Prudential Series Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-03623

Exact name of registrant as specified in charter:		The Prudential Series Fund

Address of principal executive offices:		655 Broad Street, 6 th Floor Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French 655 Broad Street, 6 th Floor Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		12/31/2024

Date of reporting period:		06/30/2024

Item 1 – Reports to Stockholders

(a)

Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR

270.30e-1).

The Prudential Series Fund

PSF Global Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF Global Portfolio (the “Portfolio”) for the period

of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Global Portfolio—Class I	$40	0.75%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 925,138,529
Number of portfolio holdings	409
Portfolio turnover rate for the period	16%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	10.7%
Software	8.1%
Banks	5.2%
Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan)	4.9%
Pharmaceuticals	4.9%
Interactive Media & Services	4.5%
Oil, Gas & Consumable Fuels	4.4%
Insurance	4.0%
Technology Hardware, Storage & Peripherals	3.5%
Financial Services	3.4%
Aerospace & Defense	3.1%
Broadline Retail	2.9%
Capital Markets	2.8%
Health Care Equipment & Supplies	2.7%
Electrical Equipment	2.3%
Health Care Providers & Services	2.2%
Machinery	2.0%
Life Sciences Tools & Services	2.0%
Chemicals	2.0%
Hotels, Restaurants & Leisure	1.8%
Electronic Equipment, Instruments & Components	1.4%
Industrial Conglomerates	1.3%
Household Products	1.3%
Ground Transportation	1.2%
IT Services	1.1%
Professional Services	1.1%
Biotechnology	1.1%
Construction Materials	1.0%
Consumer Staples Distribution & Retail	1.0%
Media	1.0%
Personal Care Products	0.9%
Food Products	0.9%
Multi-Utilities	0.9%
Tobacco	0.8%
Automobiles	0.8%
Specialty Retail	0.7%

Industry Classification	% of Net Assets
Entertainment	0.7%
Electric Utilities	0.7%
Textiles, Apparel & Luxury Goods	0.7%
Trading Companies & Distributors	0.6%
Air Freight & Logistics	0.6%
Residential REITs	0.6%
Beverages	0.5%
Real Estate Management & Development	0.5%
Specialized REITs	0.5%
Containers & Packaging	0.5%
Building Products	0.4%
Passenger Airlines	0.3%
Metals & Mining	0.3%
Energy Equipment & Services	0.3%
U.S. Government Agency Obligations	0.3%
Construction & Engineering	0.3%
Industrial REITs	0.3%
Diversified Telecommunication Services	0.3%
Commercial Services & Supplies	0.2%
Automobile Components	0.2%
Communications Equipment	0.1%
Household Durables	0.1%
Health Care Technology	0.1%
Gas Utilities	0.1%
Independent Power & Renewable Electricity Producers	0.1%
Consumer Finance	0.1%
Marine Transportation	0.1%
Diversified REITs	0.0%*
Transportation Infrastructure	0.0%*
Wireless Telecommunication Services	0.0%*
	103.4%
Liabilities in excess of other assets	(3.4)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

GLOBL_SAR

The Prudential Series Fund

PSF Global Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF Global Portfolio (the “Portfolio”) for the

period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Global Portfolio—Class III	$53	1.01%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$925,138,529
Number of portfolio holdings	409
Portfolio turnover rate for the period	16%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	10.7%
Software	8.1%
Banks	5.2%
Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan)	4.9%
Pharmaceuticals	4.9%
Interactive Media & Services	4.5%
Oil, Gas & Consumable Fuels	4.4%
Insurance	4.0%
Technology Hardware, Storage & Peripherals	3.5%
Financial Services	3.4%
Aerospace & Defense	3.1%
Broadline Retail	2.9%
Capital Markets	2.8%
Health Care Equipment & Supplies	2.7%
Electrical Equipment	2.3%
Health Care Providers & Services	2.2%
Machinery	2.0%
Life Sciences Tools & Services	2.0%
Chemicals	2.0%
Hotels, Restaurants & Leisure	1.8%
Electronic Equipment, Instruments & Components	1.4%
Industrial Conglomerates	1.3%
Household Products	1.3%
Ground Transportation	1.2%
IT Services	1.1%
Professional Services	1.1%
Biotechnology	1.1%
Construction Materials	1.0%
Consumer Staples Distribution & Retail	1.0%
Media	1.0%
Personal Care Products	0.9%
Food Products	0.9%
Multi-Utilities	0.9%
Tobacco	0.8%
Automobiles	0.8%
Specialty Retail	0.7%

Industry Classification	% of Net Assets
Entertainment	0.7%
Electric Utilities	0.7%
Textiles, Apparel & Luxury Goods	0.7%
Trading Companies & Distributors	0.6%
Air Freight & Logistics	0.6%
Residential REITs	0.6%
Beverages	0.5%
Real Estate Management & Development	0.5%
Specialized REITs	0.5%
Containers & Packaging	0.5%
Building Products	0.4%
Passenger Airlines	0.3%
Metals & Mining	0.3%
Energy Equipment & Services	0.3%
U.S. Government Agency Obligations	0.3%
Construction & Engineering	0.3%
Industrial REITs	0.3%
Diversified Telecommunication Services	0.3%
Commercial Services & Supplies	0.2%
Automobile Components	0.2%
Communications Equipment	0.1%
Household Durables	0.1%
Health Care Technology	0.1%
Gas Utilities	0.1%
Independent Power & Renewable Electricity Producers	0.1%
Consumer Finance	0.1%
Marine Transportation	0.1%
Diversified REITs	0.0%*
Transportation Infrastructure	0.0%*
Wireless Telecommunication Services	0.0%*
	103.4%
Liabilities in excess of other assets	(3.4)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF01_SAR

The Prudential Series Fund

PSF Mid-Cap Growth Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF Mid-Cap Growth Portfolio (the “Portfolio”) for

the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Mid-Cap Growth Portfolio—Class I	$33	0.64%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 407,293,615
Number of portfolio holdings	113
Portfolio turnover rate for the period	30%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF

6/30/2024

Industry Classification	% of Net Assets
Affiliated Mutual Funds (16.4% represents investments purchased with collateral from securities on loan)	17.6%
Capital Markets	9.6%
Software	9.3%
Semiconductors & Semiconductor Equipment	8.1%
Biotechnology	6.2%
Hotels, Restaurants & Leisure	5.4%
Health Care Equipment & Supplies	4.5%
Specialty Retail	4.3%
IT Services	3.8%
Electrical Equipment	3.6%
Machinery	3.5%
Building Products	2.8%
Life Sciences Tools & Services	2.6%
Media	2.5%
Health Care Providers & Services	2.4%
Commercial Services & Supplies	2.0%
Ground Transportation	2.0%
Oil, Gas & Consumable Fuels	1.9%
Professional Services	1.8%
Aerospace & Defense	1.7%
Technology Hardware, Storage & Peripherals	1.6%
Construction & Engineering	1.5%

Industry Classification	% of Net Assets
Electronic Equipment, Instruments & Components	1.4%
Beverages	1.4%
Personal Care Products	1.2%
Pharmaceuticals	1.2%
Energy Equipment & Services	1.2%
Diversified Consumer Services	0.9%
Entertainment	0.9%
Financial Services	0.9%
Insurance	0.8%
Household Durables	0.8%
Communications Equipment	0.8%
Banks	0.7%
Distributors	0.7%
Trading Companies & Distributors	0.7%
Consumer Staples Distribution & Retail	0.6%
Independent Power & Renewable Electricity Producers	0.6%
Construction Materials	0.6%
Interactive Media & Services	0.5%
Automobiles	0.4%
	115.0%
Liabilities in excess of other assets	(15.0)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by

contacting

us at (800) 346-3778.

EMRGW_SAR

The Prudential Series Fund

PSF Mid-Cap Growth Portfolio

Class II

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class II shares of PSF Mid-Cap Growth Portfolio (the “Portfolio”) for

the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Mid-Cap Growth Portfolio—Class II	$53	1.04%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$407,293,615
Number of portfolio holdings	113
Portfolio turnover rate for the period	30%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Affiliated Mutual Funds (16.4% represents investments purchased with collateral from securities on loan)	17.6%
Capital Markets	9.6%
Software	9.3%
Semiconductors & Semiconductor Equipment	8.1%
Biotechnology	6.2%
Hotels, Restaurants & Leisure	5.4%
Health Care Equipment & Supplies	4.5%
Specialty Retail	4.3%
IT Services	3.8%
Electrical Equipment	3.6%
Machinery	3.5%
Building Products	2.8%
Life Sciences Tools & Services	2.6%
Media	2.5%
Health Care Providers & Services	2.4%
Commercial Services & Supplies	2.0%
Ground Transportation	2.0%
Oil, Gas & Consumable Fuels	1.9%
Professional Services	1.8%
Aerospace & Defense	1.7%
Technology Hardware, Storage & Peripherals	1.6%
Construction & Engineering	1.5%

Industry Classification	% of Net Assets
Electronic Equipment, Instruments & Components	1.4%
Beverages	1.4%
Personal Care Products	1.2%
Pharmaceuticals	1.2%
Energy Equipment & Services	1.2%
Diversified Consumer Services	0.9%
Entertainment	0.9%
Financial Services	0.9%
Insurance	0.8%
Household Durables	0.8%
Communications Equipment	0.8%
Banks	0.7%
Distributors	0.7%
Trading Companies & Distributors	0.7%
Consumer Staples Distribution & Retail	0.6%
Independent Power & Renewable Electricity Producers	0.6%
Construction Materials	0.6%
Interactive Media & Services	0.5%
Automobiles	0.4%
	115.0%
Liabilities in excess of other assets	(15.0)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

EMRGW_SAR CL II

The Prudential Series Fund

PSF Mid-Cap Growth Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF Mid-Cap Growth Portfolio (the “Portfolio”) for

the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Mid-Cap Growth Portfolio—Class III	$46	0.89%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 407,293,615
Number of portfolio holdings	113
Portfolio turnover rate for the period	30%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Affiliated Mutual Funds (16.4% represents investments purchased with collateral from securities on loan)	17.6%
Capital Markets	9.6%
Software	9.3%
Semiconductors & Semiconductor Equipment	8.1%
Biotechnology	6.2%
Hotels, Restaurants & Leisure	5.4%
Health Care Equipment & Supplies	4.5%
Specialty Retail	4.3%
IT Services	3.8%
Electrical Equipment	3.6%
Machinery	3.5%
Building Products	2.8%
Life Sciences Tools & Services	2.6%
Media	2.5%
Health Care Providers & Services	2.4%
Commercial Services & Supplies	2.0%
Ground Transportation	2.0%
Oil, Gas & Consumable Fuels	1.9%
Professional Services	1.8%
Aerospace & Defense	1.7%
Technology Hardware, Storage & Peripherals	1.6%
Construction & Engineering	1.5%

Industry Classification	% of Net Assets
Electronic Equipment, Instruments & Components	1.4%
Beverages	1.4%
Personal Care Products	1.2%
Pharmaceuticals	1.2%
Energy Equipment & Services	1.2%
Diversified Consumer Services	0.9%
Entertainment	0.9%
Financial Services	0.9%
Insurance	0.8%
Household Durables	0.8%
Communications Equipment	0.8%
Banks	0.7%
Distributors	0.7%
Trading Companies & Distributors	0.7%
Consumer Staples Distribution & Retail	0.6%
Independent Power & Renewable Electricity Producers	0.6%
Construction Materials	0.6%
Interactive Media & Services	0.5%
Automobiles	0.4%
	115.0%
Liabilities in excess of other assets	(15.0)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF02_SAR

The Prudential Series Fund

PSF Natural Resources

Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF Natural Resources Portfolio (the “Portfolio”)

for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Natural Resources Portfolio—Class I	$26	0.50%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 562,420,930
Number of portfolio holdings	93
Portfolio turnover rate for the period	10%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Country Classification	% of Net Assets
United States (8.0% represents investments purchased with collateral from securities on loan)	78.9%
Canada	12.7%
France	4.6%
Australia	2.8%
Norway	1.7%
United Kingdom	1.4%
Portugal	1.3%
Japan	1.3%
Austria	0.7%

Country Classification	% of Net Assets
Ghana	0.6%
South Korea	0.6%
Mexico	0.5%
Germany	0.4%
South Africa	0.4%
	107.9%
Liabilities in excess of other assets	(7.9)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

NATRE_SAR

The Prudential Series Fund

PSF Natural Resources Portfolio

Class II

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class II shares of PSF Natural Resources Portfolio (the “Portfolio”)

for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Natural Resources Portfolio—Class II	$46	0.90%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 562,420,930
Number of portfolio holdings	93
Portfolio turnover rate for the period	10%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Country Classification	% of Net Assets
United States (8.0% represents investments purchased with collateral from securities on loan)	78.9%
Canada	12.7%
France	4.6%
Australia	2.8%
Norway	1.7%
United Kingdom	1.4%
Portugal	1.3%
Japan	1.3%
Austria	0.7%

Country Classification	% of Net Assets
Ghana	0.6%
South Korea	0.6%
Mexico	0.5%
Germany	0.4%
South Africa	0.4%
	107.9%
Liabilities in excess of other assets	(7.9)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

NATRE_SAR CL II

The Prudential Series Fund

PSF Natural Resources Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF Natural Resources Portfolio (the “Portfolio”)

for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Natural Resources Portfolio— Class III	$39	0.75%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set

forth

in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 562,420,930
Number of portfolio holdings	93
Portfolio turnover rate for the period	10%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Country Classification	% of Net Assets
United States (8.0% represents investments purchased with collateral from securities on loan)	78.9%
Canada	12.7%
France	4.6%
Australia	2.8%
Norway	1.7%
United Kingdom	1.4%
Portugal	1.3%
Japan	1.3%
Austria	0.7%

Country Classification	% of Net Assets
Ghana	0.6%
South Korea	0.6%
Mexico	0.5%
Germany	0.4%
South Africa	0.4%
	107.9%
Liabilities in excess of other assets	(7.9)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF03_SAR

The Prudential Series Fund

PSF PGIM 50/50 Balanced Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM 50/50 Balanced Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM 50/50 Balanced Portfolio—Class I	$29	0.57%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and

expenses

set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 2,631,651,899
Number of portfolio holdings	1,769
Portfolio turnover rate for the period	33%

WHAT ARE SOME CHARACTERISTICS OF

THE

PORTFOLIO’S HOLDINGS AS OF 6/30/

2024

Industry Classification	% of Net Assets
Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)	12.7%
U.S. Government Agency Obligations	11.1%
Collateralized Loan Obligations	6.1%
Semiconductors & Semiconductor Equipment	6.1%
Software	5.7%
Banks	5.3%
Commercial Mortgage-Backed Securities	5.2%
Technology Hardware, Storage & Peripherals	3.6%
Interactive Media & Services	3.3%
Automobiles	2.8%
Pharmaceuticals	2.2%
Broadline Retail	1.9%
Financial Services	1.9%
Oil, Gas & Consumable Fuels	1.7%
Capital Markets	1.4%
Insurance	1.2%
Health Care Providers & Services	1.2%
Health Care Equipment & Supplies	1.2%
Electric	1.1%
Aerospace & Defense	1.1%
Biotechnology	1.0%
Consumer Staples Distribution & Retail	0.9%
Hotels, Restaurants & Leisure	0.9%
U.S. Treasury Obligations	0.9%
Specialty Retail	0.9%
Pipelines	0.9%
Residential Mortgage-Backed Securities	0.8%
Machinery	0.8%
Chemicals	0.8%
Electric Utilities	0.7%
Beverages	0.7%
Telecommunications	0.7%
Entertainment	0.7%
Media	0.6%
Household Products	0.6%
Life Sciences Tools & Services	0.6%
Real Estate Investment Trusts (REITs)	0.5%
IT Services	0.5%

Industry Classification	% of Net Assets
Unaffiliated Exchange-Traded Funds	0.5%
Ground Transportation	0.5%
Specialized REITs	0.5%
Communications Equipment	0.4%
Oil & Gas	0.4%
Food Products	0.4%
Electrical Equipment	0.4%
Agriculture	0.4%
Municipal Bonds	0.3%
Diversified Telecommunication Services	0.3%
Healthcare-Services	0.3%
Professional Services	0.3%
Multi-Utilities	0.3%
Consumer Loans	0.3%
Electronic Equipment, Instruments & Components	0.3%
Commercial Services & Supplies	0.3%
Sovereign Bonds	0.3%
Auto Manufacturers	0.3%
Diversified Financial Services	0.3%
Tobacco	0.3%
Consumer Finance	0.3%
Building Products	0.2%
Credit Cards	0.2%
Retail	0.2%
Industrial Conglomerates	0.2%
Metals & Mining	0.2%
Air Freight & Logistics	0.2%
Foods	0.2%
Textiles, Apparel & Luxury Goods	0.2%
Packaging & Containers	0.2%
Household Durables	0.2%
Student Loans	0.2%
Commercial Services	0.2%
Residential REITs	0.1%
Energy Equipment & Services	0.1%
Retail REITs	0.1%
Gas	0.1%
Trading Companies & Distributors	0.1%
Airlines	0.1%
Health Care REITs	0.1%

Industry Classification	% of Net Assets
Semiconductors	0.1%
Miscellaneous Manufacturing	0.1%
Industrial REITs	0.1%
Equipment	0.1%
Home Equity Loans	0.1%
Containers & Packaging	0.1%
Trucking & Leasing	0.1%
Wireless Telecommunication Services	0.1%
Mining	0.1%
Passenger Airlines	0.1%
Construction Materials	0.1%
Engineering & Construction	0.1%
Personal Care Products	0.1%
Transportation	0.1%
Real Estate Management & Development	0.1%
Office/Business Equipment	0.1%
Construction & Engineering	0.0%*
Distributors	0.0%*
Independent Power & Renewable Electricity Producers	0.0%*
Multi-National	0.0%*
Automobile Components	0.0%*
Home Builders	0.0%*

Industry Classification	% of Net Assets
Water Utilities	0.0%*
Building Materials	0.0%*
Asset Management & Custody Banks	0.0%*
Gas Utilities	0.0%*
Diversified Banks	0.0%*
Other	0.0%*
Apparel	0.0%*
Healthcare-Products	0.0%*
Hotel & Resort REITs	0.0%*
Lodging	0.0%*
Office REITs	0.0%*
Leisure Products	0.0%*
Forest Products & Paper	0.0%*
Marine Transportation	0.0%*
Distribution/Wholesale	0.0%*
Transportation Infrastructure	0.0%*
Diversified REITs	0.0%*
	102.4%
Liabilities in excess of other assets	(2.4)%
	100.0%

* Less than

0.05

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this informati

by contacting us at (800) 346-

3778

CONSV_SAR

The Prudential Series Fund

PSF PGIM 50/50 Balanced Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM 50/50 Balanced Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM 50/50 Balanced Portfolio—Class III	$42	0.82%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 2,631,651,899
Number of portfolio holdings	1,769
Portfolio turnover rate for the period	33%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)	12.7%
U.S. Government Agency Obligations	11.1%
Collateralized Loan Obligations	6.1%
Semiconductors & Semiconductor Equipment	6.1%
Software	5.7%
Banks	5.3%
Commercial Mortgage-Backed Securities	5.2%
Technology Hardware, Storage & Peripherals	3.6%
Interactive Media & Services	3.3%
Automobiles	2.8%
Pharmaceuticals	2.2%
Broadline Retail	1.9%
Financial Services	1.9%
Oil, Gas & Consumable Fuels	1.7%
Capital Markets	1.4%
Insurance	1.2%
Health Care Providers & Services	1.2%
Health Care Equipment & Supplies	1.2%
Electric	1.1%
Aerospace & Defense	1.1%
Biotechnology	1.0%
Consumer Staples Distribution & Retail	0.9%
Hotels, Restaurants & Leisure	0.9%
U.S. Treasury Obligations	0.9%
Specialty Retail	0.9%
Pipelines	0.9%
Residential Mortgage-Backed Securities	0.8%
Machinery	0.8%
Chemicals	0.8%
Electric Utilities	0.7%
Beverages	0.7%
Telecommunications	0.7%
Entertainment	0.7%
Media	0.6%
Household Products	0.6%
Life Sciences Tools & Services	0.6%
Real Estate Investment Trusts (REITs)	0.5%
IT Services	0.5%

Industry Classification	% of Net Assets
Unaffiliated Exchange-Traded Funds	0.5%
Ground Transportation	0.5%
Specialized REITs	0.5%
Communications Equipment	0.4%
Oil & Gas	0.4%
Food Products	0.4%
Electrical Equipment	0.4%
Agriculture	0.4%
Municipal Bonds	0.3%
Diversified Telecommunication Services	0.3%
Healthcare-Services	0.3%
Professional Services	0.3%
Multi-Utilities	0.3%
Consumer Loans	0.3%
Electronic Equipment, Instruments & Components	0.3%
Commercial Services & Supplies	0.3%
Sovereign Bonds	0.3%
Auto Manufacturers	0.3%
Diversified Financial Services	0.3%
Tobacco	0.3%
Consumer Finance	0.3%
Building Products	0.2%
Credit Cards	0.2%
Retail	0.2%
Industrial Conglomerates	0.2%
Metals & Mining	0.2%
Air Freight & Logistics	0.2%
Foods	0.2%
Textiles, Apparel & Luxury Goods	0.2%
Packaging & Containers	0.2%
Household Durables	0.2%
Student Loans	0.2%
Commercial Services	0.2%
Residential REITs	0.1%
Energy Equipment & Services	0.1%
Retail REITs	0.1%
Gas	0.1%
Trading Companies & Distributors	0.1%
Airlines	0.1%
Health Care REITs	0.1%

Industry Classification	% of Net Assets
Semiconductors	0.1%
Miscellaneous Manufacturing	0.1%
Industrial REITs	0.1%
Equipment	0.1%
Home Equity Loans	0.1%
Containers & Packaging	0.1%
Trucking & Leasing	0.1%
Wireless Telecommunication Services	0.1%
Mining	0.1%
Passenger Airlines	0.1%
Construction Materials	0.1%
Engineering & Construction	0.1%
Personal Care Products	0.1%
Transportation	0.1%
Real Estate Management & Development	0.1%
Office/Business Equipment	0.1%
Construction & Engineering	0.0%*
Distributors	0.0%*
Independent Power & Renewable Electricity Producers	0.0%*
Multi-National	0.0%*
Automobile Components	0.0%*
Home Builders	0.0%*

Industry Classification	% of Net Assets
Water Utilities	0.0%*
Building Materials	0.0%*
Asset Management & Custody Banks	0.0%*
Gas Utilities	0.0%*
Diversified Banks	0.0%*
Other	0.0%*
Apparel	0.0%*
Healthcare-Products	0.0%*
Hotel & Resort REITs	0.0%*
Lodging	0.0%*
Office REITs	0.0%*
Leisure Products	0.0%*
Forest Products & Paper	0.0%*
Marine Transportation	0.0%*
Distribution/Wholesale	0.0%*
Transportation Infrastructure	0.0%*
Diversified REITs	0.0%*
	102.4%
Liabilities in excess of other assets	(2.4)%
	100.0%

* Less than

0.05

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.

com

/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at

(800

) 346-3778.

PSF04_SAR

The Prudential Series Fund

PSF PGIM Flexible Managed Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Flexible Managed Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Flexible Managed Portfolio—Class I	$32	0.61%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT

ARE

SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 4,926,888,036
Number of portfolio holdings	1,782
Portfolio turnover rate for the period	63%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO

’S

HOLDINGS AS OF

/30/2024?

Industry Classification	% of Net Assets
U.S. Government Agency Obligations	9.5%
Semiconductors & Semiconductor Equipment	7.5%
Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan)	7.4%
Software	6.7%
Collateralized Loan Obligations	5.4%
Banks	5.3%
Technology Hardware, Storage & Peripherals	4.4%
Commercial Mortgage-Backed Securities	4.2%
Interactive Media & Services	4.2%
Pharmaceuticals	2.9%
Automobiles	2.7%
Broadline Retail	2.5%
Financial Services	2.3%
Oil, Gas & Consumable Fuels	2.1%
Capital Markets	1.7%
Insurance	1.5%
Health Care Equipment & Supplies	1.5%
Aerospace & Defense	1.4%
Health Care Providers & Services	1.4%
Consumer Staples Distribution & Retail	1.2%
Specialty Retail	1.1%
Biotechnology	1.1%
Hotels, Restaurants & Leisure	1.0%
Electric	1.0%
Beverages	0.9%
Machinery	0.9%
Entertainment	0.8%
Chemicals	0.8%
Life Sciences Tools & Services	0.8%
Electric Utilities	0.8%
Pipelines	0.8%
U.S. Treasury Obligations	0.8%
Household Products	0.7%
Residential Mortgage-Backed Securities	0.7%
IT Services	0.6%
Telecommunications	0.6%
Ground Transportation	0.6%
Specialized REITs	0.5%

Industry Classification	% of Net Assets
Diversified Telecommunication Services	0.5%
Electrical Equipment	0.5%
Media	0.5%
Real Estate Investment Trusts (REITs)	0.5%
Auto Manufacturers	0.5%
Multi-Utilities	0.4%
Communications Equipment	0.4%
Agriculture	0.4%
Professional Services	0.4%
Food Products	0.4%
Industrial Conglomerates	0.4%
Air Freight & Logistics	0.4%
Electronic Equipment, Instruments & Components	0.3%
Oil & Gas	0.3%
Healthcare-Services	0.3%
Building Products	0.3%
Textiles, Apparel & Luxury Goods	0.3%
Consumer Loans	0.3%
Diversified Financial Services	0.3%
Residential REITs	0.3%
Energy Equipment & Services	0.2%
Commercial Services & Supplies	0.2%
Consumer Finance	0.2%
Construction Materials	0.2%
Metals & Mining	0.2%
Municipal Bonds	0.2%
Sovereign Bonds	0.2%
Tobacco	0.2%
Commercial Services	0.2%
Credit Cards	0.2%
Industrial REITs	0.2%
Household Durables	0.2%
Packaging & Containers	0.1%
Mining	0.1%
Student Loans	0.1%
Retail	0.1%
Foods	0.1%
Independent Power & Renewable Electricity Producers	0.1%
Home Equity Loans	0.1%

Industry Classification	% of Net Assets
Equipment	0.1%
Real Estate Management & Development	0.1%
Semiconductors	0.1%
Airlines	0.1%
Gas	0.1%
Engineering & Construction	0.1%
Wireless Telecommunication Services	0.1%
Retail REITs	0.1%
Office/Business Equipment	0.0%*
Transportation	0.0%*
Trading Companies & Distributors	0.0%*
Health Care REITs	0.0%*
Automobile Components	0.0%*
Building Materials	0.0%*
Marine Transportation	0.0%*
Multi-National	0.0%*
Miscellaneous Manufacturing	0.0%*
Containers & Packaging	0.0%*
Home Builders	0.0%*
Hotel & Resort REITs	0.0%*
Lodging	0.0%*
Other	0.0%*
Diversified Banks	0.0%*
Healthcare-Products	0.0%*

Industry Classification	% of Net Assets
Apparel	0.0%*
Construction & Engineering	0.0%*
Personal Care Products	0.0%*
Gas Utilities	0.0%*
Unaffiliated Exchange-Traded Funds	0.0%*
Distribution/Wholesale	0.0%*
Passenger Airlines	0.0%*
Machinery-Diversified	0.0%*
Computers	0.0%*
Leisure Products	0.0%*
Environmental Control	0.0%*
Transportation Infrastructure	0.0%*
Paper & Forest Products	0.0%*
Diversified REITs	0.0%*
Iron/Steel	0.0%*
Internet	0.0%*
Automobile Manufacturers	0.0%*
	101.9%
Liabilities in excess of other assets	(1.9)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

FLXMG_SAR

The Prudential Series Fund

PSF PGIM Flexible Managed Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Flexible Managed Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Flexible Managed Portfolio—Class III	$45	0.86%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 4,926,888,036
Number of portfolio holdings	1,782
Portfolio turnover rate for the period	63%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
U.S. Government Agency Obligations	9.5%
Semiconductors & Semiconductor Equipment	7.5%
Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan)	7.4%
Software	6.7%
Collateralized Loan Obligations	5.4%
Banks	5.3%
Technology Hardware, Storage & Peripherals	4.4%
Commercial Mortgage-Backed Securities	4.2%
Interactive Media & Services	4.2%
Pharmaceuticals	2.9%
Automobiles	2.7%
Broadline Retail	2.5%
Financial Services	2.3%
Oil, Gas & Consumable Fuels	2.1%
Capital Markets	1.7%
Insurance	1.5%
Health Care Equipment & Supplies	1.5%
Aerospace & Defense	1.4%
Health Care Providers & Services	1.4%
Consumer Staples Distribution & Retail	1.2%
Specialty Retail	1.1%
Biotechnology	1.1%
Hotels, Restaurants & Leisure	1.0%
Electric	1.0%
Beverages	0.9%
Machinery	0.9%
Entertainment	0.8%
Chemicals	0.8%
Life Sciences Tools & Services	0.8%
Electric Utilities	0.8%
Pipelines	0.8%
U.S. Treasury Obligations	0.8%
Household Products	0.7%
Residential Mortgage-Backed Securities	0.7%
IT Services	0.6%
Telecommunications	0.6%
Ground Transportation	0.6%
Specialized REITs	0.5%

Industry Classification	% of Net Assets
Diversified Telecommunication Services	0.5%
Electrical Equipment	0.5%
Media	0.5%
Real Estate Investment Trusts (REITs)	0.5%
Auto Manufacturers	0.5%
Multi-Utilities	0.4%
Communications Equipment	0.4%
Agriculture	0.4%
Professional Services	0.4%
Food Products	0.4%
Industrial Conglomerates	0.4%
Air Freight & Logistics	0.4%
Electronic Equipment, Instruments & Components	0.3%
Oil & Gas	0.3%
Healthcare-Services	0.3%
Building Products	0.3%
Textiles, Apparel & Luxury Goods	0.3%
Consumer Loans	0.3%
Diversified Financial Services	0.3%
Residential REITs	0.3%
Energy Equipment & Services	0.2%
Commercial Services & Supplies	0.2%
Consumer Finance	0.2%
Construction Materials	0.2%
Metals & Mining	0.2%
Municipal Bonds	0.2%
Sovereign Bonds	0.2%
Tobacco	0.2%
Commercial Services	0.2%
Credit Cards	0.2%
Industrial REITs	0.2%
Household Durables	0.2%
Packaging & Containers	0.1%
Mining	0.1%
Student Loans	0.1%
Retail	0.1%
Foods	0.1%
Independent Power & Renewable Electricity Producers	0.1%
Home Equity Loans	0.1%

Industry Classification	% of Net Assets
Equipment	0.1%
Real Estate Management & Development	0.1%
Semiconductors	0.1%
Airlines	0.1%
Gas	0.1%
Engineering & Construction	0.1%
Wireless Telecommunication Services	0.1%
Retail REITs	0.1%
Office/Business Equipment	0.0%*
Transportation	0.0%*
Trading Companies & Distributors	0.0%*
Health Care REITs	0.0%*
Automobile Components	0.0%*
Building Materials	0.0%*
Marine Transportation	0.0%*
Multi-National	0.0%*
Miscellaneous Manufacturing	0.0%*
Containers & Packaging	0.0%*
Home Builders	0.0%*
Hotel & Resort REITs	0.0%*
Lodging	0.0%*
Other	0.0%*
Diversified Banks	0.0%*
Healthcare-Products	0.0%*

Industry Classification	% of Net Assets
Apparel	0.0%*
Construction & Engineering	0.0%*
Personal Care Products	0.0%*
Gas Utilities	0.0%*
Unaffiliated Exchange-Traded Funds	0.0%*
Distribution/Wholesale	0.0%*
Passenger Airlines	0.0%*
Machinery-Diversified	0.0%*
Computers	0.0%*
Leisure Products	0.0%*
Environmental Control	0.0%*
Transportation Infrastructure	0.0%*
Paper & Forest Products	0.0%*
Diversified REITs	0.0%*
Iron/Steel	0.0%*
Internet	0.0%*
Automobile Manufacturers	0.0%*
	101.9%
Liabilities in excess of other assets	(1.9)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and

prox

y voting information.

u can also request this information by contacting us at (800) 346-3778.

PSF05_SAR

The Prudential Series Fund

PSF PGIM Government Income Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This semiannual shareholder report contains important information about the Class I shares of PSF PGIM Government Income Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Government Income Portfolio—Class I	$27	0.54%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLI

O STATISTICS A

S OF 6/30/2024?

Portfolio’s net assets	$ 152,261,525
Number of portfolio holdings	346
Portfolio turnover rate for the period	42%

WHAT ARE SOME CHARACTERISTICS OF TH

E PORTFOLIO

’S HOLDINGS AS OF 6/30/2024?

Credit Quality	% of Total Investments
AAA	14.2
AA	83.9
Cash/Cash Equivalents	1.9
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

GVINC_SAR

The Prudential Series Fund

PSF PGIM Government Income Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Government Income Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Government Income Portfolio—Class III	$39	0.79%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 152,261,525
Number of portfolio holdings	346
Portfolio turnover rate for the period	42%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Credit Quality	% of Total Investments
AAA	14.2
AA	83.9
Cash/Cash Equivalents	1.9
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF06_SAR

The Prudential Series Fund

PSF PGIM Government Money Market

Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Government Money Market Portfolio

(the “Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Government Money Market Portfolio— Class I	$16	0.32%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,302,234,895
Number of portfolio holdings	70

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Sector Classification	% of Net Assets
Repurchase Agreements	58.7%
U.S. Government Agency Obligations	25.6%
U.S. Treasury Obligations	15.7%
	100.0%
Other assets in excess of liabilities	0.0% *
	100.0%

* Less than

0.05

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

MMRKT_SAR

The Prudential Series Fund

PSF PGIM Government Money Market

Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Government Money Market Portfolio

(the “Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Government Money Market Portfolio— Class III	$29	0.57%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,302,234,895
Number of portfolio holdings	70

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Sector Classification	% of Net Assets
Repurchase Agreements	58.7%
U.S. Government Agency Obligations	25.6%
U.S. Treasury Obligations	15.7%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

MRKT3_SAR

The Prudential Series Fund

PSF PGIM High Yield Bond

Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM High Yield Bond Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM High Yield Bond Portfolio—Class I	$29	0.57%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 534,696,945
Number of portfolio holdings	693
Portfolio turnover rate for the period	20%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/

2024

Credit Quality	% of Total Investments
AAA	1.5
AA	5.8
A	0.2
BBB	3.3
BB	31.6
B	36.2
CCC and Below	15.2
NR	4.5
Cash/Cash Equivalents	1.7
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

HYLDB_SAR

The Prudential Series Fund

PSF PGIM High Yield Bond Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM High Yield Bond Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM High Yield Bond Portfolio—Class III	$41	0.82%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 534,696,945
Number of portfolio holdings	693
Portfolio turnover rate for the period	20%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Credit Quality	% of Total Investments
AAA	1.5
AA	5.8
A	0.2
BBB	3.3
BB	31.6
B	36.2
CCC and Below	15.2
NR	4.5
Cash/Cash Equivalents	1.7
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF07_SAR

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Jennison Blend Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Blend Portfolio—Class I	$25	0.46%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 6,477,747,075
Number of portfolio holdings	89
Portfolio turnover rate for the period	53%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	12.1%
Interactive Media & Services	8.7%
Software	8.0%
Technology Hardware, Storage & Peripherals	7.6%
Insurance	6.1%
Banks	5.3%
Broadline Retail	5.2%
Oil, Gas & Consumable Fuels	4.5%
Pharmaceuticals	4.1%
Machinery	3.7%
Financial Services	3.1%
Health Care Providers & Services	2.7%
Hotels, Restaurants & Leisure	2.2%
Entertainment	2.1%
Biotechnology	1.9%
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	1.9%
Consumer Staples Distribution & Retail	1.7%
Electrical Equipment	1.7%
Specialty Retail	1.6%
Textiles, Apparel & Luxury Goods	1.5%
Beverages	1.4%
Communications Equipment	1.2%
Diversified Telecommunication Services	1.1%
Household Durables	0.8%
IT Services	0.8%

Industry Classification	% of Net Assets
Capital Markets	0.8%
Passenger Airlines	0.7%
Health Care Equipment & Supplies	0.7%
Household Products	0.7%
Consumer Finance	0.5%
Multi-Utilities	0.5%
Health Care REITs	0.5%
Construction Materials	0.5%
Food Products	0.5%
Building Products	0.4%
Marine Transportation	0.4%
Specialized REITs	0.4%
Industrial REITs	0.4%
Commercial Services & Supplies	0.3%
Residential REITs	0.3%
Energy Equipment & Services	0.3%
Automobiles	0.3%
Electronic Equipment, Instruments & Components	0.3%
Containers & Packaging	0.3%
Trading Companies & Distributors	0.3%
Construction & Engineering	0.2%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

EQUIT_SAR

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class II

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class II shares of PSF PGIM Jennison Blend Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Blend Portfolio—Class II	$47	0.86%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$6,477,747,075
Number of portfolio holdings	89
Portfolio turnover rate for the period	53%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	12.1%
Interactive Media & Services	8.7%
Software	8.0%
Technology Hardware, Storage & Peripherals	7.6%
Insurance	6.1%
Banks	5.3%
Broadline Retail	5.2%
Oil, Gas & Consumable Fuels	4.5%
Pharmaceuticals	4.1%
Machinery	3.7%
Financial Services	3.1%
Health Care Providers & Services	2.7%
Hotels, Restaurants & Leisure	2.2%
Entertainment	2.1%
Biotechnology	1.9%
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	1.9%
Consumer Staples Distribution & Retail	1.7%
Electrical Equipment	1.7%
Specialty Retail	1.6%
Textiles, Apparel & Luxury Goods	1.5%
Beverages	1.4%
Communications Equipment	1.2%
Diversified Telecommunication Services	1.1%
Household Durables	0.8%
IT Services	0.8%

Industry Classification	% of Net Assets
Capital Markets	0.8%
Passenger Airlines	0.7%
Health Care Equipment & Supplies	0.7%
Household Products	0.7%
Consumer Finance	0.5%
Multi-Utilities	0.5%
Health Care REITs	0.5%
Construction Materials	0.5%
Food Products	0.5%
Building Products	0.4%
Marine Transportation	0.4%
Specialized REITs	0.4%
Industrial REITs	0.4%
Commercial Services & Supplies	0.3%
Residential REITs	0.3%
Energy Equipment & Services	0.3%
Automobiles	0.3%
Electronic Equipment, Instruments & Components	0.3%
Containers & Packaging	0.3%
Trading Companies & Distributors	0.3%
Construction & Engineering	0.2%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

EQUIT_SAR CL II

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Jennison Blend Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Blend Portfolio—Class III	$39	0.71%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 6,477,747,075
Number of portfolio holdings	89
Portfolio turnover rate for the period	53%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	12.1%
Interactive Media & Services	8.7%
Software	8.0%
Technology Hardware, Storage & Peripherals	7.6%
Insurance	6.1%
Banks	5.3%
Broadline Retail	5.2%
Oil, Gas & Consumable Fuels	4.5%
Pharmaceuticals	4.1%
Machinery	3.7%
Financial Services	3.1%
Health Care Providers & Services	2.7%
Hotels, Restaurants & Leisure	2.2%
Entertainment	2.1%
Biotechnology	1.9%
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	1.9%
Consumer Staples Distribution & Retail	1.7%
Electrical Equipment	1.7%
Specialty Retail	1.6%
Textiles, Apparel & Luxury Goods	1.5%
Beverages	1.4%
Communications Equipment	1.2%
Diversified Telecommunication Services	1.1%
Household Durables	0.8%
IT Services	0.8%

Industry Classification	% of Net Assets
Capital Markets	0.8%
Passenger Airlines	0.7%
Health Care Equipment & Supplies	0.7%
Household Products	0.7%
Consumer Finance	0.5%
Multi-Utilities	0.5%
Health Care REITs	0.5%
Construction Materials	0.5%
Food Products	0.5%
Building Products	0.4%
Marine Transportation	0.4%
Specialized REITs	0.4%
Industrial REITs	0.4%
Commercial Services & Supplies	0.3%
Residential REITs	0.3%
Energy Equipment & Services	0.3%
Automobiles	0.3%
Electronic Equipment, Instruments & Components	0.3%
Containers & Packaging	0.3%
Trading Companies & Distributors	0.3%
Construction & Engineering	0.2%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF08_SAR

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Jennison Growth Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Growth Portfolio—Class I	$34	0.61%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 3,630,544,607
Number of portfolio holdings	54
Portfolio turnover rate for the period	17%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	19.2%
Software	15.5%
Broadline Retail	9.5%
Interactive Media & Services	8.9%
Pharmaceuticals	7.9%
Technology Hardware, Storage & Peripherals	5.2%
Financial Services	4.7%
Entertainment	4.5%
Hotels, Restaurants & Leisure	3.4%
Specialty Retail	2.7%
Consumer Staples Distribution & Retail	2.0%
Capital Markets	1.9%
Automobiles	1.8%
Aerospace & Defense	1.7%
Biotechnology	1.6%

Industry Classification	% of Net Assets
Health Care Equipment & Supplies	1.4%
Ground Transportation	1.3%
Media	1.2%
IT Services	1.1%
Electrical Equipment	0.9%
Personal Care Products	0.7%
Insurance	0.7%
Affiliated Mutual Funds	0.6%
Electronic Equipment, Instruments & Components	0.5%
Textiles, Apparel & Luxury Goods	0.5%
Banks	0.4%
	99.8%
Other assets in excess of liabilities	0.2%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

JENNI_SAR

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class II

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class II shares of PSF PGIM Jennison Growth Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Growth Portfolio—Class II	$55	1.01%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 3,630,544,607
Number of portfolio holdings	54
Portfolio turnover rate for the period	17%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	19.2%
Software	15.5%
Broadline Retail	9.5%
Interactive Media & Services	8.9%
Pharmaceuticals	7.9%
Technology Hardware, Storage & Peripherals	5.2%
Financial Services	4.7%
Entertainment	4.5%
Hotels, Restaurants & Leisure	3.4%
Specialty Retail	2.7%
Consumer Staples Distribution & Retail	2.0%
Capital Markets	1.9%
Automobiles	1.8%
Aerospace & Defense	1.7%
Biotechnology	1.6%

Industry Classification	% of Net Assets
Health Care Equipment & Supplies	1.4%
Ground Transportation	1.3%
Media	1.2%
IT Services	1.1%
Electrical Equipment	0.9%
Personal Care Products	0.7%
Insurance	0.7%
Affiliated Mutual Funds	0.6%
Electronic Equipment, Instruments & Components	0.5%
Textiles, Apparel & Luxury Goods	0.5%
Banks	0.4%
	99.8%
Other assets in excess of liabilities	0.2%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

JENNI_SAR CL II

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Jennison Growth Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Growth Portfolio—Class III	$47	0.86%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 3,630,544,607
Number of portfolio holdings	54
Portfolio turnover rate for the period	17%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	19.2%
Software	15.5%
Broadline Retail	9.5%
Interactive Media & Services	8.9%
Pharmaceuticals	7.9%
Technology Hardware, Storage & Peripherals	5.2%
Financial Services	4.7%
Entertainment	4.5%
Hotels, Restaurants & Leisure	3.4%
Specialty Retail	2.7%
Consumer Staples Distribution & Retail	2.0%
Capital Markets	1.9%
Automobiles	1.8%
Aerospace & Defense	1.7%
Biotechnology	1.6%

Industry Classification	% of Net Assets
Health Care Equipment & Supplies	1.4%
Ground Transportation	1.3%
Media	1.2%
IT Services	1.1%
Electrical Equipment	0.9%
Personal Care Products	0.7%
Insurance	0.7%
Affiliated Mutual Funds	0.6%
Electronic Equipment, Instruments & Components	0.5%
Textiles, Apparel & Luxury Goods	0.5%
Banks	0.4%
	99.8%
Other assets in excess of liabilities	0.2%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (8

) 346-3778.

PSF10_SAR

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Jennison Value Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Value Portfolio—Class I	$22	0.42%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,683,692,418
Number of portfolio holdings	60
Portfolio turnover rate for the period	8%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Banks	13.0%
Oil, Gas & Consumable Fuels	8.4%
Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan)	6.1%
Insurance	5.7%
Pharmaceuticals	5.0%
Semiconductors & Semiconductor Equipment	4.8%
Software	4.7%
Aerospace & Defense	4.5%
Capital Markets	4.4%
Machinery	3.9%
Biotechnology	3.6%
Multi-Utilities	3.5%
Chemicals	3.3%
Interactive Media & Services	2.9%
Consumer Staples Distribution & Retail	2.8%
Technology Hardware, Storage & Peripherals	2.5%
Health Care Providers & Services	2.4%
Health Care REITs	2.1%

Industry Classification	% of Net Assets
Automobiles	1.9%
Communications Equipment	1.7%
Household Products	1.7%
Electric Utilities	1.6%
Hotels, Restaurants & Leisure	1.4%
Beverages	1.3%
Specialized REITs	1.3%
Health Care Equipment & Supplies	1.3%
Building Products	1.2%
Ground Transportation	1.1%
Specialty Retail	1.0%
Passenger Airlines	0.9%
Food Products	0.9%
Automobile Components	0.7%
Entertainment	0.6%
	102.2%
Liabilities in excess of other assets	(2.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

EQINC_SAR

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class II

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class II shares of PSF PGIM Jennison Value Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Value Portfolio—Class II	$43	0.82%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,683,692,418
Number of portfolio holdings	60
Portfolio turnover rate for the period	8%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Banks	13.0%
Oil, Gas & Consumable Fuels	8.4%
Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan)	6.1%
Insurance	5.7%
Pharmaceuticals	5.0%
Semiconductors & Semiconductor Equipment	4.8%
Software	4.7%
Aerospace & Defense	4.5%
Capital Markets	4.4%
Machinery	3.9%
Biotechnology	3.6%
Multi-Utilities	3.5%
Chemicals	3.3%
Interactive Media & Services	2.9%
Consumer Staples Distribution & Retail	2.8%
Technology Hardware, Storage & Peripherals	2.5%
Health Care Providers & Services	2.4%
Health Care REITs	2.1%

Industry Classification	% of Net Assets
Automobiles	1.9%
Communications Equipment	1.7%
Household Products	1.7%
Electric Utilities	1.6%
Hotels, Restaurants & Leisure	1.4%
Beverages	1.3%
Specialized REITs	1.3%
Health Care Equipment & Supplies	1.3%
Building Products	1.2%
Ground Transportation	1.1%
Specialty Retail	1.0%
Passenger Airlines	0.9%
Food Products	0.9%
Automobile Components	0.7%
Entertainment	0.6%
	102.2%
Liabilities in excess of other assets	(2.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

EQINC_SAR CL II

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Jennison Value Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Jennison Value Portfolio—Class III	$35	0.67%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,683,692,418
Number of portfolio holdings	60
Portfolio turnover rate for the period	8%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Banks	13.0%
Oil, Gas & Consumable Fuels	8.4%
Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan)	6.1%
Insurance	5.7%
Pharmaceuticals	5.0%
Semiconductors & Semiconductor Equipment	4.8%
Software	4.7%
Aerospace & Defense	4.5%
Capital Markets	4.4%
Machinery	3.9%
Biotechnology	3.6%
Multi-Utilities	3.5%
Chemicals	3.3%
Interactive Media & Services	2.9%
Consumer Staples Distribution & Retail	2.8%
Technology Hardware, Storage & Peripherals	2.5%
Health Care Providers & Services	2.4%
Health Care REITs	2.1%

Industry Classification	% of Net Assets
Automobiles	1.9%
Communications Equipment	1.7%
Household Products	1.7%
Electric Utilities	1.6%
Hotels, Restaurants & Leisure	1.4%
Beverages	1.3%
Specialized REITs	1.3%
Health Care Equipment & Supplies	1.3%
Building Products	1.2%
Ground Transportation	1.1%
Specialty Retail	1.0%
Passenger Airlines	0.9%
Food Products	0.9%
Automobile Components	0.7%
Entertainment	0.6%
	102.2%
Liabilities in excess of other assets	(2.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF11_SAR

The Prudential Series Fund

PSF PGIM Total Return Bond Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF PGIM Total Return Bond Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Total Return Bond Portfolio—Class I	$21	0.43%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/3

0/2

024?

Portfolio’s net assets	$ 1,715,637,002
Number of portfolio holdings	1,692
Portfolio turnover rate for the period	63%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Credit Quality	% of Total Investments
AAA	29.4
AA	30.2
A	11.7
BBB	17.5
BB	5.7
B	3.9
CCC and Below	1.1
NR	2.7
Cash/Cash Equivalents	-2.2
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

DIVBD_SAR

The Prudential Series Fund

PSF PGIM Total Return Bond Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF PGIM Total Return Bond Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF PGIM Total Return Bond Portfolio—Class III	$34	0.68%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,715,637,002
Number of portfolio holdings	1,692
Portfolio turnover rate for the period	63%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Credit Quality	% of Total Investments
AAA	29.4
AA	30.2
A	11.7
BBB	17.5
BB	5.7
B	3.9
CCC and Below	1.1
NR	2.7
Cash/Cash Equivalents	-2.2
Total Investments	100.0

Credit quality ratings shown above 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) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF12_SAR

The Prudential Series Fund

PSF Small-Cap Stock Index Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF Small-Cap Stock Index Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Small-Cap Stock Index Portfolio—Class I	$19	0.38%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,181,609,955
Number of portfolio holdings	607
Portfolio turnover rate for the period	11%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S H

LDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Affiliated Mutual Funds (23.8% represents investments purchased with collateral from securities on loan)	24.3%
Banks	9.1%
Machinery	4.7%
Specialty Retail	4.6%
Electronic Equipment, Instruments & Components	4.2%
Software	3.9%
Health Care Equipment & Supplies	3.1%
Health Care Providers & Services	3.0%
Household Durables	2.9%
Semiconductors & Semiconductor Equipment	2.9%
Oil, Gas & Consumable Fuels	2.7%
Energy Equipment & Services	2.5%
Metals & Mining	2.5%
Financial Services	2.5%
Capital Markets	2.4%
Chemicals	2.3%
Insurance	2.3%
Commercial Services & Supplies	2.1%
Hotels, Restaurants & Leisure	2.0%
Building Products	1.8%
Pharmaceuticals	1.8%
Retail REITs	1.7%
Biotechnology	1.7%
Professional Services	1.5%
Trading Companies & Distributors	1.5%
Automobile Components	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Mortgage Real Estate Investment Trusts (REITs)	1.3%
Aerospace & Defense	1.3%
Food Products	1.2%
Construction & Engineering	1.2%
Interactive Media & Services	1.1%
Office REITs	1.0%
Diversified Consumer Services	1.0%
Hotel & Resort REITs	1.0%
Passenger Airlines	1.0%
Ground Transportation	0.8%
Communications Equipment	0.8%

Industry Classification	% of Net Assets
Consumer Finance	0.8%
Electrical Equipment	0.8%
Diversified REITs	0.8%
Consumer Staples Distribution & Retail	0.7%
Health Care REITs	0.7%
Media	0.7%
Water Utilities	0.7%
IT Services	0.7%
Containers & Packaging	0.6%
Household Products	0.6%
Real Estate Management & Development	0.6%
Electric Utilities	0.5%
Specialized REITs	0.5%
Industrial REITs	0.5%
Entertainment	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Personal Care Products	0.4%
Leisure Products	0.4%
Residential REITs	0.4%
Marine Transportation	0.4%
Health Care Technology	0.3%
Life Sciences Tools & Services	0.3%
Diversified Telecommunication Services	0.3%
Gas Utilities	0.3%
Paper & Forest Products	0.3%
Multi-Utilities	0.3%
Wireless Telecommunication Services	0.3%
Air Freight & Logistics	0.3%
Independent Power & Renewable Electricity Producers	0.2%
Tobacco	0.2%
Broadline Retail	0.2%
Beverages	0.2%
Technology Hardware, Storage & Peripherals	0.2%
Automobiles	0.1%
U.S. Treasury Obligations	0.0%*
	123.8%
Liabilities in excess of other assets	(23.8)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

SMCAP_SAR

The Prudential Series Fund

PSF Small-Cap Stock Index Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF Small-Cap Stock Index Portfolio (the

“Portfolio”) for the period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Small-Cap Stock Index Portfolio—Class III	$31	0.63%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 1,181,609,955
Number of portfolio holdings	607
Portfolio turnover rate for the period	11%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Affiliated Mutual Funds (23.8% represents investments purchased with collateral from securities on loan)	24.3%
Banks	9.1%
Machinery	4.7%
Specialty Retail	4.6%
Electronic Equipment, Instruments & Components	4.2%
Software	3.9%
Health Care Equipment & Supplies	3.1%
Health Care Providers & Services	3.0%
Household Durables	2.9%
Semiconductors & Semiconductor Equipment	2.9%
Oil, Gas & Consumable Fuels	2.7%
Energy Equipment & Services	2.5%
Metals & Mining	2.5%
Financial Services	2.5%
Capital Markets	2.4%
Chemicals	2.3%
Insurance	2.3%
Commercial Services & Supplies	2.1%
Hotels, Restaurants & Leisure	2.0%
Building Products	1.8%
Pharmaceuticals	1.8%
Retail REITs	1.7%
Biotechnology	1.7%
Professional Services	1.5%
Trading Companies & Distributors	1.5%
Automobile Components	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Mortgage Real Estate Investment Trusts (REITs)	1.3%
Aerospace & Defense	1.3%
Food Products	1.2%
Construction & Engineering	1.2%
Interactive Media & Services	1.1%
Office REITs	1.0%
Diversified Consumer Services	1.0%
Hotel & Resort REITs	1.0%
Passenger Airlines	1.0%
Ground Transportation	0.8%
Communications Equipment	0.8%

Industry Classification	% of Net Assets
Consumer Finance	0.8%
Electrical Equipment	0.8%
Diversified REITs	0.8%
Consumer Staples Distribution & Retail	0.7%
Health Care REITs	0.7%
Media	0.7%
Water Utilities	0.7%
IT Services	0.7%
Containers & Packaging	0.6%
Household Products	0.6%
Real Estate Management & Development	0.6%
Electric Utilities	0.5%
Specialized REITs	0.5%
Industrial REITs	0.5%
Entertainment	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Personal Care Products	0.4%
Leisure Products	0.4%
Residential REITs	0.4%
Marine Transportation	0.4%
Health Care Technology	0.3%
Life Sciences Tools & Services	0.3%
Diversified Telecommunication Services	0.3%
Gas Utilities	0.3%
Paper & Forest Products	0.3%
Multi-Utilities	0.3%
Wireless Telecommunication Services	0.3%
Air Freight & Logistics	0.3%
Independent Power & Renewable Electricity Producers	0.2%
Tobacco	0.2%
Broadline Retail	0.2%
Beverages	0.2%
Technology Hardware, Storage & Peripherals	0.2%
Automobiles	0.1%
U.S. Treasury Obligations	0.0%*
	123.8%
Liabilities in excess of other assets	(23.8)%
	100.0%

* Less than

0.05

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF13_SAR

The Prudential Series Fund

PSF Stock Index Portfolio

Class I

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class I shares of PSF Stock Index Portfolio (the “Portfolio”) for the

period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Stock Index Portfolio—Class I	$16	0.29%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. S

your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 8,500,761,067
Number of portfolio holdings	508
Portfolio turnover rate for the period	1%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	11.6%
Software	10.6%
Technology Hardware, Storage & Peripherals	6.8%
Interactive Media & Services	6.5%
Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan)	4.8%
Broadline Retail	3.8%
Financial Services	3.7%
Pharmaceuticals	3.7%
Oil, Gas & Consumable Fuels	3.3%
Banks	3.1%
Capital Markets	2.7%
Health Care Providers & Services	2.4%
Health Care Equipment & Supplies	2.3%
Insurance	2.0%
Biotechnology	1.8%
Hotels, Restaurants & Leisure	1.8%
Consumer Staples Distribution & Retail	1.8%
Specialty Retail	1.8%
Aerospace & Defense	1.8%
Machinery	1.6%
Electric Utilities	1.4%
Chemicals	1.4%
Automobiles	1.4%
Beverages	1.3%
Unaffiliated Exchange-Traded Funds	1.2%
Life Sciences Tools & Services	1.2%
Entertainment	1.2%
Household Products	1.2%
IT Services	1.0%
Ground Transportation	1.0%
Specialized REITs	0.9%
Communications Equipment	0.8%
Electrical Equipment	0.7%
Food Products	0.7%
Diversified Telecommunication Services	0.7%
Professional Services	0.6%
Multi-Utilities	0.6%
Electronic Equipment, Instruments & Components	0.6%

Industry Classification	% of Net Assets
Commercial Services & Supplies	0.6%
Media	0.5%
Tobacco	0.5%
Consumer Finance	0.5%
Building Products	0.5%
Air Freight & Logistics	0.4%
Industrial Conglomerates	0.4%
Metals & Mining	0.4%
Textiles, Apparel & Luxury Goods	0.4%
Household Durables	0.3%
Energy Equipment & Services	0.3%
Residential REITs	0.3%
Retail REITs	0.3%
Trading Companies & Distributors	0.3%
Health Care REITs	0.2%
Industrial REITs	0.2%
Containers & Packaging	0.2%
Wireless Telecommunication Services	0.2%
Passenger Airlines	0.2%
Construction Materials	0.1%
Personal Care Products	0.1%
Real Estate Management & Development	0.1%
Distributors	0.1%
Independent Power & Renewable Electricity Producers	0.1%
U.S. Treasury Obligations	0.1%
Construction & Engineering	0.1%
Automobile Components	0.1%
Water Utilities	0.1%
Gas Utilities	0.0%*
Hotel & Resort REITs	0.0%*
Office REITs	0.0%*
Leisure Products	0.0%*
	103.4%
Liabilities in excess of other assets	(3.4)%
	100.0%

* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

STIND_SAR

The Prudential Series Fund

PSF Stock Index Portfolio

Class III

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2024

This

semiannual shareholder report

contains important information about the Class III shares of PSF Stock Index Portfolio (the “Portfolio”) for the

period of January 1, 2024 to June 30, 2024.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSF Stock Index Portfolio—Class III	$29	0.54%

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2024?

Portfolio’s net assets	$ 8,500,761,067
Number of portfolio holdings	508
Portfolio turnover rate for the period	1%

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS

S OF 6/30/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	11.6%
Software	10.6%
Technology Hardware, Storage & Peripherals	6.8%
Interactive Media & Services	6.5%
Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan)	4.8%
Broadline Retail	3.8%
Financial Services	3.7%
Pharmaceuticals	3.7%
Oil, Gas & Consumable Fuels	3.3%
Banks	3.1%
Capital Markets	2.7%
Health Care Providers & Services	2.4%
Health Care Equipment & Supplies	2.3%
Insurance	2.0%
Biotechnology	1.8%
Hotels, Restaurants & Leisure	1.8%
Consumer Staples Distribution & Retail	1.8%
Specialty Retail	1.8%
Aerospace & Defense	1.8%
Machinery	1.6%
Electric Utilities	1.4%
Chemicals	1.4%
Automobiles	1.4%
Beverages	1.3%
Unaffiliated Exchange-Traded Funds	1.2%
Life Sciences Tools & Services	1.2%
Entertainment	1.2%
Household Products	1.2%
IT Services	1.0%
Ground Transportation	1.0%
Specialized REITs	0.9%
Communications Equipment	0.8%
Electrical Equipment	0.7%
Food Products	0.7%
Diversified Telecommunication Services	0.7%
Professional Services	0.6%
Multi-Utilities	0.6%
Electronic Equipment, Instruments & Components	0.6%

Industry Classification	% of Net Assets
Commercial Services & Supplies	0.6%
Media	0.5%
Tobacco	0.5%
Consumer Finance	0.5%
Building Products	0.5%
Air Freight & Logistics	0.4%
Industrial Conglomerates	0.4%
Metals & Mining	0.4%
Textiles, Apparel & Luxury Goods	0.4%
Household Durables	0.3%
Energy Equipment & Services	0.3%
Residential REITs	0.3%
Retail REITs	0.3%
Trading Companies & Distributors	0.3%
Health Care REITs	0.2%
Industrial REITs	0.2%
Containers & Packaging	0.2%
Wireless Telecommunication Services	0.2%
Passenger Airlines	0.2%
Construction Materials	0.1%
Personal Care Products	0.1%
Real Estate Management & Development	0.1%
Distributors	0.1%
Independent Power & Renewable Electricity Producers	0.1%
U.S. Treasury Obligations	0.1%
Construction & Engineering	0.1%
Automobile Components	0.1%
Water Utilities	0.1%
Gas Utilities	0.0%*
Hotel & Resort REITs	0.0%*
Office REITs	0.0%*
Leisure Products	0.0%*
	103.4%
Liabilities in excess of other assets	(3.4)%
	100.0%

* Less than

0.05

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio’s prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

PSF14_SAR

(b)

Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report below)

The Prudential Series Fund

FINANCIAL STATEMENTS AND OTHER INFORMATION

June 30, 2024

PSF Global Portfolio

PSF Mid-Cap Growth Portfolio

PSF Natural Resources Portfolio

PSF PGIM 50/50 Balanced Portfolio

PSF PGIM Flexible Managed Portfolio

PSF PGIM Government Income Portfolio

PSF PGIM Government Money Market Portfolio

PSF PGIM High Yield Bond Portfolio

PSF PGIM Jennison Blend Portfolio

PSF PGIM Jennison Growth Portfolio

PSF PGIM Jennison Value Portfolio

PSF PGIM Total Return Bond Portfolio

PSF Small-Cap Stock Index Portfolio

PSF Stock Index Portfolio

LOGO

Prudential Series

Table of Contents

Financial Statements and Other Information

June 30, 2024

∎

FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES


Section A	Schedule of Investments, Financial Statements, and Financial Highlights

	Glossary	A1
	PSF Global Portfolio	A2
	PSF Mid-Cap Growth Portfolio	A11
	PSF Natural Resources Portfolio	A18
	PSF PGIM 50/50 Balanced Portfolio	A25
	PSF PGIM Flexible Managed Portfolio	A63
	PSF PGIM Government Income Portfolio	A104
	PSF PGIM Government Money Market Portfolio	A113
	PSF PGIM High Yield Bond Portfolio	A119
	PSF PGIM Jennison Blend Portfolio	A143
	PSF PGIM Jennison Growth Portfolio	A150
	PSF PGIM Jennison Value Portfolio	A156
	PSF PGIM Total Return Bond Portfolio	A163
	PSF Small-Cap Stock Index Portfolio	A207
	PSF Stock Index Portfolio	A221

Section B	Notes to Financial Statements

∎

OTHER INFORMATION - FORM N-CSR ITEMS 8-11

This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.

Glossary

The following abbreviations are used in the Portfolios’ descriptions:

CAD Canadian Dollar

EUR Euro

GBP British Pound

USD US Dollar

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A — Annual payment frequency for swaps

Aces — Alternative Credit Enhancements Securities

ADR — American Depositary Receipt

BABs — Build America Bonds

BARC — Barclays Bank PLC

BNP — BNP Paribas S.A.

BNYM — Bank of New York Mellon

BOA — Bank of America, N.A.

CDX — Credit Derivative Index

CGM — Citigroup Global Markets, Inc.

