertainty remains exacerbated by the geopolitical climate and macroeconomic backdrop, the Portfolio remained focused on where its managers believe the Portfolio has an investment edge, which is understanding the dynamics of long-term commodity cycles. Based on this understanding, the Portfolio’s exposures were shifted. The Portfolio added what the managers believe are high-quality and high-conviction names in energy and metals while trimming more defensive exposures like specialty chemicals, utilities, and paper and forest products. Designed to provide protection in periods of high and rising inflation, especially from commodities, the Portfolio remains committed to its investment process as a new commodity cycle comes into focus.

What strategies or holdings affected the Portfolio’s performance?*

Stock selection in the diversified metals and mining sector detracted from the Portfolio’s relative returns during the reporting period. Social unrest around a Panamanian mine—operated by a company held in the Portfolio—led to a decline in that company’s share price and lowered industry returns as well. An average overweight allocation relative to the Index in the semiconductor equipment sector also detracted from performance.

Portfolio holdings were negatively impacted by several headwinds during the reporting period, including excess inventory, structural changes around US demand for solar equipment, falling electricity prices in Europe, and higher interest rates. Portfolio exposure in the solar industry was eliminated during the reporting period. In the fertilizers and agricultural chemicals sector, an overweight allocation hampered the Portfolio’s relative performance. A difficult demand environment, driven by excess inventories built up in the previous reporting period and volatile input costs for companies in the industry, also challenged performance.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

Conversely, an overweight allocation relative to the Index and stock selection in the coal and consumable fuels sectors added positively to the Portfolio’s returns during the reporting period. Uranium producers contributed significantly to returns, as uranium prices reached a 15-year high after a challenging decade of performance and were further supported by continued tight supply and elevated demand in the wake of a global shift in support for nuclear power as a cleaner source of energy. In the electrical components and equipment sector, an overweight allocation and stock selection boosted the Portfolio’s relative returns. Portfolio holdings in the sector benefited throughout the reporting period from increased demand given potential tailwinds from the critical ties between artificial intelligence and electrification, as well as easing supply-chain pressures. Within the sector, the Portfolio’s high-quality companies benefited from exposure to growing trends, including grid modernization, electrification, and digitalization.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception
Portfolio: Class I		15.45%		8.07%		6.59%		—
Portfolio: Class III		15.16		N/A		N/A		2.05
Blended Index		15.60		8.64		7.03		—
S&P 500 Index		26.29		15.69		12.03		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2023, the PSF PGIM 50/50 Balanced Portfolio Class I shares returned 15.45%. The Portfolio’s Class I shares underperformed both the Blended Index and the S&P 500 Index.

What were the market conditions during the reporting period?

During calendar year 2023 (the reporting period), the theme of higher-for-longer interest rates continued into October, when the yield on the 10-year US Treasury bond rose above 5% intraday for the first time since 2007. Equities also continued to struggle; and by October, the S&P 500 Index had declined for three consecutive months for the first time since the COVID-19 pandemic turmoil in early 2020. Geopolitical issues returned during the reporting period with Hamas’ attack on Israel in October. But in late October, the market narrative began to swiftly turn when inflation fell more than expected, helping fuel growing hopes that it would finally drop near the Federal Reserve’s (the Fed’s) target level of 2%. The Fed surprised investors in December when it signaled potential rate cuts of approximately 75 basis points in 2024. (One basis point equals 0.01%.) For markets, this led to significant optimism that an economic soft landing was coming into view, whereby inflation would return to lower target levels without a recession and, in turn, would allow central banks to cut interest rates. These factors led to a major rally for both equities and bonds. In November, the Bloomberg Global Aggregate Bond Index returned 5.04%—its best monthly return since December 2008, which was during the height of the Global Financial Crisis. Equities also delivered a very strong year-end rally, with the S&P 500 Index advancing at its fastest pace since rebounding following the initial COVID-19 sell-off in 2020.

What strategies or holdings affected the Portfolio’s performance?*

The impact of asset allocation decisions was a slight negative to Portfolio performance during the reporting period. The Portfolio was underweight stocks in the first half of the reporting period, funded by an overweight in bonds, and it lagged its assigned performance index, the Blended Index (“the Index”), when stocks posted a strong rally. During the third quarter, the Portfolio’s underweight in stocks helped performance as risk assets struggled. (Risk assets generally refer to assets that potentially have a significant degree of price volatility.) The Portfolio was positioned closer to the Index in the fourth quarter, but slight overweights in both stocks and bonds, on average, at the expense of cash, modestly helped performance. Manager performance contributed positively over the reporting period. At the end of the reporting period, the Portfolio was positioned with a small overweight to equities and modest underweight exposures to fixed income and cash.