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CME — Chicago Mercantile Exchange

CVA — Certificate Van Aandelen (Bearer)

DAC — Designated Activity Company

DB — Deutsche Bank AG

DIP — Debtor-In-Possession

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

FFCSB — Federal Farm Credit System Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GDR — Global Depositary Receipt

GMTN — Global Medium Term Note

GNMA — Government National Mortgage Association

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

iBoxx — Bond Market Indices

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

LP — Limited Partnership

M — Monthly payment frequency for swaps

MASTR — Morgan Stanley Structured Asset Security

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co International PLC

MTN — Medium Term Note

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PO — Principal Only

PRFC — Preference Shares

Q — Quarterly payment frequency for swaps

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

S&P — Standard & Poor’s

SCB — Standard Chartered Bank

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SSB — State Street Bank & Trust Company

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

TD — The Toronto-Dominion Bank

UBS — UBS Securities LLC

UMBS — Uniform Mortgage-Backed Securities

USOIS — United States Overnight Index Swap

XAMS — Amsterdam Stock Exchange

XNGS — NASDAQ Global Select Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 98.2%
COMMON STOCKS — 98.1%
Australia — 0.8%
ANZ Group Holdings Ltd.		29,400	$	552,359
Bank of Queensland Ltd.		119,900		463,117
Beach Energy Ltd.		204,500		202,195
Elders Ltd.		80,100		434,454
Harvey Norman Holdings Ltd.		155,200		429,644
JB Hi-Fi Ltd.		11,000		446,950
McMillan Shakespeare Ltd.		39,500		462,113
Metcash Ltd.		195,600		460,290
New Hope Corp. Ltd.		162,800		527,293
Perenti Ltd.		432,300		287,681
Qantas Airways Ltd.*		127,000		494,249
QBE Insurance Group Ltd.		34,550		398,832
Rio Tinto Ltd.		12,400		982,227
Stockland, REIT.		141,600		392,200
Super Retail Group Ltd.		67,500		621,955


				7,155,559

Austria — 0.2%
BAWAG Group AG, 144A*		9,600		606,865
OMV AG		12,600		547,688
Wienerberger AG		13,800		457,468


				1,612,021

Belgium — 0.0%
Bekaert SA		9,800		409,709

Brazil — 0.4%
Itau Unibanco Holding SA, ADR		182,781		1,067,441
MercadoLibre, Inc.*		1,330		2,185,722
Yara International ASA		13,700		394,806


				3,647,969

Canada — 1.3%
Canadian Pacific Kansas City Ltd.		22,231		1,750,247
Constellation Software, Inc.		641		1,846,968
Dollarama, Inc.		22,062		2,014,374
Intact Financial Corp.		10,544		1,757,346
Shopify, Inc. (Class A Stock)*(a)		19,454		1,284,937
Suncor Energy, Inc.		87,916		3,349,600


				12,003,472

China — 0.3%
Kingboard Holdings Ltd.		216,000		507,928
PDD Holdings, Inc., ADR*		8,663		1,151,746
Trip.com Group Ltd.*		25,050		1,185,513


				2,845,187

Denmark — 1.0%
D/S Norden A/S		11,300		492,614
Danske Bank A/S		44,800		1,336,206
DSV A/S		9,065		1,391,461
Jyske Bank A/S		9,500		756,808
Novo Nordisk A/S (Class B Stock)		34,610		4,952,167
Spar Nord Bank A/S		33,300		641,135


				9,570,391

Finland — 0.2%

Cargotec OYJ (Class B Stock)		7,200		578,486


	Shares		Value
COMMON STOCKS (continued)
Finland (cont’d.)
Nokia OYJ		134,300	$	511,155
Nordea Bank Abp		42,700		509,010
Valmet OYJ		14,900		426,427


				2,025,078

France — 3.5%
Airbus SE		12,388		1,700,212
Arkema SA		4,500		392,145
AXA SA		17,100		560,388
BNP Paribas SA		15,000		959,282
Bouygues SA		19,500		626,815
Capgemini SE		7,741		1,537,653
Carrefour SA		28,100		398,184
Cie de Saint-Gobain SA		9,400		731,077
Cie Generale des Etablissements Michelin SCA		13,000		502,464
Coface SA		31,700		441,317
Credit Agricole SA		32,700		446,506
Dassault Systemes SE		26,132		982,589
Euroapi SA*		1		3
Ipsen SA		3,700		454,578
L’Oreal SA		3,959		1,742,615
LVMH Moet Hennessy Louis Vuitton SE		5,483		4,209,798
Nexity SA*		4,521		40,656
Orange SA		50,900		510,553
Rexel SA		23,700		613,085
Rubis SCA		22,100		622,601
Safran SA		10,076		2,123,602
Societe BIC SA		7,200		424,254
Societe Generale SA		18,200		427,902
Sopra Steria Group		3,200		622,279
Thales SA		7,429		1,188,404
TotalEnergies SE		55,531		3,718,010
TotalEnergies SE, ADR(a)		66,878		4,459,425
Verallia SA, 144A		12,200		443,938
Vinci SA		14,209		1,497,691


				32,378,026

Germany — 2.0%
Allianz SE		2,700		749,873
Aurubis AG		2,700		211,798
Bayer AG		16,000		451,008
Bayerische Motoren Werke AG		13,300		1,258,066
Bilfinger SE		10,700		562,697
Daimler Truck Holding AG		14,900		594,259
Deutsche Post AG		15,900		645,650
Fresenius SE & Co. KGaA*		18,600		555,662
Infineon Technologies AG		46,019		1,688,911
Mercedes-Benz Group AG		17,100		1,183,517
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,100		549,951
SAP SE		10,223		2,053,551
Siemens AG		33,864		6,302,952
Suedzucker AG		26,100		380,324
United Internet AG		21,200		457,985

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Germany (cont’d.)
Volkswagen AG		5,800	$	694,979


				18,341,183

Hong Kong — 0.3%
PAX Global Technology Ltd.		615,000		460,781
Swire Pacific Ltd. (Class A Stock)		45,500		401,701
Tongda Group Holdings Ltd.*		8,180,000		91,030
WH Group Ltd., 144A		1,291,500		850,074
Yue Yuen Industrial Holdings Ltd.		296,500		571,216


				2,374,802

India — 0.7%
HDFC Bank Ltd., ADR(a)		38,011		2,445,248
ICICI Bank Ltd., ADR		47,894		1,379,826
Reliance Industries Ltd., 144A, GDR		41,506		3,092,259


				6,917,333

Indonesia — 0.0%
First Resources Ltd.		457,100		464,821

Ireland — 0.2%
Dalata Hotel Group PLC		86,000		366,533
Kingspan Group PLC		18,370		1,561,224


				1,927,757

Israel — 0.1%
Oil Refineries Ltd.		1,536,500		354,410
Teva Pharmaceutical Industries Ltd.*		13,480		219,315


				573,725

Italy — 0.7%
A2A SpA		279,600		555,058
Coca-Cola HBC AG*		27,800		946,151
Ferrari NV(a)		3,576		1,460,331
Leonardo SpA		33,400		773,838
Mediobanca Banca di Credito Finanziario SpA		33,200		485,983
Moncler SpA		20,383		1,250,373
Piaggio & C SpA		135,000		400,982
Pirelli & C SpA, 144A		79,700		473,611


				6,346,327

Japan — 5.4%
AGC, Inc.(a)		9,900		322,133
Bell System24 Holdings, Inc.		37,700		376,260
BIPROGY, Inc.		8,600		238,872
Brother Industries Ltd.		26,800		473,401
Central Glass Co. Ltd.		22,900		535,674
Chugai Pharmaceutical Co. Ltd.		36,100		1,285,461
Citizen Watch Co. Ltd.		72,300		484,578
Credit Saison Co. Ltd.		25,000		520,514
Dai-ichi Life Holdings, Inc.		20,000		535,597
Daiichi Sankyo Co. Ltd.		51,640		1,794,683
Daiwa House Industry Co. Ltd.		17,000		432,818
DCM Holdings Co. Ltd.		46,400		421,893
DTS Corp.		13,000		341,274
EDION Corp.		15,900		160,880
Ferrotec Holdings Corp.		21,700		374,798
Fuji Corp.		18,400		292,309


	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Fuyo General Lease Co. Ltd.		5,500	$	421,210
GungHo Online Entertainment, Inc.		22,600		381,037
Hanwa Co. Ltd.		10,600		407,011
Hazama Ando Corp.		600		4,356
Honda Motor Co. Ltd.		113,300		1,217,974
Hoya Corp.		23,500		2,748,075
Isuzu Motors Ltd.		43,600		579,639
ITOCHU Corp.		28,600		1,405,925
Itoham Yonekyu Holdings, Inc.		17,460		467,606
Iyogin Holdings, Inc.		24,500		228,306
Japan Lifeline Co. Ltd.		64,700		456,236
JVCKenwood Corp.		71,700		415,388
Kamigumi Co. Ltd.		18,200		376,005
Kanematsu Corp.		33,800		567,993
KDDI Corp.		13,100		347,039
Keiyo Bank Ltd. (The)		76,500		419,624
Keyence Corp.		4,000		1,750,713
Komatsu Ltd.		16,900		493,641
Komeri Co. Ltd.		21,500		469,049
Lasertec Corp.		7,500		1,683,603
Lintec Corp.		24,600		525,253
Macnica Holdings, Inc.		10,000		420,226
Marubeni Corp.		42,500		788,059
Mitsubishi Gas Chemical Co., Inc.		26,000		498,747
Mitsubishi HC Capital, Inc.		99,400		657,679
Mitsubishi UFJ Financial Group, Inc.		69,500		750,046
Mitsui & Co. Ltd.		69,600		1,587,341
Mitsui Chemicals, Inc.		17,500		484,600
Mitsui-Soko Holdings Co. Ltd.		16,200		483,042
Mizuho Financial Group, Inc.		29,600		623,003
NGK Insulators Ltd.		9,200		118,131
Nippon Express Holdings, Inc.		9,300		430,409
Nippon Shinyaku Co. Ltd.		19,200		388,176
Nippon Telegraph & Telephone Corp.		438,200		414,363
Nishi-Nippon Financial Holdings, Inc.		41,000		517,819
Nomura Holdings, Inc.		81,100		468,461
Nomura Real Estate Holdings, Inc.		13,300		334,806
Ono Pharmaceutical Co. Ltd.		31,700		433,127
ORIX Corp.		31,900		707,028
Sankyu, Inc.		14,700		503,536
Santen Pharmaceutical Co. Ltd.		52,500		537,101
Seiko Epson Corp.		28,200		440,853
Seino Holdings Co. Ltd.		9,400		127,270
Shin-Etsu Chemical Co. Ltd.		40,700		1,582,483
Shionogi & Co. Ltd.		10,000		389,485
SKY Perfect JSAT Holdings, Inc.		75,500		409,129
SMC Corp.		2,300		1,095,851
Sojitz Corp.		23,400		571,598
Sumitomo Heavy Industries Ltd.		16,200		422,780
Sumitomo Mitsui Financial Group, Inc.		14,200		953,174
Toagosei Co. Ltd.		47,600		449,420
Tokio Marine Holdings, Inc.		62,600		2,352,449
Tokuyama Corp.		26,500		488,173
Tokyo Electron Ltd.		14,800		3,239,726
Transcosmos, Inc.		24,400		527,825
Tsubakimoto Chain Co.		15,100		586,518
YAMABIKO Corp.		24,500		349,357

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Yokohama Rubber Co. Ltd. (The)		19,700	$	438,181


				49,526,800

Netherlands — 2.0%
ABN AMRO Bank NV, 144A, CVA		51,300		842,534
Aegon Ltd.		215,700		1,333,656
ASML Holding NV (XAMS)		5,174		5,273,167
ASML Holding NV (XNGS)		6,816		6,970,928
ASR Nederland NV		10,200		485,608
BE Semiconductor Industries NV		8,143		1,360,299
ING Groep NV		48,100		826,486
Koninklijke Ahold Delhaize NV		40,600		1,194,740
NN Group NV		13,500		627,459
Randstad NV		1,400		63,564


				18,978,441

New Zealand — 0.0%
Air New Zealand Ltd.		887,700		286,730

Norway — 0.1%
DNB Bank ASA		24,500		480,712
Equinor ASA		17,800		509,860
Mowi ASA		25,700		427,143


				1,417,715

Singapore — 0.1%
DBS Group Holdings Ltd.		20,460		538,892
Jardine Cycle & Carriage Ltd.		27,700		541,932


				1,080,824

South Africa — 0.1%
Anglo American PLC		19,200		606,730

South Korea — 1.1%
Samsung Electronics Co. Ltd.		121,226		7,134,613
SK Hynix, Inc.		15,452		2,622,337


				9,756,950

Spain — 0.9%
Amadeus IT Group SA		34,617		2,303,568
Banco Santander SA		212,800		990,111
Industria de Diseno Textil SA		47,840		2,373,983
Mapfre SA		195,300		450,391
Repsol SA(a)		83,000		1,316,270
Telefonica SA		113,500		480,813


				7,915,136

Sweden — 0.9%
Atlas Copco AB (Class A Stock)		158,598		2,977,877
Boliden AB		16,700		537,086
Evolution AB, 144A		14,712		1,531,363
Securitas AB (Class B Stock)		46,900		464,888
SKF AB (Class B Stock)		30,900		621,005
Swedbank AB (Class A Stock)		27,700		570,572
Telefonaktiebolaget LM Ericsson (Class B Stock)		90,600		562,374
Volvo AB (Class B Stock)		46,900		1,205,069


				8,470,234


	Shares		Value
COMMON STOCKS (continued)
Switzerland — 1.5%
ABB Ltd.		33,427	$	1,853,558
Adecco Group AG		12,600		418,003
Bucher Industries AG		1,100		442,472
EFG International AG*		38,600		571,211
Forbo Holding AG		300		349,164
Julius Baer Group Ltd.		8,600		481,017
Lonza Group AG		2,728		1,485,137
Novartis AG		31,000		3,300,622
Partners Group Holding AG		1,400		1,792,779
Sandoz Group AG		9,320		337,832
Sika AG		5,099		1,455,559
UBS Group AG		34,100		1,001,523


				13,488,877

Taiwan — 1.3%
MediaTek, Inc.		73,000		3,143,993
Taiwan Semiconductor Manufacturing Co. Ltd.		212,850		6,306,240
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)		15,192		2,640,522


				12,090,755

United Kingdom — 3.1%
3i Group PLC		69,448		2,676,589
Associated British Foods PLC		15,900		496,459
AstraZeneca PLC		16,660		2,592,847
AstraZeneca PLC, ADR		22,600		1,762,574
Aviva PLC		79,600		479,455
BAE Systems PLC		133,470		2,223,161
British American Tobacco PLC		16,600		509,947
Britvic PLC		24,200		361,508
BT Group PLC		375,900		666,416
Centrica PLC		80,443		137,115
Chemring Group PLC		25,300		119,429
CK Hutchison Holdings Ltd.		100,000		477,008
Coca-Cola Europacific Partners PLC		5,400		393,498
Compass Group PLC		79,919		2,177,260
DS Smith PLC		97,800		518,337
Halma PLC		43,727		1,490,459
Imperial Brands PLC		22,300		570,631
International Consolidated Airlines Group SA*		206,200		421,669
Investec PLC		98,400		711,320
J Sainsbury PLC		169,600		546,427
Keller Group PLC		37,300		576,060
Kingfisher PLC		189,600		594,524
Legal & General Group PLC		78,400		224,504
Lloyds Banking Group PLC		751,500		518,321
London Stock Exchange Group PLC		23,631		2,802,126
Marks & Spencer Group PLC		147,600		533,683
Paragon Banking Group PLC		58,100		539,167
Premier Foods PLC		264,100		529,032
Redrow PLC		58,412		492,384
Tesco PLC		233,600		902,344
TORM PLC (Class A Stock)		11,900		467,375
Virgin Money UK PLC		277,600		749,285
Vistry Group PLC*		10,322		153,916

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
United Kingdom (cont’d.)
Zigup PLC		103,600	$	551,180


				28,966,010

United States — 69.9%
Accenture PLC (Class A Stock)		11,769		3,570,832
Agilent Technologies, Inc.		13,565		1,758,431
Alphabet, Inc. (Class A Stock)		121,567		22,143,429
Amazon.com, Inc.*		102,231		19,756,141
Ameren Corp.		50,716		3,606,415
American International Group, Inc.		83,069		6,167,043
AMETEK, Inc.		22,450		3,742,639
Amphenol Corp. (Class A Stock)		72,108		4,857,916
Apollo Global Management, Inc.		2,906		343,111
Apple, Inc.		86,998		18,323,519
Applied Materials, Inc.		18,556		4,379,030
Ares Management Corp. (Class A Stock)(a)		18,416		2,454,484
Arthur J. Gallagher & Co.(a)		8,309		2,154,607
AvalonBay Communities, Inc., REIT		27,614		5,713,060
Baker Hughes Co.		80,871		2,844,233
Bank of America Corp.		179,389		7,134,301
Baxter International, Inc.		98,249		3,286,429
Becton, Dickinson & Co.(a)		21,629		5,054,914
Biogen, Inc.*		8,700		2,016,834
Boeing Co. (The)*		15,370		2,797,494
Boston Scientific Corp.*		104,020		8,010,580
Bristol-Myers Squibb Co.		40,888		1,698,079
Cadence Design Systems, Inc.*		20,157		6,203,317
Celsius Holdings, Inc.*(a)		11,339		647,344
CF Industries Holdings, Inc.		36,913		2,735,992
Charles Schwab Corp. (The)		46,473		3,424,595
Cheniere Energy, Inc.		7,504		1,311,924
Chipotle Mexican Grill, Inc.*(a)		36,150		2,264,797
Chubb Ltd.		32,253		8,227,095
Cigna Group (The)		8,031		2,654,808
Citigroup, Inc.		55,216		3,504,007
Coca-Cola Co. (The)		36,912		2,349,449
Colgate-Palmolive Co.		74,044		7,185,230
Comcast Corp. (Class A Stock)		55,718		2,181,917
Conagra Brands, Inc.		85,553		2,431,416
ConocoPhillips		45,727		5,230,254
CoStar Group, Inc.*		43,626		3,234,432
Cummins, Inc.		14,660		4,059,794
CVS Health Corp.		48,289		2,851,948
Danaher Corp.		10,424		2,604,436
Datadog, Inc. (Class A Stock)*		10,013		1,298,586
Dominion Energy, Inc.		45,832		2,245,768
Eaton Corp. PLC		18,783		5,889,410
Elanco Animal Health, Inc.*		135,179		1,950,633
Elevance Health, Inc.		16,048		8,695,769
Eli Lilly & Co.		11,243		10,179,187
EOG Resources, Inc.		17,115		2,154,265
EQT Corp.(a)		83,472		3,086,795
Equitable Holdings, Inc.		100,947		4,124,694
Experian PLC		50,187		2,331,527
Exxon Mobil Corp.		47,236		5,437,808
Fifth Third Bancorp		81,852		2,986,779
Fiserv, Inc.*		41,690		6,213,478
Gartner, Inc.*		6,524		2,929,667


	Shares		Value
COMMON STOCKS (continued)
United States (cont’d.)
GE Vernova, Inc.*		15,857	$	2,719,634
General Electric Co.		46,874		7,451,560
Goldman Sachs Group, Inc. (The)		3,880		1,755,002
GSK PLC		97,400		1,873,413
Haleon PLC		380,305		1,547,353
Hartford Financial Services Group, Inc. (The)		65,256		6,560,838
Hilton Worldwide Holdings, Inc.		19,600		4,276,720
Holcim AG*		15,900		1,405,434
Honeywell International, Inc.		20,410		4,358,351
Howmet Aerospace, Inc.		38,398		2,980,837
Huntington Bancshares, Inc.		216,212		2,849,674
ICON PLC*		15,007		4,704,244
Intel Corp.		104,451		3,234,847
International Paper Co.(a)		75,412		3,254,028
Intuit, Inc.		4,903		3,222,301
Johnson & Johnson		46,532		6,801,117
Kenvue, Inc.		302,215		5,494,269
Kimberly-Clark Corp.		28,234		3,901,939
KKR & Co., Inc.		41,390		4,355,884
KLA Corp.		4,495		3,706,172
Kohl’s Corp.(a)		48,456		1,114,003
L3Harris Technologies, Inc.		30,812		6,919,759
Lam Research Corp.		4,061		4,324,356
Las Vegas Sands Corp.		54,805		2,425,121
Linde PLC		16,579		7,275,031
Martin Marietta Materials, Inc.(a)		2,478		1,342,580
Marvell Technology, Inc.		3,655		255,485
Mastercard, Inc. (Class A Stock)		24,806		10,943,415
Meta Platforms, Inc. (Class A Stock)		38,408		19,366,082
MetLife, Inc.		27,600		1,937,244
Micron Technology, Inc.		3,835		504,418
Microsoft Corp.		105,829		47,300,272
Moody’s Corp.		1,964		826,707
MSCI, Inc.		4,513		2,174,138
News Corp. (Class A Stock)		241,065		6,646,162
NextEra Energy, Inc.		4,219		298,747
Norfolk Southern Corp.		15,118		3,245,683
NVIDIA Corp.		298,351		36,858,283
O’Reilly Automotive, Inc.*(a)		1,270		1,341,196
Philip Morris International, Inc.		64,109		6,496,165
QUALCOMM, Inc.		46,395		9,240,956
Regeneron Pharmaceuticals, Inc.*		2,987		3,139,427
Rexford Industrial Realty, Inc., REIT(a)		59,740		2,663,807
Roche Holding AG		4,000		1,108,235
Rockwell Automation, Inc.		8,500		2,339,880
RPM International, Inc.		16,382		1,764,014
Salesforce, Inc.		7,969		2,048,830
Sanofi SA		12,900		1,244,116
Schneider Electric SE		10,446		2,504,383
Sempra(a)		28,527		2,169,764
ServiceNow, Inc.*		5,589		4,396,699
Shell PLC		67,400		2,417,503
Signify NV, 144A		18,700		464,424
Southern Co. (The)		74,922		5,811,700
Southwest Airlines Co.(a)		70,686		2,022,326
Spotify Technology SA*		10,400		3,263,416
Stanley Black & Decker, Inc.		56,555		4,518,179
Stellantis NV		29,800		587,570

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
United States (cont’d.)
STERIS PLC(a)		4,775	$	1,048,303
Swiss Re AG		10,400		1,289,361
Synopsys, Inc.*		10,811		6,433,194
Take-Two Interactive Software, Inc.*		10,824		1,683,024
TE Connectivity Ltd.		19,423		2,921,802
Texas Instruments, Inc.		11,260		2,190,408
Thermo Fisher Scientific, Inc.		14,785		8,176,105
TransUnion		29,142		2,161,171
Tyson Foods, Inc. (Class A Stock)		39,543		2,259,487
U.S. Bancorp		69,319		2,751,964
Uber Technologies, Inc.*		46,216		3,358,979
Union Pacific Corp.		10,282		2,326,405
United Parcel Service, Inc. (Class B Stock)		16,982		2,323,987
UnitedHealth Group, Inc.		11,583		5,898,759
Veeva Systems, Inc. (Class A Stock)*		3,919		717,216
Verisk Analytics, Inc.		13,997		3,772,891
Vertex Pharmaceuticals, Inc.*		10,497		4,920,154
Vertiv Holdings Co. (Class A Stock)		15,498		1,341,662
Viatris, Inc.		145,983		1,551,799
Visa, Inc. (Class A Stock)		28,305		7,429,213
Vistra Corp.		7,139		613,811
Vulcan Materials Co.		25,622		6,371,679
Walmart, Inc.		78,628		5,323,902
Walt Disney Co. (The)		10,353		1,027,949
Wells Fargo & Co.		131,597		7,815,546
Western Digital Corp.*		74,482		5,643,501
Weyerhaeuser Co., REIT		152,986		4,343,273
Williams Cos., Inc. (The)		49,771		2,115,267
Zimmer Biomet Holdings, Inc.		40,608		4,407,186


				646,412,333

TOTAL COMMON STOCKS (cost $608,098,271)				907,590,895

PREFERRED STOCK — 0.1%
Germany
Henkel AG & Co. KGaA (PRFC)		5,700		507,510

(cost $450,586)

TOTAL LONG-TERM INVESTMENTS (cost $608,548,857)				908,098,405


SHORT-TERM INVESTMENTS — 5.2%
AFFILIATED MUTUAL FUNDS — 4.9%
PGIM Core Government Money Market Fund (7-day effective yield 5.559%)(wb)		174,258		174,258


	Shares		Value

AFFILIATED MUTUAL FUNDS (continued)
PGIM Core Ultra Short Bond Fund(wb)		12,737,903	$	12,737,903
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $32,618,816; includes $32,496,939 of cash collateral for securities on loan)(b)(wb)		32,662,319		32,642,721

TOTAL AFFILIATED MUTUAL FUNDS (cost $45,530,977)				45,554,882



Interest Rate	Maturity Date	Principal Amount (000)#
U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.3%
Federal Home Loan Bank
5.165%	07/01/24		2,819		2,817,760

(cost $2,819,000)

TOTAL SHORT-TERM INVESTMENTS (cost $48,349,977)					48,372,642


TOTAL INVESTMENTS—103.4% (cost $656,898,834)					956,471,047
Liabilities in excess of other assets — (3.4)%					(31,332,518	)


NET ASSETS — 100.0%				$	925,138,529

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal amount is shown in U.S. dollars unless otherwise stated.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $31,787,511; cash collateral of $32,496,939 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(n)	Rate shown reflects yield to maturity at purchased date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	7,155,559	$—
Austria		—		1,612,021	—
Belgium		—		409,709	—
Brazil		3,253,163		394,806	—
Canada		12,003,472		—	—
China		1,151,746		1,693,441	—
Denmark		—		9,570,391	—
Finland		—		2,025,078	—
France		4,459,425		27,918,601	—
Germany		—		18,341,183	—
Hong Kong		—		2,374,802	—
India		3,825,074		3,092,259	—
Indonesia		—		464,821	—
Ireland		—		1,927,757	—
Israel		—		573,725	—
Italy		1,460,331		4,885,996	—
Japan		—		49,526,800	—
Netherlands		6,970,928		12,007,513	—
New Zealand		—		286,730	—
Norway		—		1,417,715	—
Singapore		—		1,080,824	—
South Africa		—		606,730	—
South Korea		—		9,756,950	—
Spain		—		7,915,136	—
Sweden		—		8,470,234	—
Switzerland		—		13,488,877	—
Taiwan		2,640,522		9,450,233	—
United Kingdom		2,156,072		26,809,938	—
United States		629,639,014		16,773,319	—
Preferred Stock
Germany		—		507,510	—
Short-Term Investments
Affiliated Mutual Funds		45,554,882		—	—
U.S. Government Agency Obligation		—		2,817,760	—

Total	$	713,114,629	$	243,356,418	$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Semiconductors & Semiconductor Equipment	10.8	%
Software	8.2
Banks	5.2
Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan)	4.9
Pharmaceuticals	4.9
Interactive Media & Services	4.5
Oil, Gas & Consumable Fuels	4.4
Insurance	4.0
Technology Hardware, Storage & Peripherals	3.5
Financial Services	3.4
Aerospace & Defense	3.1
Broadline Retail	2.9
Capital Markets	2.8


Health Care Equipment & Supplies	2.7	%
Electrical Equipment	2.3
Health Care Providers & Services	2.2
Machinery	2.0
Life Sciences Tools & Services	2.0
Chemicals	1.9
Hotels, Restaurants & Leisure	1.8
Electronic Equipment, Instruments & Components	1.4
Industrial Conglomerates	1.3
Household Products	1.3
Ground Transportation	1.2
IT Services	1.1
Professional Services	1.1
Biotechnology	1.1

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Construction Materials	1.0	%
Consumer Staples Distribution & Retail	1.0
Media	1.0
Personal Care Products	0.9
Food Products	0.9
Multi-Utilities	0.9
Tobacco	0.8
Automobiles	0.8
Specialty Retail	0.7
Entertainment	0.7
Electric Utilities	0.7
Textiles, Apparel & Luxury Goods	0.6
Trading Companies & Distributors	0.6
Air Freight & Logistics	0.6
Residential REITs	0.6
Beverages	0.5
Real Estate Management & Development	0.5
Specialized REITs	0.5
Containers & Packaging	0.5
Building Products	0.4
Passenger Airlines	0.3
Metals & Mining	0.3
Energy Equipment & Services	0.3


U.S. Government Agency Obligation	0.3	%
Construction & Engineering	0.3
Industrial REITs	0.3
Diversified Telecommunication Services	0.3
Commercial Services & Supplies	0.2
Automobile Components	0.2
Communications Equipment	0.1
Household Durables	0.1
Health Care Technology	0.1
Gas Utilities	0.1
Independent Power & Renewable Electricity Producers	0.1
Consumer Finance	0.1
Marine Transportation	0.1
Diversified REITs	0.0	*
Transportation Infrastructure	0.0	*
Wireless Telecommunication Services	0.0	*


	103.4
Liabilities in excess of other assets	(3.4	)


	100.0	%

*	Less than 0.05%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$31,787,511	$(31,787,511)	$—

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $31,787,511:
Unaffiliated investments (cost $611,367,857)	$	910,916,165
Affiliated investments (cost $45,530,977)		45,554,882
Foreign currency, at value (cost $1,756,036)		1,702,331
Receivable for investments sold		15,807,752
Tax reclaim receivable		2,081,799
Dividends and interest receivable		911,480
Receivable for Portfolio shares sold		85,556
Receivable from affiliate		10,009
Prepaid expenses		3,118

Total Assets		977,073,092

LIABILITIES
Payable to broker for collateral for securities on loan		32,496,939
Payable for investments purchased		17,667,397
Payable to affiliate		947,667
Management fee payable		534,345
Accrued expenses and other liabilities		241,763
Payable for Portfolio shares purchased		44,325
Affiliated transfer agent fee payable		1,190
Trustees’ fees payable		656
Distribution fee payable		281

Total Liabilities		51,934,563

NET ASSETS	$	925,138,529


Net assets were comprised of: Partners’ Equity	$	925,138,529


Class I:
Net asset value and redemption price per share, $923,733,119 / 14,903,816 outstanding shares of beneficial interest	$	61.98


Class III:
Net asset value and redemption price per share, $1,405,410 / 22,859 outstanding shares of beneficial interest	$	61.48

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $816,438 foreign withholding tax, of which $65,397 is reimbursable by an affiliate)	$	10,525,257
Affiliated dividend income		249,143
Interest income		104,337
Income from securities lending, net (including affiliated income of $56,491)		87,160

Total income		10,965,897

EXPENSES
Management fee.		3,808,370
Distribution fee—Class III		1,528
Loan interest and commitment expense		224,389
Custodian and accounting fees		107,414
Professional Fees		39,942
Shareholders’ reports		38,656
Audit fee		20,755
Trustees’ fees		13,086
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,717
Miscellaneous		34,466

Total expenses		4,294,323
Less: Fee waivers and/or expense reimbursement		(460,508	)

Net expenses		3,833,815

NET INVESTMENT INCOME (LOSS)		7,132,082

REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on: Investment transactions (including affiliated of $3,054)		93,245,927
Foreign currency transactions		53,632

		93,299,559

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(8,485))		26,188,007
Foreign currencies		(100,944	)

		26,087,063

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		119,386,622

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	126,518,704

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	7,132,082		$	15,845,393
Net realized gain (loss) on investment and foreign currency transactions		93,299,559			36,504,767
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		26,087,063			142,310,485

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		126,518,704			194,660,645

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		8,888,214			20,641,883
Portfolio shares purchased		(290,293,819	)		(322,780,659	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(281,405,605	)		(302,138,776	)

TOTAL INCREASE (DECREASE)		(154,886,901	)		(107,478,131	)
NET ASSETS:
Beginning of period		1,080,025,430			1,187,503,561

End of period	$	925,138,529		$	1,080,025,430

SEE NOTES TO FINANCIAL STATEMENTS.

PSF GLOBAL PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024			Year Ended December 31,
	Six Months Ended June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$ 55.18			$ 46.14			$ 56.82			$ 48.06			$ 41.49			$ 31.83

Income (Loss) From Investment Operations:
Net investment income (loss)		0.41			0.74			0.63			0.46			0.41			0.52
Net realized and unrealized gain (loss) oninvestment and foreign currency transactions		6.39			8.30			(11.31	)		8.30			6.16			9.14

Total from investment operations		6.80			9.04			(10.68	)		8.76			6.57			9.66

Capital Contributions		—			—			—			—			—			—	^(b)(c)

Net Asset Value, end of period		$ 61.98			$ 55.18			$ 46.14			$ 56.82			$ 48.06			$ 41.49

Total Return^(d)		12.32	%		19.59	%		(18.80	)%		18.23	%		15.84	%		30.39	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 923.7			$1,078.9			$1,186.9			$1,518.5			$1,377.0			$1,263.7
Average net assets (in millions)		$1,019.9			$1,072.5			$1,262.8			$1,472.2			$1,190.6			$1,157.5
Ratios to average net assets^(f):
Expenses after waivers and/or expensereimbursement		0.75	%^(g)		0.78	%		0.75	%		0.74	%		0.76	%		0.77	%
Expenses before waivers and/or expensereimbursement		0.84	%^(g)		0.83	%		0.79	%		0.78	%		0.80	%		0.80	%
Net investment income (loss)		1.40	%^(g)		1.48	%		1.30	%		0.86	%		1.01	%		1.41	%
Portfolio turnover rate^(h)		16	%		41	%		52	%		21	%		34	%		26	%


Class III
	Six Months Ended June 30, 2024
										April 26, 2021⁽ⁱ⁾ through December 31, 2021
				Year Ended December 31,
				2023			2022
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$54.80			$45.94			$ 56.72			$53.13

Income (Loss) From Investment Operations:
Net investment income (loss)		0.35			0.58			0.54			0.15
Net realized and unrealized gain (loss) on investment and foreigncurrency transactions.		6.33			8.28			(11.32	)		3.44

Total from investment operations		6.68			8.86			(10.78	)		3.59

Net Asset Value, end of period		$61.48			$54.80			$ 45.94			$56.72

Total Return^(d)		12.21	%		19.29	%		(19.01	)%		6.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 1.4			$ 1.1			$ 0.6			$ 0.2
Average net assets (in millions)		$ 1.2			$ 0.8			$ 0.5			$ 0.1
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		1.01	%^(g)		1.03	%		1.00	%		0.99	%^(j)
Expenses before waivers and/or expense reimbursement		1.11	%^(g)		1.08	%		1.04	%		1.03	%^(j)
Net investment income (loss)		1.21	%^(g)		1.15	%		1.14	%		0.40	%^(j)
Portfolio turnover rate^(h)		16	%		41	%		52	%		21	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(c)	Amount rounds to zero.

(d)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(f)	Does not include expenses of the underlying funds in which the Portfolio invests.

(g)	Annualized.

(h)

The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

(i)	Commencement of offering.

(j)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A10

PSF MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 97.3%
COMMON STOCKS
Aerospace & Defense — 1.7%
HEICO Corp. (Class A Stock)		38,820	$	6,891,326

Automobiles — 0.4%
Thor Industries, Inc.(a)		16,446		1,536,879

Banks — 0.7%
NU Holdings Ltd. (Brazil) (Class A Stock)*		228,464		2,944,901

Beverages — 1.4%
Celsius Holdings, Inc.*(a)		35,509		2,027,209
Constellation Brands, Inc. (Class A Stock)(a)		14,103		3,628,420


				5,655,629

Biotechnology — 6.2%
Alnylam Pharmaceuticals, Inc.*(a)		20,386		4,953,798
Amicus Therapeutics, Inc.*		111,311		1,104,205
Apellis Pharmaceuticals, Inc.*		38,122		1,462,360
Exact Sciences Corp.*(a)		57,412		2,425,657
Exelixis, Inc.*		97,136		2,182,646
Insmed, Inc.*		30,166		2,021,122
Natera, Inc.*		53,859		5,832,391
Neurocrine Biosciences, Inc.*		21,142		2,910,619
Sarepta Therapeutics, Inc.*(a)		6,829		1,078,982
Viking Therapeutics, Inc.*		25,605		1,357,321


				25,329,101

Building Products — 2.8%
AAON, Inc.		39,959		3,486,023
Simpson Manufacturing Co., Inc.		15,403		2,595,868
Trane Technologies PLC		16,168		5,318,140


				11,400,031

Capital Markets — 9.6%
Ares Management Corp. (Class A Stock)(a)		44,610		5,945,621
FactSet Research Systems, Inc.(a)		6,521		2,662,329
Interactive Brokers Group, Inc. (Class A Stock)		33,611		4,120,709
KKR & Co., Inc.		36,460		3,837,050
LPL Financial Holdings, Inc.		14,486		4,045,940
Moody’s Corp.(a)		9,866		4,152,895
MSCI, Inc.		8,154		3,928,189
Raymond James Financial, Inc.(a)		23,246		2,873,438
Robinhood Markets, Inc. (Class A
Stock)*		140,922		3,200,339
Tradeweb Markets, Inc. (Class A Stock)		40,055		4,245,830


				39,012,340

Commercial Services & Supplies — 2.0%
Cintas Corp.		3,024		2,117,586
Copart, Inc.*		62,742		3,398,107
MSA Safety, Inc.		13,730		2,576,984


				8,092,677

Communications Equipment — 0.8%
Arista Networks, Inc.*		9,466		3,317,644


	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering — 1.5%
Quanta Services, Inc.		24,719	$	6,280,851

Construction Materials — 0.6%
Eagle Materials, Inc.(a)		10,427		2,267,455

Consumer Staples Distribution & Retail — 0.6%
Casey’s General Stores, Inc.		6,584		2,512,191

Distributors — 0.7%
Pool Corp.(a)		9,427		2,897,200

Diversified Consumer Services — 0.9%
Bright Horizons Family Solutions, Inc.*(a)		34,354		3,781,688

Electrical Equipment — 3.6%
AMETEK, Inc.		22,549		3,759,144
Hubbell, Inc.		7,554		2,760,836
Vertiv Holdings Co. (Class A Stock)		94,256		8,159,742


				14,679,722

Electronic Equipment, Instruments & Components — 1.4%
Amphenol Corp. (Class A Stock)		51,627		3,478,111
Teledyne Technologies, Inc.*		5,727		2,221,961


				5,700,072

Energy Equipment & Services — 1.2%
TechnipFMC PLC (United Kingdom)		184,001		4,811,626

Entertainment — 0.9%
Take-Two Interactive Software, Inc.*		24,274		3,774,364

Financial Services — 0.8%
Remitly Global, Inc.*(a)		79,914		968,558
Rocket Cos., Inc. (Class A Stock)*(a)		182,513		2,500,428


				3,468,986

Ground Transportation — 2.0%
J.B. Hunt Transport Services, Inc.		14,098		2,255,680
Saia, Inc.*(a)		12,057		5,718,515


				7,974,195

Health Care Equipment & Supplies — 4.5%
Align Technology, Inc.*		11,890		2,870,603
Cooper Cos., Inc. (The)		31,029		2,708,832
Dexcom, Inc.*		69,386		7,866,984
IDEXX Laboratories, Inc.*		5,585		2,721,012
Inspire Medical Systems, Inc.*(a)		15,316		2,049,740


				18,217,171

Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc.*(a)		33,271		2,247,124
Centene Corp.*		38,967		2,583,512
McKesson Corp.		8,302		4,848,700


				9,679,336

Hotels, Restaurants & Leisure — 5.4%
Chipotle Mexican Grill, Inc.*(a)		39,750		2,490,337
Domino’s Pizza, Inc.(a)		9,661		4,988,264
DoorDash, Inc. (Class A Stock)*(a)		33,124		3,603,229
Hilton Worldwide Holdings, Inc.		29,401		6,415,298

SEE NOTES TO FINANCIAL STATEMENTS.

A11

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (cont’d.)
Las Vegas Sands Corp.		100,223	$	4,434,868


				21,931,996

Household Durables — 0.8%
Garmin Ltd.(a)		20,619		3,359,248

Independent Power & Renewable Electricity Producers — 0.6%
Vistra Corp.		28,486		2,449,226

Insurance — 0.8%
Arthur J. Gallagher & Co.(a)		13,058		3,386,070

Interactive Media & Services — 0.5%
Pinterest, Inc. (Class A Stock)*		46,761		2,060,757

IT Services — 3.8%
Gartner, Inc.*		14,146		6,352,403
Globant SA*(a)		17,482		3,116,341
MongoDB, Inc.*(a)		16,071		4,017,107
Snowflake, Inc. (Class A Stock)*		13,511		1,825,201


				15,311,052

Life Sciences Tools & Services — 2.6%
Agilent Technologies, Inc.		18,780		2,434,452
IQVIA Holdings, Inc.*(a)		9,069		1,917,549
Mettler-Toledo International, Inc.*		1,630		2,278,072
West Pharmaceutical Services, Inc.		12,349		4,067,637


				10,697,710

Machinery — 3.5%
Esab Corp.		20,996		1,982,652
Ingersoll Rand, Inc.(a)		45,196		4,105,605
ITT, Inc.(a)		39,882		5,151,957
Westinghouse Air Brake Technologies Corp.		19,829		3,133,973


				14,374,187

Media — 2.5%
Trade Desk, Inc. (The) (Class A Stock)*		105,614		10,315,319

Oil, Gas & Consumable Fuels — 1.9%
Cheniere Energy, Inc.		26,432		4,621,107
EOG Resources, Inc.		25,319		3,186,902


				7,808,009

Personal Care Products — 1.2%
elf Beauty, Inc.*(a)		23,451		4,941,595

Pharmaceuticals — 1.2%
Intra-Cellular Therapies, Inc.*		44,504		3,048,079
Royalty Pharma PLC (Class A Stock)		67,668		1,784,405


				4,832,484

Professional Services — 1.8%
Booz Allen Hamilton Holding Corp.		46,658		7,180,666

Semiconductors & Semiconductor Equipment — 8.1%
Astera Labs, Inc.*(a)		10,572		639,712
Entegris, Inc.		52,156		7,061,922
Lam Research Corp.		2,623		2,793,101
Marvell Technology, Inc.		45,034		3,147,877
Monolithic Power Systems, Inc.		8,210		6,745,993
ON Semiconductor Corp.*		32,102		2,200,592


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Onto Innovation, Inc.*(a)		10,796	$	2,370,370
Rambus, Inc.*		46,614		2,739,039
Teradyne, Inc.		34,557		5,124,457


				32,823,063

Software — 9.3%
Confluent, Inc. (Class A Stock)*(a)		132,380		3,909,181
Crowdstrike Holdings, Inc. (Class A Stock)*		7,384		2,829,475
CyberArk Software Ltd.*		8,744		2,390,785
Datadog, Inc. (Class A Stock)*		51,316		6,655,172
Elastic NV*		28,111		3,202,124
HubSpot, Inc.*		10,871		6,411,607
Palantir Technologies, Inc. (Class A Stock)*(a)		83,799		2,122,629
Palo Alto Networks, Inc.*		9,119		3,091,432
Procore Technologies, Inc.*(a)		39,035		2,588,411
Rubrik, Inc. (Class A Stock)*		21,191		649,716
Synopsys, Inc.*		6,536		3,889,312


				37,739,844

Specialty Retail — 4.3%
AutoZone, Inc.*		875		2,593,587
Burlington Stores, Inc.*		13,563		3,255,120
Floor & Decor Holdings, Inc. (Class A Stock)*(a)		15,938		1,584,397
Ross Stores, Inc.		29,404		4,272,989
Tractor Supply Co.(a)		21,950		5,926,500


				17,632,593

Technology Hardware, Storage & Peripherals — 1.6%
Super Micro Computer, Inc.*(a)		7,936		6,502,362

Trading Companies & Distributors — 0.7%
Air Lease Corp.(a)		60,162		2,859,500


TOTAL LONG-TERM INVESTMENTS (cost $303,409,476)				396,431,066


SHORT-TERM INVESTMENTS — 17.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		5,320,537		5,320,537
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $66,573,223; includes $66,302,514 of cash collateral forsecurities on loan)(b)(wb)		66,663,890		66,623,892


TOTAL SHORT-TERM INVESTMENTS (cost $71,893,760)				71,944,429


TOTAL INVESTMENTS—115.0% (cost $375,303,236)				468,375,495
Liabilities in excess of other assets — (15.0)%				(61,081,880	)


NET ASSETS — 100.0%			$	407,293,615

SEE NOTES TO FINANCIAL STATEMENTS.

A12

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $64,658,995; cash collateral of $66,302,514 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb)	Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	6,891,326		$—		$—
Automobiles		1,536,879		—		—
Banks		2,944,901		—		—
Beverages		5,655,629		—		—
Biotechnology		25,329,101		—		—
Building Products		11,400,031		—		—
Capital Markets		39,012,340		—		—
Commercial Services & Supplies		8,092,677		—		—
Communications Equipment		3,317,644		—		—
Construction & Engineering		6,280,851		—		—
Construction Materials		2,267,455		—		—
Consumer Staples Distribution & Retail		2,512,191		—		—
Distributors		2,897,200		—		—
Diversified Consumer Services		3,781,688		—		—
Electrical Equipment		14,679,722		—		—
Electronic Equipment, Instruments & Components		5,700,072		—		—
Energy Equipment & Services		4,811,626		—		—
Entertainment		3,774,364		—		—
Financial Services		3,468,986		—		—
Ground Transportation		7,974,195		—		—
Health Care Equipment & Supplies		18,217,171		—		—
Health Care Providers & Services		9,679,336		—		—
Hotels, Restaurants & Leisure		21,931,996		—		—
Household Durables		3,359,248		—		—
Independent Power & Renewable Electricity Producers		2,449,226		—		—
Insurance		3,386,070		—		—
Interactive Media & Services		2,060,757		—		—
IT Services		15,311,052		—		—
Life Sciences Tools & Services		10,697,710		—		—
Machinery		14,374,187		—		—
Media		10,315,319		—		—
Oil, Gas & Consumable Fuels		7,808,009		—		—
Personal Care Products		4,941,595		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A13

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Pharmaceuticals	$	4,832,484	$	—		$—
Professional Services		7,180,666		—		—
Semiconductors & Semiconductor Equipment		32,823,063		—		—
Software		37,739,844		—		—
Specialty Retail		17,632,593		—		—
Technology Hardware, Storage & Peripherals		6,502,362		—		—
Trading Companies & Distributors		2,859,500		—		—
Short-Term Investments
Affiliated Mutual Funds		71,944,429		—		—

Total	$	468,375,495	$	—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Affiliated Mutual Funds (16.3% represents investments purchased with collateral from securities on loan)	17.7	%
Capital Markets	9.6
Software	9.3
Semiconductors & Semiconductor Equipment	8.1
Biotechnology	6.2
Hotels, Restaurants & Leisure	5.4
Health Care Equipment & Supplies	4.5
Specialty Retail	4.3
IT Services	3.8
Electrical Equipment	3.6
Machinery	3.5
Building Products	2.8
Life Sciences Tools & Services	2.6
Media	2.5
Health Care Providers & Services	2.4
Commercial Services & Supplies	2.0
Ground Transportation	2.0
Oil, Gas & Consumable Fuels	1.9
Professional Services	1.8
Aerospace & Defense	1.7
Technology Hardware, Storage & Peripherals	1.6
Construction & Engineering	1.5
Electronic Equipment, Instruments & Components	1.4


Beverages	1.4	%
Personal Care Products	1.2
Pharmaceuticals	1.2
Energy Equipment & Services	1.2
Diversified Consumer Services	0.9
Entertainment	0.9
Financial Services	0.8
Insurance	0.8
Household Durables	0.8
Communications Equipment	0.8
Banks	0.7
Distributors	0.7
Trading Companies & Distributors	0.7
Consumer Staples Distribution & Retail	0.6
Independent Power & Renewable Electricity Producers	0.6
Construction Materials	0.6
Interactive Media & Services	0.5
Automobiles	0.4

	115.0
Liabilities in excess of other assets	(15.0	)


	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized
Assets/(Liabilities)

Collateral

Pledged/(Received)(1)

Net

Amount

Securities on Loan

$64,658,995

$(64,658,995)

$—

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A14

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $64,658,995:
Unaffiliated investments (cost $303,409,476)	$	396,431,066
Affiliated investments (cost $71,893,760)		71,944,429
Receivable for investments sold		48,237,306
Receivable for Portfolio shares sold		482,837
Dividends receivable		73,273
Tax reclaim receivable		51,610
Prepaid expenses and other assets		5,380

Total Assets		517,225,901

LIABILITIES
Payable to broker for collateral for securities on loan		66,302,514
Payable for investments purchased		42,808,626
Accrued expenses and other liabilities		359,294
Payable for Portfolio shares purchased		259,075
Management fee payable		194,350
Payable to affiliate		6,717
Affiliated transfer agent fee payable		1,190
Distribution fee payable		502
Administration fee payable		18

Total Liabilities		109,932,286

NET ASSETS	$	407,293,615

Net assets were comprised of:
Partners’ Equity	$	407,293,615

Class I:
Net asset value and redemption price per share, $404,806,630 / 13,799,652 outstanding shares of beneficial interest	$	29.33

Class II:
Net asset value and redemption price per share, $154,924 / 5,744 outstanding shares of beneficial interest	$	26.97

Class III:
Net asset value and redemption price per share, $2,332,061 / 80,123 outstanding shares of beneficial interest	$	29.11

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income	$	942,851
Affiliated dividend income		100,941
Income from securities lending, net (including affiliated income of $51,560)		51,825

Total income		1,095,617

EXPENSES
Management fee		1,206,806
Distribution fee—Class II		217
Distribution fee—Class III		2,649
Administration fee—Class II.		130
Custodian and accounting fees		32,361
Shareholders’ reports		25,584
Audit fee		15,221
Professional Fees		14,678
Trustees’ fees		7,376
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,717
Miscellaneous		13,515

Total expenses		1,324,254
Less: Fee waivers and/or expense reimbursement		(26,147	)

Net expenses		1,298,107

NET INVESTMENT INCOME (LOSS)		(202,490	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions (including affiliated of $(3,043))		33,744,856

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(7,936))		(10,061,760	)

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		23,683,096

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	23,480,606

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(202,490	)		$	(181,068	)
Net realized gain (loss) on investment transactions			33,744,856				9,235,904
Net change in unrealized appreciation (depreciation) on investments			(10,061,760	)			64,349,757

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			23,480,606				73,404,593

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			11,424,665				21,933,711
Portfolio shares purchased			(14,978,290	)			(16,715,451	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(3,553,625	)			5,218,260

TOTAL INCREASE (DECREASE)			19,926,981				78,622,853
NET ASSETS:
Beginning of period			387,366,634				308,743,781

End of period		$	407,293,615			$	387,366,634

SEE NOTES TO FINANCIAL STATEMENTS.

A15

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended			Year Ended December 31,
	June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$27.65			$22.38			$30.64			$27.68			$18.77			$13.63

Income (Loss) From Investment Operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.03	)		(0.08	)		(0.03	)		—	^(b)
Net realized and unrealized gain (loss) on investment transactions		1.69			5.28			(8.23	)		3.04			8.94			5.14

Total from investment operations		1.68			5.27			(8.26	)		2.96			8.91			5.14

Net Asset Value, end of period		$29.33			$27.65			$22.38			$30.64			$27.68			$18.77

Total Return^(c)		6.08	%		23.55	%		(26.96	)%		10.69	%		47.47	%		37.71	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$404.8			$385.4			$307.5			$424.7			$382.1			$279.8
Average net assets (in millions)		$402.2			$341.9			$329.7			$407.5			$302.1			$257.0
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.64	%^(e)		0.65	%		0.66	%		0.64	%		0.67	%		0.70	%
Expenses before waivers and/or expense reimbursement		0.65	%^(e)		0.66	%		0.66	%		0.64	%		0.67	%		0.70	%
Net investment income (loss)		(0.10	)%^(e)		(0.05	)%		(0.13	)%		(0.28	)%		(0.15	)%		(0.01	)%
Portfolio turnover rate^(f)		30	%		49	%		43	%		46	%		63	%		106	%

Class II
	Six Months Ended			Year Ended December 31,
	June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$25.47			$20.70			$28.45			$25.81			$17.57			$12.81

Income (Loss) From Investment Operations:
Net investment income (loss)		(0.07	)		(0.10	)		(0.12	)		(0.19	)		(0.10	)		(0.06	)
Net realized and unrealized gain (loss) on investment transactions		1.57			4.87			(7.63	)		2.83			8.34			4.82

Total from investment operations		1.50			4.77			(7.75	)		2.64			8.24			4.76

Net Asset Value, end of period		$26.97			$25.47			$20.70			$28.45			$25.81			$17.57

Total Return^(c)		5.89	%		23.04	%		(27.24	)%		10.23	%		46.90	%		37.16	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 0.2			$ 0.2			$ 0.2			$ 0.3			$ 0.3			$ 0.5
Average net assets (in millions)		$ 0.2			$ 0.2			$ 0.2			$ 0.3			$ 0.4			$ 0.6
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.04	%^(e)		1.05	%		1.06	%		1.05	%		1.07	%		1.10	%
Expenses before waivers and/or expense reimbursement		1.05	%^(e)		1.06	%		1.06	%		1.05	%		1.07	%		1.10	%
Net investment income (loss)		(0.51	)%^(e)		(0.45	)%		(0.54	)%		(0.68	)%		(0.53	)%		(0.40	)%
Portfolio turnover rate^(f)		30	%		49	%		43	%		46	%		63	%		106	%

SEE NOTES TO FINANCIAL STATEMENTS.

A16

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class III
	Six Months Ended June 30,
	Six Months Ended June 30,			Year Ended December 31,						April 26, 2021^(g) through December 31,
	2024			2023			2022			2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$27.47			$22.29			$30.60			$29.77

Income (Loss) From Investment Operations:
Net investment income (loss)		(0.05	)		(0.07	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss) on investment transactions		1.69			5.25			(8.22	)		0.94

Total from investment operations		1.64			5.18			(8.31	)		0.83

Net Asset Value, end of period		$29.11			$27.47			$22.29			$30.60

Total Return^(c)		5.97	%		23.24	%		(27.16	)%		2.79	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 2.3			$ 1.8			$ 1.1			$ 0.8
Average net assets (in millions)		$ 2.1			$ 1.4			$ 1.0			$ 0.3
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.89	%^(e)		0.90	%		0.91	%		0.88	%^(h)
Expenses before waivers and/or expense reimbursement		0.90	%^(e)		0.91	%		0.91	%		0.88	%^(h)
Net investment income (loss)		(0.35	)%^(e)		(0.30	)%		(0.37	)%		(0.53	)%^(h)
Portfolio turnover rate^(f)		30	%		49	%		43	%		46	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(c)

(d)	Does not include expenses of the underlying funds in which the Portfolio invests.

(e)	Annualized.

(f)

(g)	Commencement of offering.

(h)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A17

PSF NATURAL RESOURCES PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 99.7%
COMMON STOCKS
Aluminum — 0.2%
Alcoa Corp.		25,799	$	1,026,284

Coal & Consumable Fuels — 1.4%
Cameco Corp. (Canada)		156,382		7,693,994

Commodity Chemicals — 0.6%
LG Chem Ltd. (South Korea)		7,634		1,902,354
Lotte Chemical Corp. (South Korea)		18,042		1,496,681


				3,399,035

Construction & Engineering — 0.5%
Quanta Services, Inc.(a)		11,792		2,996,229

Construction Materials — 0.9%
Vulcan Materials Co.		19,824		4,929,832

Copper — 1.9%
Freeport-McMoRan, Inc.		159,392		7,746,451
Southern Copper Corp. (Mexico)(a)		26,622		2,868,255


				10,614,706

Diversified Chemicals — 0.9%
BASF SE (Germany)		44,206		2,137,032
Huntsman Corp.		129,750		2,954,407


				5,091,439

Diversified Metals & Mining — 4.3%
Anglo American PLC (South Africa)		63,418		2,004,041
BHP Group Ltd. (Australia)		315,577		9,019,809
Glencore PLC (Australia)		327,112		1,861,357
Ivanhoe Electric, Inc.*(a)		215,036		2,017,038
Ivanhoe Mines Ltd. (Canada) (Class A Stock)*		150,578		1,942,693
MP Materials Corp.*(a)		124,100		1,579,793
Rio Tinto Ltd. (Australia)		24,482		1,939,265
Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (originalcost $1,102,975; purchased 11/27/07)*^(f)		129,100		3,264
Teck Resources Ltd. (Canada)(Class B Stock)		84,603		4,052,484


				24,419,744

Electric Utilities — 2.5%
FirstEnergy Corp.		62,704		2,399,682
NextEra Energy, Inc.		79,494		5,628,970
PG&E Corp.		142,581		2,489,464
Southern Co. (The)		44,933		3,485,453


				14,003,569

Electrical Components & Equipment —1.1%
Hubbell, Inc.		8,268		3,021,789
Schneider Electric SE		12,844		3,079,293


				6,101,082

Fertilizers & Agricultural Chemicals — 1.5%
CF Industries Holdings, Inc.		75,248		5,577,382
Mosaic Co. (The)		98,456		2,845,378


				8,422,760


	Shares		Value
COMMON STOCKS (continued)
Forest Products — 1.6%
Louisiana-Pacific Corp.		53,636	$	4,415,852
West Fraser Timber Co. Ltd. (Canada)		60,298		4,631,052


				9,046,904

Gold — 2.9%
Agnico Eagle Mines Ltd. (Canada)(a)		49,232		3,219,773
Alamos Gold, Inc. (Canada) (Class A Stock)(a)		268,158		4,204,717
Franco-Nevada Corp. (Canada)		30,061		3,564,120
Osisko Gold Royalties Ltd. (Canada)		198,486		3,093,251
Osisko Mining, Inc. (Canada)*		1,013,811		2,119,440


				16,201,301

Heavy Electrical Equipment — 0.8%
GE Vernova, Inc.*		25,200		4,322,052

Industrial Gases — 4.9%
Air Liquide SA (France)		43,657		7,534,648
Linde PLC		46,116		20,236,162


				27,770,810

Industrial Machinery — 0.5%
Stanley Black & Decker, Inc.		35,082		2,802,701

Integrated Oil & Gas — 23.4%
BP PLC, ADR		353,803		12,772,288
Chevron Corp.		95,107		14,876,637
Equinor ASA (Norway)		217,286		6,223,901
Exxon Mobil Corp.		326,687		37,608,207
Galp Energia SGPS SA (Portugal)		348,399		7,358,495
OMV AG (Austria)		93,048		4,044,542
Shell PLC		556,092		19,945,910
Suncor Energy, Inc. (Canada)		274,095		10,448,488
TotalEnergies SE (France)		272,653		18,255,145


				131,533,613

Metal & Glass Containers — 0.7%
Ball Corp.		70,482		4,230,330

Multi-Utilities — 1.1%
Ameren Corp.		25,537		1,815,936
CenterPoint Energy, Inc.		62,385		1,932,687
Dominion Energy, Inc.		45,158		2,212,742


				5,961,365

Oil & Gas Drilling — 1.2%
Noble Corp. PLC(a)		85,815		3,831,640
Seadrill Ltd. (Norway)*		59,412		3,059,718


				6,891,358

Oil & Gas Equipment & Services — 8.0%
Atlas Energy Solutions, Inc.(a)		128,899		2,568,957
Baker Hughes Co.		189,364		6,659,932
Expro Group Holdings NV*		136,887		3,137,450
Halliburton Co.(a)		204,599		6,911,354
Schlumberger NV		265,386		12,520,911
TechnipFMC PLC (United Kingdom)		295,961		7,739,380
Tenaris SA, ADR		94,028		2,869,735
Weatherford International PLC*		19,800		2,424,510


				44,832,229

SEE NOTES TO FINANCIAL STATEMENTS.

A18

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Exploration & Production — 18.9%
Canadian Natural Resources Ltd. (Canada)		392,610	$	13,984,785
Chesapeake Energy Corp.(a)		60,700		4,988,933
ConocoPhillips		219,629		25,121,165
Devon Energy Corp.		40,300		1,910,220
Diamondback Energy, Inc.		53,965		10,803,254
EOG Resources, Inc.		107,663		13,551,542
EQT Corp.(a)		199,594		7,380,986
Hess Corp.		68,851		10,156,900
Kosmos Energy Ltd. (Ghana)*(a)		632,774		3,505,568
Permian Resources Corp.(a)		226,269		3,654,244
Range Resources Corp.		179,730		6,026,347
Southwestern Energy Co.*		817,788		5,503,713


				106,587,657

Oil & Gas Refining & Marketing — 5.0%
Marathon Petroleum Corp.		76,427		13,258,556
Phillips 66		30,843		4,354,106
Valero Energy Corp.		66,513		10,426,578


				28,039,240

Oil & Gas Storage & Transportation — 6.8%
Enbridge, Inc. (Canada)(a)		354,777		12,626,513
Kinder Morgan, Inc.		123,000		2,444,010
Targa Resources Corp.		70,865		9,125,995
Williams Cos., Inc. (The)		332,563		14,133,928


				38,330,446

Paper Packaging — 1.4%
International Paper Co.(a)		63,300		2,731,395
Packaging Corp. of America		26,883		4,907,761


				7,639,156

Specialty Chemicals — 4.6%
HB Fuller Co.		39,730		3,057,621
International Flavors & Fragrances, Inc.		45,984		4,378,137
RPM International, Inc.(a)		34,953		3,763,739
Sherwin-Williams Co. (The)		24,806		7,402,854
Shin-Etsu Chemical Co. Ltd. (Japan)		186,900		7,266,979


				25,869,330

Steel — 2.1%
Champion Iron Ltd. (Australia)		654,095		2,772,698
Cleveland-Cliffs, Inc.*(a)		148,057		2,278,597
Steel Dynamics, Inc.(a)		30,275		3,920,613
Warrior Met Coal, Inc.		49,230		3,090,167


				12,062,075

TOTAL LONG-TERM INVESTMENTS (cost $454,711,742)				560,819,241


	Shares		Value
SHORT-TERM INVESTMENTS — 8.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		691,914	$	691,914
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $45,139,634; includes $44,872,163 of cash collateral for securities on loan)(b)(wb)		45,167,749		45,140,649

TOTAL SHORT-TERM INVESTMENTS (cost $45,831,548)				45,832,563

TOTAL INVESTMENTS—107.9% (cost $500,543,290)				606,651,804
Liabilities in excess of other assets — (7.9)%				(44,230,874	)

NET ASSETS — 100.0%			$	562,420,930

See the Glossary for a list of the abbreviation(s) used in the semiannual report:

*	Non-income producing security.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $3,264 and 0.0% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $43,814,833; cash collateral of $44,872,163 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the original cost of such security is $1,102,975. The value of $3,264 is 0.0% of net assets.

(wb)	Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

A19

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	15,593,129	$	—
Austria		—		4,044,542		—
Canada.		71,581,310		—		—
France		—		25,789,793		—
Germany		—		2,137,032		—
Ghana.		3,505,568		—		—
Japan		—		7,266,979		—
Mexico		2,868,255		—		—
Norway		3,059,718		6,223,901		—
Portugal		—		7,358,495		—
South Africa		—		2,004,041		3,264
South Korea.		—		3,399,035		—
United Kingdom		7,739,380		—		—
United States		375,219,596		23,025,203		—
Short-Term Investments
Affiliated Mutual Funds		45,832,563		—		—

Total	$	509,806,390	$	96,842,150	$	3,264

Country Classification:

The country classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


United States (including 8.0% of collateral for securities on loan)	79.1	%
Canada	12.8
France	4.5
Australia	2.7
Norway	1.6
United Kingdom	1.4
Portugal	1.3
Japan	1.3
Austria	0.7


Ghana	0.6	%
South Korea	0.6
Mexico	0.5
Germany	0.4
South Africa	0.4

	107.9
Liabilities in excess of other assets	(7.9	)

	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instrumentsis foreign exchange risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

The Portfolio did not hold any derivative instruments as of June 30, 2024, accordingly, no derivative positions were presented in the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value				Forward Currency Exchange Contracts
Foreign exchange contracts				$256

For the six months ended June 30, 2024, the Portfolio did not have any net change in unrealized appreciation (depreciation) on derivatives in the Statement of Operations.

SEE NOTES TO FINANCIAL STATEMENTS.

A20

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Forward Foreign Currency Exchange Contracts - Sold (1)		$121,890

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$43,814,833

$(43,814,833)

$—

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A21

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $43,814,833:
Unaffiliated investments (cost $454,711,742)	$	560,819,241
Affiliated investments (cost $45,831,548)		45,832,563
Foreign currency, at value (cost $151,071)		150,586
Tax reclaim receivable		1,824,906
Dividends and interest receivable		515,955
Receivable for Portfolio shares sold		20,980
Receivable from affiliate.		3,089
Prepaid expenses and other assets		3,199

Total Assets		609,170,519

LIABILITIES
Payable to broker for collateral for securities on loan		44,872,163
Payable to affiliate		1,265,528
Accrued expenses and other liabilities		328,907
Management fee payable		204,462
Payable for Portfolio shares purchased		61,009
Distribution fee payable		12,028
Administration fee payable		4,302
Affiliated transfer agent fee payable		1,190

Total Liabilities		46,749,589

NET ASSETS	$	562,420,930

Net assets were comprised of:
Partners’ Equity.	$	562,420,930

Class I:
Net asset value and redemption price per share, $503,854,652 / 11,034,913 outstanding shares of beneficial interest	$	45.66

Class II:
Net asset value and redemption price per share, $35,165,425 / 814,295 outstanding shares of beneficial interest	$	43.19

Class III:
Net asset value and redemption price per share, $23,400,853 / 515,978 outstanding shares of beneficial interest	$	45.35

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $469,787 foreign withholding tax, of which $2,305 is reimbursable by an affiliate)	$	8,416,008
Affiliated dividend income		87,690
Income from securities lending, net (including affiliated income of $49,997)		54,465
Interest income		26,786

Total income		8,584,949

EXPENSES
Management fee		1,261,724
Distribution fee—Class II		43,810
Distribution fee—Class III		30,711
Administration fee—Class II		26,286
Custodian and accounting fees		52,310
Professional Fees		25,697
Shareholders’ reports		25,509
Audit fee		15,221
Trustees’ fees		8,537
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,717
Miscellaneous		16,741

Total expenses		1,512,263
Less: Fee waivers and/or expense reimbursement		(22,431	)

Net expenses		1,489,832

NET INVESTMENT INCOME (LOSS)		7,095,117

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,969))		3,851,664
Forward currency contract transactions		256
Foreign currency transactions		(15,237	)


		3,836,683

Net change in unrealized appreciation (depreciation)on:
Investments (including affiliated of $(6,023))		26,473,313
Foreign currencies		(13,888	)


		26,459,425

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		30,296,108

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,391,225

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	7,095,117			$	13,830,257
Net realized gain (loss) on investment and foreign currency transactions			3,836,683				18,889,995
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			26,459,425				(21,818,020	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			37,391,225				10,902,232

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			5,743,685				81,300,058
Portfolio shares purchased			(37,353,283	)			(73,536,303	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(31,609,598	)			7,763,755

TOTAL INCREASE (DECREASE)			5,781,627				18,665,987
NET ASSETS:
Beginning of period			556,639,303				537,973,316

End of period.		$	562,420,930			$	556,639,303

SEE NOTES TO FINANCIAL STATEMENTS.

A22

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended			Year Ended December 31,
	June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$ 42.69			$ 41.86			$ 34.30			$ 27.33			$ 24.34			$ 21.99

Income (Loss) From Investment Operations:
Net investment income (loss)		0.57			1.13			1.23			0.77			0.49			0.72
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.40			(0.30	)		6.33			6.20			2.50			1.63

Total from investment operations		2.97			0.83			7.56			6.97			2.99			2.35

Capital Contributions		—			—			—			—			—			—	^(b)(c)

Net Asset Value, end of period		$ 45.66			$ 42.69			$ 41.86			$ 34.30			$ 27.33			$ 24.34

Total Return^(d)		6.96	%		1.98	%		22.04	%		25.50	%		12.28	%		10.69	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 503.9			$ 497.0			$ 497.9			$ 419.2			$ 351.8			$ 332.2
Average net assets (in millions)		$ 503.9			$ 482.4			$ 477.7			$ 402.7			$ 284.9			$ 338.8
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		0.50	%^(g)		0.50	%		0.49	%		0.50	%		0.54	%		0.53	%
Expenses before waivers and/or expense reimbursement		0.51	%^(g)		0.51	%		0.50	%		0.51	%		0.55	%		0.54	%
Net investment income (loss)		2.57	%^(g)		2.68	%		3.14	%		2.39	%		2.28	%		3.04	%
Portfolio turnover rate^(h)		10	%		94	%		109	%		79	%		136	%		132	%


Class II
	Six Months Ended			Year Ended December 31,
	June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$ 40.46			$ 39.83			$ 32.77			$ 26.21			$ 23.44			$ 21.26

Income (Loss) From Investment Operations:
Net investment income (loss)		0.46			0.92			1.04			0.58			0.41			0.61
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.27			(0.29	)		6.02			5.98			2.36			1.57

Total from investment operations		2.73			0.63			7.06			6.56			2.77			2.18

Capital Contributions		—			—			—			—			—			—	^(b)(c)

Net Asset Value, end of period		$ 43.19			$ 40.46			$ 39.83			$ 32.77			$ 26.21			$ 23.44

Total Return^(d)		6.75	%		1.58	%		21.54	%		25.03	%		11.82	%		10.25	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 35.2			$ 35.0			$ 34.0			$ 25.6			$ 32.5			$ 49.5
Average net assets (in millions)		$ 35.2			$ 34.5			$ 33.5			$ 27.8			$ 37.6			$ 50.1
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		0.90	%^(g)		0.90	%		0.89	%		0.90	%		0.94	%		0.93	%
Expenses before waivers and/or expense reimbursement		0.91	%^(g)		0.91	%		0.90	%		0.91	%		0.95	%		0.94	%
Net investment income (loss)		2.17	%^(g)		2.28	%		2.77	%		1.89	%		2.05	%		2.63	%
Portfolio turnover rate^(h)		10	%		94	%		109	%		79	%		136	%		132	%

SEE NOTES TO FINANCIAL STATEMENTS.

A23

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class III
	Six Months Ended June 30, 2024				Year Ended December 31,								April 26, 2021⁽ⁱ⁾ through December 31, 2021
	Six Months Ended June 30, 2024				2023				2022				April 26, 2021⁽ⁱ⁾ through December 31, 2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	42.46			$	41.73			$	34.24			$	31.02

Income (Loss) From Investment Operations:
Net investment income (loss)			0.51				0.86				1.17				0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.38				(0.13	)			6.32				3.02

Total from investment operations			2.89				0.73				7.49				3.22

Net Asset Value, end of period		$	45.35			$	42.46			$	41.73			$	34.24

Total Return^(d)			6.81	%			1.75	%			21.88	%			10.38	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	23.4			$	24.7			$	6.1			$	1.0
Average net assets (in millions)		$	24.7			$	5.9			$	3.7			$	0.3
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.75	%^(g)			0.76	%			0.73	%			0.72	%^(j)
Expenses before waivers and/or expense reimbursement			0.76	%^(g)			0.77	%			0.74	%			0.73	%^(j)
Net investment income (loss)			2.32	%^(g)			1.99	%			2.95	%			0.82	%^(j)
Portfolio turnover rate^(h)			10	%			94	%			109	%			79	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(c)	Amount rounds to zero.

(d)

(e)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(f)	Does not include expenses of the underlying funds in which the Portfolio invests.

(g)	Annualized.

(h)

(i)	Commencement of offering.