During the period the Portfolio used Interest Rate Swaps, Futures, and Total Return Swaps on Treasuries to help manage duration and yield curve exposure. In aggregate, the use of Interest Rate Swaps, Futures, and these Total Return Swaps had a negative impact on performance. The Portfolio also used Credit Default Swaps (CDX) and credit related Total Return Swaps to manage credit risk. The overall use of CDX had a negative impact on performance, while the Total Return Swaps contributed positively. The Portfolio’s use of foreign exchange currency also contributed negatively to performance.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Flexible Managed Portfolio Class I shares returned 17.93%. The Portfolio’s Class I shares outperformed the Blended Index and underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

During calendar year 2023 (the reporting period), the theme of higher-for-longer interest rates continued into October, when the yield on the 10-year US Treasury bond rose above 5% intraday for the first time since 2007. Equities also continued to struggle; and by October, the S&P 500 Index had declined for three consecutive months for the first time since the COVID-19 pandemic turmoil in early 2020. Geopolitical issues returned during the reporting period with Hamas’ attack on Israel in October. But in late October, the market narrative began to swiftly turn when inflation fell more than expected, helping fuel growing hopes that it would finally drop near the Federal Reserve’s (the Fed’s) target level of 2%. The Fed surprised investors in December when it signaled potential rate cuts of approximately 75 basis points in 2024. (One basis point equals 0.01%.) For markets, this led to significant optimism that an economic soft landing was coming into view, whereby inflation would return to lower target levels without a recession and, in turn, would allow central banks to cut interest rates. These factors led to a major rally for both equities and bonds. In November, the Bloomberg Global Aggregate Bond Index returned 5.04%—its best monthly return since December 2008, which was during the height of the Global Financial Crisis. Equities also delivered a very strong year-end rally, with the S&P 500 Index advancing at its fastest pace since rebounding following the initial COVID-19 sell-off in 2020.

What strategies or holdings affected the Portfolio’s performance?*

The impact of asset allocation decisions was a slight negative to Portfolio performance during the reporting period. The Portfolio was underweight stocks and overweight bonds in the first half of the period, and it lagged its assigned performance index, the Blended Index (“the Index”), when stocks posted a strong rally. During the third quarter, the Portfolio’s neutral exposure to stocks helped performance as risk assets struggled. (Risk assets generally refer to assets that potentially have a significant degree of price volatility.) The Portfolio was positioned closer to the Index in the fourth quarter, but slight overweights in both stocks and bonds, on average, at the expense of cash, modestly helped performance. Manager performance contributed positively over the reporting period. At the end of the reporting period, the Portfolio was positioned with a small overweight to equities and modest underweight exposures to fixed income and cash.

During the period the Portfolio used Interest Rate Swaps, Futures, and Total Return Swaps on Treasuries to help manage duration and yield curve exposure. In aggregate, the use of Interest Rate Swaps, Futures, and these Total Return Swaps had a negative impact on performance. The Portfolio also used Credit Default Swaps (CDX) and credit related Total Return Swaps to manage credit risk. The overall use of CDX had a negative impact on performance, while the Total Return Swaps contributed positively. The Portfolio’s use of foreign exchange currency also contributed negatively to performance.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Government Income Portfolio Class I shares returned 5.10%. The Portfolio’s Class I shares outperformed the Bloomberg Government Bond Index.

What were the market conditions during the reporting period?

A shift in fundamentals—most notably, inflation—helped drive the repricing of markets in calendar year 2023 (the reporting period). Rate volatility increased as markets began pricing in aggressive Federal Open Market Committee (FOMC) policy tightening and the possibility of a hard economic landing. (When central banks raise interest rates enough to cause a significant economic slowdown or a recession, it is known as a hard landing. When they raise rates just enough to slow the economy and lower inflation without causing a recession, it is known as a soft landing.)

The US economy proved resilient amid moderating consumer spending. Consumption was supported by household savings, which fell below pre-pandemic levels, and by credit card usage, which spiked 4.7% (or $1.08 trillion) in the third quarter. During the second half of the reporting period, the US labor market showed signs of loosening amid a marked rise in labor action, most notably from auto workers. Heading into the final months of the reporting period, November’s job gains were below the monthly average of 240,000 year-over-year.

Over the reporting period, the US Federal Reserve (the Fed) tightened monetary policy by an additional 100 basis points. (One basis point equals 0.01%.) Although remaining above the Fed’s 2% target, inflation continued to show signs of cooling. In addition, the developments in consumer spending and the labor market data raised hopes of a US soft landing. In December, the FOMC kept rates on hold for a third consecutive meeting, thereby increasing market expectations that the Fed is likely done hiking interest rates and that its next move would be to cut rates. This led to an end-of-year rally that dropped the US 10-year Treasury yield from 5.0% to below 4.0% in a matter of weeks to end the reporting period at 3.88%.

In the elevated-volatility environment, US investment-grade corporate spreads tightened as expectations for an economic hard landing dissipated and fundamentals remained solid. US high yield bonds posted significant gains over the reporting period amid limited new issuances, resilient economic data, and an ongoing supply deficit. Securitized credit spreads were mixed, with high-quality collateralized loan obligation (CLO) spreads tightening over the reporting period and commercial mortgage-backed securities (CMBS) spreads widening slightly as the commercial real estate sector remained challenged. Meanwhile, agency mortgage-backed securities posted modestly positive excess returns over the reporting period following a rally during the last few months of the reporting period. The emerging markets debt sector posted positive total returns, and spreads tightened going into the end of the reporting period.

What strategies or holdings affected the Portfolio’s performance?*

During the reporting period, sector allocation and individual security selection contributed to the Portfolio’s outperformance. Within sector allocation, overweights relative to the benchmark index in CLOs, agency securities, and CMBS were the largest contributors to the Portfolio’s performance. Within security selection, positioning in US Treasuries, CLOs, and CMBS also contributed to the Portfolio’s performance. This was partially offset by security selection in agency securities, which was the primary detractor from performance. The combined impact of the Portfolio’s duration and yield curve strategies

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

also contributed to the Portfolio’s outperformance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

During the reporting period, the Portfolio used futures and swaps to manage interest rate risk, which is a more efficient way of managing interest rate risk than through the purchase and sale of cash bonds. In the aggregate, use of futures contributed to the Portfolio’s performance during the reporting period.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

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.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Government Money Market Portfolio Class I shares returned 4.87%. The Portfolio’s Class I shares outperformed the Lipper US Government Money Market Index.

What were the market conditions during the reporting period?

Shifting fundamentals—most notably, inflation—helped drive the repricing of markets in calendar year 2023 (the reporting period). Rate volatility increased as markets began pricing in aggressive Federal Open Market Committee (FOMC) policy tightening and the possibility of a hard economic landing. (When central banks raise interest rates enough to cause a significant economic slowdown or a recession, it is known as a hard landing. When they raise rates just enough to slow the economy and lower inflation without causing a recession, it is known as a soft landing.) The US economy proved resilient amid moderating consumer spending. Consumption was supported by household savings, which fell below pre-pandemic levels, and by credit card usage, which spiked 4.7% (or $1.08 trillion) in the third quarter.

Over the reporting period, the US Federal Reserve (the Fed) tightened monetary policy by an additional 100 basis points (bps). (One basis point equals 0.01%.) Although remaining above the Fed’s 2% target, inflation continued to show signs of cooling. In addition, the developments in consumer spending and the labor market data raised hopes of a US soft landing. In December, the FOMC kept rates on hold for a third consecutive meeting, thereby increasing market expectations that the Fed is likely done hiking interest rates and that its next move would be to cut rates. This led to an end-of-year rally, with US Treasury yields declining sharply over the last few weeks of the reporting period.

The 10-year/2-year US Treasury spread declined from -0.54% on December 31, 2022 to -0.35% at the end of the reporting period, while the yield on the 2-year Treasury note ended the reporting period at 4.25%, a decline of 17 bps since the beginning of the reporting period. At the same time, the yield on the 3-month Treasury bill rose from 4.42% to 5.35%, while the Secured Overnight Financing Rate (SOFR) rose 108 bps to end the reporting period at 5.38%. In the short-term credit markets, investment-grade credit spreads tightened during the reporting period. The Bloomberg 1-3 Year Credit Index, a proxy for the short-term spread market, outperformed short-duration Treasuries by 0.91% during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only short-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

What strategies or holdings affected the Portfolio’s performance?*

The Portfolio’s weighted average maturity (WAM) remained longer than its peers during the first half of the reporting period as the Fed continued to raise interest rates. However, WAM decreased in July and remained shorter than its peers for the remainder of the reporting period as expectations that the Fed was nearing the end of its interest rate hiking cycle increased. The Portfolio’s weighted average life (WAL) remained longer than its peers throughout most of the reporting period before shortening versus peers in the last two months of the reporting period.

To take advantage of changing relative value between sectors, the Portfolio shifted its positioning in agency discount notes, repurchase agreements, and US Treasuries throughout the reporting period. During the reporting period, the Portfolio increased its positions in short, fixed rate US Treasuries, while reducing its positions in floating rate agency securities and agency discount notes to offset that increase.

Additionally, the Portfolio took advantage of changing floating rate spreads and shifted positioning across SOFR floaters accordingly. (Floaters are bonds or other types of debt whose coupon rate changes with short-term interest rates.)

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

Holdings reflect only short-term investments.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only short-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception
Portfolio: Class I		11.82%		5.94%		5.17%		—
Portfolio: Class III		11.53		N/A		N/A		0.98
Bloomberg US High Yield 1% Issuer Capped Index		13.46		5.25		4.53		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2023, the PSF PGIM High Yield Bond Portfolio Class I shares returned 11.82%. The Portfolio’s Class I shares underperformed the Bloomberg US High Yield 1% Issuer Capped Index.

What were market conditions during the reporting period?