(j)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A24

PSF PGIM 50/50 BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 89.8%
COMMON STOCKS — 50.0%
Aerospace & Defense — 0.9%
Axon Enterprise, Inc.*		1,900	$	559,056
BAE Systems PLC (United Kingdom)		2,797		46,589
Boeing Co. (The)*		16,250		2,957,663
General Dynamics Corp.		6,600		1,914,924
General Electric Co.		31,078		4,940,470
Howmet Aerospace, Inc.		10,980		852,377
Huntington Ingalls Industries, Inc.		1,000		246,330
Kongsberg Gruppen ASA (Norway)		110		8,958
L3Harris Technologies, Inc.		5,370		1,205,995
Lockheed Martin Corp.		6,120		2,858,652
Northrop Grumman Corp.		3,822		1,666,201
Rheinmetall AG (Germany)		35		17,837
Rolls-Royce Holdings PLC (United Kingdom)*		24,597		141,266
RTX Corp.		37,755		3,790,224
Safran SA (France)		561		118,235
Singapore Technologies Engineering Ltd. (Singapore)		1,700		5,413
Textron, Inc.		5,700		489,402
TransDigm Group, Inc.		1,600		2,044,176


				23,863,768

Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.		3,200		281,984
Expeditors International of Washington, Inc.		4,000		499,160
FedEx Corp.		6,380		1,912,979
United Parcel Service, Inc. (Class B Stock)		20,800		2,846,480


				5,540,603

Automobile Components — 0.0%
Aptiv PLC*		7,700		542,234
BorgWarner, Inc.		7,100		228,904
Cie Generale des Etablissements Michelin SCA (France)		350		13,528
Sumitomo Electric Industries Ltd. (Japan)		2,800		43,777


				828,443

Automobiles — 0.7%
Bayerische Motoren Werke AG (Germany)		277		26,202
Ford Motor Co.		112,285		1,408,054
General Motors Co.		32,400		1,505,304
Mazda Motor Corp. (Japan)		9,400		90,625
Stellantis NV		2,150		42,503
Subaru Corp. (Japan)		4,700		99,947
Tesla, Inc.*		78,720		15,577,114
Toyota Motor Corp. (Japan)		4,600		94,380
Volvo Car AB (Sweden) (Class B Stock)*		20,702		64,011


				18,908,140

Banks — 1.7%
ABN AMRO Bank NV (Netherlands), 144A, CVA		393		6,455


	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
AIB Group PLC (Ireland)		9,372	$	49,494
Banco Bilbao Vizcaya Argentaria SA (Spain)		10,282		103,216
Banco BPM SpA (Italy)		1,107		7,124
Banco Santander SA (Spain)		13,259		61,691
Bank Hapoalim BM (Israel)		672		5,935
Bank of America Corp.		193,141		7,681,218
Barclays PLC (United Kingdom)		38,351		101,339
BOC Hong Kong Holdings Ltd. (China)		2,000		6,171
CaixaBank SA (Spain)		4,951		26,293
Citigroup, Inc.		54,135		3,435,407
Citizens Financial Group, Inc.		13,600		490,008
Commerzbank AG (Germany)		726		11,012
Commonwealth Bank of Australia (Australia)		206		17,451
Credit Agricole SA (France)		3,867		52,802
DBS Group Holdings Ltd. (Singapore)		1,100		28,973
DNB Bank ASA (Norway)		764		14,990
Erste Group Bank AG (Austria)		715		33,845
Fifth Third Bancorp		20,021		730,566
Hang Seng Bank Ltd. (Hong Kong)		500		6,428
HSBC Holdings PLC (United Kingdom)		18,775		162,066
Huntington Bancshares, Inc.		41,736		550,080
Intesa Sanpaolo SpA (Italy)		29,780		110,675
JPMorgan Chase & Co.		81,545		16,493,292
KeyCorp(a)		26,900		382,249
M&T Bank Corp.		4,905		742,421
Mitsubishi UFJ Financial Group, Inc. (Japan)		5,800		62,594
National Australia Bank Ltd. (Australia)		4,872		117,489
NatWest Group PLC (United Kingdom)		5,661		22,271
Nordea Bank Abp (Finland)		4,945		58,949
Oversea-Chinese Banking Corp. Ltd. (Singapore)		11,200		118,937
PNC Financial Services Group, Inc. (The)		11,333		1,762,055
Regions Financial Corp.		26,603		533,124
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		1,195		17,668
Swedbank AB (Sweden) (Class A Stock)		708		14,584
Truist Financial Corp.		38,401		1,491,879
U.S. Bancorp		44,785		1,777,965
UniCredit SpA (Italy)		3,008		111,314
United Overseas Bank Ltd. (Singapore).		800		18,453
Wells Fargo & Co.		98,964		5,877,472
Westpac Banking Corp. (Australia)		2,850		51,605


				43,347,560

Beverages — 0.7%
Asahi Group Holdings Ltd. (Japan)		300		10,615
Brown-Forman Corp. (Class B Stock)(a)		5,275		227,827
Coca-Cola Co. (The)		111,501		7,097,039
Coca-Cola HBC AG (Italy)*		184		6,262
Constellation Brands, Inc. (Class A Stock)(a)		4,540		1,168,051
Keurig Dr. Pepper, Inc.		29,600		988,640
Kirin Holdings Co. Ltd. (Japan)		500		6,459

SEE NOTES TO FINANCIAL STATEMENTS.

A25

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Beverages (cont’d.)
Molson Coors Beverage Co. (Class B Stock)(a)		5,600	$	284,648
Monster Beverage Corp.*		20,100		1,003,995
PepsiCo, Inc.		39,007		6,433,425


				17,226,961

Biotechnology — 0.9%
AbbVie, Inc.		50,101		8,593,324
Amgen, Inc.		15,337		4,792,046
Biogen, Inc.*		4,060		941,189
Gilead Sciences, Inc.		35,300		2,421,933
Incyte Corp.*		4,940		299,463
Moderna, Inc.*		9,550		1,134,062
Regeneron Pharmaceuticals, Inc.*		3,040		3,195,131
Vertex Pharmaceuticals, Inc.*		7,200		3,374,784


				24,751,932

Broadline Retail — 2.0%
Amazon.com, Inc.*		260,000		50,245,000
eBay, Inc.(a)		14,300		768,196
Etsy, Inc.*		3,700		218,226
Next PLC (United Kingdom)		156		17,802
Prosus NV (China)*		1,208		42,955
Rakuten Group, Inc. (Japan)*		1,300		6,735


				51,298,914

Building Products — 0.2%
A.O. Smith Corp.		3,300		269,874
AGC, Inc. (Japan)		200		6,508
Allegion PLC		2,533		299,274
Builders FirstSource, Inc.*		3,400		470,594
Carrier Global Corp.		24,002		1,514,046
Cie de Saint-Gobain SA (France)		686		53,353
Johnson Controls International PLC		19,422		1,290,980
Masco Corp.(a)		6,200		413,354
ROCKWOOL A/S (Denmark) (Class B Stock)		15		6,081
Trane Technologies PLC		6,300		2,072,259


				6,396,323

Capital Markets — 1.4%
3i Group PLC (United Kingdom)		2,565		98,857
Ameriprise Financial, Inc.		2,820		1,204,676
Amundi SA (France), 144A		78		5,045
Bank of New York Mellon Corp. (The)		21,158		1,267,153
BlackRock, Inc.		3,970		3,125,660
Blackstone, Inc.		20,300		2,513,140
Cboe Global Markets, Inc.		3,000		510,180
Charles Schwab Corp. (The)		42,350		3,120,771
CME Group, Inc.		10,100		1,985,660
Daiwa Securities Group, Inc. (Japan)		6,100		46,832
Deutsche Bank AG (Germany)		5,322		85,059
Euronext NV (Netherlands), 144A		72		6,672
FactSet Research Systems, Inc.(a)		1,000		408,270
Franklin Resources, Inc.		8,700		194,445
Goldman Sachs Group, Inc. (The)		9,080		4,107,066
Hargreaves Lansdown PLC (United Kingdom)		525		7,484


	Shares		Value

COMMON STOCKS (continued)
Capital Markets (cont’d.)
Intercontinental Exchange, Inc.		16,455	$	2,252,525
Invesco Ltd.		14,300		213,928
KKR & Co., Inc.		19,100		2,010,084
MarketAxess Holdings, Inc.		1,020		204,541
Moody’s Corp.		4,450		1,873,138
Morgan Stanley		36,019		3,500,687
MSCI, Inc.		2,120		1,021,310
Nasdaq, Inc.		10,800		650,808
Nomura Holdings, Inc. (Japan)		2,500		14,441
Northern Trust Corp.		6,000		503,880
Raymond James Financial, Inc.		5,450		673,674
S&P Global, Inc.		8,960		3,996,160
State Street Corp.		8,900		658,600
T. Rowe Price Group, Inc.		6,500		749,515
UBS Group AG (Switzerland)		2,657		78,036


				37,088,297

Chemicals — 0.7%
Air Products & Chemicals, Inc.		6,300		1,625,715
Albemarle Corp.		3,500		334,320
Celanese Corp.(a)		2,800		377,692
CF Industries Holdings, Inc.		5,500		407,660
Corteva, Inc.		20,047		1,081,335
Dow, Inc.		19,947		1,058,188
DuPont de Nemours, Inc.		12,247		985,761
Eastman Chemical Co.		3,400		333,098
Ecolab, Inc.		7,300		1,737,400
FMC Corp.(a)		3,400		195,670
Givaudan SA (Switzerland)		3		14,210
International Flavors & Fragrances, Inc.		7,200		685,512
Linde PLC		13,700		6,011,697
LyondellBasell Industries NV (Class A Stock)		7,300		698,318
Mitsubishi Chemical Group Corp. (Japan)		3,800		21,173
Mosaic Co. (The)		9,200		265,880
Nippon Paint Holdings Co. Ltd. (Japan)		800		5,230
Nippon Sanso Holdings Corp. (Japan)		1,900		56,425
Orica Ltd. (Australia)		966		11,472
PPG Industries, Inc.		6,800		856,052
Sherwin-Williams Co. (The)		6,550		1,954,716
Solvay SA (Belgium)		806		28,423


				18,745,947

Commercial Services & Supplies — 0.3%
Brambles Ltd. (Australia)		7,224		69,711
Cintas Corp.		2,480		1,736,645
Copart, Inc.*		24,800		1,343,168
Republic Services, Inc.		6,165		1,198,106
Rollins, Inc.		8,200		400,078
Veralto Corp.		6,333		604,612
Waste Management, Inc.		10,242		2,185,028


				7,537,348

Communications Equipment — 0.4%
Arista Networks, Inc.*		7,200		2,523,456
Cisco Systems, Inc.		115,000		5,463,650
F5, Inc.*		1,700		292,791

SEE NOTES TO FINANCIAL STATEMENTS.

A26

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Communications Equipment (cont’d.)
Juniper Networks, Inc.		9,900	$	360,954
Motorola Solutions, Inc.		4,789		1,848,793
Nokia OYJ (Finland)		13,933		53,030


				10,542,674

Construction & Engineering — 0.1%
ACS Actividades de Construccion y Servicios SA (Spain)		174		7,515
Eiffage SA (France)		642		59,004
Obayashi Corp. (Japan)		8,100		96,798
Quanta Services, Inc.		4,000		1,016,360
Shimizu Corp. (Japan)		6,700		37,757
Taisei Corp. (Japan)		200		7,441
Vinci SA (France)		767		80,845


				1,305,720

Construction Materials — 0.1%
Heidelberg Materials AG (Germany)		924		95,518
Holcim AG*		1,386		122,511
Martin Marietta Materials, Inc.		1,740		942,732
Vulcan Materials Co.		3,600		895,248


				2,056,009

Consumer Finance — 0.3%
American Express Co.		16,100		3,727,955
Capital One Financial Corp.		10,861		1,503,706
Discover Financial Services		7,040		920,902
Synchrony Financial(a)		11,872		560,240


				6,712,803

Consumer Staples Distribution & Retail — 0.9%
Carrefour SA (France)		431		6,107
Coles Group Ltd. (Australia)		1,152		13,051
Costco Wholesale Corp.		12,700		10,794,873
Dollar General Corp.(a)		6,400		846,272
Dollar Tree, Inc.*		5,965		636,883
Koninklijke Ahold Delhaize NV (Netherlands)		3,312		97,463
Kroger Co. (The)		19,492		973,236
Sysco Corp.(a)		14,500		1,035,155
Target Corp.		13,060		1,933,402
Tesco PLC (United Kingdom)		5,446		21,037
Walgreens Boots Alliance, Inc.(a)		22,300		269,718
Walmart, Inc.		121,300		8,213,223


				24,840,420

Containers & Packaging — 0.1%
Amcor PLC		43,850		428,853
Avery Dennison Corp.		2,300		502,895
Ball Corp.		8,800		528,176
International Paper Co.(a)		9,973		430,335
Packaging Corp. of America		2,500		456,400
Smurfit Kappa Group PLC (Ireland)		971		43,238
Westrock Co.		7,744		389,213


				2,779,110

Distributors — 0.1%
Genuine Parts Co.		4,000		553,280


	Shares		Value

COMMON STOCKS (continued)
Distributors (cont’d.)
LKQ Corp.		7,900	$	328,561
Pool Corp.(a)		1,080		331,916


				1,213,757

Diversified REITs — 0.0%
GPT Group (The) (Australia)		1,408		3,754
Stockland (Australia)		1,757		4,867


				8,621

Diversified Telecommunication Services — 0.3%
AT&T, Inc.		203,536		3,889,573
Deutsche Telekom AG (Germany)		5,101		128,216
Koninklijke KPN NV (Netherlands)		19,452		74,554
Orange SA (France)		1,596		16,009
Telstra Group Ltd. (Australia)		3,256		7,861
Verizon Communications, Inc.		119,476		4,927,190


				9,043,403

Electric Utilities — 0.8%
Alliant Energy Corp.		7,400		376,660
American Electric Power Co., Inc.(a)		14,860		1,303,816
Chubu Electric Power Co., Inc. (Japan)		3,900		46,072
Constellation Energy Corp.		8,904		1,783,204
Duke Energy Corp.		21,761		2,181,105
Edison International		11,300		811,453
Endesa SA (Spain)		348		6,539
Enel SpA (Italy)		17,178		119,195
Entergy Corp.		6,000		642,000
Evergy, Inc.		6,700		354,899
Eversource Energy		10,300		584,113
Exelon Corp.		28,613		990,296
FirstEnergy Corp.		15,156		580,020
Iberdrola SA (Spain)		7,291		94,600
Kansai Electric Power Co., Inc. (The) (Japan)		1,100		18,471
NextEra Energy, Inc.		58,300		4,128,223
NRG Energy, Inc.		6,000		467,160
PG&E Corp.		61,400		1,072,044
Pinnacle West Capital Corp.		3,200		244,416
PPL Corp.		21,200		586,180
Southern Co. (The)		31,000		2,404,670
Tokyo Electric Power Co. Holdings, Inc. (Japan)*		5,600		30,156
Xcel Energy, Inc.		15,910		849,753


				19,675,045

Electrical Equipment — 0.4%
ABB Ltd. (Switzerland)		3,309		183,487
AMETEK, Inc.		6,600		1,100,286
Eaton Corp. PLC		11,337		3,554,716
Emerson Electric Co		16,400		1,806,624
GE Vernova, Inc.*		7,794		1,336,749
Generac Holdings, Inc.*(a)		1,900		251,218
Hubbell, Inc.		1,400		511,672
Legrand SA (France)		210		20,844
Nidec Corp. (Japan)		1,100		49,500
Rockwell Automation, Inc.(a)		3,100		853,368
Schneider Electric SE		24		5,754

SEE NOTES TO FINANCIAL STATEMENTS.

A27

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (cont’d.)
Siemens Energy AG (Germany)*		500	$	13,037


				9,687,255

Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. (Class A Stock)		34,400		2,317,528
CDW Corp.		3,850		861,784
Corning, Inc.		22,600		878,010
Jabil, Inc.		3,400		369,886
Keysight Technologies, Inc.*		5,100		697,425
TDK Corp. (Japan)		2,100		129,133
TE Connectivity Ltd.		8,700		1,308,741
Teledyne Technologies, Inc.*		1,360		527,653
Trimble, Inc.*		6,800		380,256
Yokogawa Electric Corp. (Japan)		300		7,286
Zebra Technologies Corp. (Class A Stock)*		1,370		423,234


				7,900,936

Energy Equipment & Services — 0.1%
Baker Hughes Co.		28,798		1,012,826
Halliburton Co.		25,100		847,878
Schlumberger NV		41,124		1,940,230
Tenaris SA		420		6,461


				3,807,395

Entertainment — 0.6%
CTS Eventim AG & Co. KGaA (Germany)		66		5,494
Electronic Arts, Inc.(a)		7,000		975,310
Konami Group Corp. (Japan)		800		57,844
Live Nation Entertainment, Inc.*		4,100		384,334
Netflix, Inc.*		12,230		8,253,782
Nintendo Co. Ltd. (Japan)		500		26,701
Sea Ltd. (Singapore), ADR*		400		28,568
Take-Two Interactive Software, Inc.*		4,500		699,705
Walt Disney Co. (The)		51,782		5,141,435
Warner Bros Discovery, Inc.*		63,876		475,237


				16,048,410

Financial Services — 1.9%\
Berkshire Hathaway, Inc. (Class B Stock)*		51,555		20,972,574
Corpay, Inc.*		2,100		559,461
EXOR NV (Netherlands)		78		8,148
Fidelity National Information Services, Inc.		16,000		1,205,760
Fiserv, Inc.*		17,200		2,563,488
Global Payments, Inc.		7,177		694,016
Investor AB (Sweden) (Class B Stock)		4,529		124,108
Jack Henry & Associates, Inc.		2,100		348,642
Mastercard, Inc. (Class A Stock)		23,450		10,345,202
PayPal Holdings, Inc.*		30,100		1,746,703
Visa, Inc. (Class A Stock)		44,700		11,732,409


				50,300,511

Food Products — 0.4%
Archer-Daniels-Midland Co.		14,226		859,962


	Shares		Value
COMMON STOCKS (continued)
Food Products (cont’d.)
Associated British Foods PLC (United Kingdom)		694	$	21,669
Bunge Global SA(a)		4,200		448,434
Campbell Soup Co.		5,700		257,583
Conagra Brands, Inc.		14,500		412,090
General Mills, Inc.(a)		16,200		1,024,812
Hershey Co. (The)		4,200		772,086
Hormel Foods Corp.		8,400		256,116
J.M. Smucker Co. (The)		3,200		348,928
Kellanova		7,600		438,368
Kraft Heinz Co. (The)		22,967		739,997
Lamb Weston Holdings, Inc.		4,000		336,320
McCormick & Co., Inc.		7,340		520,700
Mondelez International, Inc. (Class A Stock)		38,053		2,490,188
Mowi ASA (Norway)		2,511		41,734
Nestle SA.		1,502		153,316
Orkla ASA (Norway)		672		5,449
Tyson Foods, Inc. (Class A Stock)		8,300		474,262
WH Group Ltd. (Hong Kong), 144A		107,000		70,428
Wilmar International Ltd. (China)		28,000		63,847


				9,736,289

Gas Utilities — 0.0%
Atmos Energy Corp.		4,400		513,260
Osaka Gas Co. Ltd. (Japan)		300		6,630
Tokyo Gas Co. Ltd. (Japan)		3,500		75,348


				595,238

Ground Transportation — 0.5%
CSX Corp.		55,500		1,856,475
J.B. Hunt Transport Services, Inc.		2,200		352,000
Norfolk Southern Corp.		6,400		1,374,016
Old Dominion Freight Line, Inc.		4,930		870,638
Uber Technologies, Inc.*		59,300		4,309,924
Union Pacific Corp.		17,260		3,905,248


				12,668,301

Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		49,350		5,127,958
Alcon, Inc. (Switzerland)		123		10,934
Align Technology, Inc.*		1,840		444,231
Baxter International, Inc.		14,700		491,715
Becton, Dickinson & Co.		8,210		1,918,759
Boston Scientific Corp.*		42,167		3,247,281
Cochlear Ltd. (Australia)		420		92,711
Cooper Cos., Inc. (The)		5,760		502,848
Demant A/S (Denmark)*		120		5,197
Dexcom, Inc.*		11,460		1,299,335
Edwards Lifesciences Corp.*		17,000		1,570,290
GE HealthCare Technologies, Inc.		11,992		934,417
Hologic, Inc.*		7,000		519,750
IDEXX Laboratories, Inc.*		2,240		1,091,328
Insulet Corp.*		2,000		403,600
Intuitive Surgical, Inc.*		10,060		4,475,191
Medtronic PLC.		37,690		2,966,580
ResMed, Inc.(a)		4,100		784,822
Solventum Corp.*(a)		4,070		215,221

SEE NOTES TO FINANCIAL STATEMENTS.

A28

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Health Care Equipment & Supplies (cont’d.)
STERIS PLC		2,650	$	581,781
Stryker Corp.		9,600		3,266,400
Teleflex, Inc.		1,200		252,396
Zimmer Biomet Holdings, Inc.		6,000		651,180


				30,853,925

Health Care Providers & Services — 1.2%
Cardinal Health, Inc.		7,050		693,156
CenCo.ra, Inc.		4,700		1,058,910
Centene Corp.*		15,150		1,004,445
Cigna Group (The)		8,000		2,644,560
CVS Health Corp.		35,583		2,101,532
DaVita, Inc.*(a)		1,600		221,712
Elevance Health, Inc.		6,600		3,576,276
Fresenius Medical Care AG (Germany) .		1,292		49,376
Fresenius SE & Co. KGaA (Germany)* .		1,177		35,162
HCA Healthcare, Inc.(a)		5,400		1,734,912
Henry Schein, Inc.*(a)		4,000		256,400
Humana, Inc.		3,410		1,274,146
Labcorp Holdings, Inc.		2,300		468,073
McKesson Corp.		3,770		2,201,831
Molina Healthcare, Inc.*		1,550		460,815
Quest Diagnostics, Inc.		3,200		438,016
UnitedHealth Group, Inc.		26,080		13,281,501
Universal Health Services, Inc. (Class B Stock)		1,600		295,888


				31,796,711

Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc.		4,480		524,025
Healthpeak Properties, Inc.		20,000		392,000
Ventas, Inc.		11,568		592,976
Welltower, Inc.		15,900		1,657,575


				3,166,576

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		21,382		384,448

Hotels, Restaurants & Leisure — 0.9%
Accor SA (France)		1,283		52,499
Airbnb, Inc. (Class A Stock)*		12,400		1,880,212
Aristocrat Leisure Ltd. (Australia)		439		14,538
Booking Holdings, Inc.		960		3,803,040
Caesars Entertainment, Inc.*(a)		6,700		266,258
Carnival Corp.*		29,000		542,880
Chipotle Mexican Grill, Inc.*(a)		39,000		2,443,350
Darden Restaurants, Inc.		3,250		491,790
Domino’s Pizza, Inc.		1,020		526,657
Expedia Group, Inc.*		3,650		459,863
Genting Singapore Ltd. (Singapore)		8,000		5,085
Hilton Worldwide Holdings, Inc.		7,000		1,527,400
InterContinental Hotels Group PLC (United Kingdom)		141		14,816
La Francaise des Jeux SAEM (France), 144A		315		10,729
Las Vegas Sands Corp.		10,350		457,987
Marriott International, Inc. (Class A Stock)		6,828		1,650,806
McDonald’s Corp.		20,400		5,198,736


	Shares		Value

COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (cont’d.)
MGM Resorts International*		7,200	$	319,968
Norwegian Cruise Line Holdings Ltd.*		13,800		259,302
Royal Caribbean Cruises Ltd.*		6,700		1,068,181
Starbucks Corp.		32,100		2,498,985
Wynn Resorts Ltd.		2,900		259,550
Yum! Brands, Inc.(a)		8,200		1,086,172


				24,838,804

Household Durables — 0.2%
Barratt Developments PLC (United Kingdom)		798		4,740
Berkeley Group Holdings PLC (United Kingdom)		1,116		64,482
D.R. Horton, Inc.		8,500		1,197,905
Garmin Ltd.(a)		4,400		716,848
Lennar Corp. (Class A Stock)		7,000		1,049,090
Mohawk Industries, Inc.*		1,540		174,929
NVR, Inc.*		90		682,970
PulteGroup, Inc.		6,122		674,032
Sekisui Chemical Co. Ltd. (Japan)		400		5,553
Sony Group Corp. (Japan)		1,100		93,743


				4,664,292

Household Products — 0.6%
Church & Dwight Co., Inc.		6,900		715,392
Clorox Co. (The)(a)		3,500		477,645
Colgate-Palmolive Co.		23,300		2,261,032
Essity AB (Sweden) (Class B Stock)		3,867		98,859
Henkel AG & Co. KGaA (Germany)		78		6,137
Kimberly-Clark Corp.		9,500		1,312,900
Procter & Gamble Co. (The)		67,525		11,136,223
Reckitt Benckiser Group PLC (United Kingdom)		579		31,323


				16,039,511

Independent Power & Renewable Electricity Producers — 0.0%
AES Corp. (The)		19,500		342,615
Vistra Corp		9,200		791,016


				1,133,631

Industrial Conglomerates — 0.2%
3M Co.		15,880		1,622,777
Hitachi Ltd. (Japan)		3,000		67,549
Honeywell International, Inc.		18,912		4,038,469
Keppel Ltd. (Singapore)		1,200		5,704
Siemens AG (Germany)		902		167,885
Smiths Group PLC (United Kingdom)		262		5,637


				5,908,021

Industrial REITs — 0.1%
Goodman Group (Australia)		6,232		143,772
Prologis, Inc.		26,284		2,951,956


				3,095,728

Insurance — 1.0%
Aflac, Inc.		14,700		1,312,857
Ageas SA/NV (Belgium)		1,804		82,311
Allianz SE (Germany)		318		88,318

SEE NOTES TO FINANCIAL STATEMENTS.

A29

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Insurance (cont’d.)
Allstate Corp. (The)		7,500	$	1,197,450
American International Group, Inc.		18,839		1,398,607
Aon PLC (Class A Stock)		6,200		1,820,196
Arch Capital Group Ltd.*		10,700		1,079,523
Arthur J. Gallagher & Co.		6,200		1,607,722
Assurant, Inc.		1,500		249,375
Aviva PLC (United Kingdom)		16,437		99,005
AXA SA (France)		3,628		118,894
Brown & Brown, Inc.(a)		6,900		616,929
Chubb Ltd.		11,486		2,929,849
Cincinnati Financial Corp.		4,637		547,630
Dai-ichi Life Holdings, Inc. (Japan)		2,900		77,661
Everest Group Ltd.		1,240		472,465
Globe Life, Inc.		2,525		207,757
Hannover Rueck SE (Germany)		51		12,910
Hartford Financial Services Group, Inc. (The)		8,400		844,536
Japan Post Holdings Co. Ltd. (Japan)		7,700		76,536
Loews Corp.		5,375		401,727
Marsh & McLennan Cos., Inc.		14,100		2,971,152
Medibank Private Ltd. (Australia)		33,584		83,232
MetLife, Inc.		17,150		1,203,758
MS&AD Insurance Group Holdings, Inc. (Japan)		1,100		24,559
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen (Germany)		320		159,986
Principal Financial Group, Inc.		6,000		470,700
Progressive Corp. (The)		16,600		3,447,986
QBE Insurance Group Ltd. (Australia)		1,081		12,479
Sompo Holdings, Inc. (Japan)		600		12,854
Suncorp Group Ltd. (Australia)		1,095		12,663
T&D Holdings, Inc. (Japan)		500		8,733
Talanx AG (Germany)		81		6,455
Tokio Marine Holdings, Inc. (Japan)		400		15,032
Travelers Cos., Inc. (The)		6,435		1,308,493
W.R. Berkley Corp.		5,800		455,764
Willis Towers Watson PLC		2,940		770,692


				26,206,796

Interactive Media & Services — 3.3%
Alphabet, Inc. (Class A Stock)		166,800		30,382,620
Alphabet, Inc. (Class C Stock)		138,760		25,451,359
Auto Trader Group PLC (United Kingdom), 144A		783		7,881
Match Group, Inc.*		7,600		230,888
Meta Platforms, Inc. (Class A Stock)		62,230		31,377,611
Scout24 SE (Germany), 144A		77		5,883


				87,456,242

IT Services — 0.5%
Accenture PLC (Class A Stock)		17,800		5,400,698
Akamai Technologies, Inc.*		4,500		405,360
Cognizant Technology Solutions Corp. (Class A Stock)		14,100		958,800
EPAM Systems, Inc.*		1,540		289,689
Gartner, Inc.*		2,200		987,932
GoDaddy, Inc. (Class A Stock)*		3,000		419,130
International Business Machines Corp.		26,100		4,513,995


	Shares		Value

COMMON STOCKS (continued)
IT Services (cont’d.)
VeriSign, Inc.*		2,500	$	444,500
Wix.com Ltd. (Israel)*		700		111,349


				13,531,453

Leisure Products — 0.0%
Bandai Namco Holdings, Inc. (Japan)		500		9,796
Hasbro, Inc.		4,100		239,850
Shimano, Inc. (Japan)		100		15,454


				265,100

Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		8,514		1,103,670
Bio-Rad Laboratories, Inc. (Class A Stock)*(a)		540		147,479
Bio-Techne Corp.		4,400		315,260
Charles River Laboratories International, Inc.*(a)		1,360		280,949
Danaher Corp.		18,700		4,672,195
IQVIA Holdings, Inc.*		5,200		1,099,488
Mettler-Toledo International, Inc.*(a)		620		866,506
Revvity, Inc.		3,700		387,982
Thermo Fisher Scientific, Inc.		10,840		5,994,520
Waters Corp.*		1,600		464,192
West Pharmaceutical Services, Inc.		2,000		658,780


				15,991,021

Machinery — 0.8%
Alfa Laval AB (Sweden)		210		9,196
Atlas Copco AB (Sweden) (Class A Stock)		4,646		87,234
Atlas Copco AB (Sweden) (Class B Stock)		1,156		18,666
Caterpillar, Inc.		14,100		4,696,710
Cummins, Inc.		3,750		1,038,487
Daimler Truck Holding AG (Germany)		2,157		86,028
Deere & Co.		7,240		2,705,081
Dover Corp.		3,800		685,710
Epiroc AB (Sweden) (Class B Stock)		330		6,057
FANUC Corp. (Japan)		300		8,236
Fortive Corp.		9,950		737,295
GEA Group AG (Germany)		1,945		80,860
IDEX Corp.		2,110		424,532
Illinois Tool Works, Inc.		7,600		1,800,896
Indutrade AB (Sweden)		220		5,651
Ingersoll Rand, Inc.		11,600		1,053,744
Knorr-Bremse AG (Germany)		75		5,733
Nordson Corp.(a)		1,500		347,910
Otis Worldwide Corp.		11,501		1,107,086
PACCAR, Inc.		15,014		1,545,541
Parker-Hannifin Corp.		3,685		1,863,910
Pentair PLC		4,577		350,919
Rational AG (Germany)		25		20,728
Schindler Holding AG (Switzerland) (Part. Cert.)		31		7,778
SKF AB (Sweden) (Class B Stock)		3,844		77,254
Snap-on, Inc.		1,500		392,085
Stanley Black & Decker, Inc.		4,247		339,293
Toyota Industries Corp. (Japan)		700		59,546

SEE NOTES TO FINANCIAL STATEMENTS.

A30

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Machinery (cont’d.)
Trelleborg AB (Sweden) (Class B Stock)		182	$	7,083
Volvo AB (Sweden) (Class B Stock)		4,831		124,130
Wartsila OYJ Abp (Finland)		420		8,142
Westinghouse Air Brake Technologies Corp.		4,851		766,701
Xylem, Inc.		7,100		962,973


				21,431,195

Marine Transportation — 0.0%
Mitsui OSK Lines Ltd. (Japan)		3,200		96,213

Media — 0.3%
Charter Communications, Inc. (Class A Stock)*(a)		2,660		795,233
Comcast Corp. (Class A Stock)		111,080		4,349,893
Fox Corp. (Class A Stock)(a)		6,500		223,405
Fox Corp. (Class B Stock)		3,733		119,531
Informa PLC (United Kingdom)		6,819		73,590
Interpublic Group of Cos., Inc. (The)(a)		10,731		312,165
News Corp. (Class A Stock)		10,875		299,824
News Corp. (Class B Stock)(a)		3,500		99,365
Omnicom Group, Inc.(a)		5,700		511,290
Paramount Global (Class B Stock)(a)		14,030		145,772
Publicis Groupe SA (France)		1,162		123,426
Vivendi SE (France)		552		5,769


				7,059,263

Metals & Mining — 0.2%
ArcelorMittal SA (Luxembourg)		394		9,026
BHP Group Ltd. (Australia)		6,520		186,354
BlueScope Steel Ltd. (Australia)		5,704		77,430
Boliden AB (Sweden)		184		5,918
Fortescue Ltd. (Australia)		2,440		34,737
Freeport-McMoRan, Inc.		41,288		2,006,597
Glencore PLC (Australia)		8,705		49,534
JFE Holdings, Inc. (Japan)		1,600		23,092
Newmont Corp.(a)		32,700		1,369,149
Nippon Steel Corp. (Japan)		4,300		91,153
Norsk Hydro ASA (Norway)		960		5,985
Northern Star Resources Ltd. (Australia)		2,631		22,848
Nucor Corp.		6,800		1,074,944
Rio Tinto Ltd. (Australia)		275		21,783
Rio Tinto PLC (Australia)		1,551		101,774
Steel Dynamics, Inc.		4,150		537,425
voestalpine AG (Austria)		1,057		28,576


				5,646,325

Multi-Utilities — 0.3%
Ameren Corp.		7,500		533,325
CenterPoint Energy, Inc.		18,100		560,738
Centrica PLC (United Kingdom)		54,965		93,688
CMS Energy Corp.		8,400		500,052
Consolidated Edison, Inc.		9,800		876,316
Dominion Energy, Inc.		24,415		1,196,335
DTE Energy Co.		6,000		666,060
E.ON SE (Germany)		971		12,762
Engie SA (France)		1,989		28,483


	Shares		Value

COMMON STOCKS (continued)
Multi-Utilities (cont’d.)
NiSource, Inc.		12,400	$	357,244
Public Service Enterprise Group, Inc.		14,300		1,053,910
Sempra		17,938		1,364,364
WEC Energy Group, Inc.		9,113		715,006


				7,958,283

Office REITs — 0.0%
Boston Properties, Inc.(a)		4,400		270,864
Gecina SA (France)		44		4,062


				274,926

Oil, Gas & Consumable Fuels — 1.7%
Ampol Ltd. (Australia)		221		4,753
APA Corp.		11,014		324,252
BP PLC		1,319		7,942
Chevron Corp.		48,622		7,605,453
ConocoPhillips		33,219		3,799,589
Coterra Energy, Inc.		22,100		589,407
Devon Energy Corp.		17,900		848,460
Diamondback Energy, Inc.		5,100		1,020,969
ENEOS Holdings, Inc. (Japan)		2,300		11,853
EOG Resources, Inc.		16,500		2,076,855
EQT Corp.(a)		12,000		443,760
Equinor ASA (Norway)		764		21,884
Exxon Mobil Corp.		127,314		14,656,388
Hess Corp.		7,800		1,150,656
Idemitsu Kosan Co. Ltd. (Japan)		9,800		63,696
Inpex Corp. (Japan)		6,700		98,393
Kinder Morgan, Inc.		54,798		1,088,836
Marathon Oil Corp.		16,182		463,938
Marathon Petroleum Corp.		10,119		1,755,444
Occidental Petroleum Corp.(a)		19,304		1,216,731
ONEOK, Inc.		16,700		1,361,885
Phillips 66		12,138		1,713,522
Repsol SA (Spain)		1,024		16,239
Shell PLC		5,437		195,014
Targa Resources Corp.		6,500		837,070
TotalEnergies SE (France)		3,091		206,954
Valero Energy Corp.		9,400		1,473,544
Williams Cos., Inc. (The)		35,000		1,487,500


				44,540,987

Passenger Airlines — 0.1%
American Airlines Group, Inc.*(a)		20,700		234,531
Delta Air Lines, Inc.		18,800		891,872
Japan Airlines Co. Ltd. (Japan)		2,300		36,340
Singapore Airlines Ltd. (Singapore)		4,300		21,848
Southwest Airlines Co.		17,200		492,092
United Airlines Holdings, Inc.*		9,800		476,868


				2,153,551

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The) (Class A Stock)		6,700		712,880
Kenvue, Inc.		55,100		1,001,718
L’Oreal SA (France)		17		7,483
Unilever PLC (United Kingdom)		3,502		192,215


				1,914,296

SEE NOTES TO FINANCIAL STATEMENTS.

A31

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals — 1.9%
AstraZeneca PLC (United Kingdom)		683	$	106,297
Bristol-Myers Squibb Co.		57,570		2,390,882
Catalent, Inc.*		5,000		281,150
Chugai Pharmaceutical Co. Ltd. (Japan)		700		24,926
Daiichi Sankyo Co. Ltd. (Japan)		500		17,377
Eli Lilly & Co.		22,760		20,606,449
GSK PLC		7,842		150,835
Hikma Pharmaceuticals PLC (Jordan)		198		4,718
Johnson & Johnson		68,908		10,071,593
Merck & Co., Inc.		71,933		8,905,305
Novartis AG (Switzerland)		2,600		276,826
Novo Nordisk A/S (Denmark) (Class B Stock)		3,518		503,373
Ono Pharmaceutical Co. Ltd. (Japan)		3,900		53,287
Orion OYJ (Finland) (Class B Stock)		110		4,691
Otsuka Holdings Co. Ltd. (Japan)		400		16,899
Pfizer, Inc.		160,870		4,501,143
Roche Holding AG		816		226,080
Sanofi SA		944		91,042
Shionogi & Co. Ltd. (Japan)		2,500		97,371
Teva Pharmaceutical Industries Ltd. (Israel), ADR*		500		8,125
Viatris, Inc.		35,986		382,531
Zoetis, Inc.		12,900		2,236,344


				50,957,244

Professional Services — 0.3%
Automatic Data Processing, Inc.		11,500		2,744,935
Broadridge Financial Solutions, Inc.(a)		3,400		669,800
Computershare Ltd. (Australia)		480		8,395
Dayforce, Inc.*(a)		4,550		225,680
Equifax, Inc.		3,400		824,364
Experian PLC		786		36,515
Jacobs Solutions, Inc.		3,700		516,927
Leidos Holdings, Inc.		4,100		598,108
Paychex, Inc.(a)		9,100		1,078,896
Paycom Software, Inc.		1,320		188,813
Recruit Holdings Co. Ltd. (Japan)		2,200		118,376
Verisk Analytics, Inc.		4,200		1,132,110
Wolters Kluwer NV (Netherlands)		198		32,697


				8,175,616

Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		8,700		775,257
CoStar Group, Inc.*		11,900		882,266
Daito Trust Construction Co. Ltd. (Japan)		100		10,351
Mitsubishi Estate Co. Ltd. (Japan)		1,000		15,743
Nomura Real Estate Holdings, Inc. (Japan)		3,200		80,555


				1,764,172

Residential REITs — 0.2%
AvalonBay Communities, Inc.		4,075		843,077
Camden Property Trust(a)		3,200		349,152
Equity Residential		10,100		700,334
Essex Property Trust, Inc.		1,750		476,350


	Shares		Value
COMMON STOCKS (continued)
Residential REITs (cont’d.)
Invitation Homes, Inc.		16,800	$	602,952
Mid-America Apartment Communities, Inc.		3,500		499,135
UDR, Inc.		8,700		358,005


				3,829,005

Retail REITs — 0.1%
Federal Realty Investment Trust		2,100		212,037
Kimco Realty Corp.		19,200		373,632
Klepierre SA (France)		2,277		60,791
Realty Income Corp.		25,000		1,320,500
Regency Centers Corp.		4,700		292,340
Scentre Group (Australia)		3,778		7,831
Simon Property Group, Inc.		9,193		1,395,497
Unibail-Rodamco-Westfield (France)		238		18,809
Vicinity Ltd. (Australia)		29,154		35,847


				3,717,284

Semiconductors & Semiconductor Equipment — 6.0%
Advanced Micro Devices, Inc.*		45,899		7,445,277
Analog Devices, Inc.		14,047		3,206,368
Applied Materials, Inc.		23,600		5,569,364
ASM International NV (Netherlands)		132		100,898
ASML Holding NV (Netherlands)		402		409,705
Broadcom, Inc.		12,370		19,860,406
Disco Corp. (Japan)		400		152,360
Enphase Energy, Inc.*(a)		4,000		398,840
First Solar, Inc.*		2,900		653,834
Intel Corp.		121,800		3,772,146
KLA Corp.		3,810		3,141,383
Lam Research Corp.		3,710		3,950,593
Microchip Technology, Inc.(a)		15,500		1,418,250
Micron Technology, Inc.		31,400		4,130,042
Monolithic Power Systems, Inc.		1,360		1,117,485
NVIDIA Corp.		698,500		86,292,690
NXP Semiconductors NV (China)		7,200		1,937,448
ON Semiconductor Corp.*		12,300		843,165
Qorvo, Inc.*		2,807		325,724
QUALCOMM, Inc.		31,700		6,314,006
SCREEN Holdings Co. Ltd. (Japan)		100		9,066
Skyworks Solutions, Inc.		4,500		479,610
Teradyne, Inc.		4,600		682,134
Texas Instruments, Inc.		25,800		5,018,874
Tokyo Electron Ltd. (Japan)		500		109,450


				157,339,118

Software — 5.4%
Adobe, Inc.*		12,720		7,066,469
ANSYS, Inc.*		2,400		771,600
Autodesk, Inc.*		6,000		1,484,700
Cadence Design Systems, Inc.*		7,600		2,338,900
Crowdstrike Holdings, Inc. (Class A Stock)*		6,400		2,452,416
Fair Isaac Corp.*		710		1,056,949
Fortinet, Inc.*		18,000		1,084,860
Gen Digital, Inc.		15,878		396,632
Intuit, Inc.		7,940		5,218,247
Microsoft Corp.		211,020		94,315,389

SEE NOTES TO FINANCIAL STATEMENTS.

A32

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Monday.com Ltd.*		100	$	24,076
Nemetschek SE (Germany)		488		47,642
Nice Ltd. (Israel)*		53		9,118
Oracle Corp.		45,250		6,389,300
Palo Alto Networks, Inc.*		9,100		3,084,991
PTC, Inc.*(a)		3,400		617,678
Roper Technologies, Inc.(a)		3,080		1,736,073
Salesforce, Inc.		27,550		7,083,105
SAP SE (Germany)		335		67,293
ServiceNow, Inc.*		5,810		4,570,553
Synopsys, Inc.*		4,320		2,570,659
Tyler Technologies, Inc.*		1,110		558,086
Xero Ltd. (New Zealand)*		121		10,943


				142,955,679

Specialized REITs — 0.5%
American Tower Corp.		13,160		2,558,041
Crown Castle, Inc.		12,300		1,201,710
Digital Realty Trust, Inc.		9,200		1,398,860
Equinix, Inc.		2,704		2,045,846
Extra Space Storage, Inc.		6,000		932,460
Iron Mountain, Inc.(a)		8,202		735,063
Public Storage		4,420		1,271,413
SBA Communications Corp.		2,900		569,270
VICI Properties, Inc.		29,800		853,472
Weyerhaeuser Co.		21,418		608,057


				12,174,192

Specialty Retail — 0.9%
AutoZone, Inc.*		490		1,452,409
Bath & Body Works, Inc.		6,606		257,964
Best Buy Co., Inc.(a)		5,575		469,917
CarMax, Inc.*(a)		4,700		344,698
Fast Retailing Co. Ltd. (Japan)		200		50,588
H & M Hennes & Mauritz AB (Sweden) (Class B Stock)		495		7,841
Home Depot, Inc. (The)		28,150		9,690,356
Industria de Diseno Textil SA (Spain)		3,031		150,409
Lowe’s Cos., Inc.		16,200		3,571,452
O’Reilly Automotive, Inc.*		1,670		1,763,620
Ross Stores, Inc.		9,600		1,395,072
TJX Cos., Inc. (The)		32,100		3,534,210
Tractor Supply Co.		3,100		837,000
Ulta Beauty, Inc.*		1,220		470,761


				23,996,297

Technology Hardware, Storage & Peripherals — 3.5%
Apple, Inc.		409,340		86,215,191
Brother Industries Ltd. (Japan)		700		12,365
Canon, Inc. (Japan)		900		24,415
Hewlett Packard Enterprise Co.		37,948		803,359
HP, Inc.		24,448		856,169
Logitech International SA (Switzerland)		1,175		113,083
NetApp, Inc.		5,900		759,920
Seagate Technology Holdings PLC		5,600		578,312
Super Micro Computer, Inc.*(a)		1,400		1,147,090
Western Digital Corp.*		9,203		697,311


				91,207,215


	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods — 0.2%
adidas AG (Germany)		140	$	33,427
Asics Corp. (Japan)		6,400		98,676
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		338		52,824
Deckers Outdoor Corp.*		720		696,924
Hermes International SCA (France)		67		154,745
Lululemon Athletica, Inc.*(a)		3,100		925,970
LVMH Moet Hennessy Louis Vuitton SE (France)		118		90,599
Moncler SpA (Italy)		177		10,858
NIKE, Inc. (Class B Stock)		34,400		2,592,728
Pandora A/S (Denmark)		325		48,917
Ralph Lauren Corp.		1,000		175,060
Tapestry, Inc.(a)		6,800		290,972


				5,171,700

Tobacco — 0.3%
Altria Group, Inc.		48,700		2,218,285
British American Tobacco PLC (United Kingdom)		2,486		76,369
Imperial Brands PLC (United Kingdom)		4,185		107,089
Japan Tobacco, Inc. (Japan)		400		10,832
Philip Morris International, Inc.		44,200		4,478,786


				6,891,361

Trading Companies & Distributors — 0.1%
AerCap Holdings NV (Ireland)		200		18,640
Fastenal Co.		16,200		1,018,008
Mitsui & Co. Ltd. (Japan)		2,200		50,175
Reece Ltd. (Australia)		4,755		79,409
United Rentals, Inc.		1,880		1,215,852
W.W. Grainger, Inc.		1,220		1,100,733


				3,482,817

Transportation Infrastructure — 0.0%
Aena SME SA (Spain), 144A		55		11,137

Water Utilities — 0.0%
American Water Works Co., Inc.		5,700		736,212

Wireless Telecommunication Services — 0.1%
Tele2 AB (Sweden) (Class B Stock)		693		6,995
T-Mobile US, Inc.		14,600		2,572,228
Vodafone Group PLC (United Kingdom)		18,696		16,543


				2,595,766

TOTAL COMMON STOCKS (cost $251,526,306)				1,315,868,246

PREFERRED STOCKS — 0.1%
Banks — 0.0%
Citigroup Capital XIII, 11.961%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40		20,000		585,400

Capital Markets — 0.1%
State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo)		25,000		601,000

SEE NOTES TO FINANCIAL STATEMENTS.

A33

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)



	Shares		Value
PREFERRED STOCKS (continued)
Household Products — 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)		1,191	$	106,043

TOTAL PREFERRED STOCKS (cost $1,219,445)				1,292,443


UNAFFILIATED EXCHANGE-TRADED FUNDS — 0.5%
iShares Core S&P 500 ETF		24,300		13,297,689
iShares MSCI EAFE ETF(a)		459		35,953

TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS (cost $7,910,863)				13,333,642


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#

ASSET-BACKED SECURITIES — 9.1%
Automobiles — 2.1%
AmeriCredit Automobile Receivables Trust,
Series 2021-02, Class C
1.010%		01/19/27		900	857,452
Series 2021-03, Class C
1.410%		08/18/27		900	844,250
ARI Fleet Lease Trust,
Series 2024-A, Class A2, 144A
5.300%		11/15/32		1,000	996,347
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-01A, Class A, 144A
1.380%		08/20/27		2,400	2,215,788
Series 2021-02A, Class A, 144A
1.660%		02/20/28		2,600	2,378,667
Series 2022-01A, Class A, 144A
3.830%		08/21/28		2,900	2,769,960
Series 2023-02A, Class A, 144A
5.200%		10/20/27		1,100	1,094,330
Series 2024-01A, Class A, 144A
5.360%		06/20/30		1,100	1,094,906
Series 2024-03A, Class A, 144A
5.230%		12/20/30		400	396,347
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A
6.291%		07/26/32		1,417	1,424,668
Series 2023-CAR03, Class B, 144A
6.632%		07/26/32		516	518,476
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%		02/16/27		800	767,670
Series 2021-04, Class C
1.380%		07/15/27		600	564,542
Chesapeake Funding II LLC,
Series 2024-01A, Class A1, 144A
5.520%		05/15/36		969	968,426
Ford Credit Auto Owner Trust,
Series 2020-02, Class A, 144A
1.060%		04/15/33		900	850,022
Series 2021-02, Class B, 144A
1.910%		05/15/34		400	368,306


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
Series 2023-01, Class A, 144A
4.850%		08/15/35		2,700	$	2,677,460
Series 2023-02, Class A, 144A
5.280%		02/15/36		1,800		1,813,236
Series 2024-01, Class A, 144A
4.870%		08/15/36		3,700		3,669,357
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%		06/12/34		200		182,492
Series 2024-01, Class A, 144A
4.980%		12/11/36		500		498,019
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A
5.490%		06/25/27		2,500		2,495,538
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%		12/27/27		1,300		1,186,434
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A
2.330%		06/26/28		3,300		3,026,243
Series 2023-03A, Class A, 144A
5.940%		02/25/28		1,500		1,506,671
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%		09/14/27		3,147		3,102,604
Series 2021-01A, Class B, 144A
1.260%		07/14/28		1,800		1,680,158
Series 2023-01A, Class A, 144A
5.410%		11/14/29		3,200		3,196,352
Santander Drive Auto Receivables Trust,
Series 2021-02, Class D
1.350%		07/15/27		1,252		1,219,802
Series 2022-01, Class C
2.560%		04/17/28		1,100		1,087,216
Series 2023-01, Class C
5.090%		05/15/30		600		594,613
Series 2023-03, Class C
5.770%		11/15/30		900		905,831
Series 2023-04, Class C
6.040%		12/15/31		1,600		1,621,655
Series 2024-02, Class C
5.840%		06/17/30		500		504,337
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class B, 144A
5.710%		01/22/30		200		201,559
Series 2023-01A, Class C, 144A
5.970%		02/20/31		300		304,313
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A
5.800%		04/18/38		2,607		2,607,448
Series 2024-01A, Class A1, 144A
5.490%		02/18/39		1,500		1,500,254
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%		11/15/27		400		380,432


						54,072,181

SEE NOTES TO FINANCIAL STATEMENTS.

A34

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations — 6.0%

AGL CLO Ltd. (Cayman Islands),

Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.855%(c)

04/20/37

6,750

6,754,267

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2020-15A, Class AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

07/20/34

2,000

2,002,618

Anchorage Capital Europe CLO DAC (Ireland),

Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%)

5.647%(c)

01/22/38

EUR

2,500

2,700,048

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)

6.786%(c)

07/20/34

2,500

2,504,746

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.755%(c)

01/25/35

6,520

6,530,638

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%)

6.609%(c)

01/17/32

3,394

3,401,166

BNPP AM Euro CLO DAC (Ireland),

Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)

4.506%(c)

04/15/31

EUR

1,749

1,854,181

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.590%(c)

07/15/30

2,424

2,426,889

CarVal CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.525%(c)

01/20/35

4,500

4,511,534

CIFC Funding Ltd. (Cayman Islands),

Series 2014-05A, Class A1R2, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.779%(c)

10/17/31

6,613

6,612,736

Clover CLO LLC,

Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.854%(c)

04/20/37

7,000

7,003,934

CVC Cordatus Loan Fund DAC (Ireland),

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)

4.672%(c)

05/22/32

EUR

1,740

1,858,026

Series 14A, Class A2R, 144A

1.250%

05/22/32

EUR

3,779

3,856,120

Elevation CLO Ltd. (Cayman Islands),

Series 2017-06A, Class A1, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.542%)

6.870%(c)

07/15/29

20,276

Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944%(c)

04/20/37

6,750

6,754,448

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Elmwood CLO Ltd. (Cayman Islands),

Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.841%(c)

04/20/37

6,000

6,006,779

Greenwood Park CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)

6.600%(c)

04/15/31

668

668,421

Grosvenor Place CLO DAC (Ireland),

Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)

5.414%(c)

05/24/38

EUR

6,500

6,983,736

HPS Loan Management Ltd. (Cayman Islands),

Series 2015-06A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.598%(c)

02/05/31

109

108,708

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.726%(c)

04/20/34

6,650

6,664,724

ICG Euro CLO DAC (Ireland),

Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%)

5.652%(c)

01/26/38

EUR

7,000

7,556,644

KKR CLO Ltd. (Cayman Islands),

Series 2023-46A, Class A1A, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.175%(c)

04/20/35

5,000

5,014,028

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)

6.619%(c)

10/15/32

6,000

6,003,000

MidOcean Credit CLO (Cayman Islands),

Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706%(c)

04/21/31

1,901

1,902,037

Monument CLO DAC (Ireland),

Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%)

5.342%(c)

05/15/37

EUR

6,750

7,272,416

Mountain View CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%)

6.710%(c)

07/15/31

2,252

2,252,202

OCP CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

6.579%(c)

01/15/33

2,500

2,501,750

OFSI BSL Ltd. (Cayman Islands),

Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%)

7.725%(c)

01/20/35

4,600

4,624,338

OZLM Ltd. (Cayman Islands),

Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%)

6.841%(c)

10/30/30

194

194,030

SEE NOTES TO FINANCIAL STATEMENTS.

A35

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Palmer Square CLO Ltd. (Cayman Islands),

Series 2015-02A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.686%(c)

07/20/30

2,148

2,149,473

Regatta Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.755%(c)

06/20/34

3,750

3,755,866

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%)

7.251%(c)

01/20/36

3,750

3,772,593

Sound Point CLO Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.655%(c)

04/25/34

6,000

6,001,200

St. Pauls CLO (Netherlands),

Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%)

4.837%(c)

07/20/35

EUR

2,000

2,131,607

TCW CLO Ltd. (Cayman Islands),

Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.765%(c)

07/25/34

4,750

4,754,407

Toro European CLO DAC (Ireland),

Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

4.872%(c)

07/25/34

EUR

3,000

3,202,559

Trimaran Cavu Ltd.,

Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%)

7.046%(c)

07/20/32

7,500

7,506,758

Trinitas CLO Ltd. (Bermuda),

Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)

7.015%(c)

01/20/35

2,400

2,419,807

Venture CLO Ltd. (Cayman Islands),

Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.830%(c)

04/15/34

2,100

2,102,072

Wellfleet CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/31

2,990

2,993,498

Wellfleet CLO Ltd.,

Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729%(c)

01/17/31

1,107

1,107,682

158,441,962

Consumer Loans — 0.3%

Affirm Asset Securitization Trust,

Series 2024-A, Class 1A, 144A

5.610%

02/15/29

700

698,917

OneMain Financial Issuance Trust,

Series 2020-02A, Class A, 144A

1.750%

09/14/35

1,900

1,774,103

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Consumer Loans (cont’d.)

Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)

6.093%(c)

06/16/36

2,000

1,995,858

Series 2023-02A, Class A1, 144A

5.840%

09/15/36

3,400

3,441,230

7,910,108

Credit Cards — 0.3%

NewDay Funding (United Kingdom),

Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%)

6.390%(c)

03/15/32

GBP

3,400

4,313,571

NewDay Funding Master Issuer PLC (United Kingdom),

Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%)

6.116%(c)

07/15/32

GBP

1,400

1,771,763

6,085,334

Equipment — 0.1%

MMAF Equipment Finance LLC,

Series 2017-B, Class A5, 144A

2.720%

06/15/40

712

703,761

Series 2019-A, Class A5, 144A

3.080%

11/12/41

890

876,418

Series 2019-B, Class A5, 144A

2.290%

11/12/41

1,600

1,512,778

3,092,957

Home Equity Loans — 0.1%

RCKT Mortgage Trust,

Series 2024-CES01, Class A1A, 144A

6.025%(cc)

02/25/44

943

944,183

Towd Point HE Trust,

Series 2023-01, Class A1A, 144A

6.875%

02/25/63

238

237,707

Towd Point Mortgage Trust,

Series 2024-CES02, Class A1A, 144A

6.125%(cc)

02/25/64

189

188,988

Series 2024-CES03, Class A1, 144A

6.290%(cc)

05/25/64

1,482

1,483,728

2,854,606

Other — 0.0%

Home Partners of America Trust,

Series 2021-03, Class A, 144A

2.200%

01/17/41

528

462,577

Residential Mortgage-Backed Securities — 0.0%

Countrywide Asset-Backed Certificates Trust,

Series 2004-01, Class M1, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)

6.210%(c)

03/25/34

125

125,427

Long Beach Mortgage Loan Trust,

Series 2004-02, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%)

6.255%(c)

06/25/34

85,318

SEE NOTES TO FINANCIAL STATEMENTS.

A36

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value

ASSET-BACKED SECURITIES (continued)
Residential Mortgage-Backed Securities (cont’d.)
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
7.088%(c)		03/15/26^		EUR	677	$	541,865


							752,610

Student Loans — 0.2%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%		09/25/42			408		370,272
Series 2018-AGS, Class A1, 144A
3.210%		02/25/44			292		268,894
Series 2018-CGS, Class A1, 144A
3.870%		02/25/46			75		70,771
Laurel Road Prime Student Loan Trust,
Series 2019-A, Class A2FX, 144A
2.730%		10/25/48			76		74,680
Navient Private Education Refi Loan Trust,
Series 2018-CA, Class A2, 144A
3.520%		06/16/42			17		16,667
Series 2019-CA, Class A2, 144A
3.130%		02/15/68			326		315,634
Series 2020-BA, Class A2, 144A
2.120%		01/15/69			421		390,555
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%)
5.968%(c)		05/25/70			870		862,256
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%		06/15/48			288		279,540
Series 2019-B, Class A2FX, 144A
3.090%		08/17/48			345		330,601
Series 2019-C, Class A2FX, 144A
2.370%		11/16/48			561		526,680
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%		08/25/47			244		239,726
Series 2020-A, Class A2FX, 144A
2.540%		05/15/46			767		718,150

							4,464,426

TOTAL ASSET-BACKED SECURITIES (cost $241,428,604)							238,136,761


COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%		05/15/49			1,314		1,292,715
BANK,
Series 2021-BN35, Class A3
1.717%		06/15/64			3,500		2,909,654
Series 2021-BN35, Class ASB
2.067%		06/15/64			2,300		2,011,554
Series 2021-BN37, Class A4
2.370%		11/15/64			3,900		3,213,625
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%		12/15/51			3,850		3,662,640


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-C12, Class A4
2.421%	11/15/54		4,500	$	3,766,669
Series 2023-C19, Class A2A
5.756%	04/15/56		2,700		2,702,864
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%	04/10/51		3,600		3,432,410
Series 2021-B24, Class A3
2.010%	03/15/54		2,000		1,758,509
Series 2023-B38, Class A2
5.626%	04/15/56		3,000		2,974,655
Series 2024-V07, Class A3
6.228%(cc)	05/15/56		4,700		4,853,383
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%	01/15/44		5,500		4,332,446
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A3
3.014%	05/10/58		1,917		1,847,956
Citigroup Commercial Mortgage Trust,
Series 2016-C01, Class A3
2.944%	05/10/49		2,684		2,567,275
Series 2017-P07, Class A3
3.442%	04/14/50		3,564		3,386,121
Commercial Mortgage Trust,
Series 2014-LC17, Class A4
3.648%	10/10/47		1,116		1,111,772
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%	11/15/48		2,338		2,281,367
Series 2017-C08, Class A3
3.127%	06/15/50		3,432		3,193,267
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO
1.464%(cc)	03/25/26		4,112		81,225
GS Mortgage Securities Trust,
Series 2015-GC34, Class A3
3.244%	10/10/48		4,275		4,156,793
Series 2016-GS03, Class A3
2.592%	10/10/49		3,847		3,647,264
Series 2016-GS04, Class A3
3.178%	11/10/49		3,795		3,612,585
Series 2020-GSA02, Class A4
1.721%	12/12/53		4,150		3,423,897
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%	11/15/47		461		459,197
Series 2015-C27, Class A3A1
2.920%	02/15/48		3,932		3,867,634
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A3
3.109%	07/15/50		2,717		2,624,149
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%	06/15/49		2,419		2,306,680

SEE NOTES TO FINANCIAL STATEMENTS.

A37

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month SOFR + 1.465% (Cap N/A, Floor 1.351%)
6.794%(c)		04/15/38		1,804	$	1,785,626
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A3
3.540%		12/15/48		3,980		3,870,960
Series 2016-BNK02, Class A3
2.791%		11/15/49		2,000		1,885,274
Series 2016-UB11, Class A3
2.531%		08/15/49		6,152		5,825,021
Series 2019-H06, Class A3
3.158%		06/15/52		5,000		4,556,255
Series 2019-H07, Class A2
2.492%		07/15/52		5,324		5,310,759
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%		08/15/50		1,469		1,425,103
Series 2017-C05, Class A4
3.212%		11/15/50		5,000		4,706,538
Series 2018-C09, Class A3
3.854%		03/15/51		1,576		1,488,149
Series 2018-C14, Class A3
4.180%		12/15/51		2,215		2,123,038
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%		11/15/49		4,500		4,274,843
Series 2017-C38, Class A4
3.190%		07/15/50		2,940		2,773,309
Series 2019-C49, Class A3
3.749%		03/15/52		7,300		7,058,243
Series 2020-C58, Class A3
1.810%		07/15/53		5,000		4,181,483
Series 2021-C61, Class A3
2.406%		11/15/54		9,000		7,509,246

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $146,111,187)						134,252,153


CORPORATE BONDS — 11.7%
Aerospace & Defense — 0.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%		02/04/26		1,610		1,514,389
3.300%		03/01/35		1,920		1,438,335
3.550%		03/01/38		960		695,325
3.900%		05/01/49		1,500		1,007,905
RTX Corp.,
Sr. Unsec’d. Notes
4.125%		11/16/28		910		876,415


						5,532,369

Agriculture — 0.3%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%		03/25/28		3,190		2,856,065
3.557%		08/15/27		360		341,619


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Agriculture (cont’d.)
4.390%		08/15/37			2,075	$	1,750,652
6.343%		08/02/30			345		359,863
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
5.125%		02/15/30			3,190		3,178,581
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		02/01/29			875		819,927


							9,306,707

Airlines — 0.1%
American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates
3.375%		11/01/28			1,449		1,368,020
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates
4.000%		04/29/26			194		193,514
Southwest Airlines Co.,
Sr. Unsec’d. Notes
2.625%		02/10/30	(a)		1,375		1,190,968
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			590		570,228
4.625%		04/15/29			115		107,157


							3,429,887

Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%		08/15/29			550		459,656

Auto Manufacturers — 0.3%
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%		12/13/24			3,770		3,700,351
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%		01/15/43			750		607,214
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%		02/16/28			200		180,917
4.134%		08/04/25			300		294,373
6.950%		03/06/26			475		482,848
General Motors Co.,
Sr. Unsec’d. Notes
6.600%		04/01/36			585		612,927
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes
5.950%		04/04/34	(a)		1,290		1,290,839


							7,169,469

Banks — 3.6%
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
1.849%		03/25/26			800		749,100
Bank of America Corp.,
Sr. Unsec’d. Notes
5.288%(ff)		04/25/34			905		895,547

SEE NOTES TO FINANCIAL STATEMENTS.

A38

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, MTN
1.898%(ff)		07/23/31			1,805	$	1,485,771
2.496%(ff)		02/13/31			5,165		4,462,960
3.194%(ff)		07/23/30			1,050		952,941
3.824%(ff)		01/20/28			615		592,936
Sub. Notes, MTN
4.000%		01/22/25			1,700		1,682,138
4.200%		08/26/24			745		742,832
4.450%		03/03/26			4,790		4,708,833
Bank of America NA,
Sub. Notes
6.000%		10/15/36	(a)		805		845,873
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN
4.975%(ff)		03/14/30			2,295		2,280,534
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%		03/16/25			935		920,595
5.690%(ff)		03/12/30			2,240		2,243,063
Sr. Unsec’d. Notes, MTN
4.972%(ff)		05/16/29			705		689,262
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
2.219%(ff)		06/09/26			480		463,803
3.132%(ff)		01/20/33			1,335		1,121,178
Sr. Preferred Notes, 144A
5.176%(ff)		01/09/30			2,200		2,174,134
CaixaBank SA (Spain),
Sr. Non-Preferred Notes, 144A
5.673%(ff)		03/15/30			635		630,397
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.875%		04/30/29			1,200		1,216,676
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)		01/30/25	(oo)		1,675		1,637,930
Sr. Unsec’d. Notes
2.561%(ff)		05/01/32			2,100		1,749,913
3.200%		10/21/26			670		638,616
3.700%		01/12/26			1,610		1,568,249
3.887%(ff)		01/10/28			560		540,834
Sub. Notes
4.450%		09/29/27			1,485		1,447,631
4.750%		05/18/46			440		377,230
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
5.705%(ff)		03/01/30			1,285		1,285,484
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.129%(ff)		11/24/26			460		436,593
7.146%(ff)		07/13/27			500		510,973
Discover Bank,
Sr. Unsec’d. Notes
4.250%		03/13/26			595		580,309
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.542%(ff)		09/10/27			2,345		2,153,304


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
3.750%		02/25/26	(a)		1,165	$	1,135,324
3.814%(ff)		04/23/29			440		417,391
3.850%		01/26/27			2,625		2,536,895
Sub. Notes
6.750%		10/01/37			225		242,948
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
6.208%(ff)		08/21/29			395		403,180
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)		08/01/24	(oo)		540		538,690
Jr. Sub. Notes, Series HH
4.600%(ff)		02/01/25	(oo)		1,245		1,228,612
Jr. Sub. Notes, Series II
4.000%(ff)		04/01/25	(oo)		230		223,739
Sr. Unsec’d. Notes
2.580%(ff)		04/22/32	(a)		1,585		1,338,253
3.782%(ff)		02/01/28			270		260,137
3.964%(ff)		11/15/48			2,240		1,780,413
4.005%(ff)		04/23/29			1,360		1,301,519
5.299%(ff)		07/24/29			4,890		4,907,074
Sub. Notes
3.875%		09/10/24	(a)		1,930		1,922,249
KeyCorp,
Sr. Unsec’d. Notes
6.401%(ff)		03/06/35			475		481,756
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.242%(ff)		04/19/29			1,740		1,738,733
Morgan Stanley,
Sr. Unsec’d. Notes
5.449%(ff)		07/20/29			1,855		1,866,012
6.407%(ff)		11/01/29			3,220		3,359,156
Sr. Unsec’d. Notes, GMTN
2.239%(ff)		07/21/32			2,770		2,266,016
3.772%(ff)		01/24/29			1,295		1,232,959
3.875%		01/27/26			550		537,644
4.431%(ff)		01/23/30			455		439,864
Sr. Unsec’d. Notes, MTN
3.591%(ff)(cc)		07/22/28			1,030		979,350
Sub. Notes, GMTN
4.350%		09/08/26			3,050		2,982,810
Societe Generale SA (France),
Sr. Non-Preferred Notes, 144A
1.488%(ff)		12/14/26			3,200		2,991,653
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
7.161%(ff)		10/30/29			745		791,034
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%		04/17/26			3,000		2,946,044
Sr. Unsec’d. Notes, 144A
1.364%(ff)		01/30/27			2,250		2,100,336
2.193%(ff)		06/05/26			1,100		1,062,875
3.091%(ff)		05/14/32			560		478,100
4.282%		01/09/28	(a)		980		940,093

SEE NOTES TO FINANCIAL STATEMENTS.

A39

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
Wells Fargo & Co.,
Sr. Unsec’d. Notes
5.389%(ff)		04/24/34			1,635	$	1,617,176
6.491%(ff)		10/23/34			2,555		2,725,386
Sr. Unsec’d. Notes, MTN
2.572%(ff)		02/11/31			2,895		2,504,634


							94,063,694

Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes
4.700%		02/01/36			1,220		1,162,502
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%		08/01/31	(a)		780		640,201


							1,802,703

Biotechnology — 0.0%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%		08/15/41			570		400,224

Building Materials — 0.0%
Owens Corning,
Sr. Unsec’d. Notes, 144A
3.500%		02/15/30	(a)		400		364,420
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.750%		01/15/28			300		286,050


							650,470

Chemicals — 0.1%
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%		11/15/42			5		4,132
9.400%		05/15/39			15		19,853
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
5.419%		11/15/48			160		165,744
LYB International Finance BV,
Gtd. Notes
5.250%		07/15/43			620		563,193
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
6.750%		05/02/34			901		924,651
Sasol Financing USA LLC (South Africa),
Gtd. Notes
6.500%		09/27/28	(a)		405		385,383


							2,062,956

Commercial Services — 0.2%
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%		09/25/26			EUR 416		429,087
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%		11/01/46			875		715,668


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Commercial Services (cont’d.)
7.000%		10/15/37			390	$	440,970
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			250		217,411
4.875%		01/15/28	(a)		735		711,816
5.250%		01/15/30	(a)		265		256,524
University of Miami,
Sr. Unsec’d. Notes, Series 2022
4.063%		04/01/52			815		655,979
University of Southern California,
Sr. Unsec’d. Notes
4.976%		10/01/53	(a)		947		917,558


							4,345,013

Distribution/Wholesale — 0.0%
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
6.750%		03/15/28	(a)		50		50,938

Diversified Financial Services — 0.3%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.500%		04/14/27			3,485		3,362,221
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%		07/24/24			445		444,367
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31			1,490		1,226,971
6.070%		07/12/28	(a)		1,680		1,716,375
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%		06/15/25			255		250,031


							6,999,965

Electric — 1.1%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%		04/29/28			370		330,572
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%		06/01/28			2,105		1,999,245
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%		09/27/51			437		328,107
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%		10/01/36			530		561,982
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%		05/15/37	(a)		335		346,332
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%		03/01/31			1,050		928,685
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%		03/15/33			300		333,865

SEE NOTES TO FINANCIAL STATEMENTS.