US high yield bonds rallied during calendar year 2023 (the reporting period). Spreads and yields both tightened into the end of the reporting period, as risk assets benefited from increasingly benign inflation data, better-than-feared third-quarter corporate earnings, dovish comments from the Federal Reserve (the Fed), and the expectation that the Fed would pivot to rate cuts sometime in 2024. (A dovish signal by the Fed indicates the potential for a looser monetary policy supported by holding interest rates steady or lowering them.) Meanwhile, the technical backdrop remained supportive due to a variety of factors, including lower new issuances and a growing share of below-investment-grade companies opting to issue in the private credit markets instead.

Spreads on the Bloomberg US Corporate High Yield Bond Index tightened from 136 basis points (bps) to 323 bps as of the end of the reporting period. (One basis point equals 0.01%.) Meanwhile, high yield companies’ earnings and liquidity generally remained strong, and leverage remained well below the long-term average, despite some signs of deterioration and a series of rolling crises, including a string of regional bank failures. After posting outflows of $47 billion during 2022, high yield bond mutual funds and exchange-traded funds saw $7.9 billion of outflows during 2023, despite two consecutive monthly inflows totaling $15.4 billion in the last two months of the reporting period. However, supply/demand dynamics remained supportive as relatively low issuance in the primary market helped to offset the headwinds from negative fund flows. After totaling just $106.5 billion in 2022, high yield gross issuances totaled $175.9 billion in 2023, or $59.5 billion excluding refinancing activity. By quality, all credit tiers posted positive returns over the reporting period, with CCC-rated credits outperforming their B-rated and BB-rated peers. Meanwhile, the par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 2.84%, up from 1.65% at the end of the previous reporting period, according to J.P. Morgan.

What strategies or holdings affected the Portfolio’s performance?*

During the reporting period, the Portfolio’s relative underperformance versus the benchmark was driven primarily by overall security selection, with selection in the telecom, chemicals, and media & entertainment sectors detracting the most. This was partially offset by selection in technology, finance & insurance, and consumer non-cyclicals, which contributed to the Portfolio’s relative performance during the period. Overall sector allocation also detracted from performance, with an underweight to gaming/lodging/leisure, along with overweights to cable & satellite and electric utilities, detracting the most. This was partially offset by an overweight to building materials & home construction, along with underweights to telecom and technology, which contributed to performance. From a beta perspective, on average, having less risk in the Portfolio relative to the benchmark was a detractor from returns during the period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

Among the largest single-name contributors to the Portfolio’s performance during the reporting period were positions in Commscope Holding Company, Inc. (technology), Vistra Corp. (electric utilities), and Lumen Technologies, Inc. (telecom). Positions in Digicel Group Holdings Ltd. (telecom), Diamond Sports Group LLC (media & entertainment), and Chesapeake Energy Corp. (upstream energy) were the largest single-name detractors from the Portfolio’s performance.

During the period, the Portfolio used US Treasury futures to manage interest rate risk, which is a more efficient way of managing interest rate risk than through the purchase and sale of cash bonds. The impact of futures detracted from the Portfolio’s performance during the period. The Portfolio also used credit derivatives in the form of the Credit Default Swap Index (CDX) and swaps to manage the overall risk profile of the Portfolio, which had a positive aggregate impact on performance during the period.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

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.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Jennison Blend Portfolio Class I shares returned 32.52%. The Portfolio’s Class I shares outperformed both the Russell 1000 Index and the S&P 500 Index.

What were the market conditions during the reporting period?

Equities rose strongly in calendar year 2023 (the reporting period), led by gains in growth stocks, especially technology companies. The reporting period was dominated by the US Federal Reserve’s (the Fed’s) historic campaign of interest rate hikes.

Throughout the reporting period, many investors anticipated a significant slowdown and a possible recession that ultimately did not occur. The Fed’s expeditious steps following the failure of three major US banks in March provided stability and calm, resulting in a short-lived period of unease. The ongoing war in Ukraine and the Israel/Hamas conflict in the Middle East did not lead to a typical spike in energy prices. Indeed, the price of energy declined beginning in October, in line with reduced demand trends and abundant supply.

Volatility in the capital markets reflected economic and geopolitical realities in different ways throughout the reporting period. At the beginning of the reporting period, the 10-year US Treasury bond’s yield was approximately 3.8%, with an expectation that the federal funds rate would rise as the Fed’s battle to curb inflation continued. That rate, which started the reporting period in a range of 4.25% to 4.50%, reached a peak range of 5.25% to 5.50% in July and remained at that level through the end of the reporting period. Meanwhile, the 10-year US Treasury yield peaked at just under 5.0% in late October before declining at the end of the reporting period to its level at the beginning. Markets rallied in December after the Fed stated inflation had cooled and additional interest rate increases appeared unnecessary.

The grudging pace of the US economic slowdown was a surprise to many investors during the reporting period. In Jennison’s view, consumer resiliency in the face of geopolitical and macroeconomic turbulence was a significant reason, reflecting low unemployment, corporate balance sheet strength, and rising financial asset prices. Uncertainty about the US economy’s ability to avoid recession remained a focus at the end of the reporting period, with easing inflation and lower borrowing costs serving as economic tailwinds. Wage rates were no longer rising, and entry-level pay in some cases was below the COVID-19 pandemic peak. Corporate profits favorably weathered the post-pandemic period.

The S&P 500 Index advanced 26.29% during the reporting period. The information technology, communication services, and consumer discretionary sectors had the biggest gains. Utilities and energy were the only sectors to decline, while other defensive value sectors such as consumer staples and healthcare saw modest gains for the reporting period.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

What strategies or holdings affected the Portfolio’s performance?*

The Portfolio outperformed its assigned performance index, the Russell 1000 Index (‘the Index”), during the reporting period. The success of the Fed’s effort to lower inflation—along with clearing of the supply chain, resilient consumer spending, and most important, healthy earnings—drove the Portfolio’s strong performance.

Stock selection in the information technology, healthcare, consumer staples, and communication services sectors contributed the most to the Portfolio’s performance relative to the Index during the reporting period. Stock selection in the financials and energy sectors, along with an underweight position relative to the Index in the information technology sector and an overweight position in the energy sector, detracted the most from relative results.

Relative to the Index, the most notable stocks to contribute to the Portfolio’s overall performance during the reporting period included NVIDIA Corp., Microsoft Corp., Apple, Inc., Meta Platforms, Inc., and Amazon.com, Inc. Relative to the Index, the Portfolio’s top detractors for the reporting period included Bristol-Myers Squibb Co., ConocoPhillips, Danaher Corp., RTX Corp., and PNC Financial Services Group, Inc.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception
Portfolio: Class I		53.51%		18.27%		14.33%		—
Portfolio: Class II		52.89		17.81		13.87		—
Portfolio: Class III		53.12		N/A		N/A		2.13
Russell 1000® Growth Index		42.68		19.50		14.86		—
S&P 500 Index		26.29		15.69		12.03		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The Russell 1000® Growth Index is a trademark/service of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2023, the PSF PGIM Jennison Growth Portfolio Class I shares returned 53.51%. The Portfolio’s Class I shares outperformed both the Russell 1000 Growth Index and the S&P 500 Index.

What were the market conditions during the reporting period?

Equities rose strongly in calendar year 2023 (the reporting period), led by gains in growth stocks, especially technology companies. The reporting period was dominated by the US Federal Reserve’s (the Fed’s) historic campaign of interest rate hikes.

Throughout the reporting period, many investors anticipated a significant slowdown and a possible recession that ultimately did not occur. The Fed’s expeditious steps following the failure of three major US banks in March provided stability and calm, resulting in a short-lived period of unease. The ongoing war in Ukraine and the Israel/Hamas conflict in the Middle East did not lead to a typical spike in energy prices. Indeed, the price of energy declined beginning in October, in line with reduced demand trends and abundant supply.

Volatility in the capital markets reflected economic and geopolitical realities in different ways throughout the reporting period. At the beginning of the reporting period, the 10-year US Treasury bond’s yield was approximately 3.8%, with an expectation that the federal funds rate would rise as the Fed’s battle to curb inflation continued. That rate, which started the reporting period in a range of 4.25% to 4.50%, reached a peak range of 5.25% to 5.50% in July and remained at that level through the end of the reporting period. Meanwhile, the 10-year US Treasury yield peaked at just under 5.0% in late October before declining at the end of the reporting period to its level at the beginning. Markets rallied in December after the Fed stated inflation had cooled and additional interest rate increases appeared unnecessary.

The grudging pace of the US economic slowdown was a surprise to many investors during the reporting period. In Jennison’s view, consumer resiliency in the face of geopolitical and macroeconomic turbulence was a significant reason, reflecting low unemployment, corporate balance sheet strength, and rising financial asset prices. Uncertainty about the US economy’s ability to avoid recession remained a focus at the end of the reporting period, with easing inflation and lower borrowing costs serving as economic tailwinds. Wage rates were no longer rising, and entry-level pay in some cases was below the COVID-19 pandemic peak. Corporate profits favorably weathered the post-pandemic period.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

What strategies or holdings affected the Portfolio’s performance?*

The Portfolio significantly outperformed its assigned performance index, the Russell 1000 Growth Index, during the reporting period. The success of the Fed’s effort to lower inflation—along with clearing of the supply chain, resilient consumer spending, and most importantly, healthy earnings—drove the Portfolio’s strong performance.

During the previous reporting period, the Portfolio reduced or eliminated positions in companies with minimal free cash flows and very high valuations, as well as in companies that benefited disproportionately from COVID-19 pandemic demand. At the same time, positions were maintained in companies with strong fundamentals that were expected to perform well as share prices were revalued by the markets. Many of these maintained stock positions posted strong gains for the Portfolio during the reporting period. Jennison believes this price appreciation benefited from the depressed nature of valuations at the start of the reporting period, as well as from early indications that near- and medium-term revenue and profit expectations for numerous companies were beginning to improve.