A40

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%		05/15/29		1,000	$	933,125
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%		07/01/31		2,290		1,867,203
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%		12/01/39		145		142,916
Duke Energy Carolinas LLC,
First Mortgage
4.950%		01/15/33		2,260		2,223,135
6.050%		04/15/38		530		551,833
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%		05/15/35		845		848,066
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%		07/12/31		1,500		1,218,217
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%		08/10/28		349		338,020
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
5.200%		04/01/28		530		529,245
Florida Power & Light Co.,
First Mortgage
5.950%		10/01/33		380		400,137
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33		140		145,731
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28		575		529,359
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
4.900%		02/28/28		2,515		2,491,336
6.051%		03/01/25		515		515,764
Northern States Power Co.,
First Mortgage
3.600%		09/15/47		1,035		753,188
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%		02/15/31		50		42,898
3.875%		02/15/32(a)		150		128,977
Sr. Sec’d. Notes, 144A
2.000%		12/02/25		225		212,822
2.450%		12/02/27		345		311,481
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%		06/01/49		465		351,192
Pacific Gas & Electric Co.,
First Mortgage
4.950%		07/01/50		855		706,125
PacifiCorp,
First Mortgage
5.350%		12/01/53		2,045		1,856,684


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
PECO Energy Co.,
First Mortgage
2.800%		06/15/50		785	$	487,180
Public Service Electric & Gas Co.,
First Mortgage, MTN
3.700%		05/01/28		850		811,894
4.900%		12/15/32		820		806,857
Sr. Sec’d. Notes, MTN
5.800%		05/01/37		515		537,807
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%		08/15/30		1,235		1,000,143
San Diego Gas & Electric Co.,
First Mortgage
4.150%		05/15/48		1,010		814,960
Southern California Edison Co.,
First Ref. Mortgage
4.000%		04/01/47		350		267,852
First Ref. Mortgage, Series C
3.600%		02/01/45		690		503,800
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27		495		478,936
Sr. Sec’d. Notes, 144A
3.550%		07/15/24		1,475		1,473,075
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%		09/15/41		480		416,432


						29,525,178

Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%		03/15/27		500		490,931
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
4.250%		10/31/26		415		398,852
5.500%		07/31/47		1,350		1,118,391


						2,008,174

Entertainment — 0.1%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
7.000%		02/15/30		400		408,732
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
6.500%		02/15/25		475		475,000
Warnermedia Holdings, Inc.,
Gtd. Notes
5.050%		03/15/42(a)		450		365,702
5.141%		03/15/52		650		505,819


						1,755,253

Foods — 0.2%
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
5.125%		02/01/28		3,000		2,960,489

SEE NOTES TO FINANCIAL STATEMENTS.

A41

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Foods (cont’d.)
Kraft Heinz Foods Co.,
Gtd. Notes
6.500%		02/09/40			1,135	$	1,211,457
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%		01/31/30	(a)		200		181,321
4.375%		01/31/32			575		512,485
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%		07/16/40			535		360,049


							5,225,801

Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes
4.500%		08/01/24			207		205,905

Gas — 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%		02/15/31			270		215,012
3.600%		05/01/30			1,600		1,468,423
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
3.500%		06/01/29			2,090		1,930,240


							3,613,675

Healthcare-Products — 0.0%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29			475		437,369

Healthcare-Services — 0.3%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%		06/15/36			480		508,692
CommonSpirit Health,
Sr. Sec’d. Notes
5.318%		12/01/34			2,650		2,603,597
Elevance Health, Inc.,
Sr. Unsec’d. Notes
3.600%		03/15/51			885		635,794
4.625%		05/15/42			330		290,466
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%		05/01/47			670		560,201
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.375%		01/15/30			425		393,820
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
4.750%		05/15/52			455		402,904
5.050%		04/15/53			397		368,238
5.200%		04/15/63			1,030		956,155
5.500%		04/15/64			1,380		1,338,357
6.050%		02/15/63			630		662,734


							8,720,958


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Home Builders — 0.0%
KB Home,
Gtd. Notes
4.000%		06/15/31			400	$	352,996
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			405		403,049


							756,045

Insurance — 0.2%
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%		12/07/33			2,375		2,406,968
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50			1,125		815,987
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%		10/09/37			701		716,641
Markel Group, Inc.,
Sr. Unsec’d. Notes
5.000%		03/30/43			165		147,331
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%		11/15/39			650		723,583
Principal Financial Group, Inc.,
Gtd. Notes
4.625%		09/15/42			105		93,106
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%		05/15/47			1,430		1,144,592
6.850%		12/16/39			122		135,918


							6,184,126

Lodging — 0.0%
Marriott International, Inc.,
Sr. Unsec’d. Notes
4.900%		04/15/29			350		346,277

Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.125%		05/01/27			75		71,980
5.500%		05/01/26			425		419,859
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%		06/01/52			500		313,375
5.050%		03/30/29	(a)		1,370		1,317,492
6.384%		10/23/35			1,695		1,652,329
6.484%		10/23/45			1,000		914,660
Comcast Corp.,
Gtd. Notes
5.500%		05/15/64	(h)		1,920		1,847,473
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%		06/15/31			3,695		3,052,917

SEE NOTES TO FINANCIAL STATEMENTS.

A42

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Media (cont’d.)
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%		09/01/41			270	$	225,664


							9,815,749

Mining — 0.1%
Newmont Corp.,
Gtd. Notes
2.800%		10/01/29			1,750		1,569,678
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A
5.350%		03/15/34			760		758,639


							2,328,317

Miscellaneous Manufacturing — 0.1%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%		07/01/27			800		789,139
Pentair Finance Sarl,
Gtd. Notes
4.500%		07/01/29			2,415		2,332,030


							3,121,169

Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%		01/24/29			965		961,671

Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%		12/01/26			1,270		1,188,099
5.500%		12/01/24	(a)		500		498,849


							1,686,948

Oil & Gas — 0.4%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%		07/15/31			530		450,202
Sr. Unsec’d. Notes, 144A
3.750%		01/15/30			2,222		2,032,318
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%		06/15/47			506		463,818
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%		07/15/41			225		209,367
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%		04/29/30			440		423,056
8.625%		01/19/29			1,315		1,384,169
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%		01/30/28			350		353,408
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
5.375%		03/30/28			84		74,419


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
6.000%		04/15/30			215	$	207,592
6.250%		04/15/32			325		312,725
Korea National Oil Corp. (South Korea),
Sr. Unsec’d. Notes, 144A
4.750%		04/03/26			335		331,238
4.875%		04/03/28			345		341,809
Petroleos Mexicanos (Mexico),
Gtd. Notes
6.490%		01/23/27			346		331,779
6.500%		03/13/27			130		123,812
6.840%		01/23/30			100		87,940
Gtd. Notes, MTN
6.875%		08/04/26			770		752,675
QatarEnergy (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%		09/12/26			500		460,000
2.250%		07/12/31			545		455,075
Santos Finance Ltd. (Australia),
Gtd. Notes, 144A
6.875%		09/19/33			635		669,963
Southwestern Energy Co.,
Gtd. Notes
4.750%		02/01/32			325		298,504


							9,763,869

Packaging & Containers — 0.2%
Ball Corp.,
Gtd. Notes
3.125%		09/15/31	(a)		300		253,736
6.000%		06/15/29	(a)		725		728,884
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%		01/15/26			3,570		3,354,974
Graphic Packaging International LLC,
Gtd. Notes
4.125%		08/15/24			450		448,890
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%		02/01/28	(a)		75		75,208


							4,861,692

Pharmaceuticals — 0.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.800%		03/15/25			950		937,614
4.050%		11/21/39			140		121,489
4.550%		03/15/35			1,770		1,678,767
4.700%		05/14/45			425		383,887
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%		12/15/25			1,150		1,126,422
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
3.734%		12/15/24			102		101,037

SEE NOTES TO FINANCIAL STATEMENTS.

A43

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
Cigna Group (The),
Sr. Unsec’d. Notes
3.200%	03/15/40		1,555	$	1,150,279
CVS Health Corp.,
Sr. Unsec’d. Notes
5.125%	07/20/45		985		866,136
5.875%	06/01/53		150		143,666
Mylan, Inc.,
Gtd. Notes
5.400%	11/29/43		590		510,446
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%	04/30/28		700		650,134
Viatris, Inc.,
Gtd. Notes
3.850%	06/22/40		520		379,568


					8,049,445

Pipelines — 0.9%
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
5.927%	08/15/30(a)		590		602,500
DCP Midstream Operating LP,
Gtd. Notes
5.125%	05/15/29		2,600		2,582,954
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%	12/15/44		45		37,874
EIG Pearl Holdings Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
3.545%	08/31/36		1,060		910,937
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%	06/15/28		795		784,556
6.125%	12/15/45		120		117,602
6.250%	04/15/49		885		881,652
6.400%	12/01/30		280		294,241
6.550%	12/01/33		4,380		4,634,460
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%	06/01/27		25		25,551
7.500%	06/01/30		25		26,644
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
6.129%	02/23/38		365		373,098
6.510%	02/23/42		475		497,562
Kinder Morgan, Inc.,
Gtd. Notes
3.600%	02/15/51(a)		1,575		1,074,414
MPLX LP,
Sr. Unsec’d. Notes
4.000%	02/15/25		1,140		1,127,268
4.875%	06/01/25		2,275		2,255,304
5.200%	03/01/47		25		22,384
5.500%	02/15/49		700		646,658


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Pipelines (cont’d.)
ONEOK Partners LP,
Gtd. Notes
6.650%	10/01/36		130	$	137,439
ONEOK, Inc.,
Gtd. Notes
3.100%	03/15/30		3,495		3,125,369
4.500%	03/15/50		245		193,798
6.050%	09/01/33		764		786,774
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		80		72,895
4.125%	08/15/31		55		49,371
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%	03/01/48		80		68,693
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%	01/15/45		1,100		961,879
5.150%	03/15/34		370		361,028


					22,652,905

Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
2.950%	03/15/34(a)		420		339,669
5.250%	05/15/36		1,900		1,828,164
American Tower Corp.,
Sr. Unsec’d. Notes
5.200%	02/15/29		2,235		2,226,671
COPT Defense Properties LP,
Gtd. Notes
2.900%	12/01/33		945		745,488
GLP Capital LP/GLP Financing II, Inc.,
5.375%	04/15/26		725		719,201
Healthpeak OP LLC,
Gtd. Notes
5.250%	12/15/32		2,500		2,455,146
Kimco Realty OP LLC,
Gtd. Notes
2.700%	10/01/30		2,420		2,088,806
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31(a)		625		406,474
5.000%	10/15/27(a)		275		229,366
Sun Communities Operating LP,
Gtd. Notes
5.500%	01/15/29		3,005		3,005,341


					14,044,326

Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%	01/15/28		400		374,500
AutoZone, Inc.,
Sr. Unsec’d. Notes
3.750%	04/18/29		1,820		1,713,700

SEE NOTES TO FINANCIAL STATEMENTS.

A44

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Retail (cont’d.)
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%	05/15/25		3,395	$	3,345,338
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%	10/01/29		200		172,957
3.875%	10/01/31		375		312,906


					5,919,401

Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.187%	11/15/36		3,650		2,886,862
Intel Corp.,
Sr. Unsec’d. Notes
5.625%	02/10/43(a)		255		252,612


					3,139,474

Software — 0.2%
Oracle Corp.,
Sr. Unsec’d. Notes
4.300%	07/08/34		1,569		1,429,074
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%	09/01/30(a)		1,375		1,116,311
Workday, Inc.,
Sr. Unsec’d. Notes
3.800%	04/01/32(a)		1,845		1,657,796


					4,203,181

Telecommunications — 0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%	12/01/33		346		275,023
3.500%	09/15/53		1,367		927,823
3.650%	09/15/59		4		2,685
4.500%	05/15/35		1,095		1,008,244
5.400%	02/15/34		2,125		2,125,069
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.500%	04/01/30		175		95,623
4.875%	06/15/29		75		43,389
Sr. Sec’d. Notes, 144A
10.500%	04/15/29		250		249,435
10.500%	05/15/30		300		298,561
11.000%	11/15/29		854		875,071
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes
5.400%	04/15/34		2,665		2,640,818
T-Mobile USA, Inc.,
Gtd. Notes
2.550%	02/15/31		965		819,160
3.750%	04/15/27		200		192,254
3.875%	04/15/30		5,500		5,141,781
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
1.680%	10/30/30		490		398,240


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Telecommunications (cont’d.)
2.550%		03/21/31(a)		1,017	$	863,891
2.650%		11/20/40		1,095		754,424
3.150%		03/22/30		1,365		1,230,407


						17,941,898

Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%		08/01/28		585		623,038
CSX Corp.,
Sr. Unsec’d. Notes
6.150%		05/01/37		690		739,607
GN Bondco LLC,
Sr. Sec’d. Notes, 144A
9.500%		10/15/31		350		326,869
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%		05/17/25		120		119,806
XPO, Inc.,
Gtd. Notes, 144A
7.125%		06/01/31		100		102,399


						1,911,719

Trucking & Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
5.250%		07/01/29		2,630		2,608,579

TOTAL CORPORATE BONDS (cost $327,667,864)						308,063,155

FLOATING RATE AND OTHER LOANS — 0.0%
Telecommunications
Level 3 Financing, Inc.,
Term B-1, 1 Month SOFR + 6.560%
11.904%(c)		04/15/29		60		58,510
Term B-2, 1 Month SOFR + 6.560%
11.904%		04/15/30		60		58,470
Lumen Technologies, Inc.,
Term B-1 Loan, 1 Month SOFR + 2.464%
7.808%(c)		04/15/29		25		17,179
Term B-2 Loan, 1 Month SOFR + 2.464%
7.808%(c)		04/15/30		26		17,181
Term Loan —%(p)		06/01/28^		17		14,173

TOTAL FLOATING RATE AND OTHER LOANS (cost $172,497)						165,513

MUNICIPAL BONDS — 0.3%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%		09/15/32		180		173,128

California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%		04/01/49		1,305		1,409,727

SEE NOTES TO FINANCIAL STATEMENTS.

A45

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

MUNICIPAL BONDS (continued)
California (cont’d.)
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39		1,250	$	1,428,601
General Obligation Unlimited, Taxable, BABs
7.500%		04/01/34		350		403,526
7.625%		03/01/40		205		242,491

						3,484,345

Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		565		590,704

Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		970		1,042,442

New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		1,000		1,171,040

New York — 0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs
5.767%		08/01/36		1,000		1,021,009

Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		415		398,713

Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		425		441,890

Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		505		496,585

Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%		09/01/2117		355		276,189

TOTAL MUNICIPAL BONDS (cost $8,634,217)						9,096,045


RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
4.982%(cc)		02/25/35		29		27,075
Bellemeade Re Ltd.,
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
6.335%(c)		09/25/31		1,500		1,499,996
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)
7.085%(c)		01/26/32		515		515,772

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

BRAVO Residential Funding Trust,

Series 2023-RPL01, Class A1, 144A

5.000%(cc)

05/25/63

1,576

1,555,603

Chase Home Lending Mortgage Trust,

Series 2024-RPL03, Class A1A, 144A

3.250%(cc)

09/25/64

500

436,850

Chase Mortgage Finance Trust,

Series 2007-A01, Class 1A5

6.181%(cc)

02/25/37

46,030

Credit Suisse Mortgage Trust,

Series 2018-RPL09, Class A, 144A

3.850%(cc)

09/25/57

435

409,005

Fannie Mae REMIC,

Series 2020-24, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)

0.600%(c)

04/25/50

709

73,875

Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%)

0.615%(c)

08/25/52

1,691

140,021

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2020-HQA04, Class B1, 144A, 30 Day Average SOFR + 5.364% (Cap N/A, Floor 0.000%)

10.700%(c)

09/25/50

125

139,999

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

6.985%(c)

01/25/34

112

112,671

Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

6.185%(c)

09/25/41

3,107

3,100,367

Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

6.335%(c)

01/25/42

799

799,159

Freddie Mac REMIC,

Series 4535, Class PA

3.000%

03/15/44

279

264,724

Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)

0.000%(c)

10/25/50

1,778

48,529

Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

05/25/52

271

3,884

Series 5269, Class AD

2.000%

01/25/55

4,501

3,444,291

Freddie Mac Strips,

Series 406, Class PO, PO

1.214%(s)

10/25/53

2,237

1,772,137

Government National Mortgage Assoc.,

Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%)

0.000%(c)

09/20/48

836

15,195

Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%)

0.000%(c)

10/20/48

1,073

20,946

Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%)

0.000%(c)

11/20/48

3,421

76,900

SEE NOTES TO FINANCIAL STATEMENTS.

A46

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Series 2018-155, Class PS, IO, 1 Month SOFR x (1) + 3.186% (Cap 2.000%, Floor 0.000%)

0.000%(c)

11/20/48

1,840

22,012

Series 2019-069, Class KB

3.000%

06/20/49

2,400

1,801,548

Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%)

0.000%(c)

07/20/49

3,275

34,118

Series 2019-097, Class MS, IO, 1 Month SOFR x (1) + 2.966% (Cap 3.080%, Floor 0.000%)

0.000%(c)

08/20/49

2,776

34,332

Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%)

0.000%(c)

08/20/49

1,675

25,932

Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)

0.000%(c)

01/20/50

408

100

Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

03/20/52

702

11,709

Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

03/20/52

3,181

62,295

Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)

0.000%(c)

04/20/52

1,046

19,866

Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)

0.000%(c)

04/20/52

849

19,700

Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)

0.000%(c)

04/20/52

2,789

50,974

Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%)

0.000%(c)

04/20/52

1,861

37,215

Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%)

0.000%(c)

05/20/52

657

11,321

Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)

0.000%(c)

07/20/52

3,920

59,066

Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)

0.000%(c)

07/20/52

1,438

24,235

Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)

0.000%(c)

08/20/52

1,472

22,304

Series 2022-170, Class SB, IO, 30 Day Average SOFR x (1) + 4.500% (Cap 4.500%, Floor 0.000%)

0.000%(c)

09/20/52

11,261

309,802

Home Re Ltd.,

Series 2019-01, Class M1, 144A, 30 Day Average SOFR + 1.764% (Cap N/A, Floor 0.000%)

7.100%(c)

05/25/29

116

115,920

JPMorgan Mortgage Trust,

Series 2007-A01, Class 4A1

6.408%(cc)

07/25/35

7,040

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Legacy Mortgage Asset Trust,

Series 2021-GS01, Class A1, 144A

4.892%

10/25/66

205

201,591

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131%(cc)

07/25/60

1,425

1,256,581

New Residential Mortgage Loan Trust,

Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)

6.210%(c)

01/25/48

113

109,767

Oaktown Re VII Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.935%(c)

04/25/34

919

920,128

RCKT Mortgage Trust,

Series 2024-CES03, Class A1A, 144A

6.591%(cc)

05/25/44

983

991,742

Shamrock Residential (Ireland),

Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)

4.598%(c)

06/24/71

EUR

242

258,717

Structured Adjustable Rate Mortgage Loan Trust,

Series 2004-01, Class 4A3

7.282%(cc)

02/25/34

38,804

TFS (Spain),

Series 2018-03, Class A1

0.000%(s)

04/16/40^

EUR

—

(r)

Towd Point Mortgage Trust,

Series 2017-05, Class A1, 144A, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.000%)

6.060%(c)

02/25/57

179

183,391

Series 2020-04, Class A1, 144A

1.750%

10/25/60

474

419,435

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $22,767,138)

21,552,675

SOVEREIGN BONDS — 0.3%

Bermuda Government International Bond (Bermuda),

Sr. Unsec’d. Notes, 144A

2.375%

08/20/30

465

391,036

Colombia Government International Bond (Colombia),

Sr. Unsec’d. Notes

4.500%

01/28/26

220

215,050

Export-Import Bank of India (India),

Sr. Unsec’d. Notes, 144A

3.875%

02/01/28

745

711,941

Finnvera OYJ (Finland),

Gov’t. Gtd. Notes, 144A, MTN

2.375%

06/04/25

400

389,229

Indonesia Government International Bond (Indonesia),

Sr. Unsec’d. Notes

1.450%

09/18/26

EUR

1,510

1,532,235

3.375%

07/30/25

EUR

1,200

1,276,305

Mexico Government International Bond (Mexico),

Sr. Unsec’d. Notes

6.000%

05/07/36

907

883,418

SEE NOTES TO FINANCIAL STATEMENTS.

A47

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value

SOVEREIGN BONDS (continued)
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%	04/16/50(a)			340	$	229,075
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%	01/23/31			514		440,241
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN
5.000%	09/27/26		EUR	800		873,801
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
0.750%	07/09/27		EUR	493		485,905

TOTAL SOVEREIGN BONDS (cost $7,866,611)						7,428,236

U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.0%
Federal Home Loan Bank
5.500%	07/15/36			850		919,577
Federal Home Loan Mortgage Corp.
1.500%	10/01/36			4,862		4,172,785
1.500%	11/01/50			1,149		859,067
1.500%	04/01/51			607		455,734
2.000%	01/01/32			283		260,968
2.000%	02/01/36			796		705,173
2.000%	06/01/40			654		551,714
2.000%	10/01/40			1,096		925,789
2.000%	09/01/50			2,592		2,046,491
2.000%	11/01/50			1,086		854,609
2.000%	02/01/51			2,040		1,601,396
2.000%	03/01/51			1,045		821,022
2.000%	04/01/51			65		51,431
2.000%	07/01/51			2,477		1,948,804
2.000%	09/01/51			434		345,213
2.500%	03/01/30			132		124,934
2.500%	01/01/51			1,444		1,182,844
2.500%	03/01/51			572		476,502
2.500%	04/01/51			5,088		4,186,559
2.500%	05/01/51			2,334		1,909,715
2.500%	08/01/51			439		360,558
2.500%	08/01/51			2,436		1,998,613
2.500%	09/01/51			4,022		3,307,566
3.000%	10/01/28			81		77,980
3.000%	06/01/29			178		170,926
3.000%	01/01/37			71		65,217
3.000%	06/01/42			119		105,624
3.000%	10/01/42			292		258,299
3.000%	01/01/43			277		244,565
3.000%	07/01/43			749		661,166
3.000%	09/01/46			1,587		1,388,575
3.000%	12/01/46			4,611		4,028,794
3.000%	11/01/49			1,011		872,882
3.000%	02/01/50			1,241		1,071,149
3.000%	05/01/50			260		224,018
3.000%	06/01/51			1,540		1,310,969
3.000%	02/01/52			2,277		1,960,411
3.000%	02/01/52			3,459		2,946,251
3.500%	06/01/42			122		111,525
3.500%	01/01/47			208		189,041


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.500%	02/01/47		338	$	305,982
3.500%	03/01/48		2,460		2,223,147
4.000%	06/01/26		51		50,483
4.000%	09/01/26		17		16,673
4.000%	09/01/37		156		150,088
4.000%	11/01/37		1,944		1,870,104
4.000%	03/01/38		137		130,754
4.000%	10/01/39		211		199,125
4.000%	09/01/40		275		260,018
4.000%	12/01/40		133		126,135
4.000%	10/01/41		113		106,761
4.000%	01/01/42		40		37,834
4.000%	04/01/52		778		722,354
4.500%	02/01/39		30		29,196
4.500%	09/01/39		44		43,036
4.500%	10/01/39		401		389,959
4.500%	12/01/39		42		40,630
4.500%	07/01/41		47		45,713
4.500%	07/01/41		1,006		977,651
4.500%	08/01/41		66		63,714
4.500%	08/01/41		80		77,777
4.500%	08/01/41		95		91,120
4.500%	10/01/41		92		88,950
4.500%	12/01/47		80		76,622
4.500%	08/01/48		162		155,304
5.000%	05/01/34		10		9,894
5.000%	05/01/34		106		105,142
5.000%	10/01/35		3		2,577
5.000%	07/01/37		150		148,454
5.000%	05/01/39		22		21,985
5.000%	10/01/52		919		890,225
5.500%	12/01/33		22		22,448
5.500%	01/01/34		19		18,948
5.500%	06/01/34		33		33,530
5.500%	07/01/34		74		74,706
5.500%	05/01/37		20		20,295
5.500%	02/01/38		153		154,196
5.500%	05/01/38		17		17,150
5.500%	07/01/38		43		43,277
6.000%	03/01/32		89		91,503
6.000%	12/01/33		19		19,371
6.000%	11/01/36		19		19,795
6.000%	01/01/37		9		9,063
6.000%	05/01/37		8		8,040
6.000%	02/01/38		1		1,529
6.000%	08/01/39		23		23,286
6.750%	03/15/31		500		565,305
7.000%	05/01/31		2		2,420
7.000%	06/01/31		9		9,509
7.000%	08/01/31		76		78,518
7.000%	10/01/31		5		4,769
Federal National Mortgage Assoc.
1.500%	01/01/36		426		366,562
1.500%	11/01/36		1,497		1,280,598
1.500%	02/01/42		434		350,108
1.500%	11/01/50		3,029		2,271,321
1.500%	12/01/50		3,188		2,391,050
1.500%	01/01/51		951		711,395

SEE NOTES TO FINANCIAL STATEMENTS.

A48

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
1.500%	07/01/51		762	$	569,228
2.000%	03/01/31		747		692,626
2.000%	08/01/31		276		254,953
2.000%	01/01/32		1,544		1,422,589
2.000%	05/01/36		428		378,644
2.000%	12/01/36		1,429		1,256,884
2.000%	02/01/37		1,839		1,617,826
2.000%	02/01/41		1,384		1,164,325
2.000%	05/01/41(k)		3,085		2,580,296
2.000%	08/01/50		1,057		829,961
2.000%	10/01/50		6,175		4,874,179
2.000%	11/01/50		1,438		1,135,359
2.000%	01/01/51		1,202		951,021
2.000%	02/01/51		57		45,137
2.000%	03/01/51		6,431		5,051,409
2.000%	04/01/51		2,157		1,696,017
2.000%	04/01/51		2,465		1,937,784
2.000%	05/01/51		19,180		15,083,842
2.000%	07/01/51		471		370,100
2.500%	TBA		10,000		8,173,047
2.500%	07/01/32		660		613,507
2.500%	08/01/32		719		669,551
2.500%	09/01/32		699		650,980
2.500%	01/01/35		4,412		4,026,639
2.500%	07/01/35		2,530		2,356,950
2.500%	10/01/37		513		467,091
2.500%	10/01/43		295		250,114
2.500%	12/01/46		634		536,652
2.500%	03/01/50		615		508,100
2.500%	08/01/50		2,217		1,826,110
2.500%	02/01/51		1,223		1,003,397
2.500%	02/01/51		1,488		1,220,417
2.500%	03/01/51		1,454		1,196,827
2.500%	04/01/51		2,547		2,095,937
2.500%	08/01/51		863		708,662
2.500%	08/01/51		1,328		1,089,971
2.500%	09/01/51		913		749,137
2.500%	12/01/51		3,554		2,943,710
2.500%	02/01/52		430		356,058
2.500%	05/01/52		1,272		1,054,310
3.000%	02/01/27		228		221,451
3.000%	08/01/30		309		294,124
3.000%	05/01/35		2,607		2,418,409
3.000%	07/01/36		1,594		1,478,553
3.000%	11/01/36		520		479,024
3.000%	12/01/42		439		387,665
3.000%	03/01/43		102		90,294
3.000%	11/01/46		366		318,830
3.000%	01/01/47		546		477,301
3.000%	02/01/47		586		512,122
3.000%	03/01/47		304		263,677
3.000%	06/01/49		13		10,810
3.000%	12/01/49		1,146		989,145
3.000%	01/01/50		442		377,093
3.000%	02/01/50		448		382,141
3.000%	02/01/50		2,362		2,039,359
3.000%	03/01/50		240		206,537
3.000%	04/01/51		116		98,982


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.000%	05/01/51		2,040	$	1,736,916
3.000%	11/01/51		101		86,640
3.000%	12/01/51		4,153		3,585,138
3.000%	03/01/52		854		732,487
3.000%	04/01/52		447		381,462
3.000%	04/01/52		872		750,043
3.000%	04/01/52		1,385		1,179,743
3.500%	07/01/31		221		213,654
3.500%	02/01/33		628		602,825
3.500%	06/01/39		217		199,830
3.500%	01/01/42		1,249		1,148,116
3.500%	05/01/42		660		606,258
3.500%	07/01/42		371		339,046
3.500%	08/01/42		139		126,520
3.500%	08/01/42		313		286,133
3.500%	09/01/42		199		181,149
3.500%	09/01/42		720		655,821
3.500%	11/01/42		98		89,730
3.500%	03/01/43		1,071		974,792
3.500%	04/01/43		218		199,316
3.500%	04/01/43		293		265,890
3.500%	01/01/46		559		506,458
3.500%	07/01/46		369		333,652
3.500%	11/01/46		432		390,710
3.500%	09/01/47		237		213,329
3.500%	01/01/48		2,007		1,805,733
3.500%	05/01/48		403		361,579
3.500%	06/01/48		409		369,525
3.500%	07/01/48		240		215,873
3.500%	03/01/49		4,730		4,264,196
3.500%	05/01/49		342		305,637
3.500%	06/01/49		199		178,760
3.500%	02/01/52		2,534		2,259,695
3.500%	03/01/52		852		761,771
4.000%	11/01/37		243		233,250
4.000%	10/01/41		823		776,597
4.000%	09/01/44		593		556,005
4.000%	10/01/46		200		185,867
4.000%	02/01/47		101		94,823
4.000%	09/01/47		371		345,862
4.000%	11/01/47		260		243,776
4.000%	11/01/47		534		499,286
4.000%	03/01/49		2,354		2,186,775
4.000%	04/01/52		424		388,475
4.000%	06/01/52		4,881		4,469,767
4.000%	10/01/52		901		824,199
4.000%	12/01/52		4,930		4,512,938
4.500%	TBA		1,500		1,414,043
4.500%	07/01/33		17		16,530
4.500%	08/01/33		18		17,377
4.500%	09/01/33		40		38,076
4.500%	10/01/33		2		2,197
4.500%	10/01/33		16		15,811
4.500%	10/01/33		42		40,988
4.500%	01/01/35		1		536
4.500%	07/01/39		327		317,357
4.500%	08/01/39		438		425,513
4.500%	03/01/41		151		146,605

SEE NOTES TO FINANCIAL STATEMENTS.

A49

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
4.500%	11/01/47		869		$	832,198
4.500%	01/01/49		127			121,581
4.500%	06/01/52		1,500			1,416,260
5.000%	03/01/34		86			84,423
5.000%	06/01/35		31			30,463
5.000%	07/01/35		44			43,508
5.000%	09/01/35		39			38,956
5.000%	11/01/35		44			43,423
5.000%	02/01/36		39			38,377
5.000%	05/01/36		20			19,496
5.000%	06/01/49		430			423,371
5.000%	06/01/52		451			437,239
5.000%	09/01/52		441			427,387
5.000%	10/01/52		991			959,731
5.000%	02/01/53		3,394			3,283,755
5.000%	01/01/54		1,453			1,404,267
5.500%	TBA		15,500			15,286,270
5.500%	09/01/33		81			81,376
5.500%	10/01/33		38			38,267
5.500%	12/01/33		19			19,530
5.500%	01/01/34		—(r	)		446
5.500%	12/01/34		75			75,429
5.500%	10/01/35		124			123,824
5.500%	03/01/36		40			40,807
5.500%	05/01/36		81			80,744
5.500%	04/01/37		36			35,699
5.500%	04/01/53		989			976,017
6.000%	04/01/33		2			2,236
6.000%	06/01/33		2			2,465
6.000%	10/01/33		117			118,876
6.000%	11/01/33		2			1,618
6.000%	11/01/33		4			3,618
6.000%	11/01/33		36			36,072
6.000%	01/01/34		162			164,788
6.000%	02/01/34		25			25,858
6.000%	03/01/34		14			14,165
6.000%	07/01/34		84			85,430
6.000%	08/01/34		—(r	)		461
6.000%	10/01/34		2			1,749
6.000%	11/01/34		2			2,011
6.000%	11/01/34		6			6,359
6.000%	01/01/35		42			42,392
6.000%	01/01/35		54			55,046
6.000%	02/01/35		31			31,168
6.000%	02/01/35		87			89,151
6.000%	03/01/35		1			671
6.000%	04/01/35		—(r	)		344
6.000%	07/01/36		14			13,875
6.000%	02/01/37		31			31,264
6.000%	05/01/37		11			11,116
6.000%	06/01/37		—(r	)		234
6.000%	08/01/37		5			5,443
6.000%	09/01/37		—(r	)		186
6.000%	10/01/37		18			18,405
6.000%	05/01/38		26			26,094
6.000%	06/01/38		—(r	)		412
6.000%	01/01/53		3,783			3,801,773
6.000%	09/01/53		1,488			1,492,135


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.000%	10/01/53		2,144	$	2,150,340
6.500%	07/01/32		22		22,029
6.500%	09/01/32		1		1,100
6.500%	09/01/32		18		18,109
6.500%	09/01/32		30		30,660
6.500%	09/01/32		34		34,250
6.500%	04/01/33		34		34,751
6.500%	11/01/33		16		16,769
6.500%	01/01/34		7		7,428
6.500%	09/01/34		29		30,266
6.500%	09/01/36		34		35,055
6.500%	10/01/36		10		10,471
6.500%	01/01/37		33		33,636
6.500%	01/01/37		43		44,517
6.625%	11/15/30		995		1,111,239
7.000%	02/01/32		6		5,790
7.000%	05/01/32		7		6,971
7.000%	06/01/32		8		8,281
7.000%	07/01/32		12		12,612
7.125%	01/15/30(k)		3,195		3,608,503
Government National Mortgage Assoc.
2.000%	TBA		4,000		3,236,563
2.000%	01/20/51		2,445		1,980,168
2.000%	03/20/51		687		556,010
2.000%	07/20/51		419		339,316
2.000%	10/20/51		609		493,037
2.000%	11/20/51		485		392,549
2.500%	03/20/43		115		98,680
2.500%	12/20/46		206		175,560
2.500%	08/20/50		62		51,929
2.500%	09/20/50		458		386,108
2.500%	10/20/50		2,102		1,771,290
2.500%	11/20/50		1,600		1,348,458
2.500%	02/20/51		1,939		1,633,486
2.500%	03/20/51		1,074		903,999
2.500%	05/20/51		2,011		1,690,225
2.500%	07/20/51		937		787,787
2.500%	08/20/51		3,673		3,087,768
3.000%	12/20/44		76		67,996
3.000%	03/15/45		217		190,424
3.000%	11/20/45		237		209,880
3.000%	03/20/46		480		424,985
3.000%	07/20/46		1,219		1,077,836
3.000%	08/20/46		325		287,450
3.000%	10/20/46		283		250,228
3.000%	04/20/47		401		354,019
3.000%	12/20/49		135		118,402
3.000%	01/20/50		799		700,873
3.000%	06/20/51		587		512,543
3.000%	10/20/51		1,231		1,073,731
3.000%	11/20/51		432		376,834
3.000%	12/20/51		2,431		2,119,320
3.500%	12/20/42		464		425,717
3.500%	05/20/43		142		130,653
3.500%	04/20/45		408		372,289
3.500%	07/20/46		1,475		1,342,668
3.500%	07/20/48		1,115		1,013,225
3.500%	11/20/48		373		339,118

SEE NOTES TO FINANCIAL STATEMENTS.

A50

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.500%		06/20/49		1,385	$	1,254,368
3.500%		02/20/52		6,839		6,140,433
4.000%		06/15/40		27		25,286
4.000%		05/20/41		23		22,034
4.000%		12/20/42		267		253,441
4.000%		08/20/44		95		90,229
4.000%		11/20/45		182		171,596
4.000%		12/20/45		500		471,726
4.000%		09/20/47		1,345		1,261,436
4.000%		02/20/49		476		445,394
4.000%		01/20/50		189		176,486
4.000%		06/20/52		947		875,685
4.000%		10/20/52		5,953		5,501,059
4.500%		04/15/40		154		150,003
4.500%		01/20/41		178		173,969
4.500%		02/20/41		280		273,025
4.500%		03/20/41		139		135,433
4.500%		06/20/44		210		203,798
4.500%		09/20/46		166		158,635
4.500%		11/20/46		217		210,305
4.500%		03/20/47		117		112,977
4.500%		05/20/48		187		180,709
4.500%		08/20/48		333		320,591
5.000%		10/20/37		47		46,957
5.000%		04/20/45		240		238,980
5.500%		08/15/33		101		101,166
5.500%		08/15/33		131		136,208
5.500%		12/15/33		6		6,112
5.500%		03/15/34		87		88,404
5.500%		12/15/34		134		136,822
5.500%		07/15/35		25		25,294
5.500%		04/15/36		19		19,479
6.000%		04/15/33		4		3,751
6.000%		12/15/33		56		57,191
6.000%		01/15/34		13		13,269
6.000%		01/15/34		16		16,392
6.000%		01/15/34		28		29,070
6.000%		06/20/34		45		46,932
6.000%		07/15/34		33		34,442
6.500%		TBA		6,000		6,085,492
6.500%		11/15/28		2		1,672
6.500%		08/15/31		1		937
6.500%		12/15/31		5		4,729
6.500%		02/15/32		14		14,701
6.500%		06/15/32		8		8,672
6.500%		07/15/32		15		15,290
6.500%		08/15/32		2		2,438
6.500%		08/15/32		3		2,763
6.500%		08/15/32		5		5,554
6.500%		08/15/32		15		14,863
6.500%		08/15/32		79		79,960
6.500%		08/15/34		17		17,468
6.500%		06/15/35		14		13,797
6.500%		09/15/36		15		15,214
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%		09/15/31		200		162,433


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
7.125%		05/01/30			435	$	493,026

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $311,026,983)							289,856,755


U.S. TREASURY OBLIGATIONS — 0.9%
U.S. Treasury Bonds
2.250%		05/15/41(h)			6,085		4,402,117
2.375%		02/15/42			5,965		4,341,402
3.000%		02/15/49			930		704,620
3.375%		11/15/48(h)			1,670		1,356,353
3.875%		05/15/43			2,185		1,971,621
4.750%		11/15/43			850		861,555
4.750%		11/15/53			4,565		4,720,495
U.S. Treasury Strips Coupon
1.760%(s)		08/15/40			830		386,825
2.679%(s)		11/15/43			2,175		853,943
3.021%(s)		11/15/41			7,605		3,303,719
4.608%(s)		11/15/48			160		50,325
4.924%(s)		02/15/49			465		145,040
5.331%(s)		02/15/40			755		361,899
5.356%(s)		05/15/40			315		148,911

TOTAL U.S. TREASURY OBLIGATIONS (cost $26,680,932)							23,608,825

TOTAL LONG-TERM INVESTMENTS (cost $1,353,012,647)							2,362,654,449


				Shares
SHORT-TERM INVESTMENTS — 12.6%
AFFILIATED MUTUAL FUNDS — 12.6%
PGIM Core Ultra Short Bond Fund(wb)					280,716,510		280,716,510
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $50,068,104; includes $49,879,323 of cash collateral for securities on loan)(b)(wb)					50,171,100		50,140,997

TOTAL AFFILIATED MUTUAL FUNDS (cost $330,784,614)							330,857,507

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#

U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
5.289%		09/19/24			860		850,036

(cost $850,034)
TOTAL SHORT-TERM INVESTMENTS (cost $331,634,648)							331,707,543

TOTAL INVESTMENTS—102.4% (cost $1,684,647,295)							2,694,361,992
Liabilities in excess of other assets(z) — (2.4)%							(62,710,093	)


NET ASSETS — 100.0%						$	2,631,651,899

SEE NOTES TO FINANCIAL STATEMENTS.

A51

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

Non-income producing security.

Principal or notional amount is shown in U.S. dollars unless otherwise stated.

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $559,536 and 0.0% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $48,854,053; cash collateral of $49,879,323 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c)

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff)

Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)

Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)

Rate shown reflects yield to maturity at purchased date.

(oo)

Perpetual security. Maturity date represents next call date.

(p)

Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)

Principal or notional amount is less than $500 par.

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wb)

Represents an investment in a Fund affiliated with the Manager.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Forward Commitment Contracts:


U.S. Government Agency Obligations	Interest Rate			Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc.		3.000	%		TBA		08/13/24	$	(3,500	)	$	(2,979,648	)
Federal National Mortgage Assoc.		3.500	%		TBA		07/15/24		(2,000	)		(1,770,000	)
Federal National Mortgage Assoc.		4.000	%		TBA		08/13/24		(500	)		(457,715	)
Federal National Mortgage Assoc.		5.000	%		TBA		08/13/24		(500	)		(483,164	)
Federal National Mortgage Assoc.		6.000	%		TBA		07/15/24		(2,000	)		(2,005,547	)
Government National Mortgage Assoc.		3.000	%		TBA		07/22/24		(4,500	)		(3,920,274	)

TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $11,597,930)											$	(11,616,348	)

Futures contracts outstanding at June 30, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
238	2 Year U.S. Treasury Notes		Sep. 2024		$48,604,062		$	98,389
407	5 Year U.S. Treasury Notes		Sep. 2024		43,377,299			212,758
269	10 Year U.S. Treasury Notes		Sep. 2024		29,585,798			191,026
63	10 Year U.S. Ultra Treasury Notes		Sep. 2024		7,152,469			40,703
20	20 Year U.S. Treasury Bonds		Sep. 2024		2,366,250			25,066
161	30 Year U.S. Ultra Treasury Bonds		Sep. 2024		20,180,344			158,689
3	Mini MSCI EAFE Index		Sep. 2024		351,480			2,653
34	S&P 500 E-Mini Index		Sep. 2024		9,386,550			31,716

								761,000


Short Position:
17	5 Year Euro-Bobl		Sep. 2024		2,119,924			(22,865	)

							$	738,135

SEE NOTES TO FINANCIAL STATEMENTS.

A52

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2024:


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24		TD		GBP	3,400		$ 4,315,747		$ 4,298,044		$—		$(17,703	)
Euro,
Expiring 07/02/24		SSB		EUR	41,719		44,796,893		44,687,236		—		(109,657	)

							$49,112,640		$48,985,280		—		(127,360	)


Sale Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24		BNP		GBP	3,400		$	4,327,204		$	4,298,043		$	29,161		$	—
Expiring 08/02/24		SSB		GBP	1,355			1,715,243			1,713,823			1,420			—
Expiring 08/02/24		TD		GBP	3,400			4,316,460			4,298,914			17,546			—
Euro,
Expiring 07/02/24		BNP		EUR	958			1,040,630			1,025,975			14,655			—
Expiring 07/02/24		HSBC		EUR	34,087			37,017,641			36,512,082			505,559			—
Expiring 07/02/24		SSB		EUR	6,674			7,261,067			7,149,179			111,888			—
Expiring 08/02/24		SSB		EUR	41,719			44,862,935			44,755,319			107,616			—

							$	100,541,180		$	99,753,335			787,845			—

													$	787,845		$	(127,360	)

Credit default swap agreements outstanding at June 30, 2024:

Reference Entity/
Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Implied
Credit
Spread at
June 30,
2024(4)

Fair
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

07/14/24

0.500

%(T)

5,732

$3,497

$(41)

$3,538

GSI


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000		$(23,673	)		$65,700		$ (89,373	)		BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000		(23,673	)		64,085		(87,758	)		BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000		(23,673	)		72,090		(95,763	)		BARC

								$(71,019	)		$201,875		$(272,894	)


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at June 30, 2024(4)			Value at Trade Date		Value at June 30, 2024		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1		06/20/29		5.000	%(Q)		6,920		3.448	%		$449,974		$442,590		$(7,384	)

SEE NOTES TO FINANCIAL STATEMENTS.

A53

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Credit default swap agreements outstanding at June 30, 2024 (continued):

The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)

If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at June 30, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at June 30, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
24,975		08/31/24		5.384%(T)	1 Day SOFR(2)(T)/ 5.330%	$	—		$	(19,884	)	$	(19,884	)
3,816		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(13,289	)		(13,289	)
4,664		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(8,561	)		(8,561	)
10,650		03/10/25		5.088%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(21,775	)		(21,775	)
20,590		05/17/25		5.113%(T)	1 Day SOFR(2)(T)/ 5.330%		—			(8,520	)		(8,520	)
12,880		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.330%		—			92,944			92,944
10,550		05/17/26		4.669%(A)	1 Day SOFR(1)(A)/ 5.330%		—			1,584			1,584
1,410		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.330%		261			2,498			2,237
14,315		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.330%		5,105			42,219			37,114
8,910		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.330%		(9,474	)		(58,547	)		(49,073	)
1,655		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.330%		755,453			700,881			(54,572	)

						$	751,345		$	709,550		$	(41,795	)

(1)	The Portfolio pays the fixed rate and receives the floating rate.

(2)	The Portfolio pays the floating rate and receives the fixed rate.

SEE NOTES TO FINANCIAL STATEMENTS.

A54

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Total return swap agreements outstanding at June 30, 2024:


Reference Entity	Financing Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)	1 Day USOIS -54bps(T)/ 4.790%		JPM		09/20/24		(5,253)		$	107,546			$	—		$	107,546
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/18/24		6,655			(223,914	)			—			(223,914	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/23/24		11,085			(500,244	)			—			(500,244	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		GSI		07/24/24		12,240			(397,562	)			—			(397,562	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/29/24		10,220			(304,610	)			—			(304,610	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		GSI		07/29/24		15,800			(599,147	)			—			(599,147	)
U.S. Treasury Bond(T)	1 Day USOIS +22bps(T)/ 5.550%		BOA		08/12/24		19,230			(524,129	)			—			(524,129	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		08/23/24		13,010			(151,286	)			—			(151,286	)

									$	(2,593,347	)		$	—		$	(2,593,346	)

(1)

On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$201,875	$(41)	$111,084	$(2,973,786)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	3,740,548
GS			—			850,035

Total		$	—		$	4,590,583

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

SEE NOTES TO FINANCIAL STATEMENTS.

A55

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	1,301,947,869		$	13,920,377		$	—
Preferred Stocks		1,186,400			106,043			—
Unaffiliated Exchange-Traded Funds		13,333,642			—			—
Asset-Backed Securities
Automobiles		—			54,072,181			—
Collateralized Loan Obligations		—			158,441,962			—
Consumer Loans		—			7,910,108			—
Credit Cards		—			6,085,334			—
Equipment		—			3,092,957			—
Home Equity Loans		—			2,854,606			—
Other		—			462,577			—
Residential Mortgage-Backed Securities		—			210,745			541,865
Student Loans		—			4,464,426			—
Corporate Bonds		—			308,063,155			—
Floating Rate and Other Loans		—			151,340			14,173
Commercial Mortgage-Backed Securities		—			134,252,153			—
Municipal Bonds		—			9,096,045			—
Residential Mortgage-Backed Securities		—			21,552,674			1
Sovereign Bonds		—			7,428,236			—
U.S. Government Agency Obligations		—			289,856,755			—
U.S. Treasury Obligations		—			23,608,825			—
Short-Term Investments
Affiliated Mutual Funds		330,857,507			—			—
U.S. Treasury Obligation		—			850,036			—

Total	$	1,647,325,418		$	1,046,480,535		$	556,039


Other Financial Instruments*
Assets
Futures Contracts	$	761,000		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			787,845			—
OTC Credit Default Swap Agreement		—			—			3,497
Centrally Cleared Interest Rate Swap Agreements		—			133,879			—
OTC Total Return Swap Agreement		—			107,546			—

Total	$	761,000		$	1,029,270		$	3,497

Liabilities
Forward Commitment Contracts	$	—		$	(11,616,348	)	$	—
Futures Contracts		(22,865	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(127,360	)		—
Centrally Cleared Credit Default Swap Agreement		—			(7,384	)		—
OTC Credit Default Swap Agreements		—			(71,019	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(175,674	)		—
OTC Total Return Swap Agreements		—			(2,700,893	)		—

Total	$	(22,865	)	$	(14,698,678	)	$	—

Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)			12.6	%


U.S. Government Agency Obligations	11.0	%
Collateralized Loan Obligations	6.0

SEE NOTES TO FINANCIAL STATEMENTS.

A56

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Semiconductors & Semiconductor Equipment	6.0	%
Software	5.6
Banks	5.3
Commercial Mortgage-Backed Securities	5.1
Technology Hardware, Storage & Peripherals	3.5
Interactive Media & Services	3.3
Automobiles	2.8
Pharmaceuticals	2.2
Broadline Retail	2.0
Financial Services	1.9
Oil, Gas & Consumable Fuels	1.7
Capital Markets	1.5
Insurance	1.2
Health Care Providers & Services	1.2
Health Care Equipment & Supplies	1.2
Electric	1.1
Aerospace & Defense	1.1
Biotechnology	0.9
Consumer Staples Distribution & Retail	0.9
Hotels, Restaurants & Leisure	0.9
U.S. Treasury Obligations	0.9
Specialty Retail	0.9
Pipelines	0.9
Residential Mortgage-Backed Securities	0.8
Machinery	0.8
Chemicals	0.8
Electric Utilities	0.8
Beverages	0.8
Telecommunications	0.7
Entertainment	0.7
Media	0.7
Household Products	0.6
Life Sciences Tools & Services	0.6
Real Estate Investment Trusts (REITs)	0.5
IT Services	0.5
Unaffiliated Exchange-Traded Funds	0.5
Ground Transportation	0.5
Specialized REITs	0.5
Communications Equipment	0.4
Oil & Gas	0.4
Food Products	0.4
Electrical Equipment	0.4
Agriculture	0.3
Municipal Bonds	0.3
Diversified Telecommunication Services	0.3
Healthcare-Services	0.3
Professional Services	0.3
Multi-Utilities	0.3
Consumer Loans	0.3
Electronic Equipment, Instruments & Components	0.3
Commercial Services & Supplies	0.3
Sovereign Bonds	0.3
Auto Manufacturers	0.3
Diversified Financial Services	0.3
Tobacco	0.3
Consumer Finance	0.3
Credit Cards	0.3
Building Products	0.2


Retail	0.2	%
Industrial Conglomerates	0.2
Metals & Mining	0.2
Air Freight & Logistics	0.2
Foods	0.2
Textiles, Apparel & Luxury Goods	0.2
Packaging & Containers	0.2
Household Durables	0.2
Student Loans	0.2
Commercial Services	0.2
Residential REITs	0.2
Energy Equipment & Services	0.1
Retail REITs	0.1
Gas	0.1
Trading Companies & Distributors	0.1
Airlines	0.1
Health Care REITs	0.1
Semiconductors	0.1
Miscellaneous Manufacturing	0.1
Industrial REITs	0.1
Equipment	0.1
Home Equity Loans	0.1
Containers & Packaging	0.1
Trucking & Leasing	0.1
Wireless Telecommunication Services	0.1
Mining	0.1
Passenger Airlines	0.1
Construction Materials	0.1
Engineering & Construction	0.1
Personal Care Products	0.1
Transportation	0.1
Real Estate Management & Development	0.1
Office/Business Equipment	0.1
Construction & Engineering	0.1
Distributors	0.1
Independent Power & Renewable Electricity Producers	0.0	*
Multi-National	0.0	*
Automobile Components	0.0	*
Home Builders	0.0	*
Water Utilities	0.0	*
Building Materials	0.0	*
Gas Utilities	0.0	*
Other	0.0	*
Apparel	0.0	*
Healthcare-Products	0.0	*
Hotel & Resort REITs	0.0	*
Lodging	0.0	*
Office REITs	0.0	*
Leisure Products	0.0	*
Forest Products & Paper	0.0	*
Marine Transportation	0.0	*
Distribution/Wholesale	0.0	*
Transportation Infrastructure	0.0	*

SEE NOTES TO FINANCIAL STATEMENTS.

A57

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Diversified REITs	0.0	*%

	102.4
Liabilities in excess of other assets	(2.4	)

	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	—	$	—		Due from/to broker-variation margin swaps	$	7,384	*
Credit contracts	Premiums paid for OTC swap agreements		201,875		Premiums received for OTC swap agreements		41
Credit contracts	Unrealized appreciation on OTC swap agreements		3,538		Unrealized depreciation on OTC swap agreements		272,894
Equity contracts	Due from/to broker-variation margin futures		34,369	*	—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		787,845		Unrealized depreciation on OTC forward foreign currency exchange contracts		127,360
Interest rate contracts	Due from/to broker-variation margin futures		726,631	*	Due from/to broker-variation margin futures		22,865	*
Interest rate contracts	Due from/to broker-variation margin swaps		133,879	*	Due from/to broker-variation margin swaps		175,674	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		107,546		Unrealized depreciation on OTC swap agreements		2,700,892

		$	1,995,683			$	3,307,110

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	306,702
Equity contracts		1,883,510			—		—
Foreign exchange contracts		—			365,815		—
Interest rate contracts		(1,740,108	)		—		(4,260,888	)

Total	$	143,402		$	365,815	$	(3,954,186	)

SEE NOTES TO FINANCIAL STATEMENTS.

A58

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	24		$	—			$	—		$	(118,210	)
Equity contracts			—			(428,346	)			—			—
Foreign exchange contracts			—			—				886,372			—
Interest rate contracts			—			(1,869,391	)			—			(474,377	)

Total		$	24		$	(2,297,737	)		$	886,372		$	(592,587	)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Options Written (1)		$ 6,066,667
Futures Contracts - Long Positions (1)		157,465,511
Futures Contracts - Short Positions (1)		3,304,675
Forward Foreign Currency Exchange Contracts - Purchased (2)		27,844,691
Forward Foreign Currency Exchange Contracts - Sold (2)		62,702,396
Interest Rate Swap Agreements (1)		77,068,333
Credit Default Swap Agreements - Buy Protection (1)		6,000,000
Credit Default Swap Agreements - Sell Protection (1)		11,901,789
Total Return Swap Agreements (1)		93,963,834

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(2)

Net
Amount

Securities on Loan

$48,854,053

$(48,854,053)

$—

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
BARC		$	201,875		$	(272,894	)		$	(71,019	)		$	—			$	(71,019	)
BNP			43,816			—				43,816				—				43,816
BOA			—			(524,129	)			(524,129	)			295,247				(228,882	)
GSI			3,538			(996,750	)			(993,212	)			623,022				(370,190	)
HSBC			505,559			—				505,559				(505,559	)			—
JPM			107,546			(1,180,054	)			(1,072,508	)			538,929				(533,579	)
SSB			220,924			(109,657	)			111,267				—				111,267
TD			17,546			(17,703	)			(157	)			—				(157	)

		$	1,100,804		$	(3,101,187	)		$	(2,000,383	)		$	951,639			$	(1,048,744	)

SEE NOTES TO FINANCIAL STATEMENTS.

A59

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty.

SEE NOTES TO FINANCIAL STATEMENTS.

A60

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $48,854,053:
Unaffiliated investments (cost $1,353,862,681)	$	2,363,504,485
Affiliated investments (cost $330,784,614)		330,857,507
Foreign currency, at value (cost $149,925)		149,206
Receivable for investments sold		32,346,845
Dividends and interest receivable		8,611,162
Unrealized appreciation on OTC forward foreign currency exchange contracts		787,845
Tax reclaim receivable		286,801
Premiums paid for OTC swap agreements		201,875
Unrealized appreciation on OTC swap agreements		111,084
Due from broker-variation margin swaps		16,387
Receivable for Portfolio shares sold		1,267
Receivable from affiliate		350
Prepaid expenses		3,771

Total Assets		2,736,878,585

LIABILITIES
Payable to broker for collateral for securities on loan		49,879,323
Payable for investments purchased		38,090,486
Forward commitment contracts, at value (proceeds receivable $11,597,930)		11,616,348
Unrealized depreciation on OTC swap agreements		2,973,786
Management fee payable		1,183,489
Payable for Portfolio shares purchased		578,286
Accrued expenses and other liabilities		483,163
Due to broker-variation margin futures		251,687
Unrealized depreciation on OTC forward foreign currency exchange contracts		127,360
Payable to affiliate		39,848
Distribution fee payable		1,679
Affiliated transfer agent fee payable		1,190
Premiums received for OTC swap agreements		41

Total Liabilities		105,226,686

NET ASSETS	$	2,631,651,899

Net assets were comprised of:
Partners’ Equity	$	2,631,651,899

Class I:
Net asset value and redemption price per share, $2,623,398,294 / 62,445,372 outstanding shares of beneficial interest	$	42.01

Class III:
Net asset value and redemption price per share, $8,253,605 / 198,029 outstanding shares of beneficial interest	$	41.68

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	22,488,597
Unaffiliated dividend income (net of $20,626 foreign withholding tax, of which $6,808 is reimbursable by an affiliate)		9,535,780
Affiliated dividend income		7,669,726
Income from securities lending, net (including affiliated income of $48,275)		53,260

Total income		39,747,363

EXPENSES
Management fee.		7,042,429
Distribution fee—Class III		9,812
Custodian and accounting fees		132,913
Shareholders’ reports		30,648
Audit fee.		30,440
Trustees’ fees		24,542
Professional Fees		22,234
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,734
Miscellaneous		53,104

Total expenses		7,351,856

NET INVESTMENT INCOME (LOSS)		32,395,507

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(7,588))		85,748,501
Futures transactions		143,402
Forward currency contract transactions		365,815
Swap agreements transactions		(3,954,186	)
Foreign currency transactions		(139,122	)

		82,164,410

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6,697))		74,404,408
Futures		(2,297,737	)
Forward currency contracts.		886,372
Options written		24
Swap agreements		(592,587	)
Foreign currencies		40,595

		72,441,075

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		154,605,485

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	187,000,992

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	32,395,507			$	61,466,398
Net realized gain (loss) on investment and foreign currency transactions			82,164,410				96,080,897
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			72,441,075				191,463,082

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			187,000,992				349,010,377

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			6,393,621				18,116,698
Portfolio shares purchased			(95,596,642	)			(171,590,252	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(89,203,021	)			(153,473,554	)

TOTAL INCREASE (DECREASE)			97,797,971				195,536,823
NET ASSETS:
Beginning of period			2,533,853,928				2,338,317,105

End of period		$	2,631,651,899			$	2,533,853,928

SEE NOTES TO FINANCIAL STATEMENTS.

A61

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	39.07			$	33.84			$	39.67			$	34.99			$	31.40			$	26.50

Income (Loss) From Investment Operations:
Net investment income (loss)			0.51				0.92				0.57				0.40				0.50				0.59
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.43				4.31				(6.40	)			4.28				3.09				4.31

Total from investment operations			2.94				5.23				(5.83	)			4.68				3.59				4.90

Capital Contributions			—				—				—				—				—				—	^(b)(c)

Net Asset Value, end of period		$	42.01			$	39.07			$	33.84			$	39.67			$	34.99			$	31.40

Total Return^(d)			7.53	%			15.45	%			(14.70	)%			13.38	%			11.43	%			18.49	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2,623			$	2,526			$	2,332			$	2,896			$	2,710			$	2,597
Average net assets (in millions)		$	2,567			$	2,411			$	2,513			$	2,800			$	2,540			$	2,506
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.57	%^(g)			0.57	%			0.57	%			0.57	%			0.58	%			0.59	%
Expenses before waivers and/or expense reimbursement			0.57	%^(g)			0.57	%			0.57	%			0.57	%			0.58	%			0.59	%
Net investment income (loss)			2.53	%^(g)			2.54	%			1.62	%			1.06	%			1.58	%			2.02	%
Portfolio turnover rate^(h)(i)			33	%			86	%			96	%			69	%			75	%			90	%


Class III
	Six Months Ended June 30, 2024				Year Ended December 31,								April 26, 2021^(j) through December 31, 2021
	Six Months Ended June 30, 2024				2023				2022				April 26, 2021^(j) through December 31, 2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	38.81			$	33.70			$	39.60			$	36.75

Income (Loss) From Investment Operations:
Net investment income (loss)			0.46				0.83				0.52				0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.41				4.28				(6.42	)			2.64

Total from investment operations			2.87				5.11				(5.90	)			2.85

Net Asset Value, end of period		$	41.68			$	38.81			$	33.70			$	39.60

Total Return^(d)			7.40	%			15.16	%			(14.90	)%			7.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	8			$	8			$	7			$	3
Average net assets (in millions)		$	8			$	7			$	5			$	1
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.82	%^(g)			0.82	%			0.82	%			0.81	%^(k)
Expenses before waivers and/or expense reimbursement			0.82	%^(g)			0.82	%			0.82	%			0.81	%^(k)
Net investment income (loss)			2.28	%^(g)			2.29	%			1.48	%			0.76	%^(k)
Portfolio turnover rate^(h)(i)			33	%			86	%			96	%			69	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(c)	Amount rounds to zero.

(d)

(e)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(f)	Does not include expenses of the underlying funds in which the Portfolio invests.

(g)	Annualized.

(h)	The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(i)

(j)	Commencement of offering.

(k)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A62

PSF PGIM FLEXIBLE MANAGED PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

LONG-TERM INVESTMENTS — 94.6%
COMMON STOCKS — 60.7%
Aerospace & Defense — 1.2%
BAE Systems PLC (United Kingdom)		5,480	$	91,278
Curtiss-Wright Corp.		23,200		6,286,736
General Electric Co.		74,800		11,890,956
Howmet Aerospace, Inc.		153,600		11,923,968
Huntington Ingalls Industries, Inc.		7,000		1,724,310
Kongsberg Gruppen ASA (Norway)		120		9,772
L3Harris Technologies, Inc.		22,000		4,940,760
Lockheed Martin Corp.		16,500		7,707,150
Northrop Grumman Corp.		34,500		15,040,275
Rheinmetall AG (Germany)		63		32,106
Rolls-Royce Holdings PLC (United Kingdom)*		44,310		254,483
Safran SA (France)		1,238		260,919
Singapore Technologies Engineering Ltd. (Singapore)		2,100		6,687


				60,169,400

Air Freight & Logistics — 0.4%
FedEx Corp.		62,000		18,590,080

Automobile Components — 0.0%
Aptiv PLC*		25,300		1,781,626
Cie Generale des Etablissements Michelin SCA (France)		1,044		40,352
Sumitomo Electric Industries Ltd. (Japan)		2,200		34,396


				1,856,374

Automobiles — 1.0%
Bayerische Motoren Werke AG (Germany)		1,324		125,239
Ford Motor Co.		1,403,600		17,601,144
General Motors Co.		203,100		9,436,026
Mazda Motor Corp. (Japan)		16,900		162,933
Stellantis NV		2,532		50,054
Subaru Corp. (Japan)		8,300		176,503
Tesla, Inc.*		107,300		21,232,524
Toyota Motor Corp. (Japan)		8,600		176,450
Volkswagen AG (Germany)		43		5,152
Volvo Car AB (Sweden) (Class B Stock)*		33,924		104,893


				49,070,918

Banks — 1.9%
ABN AMRO Bank NV (Netherlands), 144A, CVA		716		11,759
AIB Group PLC (Ireland)		22,173		117,098
Banco Bilbao Vizcaya Argentaria SA (Spain)		20,164		202,416
Banco BPM SpA (Italy)		1,925		12,389
Banco Santander SA (Spain)		19,673		91,534
Bank Hapoalim BM (Israel)		2,052		18,122
Bank of America Corp.		103,400		4,112,218
Barclays PLC (United Kingdom)		56,286		148,731
BOC Hong Kong Holdings Ltd. (China)		7,000		21,600
CaixaBank SA (Spain)		7,455		39,590
Citizens Financial Group, Inc.		158,300		5,703,549


	Shares		Value

COMMON STOCKS (continued)
Banks (cont’d.)
Commonwealth Bank of Australia (Australia)		383	$	32,445
Credit Agricole SA (France)		8,454		115,436
DBS Group Holdings Ltd. (Singapore)		3,050		80,333
DNB Bank ASA (Norway)		1,378		27,038
Erste Group Bank AG (Austria)		1,457		68,967
HSBC Holdings PLC (United Kingdom)		31,709		273,712
Intesa Sanpaolo SpA (Italy)		52,358		194,584
JPMorgan Chase & Co.		241,194		48,783,898
Mitsubishi UFJ Financial Group, Inc. (Japan)		8,800		94,970
National Australia Bank Ltd. (Australia)		7,151		172,448
NatWest Group PLC (United Kingdom)		14,496		57,029
Nordea Bank Abp (Finland)		8,961		106,824
Oversea-Chinese Banking Corp. Ltd. (Singapore)		20,000		212,388
PNC Financial Services Group, Inc. (The)		8,700		1,352,676
Popular, Inc. (Puerto Rico)		34,100		3,015,463
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		2,229		32,955
Swedbank AB (Sweden) (Class A Stock)		1,275		26,263
U.S. BanCorp		71,400		2,834,580
UniCredit SpA (Italy)		5,426		200,795
United Overseas Bank Ltd. (Singapore)		2,000		46,133
Wells Fargo & Co.		399,600		23,732,244
Westpac Banking Corp. (Australia)		5,152		93,288


				92,033,475

Beverages — 0.9%
Asahi Group Holdings Ltd. (Japan)		400		14,154
Boston Beer Co., Inc. (The) (Class A Stock)*		5,600		1,708,280
Coca-Cola Co. (The)		299,900		19,088,635
Coca-Cola HBC AG (Italy)*		330		11,231
Keurig Dr. Pepper, Inc.		253,500		8,466,900
Kirin Holdings Co. Ltd. (Japan)		400		5,167
PepsiCo, Inc.		82,300		13,573,739


				42,868,106

Biotechnology — 1.1%
AbbVie, Inc.		192,200		32,966,144
Amgen, Inc.		40,200		12,560,490
Vertex Pharmaceuticals, Inc.*		12,700		5,952,744


				51,479,378

Broadline Retail — 2.5%
Amazon.com, Inc.*		633,700		122,462,525
Next PLC (United Kingdom)		525		59,912
Prosus NV (China)*		2,175		77,340
Rakuten Group, Inc. (Japan)*		2,300		11,915


				122,611,692

Building Products — 0.3%
AGC, Inc. (Japan)		300		9,762
Armstrong World Industries, Inc.		16,300		1,845,812
AZEK Co., Inc. (The)*		249,800		10,524,074

SEE NOTES TO FINANCIAL STATEMENTS.

A63

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Building Products (cont’d.)
Cie de Saint-Gobain SA (France)		666	$	51,797
Owens Corning		15,500		2,692,660
ROCKWOOL A/S (Denmark) (Class B Stock)		18		7,297


				15,131,402

Capital Markets — 1.7%
3i Group PLC (United Kingdom)		4,627		178,329
Amundi SA (France), 144A		96		6,209
Bank of New York Mellon Corp. (The)		203,200		12,169,648
BlackRock, Inc.		8,100		6,377,292
Daiwa Securities Group, Inc. (Japan)		8,900		68,328
Deutsche Bank AG (Germany)		9,603		153,480
Euronext NV (Netherlands), 144A		125		11,584
Goldman Sachs Group, Inc. (The)		46,000		20,806,720
Intercontinental Exchange, Inc.		55,600		7,611,084
Invesco Ltd.		63,500		949,960
KKR & Co., Inc.		14,000		1,473,360
Morgan Stanley		81,000		7,872,390
MSCI, Inc.		2,100		1,011,675
Northern Trust Corp.(a)		51,800		4,350,164
Raymond James Financial, Inc.		7,700		951,797
S&P Global, Inc.		36,500		16,279,000
T. Rowe Price Group, Inc.(a)		12,200		1,406,782
UBS Group AG (Switzerland)		5,056		148,496
Virtu Financial, Inc. (Class A Stock)		96,300		2,161,935


				83,988,233

Chemicals — 0.8%
Arkema SA (France)		68		5,926
Dow, Inc.(a)		39,000		2,068,950
Ecolab, Inc.		7,800		1,856,400
Givaudan SA (Switzerland)		4		18,946
ICL Group Ltd. (Israel)		1,213		5,216
Linde PLC		26,000		11,409,060
LyondellBasell Industries NV (Class A Stock)		16,200		1,549,692
Mitsubishi Chemical Group Corp. (Japan)		11,700		65,190
Mosaic Co. (The)		34,500		997,050
Nippon Paint Holdings Co. Ltd. (Japan)		3,200		20,918
Nippon Sanso Holdings Corp. (Japan)		1,900		56,425
Orica Ltd. (Australia)		1,748		20,759
PPG Industries, Inc.		73,500		9,252,915
Sherwin-Williams Co. (The)		38,000		11,340,340
Solvay SA (Belgium)		1,489		52,508


				38,720,295

Commercial Services & Supplies — 0.2%
Brambles Ltd. (Australia)		12,824		123,751
Copart, Inc.*		19,900		1,077,784
Veralto Corp.		9,000		859,230
Waste Management, Inc.		43,100		9,194,954


				11,255,719

Communications Equipment — 0.4%
Arista Networks, Inc.*		58,700		20,573,176


	Shares		Value

COMMON STOCKS (continued)
Communications Equipment (cont’d.)
Nokia OYJ (Finland)		24,357	$	92,704


				20,665,880

Construction & Engineering — 0.0%
ACS Actividades de Construccion y
Servicios SA (Spain)		310		13,390
Eiffage SA (France)		594		54,592
Obayashi Corp. (Japan)		14,600		174,476
Shimizu Corp. (Japan)		11,500		64,806
Taisei Corp. (Japan)		300		11,161
Vinci SA (France)		1,712		180,452


				498,877

Construction Materials — 0.2%
Heidelberg Materials AG (Germany)		517		53,444
Holcim AG*		2,557		226,019
Vulcan Materials Co.		41,200		10,245,616


				10,525,079

Consumer Finance — 0.2%
Ally Financial, Inc.		54,900		2,177,883
Synchrony Financial(a)		178,400		8,418,696


				10,596,579

Consumer Staples Distribution & Retail — 1.2%
Carrefour SA (France)		794		11,251
Coles Group Ltd. (Australia)		1,829		20,720
Costco Wholesale Corp.		19,800		16,829,802
Dollar Tree, Inc.*		95,000		10,143,150
J Sainsbury PLC (United Kingdom)		2,462		7,932
Koninklijke Ahold Delhaize NV
(Netherlands)		6,113		179,888
Kroger Co. (The)		133,000		6,640,690
Target Corp.		125,400		18,564,216
Tesco PLC (United Kingdom)		13,170		50,873
Walgreens Boots Alliance, Inc.(a)		128,900		1,559,045
Walmart, Inc.		104,500		7,075,695


				61,083,262

Containers & Packaging — 0.0%
Avery Dennison Corp.		4,200		918,330
Smurfit Kappa Group PLC (Ireland)		3,632		161,730


				1,080,060

Diversified REITs — 0.0%
GPT Group (The) (Australia)		7,752		20,668
Stockland (Australia)		1,755		4,861


				25,529

Diversified Telecommunication Services — 0.5%
AT&T, Inc.		772,300		14,758,653
Deutsche Telekom AG (Germany)		10,529		264,652
GCI Liberty, Inc. (Class A Stock)*^		343		—
Koninklijke KPN NV (Netherlands)		34,509		132,264
Orange SA (France)		2,873		28,817
Verizon Communications, Inc.		275,288		11,352,877


				26,537,263

SEE NOTES TO FINANCIAL STATEMENTS.