Key individual contributors to the Portfolio’s absolute return during the reporting period included NVIDIA Corp., Microsoft Corp., Amazon.com, Inc., Apple, Inc., and Tesla, Inc. Key individual detractors from absolute return during the reporting period included UnitedHealth Group, Inc., Adyen NV, Argenx SE, Danaher Corp., and Ulta Beauty, Inc.

Taken together, the last two reporting periods encompassed financial market distress driven by historic inflationary pressures and interest rate increases, followed by a rebound in asset prices to levels that, in some cases, reached near peaks. Valuation played a significant role in both the decline and rebound of asset prices. This reporting period has been challenging, but Portfolio holdings meaningfully participated in the recovery. Jennison believes these companies navigated this environment in strong financial and operational health.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Jennison Value Portfolio Class I shares returned 15.20%. The Portfolio’s Class I shares outperformed the Russell 1000 Value Index and underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

Equities rose strongly in calendar year 2023 (the reporting period), led by gains in growth stocks, especially technology companies. The reporting period was dominated by the US Federal Reserve’s (the Fed’s) historic campaign of interest rate hikes.

Throughout the reporting period, many investors anticipated a significant slowdown and a possible recession that ultimately did not occur. The Fed’s expeditious steps following the failure of three major US banks in March provided stability and calm, resulting in a short-lived period of unease. The ongoing war in Ukraine and the Israel/Hamas conflict in the Middle East did not lead to a typical spike in energy prices. Indeed, the price of energy declined beginning in October, in line with reduced demand trends and abundant supply.

Volatility in the capital markets reflected economic and geopolitical realities in different ways throughout the reporting period. At the beginning of the reporting period, the 10-year US Treasury bond’s yield was approximately 3.8%, with an expectation that the federal funds rate would rise as the Fed’s battle to curb inflation continued. That rate, which started the reporting period in a range of 4.25% to 4.50%, reached a peak range of 5.25% to 5.50% in July and remained at that level through the end of the reporting period. Meanwhile, the 10-year US Treasury yield peaked at just under 5.0% in late October before declining at the end of the reporting period to its level at the beginning. Markets rallied in December after the Fed stated inflation had cooled and additional interest rate increases appeared unnecessary.

The grudging pace of the US economic slowdown was a surprise to many investors during the reporting period. In Jennison’s view, consumer resiliency in the face of geopolitical and macroeconomic turbulence was a significant reason, reflecting low unemployment, corporate balance sheet strength, and rising financial asset prices. Uncertainty about the US economy’s ability to avoid recession remained a focus at the end of the reporting period, with easing inflation and lower borrowing costs serving as economic tailwinds. Wage rates were no longer rising, and entry-level pay in some cases was below the COVID-19 pandemic peak. Corporate profits favorably weathered the post-pandemic period.

The Portfolio’s assigned performance index, the Russell 1000 Value Index (“the Index”), advanced 11.46% during the reporting period. The information technology, communication services, and industrials sectors had the biggest gains. Defensive value sectors such as utilities, healthcare, and consumer staples fell during the reporting period.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

What strategies or holdings affected the Portfolio’s performance?*

The Portfolio outperformed the Index during the reporting period. The success of the Fed’s effort to lower inflation—along with clearing of the supply chain, resilient consumer spending, and most important, healthy earnings—drove the Portfolio’s strong performance.

Stock selection in the information technology, healthcare, and communication services sectors, along with an overweight position relative to the Index in the information technology sector, added most to the Portfolio’s relative performance during the reporting period. Stock selection in the industrials sector, along with an underweight allocation relative to the Index in the communication services sector, detracted the most from relative results.

Relative to the Index, the most notable contributors to the Portfolio’s performance during the reporting period included Meta Platforms, Inc., Broadcom, Inc., Eli Lilly & Co., Microsoft Corp., and Salesforce, Inc. Relative to the Index, the Portfolio’s top detractors from performance for the reporting period included Bristol-Myers Squibb Co., Chevron Corp., RTX Corp., Aptiv plc, and Danaher Corp.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF PGIM Total Return Bond Portfolio Class I shares returned 7.27%. The Portfolio’s Class I shares outperformed the Bloomberg US Aggregate Bond Index.

What were the market conditions during the reporting period?

A shift in fundamentals—most notably, inflation—helped drive the repricing of markets in calendar year 2023 (the reporting period). Rate volatility increased as markets began pricing in aggressive Federal Open Market Committee (FOMC) policy tightening and the possibility of a hard economic landing. (When central banks raise interest rates enough to cause a significant economic slowdown or a recession, it is known as a hard landing. When they raise rates just enough to slow the economy and lower inflation without causing a recession, it is known as a soft landing.)