A64

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Electric Utilities — 0.8%
Chubu Electric Power Co., Inc. (Japan)		9,900	$	116,952
Duke Energy Corp.		34,400		3,447,912
Endesa SA (Spain)		5,732		107,698
Enel SpA (Italy)		23,501		163,069
Evergy, Inc.		17,100		905,787
Exelon Corp.		124,500		4,308,945
Iberdrola SA (Spain)		14,273		185,191
Kansai Electric Power Co., Inc. (The) (Japan)		1,500		25,188
NRG Energy, Inc.		196,300		15,283,918
PG&E Corp.		337,000		5,884,020
Tokyo Electric Power Co. Holdings, Inc. (Japan)*		5,700		30,694
Xcel Energy, Inc.		162,700		8,689,807


				39,149,181

Electrical Equipment — 0.5%
ABB Ltd. (Switzerland)		5,849		324,332
Eaton Corp. PLC		64,500		20,223,975
Emerson Electric Co.		28,500		3,139,560
Legrand SA (France)		408		40,496
Nidec Corp. (Japan)		3,000		134,999
Schneider Electric SE		70		16,782
Vertiv Holdings Co. (Class A Stock)		11,300		978,241


				24,858,385

Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. (Class A Stock)		42,200		2,843,014
TD SYNNEX Corp.		61,200		7,062,480
TDK Corp. (Japan)		3,700		227,520
TE Connectivity Ltd.		42,100		6,333,103
Yokogawa Electric Corp. (Japan)		400		9,714


				16,475,831

Energy Equipment & Services — 0.2%
Baker Hughes Co.		34,200		1,202,814
Halliburton Co.(a)		36,400		1,229,592
Schlumberger NV		193,000		9,105,740
Tenaris SA		754		11,598


				11,549,744

Entertainment — 0.8%
CTS Eventim AG & Co. KGaA (Germany)		95		7,909
Konami Group Corp. (Japan)		1,000		72,304
Netflix, Inc.*		43,700		29,492,256
Nintendo Co. Ltd. (Japan)		1,200		64,082
Sea Ltd. (Singapore), ADR*		1,200		85,704
Toho Co. Ltd. (Japan)		200		5,851
Walt Disney Co. (The)		69,300		6,880,797
Warner Bros Discovery, Inc.*		271,000		2,016,240


				38,625,143

Financial Services — 2.3%
Adyen NV (Netherlands), 144A*		27		32,067
Berkshire Hathaway, Inc. (Class B Stock)*		102,350		41,635,980
EXOR NV (Netherlands)		155		16,191


	Shares		Value

COMMON STOCKS (continued)
Financial Services (cont’d.)
Fidelity National Information Services, Inc.		42,000	$	3,165,120
Global Payments, Inc.		13,800		1,334,460
Industrivarden AB (Sweden) (Class A Stock)		188		6,404
Investor AB (Sweden) (Class B Stock)		6,674		182,888
Mastercard, Inc. (Class A Stock)		74,600		32,910,536
PayPal Holdings, Inc.*		90,700		5,263,321
Visa, Inc. (Class A Stock)(a)		110,800		29,081,676


				113,628,643

Food Products — 0.4%
Archer-Daniels-Midland Co.		80,400		4,860,180
Associated British Foods PLC (United Kingdom)		2,718		84,866
Freshpet, Inc.*		68,600		8,876,154
Hormel Foods Corp.		29,500		899,455
Ingredion, Inc.		13,600		1,559,920
Mondelez International, Inc. (Class A Stock)		35,200		2,303,488
Mowi ASA (Norway)		4,467		74,243
Nestle SA		2,722		277,846
Orkla ASA (Norway)		1,083		8,782
WH Group Ltd. (Hong Kong), 144A		173,000		113,870
Wilmar International Ltd. (China)		51,600		117,662


				19,176,466

Gas Utilities — 0.0%
Enagas SA (Spain)		374		5,562
Tokyo Gas Co. Ltd. (Japan)		6,800		146,390


				151,952

Ground Transportation — 0.6%
CSX Corp.		34,800		1,164,060
Uber Technologies, Inc.*		69,400		5,043,992
Union Pacific Corp.		93,200		21,087,432


				27,295,484

Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		200,500		20,833,955
Becton, Dickinson & Co.		77,400		18,089,154
Boston Scientific Corp.*		217,800		16,772,778
Cochlear Ltd. (Australia)		614		135,534
Demant A/S (Denmark)*		153		6,627
DENTSPLY SIRONA, Inc.(a)		48,100		1,198,171
Hoya Corp. (Japan)		100		11,694
Intuitive Surgical, Inc.*		6,600		2,936,010
Medtronic PLC		171,000		13,459,410
Olympus Corp. (Japan)		800		12,914
Zimmer Biomet Holdings, Inc.		12,000		1,302,360


				74,758,607

Health Care Providers & Services — 1.4%
Centene Corp.*		221,700		14,698,710
Cigna Group (The)		26,400		8,727,048
Elevance Health, Inc.		27,300		14,792,778
Fresenius Medical Care AG (Germany)		3,104		118,625
Fresenius SE & Co. KGaA (Germany)*		2,965		88,577

SEE NOTES TO FINANCIAL STATEMENTS.

A65

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Labcorp Holdings, Inc.(a)		32,000	$	6,512,320
McKesson Corp.		10,400		6,074,016
UnitedHealth Group, Inc.		33,000		16,805,580


				67,817,654

Health Care REITs — 0.0%
Healthpeak Properties, Inc.		101,200		1,983,520

Hotel & Resort REITs — 0.0%
Park Hotels & Resorts, Inc.		62,700		939,246

Hotels, Restaurants & Leisure — 1.1%
Accor SA (France)		2,723		111,423
Aristocrat Leisure Ltd. (Australia)		859		28,446
Chipotle Mexican Grill, Inc.*(a)		315,000		19,734,750
Genting Singapore Ltd. (Singapore)		9,100		5,784
Hilton Worldwide Holdings, Inc.		49,200		10,735,440
La Francaise des Jeux SAEM (France), 144A		3,205		109,163
Marriott International, Inc. (Class A Stock)		36,600		8,848,782
McDonald’s Corp.		47,200		12,028,448


				51,602,236

Household Durables — 0.2%
Barratt Developments PLC (United Kingdom)		1,449		8,606
Berkeley Group Holdings PLC (United Kingdom)		1,646		95,105
Lennar Corp. (Class A Stock)		55,700		8,347,759
SEB SA (France)		44		4,516
Sekisui Chemical Co. Ltd. (Japan)		600		8,330
Sony Group Corp. (Japan)		2,000		170,442


				8,634,758

Household Products — 0.7%
Colgate-Palmolive Co.		205,400		19,932,016
Essity AB (Sweden) (Class B Stock)		6,950		177,675
Henkel AG & Co. KGaA (Germany)		144		11,329
Kimberly-Clark Corp.		18,400		2,542,880
Procter & Gamble Co. (The)		71,405		11,776,113
Reckitt Benckiser Group PLC (United Kingdom)		1,036		56,047


				34,496,060

Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)		350,300		6,154,771

Industrial Conglomerates — 0.4%
3M Co.		169,200		17,290,548
DCC PLC (United Kingdom)		156		10,888
Hitachi Ltd. (Japan)		3,500		78,807
Honeywell International, Inc.		6,000		1,281,240
Siemens AG (Germany)		1,808		336,515
Smiths Group PLC (United Kingdom)		550		11,834


				19,009,832

Industrial REITs — 0.2%
Americold Realty Trust, Inc.		149,600		3,820,784
Goodman Group (Australia)		10,881		251,024


	Shares		Value

COMMON STOCKS (continued)
Industrial REITs (cont’d.)
Prologis, Inc.		45,500	$	5,110,105


				9,181,913

Insurance — 1.4%
Ageas SA/NV (Belgium)		2,260		103,117
Allianz SE (Germany)		605		168,027
Allstate Corp. (The)		96,100		15,343,326
Assurant, Inc.		54,300		9,027,375
Aviva PLC (United Kingdom)		30,080		181,181
AXA SA (France)		5,985		196,136
Dai-ichi Life Holdings, Inc. (Japan)		2,800		74,984
Hannover Rueck SE (Germany)		92		23,289
Japan Post Holdings Co. Ltd. (Japan)		15,400		153,072
Marsh & McLennan Cos., Inc.		55,000		11,589,600
Medibank Private Ltd. (Australia)		63,944		158,473
MetLife, Inc.		211,200		14,824,128
MS&AD Insurance Group Holdings, Inc. (Japan)		2,000		44,652
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		573		286,474
Phoenix Group Holdings PLC (United Kingdom)		1,168		7,689
Progressive Corp. (The)		73,100		15,183,601
QBE Insurance Group Ltd. (Australia)		903		10,424
Sompo Holdings, Inc. (Japan)		800		17,139
Suncorp Group Ltd. (Australia)		1,390		16,074
T&D Holdings, Inc. (Japan)		1,900		33,187
Talanx AG (Germany)		90		7,172
Tokio Marine Holdings, Inc. (Japan)		3,200		120,253


				67,569,373

Interactive Media & Services — 4.2%
Alphabet, Inc. (Class A Stock)		420,000		76,503,000
Alphabet, Inc. (Class C Stock)		355,540		65,213,147
Auto Trader Group PLC (United Kingdom), 144A		3,871		38,962
Meta Platforms, Inc. (Class A Stock)		125,650		63,355,243
Scout24 SE (Germany), 144A		120		9,169


				205,119,521

IT Services — 0.6%
Cognizant Technology Solutions Corp. (Class A Stock)		242,600		16,496,800
International Business Machines Corp.		83,100		14,372,145
NEC Corp. (Japan)		100		8,246
TIS, Inc. (Japan)		300		5,828
Wix.com Ltd. (Israel)*		800		127,256


				31,010,275

Leisure Products — 0.0%
Bandai Namco Holdings, Inc. (Japan)		900		17,632
Shimano, Inc. (Japan)		100		15,455


				33,087

Life Sciences Tools & Services — 0.9%
Danaher Corp.		42,000		10,493,700
Illumina, Inc.*		8,500		887,230

SEE NOTES TO FINANCIAL STATEMENTS.

A66

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
Thermo Fisher Scientific, Inc.		49,200	$	27,207,600
West Pharmaceutical Services, Inc.		9,200		3,030,388


				41,618,918

Machinery — 0.9%
Alfa Laval AB (Sweden)		390		17,079
Allison Transmission Holdings, Inc.		180,300		13,684,770
Atlas Copco AB (Sweden) (Class A Stock)		6,192		116,262
Atlas Copco AB (Sweden) (Class B Stock)		2,154		34,781
Caterpillar, Inc.		13,900		4,630,090
Cummins, Inc.		11,800		3,267,774
Daimler Truck Holding AG (Germany)		3,882		154,826
Deere & Co.		2,400		896,712
Donaldson Co., Inc.		54,500		3,900,020
Epiroc AB (Sweden) (Class B Stock)		550		10,096
FANUC Corp. (Japan)		1,500		41,179
Flowserve Corp.		289,600		13,929,760
GEA Group AG (Germany)		3,536		147,004
Hitachi Construction Machinery Co. Ltd. (Japan)		200		5,363
Indutrade AB (Sweden)		399		10,248
ITT, Inc.(a)		16,400		2,118,552
Knorr-Bremse AG (Germany)		114		8,714
Makita Corp. (Japan)		400		10,951
Rational AG (Germany)		49		40,627
Schindler Holding AG (Switzerland)		35		8,725
Schindler Holding AG (Switzerland) (Part. Cert.)		56		14,051
SKF AB (Sweden) (Class B Stock)		8,587		172,575
Toyota Industries Corp. (Japan)		700		59,546
Trelleborg AB (Sweden) (Class B Stock)		325		12,648
Volvo AB (Sweden) (Class A Stock)		297		7,764
Volvo AB (Sweden) (Class B Stock)		8,676		222,925
Wartsila OYJ Abp (Finland)		2,069		40,110


				43,563,152

Marine Transportation — 0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		4		6,787
Kawasaki Kisen Kaisha Ltd. (Japan)		600		8,750
Kirby Corp.*		12,500		1,496,625
Mitsui OSK Lines Ltd. (Japan)		5,800		174,387


				1,686,549

Media — 0.2%
Comcast Corp. (Class A Stock)		274,000		10,729,840
Informa PLC (United Kingdom)		11,419		123,233
Publicis Groupe SA (France)		1,749		185,777
Vivendi SE (France)		3,518		36,769


				11,075,619

Metals & Mining — 0.2%
ArcelorMittal SA (Luxembourg)		3,745		85,795
BHP Group Ltd. (Australia)		11,250		321,547
BlueScope Steel Ltd. (Australia)		10,463		142,032


	Shares		Value

COMMON STOCKS (continued)
Metals & Mining (cont’d.)
Boliden AB (Sweden)		464	$	14,923
Fortescue Ltd. (Australia)		6,592		93,847
Freeport-McMoRan, Inc.		160,200		7,785,720
Glencore PLC (Australia)		18,374		104,553
JFE Holdings, Inc. (Japan)		3,000		43,298
Nippon Steel Corp. (Japan)		8,000		169,587
Northern Star Resources Ltd. (Australia)		2,410		20,929
Nucor Corp.		9,200		1,454,336
Rio Tinto Ltd. (Australia)		576		45,626
Rio Tinto PLC (Australia)		3,337		218,968
voestalpine AG (Austria)		464		12,544


				10,513,705

Multi-Utilities — 0.4%
Centrica PLC (United Kingdom)		99,247		169,166
CMS Energy Corp.		137,100		8,161,563
DTE Energy Co.		48,200		5,350,682
E.ON SE (Germany)		2,402		31,569
Engie SA (France)		2,903		41,572
NiSource, Inc.(a)		251,600		7,248,596


				21,003,148

Oil, Gas & Consumable Fuels — 2.1%
Ampol Ltd. (Australia)		342		7,356
Antero Resources Corp.*		42,500		1,386,775
BP PLC		2,549		15,347
Cheniere Energy, Inc.		13,900		2,430,137
Chevron Corp.		136,200		21,304,404
ConocoPhillips		95,100		10,877,538
Diamondback Energy, Inc.		62,900		12,591,951
ENEOS Holdings, Inc. (Japan)		4,100		21,129
Equinor ASA (Norway)		1,368		39,185
Exxon Mobil Corp.		328,300		37,793,896
Idemitsu Kosan Co. Ltd. (Japan)		16,400		106,593
Inpex Corp. (Japan)		12,600		185,037
Marathon Oil Corp.		188,100		5,392,827
Phillips 66		57,000		8,046,690
Repsol SA (Spain)		1,856		29,434
Shell PLC		9,887		354,627
TotalEnergies SE (France)		5,567		372,731
Williams Cos., Inc. (The)		62,800		2,669,000


				103,624,657

Paper & Forest Products — 0.0%
UPM-Kymmene OYJ (Finland)		780		27,396

Passenger Airlines — 0.0%
Japan Airlines Co. Ltd. (Japan)		3,600		56,880
Singapore Airlines Ltd. (Singapore)		2,200		11,178


				68,058

Personal Care Products — 0.0%
L’Oreal SA (France)		31		13,645
Unilever PLC (United Kingdom)		6,295		345,516


				359,161

Pharmaceuticals — 2.4%
AstraZeneca PLC (United Kingdom)		1,260		196,098

SEE NOTES TO FINANCIAL STATEMENTS.

A67

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Bristol-Myers Squibb Co.		111,300	$	4,622,289
Chugai Pharmaceutical Co. Ltd. (Japan)		900		32,047
Daiichi Sankyo Co. Ltd. (Japan)		2,400		83,409
Elanco Animal Health, Inc.*		171,300		2,471,859
Eli Lilly & Co.		48,200		43,639,316
GSK PLC		14,139		271,953
Hikma Pharmaceuticals PLC (Jordan)		801		19,085
Ipsen SA (France)		566		69,538
Johnson & Johnson		244,248		35,699,288
Merck & Co., Inc.		250,700		31,036,660
Novartis AG (Switzerland)		4,702		500,630
Novo Nordisk A/S (Denmark) (Class B Stock)		6,338		906,872
Ono Pharmaceutical Co. Ltd. (Japan)		7,000		95,643
Orion OYJ (Finland) (Class B Stock)		161		6,866
Otsuka Holdings Co. Ltd. (Japan)		700		29,573
Roche Holding AG		1,082		299,778
Sanofi SA		1,730		166,846
Shionogi & Co. Ltd. (Japan)		4,400		171,373
Teva Pharmaceutical Industries Ltd. (Israel), ADR*		800		13,000


				120,332,123

Professional Services — 0.4%
Automatic Data Processing, Inc.		39,000		9,308,910
Computershare Ltd. (Australia)		812		14,202
Dun & Bradstreet Holdings, Inc.(a)		957,700		8,868,302
Experian PLC		176		8,176
ManpowerGroup, Inc.		12,800		893,440
Recruit Holdings Co. Ltd. (Japan)		4,700		252,894
Wolters Kluwer NV (Netherlands)		475		78,441


				19,424,365

Real Estate Management & Development — 0.1%
Daito Trust Construction Co. Ltd. (Japan)		100		10,351
Jones Lang LaSalle, Inc.*		21,000		4,310,880
Mitsubishi Estate Co. Ltd. (Japan)		400		6,297
Nomura Real Estate Holdings, Inc. (Japan)		4,700		118,315
Swire Pacific Ltd. (Hong Kong) (Class A Stock)		1,500		13,243


				4,459,086

Residential REITs — 0.3%
Equity Residential		191,000		13,243,940

Retail REITs — 0.1%
Kimco Realty Corp.		78,000		1,517,880
Klepierre SA (France)		4,298		114,748
Realty Income Corp.(a)		17,100		903,222
Scentre Group (Australia)		7,020		14,550
Unibail-Rodamco-Westfield (France)		198		15,647
Vicinity Ltd. (Australia)		74,101		91,114


				2,657,161

Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices, Inc.*		19,100		3,098,211


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Analog Devices, Inc.		21,400	$	4,884,764
Applied Materials, Inc.		49,200		11,610,708
ASM International NV (Netherlands)		312		238,485
ASML Holding NV (Netherlands)		739		753,164
Broadcom, Inc.		20,600		33,073,918
Disco Corp. (Japan)		600		228,540
Intel Corp.		724,300		22,431,571
Lam Research Corp.		13,400		14,268,990
Micron Technology, Inc.		91,900		12,087,607
Monolithic Power Systems, Inc.		1,900		1,561,192
NVIDIA Corp.		1,708,200		211,031,028
NXP Semiconductors NV (China)		6,400		1,722,176
Qorvo, Inc.*		57,600		6,683,904
QUALCOMM, Inc.		143,400		28,562,412
Renesas Electronics Corp. (Japan)		1,100		20,861
Rohm Co. Ltd. (Japan)		500		6,684
SCREEN Holdings Co. Ltd. (Japan)		200		18,132
Teradyne, Inc.		76,000		11,270,040
Tokyo Electron Ltd. (Japan)		800		175,120


				363,727,507

Software — 6.5%
Adobe, Inc.*		17,950		9,971,943
Autodesk, Inc.*		50,000		12,372,500
Cadence Design Systems, Inc.*		46,600		14,341,150
Crowdstrike Holdings, Inc. (Class A Stock)*		10,100		3,870,219
Gitlab, Inc. (Class A Stock)*		63,800		3,172,136
Intuit, Inc.		6,000		3,943,260
Microsoft Corp.		513,300		229,419,435
Monday.com Ltd.*		100		24,076
Nemetschek SE (Germany)		1,240		121,057
Nice Ltd. (Israel)*		151		25,978
Oracle Corp.		52,800		7,455,360
Salesforce, Inc.		104,900		26,969,790
SAP SE (Germany)		648		130,167
ServiceNow, Inc.*		10,200		8,024,034
Xero Ltd. (New Zealand)*		218		19,715


				319,860,820

Specialized REITs — 0.5%
American Tower Corp.		21,000		4,081,980
Digital Realty Trust, Inc.(a)		12,600		1,915,830
Iron Mountain, Inc.(a)		107,000		9,589,340
Public Storage		38,500		11,074,525


				26,661,675

Specialty Retail — 1.1%
AutoZone, Inc.*		300		889,230
CarMax, Inc.*(a)		15,500		1,136,770
Fast Retailing Co. Ltd. (Japan)		300		75,882
Gap, Inc. (The)(a)		36,900		881,541
H & M Hennes & Mauritz AB (Sweden) (Class B Stock)		891		14,114
Home Depot, Inc. (The)		45,700		15,731,768
Industria de Diseno Textil SA (Spain)		5,478		271,837
Lowe’s Cos., Inc.		92,700		20,436,642
Ross Stores, Inc.		8,800		1,278,816

SEE NOTES TO FINANCIAL STATEMENTS.

A68

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Specialty Retail (cont’d.)
TJX Cos., Inc. (The)		19,600	$	2,157,960
Ulta Beauty, Inc.*		25,100		9,685,337
Victoria’s Secret & Co.*		52,800		932,976


				53,492,873

Technology Hardware, Storage & Peripherals — 4.3%
Apple, Inc.		924,800		194,781,376
Brother Industries Ltd. (Japan)		1,400		24,730
Canon, Inc. (Japan)		1,500		40,691
Hewlett Packard Enterprise Co.		373,900		7,915,463
Logitech International SA (Switzerland)		1,955		188,151
NetApp, Inc.		34,200		4,404,960
Pure Storage, Inc. (Class A Stock)*		22,400		1,438,304
Western Digital Corp.*		62,800		4,758,356


				213,552,031

Textiles, Apparel & Luxury Goods — 0.3%
adidas AG (Germany)		252		60,169
Asics Corp. (Japan)		11,200		172,684
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		30		4,688
Deckers Outdoor Corp.*		4,100		3,968,595
Hermes International SCA (France)		120		277,155
LVMH Moet Hennessy Louis Vuitton SE (France)		217		166,611
Moncler SpA (Italy)		315		19,323
Pandora A/S (Denmark)		276		41,542
Ralph Lauren Corp.		49,200		8,612,952
Skechers USA, Inc. (Class A Stock)*		20,800		1,437,696


				14,761,415

Tobacco — 0.2%
Altria Group, Inc.		111,100		5,060,605
British American Tobacco PLC (United Kingdom)		3,126		96,030
Imperial Brands PLC (United Kingdom)		7,523		192,505
Japan Tobacco, Inc. (Japan)		1,400		37,911
Philip Morris International, Inc.		47,000		4,762,510


				10,149,561

Trading Companies & Distributors — 0.1%
AerCap Holdings NV (Ireland)		300		27,960
Mitsui & Co. Ltd. (Japan)		4,000		91,226
Reece Ltd. (Australia)		5,045		84,252
Rexel SA (France)		342		8,847
Seven Group Holdings Ltd. (Australia)		247		6,171
Toyota Tsusho Corp. (Japan)		300		5,863
United Rentals, Inc.(a)		1,500		970,095
W.W. Grainger, Inc.		1,000		902,240


				2,096,654

Transportation Infrastructure — 0.0%
Aena SME SA (Spain), 144A		140		28,350

Wireless Telecommunication Services — 0.1%
Tele2 AB (Sweden) (Class B Stock)		767		7,742


	Shares		Value

COMMON STOCKS (continued)
Wireless Telecommunication Services (cont’d.)
T-Mobile US, Inc.		15,300	$	2,695,554


				2,703,296

TOTAL COMMON STOCKS (cost $1,777,652,651)				2,988,700,503

PREFERRED STOCKS — 0.0%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		87		7,682

Banks — 0.0%
Citigroup Capital XIII, 11.961%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40		22,000		643,940

Household Products — 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)		1,983		176,560


TOTAL PREFERRED STOCKS (cost $712,486)				828,182

UNAFFILIATED EXCHANGE-TRADED FUND — 0.0%
iShares MSCI EAFE ETF(a) (cost $48,119)		988		77,390


Interest Rate	Maturity Date		Principal Amount (000)#

ASSET-BACKED SECURITIES — 7.9%
Automobiles — 1.8%
AmeriCredit Automobile Receivables Trust,
Series 2020-03, Class C
1.060%		08/18/26		13	12,487
Series 2021-02, Class C
1.010%		01/19/27		1,300	1,238,541
Series 2021-02, Class D
1.290%		06/18/27		10	9,342
Series 2021-03, Class C
1.410%		08/18/27		1,300	1,219,473
Series 2023-01, Class C
5.800%		12/18/28		2,100	2,119,715
ARI Fleet Lease Trust,
Series 2024-A, Class A2, 144A
5.300%		11/15/32		1,500	1,494,520
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-01A, Class A, 144A
1.380%		08/20/27		3,500	3,231,358
Series 2021-02A, Class A, 144A
1.660%		02/20/28		3,700	3,385,026
Series 2022-01A, Class A, 144A
3.830%		08/21/28		4,200	4,011,666
Series 2023-02A, Class A, 144A
5.200%		10/20/27		1,800	1,790,722
Series 2024-01A, Class A, 144A
5.360%		06/20/30		1,800	1,791,664
Series 2024-03A, Class A, 144A
5.230%		12/20/30		800	792,694

SEE NOTES TO FINANCIAL STATEMENTS.

A69

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#				Value

ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A
6.291%		07/26/32			2,223		$	2,234,139
Series 2023-CAR03, Class B, 144A
6.632%		07/26/32			838			842,524
CarMax Auto Owner Trust,
Series 2021-01, Class D
1.280%		07/15/27			10			9,653
Series 2021-02, Class C
1.340%		02/16/27			1,100			1,055,546
Series 2021-04, Class C
1.380%		07/15/27			800			752,722
Series 2022-02, Class C
4.260%		12/15/27			25			24,339
Chesapeake Funding II LLC,
Series 2024-01A, Class A1, 144A
5.520%		05/15/36			1,453			1,452,639
Exeter Automobile Receivables Trust,
Series 2021-02A, Class C
0.980%		06/15/26			—(r	)		133
Series 2021-04A, Class C
1.460%		10/15/27			9			9,060
Ford Auto Securitization Trust (Canada),
Series 2020-AA, Class A3, 144A
1.153%		11/15/25		CAD	1,098			791,543
Ford Credit Auto Owner Trust,
Series 2020-02, Class A, 144A
1.060%		04/15/33			1,300			1,227,809
Series 2021-02, Class B, 144A
1.910%		05/15/34			500			460,382
Series 2023-01, Class A, 144A
4.850%		08/15/35			4,100			4,065,772
Series 2023-02, Class A, 144A
5.280%		02/15/36			2,900			2,921,325
Series 2024-01, Class A, 144A
4.870%		08/15/36			5,900			5,851,136
GM Financial Automobile Leasing Trust,
Series 2023-01, Class C
5.760%		01/20/27			25			25,025
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%		06/12/34			200			182,492
Series 2024-01, Class A, 144A
4.980%		12/11/36			900			896,435
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A
5.490%		06/25/27			3,700			3,693,396
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%		12/27/27			1,900			1,734,019
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A
2.330%		06/26/28			4,700			4,310,104
Series 2023-03A, Class A, 144A
5.940%		02/25/28			2,200			2,209,784
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%		09/14/27			4,836			4,767,417


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value

ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
Series 2021-01A, Class B, 144A
1.260%		07/14/28			2,600	$	2,426,895
Series 2023-01A, Class A, 144A
5.410%		11/14/29			4,700		4,694,642
Santander Drive Auto Receivables Trust,
Series 2021-02, Class D
1.350%		07/15/27			1,694		1,650,321
Series 2022-01, Class C
2.560%		04/17/28			1,600		1,581,406
Series 2022-03, Class C
4.490%		08/15/29			25		24,552
Series 2023-01, Class C
5.090%		05/15/30			800		792,817
Series 2023-03, Class C
5.770%		11/15/30			1,500		1,509,719
Series 2023-04, Class C
6.040%		12/15/31			2,600		2,635,189
Series 2023-06, Class B
5.980%		04/16/29			700		707,601
Series 2023-06, Class C
6.400%		03/17/31			300		307,866
Series 2024-02, Class C
5.840%		06/17/30			500		504,337
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class B, 144A
5.710%		01/22/30			300		302,338
Series 2023-01A, Class C, 144A
5.970%		02/20/31			500		507,189
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A
5.800%		04/18/38			4,190		4,190,541
Series 2024-01A, Class A1, 144A
5.490%		02/18/39			2,500		2,500,424
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%		11/15/27			600		570,648


							85,521,087

Collateralized Loan Obligations — 5.3%
AGL CLO Ltd. (Cayman Islands),
Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
6.855%(c)		04/20/37			11,250		11,257,111
Anchorage Capital Europe CLO DAC (Ireland),
Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%)
5.647%(c)		01/22/38		EUR	3,250		3,510,063
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)
6.786%(c)		07/20/34			3,750		3,757,119
Barrow Hanley CLO Ltd. (Cayman Islands),
Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)
6.944%(c)		04/20/37			11,250		11,259,107

SEE NOTES TO FINANCIAL STATEMENTS.

A70

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.755%(c)

01/25/35

700

701,142

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%)

6.609%(c)

01/17/32

10,182

10,203,499

BNPP AM Euro CLO DAC (Ireland),

Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)

4.506%(c)

04/15/31

EUR

2,999

3,178,596

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.590%(c)

07/15/30

2,644

2,647,515

Carlyle Euro CLO DAC (Ireland),

Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

4.896%(c)

10/15/35

EUR

5,000

5,332,011

CarVal CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.525%(c)

01/20/35

7,000

7,017,941

CIFC Funding Ltd. (Cayman Islands),

Series 2014-05A, Class A1R2, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.779%(c)

10/17/31

9,211

9,210,596

Clover CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.362%)

6.685%(c)

10/25/33

11,000

11,012,646

Crown City CLO (Cayman Islands),

Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%)

6.934%(c)

04/20/37

6,250

6,300,981

Elevation CLO Ltd. (Cayman Islands),

Series 2017-06A, Class A1, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.542%)

6.870%(c)

07/15/29

20,276

Series 2018-03A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.795%(c)

01/25/35

7,500

7,505,296

Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944%(c)

04/20/37

7,000

7,004,613

Greenwood Park CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)

6.600%(c)

04/15/31

1,335

1,336,841

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)

6.614%(c)

04/26/31

2,949

2,952,066

HPS Loan Management Ltd. (Cayman Islands),

Series 2015-06A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.598%(c)

02/05/31

109

108,708

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

ICG Euro CLO DAC (Ireland),

Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%)

5.652%(c)

01/26/38

EUR

14,500

15,653,049

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/34

4,875

4,881,589

LCM Ltd. (Cayman Islands),

Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.756%(c)

10/20/34

11,500

11,500,000

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.852%(c)

04/15/37

11,000

11,073,952

MidOcean Credit CLO (Cayman Islands),

Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706%(c)

04/21/31

1,303

1,304,254

Monument CLO DAC (Ireland),

Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%)

5.342%(c)

05/15/37

EUR

11,000

11,851,345

Northwoods Capital Ltd. (Cayman Islands),

Series 2017-15A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.472%)

6.815%(c)

06/20/34

9,500

9,509,249

Oaktree CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.740%(c)

07/15/34

3,000

3,003,934

OFSI BSL CLO Ltd. (Cayman Islands),

Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.941%(c)

04/20/37

8,000

8,006,524

OFSI BSL Ltd. (Cayman Islands),

Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%)

7.725%(c)

01/20/35

7,000

7,037,036

OZLM Ltd. (Cayman Islands),

Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%)

6.841%(c)

10/30/30

388

388,060

Palmer Square CLO Ltd. (Cayman Islands),

Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.709%(c)

01/17/31

178

178,411

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.586%(c)

10/20/31

7,292

7,298,937

Regatta Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.755%(c)

06/20/34

5,500

5,508,603

SEE NOTES TO FINANCIAL STATEMENTS.

A71

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.875%(c)

04/17/37

10,000

10,008,713

Sound Point CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.656%(c)

01/26/31

3,085

3,088,695

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.666%(c)

01/20/32

1,240

1,241,087

TCW CLO Ltd. (Cayman Islands),

Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.765%(c)

07/25/34

6,750

6,756,263

Telos CLO Ltd. (Cayman Islands),

Series 2013-04A, Class AR, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 0.000%)

6.819%(c)

01/17/30

954

955,104

Tikehau US CLO Ltd. (Bermuda),

Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)

7.195%(c)

01/20/36

11,000

11,056,402

Toro European CLO DAC (Ireland),

Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

4.872%(c)

07/25/34

EUR

4,500

4,803,838

Trimaran Cavu Ltd.,

Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%)

7.046%(c)

07/20/32

3,000

3,002,703

Venture CLO Ltd. (Cayman Islands),

Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.720%(c)

04/15/34

10,000

10,000,000

Wellfleet CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679%(c)

07/17/31

2,326

2,328,242

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/31

4,585

4,590,031

Wellfleet CLO Ltd.,

Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729%(c)

01/17/31

1,522

1,523,063

260,865,211

Consumer Loans — 0.3%

Affirm Asset Securitization Trust,

Series 2024-A, Class 1A, 144A

5.610%

02/15/29

1,400

1,397,834

OneMain Financial Issuance Trust,

Series 2020-02A, Class A, 144A

1.750%

09/14/35

2,900

2,707,842

Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)

6.093%(c)

06/16/36

2,800

2,794,201

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

ASSET-BACKED SECURITIES (continued)

Consumer Loans (cont’d.)

Series 2022-02A, Class A, 144A

4.890%

10/14/34

2,050

2,034,004

Series 2023-02A, Class A1, 144A

5.840%

09/15/36

5,400

5,465,482

14,399,363

Credit Cards — 0.2%

NewDay Funding (United Kingdom),

Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%)

6.390%(c)

03/15/32

GBP

5,400

6,850,967

NewDay Funding Master Issuer PLC (United Kingdom),

Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%)

6.116%(c)

07/15/32

GBP

2,100

2,657,644

9,508,611

Equipment — 0.1%

MMAF Equipment Finance LLC,

Series 2017-B, Class A5, 144A

2.720%

06/15/40

950

938,348

Series 2019-A, Class A5, 144A

3.080%

11/12/41

1,390

1,369,404

Series 2019-B, Class A5, 144A

2.290%

11/12/41

2,400

2,269,166

4,576,918

Home Equity Loans — 0.1%

RCKT Mortgage Trust,

Series 2024-CES01, Class A1A, 144A

6.025%(cc)

02/25/44

943

944,183

Towd Point HE Trust,

Series 2023-01, Class A1A, 144A

6.875%

02/25/63

357

356,561

Towd Point Mortgage Trust,

Series 2023-CES02, Class A1A, 144A

7.294%(cc)

10/25/63

712

725,109

Series 2024-CES01, Class A1A, 144A

5.848%(cc)

01/25/64

186

185,382

Series 2024-CES02, Class A1A, 144A

6.125%(cc)

02/25/64

378

377,977

Series 2024-CES03, Class A1, 144A

6.290%(cc)

05/25/64

2,668

2,670,710

5,259,922

Other — 0.0%

Home Partners of America Trust,

Series 2021-03, Class A, 144A

2.200%

01/17/41

792

693,865

Residential Mortgage-Backed Securities — 0.0%

Long Beach Mortgage Loan Trust,

Series 2004-02, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor

0.795%)

6.255%(c)

06/25/34

85,318

TFS (Spain),

Series 2018-03, Class A1

0.000%(s)

04/16/40^

EUR

—(r

)

SEE NOTES TO FINANCIAL STATEMENTS.

A72

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value

ASSET-BACKED SECURITIES (continued)
Residential Mortgage-Backed Securities (cont’d.)
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
7.088%(c)		03/15/26^		EUR	943	$	754,560


							839,879

Student Loans — 0.1%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%		09/25/42			557		506,038
Series 2018-AGS, Class A1, 144A
3.210%		02/25/44			405		373,464
Series 2018-CGS, Class A1, 144A
3.870%		02/25/46			112		106,157
Laurel Road Prime Student Loan Trust,
Series 2019-A, Class A2FX, 144A
2.730%		10/25/48			107		104,552
Navient Private Education Refi Loan Trust,
Series 2018-CA, Class A2, 144A
3.520%		06/16/42			24		23,612
Series 2019-CA, Class A2, 144A
3.130%		02/15/68			490		473,451
Series 2020-BA, Class A2, 144A
2.120%		01/15/69			612		568,080
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%)
5.968%(c)		05/25/70			1,236		1,225,311
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%		06/15/48			421		408,558
Series 2019-B, Class A2FX, 144A
3.090%		08/17/48			518		495,901
Series 2019-C, Class A2FX, 144A
2.370%		11/16/48			825		774,529
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%		08/25/47			344		337,796
Series 2020-A, Class A2FX, 144A
2.540%		05/15/46			1,082		1,013,859


							6,411,308

TOTAL ASSET-BACKED SECURITIES (cost $391,505,451)							388,076,164


COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.2%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF03, Class A3, 144A
2.168%		10/15/54			8,000		7,077,512
Series 2021-MF03, Class ASB, 144A
2.378%		10/15/54			3,800		3,375,328
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%		05/15/49			1,695		1,668,019
BANK,
Series 2017-BNK04, Class A3
3.362%		05/15/50			6,465		6,159,480
Series 2021-BN35, Class A3
1.717%		06/15/64			4,900		4,073,516


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-BN35, Class ASB
2.067%		06/15/64		3,200	$	2,798,684
BANK5,
Series 2023-05YR01, Class A3
6.260%(cc)		04/15/56		10,000		10,237,511
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%		12/15/51		5,400		5,137,210
Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%)
7.603%(c)		11/15/34		10		200
Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%)
7.583%(c)		10/15/37		20		19,983
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%		04/10/51		5,000		4,767,237
Series 2018-B08, Class A4
3.963%		01/15/52		8,200		7,790,133
Series 2021-B24, Class A3
2.010%		03/15/54		2,900		2,549,839
Series 2023-B38, Class A3
5.793%		04/15/56		5,000		5,117,526
Series 2023-B39, Class A2
6.793%(cc)		07/15/56		5,000		5,125,423
Series 2024-V07, Class A3
6.228%(cc)		05/15/56		7,500		7,744,759
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%		01/15/44		7,750		6,104,810
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%		11/15/52		6,515		6,466,936
CD Mortgage Trust,
Series 2016-CD02, Class A4
3.526%(cc)		11/10/49		10		9,327
Citigroup Commercial Mortgage Trust,
Series 2015-GC33, Class A4
3.778%		09/10/58		10		9,686
Series 2016-C01, Class A3
2.944%		05/10/49		4,970		4,754,213
Series 2016-GC37, Class A3
3.050%		04/10/49		3,560		3,444,766
Series 2017-P07, Class A3
3.442%		04/14/50		4,900		4,655,916
Commercial Mortgage Trust,
Series 2014-CR20, Class A3
3.326%		11/10/47		2,293		2,283,250
Series 2015-CR23, Class A3
3.230%		05/10/48		21		21,000
Series 2015-CR24, Class A5
3.696%		08/10/48		10		9,772
Series 2015-CR27, Class A3
3.349%		10/10/48		5,938		5,795,610
Series 2015-LC21, Class A4
3.708%		07/10/48		10		9,794

SEE NOTES TO FINANCIAL STATEMENTS.

A73

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%		11/15/48		2,806	$	2,737,641
Series 2017-C08, Class A3
3.127%		06/15/50		4,787		4,453,768
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO
1.464%(cc)		03/25/26		12,335		243,631
Series K068, Class A1
2.952%		02/25/27		4		4,128
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4
3.136%		02/10/48		3,257		3,246,824
Series 2015-GC32, Class A3
3.498%		07/10/48		4,730		4,626,012
Series 2015-GC32, Class A4
3.764%		07/10/48		10		9,776
Series 2016-GS03, Class A3
2.592%		10/10/49		5,313		5,036,697
Series 2016-GS04, Class A3
3.178%		11/10/49		5,219		4,967,304
Series 2018-GS09, Class A4
3.992%(cc)		03/10/51		10		9,280
Series 2020-GSA02, Class A4
1.721%		12/12/53		6,000		4,950,213
Series 2021-GSA03, Class A4
2.369%		12/15/54		5,800		4,718,641
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%		11/15/47		587		583,837
Series 2015-C27, Class A3A1
2.920%		02/15/48		4,719		4,641,160
Series 2015-C30, Class A5
3.822%		07/15/48		10		9,681
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month SOFR + 1.465% (Cap N/A, Floor 1.351%)
6.794%(c)		04/15/38		2,517		2,491,571
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3
2.791%		11/15/49		3,000		2,827,911
Series 2016-UB11, Class A3
2.531%		08/15/49		10,156		9,615,907
Series 2018-H04, Class A3
4.043%		12/15/51		1,765		1,684,886
Series 2019-H07, Class A2
2.492%		07/15/52		7,646		7,627,154
Series 2019-MEAD, Class D, 144A
3.283%(cc)		11/10/36		10		9,133
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%		08/15/50		2,056		1,995,144
Series 2017-C05, Class A4
3.212%		11/15/50		6,750		6,353,826
Series 2018-C09, Class A3
3.854%		03/15/51		2,189		2,066,874


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2018-C14, Class A3
4.180%		12/15/51		3,131	$	3,001,537
Wells Fargo Commercial Mortgage Trust,
Series 2015-C30, Class A4
3.664%		09/15/58		10		9,761
Series 2015-NXS02, Class A5
3.767%(cc)		07/15/58		10		9,716
Series 2016-NXS06, Class A3
2.642%		11/15/49		8,000		7,599,720
Series 2017-C38, Class A4
3.190%		07/15/50		4,098		3,865,824
Series 2018-C48, Class A4
4.037%		01/15/52		6,840		6,518,811
Series 2020-C58, Class A3
1.810%		07/15/53		7,100		5,937,705

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $224,224,533)						209,061,513


CORPORATE BONDS — 10.6%
Aerospace & Defense — 0.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%		02/04/26		2,160		2,031,727
3.300%		03/01/35		2,900		2,172,485
3.550%		03/01/38		1,296		938,689
3.900%		05/01/49		2,570		1,726,878
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes
4.854%		04/27/35		10		9,491
RTX Corp.,
Sr. Unsec’d. Notes
4.125%		11/16/28		1,270		1,223,128

						8,102,398

Agriculture — 0.4%
Altria Group, Inc.,
Gtd. Notes
3.400%		02/04/41		2,045		1,472,079
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%		03/25/28		5,140		4,601,934
3.557%		08/15/27		105		99,639
4.390%		08/15/37		1,675		1,413,177
6.343%		08/02/30		550		573,695
BAT International Finance PLC (United Kingdom),
Gtd. Notes
4.448%		03/16/28		1,500		1,450,476
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
5.125%		02/15/30		5,150		5,131,565
5.500%		09/07/30		2,942		2,982,064
Reynolds American, Inc. (United Kingdom),
Gtd. Notes
5.700%		08/15/35		930		907,594

SEE NOTES TO FINANCIAL STATEMENTS.

A74

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Agriculture (cont’d.)
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		02/01/29			1,250	$	1,171,324


							19,803,547

Airlines — 0.1%
American Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.700%		04/01/28			2		2,412
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.375%		11/01/28			1,793		1,692,503
American Airlines 2019-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.150%		08/15/33			20		17,446
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates
4.000%		04/29/26			337		336,857
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%		06/15/27			905		900,646
United Airlines 2018-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.700%		09/01/31			22		19,915
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			840		811,850
4.625%		04/15/29			165		153,748


							3,935,377

Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%		08/15/29			725		605,911

Auto Manufacturers — 0.5%
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%		12/13/24			5,350		5,251,161
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%		01/15/43			1,365		1,105,128
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%		02/16/28			200		180,917
2.900%		02/10/29			1,095		965,776
3.375%		11/13/25			325		314,528
4.125%		08/17/27			690		655,812
6.950%		03/06/26			775		787,804
7.350%		03/06/30			1,255		1,328,012
General Motors Co.,
Sr. Unsec’d. Notes
4.000%		04/01/25			5		4,935
6.250%		10/02/43			980		976,054
6.600%		04/01/36			760		796,282
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes
5.950%		04/04/34	(a)		2,095		2,096,363


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Auto Manufacturers (cont’d.)
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A
5.300%		03/19/27	(a)		3,085	$	3,077,843
PACCAR Financial Corp.,
Sr. Unsec’d. Notes, MTN
0.900%		11/08/24			20		19,667
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN
4.800%		01/05/34	(a)		2,125		2,063,609
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
5.250%		03/22/29			2,690		2,673,367


							22,297,258

Banks — 3.3%
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
2.746%		05/28/25	(a)		1,000		973,907
5.538%(ff)		03/14/30			1,000		990,427
Bank of America Corp.,
Sr. Unsec’d. Notes
2.592%(ff)		04/29/31			50		43,216
5.080%(ff)		01/20/27			25		24,843
Sr. Unsec’d. Notes, MTN
1.898%(ff)		07/23/31			2,600		2,140,168
1.922%(ff)		10/24/31			7,385		6,035,343
2.496%(ff)		02/13/31			3,085		2,665,679
3.824%(ff)		01/20/28			955		920,738
4.244%(ff)		04/24/38			20		17,688
4.271%(ff)		07/23/29			510		491,295
Sr. Unsec’d. Notes, Series N
1.658%(ff)		03/11/27			2,550		2,390,967
Sub. Notes, MTN
4.000%		01/22/25			2,000		1,978,985
4.450%		03/03/26			8,455		8,311,729
Bank of America NA,
Sub. Notes
6.000%		10/15/36			410		430,817
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN
4.975%(ff)		03/14/30			3,710		3,686,615
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%		03/16/25			850		836,904
5.690%(ff)		03/12/30			2,110		2,112,886
Sr. Unsec’d. Notes, MTN
4.972%(ff)		05/16/29			3,825		3,739,612
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
2.219%(ff)		06/09/26			2,480		2,396,315
3.132%(ff)		01/20/33			1,505		1,263,950
5.497%(ff)		05/20/30			790		785,493
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.875%		04/30/29			1,800		1,825,015

SEE NOTES TO FINANCIAL STATEMENTS.

A75

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)		01/30/25	(oo)		1,400	$	1,369,017
Sr. Unsec’d. Notes
2.561%(ff)		05/01/32			1,260		1,049,948
3.200%		10/21/26			1,870		1,782,405
3.700%		01/12/26			6,180		6,019,737
3.887%(ff)		01/10/28			35		33,802
Sub. Notes
4.450%		09/29/27			5,975		5,824,645
4.600%		03/09/26			10		9,841
4.750%		05/18/46			820		703,019
Credit Agricole SA (France),
Sr. Non-Preferred Notes, 144A, MTN
1.907%(ff)		06/16/26			1,160		1,117,341
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
5.705%(ff)		03/01/30			2,080		2,080,783
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.129%(ff)		11/24/26			440		417,611
7.146%(ff)		07/13/27			800		817,557
Discover Bank,
Sr. Unsec’d. Notes
4.250%		03/13/26			970		946,050
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
2.650%(ff)		10/21/32			4,510		3,750,652
3.102%(ff)		02/24/33	(a)		2,730		2,335,082
3.500%		01/23/25	(a)		4,115		4,064,509
3.750%		02/25/26	(a)		1,010		984,272
3.814%(ff)		04/23/29			540		512,253
3.850%		01/26/27			2,920		2,821,993
6.484%(ff)		10/24/29			4,760		4,970,829
Sr. Unsec’d. Notes, MTN
4.800%		07/08/44			5		4,512
Sub. Notes
6.750%		10/01/37			104		112,296
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH
4.600%(ff)		02/01/25	(oo)		1,645		1,623,347
Jr. Sub. Notes, Series II
4.000%(ff)		04/01/25	(oo)		1,045		1,016,556
Sr. Unsec’d. Notes
1.953%(ff)		02/04/32			4,530		3,687,612
3.782%(ff)		02/01/28			695		669,611
3.882%(ff)		07/24/38			20		17,162
3.964%(ff)		11/15/48			3,250		2,583,189
4.005%(ff)		04/23/29			2,170		2,076,688
4.452%(ff)		12/05/29			3,350		3,250,744
5.299%(ff)		07/24/29			2,740		2,749,567
5.350%(ff)		06/01/34	(a)		20		19,913
Sub. Notes
2.956%(ff)		05/13/31			15		13,146
3.875%		09/10/24	(a)		2,063		2,054,715


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
KeyCorp,
Sr. Unsec’d. Notes
6.401%(ff)		03/06/35			765	$	775,881
Sr. Unsec’d. Notes, MTN
2.250%		04/06/27			25		22,714
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.242%(ff)		04/19/29			2,760		2,757,990
Morgan Stanley,
Sr. Unsec’d. Notes
5.123%(ff)		02/01/29			8,475		8,441,683
5.449%(ff)		07/20/29			1,975		1,986,725
6.407%(ff)		11/01/29			3,030		3,160,945
Sr. Unsec’d. Notes, GMTN
2.239%(ff)		07/21/32			630		515,375
3.875%		01/27/26			675		659,835
4.431%(ff)		01/23/30			515		497,868
Sr. Unsec’d. Notes, MTN
2.188%(ff)		04/28/26			25		24,291
2.943%(ff)		01/21/33			2,465		2,095,517
3.591%(cc)		07/22/28			1,255		1,193,285
Sub. Notes, GMTN
4.350%		09/08/26			3,825		3,740,737
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
4.758%(ff)		01/26/27			35		34,580
Societe Generale SA (France),
Gtd. Notes, 144A
2.797%(ff)		01/19/28			1,495		1,379,136
Sr. Non-Preferred Notes, 144A
1.488%(ff)		12/14/26			4,400		4,113,523
State Street Corp.,
Sr. Unsec’d. Notes
4.857%(ff)		01/26/26			10		9,955
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.880%		07/13/26	(a)		3,945		3,982,580
Sumitomo Mitsui Trust Bank Ltd. (Japan),
Sr. Unsec’d. Notes, 144A, MTN
5.650%		03/09/26			1,040		1,043,025
Toronto-Dominion Bank (The) (Canada),
Sr. Unsec’d. Notes, MTN
1.150%		06/12/25			35		33,621
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
1.950%		06/05/30			10		8,275
7.161%(ff)		10/30/29			1,190		1,263,532
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%		04/17/26			5,000		4,910,073
Sr. Unsec’d. Notes, 144A
2.193%(ff)		06/05/26			1,560		1,507,350
3.091%(ff)		05/14/32			885		755,569
4.282%		01/09/28	(a)		1,370		1,314,212
Wells Fargo & Co.,
Sr. Unsec’d. Notes
2.188%(ff)		04/30/26			50		48,554

SEE NOTES TO FINANCIAL STATEMENTS.

A76

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
5.389%(ff)		04/24/34			1,500	$	1,483,647
Sr. Unsec’d. Notes, MTN
2.572%(ff)		02/11/31			4,175		3,612,037
5.557%(ff)		07/25/34			3,130		3,129,570
5.574%(ff)		07/25/29			3,660		3,694,065


							163,749,146

Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%		02/01/46			630		578,920
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
3.500%		06/01/30			25		23,223
4.600%		04/15/48			70		61,917
8.000%		11/15/39			1,285		1,624,879
8.200%		01/15/39			250		317,882
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%		08/01/31			1,015		833,083


							3,439,904

Biotechnology — 0.0%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%		08/15/41	(a)		905		635,443
Biogen, Inc.,
Sr. Unsec’d. Notes
2.250%		05/01/30			40		34,039


							669,482

Building Materials — 0.0%
Owens Corning,
Sr. Unsec’d. Notes, 144A
3.500%		02/15/30			550		501,077
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%		07/15/30			760		686,595
4.750%		01/15/28			700		667,451


							1,855,123

Chemicals — 0.1%
Air Products & Chemicals, Inc.,
Sr. Unsec’d. Notes
1.500%		10/15/25			5		4,763
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%		11/15/42			95		78,516
9.400%		05/15/39			155		205,152
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
5.419%		11/15/48			255		264,154
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
6.750%		05/02/34			1,681		1,725,126


					Principal
Interest	Maturity				Amount
Rate	Date				(000)#		Value

CORPORATE BONDS (continued)
Chemicals (cont’d.)
Sasol Financing USA LLC (South Africa),
Gtd. Notes
6.500%		09/27/28	(a)			670	$	637,547


								2,915,258

Commercial Services — 0.2%
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%		09/25/26		EUR		693		714,801
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%		11/01/46				975		797,459
5.000%		02/15/29				1,205		1,202,162
6.700%		06/01/34				420		461,179
7.000%		10/15/37				380		429,663
George Washington University (The),
Unsec’d. Notes, Series 2014
4.300%		09/15/44				5		4,465
Georgetown University (The),
Sr. Unsec’d. Notes
5.115%		04/01/53	(a)			695		685,054
Massachusetts Institute of Technology,
Unsec’d. Notes
3.885%		07/01/2116				1,500		1,104,355
Northwestern University,
Unsec’d. Notes, Series 2020
2.640%		12/01/50				20		13,128
PayPal Holdings, Inc.,
Sr. Unsec’d. Notes
2.400%		10/01/24				30		29,754
RELX Capital, Inc. (United Kingdom),
Gtd. Notes
3.000%		05/22/30				10		8,972
Transurban Finance Co. Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
4.125%		02/02/26				5		4,885
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32				325		282,634
4.875%		01/15/28	(a)			1,190		1,152,464
5.250%		01/15/30	(a)			385		372,687
University of Miami,
Sr. Unsec’d. Notes, Series 2022
4.063%		04/01/52				1,170		941,712
University of Southern California,
Sr. Unsec’d. Notes
4.976%		10/01/53	(a)			1,515		1,467,898


								9,673,272

Computers — 0.0%
Apple, Inc.,
Sr. Unsec’d. Notes
1.650%		05/11/30				15		12,635
3.200%		05/13/25				25		24,562


								37,197

SEE NOTES TO FINANCIAL STATEMENTS.

A77

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Distribution/Wholesale — 0.0%
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
6.750%		03/15/28	(a)		75	$	76,406

Diversified Financial Services — 0.3%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.500%		04/14/27			4,985		4,809,375
Capital One Financial Corp.,
Sr. Unsec’d. Notes
3.650%		05/11/27			20		19,123
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%		07/24/24			480		479,317
Discover Financial Services,
Sr. Unsec’d. Notes
3.750%		03/04/25			5		4,932
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes
5.875%		07/21/28			2,600		2,625,618
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31			2,055		1,692,232
6.070%		07/12/28			3,355		3,427,641
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%		06/15/25			330		323,570


							13,381,808

Electric — 1.0%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%		04/29/28			525		469,055
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%		06/01/28			2,910		2,763,802
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%		09/27/51			626		469,790
Appalachian Power Co.,
Sr. Unsec’d. Notes
4.450%		06/01/45			10		8,032
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%		10/01/36			550		583,189
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
3.800%		07/15/48			15		11,044
5.950%		05/15/37			305		315,317
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%		03/01/31	(a)		1,500		1,326,692
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%		03/15/33			590		656,600
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%		05/15/29			1,400		1,306,375


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Commonwealth Edison Co.,
First Mortgage, Series 123
3.750%		08/15/47		1,610	$	1,211,079
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%		07/01/31		3,255		2,654,037
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%		12/01/39		220		216,838
Duke Energy Carolinas LLC,
First Mortgage
4.950%		01/15/33		4,425		4,352,820
6.050%		04/15/38		550		572,657
First Ref. Mortgage
4.000%		09/30/42		570		458,875
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%		05/15/35		670		672,431
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%(cc)		07/12/31		2,140		1,737,989
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%		08/10/28		905		876,529
Evergy Kansas Central, Inc.,
First Mortgage
5.700%		03/15/53		1,310		1,284,396
Eversource Energy,
Sr. Unsec’d. Notes, Series M
3.300%		01/15/28		5		4,666
Exelon Corp.,
Sr. Unsec’d. Notes
3.400%		04/15/26		25		24,195
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
5.200%		04/01/28		900		898,718
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.350%		01/15/25		10		9,897
Florida Power & Light Co.,
First Mortgage
5.100%		04/01/33		2,840		2,827,398
5.950%		10/01/33		295		310,633
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33		145		150,936
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28		470		432,694
Kentucky Utilities Co.,
First Mortgage
4.375%		10/01/45		10		8,323
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
2.440%		01/15/32		25		20,503
4.900%		02/28/28		3,800		3,764,246
6.051%		03/01/25		780		781,157

SEE NOTES TO FINANCIAL STATEMENTS.

A78

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Northern States Power Co.,
First Mortgage
3.600%		09/15/47			1,580	$	1,149,794
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%		02/15/31			75		64,347
3.875%		02/15/32			200		171,969
Sr. Sec’d. Notes, 144A
2.000%		12/02/25			320		302,680
2.450%		12/02/27			1,395		1,259,465
Pacific Gas & Electric Co.,
First Mortgage
2.100%		08/01/27	(a)		10		9,031
3.950%		12/01/47			2,000		1,429,980
4.950%		07/01/50			1,345		1,110,805
PacifiCorp,
First Mortgage
5.350%		12/01/53	(h)		3,010		2,732,821
PECO Energy Co.,
First Mortgage
2.800%		06/15/50			1,110		688,879
Public Service Electric & Gas Co.,
First Mortgage, MTN
2.050%		08/01/50			1,005		541,775
3.700%		05/01/28			1,280		1,222,617
4.900%		12/15/32			1,050		1,033,171
Sr. Sec’d. Notes, MTN
5.800%		05/01/37			535		558,692
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%		08/15/30			710		574,981
San Diego Gas & Electric Co.,
First Mortgage
4.150%		05/15/48			1,400		1,129,647
Sempra,
Sr. Unsec’d. Notes
3.300%		04/01/25			20		19,646
Southern California Edison Co.,
First Mortgage
5.300%		03/01/28	(a)		1,670		1,673,322
First Ref. Mortgage
4.000%		04/01/47			580		443,869
First Ref. Mortgage, Series C
3.600%		02/01/45			860		627,925
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27			725		701,472
Sr. Sec’d. Notes, 144A
3.550%		07/15/24			2,145		2,142,201
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%		09/15/41			480		416,432


							51,186,434


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%		03/15/27			575	$	564,571
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
3.875%		04/30/28			919		862,711
4.250%		10/31/26			882		847,682
5.500%		07/31/47			800		662,750


							2,937,714

Entertainment — 0.1%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
7.000%		02/15/30			600		613,098
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
6.500%		02/15/25			750		750,000
Warnermedia Holdings, Inc.,
Gtd. Notes
5.050%		03/15/42	(a)		900		731,403
5.141%		03/15/52			1,210		941,602


							3,036,103

Environmental Control — 0.0%
Republic Services, Inc.,
Sr. Unsec’d. Notes
2.500%		08/15/24			15		14,937
Waste Connections, Inc.,
Sr. Unsec’d. Notes
3.200%		06/01/32			20		17,349


							32,286

Foods — 0.1%
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A
6.050%		01/15/29	(a)		1,265		1,297,416
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
5.125%		02/01/28			2,000		1,973,659
Kraft Heinz Foods Co.,
Gtd. Notes
6.500%		02/09/40			1,420		1,515,655
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%		01/31/30	(a)		275		249,317
4.375%		01/31/32			850		757,587
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%		07/16/40			660		444,172


							6,237,806

Gas — 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%		02/15/31			915		728,651
3.490%		05/15/27	(a)		1,425		1,359,105
3.600%		05/01/30			1,270		1,165,561

SEE NOTES TO FINANCIAL STATEMENTS.

A79

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Gas (cont’d.)
3.950%		03/30/48		15	$	11,232
Southern Co. Gas Capital Corp.,
Gtd. Notes
5.150%		09/15/32		30		29,803


						3,294,352

Healthcare-Products — 0.0%
Abbott Laboratories,
Sr. Unsec’d. Notes
1.150%		01/30/28		20		17,727
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29		675		621,524


						639,251

Healthcare-Services — 0.3%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%		06/15/36		515		545,784
AHS Hospital Corp.,
Unsec’d. Notes
5.024%		07/01/45		5		4,750
Banner Health,
Unsec’d. Notes
1.897%		01/01/31		5		4,140
Centra Health, Inc.,
Unsec’d. Notes
4.700%		01/01/48		25		21,383
CommonSpirit Health,
Sr. Sec’d. Notes
2.760%		10/01/24		15		14,877
2.782%		10/01/30		5		4,333
5.318%		12/01/34		4,270		4,195,230
Elevance Health, Inc.,
Sr. Unsec’d. Notes
4.625%		05/15/42		390		343,278
4.650%		01/15/43		15		13,236
Hackensack Meridian Health, Inc.,
Sr. Sec’d. Notes
4.211%		07/01/48		20		16,916
HCA, Inc.,
Gtd. Notes
4.125%		06/15/29		20		18,941
4.375%		03/15/42		10		8,202
5.375%		02/01/25		305		303,899
Gtd. Notes, MTN
7.750%		07/15/36		450		511,393
Humana, Inc.,
Sr. Unsec’d. Notes
3.700%		03/23/29		15		14,061
Indiana University Health, Inc. Obligated Group,
Sec’d. Notes
3.970%		11/01/48		15		12,244
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%		05/01/47		940		785,953


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
MedStar Health, Inc.,
Sec’d. Notes, Series 20A
3.626%		08/15/49			20	$	15,131
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A
2.532%		10/01/29	(a)		765		670,809
Sutter Health,
Unsec’d. Notes
5.164%		08/15/33			1,732		1,738,154
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.375%		01/15/30			625		579,147
Trinity Health Corp.,
Sec’d. Notes
4.125%		12/01/45			5		4,213
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.000%		05/15/30			10		8,499
3.250%		05/15/51	(a)		1,000		686,732
3.750%		07/15/25			5		4,926
5.200%		04/15/63	(h)		2,840		2,636,388
5.500%		04/15/64			1,680		1,629,304
6.050%		02/15/63			915		962,543


							15,754,466

Home Builders — 0.0%
KB Home,
Gtd. Notes
4.000%		06/15/31			575		507,432
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			525		522,470


							1,029,902

Insurance — 0.2%
American International Group, Inc.,
Sr. Unsec’d. Notes
3.400%		06/30/30			30		27,295
Aon Global Ltd.,
Gtd. Notes
3.875%		12/15/25			5		4,883
Berkshire Hathaway Finance Corp.,
Gtd. Notes
3.850%		03/15/52			50		38,689
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes
4.400%		04/05/52			35		27,554
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%		12/07/33			3,785		3,835,946
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50			1,215		881,266
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%		10/09/37			772		789,225

SEE NOTES TO FINANCIAL STATEMENTS.

A80

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Insurance (cont’d.)
Markel Group, Inc.,
Sr. Unsec’d. Notes
4.150%		09/17/50		410	$	314,819
5.000%		03/30/43		200		178,583
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes
2.250%		11/15/30		10		8,522
4.350%		01/30/47		5		4,224
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%		11/15/39		660		734,715
Principal Financial Group, Inc.,
Gtd. Notes
2.125%		06/15/30		20		16,718
3.400%		05/15/25		10		9,809
4.625%		09/15/42		130		115,274
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%		05/15/47		575		460,238
6.850%		12/16/39		124		138,146


						7,585,906

Internet — 0.0%
Amazon.com, Inc.,
Sr. Unsec’d. Notes
2.800%		08/22/24		5		4,980
3.875%		08/22/37		10		8,830
Booking Holdings, Inc.,
Sr. Unsec’d. Notes
3.650%		03/15/25		5		4,930


						18,740

Iron/Steel — 0.0%
Nucor Corp.,
Sr. Unsec’d. Notes
2.700%		06/01/30		10		8,831
3.950%		05/01/28		15		14,369


						23,200

Lodging — 0.0%
Marriott International, Inc.,
Sr. Unsec’d. Notes
4.900%		04/15/29		555		549,097
5.000%		10/15/27		15		14,960
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.400%		08/08/28		288		282,077


						846,134

Machinery-Diversified — 0.0%
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN
2.125%		03/07/25		25		24,438
4.150%		09/15/27		25		24,444


						48,882


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Media — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.125%		05/01/27			125	$	119,967
5.500%		05/01/26			625		617,440
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%		01/15/29	(a)		2,870		2,454,963
3.900%		06/01/52			580		363,514
4.908%		07/23/25			3		2,974
5.375%		04/01/38			1,950		1,702,479
6.384%		10/23/35			875		852,972
6.484%		10/23/45			1,386		1,267,719
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%		06/15/31			5,275		4,358,359
Thomson Reuters Corp. (Canada),
Sr. Unsec’d. Notes
3.350%		05/15/26			5		4,824
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%		09/01/41			360		300,886
Walt Disney Co. (The),
Gtd. Notes
3.800%		03/22/30			50		47,362


							12,093,459

Mining — 0.1%
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN
4.763%		04/14/27			215		210,455
Newmont Corp.,
Gtd. Notes
2.800%		10/01/29			2,750		2,466,636
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A
5.350%		03/15/34			1,280		1,277,708
Yamana Gold, Inc. (Canada),
Gtd. Notes
2.630%		08/15/31			3,050		2,541,533


							6,496,332

Miscellaneous Manufacturing — 0.0%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%		07/01/27			1,200		1,183,708

Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%		01/24/29			1,545		1,539,670

Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%		12/01/26			1,810		1,693,276
5.500%		12/01/24	(a)		700		698,388


							2,391,664

SEE NOTES TO FINANCIAL STATEMENTS.

A81

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Oil & Gas — 0.3%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%		07/15/31		755	$	641,326
Sr. Unsec’d. Notes, 144A
3.750%		01/15/30		3,250		2,972,562
BP Capital Markets America, Inc.,
Gtd. Notes
3.410%		02/11/26		25		24,306
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
2.950%		07/15/30		20		17,521
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%		06/15/47		714		654,479
Chevron Corp.,
Sr. Unsec’d. Notes
1.995%		05/11/27		10		9,240
Civitas Resources, Inc.,
Gtd. Notes, 144A
8.625%		11/01/30		150		161,000
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%		07/15/41		300		279,156
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%		04/29/30		637		612,469
8.625%		01/19/29		2,105		2,215,723
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%		01/30/28		500		504,869
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
5.375%		03/30/28		123		108,970
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
6.000%		04/15/30		300		289,664
6.250%		04/15/32		500		481,115
Korea National Oil Corp. (South Korea),
Sr. Unsec’d. Notes, 144A
4.750%		04/03/26		510		504,273
4.875%		04/03/28		530		525,097
Petroleos Mexicanos (Mexico),
Gtd. Notes
5.950%		01/28/31		2,146		1,724,847
6.490%		01/23/27		471		451,642
6.500%		03/13/27		330		314,292
Gtd. Notes, MTN
6.875%		08/04/26		670		654,925
QatarEnergy (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%		09/12/26		600		552,000
2.250%		07/12/31		820		684,700
Santos Finance Ltd. (Australia),
Gtd. Notes, 144A
6.875%		09/19/33		1,015		1,070,886


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Southwestern Energy Co.,
Gtd. Notes
4.750%		02/01/32			500	$	459,236
TotalEnergies Capital International SA (France),
Gtd. Notes
2.434%		01/10/25			30		29,498


							15,943,796

Packaging & Containers — 0.1%
Ball Corp.,
Gtd. Notes
3.125%		09/15/31	(a)		425		359,460
6.000%		06/15/29	(a)		1,150		1,156,161
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%		01/15/26			5,135		4,825,712
Graphic Packaging International LLC,
Gtd. Notes
4.125%		08/15/24			625		623,458
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%		02/01/28	(a)		125		125,346


							7,090,137

Pharmaceuticals — 0.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes
2.950%		11/21/26			10		9,529
3.600%		05/14/25			10		9,838
3.800%		03/15/25			1,175		1,159,680
4.050%		11/21/39			250		216,944
4.550%		03/15/35	(h)		2,190		2,077,118
4.700%		05/14/45			735		663,899
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%		12/15/25			1,600		1,567,196
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
2.823%		05/20/30			20		17,673
3.734%		12/15/24			130		128,772
Cardinal Health, Inc.,
Sr. Unsec’d. Notes
3.410%		06/15/27			15		14,287
3.750%		09/15/25			5		4,895
Cigna Group (The),
Gtd. Notes
4.375%		10/15/28			8,000		7,767,827
CVS Health Corp.,
Sr. Unsec’d. Notes
3.250%		08/15/29			50		45,376
4.780%		03/25/38			3,750		3,348,215
5.875%		06/01/53			200		191,555
Eli Lilly & Co.,
Sr. Unsec’d. Notes
4.875%		02/27/53			340		318,365

SEE NOTES TO FINANCIAL STATEMENTS.

A82

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
Mylan, Inc.,
Gtd. Notes
5.200%		04/15/48		1,375	$	1,116,090
5.400%		11/29/43		845		731,063
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%		04/30/28		900		835,887
Viatris, Inc.,
Gtd. Notes
3.850%		06/22/40		470		343,071
Zoetis, Inc.,
Sr. Unsec’d. Notes
2.000%		05/15/30		2,695		2,270,157


						22,837,437

Pipelines — 0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.750%		01/15/28		750		738,143
Boardwalk Pipelines LP,
Gtd. Notes
3.400%		02/15/31		1,625		1,421,563
4.950%		12/15/24		5		4,977
DCP Midstream Operating LP,
Gtd. Notes
5.125%		05/15/29		5,240		5,205,646
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%		12/15/44		65		54,707
EIG Pearl Holdings Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
3.545%		08/31/36		1,429		1,228,047
Energy Transfer LP,
Gtd. Notes
5.250%		04/15/29		10		9,985
Sr. Unsec’d. Notes
4.950%		06/15/28		1,115		1,100,352
5.550%		05/15/34		1,495		1,476,088
6.100%		02/15/42		25		24,589
6.125%		12/15/45		180		176,403
6.250%		04/15/49		1,900		1,892,812
6.400%		12/01/30		480		504,414
6.550%		12/01/33		1,265		1,338,491
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%		06/01/27		50		51,101
7.500%		06/01/30		50		53,288
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A
4.350%		07/15/25		5		4,922
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
6.129%		02/23/38		550		562,203
6.510%		02/23/42		715		748,962
Kinder Morgan, Inc.,
Gtd. Notes
3.600%		02/15/51		2,260		1,541,698


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Pipelines (cont’d.)
MPLX LP,
Sr. Unsec’d. Notes
2.650%		08/15/30			595	$	512,874
4.000%		02/15/25			1,430		1,414,029
4.000%		03/15/28			1,385		1,325,223
4.875%		06/01/25			3,250		3,221,863
5.200%		03/01/47			40		35,814
5.500%		02/15/49			395		364,900
ONEOK Partners LP,
Gtd. Notes
6.650%		10/01/36			145		153,298
ONEOK, Inc.,
Gtd. Notes
3.100%		03/15/30			5,205		4,654,520
4.500%		03/15/50			295		233,349
6.050%		09/01/33			2,160		2,224,386
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes
3.600%		11/01/24			5		4,960
Spectra Energy Partners LP,
Gtd. Notes
3.375%		10/15/26			15		14,355
Targa Resources Corp.,
Gtd. Notes
4.200%		02/01/33			755		679,504
6.125%		03/15/33			1,895		1,949,395
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%		08/15/29			115		104,787
4.125%		08/15/31			90		80,789
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%		03/01/48			125		107,333
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%		01/15/45			1,000		874,435
5.100%		09/15/45			500		450,878
5.150%		03/15/34			510		497,633
8.750%		03/15/32			1,130		1,349,388


							38,392,104

Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
2.000%		05/18/32	(a)		1,815		1,421,370
2.950%		03/15/34			480		388,193
5.250%		05/15/36			2,445		2,352,558
American Tower Corp.,
Sr. Unsec’d. Notes
1.450%		09/15/26			30		27,515
3.600%		01/15/28			5,420		5,115,116
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
3.850%		02/01/25			5		4,945
3.900%		03/15/27			5		4,803
4.050%		07/01/30			5		4,639

SEE NOTES TO FINANCIAL STATEMENTS.

A83

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
COPT Defense Properties LP,
Gtd. Notes
2.900%		12/01/33			1,345	$	1,061,039
Crown Castle, Inc.,
Sr. Unsec’d. Notes
2.900%		03/15/27			10		9,387
3.700%		06/15/26			10		9,665
4.750%		05/15/47			5		4,254
Essex Portfolio LP,
Gtd. Notes
3.000%		01/15/30			5		4,431
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%		04/15/26			1,050		1,041,602
Healthpeak OP LLC,
Gtd. Notes
2.125%		12/01/28			5		4,407
2.875%		01/15/31			5		4,314
Kimco Realty OP LLC,
Gtd. Notes
2.700%		10/01/30			3,480		3,003,738
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%		03/15/31	(a)		950		617,840
5.000%		10/15/27	(a)		400		333,623
Prologis LP,
Sr. Unsec’d. Notes
2.125%		04/15/27			5		4,618
Public Storage Operating Co.,
Gtd. Notes
1.950%		11/09/28			10		8,809
2.250%		11/09/31			1,288		1,064,536
Realty Income Corp.,
Sr. Unsec’d. Notes
4.625%		11/01/25			20		19,765
Simon Property Group LP,
Sr. Unsec’d. Notes
3.375%		10/01/24			5		4,968
Sun Communities Operating LP,
Gtd. Notes
2.700%		07/15/31			3,000		2,477,792
5.500%		01/15/29			3,445		3,445,391
WP Carey, Inc.,
Sr. Unsec’d. Notes
3.850%		07/15/29			20		18,671


							22,457,989

Retail — 0.1%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%		01/15/28			525		491,531
AutoZone, Inc.,
Sr. Unsec’d. Notes
1.650%		01/15/31	(a)		770		617,562
3.125%		04/21/26			5		4,805
3.750%		06/01/27			15		14,424


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Retail (cont’d.)
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%		05/15/25			4,705	$	4,636,175
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%		10/01/29			275		237,816
3.875%		10/01/31			250		208,604
Home Depot, Inc. (The),
Sr. Unsec’d. Notes
2.500%		04/15/27			50		46,827
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes
5.000%		04/15/33			30		29,538
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
3.600%		09/01/27			20		19,057
TJX Cos., Inc. (The),
Sr. Unsec’d. Notes
1.600%		05/15/31			5		4,028
Walmart, Inc.,
Sr. Unsec’d. Notes
3.900%		09/09/25			20		19,724


							6,330,091

Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.137%		11/15/35			320		256,198
3.187%		11/15/36			4,445		3,515,645
Intel Corp.,
Sr. Unsec’d. Notes
5.625%		02/10/43	(a)		385		381,394
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes
2.650%		02/15/32			25		20,785
3.150%		05/01/27			5		4,726
QUALCOMM, Inc.,
Sr. Unsec’d. Notes
2.150%		05/20/30			25		21,638
3.250%		05/20/27			12		11,461
Texas Instruments, Inc.,
Sr. Unsec’d. Notes
1.750%		05/04/30			15		12,667


							4,224,514

Software — 0.1%
Fiserv, Inc.,
Sr. Unsec’d. Notes
3.200%		07/01/26			10		9,599
5.450%		03/02/28			2,560		2,583,009
Oracle Corp.,
Sr. Unsec’d. Notes
4.300%		07/08/34			2,370		2,158,639
Roper Technologies, Inc.,
Sr. Unsec’d. Notes
2.950%		09/15/29			5		4,497
3.800%		12/15/26			15		14,500

SEE NOTES TO FINANCIAL STATEMENTS.

A84

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

CORPORATE BONDS (continued)
Software (cont’d.)
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%		09/01/30	(a)		2,055	$	1,668,377

							6,438,621

Telecommunications — 0.6%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.250%		02/01/32			50		40,578
2.550%		12/01/33			576		457,842
3.500%		09/15/53			850		576,920
3.650%		09/15/59			160		107,387
4.500%		05/15/35			545		501,820
5.400%		02/15/34			6,540		6,540,212
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.500%		04/01/30			250		136,604
4.875%		06/15/29			100		57,852
Sr. Sec’d. Notes, 144A
10.500%		04/15/29			300		299,322
10.500%		05/15/30			500		497,602
11.000%		11/15/29			1,020		1,044,962
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes
5.400%		04/15/34			4,310		4,270,891
Rogers Communications, Inc. (Canada),
Gtd. Notes
4.500%		03/15/42			60		50,864
T-Mobile USA, Inc.,
Gtd. Notes
2.050%		02/15/28			380		341,125
2.550%		02/15/31			1,385		1,175,686
3.875%		04/15/30			8,000		7,478,955
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
1.680%		10/30/30			615		499,831
2.550%		03/21/31			1,074		912,310
2.625%		08/15/26			45		42,665
2.650%		11/20/40			1,595		1,098,909
3.150%		03/22/30			1,900		1,712,655


							27,844,992

Transportation — 0.0%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
4.150%		04/01/45			10		8,282
6.700%		08/01/28			670		713,565
Canadian Pacific Railway Co. (Canada),
Gtd. Notes
1.750%		12/02/26			10		9,218
2.875%		11/15/29			5		4,472
3.500%		05/01/50			20		14,371
CSX Corp.,
Sr. Unsec’d. Notes
6.150%		05/01/37			715		766,404


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Transportation (cont’d.)
GN Bondco LLC,
Sr. Sec’d. Notes, 144A
9.500%		10/15/31		575	$	536,999
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%		05/17/25		100		99,839
XPO, Inc.,
Gtd. Notes, 144A
7.125%		06/01/31		150		153,599


						2,306,749

TOTAL CORPORATE BONDS (cost $547,225,940)						520,784,526


FLOATING RATE AND OTHER LOANS — 0.0%
Telecommunications
Level 3 Financing, Inc.,
Term B-1, 1 Month SOFR + 6.560%
11.904%(c)		04/15/29		105		102,393
Term B-2, 1 Month SOFR + 6.560%
11.904%(c)		04/15/30		105		102,322
Lumen Technologies, Inc.,
Term B-1 Loan, 1 Month SOFR + 2.464%
7.808%(c)		04/15/29		38		25,769
Term B-2 Loan, 1 Month SOFR + 2.464%
7.808%(c)		04/15/30		38		25,772
Term Loan
—%(p)		06/01/28^		25		20,971

TOTAL FLOATING RATE AND OTHER LOANS (cost $287,943)						277,227


MUNICIPAL BONDS — 0.2%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%		09/15/32		240		230,837

California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%		04/01/49		1,325		1,431,333
Taxable, Revenue Bonds, Series S
3.176%		04/01/41		25		19,513
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39		1,270		1,451,459
General Obligation Unlimited, Taxable, BABs
7.500%		04/01/34		475		547,642
7.625%		03/01/40		220		260,234
7.550%		04/01/39		245		290,305
University of California,
Taxable, Revenue Bonds, Series J
4.131%		05/15/45		5		4,395


						4,004,881

SEE NOTES TO FINANCIAL STATEMENTS.

A85

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

MUNICIPAL BONDS (continued)
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		680	$	710,936

Florida — 0.0%
County of Miami-Dade Transit System,
Revenue Bonds, BABs, Series B
5.624%		07/01/40		10		10,047
Florida Development Finance Corp.,
Taxable, Revenue Bonds, Series B
4.109%		04/01/50		40		32,639


						42,686

Georgia — 0.0%
Municipal Electric Authority of Georgia,
Taxable, Revenue Bonds, BABs
6.655%		04/01/57		14		15,158

Illinois — 0.0%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		1,030		1,106,923

New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		1,070		1,253,013

New York — 0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs
5.767%		08/01/36		1,025		1,046,535
New York State Urban Development Corp.,
Taxable, Revenue Bonds, Series B
2.590%		03/15/35		30		24,562


						1,071,097

Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		455		437,143

Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		445		462,684

Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		550		540,835

Texas — 0.0%
Central Texas Regional Mobility Authority,
Taxable, Revenue Bonds, Series E
3.167%		01/01/41		15		11,448
Dallas Fort Worth International Airport,
Taxable, Revenue Bonds
2.843%		11/01/46		15		10,700
Taxable, Revenue Bonds, Series A
4.087%		11/01/51		25		20,995

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

MUNICIPAL BONDS (continued)

Texas (cont’d.)

Texas A&M University,

Taxable, Revenue Bonds, Series B

3.330%

05/15/39

21,142

64,285

Virginia — 0.0%

University of Virginia,

Taxable, Revenue Bonds, Series C

4.179%

09/01/2117

495

385,108

Wisconsin — 0.0%

State of Wisconsin,

Taxable, Revenue Bonds, Series A

3.954%

05/01/36

13,728

TOTAL MUNICIPAL BONDS
(cost $9,867,042)

10,339,314

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.6%

Angel Oak Mortgage Trust,

Series 2021-01, Class A1, 144A

0.909%(cc)

01/25/66

11,042

Banc of America Mortgage Trust,

Series 2005-A, Class 2A1

4.982%(cc)

02/25/35

73,282

Bellemeade Re Ltd.,

Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)

6.335%(c)

09/25/31

2,100

2,099,995

Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.085%(c)

01/26/32

740

740,712

BRAVO Residential Funding Trust,

Series 2023-RPL01, Class A1, 144A

5.000%(cc)

05/25/63

4,221

4,165,852

Chase Home Lending Mortgage Trust,

Series 2024-RPL03, Class A1A, 144A

3.250%(cc)

09/25/64

500

436,850

Chase Mortgage Finance Trust,

Series 2007-A01, Class 1A5

6.181%(cc)

02/25/37

47,673

Citigroup Mortgage Loan Trust,

Series 2022-A, Class A1, 144A

6.170%

09/25/62

595

594,764

Connecticut Avenue Securities Trust,

Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

6.335%(c)

12/25/41

3,914

Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)

7.235%(c)

12/25/41

1,760

1,780,912

Series 2022-R04, Class 1M1, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)

7.335%(c)

03/25/42

5,708

Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%)

7.635%(c)

01/25/43

8,225

SEE NOTES TO FINANCIAL STATEMENTS.

A86

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)

6.835%(c)

10/25/43

543

546,621

Credit Suisse Mortgage Trust,

Series 2018-RPL09, Class A, 144A

3.850%(cc)

09/25/57

587

552,796

Fannie Mae Connecticut Avenue Securities,

Series 2017-C06, Class 2ED1, 30 Day Average SOFR + 1.114% (Cap N/A, Floor 1.000%)

6.450%(c)

02/25/30

—(r)

355

Series 2018-C03, Class 1EB2, 30 Day Average SOFR + 0.964% (Cap N/A, Floor 0.850%)

6.300%(c)

10/25/30

1,822

Series 2021-R02, Class 2M1, 144A, 30 Day Average SOFR + 0.900% (Cap N/A, Floor 0.000%)

6.235%(c)

11/25/41

4,275

Fannie Mae REMIC,

Series 2020-24, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)

0.600%(c)

04/25/50

1,011

105,393

Series 2020-73, Class ID, IO, 30 Day Average SOFR x (1) + 5.136% (Cap 5.250%, Floor 0.000%)

0.000%(c)

05/25/40

13,495

718,156

Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%)

0.615%(c)

08/25/52

2,414

199,868

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2020-HQA04, Class B1, 144A, 30 Day Average SOFR + 5.364% (Cap N/A, Floor 0.000%)

10.700%(c)

09/25/50

181

203,224

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

6.985%(c)

01/25/34

165

166,324

Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

6.185%(c)

11/25/41

7,977

Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

6.185%(c)

09/25/41

4,460

4,450,013

Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

6.335%(c)

01/25/42

1,013

1,013,108

Series 2022-DNA03, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)

7.335%(c)

04/25/42

11,448

Series 2022-DNA04, Class M1A, 144A, 30 Day Average SOFR + 2.200% (Cap N/A, Floor 0.000%)

7.535%(c)

05/25/42

14,985

Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%)

8.285%(c)

06/25/42

15,676

Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

7.435%(c)

03/25/42

9,657

Freddie Mac REMIC,

Series 4535, Class PA

3.000%

03/15/44

403

382,282

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)

0.000%(c)

10/25/50

3,556

97,058

Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

05/25/52

387

5,544

Series 5281, Class AY

2.500%

08/25/52

812

635,959

Freddie Mac Strips,

Series 406, Class PO, PO

1.221%(s)

10/25/53

3,646

2,887,803

Government National Mortgage Assoc.,

Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%)

0.000%(c)

09/20/48

1,505

27,351

Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%)

0.000%(c)

10/20/48

1,931

37,702

Series 2018-155, Class PS, IO, 1 Month SOFR x (1) + 3.186% (Cap 2.000%, Floor 0.000%)

0.000%(c)

11/20/48

2,530

30,266

Series 2019-069, Class KB

3.000%

06/20/49

3,423

2,569,458

Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%)

0.000%(c)

07/20/49

4,421

46,060

Series 2019-097, Class MS, IO, 1 Month SOFR x (1) + 2.966% (Cap 3.080%, Floor 0.000%)

0.000%(c)

08/20/49

2,776

34,332

Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%)

0.000%(c)

08/20/49

3,015

46,678

Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)

0.000%(c)

01/20/50

582

142

Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

03/20/52

1,053

17,564

Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)

0.000%(c)

03/20/52

4,538

88,873

Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)

0.000%(c)

04/20/52

1,492

28,343

Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)

0.000%(c)

04/20/52

1,211

28,105

Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)

0.000%(c)

04/20/52

3,980

72,722

Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%)

0.000%(c)

04/20/52

2,656

53,120

Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%)

0.000%(c)

05/20/52

937

16,151

SEE NOTES TO FINANCIAL STATEMENTS.

A87

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)

0.000%(c)

07/20/52

5,593

84,267

Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)

0.000%(c)

07/20/52

2,052

34,594

Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)

0.000%(c)

08/20/52

2,102

31,837

Series 2022-170, Class SB, IO, 30 Day Average SOFR x (1) + 4.500% (Cap 4.500%, Floor 0.000%)

0.000%(c)

09/20/52

16,891

464,704

Home Re Ltd.,

Series 2019-01, Class M1, 144A, 30 Day Average SOFR + 1.764% (Cap N/A, Floor 0.000%)

7.100%(c)

05/25/29

168

168,360

JPMorgan Mortgage Trust,

Series 2007-A01, Class 4A1

6.408%(cc)

07/25/35

7,599

Series 2020-INV02, Class A3, 144A

3.000%(cc)

10/25/50

5,060

Legacy Mortgage Asset Trust,

Series 2021-GS01, Class A1, 144A

4.892%(cc)

10/25/66

294

288,948

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131%(cc)

07/25/60

2,032

1,792,635

New Residential Mortgage Loan Trust,

Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)

6.210%(c)

01/25/48

177

172,491

Oaktown Re VII Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.935%(c)

04/25/34

443

443,025

RCKT Mortgage Trust,

Series 2024-CES03, Class A1A, 144A

6.591%(cc)

05/25/44

1,965

1,983,484

Shamrock Residential (Ireland),

Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)

4.598%(c)

06/24/71

EUR

379

404,539

Structured Adjustable Rate Mortgage Loan Trust,

Series 2004-01, Class 4A3

7.282%(cc)

02/25/34

31,043

Towd Point Mortgage Trust,

Series 2017-05, Class A1, 144A, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.000%)

6.060%(c)

02/25/57

255

260,822

Series 2020-04, Class A1, 144A

1.750%

10/25/60

626

553,737

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $33,208,013)

31,823,285


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#			Value

SOVEREIGN BONDS — 0.2%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%		08/20/30				710	$	597,066
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A
3.875%		02/01/28				1,040		993,850
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%		06/04/25				400		389,229
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.450%		09/18/26			EUR	2,100		2,130,923
3.375%		07/30/25			EUR	1,500		1,595,381
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
6.000%		05/07/36				1,463		1,424,962
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%		04/16/50	(a)			475		320,031
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%		01/23/31				453		387,994
Province of Alberta (Canada),
Sr. Unsec’d. Notes
3.300%		03/15/28				20		19,069
Province of New Brunswick (Canada),
Sr. Unsec’d. Notes
3.625%		02/24/28				20		19,266
Province of Quebec (Canada),
Sr. Unsec’d. Notes, Series QO
2.875%		10/16/24				10		9,920
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN
5.000%		09/27/26			EUR	1,400		1,529,152
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
0.750%		07/09/27			EUR	808		796,372

TOTAL SOVEREIGN BONDS (cost $10,761,593)								10,213,215


U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.4%
Federal Home Loan Bank
5.500%		07/15/36	(k)			960		1,038,581
Federal Home Loan Mortgage Corp.
1.500%		11/01/50				3,855		2,882,776
2.000%		01/01/32				309		284,198
2.000%		02/01/36				1,195		1,057,759
2.000%		06/01/40				981		827,360
2.000%		10/01/40				1,461		1,234,208
2.000%		09/01/50				2,987		2,357,551
2.000%		10/01/50				2,449		1,933,285
2.000%		03/01/51				1,574		1,236,047
2.000%		04/01/51				98		77,147
2.000%		07/01/51				9,139		7,190,557
2.000%		09/01/51				434		345,213
2.500%		03/01/30				132		124,934
2.500%		10/01/32				329		305,418
2.500%		01/01/51				1,444		1,182,844

SEE NOTES TO FINANCIAL STATEMENTS.

A88

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
2.500%		03/01/51		921	$	767,698
2.500%		04/01/51		7,451		6,130,734
2.500%		05/01/51		4,201		3,437,487
2.500%		08/01/51		439		360,558
2.500%		10/01/51		3,261		2,705,794
2.500%		12/01/51		3,053		2,503,061
3.000%		10/01/28		81		77,980
3.000%		06/01/29		222		213,657
3.000%		03/01/32		302		285,584
3.000%		01/01/37		165		152,172
3.000%		01/01/43		369		326,086
3.000%		07/01/43		749		661,166
3.000%		09/01/46		2,116		1,851,433
3.000%		12/01/46		6,148		5,371,725
3.000%		01/01/47		1,890		1,651,451
3.000%		02/01/50		1,551		1,338,811
3.000%		03/01/51		1,421		1,209,279
3.000%		06/01/51		578		491,613
3.000%		07/01/51		956		815,363
3.000%		11/01/51		882		751,548
3.000%		02/01/52		455		392,082
3.500%		06/01/37		122		115,814
3.500%		03/01/42		175		160,580
3.500%		06/01/42		122		111,525
3.500%		01/01/47		312		283,644
3.500%		02/01/47		441		399,649
3.500%		03/01/48		4,469		4,038,428
3.500%		04/01/52		2,668		2,373,375
4.000%		06/01/26		60		58,897
4.000%		09/01/26		28		28,095
4.000%		09/01/37		342		329,276
4.000%		11/01/37		2,915		2,804,782
4.000%		10/01/39		281		265,500
4.000%		12/01/40		133		126,135
4.000%		10/01/41		113		106,761
4.000%		01/01/42		43		40,795
4.000%		10/01/45		143		134,113
4.000%		04/01/52		1,168		1,083,531
4.500%		09/01/39		88		86,071
4.500%		10/01/39		510		496,311
4.500%		12/01/39		167		162,522
4.500%		07/01/41		49		47,962
4.500%		07/01/41		1,056		1,025,732
4.500%		08/01/41		69		66,848
4.500%		08/01/41		84		81,602
4.500%		08/01/41		99		95,601
4.500%		10/01/41		92		88,950
4.500%		10/01/46		81		78,340
4.500%		12/01/47		375		360,459
4.500%		07/01/52		6,824		6,442,874
4.500%		08/01/52		2,798		2,638,541
4.500%		09/01/52		223		210,224
5.000%		05/01/34		8		8,217
5.000%		05/01/34		85		84,113
5.000%		08/01/35		9		8,900
5.000%		09/01/35		20		19,668
5.000%		10/01/36		14		14,142
5.000%		05/01/37		8		8,253


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
5.000%		07/01/37			156	$	154,333
5.000%		09/01/38			21		20,700
5.000%		09/01/38			22		21,722
5.000%		09/01/38			25		24,719
5.000%		02/01/39			9		8,483
5.000%		06/01/39			25		25,018
5.000%		10/01/52			442		428,520
5.000%		11/01/52			1,366		1,321,963
5.500%		02/01/34			12		11,610
5.500%		04/01/34			235		234,680
5.500%		06/01/34			36		35,869
5.500%		06/01/34			69		69,208
5.500%		05/01/37			20		20,295
5.500%		02/01/38			153		154,196
5.500%		05/01/38			28		28,583
5.500%		07/01/38			142		142,814
6.000%		03/01/32			89		91,503
6.000%		12/01/33			19		19,371
6.000%		07/01/36			2		1,777
6.000%		12/01/36			3		3,432
6.000%		05/01/37			5		5,326
6.000%		12/01/37			9		8,883
6.000%		01/01/38			2		1,971
6.000%		01/01/38			4		4,522
6.000%		01/01/38			99		100,873
6.000%		10/01/38			33		34,134
6.000%		08/01/39			16		16,219
6.000%		12/01/52			438		440,657
6.750%		03/15/31			455		514,427
7.000%		01/01/31			4		4,235
7.000%		06/01/31			2		2,268
7.000%		09/01/31			1		1,136
7.000%		10/01/31			16		16,427
7.000%		10/01/32			11		11,718
Federal National Mortgage Assoc.
1.500%		01/01/36			2,558		2,199,370
1.500%		05/01/36			384		329,973
1.500%		06/01/36			402		345,036
1.500%		07/01/36			1,469		1,259,759
1.500%		02/01/42			434		350,108
1.500%		10/01/50			364		273,280
1.500%		11/01/50			3,923		2,941,610
1.500%		12/01/50			4,381		3,286,244
1.500%		01/01/51			1,902		1,422,791
1.500%		03/01/51			924		690,815
2.000%		03/01/31			1,194		1,107,780
2.000%		08/01/31			461		424,922
2.000%		01/01/32			2,469		2,275,278
2.000%		05/01/36			1,178		1,041,270
2.000%		12/01/36			2,330		2,049,463
2.000%		02/01/37			2,622		2,306,100
2.000%		02/01/41			1,991		1,675,232
2.000%		05/01/41	(k)		4,489		3,754,612
2.000%		08/01/50			1,057		829,961
2.000%		10/01/50			12,010		9,480,263
2.000%		12/01/50			38		30,176
2.000%		01/01/51			1,803		1,426,532
2.000%		02/01/51	(k)		13,830		10,860,072

SEE NOTES TO FINANCIAL STATEMENTS.

A89

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
2.000%		03/01/51			3,524	$	2,768,405
2.000%		04/01/51			2,697		2,120,021
2.000%		04/01/51			3,698		2,906,675
2.000%		05/01/51	(k)		23,751		18,678,322
2.000%		08/01/51			3,470		2,726,294
2.500%		TBA			16,500		13,485,527
2.500%		07/01/32			991		920,260
2.500%		08/01/32			1,078		1,004,327
2.500%		09/01/32			1,049		976,470
2.500%		07/01/35			3,795		3,535,425
2.500%		10/01/37			1,003		912,821
2.500%		10/01/43			443		375,171
2.500%		12/01/46			821		694,491
2.500%		03/01/50			615		508,100
2.500%		08/01/50			2,772		2,282,767
2.500%		12/01/50			270		224,510
2.500%		12/01/50			3,475		2,862,242
2.500%		02/01/51			2,202		1,806,115
2.500%		02/01/51			2,679		2,196,750
2.500%		04/01/51			3,269		2,689,428
2.500%		08/01/51			863		708,662
2.500%		08/01/51			885		726,647
2.500%		09/01/51			2,738		2,247,412
2.500%		10/01/51			947		777,063
2.500%		12/01/51			8,124		6,728,481
2.500%		02/01/52			430		356,058
2.500%		05/01/52			848		702,873
3.000%		02/01/27			252		245,004
3.000%		08/01/30			309		294,124
3.000%		05/01/35			2,607		2,418,409
3.000%		07/01/36			1,594		1,478,553
3.000%		11/01/36			694		638,698
3.000%		12/01/42			417		368,190
3.000%		12/01/42			527		465,198
3.000%		03/01/43			102		90,294
3.000%		11/01/46			102		88,669
3.000%		01/01/47			820		716,457
3.000%		02/01/47			586		512,122
3.000%		03/01/47			457		395,515
3.000%		11/01/49			450		388,591
3.000%		12/01/49			286		247,040
3.000%		12/01/49			387		333,916
3.000%		01/01/50			442		377,093
3.000%		02/01/50			396		341,926
3.000%		02/01/50			448		382,141
3.000%		02/01/50			4,812		4,154,104
3.000%		03/01/50			335		289,112
3.000%		05/01/51			765		651,344
3.000%		12/01/51			4,829		4,153,726
3.000%		12/01/51			15,572		13,444,268
3.000%		03/01/52			933		794,840
3.000%		03/01/52			1,709		1,464,973
3.000%		04/01/52			894		762,924
3.000%		04/01/52			1,743		1,500,085
3.500%		07/01/31			221		213,654
3.500%		11/01/32			147		141,270
3.500%		02/01/33			311		298,330
3.500%		05/01/33			426		407,797


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
3.500%		06/01/39		272	$	249,787
3.500%		01/01/42		1,836		1,688,406
3.500%		05/01/42		924		848,693
3.500%		07/01/42		371		339,046
3.500%		08/01/42		139		126,520
3.500%		08/01/42		313		286,133
3.500%		09/01/42		399		362,298
3.500%		09/01/42		690		627,989
3.500%		11/01/42		197		179,461
3.500%		03/01/43		1,363		1,240,645
3.500%		04/01/43		218		199,316
3.500%		04/01/43		488		443,151
3.500%		07/01/43		97		88,439
3.500%		06/01/45		1,774		1,608,288
3.500%		07/01/46		228		206,770
3.500%		11/01/46		432		390,710
3.500%		09/01/47		438		396,351
3.500%		01/01/48		4,376		3,937,843
3.500%		05/01/48		403		361,579
3.500%		06/01/48		2,030		1,836,128
3.500%		02/01/52		5,068		4,519,390
3.500%		03/01/52		852		761,771
3.500%		06/01/52		418		371,049
4.000%		12/01/36		326		313,817
4.000%		11/01/37		532		511,725
4.000%		10/01/41		1,029		970,747
4.000%		07/01/44		412		385,906
4.000%		09/01/44		678		635,434
4.000%		10/01/46		317		294,675
4.000%		06/01/47		294		274,469
4.000%		09/01/47		110		102,891
4.000%		11/01/47		364		341,040
4.000%		11/01/47		475		444,419
4.000%		12/01/47		1,512		1,412,865
4.000%		03/01/49		3,061		2,842,807
4.000%		01/01/50		1,347		1,248,746
4.000%		05/01/50		1,876		1,736,058
4.000%		05/01/52		880		806,708
4.000%		06/01/52		3,404		3,117,555
4.000%		07/01/52		6,524		5,970,635
4.000%		09/01/52		1,067		977,113
4.000%		10/01/52		901		824,199
4.000%		12/01/52		6,409		5,866,819
4.500%		07/01/33		17		16,530
4.500%		08/01/33		5		5,296
4.500%		09/01/33		17		16,421
4.500%		10/01/33		42		40,988
4.500%		03/01/34		12		11,677
4.500%		01/01/35		1		901
4.500%		07/01/39		327		317,357
4.500%		08/01/39		219		212,757
4.500%		09/01/39		136		131,695
4.500%		12/01/39		2		1,951
4.500%		03/01/41		528		513,118
4.500%		07/01/42		50		48,991
4.500%		06/01/50		630		599,280
4.500%		07/01/52		4,020		3,795,654
4.500%		09/01/52		244		229,901

SEE NOTES TO FINANCIAL STATEMENTS.

A90

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
5.000%		03/01/34		86	$	84,423
5.000%		04/01/35		204		200,882
5.000%		06/01/35		49		48,391
5.000%		07/01/35		36		35,485
5.000%		07/01/35		53		52,210
5.000%		09/01/35		43		42,851
5.000%		11/01/35		48		47,765
5.000%		02/01/36		28		27,537
5.000%		06/01/49		430		423,371
5.000%		08/01/52		428		414,572
5.000%		09/01/52		441		427,386
5.000%		10/01/52		1,889		1,828,687
5.000%		02/01/53		13,472		13,033,661
5.000%		01/01/54		1,090		1,053,200
5.500%		TBA		25,000		24,655,274
5.500%		02/01/33		42		42,428
5.500%		08/01/33		88		87,959
5.500%		10/01/33		25		25,511
5.500%		12/01/33		19		19,530
5.500%		12/01/34		60		60,343
5.500%		10/01/35		112		111,442
5.500%		03/01/36		21		20,528
5.500%		04/01/36		41		41,560
5.500%		01/01/37		29		28,829
5.500%		04/01/37		14		13,583
5.500%		05/01/37		85		85,624
5.500%		08/01/37		102		102,312
5.500%		04/01/53		989		976,017
5.500%		09/01/53		583		575,505
6.000%		10/01/33		100		101,894
6.000%		11/01/33		6		5,820
6.000%		11/01/33		6		6,071
6.000%		01/01/34		141		144,190
6.000%		02/01/34		40		41,444
6.000%		03/01/34		1		831
6.000%		03/01/34		9		9,443
6.000%		11/01/34		10		10,182
6.000%		01/01/35		19		18,918
6.000%		01/01/35		41		41,285
6.000%		02/01/35		1		907
6.000%		02/01/35		75		77,084
6.000%		02/01/35		85		86,057
6.000%		04/01/35		7		7,110
6.000%		05/01/36		11		11,251
6.000%		06/01/36		11		11,184
6.000%		02/01/37		31		31,264
6.000%		06/01/37		10		10,357
6.000%		05/01/38		74		75,731
6.000%		01/01/53		6,606		6,638,440
6.000%		09/01/53		2,479		2,486,892
6.000%		10/01/53		3,628		3,639,036
6.500%		09/01/32		1		733
6.500%		09/01/32		10		10,140
6.500%		09/01/32		12		12,072
6.500%		09/01/32		17		17,211
6.500%		10/01/32		18		18,196
6.500%		04/01/33		22		22,854
6.500%		11/01/33		16		16,769


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
6.500%		01/01/34			7	$	7,428
6.500%		09/01/34			24		25,094
6.500%		09/01/36			75		77,402
6.500%		10/01/36			14		15,027
6.500%		01/01/37			33		33,636
6.500%		01/01/37			43		44,517
6.500%		09/01/37			8		8,092
6.625%		11/15/30	(k)		945		1,055,398
7.000%		02/01/32			6		5,790
7.000%		05/01/32			7		6,971
7.000%		06/01/32			6		5,915
7.000%		07/01/32			12		12,612
7.125%		01/15/30	(k)		3,600		4,065,918
Government National Mortgage Assoc.
2.000%		TBA			6,500		5,259,414
2.000%		01/20/51			4,400		3,564,303
2.000%		03/20/51			1,373		1,111,456
2.000%		07/20/51			419		339,316
2.000%		10/20/51			863		698,469
2.000%		11/20/51			485		392,549
2.500%		03/20/43			309		264,248
2.500%		12/20/46			283		241,394
2.500%		09/20/50			560		471,911
2.500%		10/20/50			2,569		2,164,911
2.500%		11/20/50			1,956		1,648,115
2.500%		02/20/51			3,878		3,266,973
2.500%		05/20/51			12,304		10,342,339
2.500%		07/20/51			4,686		3,938,937
2.500%		08/20/51			922		775,273
3.000%		03/15/45			271		238,030
3.000%		11/20/45			355		314,754
3.000%		03/20/46			2,079		1,841,600
3.000%		07/20/46			1,354		1,197,245
3.000%		10/20/46			453		400,423
3.000%		02/20/47			689		609,163
3.000%		12/20/49			135		118,402
3.000%		01/20/50			1,198		1,051,310
3.000%		06/20/51			320		279,140
3.000%		10/20/51			4,267		3,720,305
3.000%		11/20/51			1,246		1,086,252
3.000%		12/20/51			1,437		1,252,624
3.500%		TBA			3,000		2,693,438
3.500%		12/20/42			696		638,575
3.500%		05/20/43			142		130,653
3.500%		03/20/45			434		396,319
3.500%		04/20/45			583		531,842
3.500%		07/20/46			2,011		1,830,911
3.500%		06/20/49			2,553		2,312,161
3.500%		08/20/49			1,433		1,299,174
3.500%		03/20/50			2,032		1,842,588
3.500%		06/20/50			287		257,926
3.500%		08/20/50			314		284,272
3.500%		02/20/52			7,680		6,895,663
4.000%		06/15/40			55		51,544
4.000%		05/20/41			104		98,828
4.000%		12/20/42			267		253,441
4.000%		08/20/44			95		90,229
4.000%		11/20/45			455		428,990

SEE NOTES TO FINANCIAL STATEMENTS.

A91

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.000%		12/20/45		500		$	471,726
4.000%		11/20/46		107			100,321
4.000%		09/20/47		1,371			1,285,236
4.000%		02/20/49		762			713,071
4.000%		01/20/50		756			706,417
4.000%		06/20/52		1,903			1,760,102
4.000%		08/20/52		1,979			1,829,181
4.000%		10/20/52		7,937			7,334,746
4.500%		04/15/40		193			187,504
4.500%		01/20/41		485			473,453
4.500%		02/20/41		291			283,387
4.500%		06/20/44		315			306,077
4.500%		09/20/46		166			158,636
4.500%		11/20/46		289			280,407
4.500%		03/20/47		234			225,954
4.500%		05/20/48		233			224,765
4.500%		06/20/48		302			291,186
4.500%		08/20/48		1,011			972,608
5.000%		10/20/37		62			61,872
5.000%		04/20/45		317			315,715
5.500%		11/15/32		15			15,728
5.500%		02/15/33		20			20,080
5.500%		08/15/33		41			41,588
5.500%		08/15/33		56			58,388
5.500%		09/15/33		41			41,456
5.500%		10/15/33		36			36,264
5.500%		12/15/33		3			3,056
5.500%		04/15/34		119			121,188
5.500%		07/15/35		25			25,294
5.500%		02/15/36		73			74,468
6.000%		02/15/33		1			1,347
6.000%		04/15/33		11			10,806
6.000%		09/15/33		7			7,556
6.000%		12/15/33		16			16,647
6.000%		12/15/33		56			57,191
6.000%		01/15/34		9			9,238
6.000%		01/15/34		13			13,269
6.000%		06/20/34		30			31,288
6.000%		07/15/34		67			68,884
6.000%		10/15/34		70			71,323
6.500%		TBA		10,000			10,142,487
6.500%		12/15/30		3			2,722
6.500%		01/15/32		10			10,416
6.500%		02/15/32		7			6,726
6.500%		07/15/32		16			16,349
6.500%		08/15/32		3			2,934
6.500%		08/15/32		6			5,868
6.500%		08/15/32		16			15,784
6.500%		08/15/32		83			84,928
6.500%		06/15/35		13			13,514
6.500%		07/15/35		5			5,515
8.000%		04/15/25		—(r	)		31
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%		09/15/31		625			507,602

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $493,322,909)							462,103,962


				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value

U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bonds
1.250%		05/15/50			3,750	$	1,858,594
1.750%		08/15/41			10,535		6,958,038
2.875%		05/15/52			4,450		3,261,711
3.375%		11/15/48	(h)		21,805		17,709,748
U.S. Treasury Strips Coupon
2.365%(s)		08/15/44			3,095		1,171,748
3.351%(s)		11/15/41			14,090		6,120,894
4.728%(s)		11/15/43			426		167,255
5.331%(s)		02/15/40			1,155		553,633

TOTAL U.S. TREASURY OBLIGATIONS (cost $45,313,607)							37,801,621

TOTAL LONG-TERM INVESTMENTS (cost $3,534,130,287)							4,660,086,902


			Shares

SHORT-TERM INVESTMENTS — 7.3%

AFFILIATED MUTUAL FUNDS — 7.3%
PGIM Core Ultra Short Bond Fund(wb)				275,250,458		275,250,458
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $83,573,257; includes $83,202,964 of cash collateral for securities on loan)(b)(wb)				83,703,380		83,653,158

TOTAL AFFILIATED MUTUAL FUNDS (cost $358,823,715)						358,903,616


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#

U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
5.289%		09/19/24		150		148,262

(cost $148,262)
TOTAL SHORT-TERM INVESTMENTS (cost $358,971,977)						359,051,878

TOTAL INVESTMENTS—101.9% (cost $3,893,102,264)						5,019,138,780
Liabilities in excess of other assets(z) — (1.9)%						(92,250,744	)


NET ASSETS — 100.0%					$	4,926,888,036

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $780,719 and 0.0% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

A92

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $81,477,013; cash collateral of $83,202,964 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(cc)

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)	Rate shown reflects yield to maturity at purchased date.

(oo)	Perpetual security. Maturity date represents next call date.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)	Principal or notional amount is less than $500 par.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Forward Commitment Contracts:


U.S. Government Agency Obligations	Interest Rate		Maturity Date		Settlement Date		Principal Amount (000)#				Value
Federal National Mortgage Assoc.		4.000%		TBA		08/13/24		$	(5,500	)		$	(5,034,863	)
Federal National Mortgage Assoc.		5.000%		TBA		08/13/24			(3,500	)			(3,382,149	)
Federal National Mortgage Assoc.		6.000%		TBA		07/15/24			(3,500	)			(3,509,707	)
Government National Mortgage Assoc.		3.000%		TBA		07/22/24			(7,500	)			(6,533,789	)

TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $18,462,188)												$	(18,460,508	)

Futures contracts outstanding at June 30, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions:
475	2 Year U.S. Treasury Notes		Sep. 2024		$97,003,906		$	162,581
439	5 Year U.S. Treasury Notes		Sep. 2024		46,787,799			199,657
607	10 Year U.S. Treasury Notes		Sep. 2024		66,760,519			316,683
187	10 Year U.S. Ultra Treasury Notes		Sep. 2024		21,230,344			150,283
254	30 Year U.S. Ultra Treasury Bonds		Sep. 2024		31,837,313			296,967
5	Mini MSCI EAFE Index		Sep. 2024		585,800			4,421
6	S&P 500 E-Mini Index		Sep. 2024		1,656,450			5,597

								1,136,189

Short Positions:
100	3 Month CME SOFR		Sep. 2024		23,663,125			10,442
9	5 Year Euro-Bobl		Sep. 2024		1,122,313			(12,105	)
2	10 Year Euro-Bund		Sep. 2024		281,917			(3,300	)
36	20 Year U.S. Treasury Bonds		Sep. 2024		4,259,250			(38,817	)

								(43,780	)

							$	1,092,409

SEE NOTES TO FINANCIAL STATEMENTS.

A93

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2024:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24	TD		GBP	5,400		$	6,854,420		$	6,826,304		$	—		$	(28,116	)
Canadian Dollar,
Expiring 07/19/24	SCB		CAD	1,198			874,625			875,830			1,205			—
Euro,
Expiring 07/02/24	SSB		EUR	49,514			53,166,383			53,036,239			—			(130,144	)

						$	60,895,428		$	60,738,373			1,205			(158,260	)


Sale Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24		BNP		GBP	5,400		$	6,872,618		$	6,826,304		$	46,314		$	—
Expiring 08/02/24		SSB		GBP	2,029			2,567,889			2,565,764			2,125			—
Expiring 08/02/24		TD		GBP	5,400			6,855,554			6,827,687			27,867			—
Canadian Dollar,
Expiring 07/19/24		BNP		CAD	3,066			2,261,904			2,242,438			19,466			—
Euro,
Expiring 07/02/24		HSBC		EUR	38,664			41,987,825			41,414,387			573,438			—
Expiring 07/02/24		SSB		EUR	10,850			11,803,740			11,621,852			181,888			—
Expiring 08/02/24		BNYM		EUR	1,492			1,600,173			1,600,174			—			(1	)
Expiring 08/02/24		SSB		EUR	49,514			53,244,763			53,117,041			127,722			—

							$	127,194,466		$	126,215,647			978,820			(1	)

													$	980,025		$	(158,261	)

Credit default swap agreements outstanding at June 30, 2024:

Reference Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Implied
Credit
Spread at
June 30,
2024(4)

Fair
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

07/14/24

0.500%(Q)

8,503

5,187

(61

)

5,248

GSI


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Credit Suisse Group AG		06/20/26		1.000	%(Q)		3,000		$	(35,510	)		$	98,550		$	(134,060	)		BARC
Credit Suisse Group AG		06/20/26		1.000	%(Q)		3,000			(35,511	)			96,127			(131,638	)		BARC
Credit Suisse Group AG		06/20/26		1.000	%(Q)		3,000			(35,511	)			108,134			(143,645	)		BARC

									$	(106,532	)		$	302,811		$	(409,343	)

SEE NOTES TO FINANCIAL STATEMENTS.

A94

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Credit default swap agreements outstanding at June 30, 2024 (continued):

Reference Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Implied Credit
Spread at
June 30,
2024(4)

Value at
Trade Date

Value at
June 30,
2024

Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):

CDX.NA.HY.42.V1

06/20/29

5.000

%(Q)

10,800

3.448

$693,497

$690,748

$(2,749)

(1)

(2)

(3)	Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Interest rate swap agreements outstanding at June 30, 2024:


Notional Amount (000)#	Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at June 30, 2024				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
56,645	08/31/24	5.384%(T)	1 Day SOFR(2)(T)/5.330%		$	—		$	(45,097	)		$(45,097)
7,208	03/08/25	4.946%(A)	1 Day SOFR(2)(A)/5.330%			—			(25,102	)		(25,102)
9,116	03/09/25	5.110%(A)	1 Day SOFR(2)(A)/5.330%			—			(16,733	)		(16,733)
20,448	03/10/25	5.088%(A)	1 Day SOFR(2)(A)/5.330%			—			(41,807	)		(41,807)
33,275	05/17/25	5.113%(T)	1 Day SOFR(2)(T)/5.330%			—			(13,769	)		(13,769)
29,210	08/31/25	4.805%(A)	1 Day SOFR(1)(A)/5.330%			—			210,784			210,784
17,045	05/17/26	4.669%(A)	1 Day SOFR(1)(A)/5.330%			—			2,559			2,559
2,250	09/25/26	4.699%(A)	1 Day SOFR(1)(A)/5.330%			416			3,986			3,570
2,685	05/11/54	1.350%(A)	1 Day SOFR(1)(A)/5.330%			1,225,614			1,137,079			(88,535)

					$	1,226,030		$	1,211,900			$(14,130)

SEE NOTES TO FINANCIAL STATEMENTS.

A95

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

(1)	The Portfolio pays the fixed rate and receives the floating rate.

(2)	The Portfolio pays the floating rate and receives the fixed rate.

Total return swap agreements outstanding at June 30, 2024:


Reference Entity	Financing Rate		Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)			Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)		1 Day USOIS -54bps(T)/ 4.790%		JPM		09/20/24		(7,704	)		$	157,736			$	—		$	157,736
U.S. Treasury Bond(T)		1 Day USOIS +25bps(T)/ 5.580%		BOA		07/17/24		33,495				(1,428,725	)			—			(1,428,725	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		07/18/24		9,385				(315,767	)			—			(315,767	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		07/23/24		15,745				(710,540	)			—			(710,540	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		GSI		07/24/24		17,470				(567,436	)			—			(567,436	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		07/29/24		14,990				(446,782	)			—			(446,782	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		GSI		07/29/24		23,175				(878,812	)			—			(878,812	)
U.S. Treasury Bond(T)		1 Day USOIS +22bps(T)/ 5.550%		BOA		08/12/24		27,440				(747,898	)			—			(747,898	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		08/23/24		18,765				(218,208	)			—			(218,208	)

											$	(5,156,432	)		$	—		$	(5,156,432	)

(1)

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$302,811	$(61)	$162,984	$(5,723,511)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	5,526,034
GS			—			148,262

Total		$	—		$	5,674,296

SEE NOTES TO FINANCIAL STATEMENTS.

A96

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	2,963,558,156		$	25,142,347		$	—	**
Preferred Stocks		643,940			184,242			—
Unaffiliated Exchange-Traded Fund		77,390			—			—
Asset-Backed Securities
Automobiles		—			85,521,087			—
Collateralized Loan Obligations.		—			260,865,211			—
Consumer Loans		—			14,399,363			—
Credit Cards.		—			9,508,611			—
Equipment		—			4,576,918			—
Home Equity Loans		—			5,259,922			—
Other		—			693,865			—
Residential Mortgage-Backed Securities		—			85,318			754,561
Student Loans		—			6,411,308			—
Commercial Mortgage-Backed Securities		—			209,061,513			—
Corporate Bonds		—			520,784,526			—
Floating Rate and Other Loans		—			256,256			20,971
Municipal Bonds		—			10,339,314			—
Residential Mortgage-Backed Securities		—			31,823,285			—
Sovereign Bonds		—			10,213,215			—
U.S. Government Agency Obligations		—			462,103,962			—
U.S. Treasury Obligations		—			37,801,621			—
Short-Term Investments
Affiliated Mutual Funds		358,903,616			—			—
U.S. Treasury Obligation		—			148,262			—

Total	$	3,323,183,102		$	1,695,180,146		$	775,532


Other Financial Instruments*
Assets
Futures Contracts	$	1,146,631		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			980,025			—
OTC Credit Default Swap Agreement		—			—			5,187
Centrally Cleared Interest Rate Swap Agreements		—			216,913			—
OTC Total Return Swap Agreement		—			157,736			—

Total	$	1,146,631		$	1,354,674		$	5,187


Liabilities
Forward Commitment Contracts	$	—		$	(18,460,508	)	$	—
Futures Contracts		(54,222	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(158,261	)		—
Centrally Cleared Credit Default Swap Agreement		—			(2,749	)		—
OTC Credit Default Swap Agreements		—			(106,532	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(231,043	)		—
OTC Total Return Swap Agreements		—			(5,314,168	)		—

Total	$	(54,222	)	$	(24,273,261	)	$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A97

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

**	Includes Level 3 investments with an aggregate value of $0.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


U.S. Government Agency Obligations	9.4	%
Semiconductors & Semiconductor Equipment	7.4
Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan)	7.3
Software	6.6
Collateralized Loan Obligations	5.3
Banks	5.2
Technology Hardware, Storage & Peripherals	4.3
Commercial Mortgage-Backed Securities	4.2
Interactive Media & Services	4.2
Pharmaceuticals	2.9
Automobiles	2.8
Broadline Retail	2.5
Financial Services	2.3
Oil, Gas & Consumable Fuels	2.1
Capital Markets	1.7
Insurance	1.6
Health Care Equipment & Supplies	1.5
Aerospace & Defense	1.4
Health Care Providers & Services	1.4
Consumer Staples Distribution & Retail	1.2
Specialty Retail	1.1
Biotechnology	1.1
Hotels, Restaurants & Leisure	1.1
Electric	1.0
Beverages	1.0
Machinery	0.9
Entertainment	0.9
Chemicals	0.9
Life Sciences Tools & Services	0.9
Electric Utilities	0.8
Pipelines	0.8
U.S. Treasury Obligations	0.8
Household Products	0.7
Residential Mortgage-Backed Securities	0.6
IT Services	0.6
Telecommunications	0.6
Ground Transportation	0.6
Specialized REITs	0.5
Diversified Telecommunication Services	0.5
Electrical Equipment	0.5
Real Estate Investment Trusts (REITs)	0.5
Auto Manufacturers	0.5
Media	0.4
Multi-Utilities	0.4
Communications Equipment	0.4
Agriculture	0.4
Professional Services	0.4
Food Products	0.4
Industrial Conglomerates	0.4
Air Freight & Logistics	0.4


Electronic Equipment, Instruments & Components	0.3	%
Oil & Gas	0.3
Healthcare-Services	0.3
Building Products	0.3
Textiles, Apparel & Luxury Goods	0.3
Consumer Loans	0.3
Diversified Financial Services	0.3
Residential REITs	0.3
Energy Equipment & Services	0.2
Commercial Services & Supplies	0.2
Consumer Finance	0.2
Construction Materials	0.2
Metals & Mining	0.2
Municipal Bonds	0.2
Sovereign Bonds	0.2
Tobacco	0.2
Commercial Services	0.2
Credit Cards	0.2
Industrial REITs	0.2
Household Durables	0.2
Packaging & Containers	0.1
Mining	0.1
Student Loans	0.1
Retail	0.1
Foods	0.1
Independent Power & Renewable Electricity Producers	0.1
Home Equity Loans	0.1
Equipment	0.1
Real Estate Management & Development	0.1
Semiconductors	0.1
Airlines	0.1
Gas	0.1
Engineering & Construction	0.1
Wireless Telecommunication Services	0.1
Retail REITs	0.1
Office/Business Equipment	0.1
Trading Companies & Distributors	0.1
Transportation	0.0	*
Health Care REITs	0.0	*
Automobile Components	0.0	*
Building Materials	0.0	*
Marine Transportation	0.0	*
Multi-National	0.0	*
Miscellaneous Manufacturing	0.0	*
Containers & Packaging	0.0	*
Home Builders	0.0	*
Hotel & Resort REITs	0.0	*
Lodging	0.0	*
Other	0.0	*
Healthcare-Products	0.0	*
Apparel	0.0	*

SEE NOTES TO FINANCIAL STATEMENTS.

A98

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Construction & Engineering	0.0	*%
Personal Care Products	0.0	*
Gas Utilities	0.0	*
Unaffiliated Exchange-Traded Fund	0.0	*
Distribution/Wholesale	0.0	*
Passenger Airlines	0.0	*
Machinery-Diversified	0.0	*
Computers	0.0	*
Leisure Products	0.0	*
Environmental Control	0.0	*
Transportation Infrastructure	0.0	*


Paper & Forest Products	0.0	*%
Diversified REITs	0.0	*
Iron/Steel	0.0	*
Internet	0.0	*

	101.9
Liabilities in excess of other assets	(1.9	)

	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives						Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location		Fair Value				Statement of Assets and Liabilities Location		Fair Value
Credit contracts		—		$	—			Due from/to broker-variation margin swaps		$	2,749	*
Credit contracts		Premiums paid for OTC swap agreements			302,811			Premiums received for OTC swap agreements			61
Credit contracts		Unrealized appreciation on OTC swap agreements			5,248			Unrealized depreciation on OTC swap agreements			409,343
Equity contracts		Due from/to broker-variation margin futures			10,018	*		—			—
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts			980,025			Unrealized depreciation on OTC forward foreign currency exchange contracts			158,261
Interest rate contracts		Due from/to broker-variation margin futures			1,136,613	*		Due from/to broker-variation margin futures			54,222	*
Interest rate contracts		Due from/to broker-variation margin swaps			216,913	*		Due from/to broker-variation margin swaps			231,043	*
Interest rate contracts		Unrealized appreciation on OTC swap agreements			157,736			Unrealized depreciation on OTC swap agreements			5,314,168

				$	2,809,364					$	6,169,847

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

SEE NOTES TO FINANCIAL STATEMENTS.

A99

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—		$	1,057,106
Equity contracts			253,271				—			—
Foreign exchange contracts			—				487,919			—
Interest rate contracts			(3,136,095	)			—			(7,345,389	)

Total		$	(2,882,824	)		$	487,919		$	(6,288,283	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	35		$	—			$	—		$	(648,882	)
Equity contracts			—			(63,916	)			—			—
Foreign exchange contracts.			—			—				1,224,355			—
Interest rate contracts			—			(3,409,637	)			—			(1,163,976	)

Total		$	35		$	(3,473,553	)		$	1,224,355		$	(1,812,858	)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Options Written (1)		$	9,000,000
Futures Contracts - Long Positions (1)			246,677,068
Futures Contracts - Short Positions (1)			16,374,650
Forward Foreign Currency Exchange Contracts - Purchased (2)			36,761,067
Forward Foreign Currency Exchange Contracts - Sold (2)			86,183,827
Interest Rate Swap Agreements (1)			142,545,333
Credit Default Swap Agreements - Buy Protection (1)			9,000,000
Credit Default Swap Agreements - Sell Protection (1)			22,487,052
Total Return Swap Agreements (1)			168,849,123

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(2)

Net
Amount

Securities on Loan

$81,477,013

$(81,477,013)

$—

SEE NOTES TO FINANCIAL STATEMENTS.

A100

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
BARC		$	302,811		$	(409,343	)		$	(106,532	)		$	—			$	(106,532	)
BNP			65,780			—				65,780				—				65,780
BNYM			—			(1	)			(1	)			—				(1	)
BOA			—			(2,176,623	)			(2,176,623	)			2,071,520				(105,103	)
GSI			5,248			(1,446,309	)			(1,441,061	)			1,163,138				(277,923	)
HSBC			573,438			—				573,438				(573,438	)			—
JPM			157,736			(1,691,297	)			(1,533,561	)			1,073,666				(459,895	)
SCB			1,205			—				1,205				—				1,205
SSB			311,735			(130,144	)			181,591				—				181,591
TD			27,867			(28,116	)			(249	)			—				(249	)

		$	1,445,820		$	(5,881,833	)		$	(4,436,013	)		$	3,734,886			$	(701,127	)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty.

SEE NOTES TO FINANCIAL STATEMENTS.

A101

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $81,477,013:
Unaffiliated investments (cost $3,534,278,549) .	$	4,660,235,164
Affiliated investments (cost $358,823,715)		358,903,616
Foreign currency, at value (cost $514,940)		514,198
Receivable for investments sold		68,661,672
Dividends and interest receivable		14,932,929
Unrealized appreciation on OTC forward foreign currency exchange contracts		980,025
Tax reclaim receivable		550,565
Premiums paid for OTC swap agreements		302,811
Unrealized appreciation on OTC swap agreements		162,984
Due from broker-variation margin swaps		15,150
Receivable for Portfolio shares sold		14,992
Receivable from affiliate		658
Prepaid expenses and other assets		504,154

Total Assets		5,105,778,918

LIABILITIES
Payable to broker for collateral for securities on loan		83,202,964
Payable for investments purchased		66,832,188
Forward commitment contracts, at value (proceeds receivable $18,462,188)		18,460,508
Unrealized depreciation on OTC swap agreements		5,723,511
Management fee payable.		2,385,996
Payable for Portfolio shares purchased		1,015,107
Accrued expenses and other liabilities		650,134
Due to broker-variation margin futures		302,072
Unrealized depreciation on OTC forward foreign currency exchange contracts		158,261
Payable to affiliate		114,273
Distribution fee payable		44,617
Affiliated transfer agent fee payable		1,190
Premiums received for OTC swap agreements		61

Total Liabilities		178,890,882

NET ASSETS	$	4,926,888,036

Net assets were comprised of: Partners’ Equity	$	4,926,888,036

Class I:
Net asset value and redemption price per share, $4,708,637,961 / 96,572,243 outstanding shares of beneficial interest	$	48.76

Class III:
Net asset value and redemption price per share, $218,250,075 / 4,511,302 outstanding shares of beneficial interest.	$	48.38

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	37,525,263
Unaffiliated dividend income (net of $58,194 foreign withholding tax, of which $13,639 is reimbursable by an affiliate)		20,956,487
Affiliated dividend income		7,445,026
Income from securities lending, net (including affiliated income of $69,304)		74,715

Total income		66,001,491

EXPENSES
Management fee.		14,275,505
Distribution fee—Class III		270,595
Custodian and accounting fees		193,940
Professional Fees		66,278
Audit fee.		42,890
Trustees’ fees		41,706
Shareholders’ reports		35,366
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,717
Miscellaneous		63,750

Total expenses		14,995,747
Less: Fee waivers and/or expense reimbursement		(205,807	)

Net expenses		14,789,940

NET INVESTMENT INCOME (LOSS)		51,211,551

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10,145))		198,147,471
Futures transactions.		(2,882,824	)
Forward currency contract transactions		487,919
Swap agreements transactions		(6,288,283	)
Foreign currency transactions		388,110

		189,852,393

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(8,488))		210,127,788
Futures		(3,473,553	)
Forward currency contracts.		1,224,355
Options written		35
Swap agreements.		(1,812,858	)
Foreign currencies		115,486

		206,181,253

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		396,033,646

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	447,245,197

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	51,211,551			$	95,984,624
Net realized gain (loss) on investment and foreign currency transactions			189,852,393				79,541,009
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			206,181,253				547,017,729

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			447,245,197				722,543,362

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			5,397,969				16,528,640
Net asset value of shares issued in merger			—				223,240,047
Portfolio shares purchased			(173,291,835	)			(312,002,050	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(167,893,866	)			(72,233,363	)

TOTAL INCREASE (DECREASE)			279,351,331				650,309,999
NET ASSETS:
Beginning of period			4,647,536,705				3,997,226,706

End of period.		$	4,926,888,036			$	4,647,536,705

SEE NOTES TO FINANCIAL STATEMENTS.

A102

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	44.40			$	37.65			$	44.14			$	37.61			$	34.32			$	28.63

Income (Loss) From Investment Operations:
Net investment income (loss)			0.50				0.90				0.62				0.49				0.56				0.61
Net realized and unrealized gain (loss) on investment and foreign currency transactions			3.86				5.85				(7.11	)			6.04				2.73				5.08

Total from investment operations			4.36				6.75				(6.49	)			6.53				3.29				5.69

Capital Contributions			—				—				—				—				—				—	^(b)(c)

Net Asset Value, end of period		$	48.76			$	44.40			$	37.65			$	44.14			$	37.61			$	34.32

Total Return^(d)			9.82	%			17.93	%			(14.70	)%			17.36	%			9.59	%			19.87	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	4,709			$	4,428			$	3,994			$	4,968			$	4,479			$	4,328
Average net assets (in millions)		$	4,567			$	4,175			$	4,335			$	4,766			$	4,171			$	4,127
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.61	%^(g)			0.61	%			0.62	%			0.61	%			0.62	%			0.63	%
Expenses before waivers and/or expense reimbursement			0.62	%^(g)			0.62	%			0.62	%			0.61	%			0.62	%			0.63	%
Net investment income (loss)			2.16	%^(g)			2.21	%			1.55	%			1.18	%			1.64	%			1.92	%
Portfolio turnover rate^(h)(i)			63	%			149	%			139	%			119	%			120	%			125	%



Class III
	Six Months Ended June 30,				Year Ended December 31,										April 26, 2021^(j) through December 31,
	2024					2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	44.11				$	37.49			$	44.06				$	40.73

Income (Loss) From Investment Operations:
Net investment income (loss)			0.44					0.81				0.55					0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions			3.83					5.81				(7.12	)				3.07

Total from investment operations			4.27					6.62				(6.57	)				3.33

Net Asset Value, end of period		$	48.38				$	44.11			$	37.49				$	44.06

Total Return^(d)			9.68	%				17.66	%			(14.91	)%				8.18	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	218				$	219			$	4				$	2
Average net assets (in millions)		$	218				$	188			$	3				$	1
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.86	%^(g)				0.86	%			0.87	%				0.86	%^(k)
Expenses before waivers and/or expense reimbursement			0.87	%^(g)				0.87	%			0.87	%				0.86	%^(k)
Net investment income (loss)			1.91	%^(g)				1.98	%			1.39	%				0.86	%^(k)
Portfolio turnover rate^(h)(i)			63	%				149	%			139	%				119	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(c)	Amount rounds to zero.

(d)

(e)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(f)	Does not include expenses of the underlying funds in which the Portfolio invests.

(g)	Annualized.

(h)	The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(i)

(j)	Commencement of offering.

(k)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A103

PSF PGIM GOVERNMENT INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS — 98.7%

ASSET-BACKED SECURITIES — 9.7%

Collateralized Loan Obligations

Apidos CLO Ltd. (United Kingdom),

Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.324%(c)

04/26/35

1,750

1,756,186

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679%(c)

10/17/32

500

500,000

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)

6.786%(c)

07/20/34

2,000

2,003,797

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/34

500

500,676

OZLM Ltd. (Cayman Islands),

Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%)

6.841%(c)

10/30/30

969

970,149

Regatta Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.755%(c)

06/20/34

3,250

3,255,084

TCW CLO Ltd. (Cayman Islands),

Series 2017-01A, Class A1RR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.766%(c)

10/29/34

500

500,730

Trimaran Cavu Ltd.,

Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%)

7.046%(c)

07/20/32

2,500

2,502,252

Venture CLO Ltd. (Cayman Islands),

Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.830%(c)

04/15/34

2,250

2,252,221

Wellfleet CLO Ltd. (Cayman Islands),

Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%)

6.646%(c)

10/20/29

86,690

Wind River CLO Ltd. (Cayman Islands),

Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.800%(c)

10/15/34

500

501,858

TOTAL ASSET-BACKED SECURITIES
(cost $14,802,508)

14,829,643

COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.9%

Barclays Commercial Mortgage Securities Trust,

Series 2019-C04, Class A4

2.661%

08/15/52

2,888

2,610,040

CD Mortgage Trust,

Series 2019-CD08, Class A3

2.657%

08/15/57

2,000

1,771,988

Citigroup Commercial Mortgage Trust,

Series 2016-P05, Class A3

2.684%

10/10/49

2,163

2,056,799


Interest Rate	Maturity Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae-Aces,
Series 2019-M22, Class A2
2.522%	08/25/29		1,780	$	1,604,425
Series 2022-M03, Class A2
1.764%(cc)	11/25/31		4,000		3,249,684
Series 2022-M13, Class A2
2.680%(cc)	06/25/32		2,000		1,707,453
FHLMC Multifamily Structured Pass-Through Certificates,
Series K0151, Class A3
3.511%	04/25/30		400		374,778
Series K0152, Class A2
3.080%	01/25/31		140		126,958

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $14,684,310)					13,502,125

CORPORATE BONDS — 0.6%
Diversified Financial Services — 0.5%
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP
1.400%	07/15/28		885		779,110

Multi-National — 0.1%
International Bank for Reconstruction & Development (Supranational Bank), Unsec’d. Notes, MTN
4.472%(s)	09/17/30		235		172,913

TOTAL CORPORATE BONDS (cost $1,062,282)					952,023

RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%	10/20/45		146		138,203

(cost $152,014)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.1%
Fannie Mae Interest Strips
4.264%(s)	05/15/30		75		56,489
Federal Agricultural Mortgage Corp., MTN
1.440%	09/25/35		45		31,065
Federal Farm Credit Bank
1.230%	07/29/30		185		150,005
1.240%	08/11/31		75		58,754
1.670%	03/03/31		100		82,022
1.730%	09/22/31		115		93,271
1.770%	02/04/31		125		103,214
2.040%	03/19/40		240		158,520
2.150%	12/01/31		1,125		932,273
2.170%	10/29/29		70		61,342
2.200%	12/09/31		355		295,129
2.350%	03/10/36		115		86,994
2.460%	02/05/35		90		70,859
2.490%	05/19/36		140		107,336
2.750%	02/02/37		100		77,405
3.300%	03/23/32		112		100,879
5.480%	06/27/42		500		493,125
Federal Home Loan Bank
1.150%(cc)	02/10/31		200		162,176
1.240%	08/19/30		50		40,439

SEE NOTES TO FINANCIAL STATEMENTS.