The US economy proved resilient amid moderating consumer spending. Consumption was supported by a drawdown in household savings, which fell below pre-pandemic levels, and by credit card usage, which spiked 4.7% (or $1.08 trillion) in the third quarter. During the second half of the reporting period, the US labor market showed signs of loosening amid a marked rise in labor action, most notably from auto workers. Heading into the final months of the reporting period, November’s job gains were below the monthly average of 240,000 year-over-year.

Over the reporting period, the US Federal Reserve (the Fed) tightened monetary policy by an additional 100 basis points. (One basis point equals 0.01%.) Although remaining above the Fed’s 2% target, inflation continued to show signs of cooling. In addition, the developments in consumer spending and the labor market data raised hopes of a US soft landing. In December, the FOMC kept rates on hold for a third consecutive meeting, thereby increasing market expectations that the Fed is likely done hiking interest rates and that its next move would be to cut rates. This led to an end-of-year rally that dropped the US 10-year Treasury yield from 5.0% to below 4.0% in a matter of weeks to end the reporting period at 3.88%.

In the elevated-volatility environment, US investment-grade corporate spreads tightened as expectations for an economic hard landing dissipated and fundamentals remained solid. US high yield bonds posted significant gains over the reporting period amid limited new issuances, resilient economic data, and an ongoing supply deficit. Securitized credit spreads were mixed, with high-quality collateralized loan obligation (CLO) spreads tightening over the reporting period and commercial mortgage-backed securities (CMBS) spreads widening slightly as the commercial real estate sector remained challenged. Meanwhile, agency mortgage-backed securities (MBS) posted modestly positive excess returns over the reporting period following a rally during the last few months of the reporting period. The emerging markets debt sector posted positive total returns, and spreads tightened going into the end of the reporting period.

What strategies or holdings affected the Portfolio’s performance?*

During the reporting period, sector allocation and individual security selection were the main contributors to the Portfolio’s outperformance versus the primary benchmark. Within sector allocation, overweights in high yield corporate bonds, CLOs, and bank loans contributed to the Portfolio’s performance. This was partially offset by underweights to investment-grade corporate bonds and agency securities, which detracted from performance. Within security

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

selection, positioning in investment-grade corporate bonds, non-agency MBS, and CLOs were the largest contributors to performance. This was partially offset by selection in CMBS and US Treasuries, both of which detracted from performance. Within credit, selection in foreign non-corporates, banking, and midstream energy contributed to the Portfolio’s performance. Selection in telecom, media & entertainment, and upstream energy detracted from performance.

The Portfolio’s duration positioning also contributed to performance during the reporting period, while its yield curve strategies detracted. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

During the reporting period, the Portfolio used total return and interest rate swaps to help manage duration and yield curve exposure. In aggregate, the use of these swaps had a positive impact on the Portfolio’s performance during the period. In addition, the Portfolio used futures to manage interest rate risk, which is a more efficient way of managing interest rate risk than through the purchase and sale of cash bonds. The use of futures had a negative impact on the Portfolio’s performance during the period. The Portfolio also used credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. Use of the CDX detracted from the Portfolio’s performance during the period.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

Presentation of Portfolio Holdings — unaudited

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.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF Small-Cap Stock Index Portfolio Class I shares returned 15.74%. The Portfolio’s Class I shares underperformed the S&P SmallCap 600 Index.

What were the market conditions during the reporting period?

US equities finished calendar year 2023 (the reporting period) firmly in positive territory, catapulted by robust fourth-quarter returns. The hype surrounding artificial intelligence propped up the S&P 500 Index throughout the reporting period, leading to large-cap stocks outperforming small-cap stocks that were more challenged by rising interest rates. Dovish signaling from the US Federal Reserve during its November and December meetings reversed this trend, and small-cap stocks that had been hindered by rising rates began outperforming large-cap stocks. (A dovish signal by the US Federal Reserve indicates the potential for a looser monetary policy supported by holding interest rates steady or lowering them.)

What strategies or holdings affected the Portfolio’s performance?*

During the reporting period, the largest contributors to the Portfolio’s performance were elf Beauty, Inc. (0.54%) and Rambus, Inc. (0.59%). The largest detractors from performance were Patterson-UTI Energy, Inc. (0.34%) and Helmerich & Payne, Inc. (0.42%). During the reporting period, industrials and consumer discretionary were the top-performing sectors while utilities and healthcare were the laggards.

Index futures and exchange-traded funds were used in the Portfolio for cash management purposes. They had a minimal effect on the Portfolio’s performance.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited)

For the year ended December 31, 2023, the PSF Stock Index Portfolio Class I shares returned 25.92%. The Portfolio’s Class I shares underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

US equities finished calendar year 2023 (the reporting period) firmly in positive territory, catapulted by robust fourth-quarter returns. The hype surrounding artificial intelligence propped up the S&P 500 Index throughout the reporting period, leading to large-cap stocks outperforming small-cap stocks that were more challenged by rising interest rates. Dovish signaling from the US Federal Reserve during its November and December meetings reversed this trend, and small-cap stocks that had been hindered by rising rates began outperforming large-cap stocks. (A dovish signal by the US Federal Reserve indicates the potential for a looser monetary policy supported by holding interest rates steady or lowering them.)