A104

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
1.250%	12/30/30		140	$	111,843
1.410%	10/14/32		150		113,924
1.500%(cc)	05/27/31		100		87,009
1.500%	09/30/33		115		86,412
1.750%	06/20/31		90		73,277
1.790%	12/21/35		185		131,179
2.000%(cc)	05/27/31		100		87,645
2.000%(cc)	05/27/31		200		174,600
2.050%	05/12/31		105		87,920
2.050%	03/19/35		153		113,578
2.090%	02/22/36		110		81,125
4.250%	09/10/32		210		202,871
5.500%	07/15/36		885		957,442
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		394		294,620
2.000%	01/01/32		90		83,257
2.000%	12/01/50		1,623		1,278,473
2.500%	03/01/30		132		124,934
2.500%	11/01/46		231		195,242
2.500%	04/01/51		2,363		1,944,175
3.000%	06/01/29		89		85,463
3.000%	01/01/37		229		210,868
3.000%	06/01/45		86		76,468
3.000%	01/01/48		190		165,610
3.000%	10/01/49		65		56,509
3.000%	04/01/52		447		382,830
3.000%	05/01/52		703		598,439
3.000%	06/01/52		451		383,657
3.500%	12/01/32		183		175,688
3.500%	07/01/42		214		195,782
3.500%	10/01/42		328		298,453
3.500%	08/01/43		405		367,890
3.500%	09/01/45		132		119,689
3.500%	10/01/45		120		108,647
3.500%	02/01/47		152		137,692
3.500%	07/01/47		238		215,723
3.500%	03/01/48		323		292,908
3.500%	02/01/52		855		760,377
4.000%	06/01/26		5		4,983
4.000%	09/01/26		19		18,730
4.000%	11/01/37		478		460,216
4.000%	09/01/40		108		101,733
4.000%	12/01/40		112		105,761
4.000%	12/01/40		133		126,135
4.000%	11/01/43		239		225,521
4.000%	09/01/48		5		4,689
4.000%	05/01/52		443		406,424
4.500%	09/01/39		398		387,320
4.500%	08/01/48		114		109,288
4.500%	08/01/52		489		461,072
5.000%	06/01/33		108		106,737
5.000%	05/01/34		51		51,135
5.000%	09/01/52		900		871,557
5.500%	05/01/37		20		20,295
5.500%	02/01/38		66		66,084
5.500%	05/01/38		28		28,583
5.500%	10/01/52		1,124		1,110,891
6.000%	09/01/34		35		35,664


Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.000%	01/01/37		16	$	16,731
6.000%	09/01/38		20		20,431
6.000%	08/01/39		23		23,286
6.250%	07/15/32		220		246,372
6.500%	09/01/32		10		10,100
6.750%	03/15/31		190		214,816
Federal Home Loan Mortgage Corp., MTN
1.220%	08/19/30		95		76,881
1.899%(s)	11/15/38		425		207,077
Federal National Mortgage Assoc.
0.875%	08/05/30		75		60,676
1.500%	11/01/50		1,217		912,906
1.500%	12/01/50		775		581,644
2.000%	08/01/31		92		84,984
2.000%	05/01/36		668		590,399
2.000%	06/01/40		288		243,496
2.000%	07/01/40		306		257,898
2.000%	02/01/41		585		492,003
2.000%	05/01/41		1,691		1,414,042
2.000%	09/01/50		2,193		1,732,188
2.000%	10/01/50		1,418		1,119,349
2.000%	12/01/50		360		283,943
2.000%	02/01/51(k)		3,213		2,522,878
2.500%	TBA		500		408,652
2.500%	06/01/28		388		371,064
2.500%	05/01/41		888		766,922
2.500%	02/01/43		83		70,196
2.500%	12/01/46		298		252,542
2.500%	01/01/50		607		501,188
2.500%	03/01/50		190		157,507
2.500%	05/01/50		763		630,087
2.500%	08/01/50		1,898		1,563,468
2.500%	09/01/50		1,309		1,099,106
2.500%	10/01/50		2,128		1,752,718
2.500%	04/01/51		467		384,616
2.500%	04/01/51		950		792,531
2.500%	05/01/52		848		702,873
3.000%	02/01/31		180		171,147
3.000%	11/01/36		173		159,675
3.000%	03/01/43		306		269,938
3.000%	07/01/43		386		340,580
3.000%	07/01/43		517		455,614
3.000%	09/01/46		272		237,421
3.000%	11/01/46		124		107,934
3.000%	11/01/46		162		141,304
3.000%	11/01/46		692		605,817
3.000%	12/01/47		370		323,858
3.000%	02/01/50		154		133,144
3.000%	06/01/50		268		230,964
3.000%	11/01/51		820		700,491
3.000%	02/01/52		507		431,602
3.000%	04/01/52		864		746,997
3.000%	04/01/52		877		749,594
3.000%	04/01/52		881		750,167
3.500%	07/01/31		221		213,654
3.500%	02/01/33		45		43,115
3.500%	06/01/39		109		99,915
3.500%	04/01/42		179		163,810

SEE NOTES TO FINANCIAL STATEMENTS.

A105

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.500%	06/01/42		279		$	255,654
3.500%	07/01/42		137			125,304
3.500%	07/01/42		371			339,046
3.500%	06/01/45		467			423,155
3.500%	07/01/46		145			131,581
3.500%	12/01/46		145			131,498
3.500%	12/01/46		336			307,156
3.500%	11/01/48		252			228,083
4.000%	07/01/37		301			289,804
4.000%	09/01/40		413			390,097
4.000%	06/01/42		273			256,963
4.000%	09/01/44		170			158,858
4.000%	09/01/44		298			279,164
4.000%	04/01/45		161			150,301
4.000%	07/01/45		110			103,445
4.000%	10/01/45		196			183,976
4.000%	10/01/46		60			56,313
4.000%	02/01/47		51			47,412
4.000%	06/01/47		94			87,830
4.000%	07/01/47		98			91,404
4.000%	10/01/47		308			286,728
4.000%	11/01/47		77			72,061
4.000%	11/01/47		110			102,601
4.000%	05/01/52		876			803,234
4.500%	05/01/40		426			410,131
4.500%	04/01/42		236			229,530
4.500%	07/01/52		905			854,132
4.500%	01/01/53		402			379,340
5.000%	12/01/31		18			17,838
5.000%	03/01/34		114			112,564
5.000%	06/01/35		49			48,391
5.000%	07/01/35		26			26,105
5.000%	05/01/36		34			33,512
5.000%	07/01/52		435			421,735
5.000%	08/01/52		556			538,944
5.500%	02/01/34		73			73,655
5.500%	09/01/34		79			78,807
5.500%	02/01/35		93			93,491
5.500%	06/01/35		28			27,994
5.500%	06/01/35		46			45,648
5.500%	09/01/35		24			23,859
5.500%	09/01/35		56			56,612
5.500%	10/01/35		88			87,953
5.500%	11/01/35		25			25,292
5.500%	11/01/35		35			34,907
5.500%	11/01/35		171			171,443
6.000%	12/01/33		7			7,383
6.000%	02/01/34		40			41,445
6.000%	08/01/34		—	(r)		164
6.000%	11/01/34		—	(r)		197
6.000%	01/01/36		47			48,166
6.000%	05/01/38		16			16,546
6.000%	10/01/53		984			986,745
6.500%	07/01/32		67			68,335
6.500%	08/01/32		22			22,214
6.500%	10/01/32		74			75,302
6.500%	10/01/37		69			71,659
6.625%	11/15/30		2,535			2,831,146


Interest Rate	Maturity Date	Principal Amount (000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
7.000%	12/01/31		17		$	17,061
7.000%	01/01/36		10			10,509
8.000%	09/01/24		—(r	)		19
8.000%	11/01/24		—(r	)		103
9.000%	02/01/25		—(r	)		141
9.000%	04/01/25		—(r	)		81
4.336%(s)	03/17/31		315			226,919
Freddie Mac Coupon Strips
5.245%(s)	03/15/31		105			74,832
Freddie Mac Strips
5.078%(s)	07/15/32		330			226,509
Government National Mortgage Assoc.
2.000%	09/20/51		281			227,527
2.000%	10/20/51		1,381			1,117,943
2.500%	12/20/46		77			65,835
2.500%	05/20/51		876			736,255
2.500%	08/20/51		1,319			1,108,804
3.000%	03/15/45		325			285,635
3.000%	07/20/46		309			272,795
3.000%	09/20/46		332			293,766
3.000%	10/20/46		84			74,047
3.000%	04/20/47		391			345,590
3.000%	12/20/48		255			225,016
3.000%	04/20/49		237			209,378
3.000%	07/20/49		61			53,615
3.000%	12/20/49		260			227,287
3.000%	09/20/51		908			792,012
3.500%	01/20/43		371			340,139
3.500%	04/20/43		175			160,829
3.500%	03/20/45		217			198,159
3.500%	04/20/45		175			159,340
3.500%	04/20/46		292			265,698
3.500%	07/20/46		425			386,965
3.500%	07/20/48		343			311,730
3.500%	11/20/48		91			82,511
3.500%	01/20/49		161			146,603
3.500%	05/20/49		296			268,822
4.000%	06/15/40		56			52,516
4.000%	08/20/46		176			165,109
4.000%	11/20/46		107			100,321
4.000%	09/20/47		140			130,904
4.000%	06/20/48		214			200,312
4.000%	02/20/49		188			176,394
4.500%	02/20/41		168			163,815
4.500%	03/20/41		141			137,587
4.500%	06/20/44		109			105,929
4.500%	09/20/46		123			118,080
4.500%	11/20/46		217			210,305
4.500%	01/20/47		28			26,791
4.500%	05/20/52		465			442,552
5.000%	07/15/33		51			50,725
5.000%	09/15/33		90			88,510
5.000%	04/15/34		29			29,214
5.000%	10/20/48		39			38,892
5.500%	03/15/34		94			95,376
5.500%	03/15/36		28			28,808
6.500%	07/15/32		7			6,704
6.500%	08/15/32		1			1,210

SEE NOTES TO FINANCIAL STATEMENTS.

A106

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.500%	08/15/32		2		$	2,410
6.500%	08/15/32		6			6,577
6.500%	08/15/32		34			34,935
7.000%	08/15/28		9			8,777
7.500%	12/15/25		6			5,813
7.500%	02/15/26		1			1,499
8.500%	09/15/24		—	(r)		375
8.500%	04/15/25		—	(r)		38
Resolution Funding Corp. Interest Strips
3.230%(s)	01/15/30		450			348,339
3.555%(s)	04/15/30		675			514,505
Resolution Funding Corp. Principal Strips
3.277%(s)	04/15/30		2,465			1,884,138
3.672%(s)	01/15/30		2,390			1,848,565
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%	05/15/25		325			312,581
1.500%	09/15/31		500			406,081
2.875%	02/01/27		175			167,543
5.880%	04/01/36		230			252,908
6.750%	11/01/25		510			520,924
7.125%	05/01/30		530			600,698

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $87,505,750)						77,830,733

U.S. TREASURY OBLIGATIONS — 28.3%
U.S. Treasury Bonds
1.375%	11/15/40		1,940			1,223,716
2.000%	11/15/41		625			429,297
2.000%	02/15/50		185			112,359
2.250%	05/15/41(k)		2,190			1,584,328
2.250%	08/15/49		385			248,866
2.375%	02/15/42		245			178,314
2.375%	05/15/51		715			470,895
2.875%	05/15/43(k)		1,515			1,176,019
3.000%	02/15/49		5,055			3,829,952
3.375%	11/15/48		4,730			3,841,647
3.625%	08/15/43		45			39,094
3.625%	02/15/53		310			263,742
3.875%	05/15/43		320			288,750
4.000%	11/15/42		80			73,737
4.750%	11/15/43		2,100			2,128,547
U.S. Treasury Notes
3.500%	02/15/33		335			313,958
3.750%	06/30/30		4,365			4,225,866
4.375%	05/15/34		1,390			1,390,434
4.625%	04/30/29		615			622,111
4.625%	05/31/31		1,435			1,458,319
U.S. Treasury Strips Coupon
1.450%(s)	08/15/42		60			25,066
1.463%(s)	11/15/42		155			63,913
1.982%(s)	08/15/39		1,025			504,652
2.010%(s)	08/15/30		941			719,424
2.024%(s)	02/15/39		630			318,839
2.208%(s)	05/15/39		455			227,180
2.353%(s)	02/15/44		440			170,414
2.365%(s)	05/15/44		2,790			1,068,919
2.402%(s)	05/15/41		1,995			893,152
2.415%(s)	11/15/40		475			217,906


Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. TREASURY OBLIGATIONS (continued)
2.434%(s)	11/15/45		345	$	123,364
2.436%(s)	02/15/46		390		138,100
2.443%(s)	08/15/44		210		79,505
2.486%(s)	02/15/45		150		55,512
2.513%(s)	08/15/41		2,740		1,208,490
2.525%(s)	11/15/43		2,070		812,718
2.857%(s)	05/15/31		33		24,412
3.336%(s)	08/15/40		895		417,119
3.387%(s)	05/15/42		135		57,138
3.870%(s)	02/15/41		730		331,380
3.922%(s)	11/15/41		5,200		2,258,953
3.995%(s)	02/15/42		4,020		1,723,418
4.608%(s)	11/15/48		25		7,863
4.652%(s)	05/15/49		2,100		648,621
4.691%(s)	05/15/38		1,685		887,389
4.722%(s)	05/15/50		1,600		477,000
4.924%(s)	02/15/49		75		23,394
5.335%(s)	02/15/40		4,070		1,950,897
5.345%(s)	05/15/40		7,960		3,762,966

TOTAL U.S. TREASURY OBLIGATIONS (cost $48,404,066)					43,097,655

TOTAL LONG-TERM INVESTMENTS (cost $166,610,930)					150,350,382


		Shares
SHORT-TERM INVESTMENT — 1.0%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,495,224)(wb)			1,495,224		1,495,224

TOTAL INVESTMENTS—99.7% (cost $168,106,154)					151,845,606
Other assets in excess of liabilities(z) — 0.3%					415,919


NET ASSETS — 100.0%				$	152,261,525

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(cc)

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(r)	Principal or notional amount is less than $500 par.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

SEE NOTES TO FINANCIAL STATEMENTS.

A107

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Forward Commitment Contract:


U.S. Government Agency Obligation	Interest Rate	Maturity Date	Settlement Date	Principal Amount (000)#			Value
Federal National Mortgage Assoc. (proceeds receivable $1,715,938)	3.000%	TBA	08/13/24	$	(2,000	)	$	(1,702,656	)

Futures contracts outstanding at June 30, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
25	3 Month CME SOFR		Sep. 2024		$	5,915,781		$	(21,890	)
107	2 Year U.S. Treasury Notes		Sep. 2024			21,851,406			38,676
172	5 Year U.S. Treasury Notes		Sep. 2024			18,331,438			86,291
38	10 Year U.S. Ultra Treasury Notes		Sep. 2024			4,314,188			30,463
20	30 Year UMBS TBA – 6.0% Coupon		Aug. 2024			2,006,719			(6,432	)

									127,108


Short Positions:
40	10 Year U.S. Treasury Notes		Sep. 2024			4,399,375			(32,719	)
274	20 Year U.S. Treasury Bonds		Sep. 2024			32,417,625			(284,035	)
4	30 Year U.S. Ultra Treasury Bonds		Sep. 2024			501,375			(4,576	)

									(321,330	)

								$	(194,222	)

Interest rate swap agreements outstanding at June 30, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at June 30, 2024				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
1,908		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/5.330%		$	—		$	(6,645	)		$	(6,645	)
2,332		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/5.330%			—			(4,281	)			(4,281	)

							$	—		$	(10,926	)		$	(10,926	)

(1)	The Portfolio pays the fixed rate and receives the floating rate.

(2)	The Portfolio pays the floating rate and receives the fixed rate.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	1,443,621

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

SEE NOTES TO FINANCIAL STATEMENTS.

A108

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—		$	14,829,643		$	—
Commercial Mortgage-Backed Securities		—			13,502,125			—
Corporate Bonds		—			952,023			—
Residential Mortgage-Backed Security		—			138,203			—
U.S. Government Agency Obligations		—			77,830,733			—
U.S. Treasury Obligations		—			43,097,655			—
Short-Term Investment
Affiliated Mutual Fund		1,495,224			—			—

Total	$	1,495,224		$	150,350,382		$	—

Other Financial Instruments*
Assets
Futures Contracts	$	155,430		$	—		$	—

Liabilities
Forward Commitment Contract	$	—		$	(1,702,656	)	$	—
Futures Contracts		(349,652	)		—			—
Centrally Cleared Interest Rate Swap Agreements		—			(10,926	)		—

Total	$	(349,652	)	$	(1,713,582	)	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2024 were as follows:


U.S. Government Agency Obligations	51.1	%
U.S. Treasury Obligations	28.3
Collateralized Loan Obligations	9.7
Commercial Mortgage-Backed Securities	8.9
Affiliated Mutual Fund	1.0
Diversified Financial Services	0.5


Multi-National	0.1	%
Residential Mortgage-Backed Security	0.1

	99.7
Other assets in excess of liabilities	0.3


	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives						Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location		Fair Value				Statement of Assets and Liabilities Location		Fair Value
Interest rate contracts		Due from/to broker-variation margin futures		$	155,430	*		Due from/to broker-variation margin futures		$	349,652	*
Interest rate contracts		—			—			Due from/to broker-variation margin swaps			10,926	*

				$	155,430					$	360,578

SEE NOTES TO FINANCIAL STATEMENTS.

A109

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts		$(630,357)		$(11,538)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts		$1,506,640		$(26,996)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$56,549,974
Futures Contracts - Short Positions (1)		39,387,006
Interest Rate Swap Agreements (1)		4,240,000

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

SEE NOTES TO FINANCIAL STATEMENTS.

A110

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value:
Unaffiliated investments (cost $166,610,930)	$	150,350,382
Affiliated investments (cost $1,495,224)		1,495,224
Receivable for investments sold		1,723,953
Dividends and interest receivable		701,909
Due from broker-variation margin futures		248,016
Receivable for Portfolio shares sold		718
Prepaid expenses		330

Total Assets		154,520,532

LIABILITIES
Forward commitment contracts, at value (proceeds receivable $1,715,938)		1,702,656
Payable for investments purchased		411,745
Management fee payable		50,264
Accrued expenses and other liabilities		49,963
Payable for Portfolio shares purchased		42,275
Affiliated transfer agent fee payable		1,190
Distribution fee payable		697
Due to broker-variation margin swaps		151
Trustees’ fees payable		66

Total Liabilities		2,259,007

NET ASSETS	$	152,261,525

Net assets were comprised of:
Partners’ Equity	$	152,261,525

Class I:
Net asset value and redemption price per share, $148,809,859 / 11,726,481 outstanding shares of beneficial interest	$	12.69

Class III:
Net asset value and redemption price per share, $3,451,666 / 274,081 outstanding shares of beneficial interest	$	12.59

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	3,247,766
Affiliated dividend income		60,486
Affiliated income from securities lending, net		221

Total income		3,308,473

EXPENSES
Management fee		310,211
Distribution fee—Class III		4,357
Custodian and accounting fees		26,072
Shareholders’ reports		25,951
Audit fee		16,604
Professional Fees		14,669
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,733
Trustees’ fees		5,505
Miscellaneous		17,619

Total expenses		426,721

NET INVESTMENT INCOME (LOSS)		2,881,752

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(224))		(3,171,698	)
Futures transactions		(630,357	)
Swap agreements transactions		(11,538	)

		(3,813,593	)

Net change in unrealized appreciation (depreciation) on:
Investments		(1,808,218	)
Futures		1,506,640
Swap agreements		(26,996	)

		(328,574	)

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(4,142,167	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,260,415	)

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	2,881,752			$	5,729,086
Net realized gain (loss) on investment transactions			(3,813,593	)			(8,315,887	)
Net change in unrealized appreciation (depreciation) on investments			(328,574	)			11,202,555

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(1,260,415	)			8,615,754

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			1,673,571				5,933,349
Portfolio shares purchased			(10,811,146	)			(36,216,200	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(9,137,575	)			(30,282,851	)

TOTAL INCREASE (DECREASE)			(10,397,990	)			(21,667,097	)
NET ASSETS:
Beginning of period			162,659,515				184,326,612

End of period		$	152,261,525			$	162,659,515

SEE NOTES TO FINANCIAL STATEMENTS.

A111

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	12.78			$	12.16			$	14.05			$	14.51			$	13.54			$	12.70

Income (Loss) From Investment Operations:
Net investment income (loss)			0.23				0.41				0.29				0.19				0.23				0.31
Net realized and unrealized gain (loss) on investment transactions			(0.32	)			0.21				(2.18	)			(0.65	)			0.74				0.53

Total from investment operations			(0.09	)			0.62				(1.89	)			(0.46	)			0.97				0.84

Net Asset Value, end of period		$	12.69			$	12.78			$	12.16			$	14.05			$	14.51			$	13.54

Total Return^(b)			(0.70	)%			5.10	%			(13.45	)%			(3.17	)%			7.16	%			6.61	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	148.8			$	159.0			$	181.3			$	223.1			$	246.2			$	238.6
Average net assets (in millions)		$	152.4			$	167.9			$	196.8			$	231.5			$	246.6			$	234.6
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.54	%^(d)			0.52	%			0.49	%			0.48	%			0.51	%			0.52	%
Expenses before waivers and/or expense reimbursement			0.54	%^(d)			0.52	%			0.49	%			0.48	%			0.51	%			0.52	%
Net investment income (loss)			3.72	%^(d)			3.35	%			2.28	%			1.35	%			1.58	%			2.34	%
Portfolio turnover rate^(e)(f)			42	%			87	%			177	%			222	%			150	%			269	%

Class III
	Six Months Ended June 30,				Year Ended December 31,								April 26, 2021^(g) through December 31, 2021
	2024				2023				2022				April 26, 2021^(g) through December 31, 2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	12.70			$	12.11			$	14.03							$	14.17

Income (Loss) From Investment Operations:
Net investment income (loss)			0.22				0.38				0.28								0.11
Net realized and unrealized gain (loss) on investment transactions			(0.33	)			0.21				(2.20	)							(0.25	)

Total from investment operations			(0.11	)			0.59				(1.92	)							(0.14	)

Net Asset Value, end of period		$	12.59			$	12.70			$	12.11							$	14.03

Total Return^(b)			(0.87	)%			4.87	%			(13.68	)%							(0.99	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3.5			$	3.7			$	3.0							$	0.3
Average net assets (in millions)		$	3.5			$	3.3			$	1.6							$	0.2
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.79	%^(d)			0.77	%			0.74	%							0.68	%^(h)
Expenses before waivers and/or expense reimbursement			0.79	%^(d)			0.77	%			0.74	%							0.68	%^(h)
Net investment income (loss)			3.47	%^(d)			3.11	%			2.26	%							1.09	%^(h)
Portfolio turnover rate^(e)(f)			42	%			87	%			177	%							222	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Portfolio invests.

(d)	Annualized.

(e)	The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f)

(g)	Commencement of offering.

(h)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A112

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity

Date

Principal
Amount
(000)#

Value

REPURCHASE AGREEMENTS — 58.6%

Banco Bilbao Vizcaya Argentaria

5.32%, dated 06/28/24, due 07/01/24 in the amount of $50,022,167 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.125%, maturity dates 11/15/25-11/15/52) with the aggregate value, including accrued interest, of $51,022,636

50,000

50,000,000

Bank of America Securities, Inc.

5.33%, dated 06/28/24, due 07/01/24 in the amount of $70,031,092 collateralized by FHLMC (coupon rates 2.000%-5.200%, maturity dates 01/01/29-05/01/54) and FNMA (coupon rates 1.500%-7.500%, maturity dates 06/01/29-07/01/54) with the aggregate value, including accrued interest, of $71,400,001

70,000

70,000,000

Bank of Nova Scotia

5.33%, dated 06/28/24, due 07/01/24 in the amount of $50,022,208 collateralized by U.S. Treasury Securities (coupon rates 0.000%-5.475%, maturity dates 07/09/24-05/31/29) with the aggregate value, including accrued interest, of $51,022,724

50,000

50,000,000


Interest Rate	Maturity Date	Principal Amount (000)#		Value

REPURCHASE AGREEMENTS (continued)
Canadian Imperial Bank of Commerce
5.32%, dated 06/03/24, due 07/03/24 in the amount of $12,053,200 collateralized by U.S. Treasury Securities (coupon rates 0.000%-5.000%, maturity dates 07/23/24-08/15/53) with the aggregate value, including accrued interest, of $12,290,668			12,000	$	12,000,000
5.32%, dated 06/07/24, due 07/08/24 in the amount of $31,142,014 collateralized by U.S. Treasury Securities (coupon rates 0.125%-5.000%, maturity dates 07/31/24-08/15/53) with the aggregate value, including accrued interest, of $31,732,188			31,000		31,000,000
5.33%, dated 06/20/24, due 07/22/24 in the amount of $35,165,822 collateralized by FHLMC (coupon rate 6.000%, maturity date 05/01/54) and FNMA (coupon rates 2.000%-7.000%, maturity dates 03/01/28-06/01/54) with the aggregate value, including accrued interest, of $35,758,738			35,000		35,000,000
5.32%, dated 06/21/24, due 08/01/24 in the amount of $12,072,707 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.625%, maturity dates 12/31/25-08/15/53) with the aggregate value, including accrued interest, of $12,258,100			12,000		12,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

A113

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

REPURCHASE AGREEMENTS (continued)
ING Financial Markets LLC
5.35%, dated 06/13/24, due 08/01/24 in the amount of $17,123,793 collateralized by FHLMC (coupon rate 5.500%, maturity date 08/01/53) and FNMA (coupon rates 2.000%-7.000%, maturity dates 04/01/51-06/01/54) with the aggregate value, including accrued interest, of $17,340,001			17,000	$	17,000,000
5.35%, dated 06/14/24, due 08/02/24 in the amount of $16,116,511 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 09/01/50-06/01/54) and FNMA (coupon rates 1.500%-6.500%, maturity dates 11/01/32-09/01/57) with the aggregate value, including accrued interest, of $16,320,000			16,000		16,000,000
5.35%, dated 06/27/24, due 07/03/24 in the amount of $6,005,350 collateralized by FHLMC (coupon rates 4.000%-5.500%, maturity dates 11/01/32-08/01/53), FNMA (coupon rates 1.500%-6.500%, maturity dates 02/01/34-06/01/54) and GNMA (coupon rate 5.000%, maturity date 08/20/52) with the aggregate value, including accrued interest, of $6,120,000			6,000		6,000,000
5.34%, dated 06/28/24, due 07/01/24 in the amount of $50,022,250 collateralized by FHLMC (coupon rate 6.145%, maturity date 07/01/36) and FNMA (coupon rates 1.500%-6.500%, maturity dates 03/01/41-09/01/57) with the aggregate value, including accrued interest, of $51,000,000			50,000		50,000,000
Natixis
5.33%, dated 06/13/24, due 08/01/24 in the amount of $19,137,840 collateralized by FHLMC (coupon rate 4.818%, maturity date 09/01/53) and FNMA (coupon rates 3.500%-6.500%, maturity dates 07/01/47-06/01/54) with the aggregate value, including accrued interest, of $19,380,000			19,000		19,000,000
5.33%, dated 06/28/24, due 07/01/24 in the amount of $70,031,092 collateralized by FHLMC (coupon rates 3.000%-6.000%, maturity dates 01/02/50-02/01/54) and FNMA (coupon rates 3.000%-6.500%, maturity dates 06/01/43-06/01/54) with the aggregate value, including accrued interest, of $71,400,000			70,000		70,000,000


Interest Rate	Maturity Date	Principal Amount (000)#		Value

REPURCHASE AGREEMENTS (continued)
NatWest Markets Securities, Inc.
5.4%, dated 06/25/24, due 07/02/24 in the amount of $60,063,000 collateralized by FFCSB (coupon rates 1.750%-4.750%, maturity dates 02/12/25-04/02/40) with the aggregate value, including accrued interest, of $61,264,439			60,000	$	60,000,000
5.35%, dated 06/27/24, due 07/03/24 in the amount of $10,008,917 collateralized by FFCSB (coupon rate 4.875%, maturity date 08/28/26) with the aggregate value, including accrued interest, of $10,210,019			10,000		10,000,000
RBC Dominion Securities, Inc.
5.33%, dated 06/28/24, due 07/01/24 in the amount of $39,487,531 collateralized by FHLMC (coupon rates 1.500%-6.000%, maturity dates 07/01/48-04/01/53), FNMA (coupon rates 1.500%-6.500%, maturity dates 07/01/46-01/01/54) and GNMA (coupon rates 2.500%-4.500%, maturity dates 04/20/45-06/20/52) with the aggregate value, including accrued interest, of $40,259,400			39,470		39,470,000
State Street Bank & Trust Company
5.31%, dated 06/28/24, due 07/01/24 in the amount of $100,044,250 collateralized by U.S. Treasury Securities (coupon rates 0.500%-4.625%, maturity dates 02/28/26-03/15/26) with the aggregate value, including accrued interest, of $102,875,475			100,000		100,000,000
TD Securities (USA) LLC
5.33%, dated 06/28/24, due 07/01/24 in the amount of $50,022,208 collateralized by U.S. Treasury Securities (coupon rates 0.250%-4.375%, maturity dates 08/15/25-02/15/30) with the aggregate value, including accrued interest, of $51,000,034			50,000		50,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

A114

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

REPURCHASE AGREEMENTS (continued)
Wells Fargo Securities LLC
5.35%, dated 06/27/24, due 07/03/24 in the amount of $16,014,267 collateralized by FNMA (coupon rate 6.000%, maturity date 03/01/54) with the aggregate value, including accrued interest, of $16,334,553			16,000	$	16,000,000
5.33%, dated 06/28/24, due 07/01/24 in the amount of $50,022,208 collateralized by FHLMC (coupon rates 2.000%-6.000%, maturity dates 05/01/28-06/01/54) with the aggregate value, including accrued interest, of $51,022,653			50,000		50,000,000


TOTAL REPURCHASE AGREEMENTS (cost $763,470,000)					763,470,000


U.S. GOVERNMENT AGENCY OBLIGATIONS — 25.6%
Federal Farm Credit Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%)
5.360%(c)	11/06/24		11,000		11,000,000
Federal Farm Credit Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)
5.370%(c)	11/27/24		6,000		6,000,000
Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)
5.380%(c)	04/09/25		9,000		9,000,000
5.380%(c)	07/02/25		8,000		8,000,000
Federal Farm Credit Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%)
5.385%(c)	09/20/24		10,000		10,000,000
5.385%(c)	02/12/25		8,000		8,000,000
Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)
5.390%(c)	01/22/25		8,000		8,000,000
Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%)
5.425%(c)	07/01/24		3,000		3,000,000
Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%)
5.440%(c)	08/08/24		2,000		2,000,161
Federal Farm Credit Bank, SOFR + 0.110% (Cap N/A, Floor 0.000%)
5.450%(c)	11/15/24		5,000		5,000,000
5.450%(c)	01/17/25		8,000		8,003,211
Federal Farm Credit Bank, SOFR + 0.150% (Cap N/A, Floor 0.000%)
5.490%(c)	01/03/25		4,000		4,002,305
Federal Farm Credit Bank, SOFR + 0.180% (Cap N/A, Floor 0.000%)
5.520%(c)	10/16/24		5,000		5,002,219
Federal Home Loan Bank
5.312%(n)	09/11/24		16,000		15,832,160
5.319%(n)	09/25/24		15,000		14,811,875
5.321%(n)	09/27/24		3,000		2,961,500
5.327%(n)	09/18/24		5,000		4,942,505
5.329%(n)	08/28/24		16,000		15,864,460
5.334%(n)	09/20/24		5,000		4,940,994
Federal Home Loan Bank, SOFR + 0.000% (Cap N/A, Floor 0.000%)
5.340%(c)	07/02/24		11,000		11,000,000
5.340%(c)	09/26/24		17,000		17,000,000
Federal Home Loan Bank, SOFR + 0.005% (Cap N/A, Floor 0.000%)
5.345%(c)	08/13/24		16,000		16,000,000
Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)
5.350%(c)	08/15/24		12,000		12,000,000


Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
5.350%(c)	09/12/24		12,000	$	12,000,000
5.350%(c)	11/04/24		9,000		9,000,000
5.350%(c)	11/25/24		11,250		11,250,000
Federal Home Loan Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)
5.355%(c)	09/10/24		12,000		12,000,000
5.355%(c)	11/29/24		11,000		11,000,000
Federal Home Loan Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)
5.365%(c)	10/11/24		11,000		11,000,000
5.365%(c)	11/14/24		12,000		12,000,000
Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%)
5.445%(c)	11/08/24		7,000		7,000,000
Federal Home Loan Bank, SOFR + 0.115% (Cap N/A, Floor 0.000%)
5.455%(c)	06/20/25		13,000		13,000,000
5.455%(c)	07/10/25		11,000		11,000,000
Federal Home Loan Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%)
5.460%(c)	11/18/24		10,000		10,000,000
Federal Home Loan Bank, SOFR + 0.125% (Cap N/A, Floor 0.000%)
5.465%(c)	01/24/25		12,000		12,000,000


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $333,611,390)					333,611,390


U.S. TREASURY OBLIGATIONS(n) — 15.8%
U.S. Treasury Bills
5.173%	08/08/24		8,000		7,957,434
5.237%	08/15/24		24,000		23,846,250
5.262%	08/29/24		17,000		16,857,198
5.281%	08/22/24		25,000		24,813,461
5.291%	08/06/24		18,000		17,906,400
5.296%	07/30/24		940		936,059
5.318%	09/19/24		12,750		12,601,321
5.321%	08/01/24		3,000		2,986,436
5.322%	08/13/24		16,940		16,834,177
5.327%	08/20/24		22,000		21,840,041
5.327%	09/17/24		8,000		7,909,258
5.327%	09/24/24		10,000		9,876,396
5.330%	10/01/24		12,000		11,839,383
5.332%	09/10/24		5,000		4,948,328
5.335%	08/27/24		24,000		23,800,788


TOTAL U.S. TREASURY OBLIGATIONS (cost $204,952,930)					204,952,930


TOTAL INVESTMENTS—100.0% (cost $1,302,034,320)					1,302,034,320
Other assets in excess of liabilities — 0.0%					200,575


NET ASSETS — 100.0%				$	1,302,234,895

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

#	Principal amount is shown in U.S. dollars unless otherwise stated.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(n)	Rate shown reflects yield to maturity at purchased date.

SEE NOTES TO FINANCIAL STATEMENTS.

A115

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Short-Term Investments
Repurchase Agreements		$	—		$	763,470,000		$	—
U.S. Government Agency Obligations			—			333,611,390			—
U.S. Treasury Obligations			—			204,952,930			—

Total		$	—		$	1,302,034,320		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2024 were as follows:


Repurchase Agreements	58.6	%
U.S. Government Agency Obligations	25.6
U.S. Treasury Obligations	15.8

	100.0
Other assets in excess of liabilities	0.0

	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(1)			Net Amount
Repurchase Agreement	Banco Bilbao Vizcaya Argentaria		$	50,000,000	$	(50,000,000	)	$	—
Repurchase Agreement	Bank of America Securities, Inc.			70,000,000		(70,000,000	)		—
Repurchase Agreement	Bank of Nova Scotia			50,000,000		(50,000,000	)		—
Repurchase Agreements	Canadian Imperial Bank of Commerce			90,000,000		(90,000,000	)		—
Repurchase Agreements	ING Financial Markets LLC			89,000,000		(89,000,000	)		—
Repurchase Agreements	Natixis			89,000,000		(89,000,000	)		—
Repurchase Agreements	NatWest Markets Securities, Inc.			70,000,000		(70,000,000	)		—
Repurchase Agreement	RBC Dominion Securities, Inc.			39,470,000		(39,470,000	)		—
Repurchase Agreement	State Street Bank & Trust Company			100,000,000		(100,000,000	)		—
Repurchase Agreement	TD Securities (USA) LLC			50,000,000		(50,000,000	)		—
Repurchase Agreements	Wells Fargo Securities LLC			66,000,000		(66,000,000	)		—

			$	763,470,000

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A116

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Repurchase Agreements (cost $763,470,000)	$	763,470,000
Investments, at value:		538,564,320
Cash		154
Receivable for Portfolio shares sold		8,555,246
Interest receivable		2,617,743
Prepaid expenses		1,218

Total Assets		1,313,208,681

LIABILITIES
Payable for investments purchased		8,000,000
Payable for Portfolio shares purchased		2,547,252
Management fee payable		319,479
Distribution fee payable		61,749
Accrued expenses and other liabilities		44,116
Affiliated transfer agent fee payable		1,190

Total Liabilities		10,973,786

NET ASSETS	$	1,302,234,895

Net assets were comprised of:
Partners’ Equity	$	1,302,234,895

Class I:
Net asset value and redemption price per share, $995,138,248 / 99,483,607 outstanding shares of beneficial interest	$	10.00

Class III:
Net asset value and redemption price per share, $307,096,647 / 30,701,667 outstanding shares of beneficial interest	$	10.00

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
Interest income	$	33,465,098

EXPENSES
Management fee		1,859,202
Distribution fee—Class III		348,461
Custodian and accounting fees		52,968
Shareholders’ reports		25,623
Professional Fees		18,037
Audit fee		16,604
Trustees’ fees		13,649
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,733
Miscellaneous		17,035

Total expenses		2,357,312

NET INVESTMENT INCOME (LOSS)		31,107,786

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions		4,442

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	31,112,228

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	31,107,786			$	51,728,929
Net realized gain (loss) on investment transactions			4,442				56,927

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			31,112,228				51,785,856

DISTRIBUTIONS
Class I			(24,108,996	)			(43,482,898	)
Class III			(6,647,357	)			(8,302,958	)

			(30,756,353	)			(51,785,856	)

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			602,886,688				1,691,793,375
Portfolio shares issued in reinvestment of distributions			30,756,353				51,785,856
Portfolio shares purchased			(500,295,782	)			(1,520,358,197	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			133,347,259				223,221,034

TOTAL INCREASE (DECREASE)			133,703,134				223,221,034
NET ASSETS:
Beginning of period			1,168,531,761				945,310,727

End of period		$	1,302,234,895			$	1,168,531,761

SEE NOTES TO FINANCIAL STATEMENTS.

A117

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	10.00			$	10.00			$	10.00			$	10.00			$	10.00			$	10.00

Income (Loss) From Investment Operations:
Net investment income (loss) and realized gains (losses)			0.25				0.48				0.14				—	^(b)			0.03				0.19
Less Dividends and Distributions			(0.25	)			(0.48	)			(0.14	)			(—	)^(b)			(0.03	)			(0.19	)

Net Asset Value, end of period		$	10.00			$	10.00			$	10.00			$	10.00			$	10.00			$	10.00

Total Return^(c)			2.56	%			4.87	%			1.39	%			0.04	%			0.30	%			1.92	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	995			$	931			$	803			$	725			$	792			$	600
Average net assets (in millions)		$	966			$	910			$	780			$	748			$	667			$	563
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement			0.32	%^(e)			0.33	%			0.27	%			0.06	%			0.21	%			0.35	%
Expenses before waivers and/or expense reimbursement			0.32	%^(e)			0.33	%			0.32	%			0.32	%			0.34	%			0.35	%
Net investment income (loss)			5.08	%^(e)			4.78	%			1.37	%			—	%			0.26	%			1.88	%


Class III
	Six Months Ended June 30,				Year Ended December 31,												May 18, 2020^(f) through December 31, 2020
	2024				2023				2022				2021				May 18, 2020^(f) through December 31, 2020
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	10.00			$	10.00			$	10.00			$	10.00			$	10.00

Income (Loss) From Investment Operations:
Net investment income (loss) and realized gains (losses)			0.24				0.45				0.12				—	^(b)			—	^(b)
Less Dividends and Distributions:			(0.24	)			(0.45	)			(0.12	)			(—	)^(b)			(—	)^(b)

Net Asset Value, end of period		$	10.00			$	10.00			$	10.00			$	10.00			$	10.00

Total Return^(c)			2.43	%			4.61	%			1.22	%			0.04	%			—	%^(b)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	307			$	237			$	143			$	144			$	66
Average net assets (in millions)		$	280			$	182			$	137			$	118			$	34
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement			0.57	%^(e)			0.58	%			0.44	%			0.06	%			0.13	%^(e)
Expenses before waivers and/or expense reimbursement			0.57	%^(e)			0.58	%			0.58	%			0.58	%			0.58	%^(e)
Net investment income (loss)			4.83	%^(e)			4.57	%			1.23	%			—	%			—	%^(b)(e)

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(c)

(d)	Does not include expenses of the underlying funds in which the Portfolio invests.

(e)	Annualized.

(f)	Commencement of offering.

SEE NOTES TO FINANCIAL STATEMENTS.

A118

PSF PGIM HIGH YIELD BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

LONG-TERM INVESTMENTS — 96.2%
ASSET-BACKED SECURITIES — 1.5%
Collateralized Loan Obligations
BlueMountain CLO Ltd. (Cayman Islands),
Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)
6.670%(c)	07/15/31		2,091	$	2,093,519
CIFC Funding Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%)
6.626%(c)	04/20/31		2,181		2,183,912
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)
6.770%(c)	01/15/31		1,414		1,414,866
Race Point CLO Ltd. (Cayman Islands),
Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)
6.627%(c)	02/20/30		2,122		2,123,778


TOTAL ASSET-BACKED SECURITIES (cost $7,704,272)					7,816,075

CORPORATE BONDS — 82.5%
Advertising — 0.3%
Clear Channel Outdoor Holdings, Inc.,
Sr. Sec’d. Notes, 144A
5.125%	08/15/27		325		310,449
9.000%	09/15/28		125		130,478
CMG Media Corp.,
Gtd. Notes, 144A
8.875%	12/15/27		1,725		983,821


					1,424,748

Aerospace & Defense — 2.3%
Boeing Co. (The),
Sr. Unsec’d. Notes
5.805%	05/01/50		1,395		1,259,503
5.930%	05/01/60		725		648,635
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%	02/15/28(a)		1,115		1,100,014
7.000%	06/01/32		395		400,490
7.125%	06/15/26		863		872,666
7.250%	07/01/31		400		409,376
7.500%	02/01/29(a)		1,300		1,345,337
7.875%	04/15/27		2,675		2,678,344
8.750%	11/15/30		860		928,800
TransDigm, Inc.,
Gtd. Notes
4.625%	01/15/29		400		373,755
5.500%	11/15/27		775		761,134
Sr. Sec’d. Notes, 144A
6.375%	03/01/29		990		996,132
6.625%	03/01/32		750		758,674


					12,532,860


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Agriculture — 0.2%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%	02/01/29		1,425	$	1,335,310

Airlines — 0.9%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A
7.250%	02/15/28(a)		300		300,001
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%	04/20/26(a)		83		82,604
5.750%	04/20/29(a)		1,125		1,096,211
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	04/15/26		640		618,552
4.625%	04/15/29		440		409,994
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A
6.375%	02/01/30		650		514,313
7.875%	05/01/27		1,265		1,116,362
9.500%	06/01/28		595		525,088


					4,663,125

Apparel — 0.3%
Kontoor Brands, Inc.,
Gtd. Notes, 144A
4.125%	11/15/29(a)		500		452,660
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%	08/15/29		1,650		1,378,969


					1,831,629

Auto Manufacturers — 0.7%
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%	01/15/43		100		80,962
7.400%	11/01/46		275		296,931
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
3.375%	11/13/25		800		774,223
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A
7.750%	10/15/25		750		753,975
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A
8.750%	12/15/31		560		580,678
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A
9.500%	10/01/28		1,475		1,504,496


					3,991,265

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A
4.875%	08/15/26		1,225		1,189,781
Sr. Sec’d. Notes, 144A
7.000%	04/15/28		350		357,542

SEE NOTES TO FINANCIAL STATEMENTS.

A119

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Auto Parts & Equipment (cont’d.)
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.250%	03/15/26		474	$	472,878
6.500%	04/01/27(a)		625		623,680
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%	04/15/25		237		235,815
Dana, Inc.,
Sr. Unsec’d. Notes
4.250%	09/01/30(a)		475		414,406
4.500%	02/15/32		25		21,415
5.375%	11/15/27(a)		175		171,254
5.625%	06/15/28(a)		50		48,469
Garrett Motion Holdings, Inc./Garrett LX I Sarl,
Gtd. Notes, 144A
7.750%	05/31/32		930		944,435
Phinia, Inc.,
Sr. Sec’d. Notes, 144A
6.750%	04/15/29		200		203,035
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
8.000%	11/17/28		2,125		1,932,832
Titan International, Inc.,
Sr. Sec’d. Notes
7.000%	04/30/28		975		937,483


					7,553,025

Banks — 0.7%
Citigroup, Inc.,
Jr. Sub. Notes, Series X
3.875%(ff)	02/18/26(oo)		1,125		1,066,377
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A
6.625%	01/15/27		750		724,256
7.625%	05/01/26		925		918,659
12.000%	10/01/28		100		107,349
12.250%	10/01/30		350		376,971
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A
4.198%(ff)	06/01/32(a)		975		828,628


					4,022,240

Building Materials — 1.7%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.750%	08/01/28		550		539,479
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A
6.125%	01/15/29		875		719,499
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A
7.875%	01/31/27		830		832,046
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A
6.750%	07/15/31		275		278,461


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Building Materials (cont’d.)
Griffon Corp.,
Gtd. Notes
5.750%	03/01/28		425	$	410,284
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.625%	12/15/25		300		294,705
Knife River Corp.,
Sr. Unsec’d. Notes, 144A
7.750%	05/01/31(a)		250		261,310
Masterbrand, Inc.,
Gtd. Notes, 144A
7.000%	07/15/32		250		252,795
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,
Sr. Sec’d. Notes, 144A
6.750%	04/01/32(a)		425		427,552
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A
5.500%	02/01/30		710		656,600
Owens Corning,
Sr. Unsec’d. Notes, 144A
3.500%	02/15/30(a)		275		250,539
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A
6.000%	11/01/28		1,198		1,170,346
8.875%	11/15/31(a)		505		535,739
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
3.375%	01/15/31		400		336,757
4.375%	07/15/30(a)		975		880,828
4.750%	01/15/28		525		500,588
5.000%	02/15/27		890		864,847


					9,212,375

Chemicals — 1.2%
Ashland, Inc.,
Sr. Unsec’d. Notes
6.875%	05/15/43		1,705		1,742,939
ASP Unifrax Holdings, Inc.,
Sr. Sec’d. Notes, 144A
5.250%	09/30/28		250		136,887
Sr. Unsec’d. Notes, 144A
7.500%	09/30/29		225		113,768
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%
15.000%	12/06/28^		471		470,537
Sr. Sec’d. Notes, 144A
15.000%	12/06/28^		77		77,000
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A
4.250%	10/01/28		500		454,435
7.250%	06/15/31		395		392,821
9.750%	11/15/28		825		873,957
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A
7.250%	04/01/25		30		29,314

SEE NOTES TO FINANCIAL STATEMENTS.

A120

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Chemicals (cont’d.)
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A
5.000%	10/30/29(a)		665	$	600,162
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A
3.375%	03/15/30		425		367,094
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A
13.000%	12/16/27		678		685,725
Tronox, Inc.,
Gtd. Notes, 144A
4.625%	03/15/29(a)		420		379,636
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A
7.375%	03/01/31		150		151,898


					6,476,173

Coal — 0.2%
Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A
13.125%	05/01/28		616		623,700
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
10.750%	05/15/26		323		333,497


					957,197

Commercial Services — 3.8%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A
5.500%	03/01/28		390		374,848
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A
7.875%	02/15/31		700		702,512
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%	07/15/26		52		51,855
Sr. Unsec’d. Notes, 144A
6.000%	06/01/29		1,625		1,422,898
9.750%	07/15/27		2,200		2,186,999
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%	06/01/28		1,060		959,300
4.625%	06/01/28		1,065		970,311
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A
9.000%	06/01/29		505		470,812
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%	04/15/29(a)		1,200		1,080,450
4.625%	10/01/27(a)		575		547,744
APi Group DE, Inc.,
Gtd. Notes, 144A
4.750%	10/15/29		250		233,272
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A
4.750%	04/01/28(a)		550		506,581


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Commercial Services (cont’d.)
5.750%	07/15/27(a)		220	$	212,842
5.750%	07/15/27(a)		575		555,360
Boost Newco Borrower LLC,
Sr. Sec’d. Notes, 144A
7.500%	01/15/31		400		417,154
Brink’s Co. (The),
Gtd. Notes, 144A
6.500%	06/15/29		125		126,352
Herc Holdings, Inc.,
Gtd. Notes, 144A
6.625%	06/15/29		380		385,382
Hertz Corp. (The),
Gtd. Notes, 144A
4.625%	12/01/26		300		217,777
5.000%	12/01/29		350		214,519
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A
6.500%	05/15/29		2,575		2,400,444
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A
5.500%	04/15/29(a)		975		904,170
Service Corp. International,
Sr. Unsec’d. Notes
3.375%	08/15/30		625		544,798
United Rentals North America, Inc.,
Gtd. Notes
3.750%	01/15/32		450		391,339
4.000%	07/15/30		100		90,487
4.875%	01/15/28(a)		3,500		3,389,599
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A
3.625%	06/15/31		250		215,229
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A
8.500%	08/15/30		325		341,214
Williams Scotsman, Inc.,
Sr. Sec’d. Notes, 144A
6.625%	06/15/29		235		236,803


					20,151,051

Computers — 1.1%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A
5.375%	10/31/26		200		191,312
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A
7.500%	06/01/31		355		364,109
Gartner, Inc.,
Gtd. Notes, 144A
3.625%	06/15/29(a)		325		297,544
3.750%	10/01/30		225		201,805
McAfee Corp.,
Sr. Unsec’d. Notes, 144A
7.375%	02/15/30		1,760		1,625,058
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A
9.500%	04/01/29		1,155		1,249,090

SEE NOTES TO FINANCIAL STATEMENTS.

A121

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Computers (cont’d.)
NCR Voyix Corp.,
Gtd. Notes, 144A
5.000%	10/01/28		125	$	118,097
5.125%	04/15/29(a)		935		880,213
5.250%	10/01/30		680		622,127
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A
5.750%	06/01/25(a)		300		299,622


					5,848,977

Distribution/Wholesale — 0.6%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A
3.875%	12/15/28		2,100		1,894,266
Ritchie Bros Holdings, Inc. (Canada),
Gtd. Notes, 144A
7.750%	03/15/31		350		364,441
Sr. Sec’d. Notes, 144A
6.750%	03/15/28(a)		175		178,281
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A
8.000%	06/01/29		175		179,817
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A
8.500%	06/15/30		700		731,274


					3,348,079

Diversified Financial Services — 4.2%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A
9.750%	03/15/29		1,150		1,208,521
Encore Capital Group, Inc.,
Sr. Sec’d. Notes, 144A
8.500%	05/15/30		250		254,210
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A
9.125%	05/15/31		495		482,154
9.250%	02/01/29		310		310,071
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A
6.875%	04/15/29		150		152,625
8.000%	02/15/27		400		413,632
Sr. Unsec’d. Notes, 144A
8.000%	06/15/28(a)		400		420,500
goeasy Ltd. (Canada),
Gtd. Notes, 144A
4.375%	05/01/26		400		386,000
9.250%	12/01/28		105		111,431
Sr. Unsec’d. Notes, 144A
7.625%	07/01/29		250		253,750
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes, 144A
3.625%	09/01/28		1,165		1,098,926
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A
5.000%	08/15/28		850		784,959


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
LD Holdings Group LLC,
Gtd. Notes, 144A
6.125%	04/01/28		750	$	562,233
LFS Topco LLC,
Gtd. Notes, 144A
5.875%	10/15/26		500		462,206
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A
6.400%	03/26/29		175		177,406
6.500%	03/26/31		455		466,375
8.125%	03/30/29(a)		825		871,406
8.375%	05/01/28		75		78,938
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.125%	12/15/30		1,725		1,583,907
5.500%	08/15/28		175		168,273
5.750%	11/15/31(a)		1,320		1,240,368
6.000%	01/15/27		510		504,606
Navient Corp.,
Sr. Unsec’d. Notes
5.500%	03/15/29(a)		700		638,709
6.750%	06/25/25		375		374,856
9.375%	07/25/30		775		814,689
OneMain Finance Corp.,
Gtd. Notes
3.875%	09/15/28		975		873,880
4.000%	09/15/30(a)		425		364,692
6.625%	01/15/28(a)		75		75,289
7.125%	03/15/26		2,250		2,284,216
7.500%	05/15/31		545		551,733
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%	02/15/29		575		522,802
5.375%	10/15/25		1,200		1,189,724
5.750%	09/15/31(a)		350		328,073
7.125%	11/15/30		345		344,045
7.875%	12/15/29		100		103,084
PRA Group, Inc.,
Gtd. Notes, 144A
8.875%	01/31/30		320		320,075
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A
3.875%	03/01/31		925		806,104
4.000%	10/15/33(a)		750		632,133


					22,216,601

Electric — 4.4%
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%	02/01/29		2,732		2,549,835
5.000%	02/01/31		1,750		1,632,715
5.125%	03/15/28		4,900		4,712,811
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 13.000%
13.000%	06/01/24^(d)		522		147,262

SEE NOTES TO FINANCIAL STATEMENTS.

A122

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
NRG Energy, Inc.,
Gtd. Notes
5.750%	01/15/28		750	$	744,272
6.625%	01/15/27		442		441,155
Gtd. Notes, 144A
3.375%	02/15/29		300		266,873
3.625%	02/15/31		950		815,056
3.875%	02/15/32(a)		1,275		1,096,304
5.250%	06/15/29		625		600,458
Jr. Sub. Notes, 144A
10.250%(ff)	03/15/28(oo)		925		1,010,697
PG&E Corp.,
Sr. Sec’d. Notes
5.250%	07/01/30		555		530,645
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)	12/15/26(oo)		1,675		1,659,370
8.000%(ff)	10/15/26(oo)		975		982,666
Jr. Sub. Notes, Series C, 144A
8.875%(ff)	01/15/29(oo)		725		749,569
Vistra Operations Co. LLC,
Gtd. Notes, 144A
4.375%	05/01/29(a)		1,200		1,117,910
5.000%	07/31/27		1,565		1,514,212
5.500%	09/01/26		1,050		1,035,887
5.625%	02/15/27		1,708		1,679,378
6.875%	04/15/32		405		411,154


					23,698,229

Electrical Components & Equipment — 0.6%
Energizer Holdings, Inc.,
Gtd. Notes, 144A
4.375%	03/31/29		1,275		1,152,550
4.750%	06/15/28		225		210,711
EnerSys,
Gtd. Notes, 144A
6.625%	01/15/32		140		142,661
WESCO Distribution, Inc.,
Gtd. Notes, 144A
6.375%	03/15/29		390		391,560
6.625%	03/15/32(a)		295		298,318
7.250%	06/15/28(a)		835		850,886


					3,046,686

Electronics — 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A
9.750%	10/15/25		1,060		1,068,371

Engineering & Construction — 0.1%
Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A
10.375%	08/01/30		300		324,240
TopBuild Corp.,
Gtd. Notes, 144A
3.625%	03/15/29		410		369,921


					694,161


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Entertainment — 2.8%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A
4.625%	10/15/29(a)		2,350	$	2,153,831
Sr. Sec’d. Notes, 144A
6.500%	02/15/32(a)		1,045		1,050,098
7.000%	02/15/30		1,625		1,660,474
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.375%	05/01/26		450		446,150
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	04/01/30		500		485,832
Everi Holdings, Inc.,
Gtd. Notes, 144A
5.000%	07/15/29		100		98,247
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
5.250%	01/15/29(a)		675		651,881
6.250%	01/15/27		450		449,798
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%	02/15/29		1,050		976,873
6.750%	02/15/29		550		513,373
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
4.875%	05/01/29		1,075		1,001,687
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
4.125%	07/01/29(a)		825		707,095
5.625%	01/15/27(a)		1,775		1,712,952
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A
5.875%	09/01/31		925		630,120
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A
6.625%	03/01/30(a)		800		779,850
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
5.125%	10/01/29(a)		1,020		970,996
7.125%	02/15/31(a)		565		585,826


					14,875,083

Environmental Control — 0.6%
GFL Environmental, Inc.,
Gtd. Notes, 144A
4.000%	08/01/28		175		162,313
4.375%	08/15/29(a)		1,000		919,470
4.750%	06/15/29		225		211,781
Sr. Sec’d. Notes, 144A
6.750%	01/15/31		480		489,000
Reworld Holding Corp.,
Gtd. Notes
5.000%	09/01/30		375		338,398
Gtd. Notes, 144A
4.875%	12/01/29(a)		765		698,858

SEE NOTES TO FINANCIAL STATEMENTS.

A123

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Environmental Control (cont’d.)
Wrangler Holdco Corp. (Canada),
Gtd. Notes, 144A
6.625%	04/01/32		165	$	164,229


					2,984,049

Foods — 1.7%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
3.500%	03/15/29		725		651,671
B&G Foods, Inc.,
Gtd. Notes
5.250%	04/01/25		601		595,469
5.250%	09/15/27		2,210		2,049,972
Sr. Sec’d. Notes, 144A
8.000%	09/15/28		845		857,716
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
5.500%	01/15/30		950		936,274
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.375%	01/31/32(a)		500		445,639
Pilgrim’s Pride Corp.,
Gtd. Notes
3.500%	03/01/32		300		253,833
4.250%	04/15/31		650		591,382
Post Holdings, Inc.,
Gtd. Notes, 144A
4.625%	04/15/30(a)		1,460		1,341,522
5.500%	12/15/29		400		385,615
Sr. Sec’d. Notes, 144A
6.250%	02/15/32(a)		240		240,611
Sr. Unsec’d. Notes, 144A
4.500%	09/15/31		675		604,946


					8,954,650

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.500%	05/20/25		168		167,477
5.750%	05/20/27		330		310,883
5.875%	08/20/26		493		477,673


					956,033

Healthcare-Products — 1.0%
Embecta Corp.,
Sr. Sec’d. Notes, 144A
5.000%	02/15/30		200		164,766
6.750%	02/15/30		50		43,781
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29		4,650		4,281,610
Medline Borrower LP/Medline Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A
6.250%	04/01/29(a)		625		631,973


					5,122,130


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Healthcare-Services — 4.0%
Concentra Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A
6.875%	07/15/32		295	$	299,090
DaVita, Inc.,
Gtd. Notes, 144A
3.750%	02/15/31		2,875		2,454,109
4.625%	06/01/30		3,000		2,714,684
HCA, Inc.,
Gtd. Notes
7.050%	12/01/27		1,750		1,831,217
7.500%	11/06/33		650		720,033
Gtd. Notes, MTN
7.750%	07/15/36		400		454,572
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A
4.375%	02/15/27		625		597,157
LifePoint Health, Inc.,
Gtd. Notes, 144A
5.375%	01/15/29		2,575		2,255,077
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.500%	09/01/28		1,675		1,269,878
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A
7.250%	11/01/25(a)		1,600		1,597,569
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.250%	06/01/29		2,050		1,908,573
4.375%	01/15/30		2,900		2,687,241
Sr. Unsec’d. Notes
6.875%	11/15/31(a)		2,350		2,475,895


					21,265,095

Home Builders — 4.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A
4.625%	08/01/29		900		810,701
4.625%	04/01/30		800		714,596
Beazer Homes USA, Inc.,
Gtd. Notes
5.875%	10/15/27		1,300		1,281,036
7.250%	10/15/29(a)		1,775		1,774,977
Sr. Unsec’d. Notes, 144A
7.500%	03/15/31		465		465,377
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
4.875%	02/15/30		1,625		1,454,034
6.250%	09/15/27		625		615,181
Sr. Unsec’d. Notes, 144A
5.000%	06/15/29		900		819,000
Century Communities, Inc.,
Gtd. Notes, 144A
3.875%	08/15/29		125		111,383
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A
9.750%	05/01/29		500		507,500

SEE NOTES TO FINANCIAL STATEMENTS.

A124

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Home Builders (cont’d.)
Forestar Group, Inc.,
Gtd. Notes, 144A
3.850%	05/15/26		350	$	335,205
5.000%	03/01/28(a)		1,300		1,249,058
KB Home,
Gtd. Notes
4.000%	06/15/31(a)		425		375,059
4.800%	11/15/29		1,500		1,413,140
7.250%	07/15/30		250		257,397
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A
8.875%	04/01/29		935		926,811
M/I Homes, Inc.,
Gtd. Notes
3.950%	02/15/30		325		289,276
4.950%	02/01/28		450		433,325
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%	03/01/30		1,625		1,495,000
5.250%	12/15/27		1,000		971,580
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A
9.250%	10/01/29		315		317,532
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes
4.750%	02/15/28		1,075		1,016,987
4.750%	04/01/29		700		651,018
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
8.750%	02/15/29(a)		480		500,541
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%	06/15/27		1,000		995,181
Sr. Unsec’d. Notes, 144A
5.125%	08/01/30		1,367		1,310,195
Tri Pointe Homes, Inc.,
Gtd. Notes
5.700%	06/15/28(a)		1,090		1,066,893


					22,157,983

Household Products/Wares — 0.7%
ACCO Brands Corp.,
Gtd. Notes, 144A
4.250%	03/15/29(a)		1,475		1,319,326
Central Garden & Pet Co.,
Gtd. Notes, 144A
4.125%	04/30/31		50		44,038
Kronos Acquisition Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
8.250%	06/30/31		730		731,365
Sr. Unsec’d. Notes, 144A
10.750%	06/30/32		355		340,537
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A
7.000%	12/31/27		750		775,312


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Household Products/Wares (cont’d.)
Sr. Sec’d. Notes, 144A
5.000%	12/31/26		650	$	662,594


					3,873,172

Housewares — 0.7%
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.000%	04/01/31		1,950		1,681,790
4.375%	02/01/32(a)		975		839,566
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A
6.500%	10/01/29		1,900		999,134


					3,520,490

Insurance — 0.8%
Acrisure LLC/Acrisure Finance, Inc.,
Sr. Sec’d. Notes, 144A
7.500%	11/06/30		620		621,356
Sr. Unsec’d. Notes, 144A
8.250%	02/01/29		1,635		1,646,741
8.500%	06/15/29		350		354,595
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A
4.875%	06/30/29		200		186,195
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%	01/15/29		585		547,391
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A
5.875%	04/15/29		800		746,083


					4,102,361

Internet — 0.6%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A
3.875%	09/15/27		1,325		1,168,713
Sr. Unsec’d. Notes, 144A
5.625%	09/15/28		820		662,300
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%	04/15/25		1,150		1,142,597
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A
3.500%	03/01/29		400		361,237


					3,334,847

Iron/Steel — 0.5%
ATI, Inc.,
Sr. Unsec’d. Notes
7.250%	08/15/30(a)		330		341,662
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%	01/31/29		863		865,052
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A
6.750%	04/15/30(a)		750		743,339

SEE NOTES TO FINANCIAL STATEMENTS.

A125

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Iron/Steel (cont’d.)
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
9.250%	10/01/28		525	$	549,780


					2,499,833

Leisure Time — 3.8%
Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A
6.750%	02/16/31		790		784,944
Carnival Corp.,
Gtd. Notes, 144A
5.750%	03/01/27		3,250		3,201,250
6.000%	05/01/29(a)		1,575		1,549,406
Sr. Sec’d. Notes, 144A
4.000%	08/01/28		675		633,445
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A
9.000%	05/15/28(a)		950		977,877
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A
6.750%	02/15/27(a)		300		296,165
NCL Corp. Ltd.,
Gtd. Notes, 144A
5.875%	03/15/26		1,375		1,359,531
Sr. Sec’d. Notes, 144A
5.875%	02/15/27		125		123,359
8.125%	01/15/29		400		419,040
8.375%	02/01/28		675		705,530
Sr. Unsec’d. Notes, 144A
7.750%	02/15/29		1,425		1,480,903
NCL Finance Ltd.,
Gtd. Notes, 144A
6.125%	03/15/28		1,450		1,431,875
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A
7.250%	01/15/30		725		748,236
9.250%	01/15/29		400		427,088
Sr. Sec’d. Notes, 144A
8.250%	01/15/29		225		237,113
Sr. Unsec’d. Notes
3.700%	03/15/28(a)		400		372,400
Sr. Unsec’d. Notes, 144A
5.375%	07/15/27		300		294,375
5.500%	08/31/26		275		272,250
5.500%	04/01/28		950		934,097
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%	09/15/27		1,350		1,336,500
Sr. Unsec’d. Notes, 144A
9.125%	07/15/31		925		999,000
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A
5.625%	02/15/29(a)		850		831,938
Vista Outdoor, Inc.,
Gtd. Notes, 144A
4.500%	03/15/29		75		75,241


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Leisure Time (cont’d.)
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A
5.000%	02/15/28(a)		1,000	$	967,500


					20,459,063

Lodging — 1.5%
Boyd Gaming Corp.,
Gtd. Notes, 144A
4.750%	06/15/31		300		271,556
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A
3.625%	02/15/32		925		800,942
4.000%	05/01/31		150		134,245
5.875%	04/01/29		480		480,320
MGM Resorts International,
Gtd. Notes
4.625%	09/01/26		425		414,020
4.750%	10/15/28(a)		2,000		1,903,865
5.500%	04/15/27		600		592,778
5.750%	06/15/25		25		24,925
6.500%	04/15/32(a)		1,430		1,423,365
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
5.875%	05/15/25		650		645,906
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.625%	08/26/28		1,575		1,474,200


					8,166,122

Machinery-Construction & Mining — 0.1%
Terex Corp.,
Gtd. Notes, 144A
5.000%	05/15/29(a)		600		568,837

Machinery-Diversified — 0.6%
Chart Industries, Inc.,
Gtd. Notes, 144A
9.500%	01/01/31(a)		420		454,822
Sr. Sec’d. Notes, 144A
7.500%	01/01/30		725		750,366
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.625%	12/15/28		1,100		699,904
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
11.500%	09/01/28		1,030		1,064,012
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A
5.250%	07/15/27		224		216,438


					3,185,542

Media — 4.7%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A
5.000%	01/15/28		875		661,456
5.750%	08/15/29		1,925		1,398,031
9.625%	07/15/27		200		183,476

SEE NOTES TO FINANCIAL STATEMENTS.

A126

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Media (cont’d.)
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%	05/01/32		1,440	$	1,161,308
Sr. Unsec’d. Notes, 144A
4.250%	02/01/31		425		346,893
4.750%	03/01/30		850		736,237
5.000%	02/01/28(a)		1,480		1,383,910
5.125%	05/01/27(a)		825		791,781
5.375%	06/01/29(a)		25		22,741
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%	02/15/31		1,190		743,663
4.125%	12/01/30		575		373,629
5.375%	02/01/28		890		675,996
5.500%	04/15/27		475		385,539
6.500%	02/01/29		400		292,625
Sr. Unsec’d. Notes, 144A
4.625%	12/01/30		1,875		685,150
5.000%	11/15/31		310		113,485
5.750%	01/15/30		2,325		876,341
7.500%	04/01/28		200		105,990
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $5,052,669; purchased 07/18/19 - 06/03/22)(f)
6.625%	08/15/27(d)		6,605		132,100
Sec’d. Notes, 144A (original cost $2,812,977; purchased 07/18/19 - 08/30/22)(f)
5.375%	08/15/26(d)		6,440		139,912
DISH DBS Corp.,
Gtd. Notes
5.125%	06/01/29		1,965		773,530
7.375%	07/01/28		950		403,311
7.750%	07/01/26		4,150		2,576,275
DISH Network Corp.,
Sr. Sec’d. Notes, 144A
11.750%	11/15/27		1,850		1,817,314
Gray Television, Inc.,
Sr. Sec’d. Notes, 144A
10.500%	07/15/29		485		487,723
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A
5.375%	08/15/27		425		408,138
News Corp.,
Sr. Unsec’d. Notes, 144A
3.875%	05/15/29		250		230,247
Nexstar Media, Inc.,
Gtd. Notes, 144A
5.625%	07/15/27		255		242,189
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.500%	09/15/26		505		385,247
Sr. Unsec’d. Notes, 144A
6.500%	09/15/28		3,115		1,537,016
Sinclair Television Group, Inc.,
Gtd. Notes, 144A
5.125%	02/15/27		1,095		969,355


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Media (cont’d.)
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
4.500%	05/01/29		720	$	606,360
6.625%	06/01/27		1,525		1,462,163
8.000%	08/15/28		1,080		1,052,506
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A
5.000%	01/15/32		1,000		851,250


					25,012,887

Metal Fabricate/Hardware — 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%	10/15/29		475		437,441

Mining — 1.8%
Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A
8.000%	10/01/30		250		262,438
Unsec’d. Notes, 144A
11.500%	10/01/31		485		543,399
Constellium SE,
Gtd. Notes, 144A
5.875%	02/15/26		400		396,000
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A
6.250%	09/01/29(a)		1,030		983,032
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.875%	10/15/27		850		829,016
8.625%	06/01/31(a)		625		621,250
Sec’d. Notes, 144A
9.375%	03/01/29		280		292,950
Hecla Mining Co.,
Gtd. Notes
7.250%	02/15/28		700		701,640
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A
4.500%	04/01/26		660		645,896
6.125%	04/01/29		1,270		1,265,745
New Gold, Inc. (Canada),
Gtd. Notes, 144A
7.500%	07/15/27		1,375		1,382,824
Novelis Corp.,
Gtd. Notes, 144A
3.875%	08/15/31(a)		625		541,308
4.750%	01/30/30		675		626,147
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A
8.250%	05/01/30		345		353,194


					9,444,839

Miscellaneous Manufacturing — 0.3%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%	07/01/27		425		419,230
Sr. Unsec’d. Notes, 144A
4.625%	05/15/30		570		522,990

SEE NOTES TO FINANCIAL STATEMENTS.