What strategies or holdings affected the Portfolio’s performance?*

During the reporting period, the largest contributors to the Portfolio’s performance were Microsoft Corp. (6.49%) and Apple, Inc. (7.11%). The largest detractors from performance were Pfizer, Inc. (0.59%) and Chevron Corp. (0.80%). During the reporting period, communication services and information technology were the top-performing sectors while utilities and energy were the laggards.

Index futures and exchange-traded funds were used in the Portfolio for cash management purposes. They had a minimal effect on the Portfolio’s performance.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned performance index and is viewed for performance attribution purposes at the aggregate Portfolio level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

Report of the Investment Manager - As of December 31, 2023 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

The indexes are unmanaged and include reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. Investors cannot invest directly in a market index.

Bloomberg Government Bond Index is a weighted unmanaged index comprised of securities issued or backed by the US Government, its agencies, and instrumentalities with a remaining maturity of one to 30 years.

Bloomberg US Aggregate Bond Index is an unmanaged index comprised of more than 5,000 government and corporate bonds.

Bloomberg US High Yield 1% Issuer Capped Index is an unmanaged index that covers the universe of US dollar denominated, non-convertible, fixed-rate, non-investment-grade debt. Issuers are capped at 1% of the Index. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower.

Lipper Global Natural Resources Funds Index is an unmanaged index of funds that invest primarily in the equity securities of domestic and foreign companies engaged in the exploration, development, production, or distribution of natural resources (including oil, natural gas, and base minerals) and/or alternative energy sources (including solar, wind, hydro, tidal, and geothermal). Returns for the Lipper Average reflect the deduction of operating expenses. Natural Resources funds are defined as funds that invest primarily in the equity securities of domestic and foreign companies engaged in natural resources.

Lipper US Government Money Market Index invests principally in financial instruments issued or guaranteed by the US government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than 90 days.

MSCI World Index (GD) - The Morgan Stanley Capital International World Index is an unmanaged capitalization weighted index which includes the equity markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, United Kingdom, and United States. The GD version does not reflect the impact of withholding taxes on reinvested dividends.

PSF PGIM 50/50 Balanced Portfolio Blended Index consists of the S&P 500 Index (50%), an unmanaged, market value-weighted index of over 500 stocks generally representative of the broad stock market, Bloomberg US Aggregate Bond Index (40%), an unmanaged index comprised of more than 5,000 government and corporate bonds, and the FTSE 3-Month T-Bill Index (10%), an unmanaged market value-weighted index of investment grade fixed rate public obligations of the US Treasury with maturities of three months, excluding zero coupon strips.

PSF PGIM Flexible Managed Portfolio Blended Index consists of the S&P 500 Index (60%), an unmanaged, market value-weighted index of over 500 stocks generally representative of the broad stock market, Bloomberg US Aggregate Bond Index (35%), an unmanaged index comprised of more than 5,000 government and corporate bonds, and the FTSE 3-Month T-Bill Index (5%), an unmanaged market value-weighted index of investment grade fixed rate public obligations of the U.S. Treasury with maturities of three months, excluding zero coupon strips.

Russell 1000 Index is an unmanaged market cap-weighted index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market.

Russell 1000 Growth Index is an unmanaged market cap-weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index is an unmanaged market cap-weighted index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap Growth Index is an unmanaged market cap-weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

S&P Midcap 400 Index is a widely accepted, unmanaged total return index of 400 domestic stocks measuring the performance of the midsize company segment of the U.S. stock market.

S&P 500 Index is an unmanaged, market value-weighted index of over 500 stocks generally representative of the broad stock market.

S&P SmallCap 600 Index is an unmanaged index representing the aggregate market value of the common equity of 600 small company stocks.

For Russell Indexes: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

The S&P 500, S&P MidCap 400, and S&P SmallCap 600 indexes are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

The PSF PGIM 50/50 Balanced Portfolio Blended Index and the PSF PGIM Flexible Managed Portfolio Blended Index are calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the PSF PGIM 50/50 Balanced Portfolio Blended Index and the PSF PGIM Flexible Managed Portfolio Blended Index, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index, including the PSF PGIM 50/50 Balanced Portfolio Blended Index and the PSF PGIM Flexible Managed Portfolio Blended Index, or the data included therein.

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, distribution and/or service (12b-1) fees, and other Portfolio expenses, as applicable. 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 July 1, 2023 through December 31, 2023.

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.

* 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 184 days in the six-month period ended December 31, 2023, and divided by the 365 days in the Portfolio’s fiscal year ended December 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.

The following abbreviations are used in the Portfolios’ descriptions:

SEE NOTES TO FINANCIAL STATEMENTS.

A1