A127

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Miscellaneous Manufacturing (cont’d.)
Trinity Industries, Inc.,
Gtd. Notes, 144A
7.750%	07/15/28		710	$	734,488


					1,676,708

Office/Business Equipment — 0.0%
Zebra Technologies Corp.,
Gtd. Notes, 144A
6.500%	06/01/32		215		217,440

Oil & Gas — 6.7%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A
8.250%	02/15/26		500		505,647
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes
7.875%	12/15/24(d)		5,200		520
Antero Resources Corp.,
Gtd. Notes, 144A
5.375%	03/01/30(a)		95		92,035
7.625%	02/01/29		128		131,756
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%	11/01/26(a)		1,150		1,151,846
9.000%	11/01/27		676		838,651
Sr. Unsec’d. Notes, 144A
8.250%	12/31/28(a)		957		979,781
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A
9.750%	11/01/26		1,343		1,408,471
Chesapeake Energy Corp.,
Gtd. Notes, 144A
5.500%	02/01/26		300		297,134
5.875%	02/01/29		1,050		1,039,216
6.750%	04/15/29		275		275,256
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%	06/15/25		1,525		1,525,039
Civitas Resources, Inc.,
Gtd. Notes, 144A
8.375%	07/01/28		775		813,143
8.625%	11/01/30		500		536,666
CNX Resources Corp.,
Gtd. Notes, 144A
7.250%	03/01/32		355		361,541
Comstock Resources, Inc.,
Gtd. Notes, 144A
5.875%	01/15/30		450		419,442
6.750%	03/01/29(a)		825		799,435
Crescent Energy Finance LLC,
Gtd. Notes, 144A
7.375%	01/15/33		360		360,770
7.625%	04/01/32		335		341,483
9.250%	02/15/28		880		929,574
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%	05/01/29		131		129,933
5.625%	10/15/25		300		299,356


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A
8.500%	10/01/30		275	$	287,031
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	01/30/28(a)		1,150		1,161,199
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%	02/01/29		275		266,159
6.000%	04/15/30		1,315		1,269,692
6.000%	02/01/31		900		860,139
6.250%	11/01/28		1,310		1,293,483
6.250%	04/15/32		435		418,570
8.375%	11/01/33		240		255,724
Matador Resources Co.,
Gtd. Notes, 144A
6.500%	04/15/32		585		585,410
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
5.875%	02/01/29		600		583,500
Nabors Industries Ltd.,
Gtd. Notes, 144A
7.250%	01/15/26		515		521,438
7.500%	01/15/28		1,225		1,163,750
Nabors Industries, Inc.,
Gtd. Notes, 144A
7.375%	05/15/27		250		253,755
9.125%	01/31/30		1,375		1,425,266
Noble Finance II LLC,
Gtd. Notes, 144A
8.000%	04/15/30(a)		225		233,820
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
7.875%	09/15/31		100		111,954
Parkland Corp. (Canada),
Gtd. Notes, 144A
4.500%	10/01/29(a)		975		887,250
4.625%	05/01/30(a)		1,275		1,159,664
Permian Resources Operating LLC,
Gtd. Notes, 144A
7.000%	01/15/32		605		621,775
8.000%	04/15/27		275		281,035
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A
6.875%	01/15/29		900		889,875
7.125%	01/15/26		146		145,635
Range Resources Corp.,
Gtd. Notes
4.875%	05/15/25		475		472,092
Gtd. Notes, 144A
4.750%	02/15/30		219		205,393
SilverBow Resources, Inc.,
Sec’d. Notes, 144A, 3 Month SOFR + 7.750%
13.089%(c)	12/15/28		643		672,438
Southwestern Energy Co.,
Gtd. Notes
4.750%	02/01/32		1,625		1,492,519

SEE NOTES TO FINANCIAL STATEMENTS.

A128

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
5.375%	02/01/29		125	$	121,210
5.375%	03/15/30		1,470		1,420,312
Sunoco LP,
Gtd. Notes, 144A
7.000%	05/01/29(a)		435		445,982
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes
4.500%	05/15/29(a)		375		351,227
4.500%	04/30/30(a)		1,200		1,110,670
5.875%	03/15/28		175		174,251
Transocean, Inc.,
Gtd. Notes, 144A
8.000%	02/01/27		197		196,301
8.250%	05/15/29		695		696,494
Valaris Ltd.,
Sec’d. Notes, 144A
8.375%	04/30/30		300		309,756
Vital Energy, Inc.,
Gtd. Notes
9.750%	10/15/30		225		245,698


					35,827,162

Packaging & Containers — 1.9%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%
6.500%	06/30/27		1,307		333,158
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A
4.125%	08/15/26(a)		400		347,120
Graham Packaging Co., Inc.,
Gtd. Notes, 144A
7.125%	08/15/28		610		576,298
Graphic Packaging International LLC,
Gtd. Notes
4.125%	08/15/24		300		299,260
Gtd. Notes, 144A
3.500%	03/01/29		50		44,889
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%
9.000%	01/15/26		425		404,813
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A
6.000%	09/15/28		1,025		989,545
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A
10.000%	12/15/28		800		686,438
LABL, Inc.,
Sr. Sec’d. Notes, 144A
5.875%	11/01/28		525		478,831
6.750%	07/15/26		190		188,221
9.500%	11/01/28		225		227,342
Sr. Unsec’d. Notes, 144A
8.250%	11/01/29		665		571,837
10.500%	07/15/27		950		929,758


			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value

CORPORATE BONDS (continued)
Packaging & Containers (cont’d.)
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A
7.875%		04/15/27(a)		720	$	735,640
OI European Group BV,
Gtd. Notes, 144A
4.750%		02/15/30		225		205,117
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A
6.625%		05/13/27(a)		170		169,758
7.250%		05/15/31		350		350,440
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		10/15/28(a)		600		560,053
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%		02/01/28(a)		125		125,346
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A
12.750%		12/31/28		1,520		1,659,996
TriMas Corp.,
Gtd. Notes, 144A
4.125%		04/15/29		325		297,150


						10,181,010

Pharmaceuticals — 2.4%
AdaptHealth LLC,
Gtd. Notes, 144A
4.625%		08/01/29		1,025		888,435
5.125%		03/01/30(a)		1,100		963,233
6.125%		08/01/28(a)		920		877,733
Bausch Health Americas, Inc.,
Gtd. Notes, 144A
8.500%		01/31/27		25		17,421
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%		01/30/28		1,550		802,125
5.000%		02/15/29		1,600		778,000
5.250%		01/30/30		750		348,750
5.250%		02/15/31		1,250		581,250
6.250%		02/15/29		6,510		3,287,550
7.000%		01/15/28		250		134,688
9.000%		12/15/25		500		450,000
Sr. Sec’d. Notes, 144A
4.875%		06/01/28		75		56,127
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A
4.375%		01/15/29(a)		350		323,750
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%		04/30/28		300		278,629
Sr. Unsec’d. Notes, 144A
5.125%		04/30/31(a)		3,225		2,895,614
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A
7.750%		11/15/25		400		365,732


						13,049,037

SEE NOTES TO FINANCIAL STATEMENTS.

A129

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Pipelines — 4.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.375%	06/15/29		600	$	582,147
5.750%	01/15/28		1,825		1,796,147
6.625%	02/01/32(a)		245		247,161
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A
7.000%	07/15/29		120		122,210
7.250%	07/15/32		225		231,335
Cheniere Energy Partners LP,
Gtd. Notes
4.000%	03/01/31		900		817,493
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes
4.625%	10/15/28		1,420		1,378,866
DCP Midstream Operating LP,
Gtd. Notes, 144A
6.450%	11/03/36		200		209,473
Energy Transfer LP,
Jr. Sub. Notes, Series G
7.125%(ff)	05/15/30(oo)		625		618,377
EQM Midstream Partners LP,
Sr. Unsec’d. Notes
5.500%	07/15/28		50		49,238
Sr. Unsec’d. Notes, 144A
6.000%	07/01/25		101		101,107
6.500%	07/01/27		790		798,724
7.500%	06/01/27		175		178,854
7.500%	06/01/30		435		463,608
Global Partners LP/GLP Finance Corp.,
Gtd. Notes
6.875%	01/15/29		400		396,786
7.000%	08/01/27		525		526,133
Gtd. Notes, 144A
8.250%	01/15/32		350		359,362
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A
7.375%	07/15/32		200		203,027
8.875%	07/15/28		225		238,110
Northriver Midstream Finance LP (Canada),
Sr. Sec’d. Notes, 144A
6.750%	07/15/32		225		225,394
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.875%	04/15/40		2,069		1,978,661
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
5.500%	01/15/28		1,600		1,531,955
6.000%	12/31/30		515		480,219
6.000%	09/01/31		275		257,437
Sr. Unsec’d. Notes, 144A
7.375%	02/15/29		395		396,947
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		840		765,400
4.125%	08/15/31		240		215,437
6.250%	01/15/30		275		279,263


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Pipelines (cont’d.)
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A
9.500%	02/01/29		2,150	$	2,354,641
9.875%	02/01/32		2,400		2,611,894
Western Midstream Operating LP,
Sr. Unsec’d. Notes
4.050%	02/01/30		575		534,985
5.500%	08/15/48		300		259,162


					21,209,553

Real Estate — 1.2%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
10.500%(cc)	01/15/28(a)		1,424		1,457,445
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
7.750%	09/01/30		225		237,170
Howard Hughes Corp. (The),
Gtd. Notes, 144A
4.125%	02/01/29(a)		1,125		1,007,026
4.375%	02/01/31(a)		1,000		862,919
5.375%	08/01/28		895		850,697
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A
5.250%	04/15/29(a)		2,000		1,818,348


					6,233,605

Real Estate Investment Trusts (REITs) — 1.6%
Diversified Healthcare Trust,
Gtd. Notes
4.375%	03/01/31		550		400,166
9.750%	06/15/25		54		53,908
Sr. Unsec’d. Notes
4.750%	02/15/28		2,325		1,909,328
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31(a)		1,775		1,154,385
5.000%	10/15/27(a)		250		208,514
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Gtd. Notes, 144A
7.000%	02/01/30		335		338,814
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A
4.500%	02/15/29(a)		375		351,591
6.500%	04/01/32(a)		505		504,934
Sabra Health Care LP,
Gtd. Notes
5.125%	08/15/26		300		295,565
SBA Communications Corp.,
Sr. Unsec’d. Notes
3.125%	02/01/29(a)		555		495,253
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%	01/15/27(a)		75		71,069
7.250%	04/01/29(a)		530		535,752

SEE NOTES TO FINANCIAL STATEMENTS.

A130

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.500%	01/15/28		1,175	$	1,130,049
4.625%	12/01/29		1,175		1,109,735


					8,559,063

Retail — 4.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%	10/15/30		2,050		1,795,985
Sr. Sec’d. Notes, 144A
6.125%	06/15/29		465		465,000
Arko Corp.,
Gtd. Notes, 144A
5.125%	11/15/29(a)		1,000		871,183
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%
7.750%	04/01/27		225		219,112
Beacon Roofing Supply, Inc.,
Sr. Sec’d. Notes, 144A
6.500%	08/01/30		125		125,987
Brinker International, Inc.,
Gtd. Notes, 144A
5.000%	10/01/24		125		124,675
8.250%	07/15/30		1,000		1,050,156
Carvana Co.,
Sr. Sec’d. Notes, 144A, PIK 13.000%
13.000%	06/01/30(a)		775		848,567
Cougar JV Subsidiary LLC,
Sr. Unsec’d. Notes, 144A
8.000%	05/15/32		340		351,344
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
12.000%	11/30/28		675		714,832
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A
6.750%	01/15/30		2,800		2,458,188
Sr. Sec’d. Notes, 144A
4.625%	01/15/29		350		318,834
Foundation Building Materials, Inc.,
Gtd. Notes, 144A
6.000%	03/01/29		1,300		1,154,833
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%	10/01/29		800		691,828
3.875%	10/01/31		675		563,231
LBM Acquisition LLC,
Gtd. Notes, 144A
6.250%	01/15/29		1,300		1,148,163
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A
4.875%	05/01/29		2,025		1,891,908
8.250%	08/01/31		585		611,087
Park River Holdings, Inc.,
Gtd. Notes, 144A
5.625%	02/01/29		1,620		1,297,865


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Retail (cont’d.)
Sr. Unsec’d. Notes, 144A
6.750%	08/01/29		225	$	186,564
Patrick Industries, Inc.,
Gtd. Notes, 144A
4.750%	05/01/29		300		276,967
7.500%	10/15/27(a)		500		504,959
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
6.750%	03/01/32(a)		1,485		1,466,979
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.875%	03/01/27		275		271,764
Sr. Unsec’d. Notes, 144A
5.000%	06/01/31		1,525		1,371,745
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A
4.500%	03/15/29(a)		1,200		1,099,800
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A
6.875%	10/15/28		675		651,719
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%
8.250%	03/15/26		210		209,879


					22,743,154

Software — 0.5%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A
7.125%	10/02/25(a)		800		801,644
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A
4.875%	07/01/29(a)		1,150		1,068,932
SS&C Technologies, Inc.,
Gtd. Notes, 144A
5.500%	09/30/27		1,075		1,059,037


					2,929,613

Telecommunications — 3.9%
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A
6.750%	10/01/26		1,000		960,000
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $36,631; purchased 11/14/23)(f)
0.000%	12/31/30^		33		38,708
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $39; purchased 11/14/23)(f)
0.000%	12/31/30^		387		—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $9,679; purchased 11/14/23)(f)
0.000%	12/31/30^		4		1,905
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $48; purchased 11/14/23)(f)
0.000%	12/31/30^		480		1

SEE NOTES TO FINANCIAL STATEMENTS.

A131

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

CORPORATE BONDS (continued)
Telecommunications (cont’d.)
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl US (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $2,199,455; purchased 01/29/24 - 05/15/24)(f)
10.500%	05/25/27		2,369	$	2,344,452
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $695,060; purchased 01/30/24 - 05/15/24)(f)
10.500%	11/25/28		1,060		844,228
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A
5.000%	05/01/28		1,125		1,060,164
5.875%	10/15/27		1,275		1,244,026
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A
6.500%	10/15/26(a)		1,075		1,066,602
7.000%	10/15/28		925		916,906
8.500%	04/15/31		310		313,193
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A
6.500%	03/15/30		2,255		2,097,150
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.000%	04/15/31		145		75,730
4.500%	04/01/30		460		251,352
4.875%	06/15/29		655		378,929
Sr. Sec’d. Notes, 144A
10.500%	04/15/29		400		399,096
10.500%	05/15/30		640		636,931
11.000%	11/15/29		2,723		2,789,805
Sprint Capital Corp.,
Gtd. Notes
6.875%	11/15/28		430		455,828
8.750%	03/15/32		731		879,039
Sprint LLC,
Gtd. Notes
7.625%	02/15/25(a)		885		890,369
7.625%	03/01/26		500		513,745
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%	09/15/25		2,830		2,746,453


					20,904,612

Transportation — 0.5%
GN Bondco LLC,
Sr. Sec’d. Notes, 144A
9.500%	10/15/31		1,475		1,377,519
RXO, Inc.,
Gtd. Notes, 144A
7.500%	11/15/27		585		600,060
XPO, Inc.,
Gtd. Notes, 144A
7.125%	06/01/31(a)		125		128,000

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

CORPORATE BONDS (continued)

Transportation (cont’d.)

7.125%

02/01/32

400

409,578

2,515,157

TOTAL CORPORATE BONDS
(cost $475,292,330)

441,038,673

FLOATING RATE AND OTHER LOANS — 3.9%

Auto Parts & Equipment — 0.3%

First Brands Group LLC,

Second Lien 2021 Term Loan, 3 Month SOFR + 8.812%

14.141%(c)

03/24/28

860

821,300

Tenneco, Inc.,

Term A Loan, 3 Month SOFR + 4.850%

10.176%(c)

11/17/28

591

564,353

1,385,653

Chemicals — 0.6%

Consolidated Energy Finance SA (Switzerland),

2024 Incremental Term Loan, 1 Month SOFR + 4.500%

9.844%(c)

11/15/30

1,172

1,136,901

Iris Holdings Ltd.,

Initial Term Loan, 3 Month SOFR + 4.850%

10.180%(c)

06/28/28

710

664,618

Venator Finance Sarl,

Initial First-Out Term Loan, 3 Month SOFR + 8.000%

15.328%(c)

12/31/25^

298

298,399

Term Loan, 3 Month SOFR + 10.000%

15.299%(c)

10/12/28

750

743,657

Venator Materials LLC,

First-Out Delayed Draw Term Loan, 1 Month SOFR + 2.000%

7.339%(c)

01/16/26^

232

232,130

3,075,705

Commercial Services — 0.0%

Fly Funding II Sarl (Luxembourg),

Term Loan B

7.330%

08/11/25

160

155,033

Computers — 0.1%

McAfee Corp.,

Tranche B-1 Term Loan, 1 Month SOFR + 3.250%

8.579%(c)

03/01/29

331

330,378

NCR Atleos Corp.,

Term Loan

—%(p)

09/27/28^

250

243,750

574,128

Electric — 0.0%

Heritage Power LLC,

Term Loan, 3 Month SOFR + 5.500%

10.835%(c)

07/20/28^

205

194,741

Holding Companies-Diversified — 0.0%

Clue OpCo LLC,

Term B Loan, 3 Month SOFR + 4.500%

9.830%(c)

12/19/30

232

215,636

SEE NOTES TO FINANCIAL STATEMENTS.

A132

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

FLOATING RATE AND OTHER LOANS (continued)

Housewares — 0.1%

SWF Holdings I Corp.,

Initial Term Loan, 1 Month SOFR + 4.114%

9.458%(c)

10/06/28

772

657,883

Insurance — 0.3%

Acrisure LLC,

2024 Refinancing Term Loan

—%(p)

11/06/30

300

299,500

Asurion LLC,

New B-4 Term Loan, 1 Month SOFR + 5.364%

10.708%(c)

01/20/29

865

794,873

New B-8 Term Loan, 1 Month SOFR + 3.364%

8.708%(c)

12/23/26

299

296,607

1,390,980

Internet — 0.0%

Cablevision Lightpath LLC,

Initial Term Loan, 1 Month SOFR + 3.364%

8.693%(c)

11/30/27

47,375

Media — 1.1%

Altice Financing SA (Luxembourg),

2022 Dollar Loan, 3 Month SOFR + 5.000%

10.329%(c)

10/31/27

1,718

1,473,384

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.829%(c)

01/18/28

1,404

1,346,769

Diamond Sports Group LLC,

Dip Term Loan

10.000%

12/02/24

913

1,266,884

First Lien Term Loan, 1 Month SOFR + 10.100%

15.429%(c)

05/25/26

146

135,656

Second Lien Term Loan

8.175%

08/24/26

2,226

42,289

Gray Television, Inc.,

Term Loan F, 1 Month SOFR + 5.250%

10.580%(c)

06/04/29

689

652,483

Radiate Holdco LLC,

Amendment No. 6 Term Loan, 1 Month SOFR + 3.364%

8.708%(c)

09/25/26

703

569,022

Univision Communications, Inc.,

2021 Replacement Term Loan, 1 Month SOFR + 3.364%

8.694%(c)

03/15/26

222

221,635

5,708,122

Metal Fabricate/Hardware — 0.4%

Doncasters US Finance LLC,,

Initial Term Loan, 3 Month SOFR + 6.500%

11.835%(c)

04/23/30

1,970

1,955,287

Retail — 0.0%

Great Outdoors Group LLC,

Term B-2 Loan, 1 Month SOFR + 3.864%

9.208%(c)

03/06/28

232

231,930

Software — 0.6%

athenahealth, Inc.,

Initial Term Loan, 1 Month SOFR + 3.250%

8.594%(c)

02/15/29

199

198,618

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

FLOATING RATE AND OTHER LOANS (continued)

Software (cont’d.)

Boxer Parent Co., Inc.,

2028 Extended Dollar Term Loan, 1 Month SOFR + 4.000%

9.344%(c)

12/29/28

694

694,609

Cotiviti, Inc.,

Initial Floating Rate Term Loan, 1 Month SOFR + 3.250%

8.579%(c)

05/01/31

1,197

1,194,381

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.364%

10.708%(c)

07/14/28

1,149

883,836

2,971,444

Telecommunications — 0.4%

Connect Finco SARL (United Kingdom),

Amendment No. 4 Term Loan, 1 Month SOFR + 4.500%

9.844%(c)

09/27/29

1,398

1,315,261

Digicel International Finance, Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.075%(c)

05/29/27

102

98,239

Level 3 Financing, Inc.,

Term B-1, 1 Month SOFR + 6.560%

11.904%(c)

04/15/29

367

359,583

Term B-2, 1 Month SOFR + 6.560%

11.904%(c)

04/15/30

368

356,931

Lumen Technologies, Inc.,

Term B-1 Loan

7.808%

04/15/29

8,590

Term B-2 Loan, 1 Month SOFR + 2.464%

7.808%(c)

04/15/30

8,590

Term Loan

—%(p)

06/01/28^

34,398

Xplornet Communications, Inc. (Canada),

First Lien Refinancing Term Loan

9.596%

10/02/28(d)

1,630

245,331

Initial Term Loan - Second Lien

12.564%

10/01/29(d)

735

7,350

2,434,273

Textiles — 0.0%

ASP Unifrax Holdings, Inc.,

USD Term Loan (First Lien), 3 Month SOFR + 3.900%

9.075%(c)

12/12/25

129

125,524

TOTAL FLOATING RATE AND OTHER LOANS
(cost $23,686,975)

21,123,714

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%

Adjustable Rate Mortgage Trust,

Series 2005-07, Class 1A1

5.428%(cc)

10/25/35

2,702

Alternative Loan Trust,

Series 2005-43, Class 4A3

4.003%(cc)

10/25/35

1,215

Series 2006-HY13, Class 4A1

4.769%(cc)

02/25/37

1,103

Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%)

5.663%(c)

07/20/46

1,483

SEE NOTES TO FINANCIAL STATEMENTS.

A133

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
American Home Mortgage Assets Trust,
Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%)
5.670%(c)	10/25/46		14	$	7,598
Banc of America Funding Trust,
Series 2006-B, Class 2A1
4.575%(cc)	03/20/36		2		1,958
Citigroup Mortgage Loan Trust,
Series 2007-10, Class 22AA
4.560%(cc)	09/25/37		6		5,203
HarborView Mortgage Loan Trust,
Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%)
5.813%(c)	07/19/46		4		2,127
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%)
5.840%(c)	09/25/46		3		2,410
JPMorgan Mortgage Trust,
Series 2007-S03, Class 1A96
6.000%	08/25/37		10		4,368
MASTR Adjustable Rate Mortgages Trust,
Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%)
5.670%(c)	04/25/46		1		1,119
Residential Accredit Loans Trust,
Series 2006-QA02, Class 3A1
6.452%(cc)	02/25/36		7		5,772
Residential Asset Securitization Trust,
Series 2007-A05, Class 2A3
6.000%	05/25/37		2		1,269
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2007-HY01, Class 2A3
4.226%(cc)	02/25/37		1		1,188
Series 2007-HY01, Class 4A1
4.335%(cc)	02/25/37		2		1,747


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $49,761)					41,262


U.S. TREASURY OBLIGATIONS — 5.7%
U.S. Treasury Notes
2.750%	04/30/27		1,854		1,766,370
3.000%	07/31/24		9,849		9,828,225
3.875%	11/30/27(k)		5,000		4,904,687
4.125%	07/31/28(h)(k)		10,000		9,894,531
4.250%	01/31/26		4,250		4,209,326


TOTAL U.S. TREASURY OBLIGATIONS (cost $30,818,218)					30,603,139


		Shares

COMMON STOCKS — 2.0%
Chemicals — 0.7%
Cornerstone Chemical Co.*^			26,744		508,136
TPC Group, Inc.*^			49,934		1,747,690


	Shares		Value

COMMON STOCKS (continued)
Chemicals (cont’d.)
Venator Materials PLC (original cost $3,574,374; purchased 06/29/17 - 10/19/23)*^(f)		2,264	$	1,528,200


				3,784,026

Electric Utilities — 0.0%
GenOn Energy Holdings, Inc. (Class A Stock)*^		11,836		213,048
Keycon Power Holdings LLC*^		2,150		—


				213,048

Gas Utilities — 0.5%
Ferrellgas Partners LP (Class B Stock)		12,116		2,495,559

Oil, Gas & Consumable Fuels — 0.3%
Chesapeake Energy Corp.(a)		7,184		590,453
Heritage Power LLC*^		28,339		779,322
Heritage Power LLC*^		1,246		34,265
Heritage Power LLC*^		32,615		16,308


				1,420,348

Wireless Telecommunication Services — 0.5%
Digicel International Finance Ltd. (Jamaica) (original cost $320,265;purchased 01/29/24 - 02/08/24)*^(f)		264,007		657,377
Intelsat Emergence SA (Luxembourg)*		52,851		1,987,198


				2,644,575

TOTAL COMMON STOCKS (cost $8,553,273)				10,557,556


PREFERRED STOCKS — 0.6%
Electronic Equipment, Instruments & Components — 0.5%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^		2,850		2,850,000

Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd. (Jamaica) (original cost $372,470;purchased 01/26/24 - 01/29/24)*^(f)		48,371		507,659

TOTAL PREFERRED STOCKS (cost $3,136,970)				3,357,659

TOTAL LONG-TERM INVESTMENTS (cost $549,241,799)				514,538,078

SEE NOTES TO FINANCIAL STATEMENTS.

A134

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

SHORT-TERM INVESTMENTS — 15.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		12,673,982	$	12,673,982
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $71,871,844; includes $71,491,737 of cash collateral for securities on loan)(b)(wb)		71,955,715		71,912,541

TOTAL SHORT-TERM INVESTMENTS (cost $84,545,826)				84,586,523

TOTAL INVESTMENTS—112.0% (cost $633,787,625)				599,124,601
Liabilities in excess of other assets(z) — (12.0)%				(64,427,656	)


NET ASSETS — 100.0%			$	534,696,945

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $10,580,836 and 2.0% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $70,253,120; cash collateral of $71,491,737 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(cc)

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $15,073,667. The aggregate value of $6,194,542 is 1.2% of net assets.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)	Perpetual security. Maturity date represents next call date.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Unfunded loan commitment outstanding at June 30, 2024:


Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $195,334)		198		$	196,019		$	685		$	—

Futures contracts outstanding at June 30, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
113	2 Year U.S.Treasury Notes		Sep. 2024		$ 23,076,719		$ 51,902
207	5 Year U.S.Treasury Notes		Sep. 2024		22,061,673		103,386
176	10 Year U.S. Treasury Notes		Sep. 2024		19,357,251		123,731
26	20 Year U.S. Treasury Bonds		Sep. 2024		3,076,125		34,518
16	30 Year U.S. Ultra Treasury Bonds		Sep. 2024		2,005,500		20,994

							$334,531

SEE NOTES TO FINANCIAL STATEMENTS.

A135

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Credit default swap agreement outstanding at June 30, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at June 30, 2024(4)			Value at Trade Date			Value at June 30, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1		06/20/29		5.000%(Q)		29,225		3.448	%		$	1,819,791		$	1,869,177		$	49,386

(1)

(2)

(3)	Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Total return swap agreements outstanding at June 30, 2024:


Reference Entity	Financing Rate		Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid Investment Grade Index(T)		1 Day SOFR(Q)/ 5.330%		MSI		09/20/24		(7,550)		$(198,479	)		$—		$(198,479	)
iBoxx US Dollar Liquid Investment Grade Index(T)		1 Day SOFR(Q)/ 5.330%		BNP		09/20/24		(5,759)		(113,041	)		—		(113,041	)
iBoxx US Dollar Liquid Investment Grade Index(T)		1 Day SOFR(Q)/ 5.330%		GSI		12/20/24		(2,330)		21,192			—		21,192

										$(290,328	)		$—		$(290,328	)

(1)

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$—	$—	$21,192	$(311,520)

SEE NOTES TO FINANCIAL STATEMENTS.

A136

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	879,000		$	2,348,703

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	7,816,075		$	—
Corporate Bonds		—		440,303,260			735,413
Floating Rate and Other Loans		—		20,120,296			1,003,418
Residential Mortgage-Backed Securities		—		41,262			—
U.S. Treasury Obligations		—		30,603,139			—
Common Stocks		590,453		4,482,757			5,484,346
Preferred Stocks		—		—			3,357,659
Short-Term Investments
Affiliated Mutual Funds		84,586,523		—			—

Total	$	85,176,976	$	503,366,789		$	10,580,836


Other Financial Instruments*
Assets
Unfunded Loan Commitment	$	—	$	685		$	—
Futures Contracts		334,531		—			—
Centrally Cleared Credit Default Swap Agreement		—		49,386			—
OTC Total Return Swap Agreement		—		21,192			—

Total	$	334,531	$	71,263		$	—


Liabilities
OTC Total Return Swap Agreements	$	—	$	(311,520	)	$	—

Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Corporate Bonds			Floating Rate and Other Loans			Common Stocks			Preferred Stocks
Balance as of 12/31/23	$	1,278,167		$	251,741		$	2,902,922		$	2,850,819
Realized gain (loss)		(19,411	)		665			(18,213	)		7,353
Change in unrealized appreciation (depreciation)		(197,950	)		3,760			(1,313,215	)		135,037
Purchases/Exchanges /Issuances		77,000			803,381			3,912,852			739,820
Sales/Paydowns		(97,937	)		(59,025	)		—			(375,370	)
Accrued discount/premium		—			2,896			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A137

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Transfers into Level 3*	$	339,434		$	—	$	—		$	—
Transfers out of Level 3*		(643,890	)		—		—			—

Balance as of 06/30/24	$	735,413		$	1,003,418	$	5,484,346		$	3,357,659

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	(197,950	)	$	2,506	$	(1,313,215	)	$	135,188

It is the Portfolio’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Portfolio.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

Level 3 Securities**

Fair Value as of
June 30, 2024

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Inputs (Range)

Corporate Bonds

147,262

Income

Discounted Cash Flow

Discount Rate

30.00%

Corporate Bonds

40,614

Market

Recovery Value

Recovery Rate

0.00% - 118.70%

Corporate Bonds

547,537

Market

Transaction Based

Unadjusted Price

Common Stocks

1,165,513

Market

Enterprise Value

EBITDA Multiple

4.0x - 12.2x

Common Stocks

16,308

Market

Enterprise Value

Recovery Rate

0.50%

Common Stocks

—

Market

Recovery Value

Recovery Rate

0.00%

Preferred Stocks

507,659

Market

Enterprise Value

Recovery Rate

10.50%

Preferred Stocks

2,850,000

Market

Transaction Based

Unadjusted Price

5,274,893

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of June 30, 2024, the aggregate value of these securities and/or derivatives was $5,305,943. The unobservable inputs for these investments were not developed by the Portfolio and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Affiliated Mutual Funds (13.4% represents investments purchased with collateral from securities on loan)	15.8	%
Oil & Gas	6.7
Media	5.8
U.S. Treasury Obligations	5.7
Electric	4.4
Telecommunications	4.3
Retail	4.3
Diversified Financial Services	4.2
Home Builders	4.1
Healthcare-Services	4.0
Pipelines	4.0
Leisure Time	3.8
Commercial Services	3.8
Entertainment	2.8
Chemicals	2.5
Pharmaceuticals	2.4
Aerospace & Defense	2.3
Packaging & Containers	1.9
Mining	1.8
Building Materials	1.7
Foods	1.7


Auto Parts & Equipment	1.7	%
Real Estate Investment Trusts (REITs)	1.6
Lodging	1.5
Collateralized Loan Obligations	1.5
Computers	1.2
Real Estate	1.2
Software	1.1
Insurance	1.1
Healthcare-Products	1.0
Airlines	0.9
Housewares	0.8
Banks	0.7
Auto Manufacturers	0.7
Household Products/Wares	0.7
Internet	0.6
Distribution/Wholesale	0.6
Machinery-Diversified	0.6
Wireless Telecommunication Services	0.6
Electrical Components & Equipment	0.6
Environmental Control	0.6
Electronic Equipment, Instruments & Components	0.5
Transportation	0.5

SEE NOTES TO FINANCIAL STATEMENTS.

A138

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Iron/Steel	0.5	%
Gas Utilities	0.5
Metal Fabricate/Hardware	0.5
Apparel	0.3
Miscellaneous Manufacturing	0.3
Advertising	0.3
Oil, Gas & Consumable Fuels	0.3
Agriculture	0.2
Electronics	0.2
Coal	0.2
Gas	0.2
Engineering & Construction	0.1


Machinery-Construction & Mining	0.1	%
Office/Business Equipment	0.0	*
Holding Companies-Diversified	0.0	*
Electric Utilities	0.0	*
Textiles	0.0	*
Residential Mortgage-Backed Securities	0.0	*

	112.0
Liabilities in excess of other assets	(12.0	)


	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	49,386	*	—	$	—
Interest rate contracts	Due from/to broker-variation margin futures		334,531	*	—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		21,192		Unrealized depreciation on OTC swap agreements		311,520

		$	405,109			$	311,520

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	777,279
Interest rate contracts		(509,994	)		336,479

Total	$	(509,994	)	$	1,113,758



Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	(439,007	)
Interest rate contracts		(1,086,989	)		269,374

Total	$	(1,086,989	)	$	(169,633	)

SEE NOTES TO FINANCIAL STATEMENTS.

A139

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$ 63,434,955
Credit Default Swap Agreements - Buy Protection (1)		3,243,333
Credit Default Swap Agreements - Sell Protection (1)		15,534,033
Total Return Swap Agreements (1)		15,581,000

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(2)	Net Amount
Securities on Loan	$70,253,120	$(70,253,120)	$—

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
BNP		$	—		$	(113,041	)		$	(113,041	)		$	—		$	(113,041	)
GSI			21,192			—				21,192				—			21,192
MSI			—			(198,479	)			(198,479	)			198,479			—

		$	21,192		$	(311,520	)		$	(290,328	)		$	198,479		$	(91,849	)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty.

SEE NOTES TO FINANCIAL STATEMENTS.

A140

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024



ASSETS
Investments at value, including securities on loan of $70,253,120:
Unaffiliated investments (cost $549,241,799)	$	514,538,078
Affiliated investments (cost $84,545,826)		84,586,523
Cash		19,266
Dividends and interest receivable		9,390,329
Receivable for investments sold		2,109,766
Deposit with broker for centrally cleared/exchange-traded derivatives		879,000
Receivable for Portfolio shares sold		67,533
Unrealized appreciation on OTC swap agreements		21,192
Unrealized appreciation on unfunded loan commitments		685
Tax reclaim receivable		305
Prepaid expenses		717

Total Assets		611,613,394

LIABILITIES
Payable to broker for collateral for securities on loan		71,491,737
Payable for investments purchased		3,937,801
Accrued expenses and other liabilities		842,575
Unrealized depreciation on OTC swap agreements		311,520
Management fee payable		223,739
Payable for Portfolio shares purchased		46,934
Due to broker-variation margin futures		39,478
Due to broker-variation margin swaps		18,557
Distribution fee payable		2,613
Affiliated transfer agent fee payable		1,190
Payable to affiliate		305

Total Liabilities		76,916,449

NET ASSETS	$	534,696,945

Net assets were comprised of:
Partners’ Equity.	$	534,696,945

Class I:
Net asset value and redemption price per share, $521,908,100 / 76,490,223 outstanding shares of beneficial interest	$	6.82

Class III:
Net asset value and redemption price per share, $12,788,845 / 1,888,983 outstanding shares of beneficial interest	$	6.77

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $4,365 foreign withholding tax)	$	18,887,465
Affiliated dividend income		290,327
Unaffiliated dividend income		152,215
Income from securities lending, net (including affiliated income of $121,012)		123,023

Total income		19,453,030

EXPENSES
Management fee		1,442,140
Distribution fee—Class III		15,472
Custodian and accounting fees		38,007
Audit fee		35,975
Shareholders’ reports		27,666
Professional Fees		15,158
Trustees’ fees		8,369
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,717
Miscellaneous		22,519

Total expenses		1,611,023
Less: Fee waivers and/or expense reimbursement .		(100,971	)

Net expenses		1,510,052

NET INVESTMENT INCOME (LOSS)		17,942,978

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10,723))		(7,457,718	)
Futures transactions		(509,994	)
Swap agreements transactions		1,113,758

		(6,853,954	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(18,269))		5,858,356
Futures		(1,086,989	)
Swap agreements.		(169,633	)
Unfunded loan commitments		685

		4,602,419

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(2,251,535	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,691,443

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	17,942,978			$	33,071,285
Net realized gain (loss) on investment transactions			(6,853,954	)			(10,854,706	)
Net change in unrealized appreciation (depreciation) on investments			4,602,419				33,787,724

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			15,691,443				56,004,303

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			11,261,545				28,046,086
Portfolio shares purchased			(17,992,718	)			(43,285,647	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(6,731,173	)			(15,239,561	)

TOTAL INCREASE (DECREASE)			8,960,270				40,764,742
NET ASSETS:
Beginning of period			525,736,675				484,971,933

End of period		$	534,696,945			$	525,736,675

SEE NOTES TO FINANCIAL STATEMENTS.

A141

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024			Year Ended December 31,
	Six Months Ended June 30, 2024			2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$ 6.62			$	5.92			$	6.67			$	6.18			$	5.77			$	4.96

Income (Loss) From Investment Operations:
Net investment income (loss)		0.23				0.41				0.36				0.33				0.35				0.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.03	)			0.29				(1.11	)			0.16				0.06				0.47

Total from investment operations		0.20				0.70				(0.75	)			0.49				0.41				0.81

Net Asset Value, end of period		$ 6.82			$	6.62			$	5.92			$	6.67			$	6.18			$	5.77

Total Return^(b)		3.02	%			11.82	%			(11.24	)%			7.93	%			7.11	%			16.33	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$ 522			$	513			$	476			$	562			$	529			$	522
Average net assets (in millions)		$ 515			$	486			$	502			$	550			$	497			$	507
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.57	%^(d)			0.57	%			0.57	%			0.57	%			0.57	%			0.57	%
Expenses before waivers and/or expense reimbursement		0.61	%^(d)			0.61	%			0.60	%			0.59	%			0.61	%			0.62	%
Net investment income (loss)		6.85	%^(d)			6.66	%			5.93	%			5.11	%			6.16	%			6.28	%
Portfolio turnover rate^(e)		20	%			26	%			33	%			48	%			61	%			58	%


Class III
	Six Months Ended June 30,				Year Ended December 31,								April 26, 2021^(f) through December 31,
	2024				2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	6.58			$	5.90			$	6.66			$	6.41

Income (Loss) From Investment Operations:
Net investment income (loss)			0.22				0.39				0.35				0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions.			(0.03	)			0.29				(1.11	)			0.03

Total from investment operations			0.19				0.68				(0.76	)			0.25

Net Asset Value, end of period.		$	6.77			$	6.58			$	5.90			$	6.66

Total Return^(b)			2.89	%			11.53	%			(11.41	)%			3.90	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	13			$	12			$	9			$	6
Average net assets (in millions)		$	12			$	11			$	8			$	2
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.82	%^(d)			0.82	%			0.82	%			0.80	%^(g)
Expenses before waivers and/or expense reimbursement			0.86	%^(d)			0.86	%			0.85	%			0.82	%^(g)
Net investment income (loss)			6.60	%^(d)			6.41	%			5.76	%			4.72	%^(g)
Portfolio turnover rate^(e)			20	%			26	%			33	%			48	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Portfolio invests.

(d)	Annualized.

(e)

(f)	Commencement of offering.

(g)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A142

PSF PGIM JENNISON BLEND PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 98.4%
COMMON STOCKS
Automobiles — 0.3%
Tesla, Inc.*		88,149	$	17,442,924

Banks — 5.3%
Bank of America Corp.		3,212,213		127,749,711
East West Bancorp, Inc.(a)		341,636		25,018,004
JPMorgan Chase & Co.		213,166		43,114,955
PNC Financial Services Group, Inc. (The)		685,772		106,623,831
Truist Financial Corp.		1,031,547		40,075,601


				342,582,102

Beverages — 1.4%
PepsiCo, Inc.		562,006		92,691,650

Biotechnology — 1.9%
AbbVie, Inc.		631,109		108,247,815
Natera, Inc.*(a)		159,330		17,253,846


				125,501,661

Broadline Retail — 5.2%
Amazon.com, Inc.*		1,731,776		334,665,712

Building Products — 0.4%
AZEK Co., Inc. (The)*		677,243		28,532,248

Capital Markets — 0.8%
Goldman Sachs Group, Inc. (The)		110,641		50,045,137

Commercial Services & Supplies — 0.3%
Republic Services, Inc.		109,494		21,279,064

Communications Equipment — 1.2%
Cisco Systems, Inc.		1,604,247		76,217,775

Construction & Engineering — 0.2%
Quanta Services, Inc.		58,688		14,912,034

Construction Materials — 0.5%
Martin Marietta Materials, Inc.(a)		58,136		31,498,085

Consumer Finance — 0.5%
Ally Financial, Inc.		415,407		16,479,196
American Express Co.		75,364		17,450,534


				33,929,730

Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.		19,650		16,702,304
Performance Food Group Co.*(a)		474,555		31,372,831
Walmart, Inc.		963,471		65,236,621


				113,311,756

Containers & Packaging — 0.3%
Avery Dennison Corp.		79,089		17,292,810

Diversified Telecommunication Services — 1.1%
AT&T, Inc.		2,656,073		50,757,555
Verizon Communications, Inc.		546,722		22,546,815


				73,304,370

Electrical Equipment — 1.7%
AMETEK, Inc.		122,757		20,464,819
Eaton Corp. PLC		183,430		57,514,477


		Shares		Value

COMMON STOCKS (continued)
Electrical Equipment (cont’d.)
nVent Electric PLC			433,064	$	33,177,033


					111,156,329

Electronic Equipment, Instruments & Components — 0.3%
CDW Corp.			77,702		17,392,816

Energy Equipment & Services — 0.3%
Halliburton Co.(a)			585,321		19,772,143

Entertainment — 2.1%
Netflix, Inc.*			199,807		134,845,748

Financial Services — 3.1%	��
Apollo Global Management, Inc.			316,050		37,316,023
Mastercard, Inc. (Class A Stock)			37,423		16,509,531
Visa, Inc. (Class A Stock)(a)			556,762		146,133,322


					199,958,876

Food Products — 0.5%
Freshpet, Inc.*			231,181		29,912,510

Health Care Equipment & Supplies — 0.7%
Boston Scientific Corp.*			609,699		46,952,920

Health Care Providers & Services — 2.7%
Centene Corp.*			1,015,532		67,329,772
Cigna Group (The)			224,997		74,377,258
Molina Healthcare, Inc.*			111,677		33,201,572


					174,908,602

Health Care REITs — 0.5%
Alexandria Real Estate Equities, Inc.			272,714		31,899,357

Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc. (Class A Stock)*			487,650		73,942,369
Darden Restaurants, Inc.(a)			119,921		18,146,446
Marriott International, Inc. (Class A Stock)			75,980		18,369,685
Texas Roadhouse, Inc.			197,092		33,842,667


					144,301,167

Household Durables — 0.8%
Lennar Corp. (Class A Stock)			139,833		20,956,772
Toll Brothers, Inc.			285,303		32,861,199


					53,817,971

Household Products — 0.7%
Procter & Gamble Co. (The)			281,273		46,387,543

Industrial REITs — 0.4%
Prologis, Inc.			208,614		23,429,438

Insurance — 6.1%
Chubb Ltd.			536,611		136,878,734
Markel Group, Inc.*			16,594		26,146,502
Marsh & McLennan Cos., Inc.			494,433		104,186,922
MetLife, Inc.			1,325,272		93,020,842
Progressive Corp. (The)			76,391		15,867,174
RenaissanceRe Holdings Ltd. (Bermuda)			86,713		19,381,223


					395,481,397

Interactive Media & Services — 8.7%
Alphabet, Inc. (Class A Stock)			1,968,716		358,601,620

SEE NOTES TO FINANCIAL STATEMENTS.

A143

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (cont’d.)
Meta Platforms, Inc. (Class A Stock)		410,751	$	207,108,869


				565,710,489

IT Services — 0.8%
International Business Machines Corp.		302,001		52,231,073

Machinery — 3.7%
Caterpillar, Inc.		148,004		49,300,132
Fortive Corp.		625,438		46,344,956
Otis Worldwide Corp.		738,897		71,126,225
Parker-Hannifin Corp.		142,760		72,209,436


				238,980,749

Marine Transportation — 0.4%
Kirby Corp.*		215,170		25,762,304

Multi-Utilities — 0.5%
NiSource, Inc.		1,114,560		32,110,474

Oil, Gas & Consumable Fuels — 4.5%
Cheniere Energy, Inc.		225,093		39,353,009
ConocoPhillips		615,289		70,376,756
Diamondback Energy, Inc.		90,944		18,206,079
Exxon Mobil Corp.		539,074		62,058,199
Williams Cos., Inc. (The)		2,398,407		101,932,298


				291,926,341

Passenger Airlines — 0.7%
Delta Air Lines, Inc.		1,020,096		48,393,354

Pharmaceuticals — 4.1%
AstraZeneca PLC (United Kingdom), ADR		405,549		31,628,767
Eli Lilly & Co.		146,116		132,290,504
Novo Nordisk A/S (Denmark), ADR(a)		722,779		103,169,474


				267,088,745

Residential REITs — 0.3%
AvalonBay Communities, Inc.		96,373		19,938,610

Semiconductors & Semiconductor Equipment — 12.0%
Advanced Micro Devices, Inc.*		810,911		131,537,873
Applied Materials, Inc.		251,255		59,293,667
Broadcom, Inc.		76,229		122,387,946
Lam Research Corp.		79,948		85,132,628
NVIDIA Corp.		3,087,040		381,372,922


				779,725,036

Software — 8.0%
Microsoft Corp.		966,896		432,154,167
Salesforce, Inc.		337,167		86,685,636


				518,839,803

Specialized REITs — 0.4%
Gaming & Leisure Properties, Inc.		521,802		23,590,668

Specialty Retail — 1.6%
Ross Stores, Inc.		150,768		21,909,606


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (cont’d.)
TJX Cos., Inc. (The)		727,856	$	80,136,945


				102,046,551

Technology Hardware, Storage & Peripherals — 7.6%
Apple, Inc.		1,894,739		399,069,928
Dell Technologies, Inc. (Class C Stock)		693,729		95,672,167


				494,742,095

Textiles, Apparel & Luxury Goods — 1.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		81,830		62,828,344
Ralph Lauren Corp.		180,093		31,527,080


				94,355,424

Trading Companies & Distributors — 0.3%
Watsco, Inc.(a)		36,763		17,030,092

TOTAL LONG-TERM INVESTMENTS (cost $3,947,321,405)				6,375,895,683

SHORT-TERM INVESTMENTS — 1.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		42,350,605		42,350,605
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $80,802,671; includes $80,080,056 of cash collateral for securities on loan)(b)(wb)		81,026,965		80,978,348

TOTAL SHORT-TERM INVESTMENTS (cost $123,153,276)				123,328,953

TOTAL INVESTMENTS—100.3% (cost $4,070,474,681)				6,499,224,636
Liabilities in excess of other assets — (0.3)%				(21,477,561	)


NET ASSETS — 100.0%			$	6,477,747,075

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $77,286,502; cash collateral of $80,080,056 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb)	Represents an investment in a Fund affiliated with the Manager.

SEE NOTES TO FINANCIAL STATEMENTS.

A144

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles	$	17,442,924	$	—		$—
Banks		342,582,102		—		—
Beverages.		92,691,650		—		—
Biotechnology.		125,501,661		—		—
Broadline Retail		334,665,712		—		—
Building Products.		28,532,248		—		—
Capital Markets		50,045,137		—		—
Commercial Services & Supplies		21,279,064		—		—
Communications Equipment		76,217,775		—		—
Construction & Engineering		14,912,034		—		—
Construction Materials		31,498,085		—		—
Consumer Finance		33,929,730		—		—
Consumer Staples Distribution & Retail		113,311,756		—		—
Containers & Packaging		17,292,810		—		—
Diversified Telecommunication Services		73,304,370		—		—
Electrical Equipment		111,156,329		—		—
Electronic Equipment, Instruments & Components		17,392,816		—		—
Energy Equipment & Services		19,772,143		—		—
Entertainment		134,845,748		—		—
Financial Services		199,958,876		—		—
Food Products		29,912,510		—		—
Health Care Equipment & Supplies		46,952,920		—		—
Health Care Providers & Services.		174,908,602		—		—
Health Care REITs.		31,899,357		—		—
Hotels, Restaurants & Leisure		144,301,167		—		—
Household Durables		53,817,971		—		—
Household Products		46,387,543		—		—
Industrial REITs		23,429,438		—		—
Insurance		395,481,397		—		—
Interactive Media & Services		565,710,489		—		—
IT Services		52,231,073		—		—
Machinery		238,980,749		—		—
Marine Transportation		25,762,304		—		—
Multi-Utilities		32,110,474		—		—
Oil, Gas & Consumable Fuels		291,926,341		—		—
Passenger Airlines.		48,393,354		—		—
Pharmaceuticals		267,088,745		—		—
Residential REITs		19,938,610		—		—
Semiconductors & Semiconductor Equipment		779,725,036		—		—
Software		518,839,803		—		—
Specialized REITs		23,590,668		—		—
Specialty Retail		102,046,551		—		—
Technology Hardware, Storage & Peripherals.		494,742,095		—		—
Textiles, Apparel & Luxury Goods		31,527,080		62,828,344		—
Trading Companies & Distributors		17,030,092		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A145

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Funds	$	123,328,953	$	—		$—

Total	$	6,436,396,292	$	62,828,344		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Semiconductors & Semiconductor Equipment	12.0	%
Interactive Media & Services	8.7
Software	8.0
Technology Hardware, Storage & Peripherals	7.6
Insurance	6.1
Banks	5.3
Broadline Retail	5.2
Oil, Gas & Consumable Fuels	4.5
Pharmaceuticals	4.1
Machinery	3.7
Financial Services	3.1
Health Care Providers & Services	2.7
Hotels, Restaurants & Leisure	2.2
Entertainment	2.1
Biotechnology	1.9
Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan)	1.9
Consumer Staples Distribution & Retail	1.8
Electrical Equipment	1.7
Specialty Retail	1.6
Textiles, Apparel & Luxury Goods	1.5
Beverages	1.4
Communications Equipment	1.2
Diversified Telecommunication Services	1.1
Household Durables	0.8
IT Services	0.8


Capital Markets	0.8	%
Passenger Airlines	0.7
Health Care Equipment & Supplies	0.7
Household Products	0.7
Consumer Finance	0.5
Multi-Utilities	0.5
Health Care REITs	0.5
Construction Materials	0.5
Food Products	0.5
Building Products	0.4
Marine Transportation	0.4
Specialized REITs	0.4
Industrial REITs	0.4
Commercial Services & Supplies	0.3
Residential REITs	0.3
Energy Equipment & Services	0.3
Automobiles	0.3
Electronic Equipment, Instruments & Components	0.3
Containers & Packaging	0.3
Trading Companies & Distributors	0.3
Construction & Engineering	0.2

	100.3
Liabilities in excess of other assets	(0.3	)

	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$77,286,502

$(77,286,502)

$—

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A146

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $77,286,502:
Unaffiliated investments (cost $3,947,321,405) .	$	6,375,895,683
Affiliated investments (cost $123,153,276)		123,328,953
Foreign currency, at value (cost $419)		420
Receivable for investments sold		60,252,666
Dividends receivable		1,643,823
Tax reclaim receivable		1,286,758
Receivable for Portfolio shares sold		5,550
Prepaid expenses and other assets		453,967

Total Assets		6,562,867,820

LIABILITIES
Payable to broker for collateral for securities on loan		80,080,056
Management fee payable.		2,374,791
Payable for Portfolio shares purchased		1,595,920
Accrued expenses and other liabilities		803,647
Payable to affiliate		250,428
Distribution fee payable		9,420
Administration fee payable.		5,293
Affiliated transfer agent fee payable		1,190

Total Liabilities		85,120,745

NET ASSETS	$	6,477,747,075

Net assets were comprised of:
Partners’ Equity	$	6,477,747,075

Class I:
Net asset value and redemption price per share, $6,430,011,985 / 55,788,564 outstanding shares of beneficial interest	$	115.26

Class II:
Net asset value and redemption price per share, $44,021,702 / 395,687 outstanding shares of beneficial interest.	$	111.25

Class III:
Net asset value and redemption price per share, $3,713,388 / 32,476 outstanding shares of beneficial interest.	$	114.34

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $141,478 foreign withholding tax)	$	35,802,510
Affiliated dividend income.		733,268
Affiliated income from securities lending, net		149,618

Total income		36,685,396

EXPENSES
Management fee		13,707,374
Distribution fee—Class II		52,347
Distribution fee—Class III.		3,958
Administration fee—Class II.		31,408
Custodian and accounting fees		161,134
Trustees’ fees.		50,866
Professional Fees		42,568
Shareholders’ reports		27,824
Audit fee		16,601
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,866
Miscellaneous		59,615

Total expenses		14,159,561

NET INVESTMENT INCOME (LOSS)		22,525,835

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(9,287))		602,875,482
Foreign currency transactions		4,413

		602,879,895

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(16,734))		401,103,448
Foreign currencies.		(3,803	)

		401,099,645

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		1,003,979,540

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,026,505,375

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	22,525,835		$	45,295,597
Net realized gain (loss) on investment and foreign currency transactions		602,879,895			878,613,699
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		401,099,645			489,318,305

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,026,505,375			1,413,227,601

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		9,254,559			15,963,040
Net asset value of shares issued in merger		—			124,013,410
Portfolio shares purchased		(244,488,834	)		(352,109,688	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(235,234,275	)		(212,133,238	)

TOTAL INCREASE (DECREASE)		791,271,100			1,201,094,363
NET ASSETS:
Beginning of period		5,686,475,975			4,485,381,612

End of period	$	6,477,747,075		$	5,686,475,975

SEE NOTES TO FINANCIAL STATEMENTS.

A147

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended				Year Ended December 31,
	June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	97.36			$	73.47			$	98.09			$	81.50			$	63.18			$	49.02

Income (Loss) From Investment Operations:
Net investment income (loss)			0.39				0.77				0.76				0.40				0.53				0.66
Net realized and unrealized gain (loss) on investment and foreign currency transactions			17.51				23.12				(25.38	)			16.19				17.79				13.50

Total from investment operations			17.90				23.89				(24.62	)			16.59				18.32				14.16

Capital Contributions			—				—				—				—				—				—	^(c)(d)

Net Asset Value, end of period		$	115.26			$	97.36			$	73.47			$	98.09			$	81.50			$	63.18

Total Return^(e)			18.38	%			32.52	%			(25.10	)%			20.36	%			29.00	%			28.89	%^(f)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	6,430.0			$	5,644.6			$	4,482.9			$	6,379.2			$	5,672.4			$	4,711.0
Average net assets (in millions)		$	6,079.8			$	5,012.2			$	5,044.7			$	6,084.1			$	4,776.8			$	4,406.8
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			0.46	%^(h)			0.46	%			0.46	%			0.46	%			0.47	%			0.47	%
Expenses before waivers and/or expense reimbursement			0.46	%^(h)			0.46	%			0.46	%			0.46	%			0.47	%			0.47	%
Net investment income (loss)			0.74	%^(h)			0.90	%			0.95	%			0.45	%			0.80	%			1.16	%
Portfolio turnover rate⁽ⁱ⁾			53	%			77	%			22	%			29	%			62	%			43	%


Class II
	Six Months Ended				Year Ended December 31,
	June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	94.17			$	71.35			$	95.64			$	79.78			$	62.09			$	48.37

Income (Loss) From Investment Operations:
Net investment income (loss)			0.18				(0.01	)^(b)			0.43				0.04				0.26				0.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions			16.90				22.83				(24.72	)			15.82				17.43				13.29

Total from investment operations			17.08				22.82				(24.29	)			15.86				17.69				13.72

Capital Contributions			—				—				—				—				—				—	^(c)(d)

Net Asset Value, end of period		$	111.25			$	94.17			$	71.35			$	95.64			$	79.78			$	62.09

Total Return^(e)			18.14	%			31.98	%			(25.40	)%			19.88	%			28.49	%			28.36	%^(f)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	44.0			$	39.1			$	1.6			$	2.3			$	2.0			$	1.7
Average net assets (in millions)		$	42.1			$	4.1			$	1.8			$	2.2			$	1.7			$	1.6
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			0.86	%^(h)			0.85	%			0.86	%			0.86	%			0.87	%			0.87	%
Expenses before waivers and/or expense reimbursement			0.86	%^(h)			0.85	%			0.86	%			0.86	%			0.87	%			0.87	%
Net investment income (loss)			0.34	%^(h)			(0.01	)%			0.55	%			0.04	%			0.40	%			0.76	%
Portfolio turnover rate⁽ⁱ⁾			53	%			77	%			22	%			29	%			62	%			43	%

SEE NOTES TO FINANCIAL STATEMENTS.

A148

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class III
	Six Months Ended June 30,				Year Ended December 31,								April 26, 2021^(j) through December 31,
	2024				2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	96.71			$	73.16			$	97.92			$	87.74

Income (Loss) From Investment Operations:
Net investment income (loss)			0.26				0.52				0.58				0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions.			17.37				23.03				(25.34	)			10.06

Total from investment operations			17.63				23.55				(24.76	)			10.18

Net Asset Value, end of period.		$	114.34			$	96.71			$	73.16			$	97.92

Total Return^(e)			18.23	%			32.19	%			(25.29	)%			11.60	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3.7			$	2.7			$	0.9			$	0.6
Average net assets (in millions)		$	3.2			$	1.4			$	0.8			$	0.2
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			0.71	%^(h)			0.71	%			0.71	%			0.70	%^(k)
Expenses before waivers and/or expense reimbursement			0.71	%^(h)			0.71	%			0.71	%			0.70	%^(k)
Net investment income (loss)			0.49	%^(h)			0.61	%			0.74	%			0.18	%^(k)
Portfolio turnover rate⁽ⁱ⁾			53	%			77	%			22	%			29	%

(a)	Calculated based on average shares outstanding during the period.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(d)	Amount rounds to zero.

(e)

(f)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(g)	Does not include expenses of the underlying funds in which the Portfolio invests.

(h)	Annualized.

(i)

(j)	Commencement of offering.

(k)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A149

PSF PGIM JENNISON GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 99.2%
COMMON STOCKS
Aerospace & Defense — 1.7%
Boeing Co. (The)*		201,118	$	36,605,487
General Electric Co.		151,239		24,042,464


				60,647,951

Automobiles — 1.8%
Tesla, Inc.*		333,001		65,894,238

Banks — 0.4%
NU Holdings Ltd. (Brazil) (Class A Stock)*		1,102,887		14,216,213

Biotechnology — 1.5%
Vertex Pharmaceuticals, Inc.*		120,113		56,299,365

Broadline Retail — 9.5%
Amazon.com, Inc.*		1,511,611		292,118,826
MercadoLibre, Inc. (Brazil)*		32,894		54,057,999


				346,176,825

Capital Markets — 1.9%
Goldman Sachs Group, Inc. (The)		74,438		33,669,796
Moody’s Corp.		86,013		36,205,452


				69,875,248

Consumer Staples Distribution & Retail — 1.9%
Costco Wholesale Corp.		83,395		70,884,916

Electrical Equipment — 0.9%
Eaton Corp. PLC		109,950		34,474,823

Electronic Equipment, Instruments & Components — 0.5%
Keysight Technologies, Inc.*		138,789		18,979,396

Entertainment — 4.5%
Netflix, Inc.*		172,862		116,661,107
Walt Disney Co. (The)		463,090		45,980,206


				162,641,313

Financial Services — 4.7%
Mastercard, Inc. (Class A Stock)		189,240		83,485,119
Visa, Inc. (Class A Stock)		330,407		86,721,925


				170,207,044

Ground Transportation — 1.3%
Uber Technologies, Inc.*		638,524		46,407,924

Health Care Equipment & Supplies — 1.4%
Intuitive Surgical, Inc.*		111,383		49,548,728

Hotels, Restaurants & Leisure — 3.4%
Airbnb, Inc. (Class A Stock)*		361,054		54,746,618
Chipotle Mexican Grill, Inc.*(a)		458,900		28,750,085
Hilton Worldwide Holdings, Inc.		85,155		18,580,821
Marriott International, Inc. (Class A Stock)		82,216		19,877,362


				121,954,886

Insurance — 0.7%
Progressive Corp. (The)		119,864		24,896,952

Interactive Media & Services — 8.9%
Alphabet, Inc. (Class A Stock)		397,396		72,385,681
Alphabet, Inc. (Class C Stock)		393,190		72,118,910


	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (cont’d.)
Meta Platforms, Inc. (Class A Stock)		352,575	$	177,775,367


				322,279,958

IT Services — 1.1%
MongoDB, Inc.*		78,883		19,717,595
Snowflake, Inc. (Class A Stock)*		138,403		18,696,861


				38,414,456

Media — 1.2%
Trade Desk, Inc. (The) (Class A Stock)*		442,560		43,224,835

Personal Care Products — 0.7%
L’Oreal SA (France)		61,227		26,950,016

Pharmaceuticals — 7.9%
AstraZeneca PLC (United Kingdom), ADR		509,713		39,752,517
Eli Lilly & Co.		175,596		158,981,106
Novo Nordisk A/S (Denmark), ADR		607,677		86,739,815


				285,473,438

Semiconductors & Semiconductor Equipment — 19.3%
Advanced Micro Devices, Inc.*		470,913		76,386,798
Analog Devices, Inc.		158,694		36,223,492
ASML Holding NV (Netherlands)		55,089		56,341,173
Broadcom, Inc.		104,843		168,328,582
NVIDIA Corp.		2,929,780		361,945,021


				699,225,066

Software — 15.6%
Adobe, Inc.*		62,159		34,531,811
Cadence Design Systems, Inc.*		173,265		53,322,304
Crowdstrike Holdings, Inc. (Class A Stock)*		105,159		40,295,877
Datadog, Inc. (Class A Stock)*		237,392		30,787,369
HubSpot, Inc.*		30,218		17,822,274
Microsoft Corp.		651,936		291,382,795
Palo Alto Networks, Inc.*		56,201		19,052,701
Salesforce, Inc.		80,983		20,820,729
ServiceNow, Inc.*		73,497		57,817,885


				565,833,745

Specialty Retail — 2.7%
Home Depot, Inc. (The)		72,110		24,823,147
O’Reilly Automotive, Inc.*		36,534		38,582,096
TJX Cos., Inc. (The)		316,343		34,829,364


				98,234,607

Technology Hardware, Storage & Peripherals — 5.2%
Apple, Inc.		900,594		189,683,108

Textiles, Apparel & Luxury Goods — 0.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		23,895		18,346,368

TOTAL LONG-TERM INVESTMENTS (cost $1,462,466,383)				3,600,771,419

SEE NOTES TO FINANCIAL STATEMENTS.

A150

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

SHORT-TERM INVESTMENTS — 0.6%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		22,510,259	$	22,510,259
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $653,065; includes $553,752 of cash collateral for securities on loan)(b)(wb)		653,895		653,502


TOTAL SHORT-TERM INVESTMENTS (cost $23,163,324)				23,163,761


TOTAL INVESTMENTS—99.8% (cost $1,485,629,707)				3,623,935,180

Other assets in excess of liabilities — 0.2%				6,609,427


NET ASSETS — 100.0%			$	3,630,544,607

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $545,055; cash collateral of $553,752 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb)	Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	60,647,951	$	—	$—
Automobiles		65,894,238		—	—
Banks		14,216,213		—	—
Biotechnology		56,299,365		—	—
Broadline Retail		346,176,825		—	—
Capital Markets		69,875,248		—	—
Consumer Staples Distribution & Retail		70,884,916		—	—
Electrical Equipment		34,474,823		—	—
Electronic Equipment, Instruments & Components		18,979,396		—	—
Entertainment		162,641,313		—	—
Financial Services		170,207,044		—	—
Ground Transportation		46,407,924		—	—
Health Care Equipment & Supplies		49,548,728		—	—
Hotels, Restaurants & Leisure		121,954,886		—	—
Insurance		24,896,952		—	—
Interactive Media & Services		322,279,958		—	—
IT Services		38,414,456		—	—
Media		43,224,835		—	—
Personal Care Products		—		26,950,016	—
Pharmaceuticals		285,473,438		—	—
Semiconductors & Semiconductor Equipment		699,225,066		—	—
Software		565,833,745		—	—
Specialty Retail		98,234,607		—	—
Technology Hardware, Storage & Peripherals		189,683,108		—	—
Textiles, Apparel & Luxury Goods		—		18,346,368	—

SEE NOTES TO FINANCIAL STATEMENTS.

A151

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Funds	$	23,163,761	$	—		$—

Total	$	3,578,638,796	$	45,296,384		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2024 were as follows:


Semiconductors & Semiconductor Equipment	19.3	%
Software	15.6
Broadline Retail	9.5
Interactive Media & Services	8.9
Pharmaceuticals	7.9
Technology Hardware, Storage & Peripherals	5.2
Financial Services	4.7
Entertainment	4.5
Hotels, Restaurants & Leisure	3.4
Specialty Retail	2.7
Consumer Staples Distribution & Retail	1.9
Capital Markets	1.9
Automobiles	1.8
Aerospace & Defense	1.7
Biotechnology	1.5
Health Care Equipment & Supplies	1.4


Ground Transportation	1.3	%
Media	1.2
IT Services	1.1
Electrical Equipment	0.9
Personal Care Products	0.7
Insurance	0.7
Affiliated Mutual Funds (0.0% represents investments purchased with collateral from securities on loan)	0.6
Electronic Equipment, Instruments & Components	0.5
Textiles, Apparel & Luxury Goods	0.5
Banks	0.4

	99.8
Other assets in excess of liabilities	0.2


	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$545,055	$(545,055)	$—

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A152

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $545,055:
Unaffiliated investments (cost $1,462,466,383)	$	3,600,771,419
Affiliated investments (cost $23,163,324)		23,163,761
Cash		190,080
Receivable for investments sold		19,258,026
Tax reclaim receivable		368,388
Receivable for Portfolio shares sold		208,174
Dividends receivable		92,934
Prepaid expenses		3,654

Total Assets		3,644,056,436

LIABILITIES
Payable for investments purchased		10,093,682
Management fee payable		1,761,276
Payable for Portfolio shares purchased		745,761
Payable to broker for collateral for securities on loan		553,752
Payable to affiliate		188,417
Accrued expenses and other liabilities		159,571
Distribution fee payable		5,621
Administration fee payable		1,650
Affiliated transfer agent fee payable		1,190
Payable to custodian		909

Total Liabilities		13,511,829

NET ASSETS	$	3,630,544,607

Net assets were comprised of:
Partners’ Equity	$	3,630,544,607

Class I:
Net asset value and redemption price per share, $3,602,423,713 / 20,989,144 outstanding shares of beneficial interest	$	171.63

Class II:
Net asset value and redemption price per share, $12,913,391 / 80,221 outstanding shares of beneficial interest	$	160.97

Class III:
Net asset value and redemption price per share, $15,207,503 / 89,317 outstanding shares of beneficial interest	$	170.26

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $241,740 foreign withholding tax)	$	8,463,926
Affiliated dividend income		353,757
Affiliated income from securities lending, net		108,195

Total income		8,925,878

EXPENSES
Management fee		10,117,329
Distribution fee—Class II		15,517
Distribution fee—Class III		17,091
Administration fee—Class II		9,310
Custodian and accounting fees		99,499
Trustees’ fees		29,004
Shareholders’ reports		26,635
Professional Fees		22,879
Audit fee		15,220
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,731
Miscellaneous		40,363

Total expenses		10,398,578

NET INVESTMENT INCOME (LOSS)		(1,472,700	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $132,986)		240,879,913
Foreign currency transactions		11,787

		240,891,700

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(156,141))		404,830,343
Foreign currencies		(198	)

		404,830,145

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		645,721,845

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	644,249,145

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(1,472,700	)		$	911,855
Net realized gain (loss) on investment and foreign currency transactions			240,891,700				238,747,750
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			404,830,145				881,015,994

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			644,249,145				1,120,675,599

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			21,058,090				38,128,467
Portfolio shares purchased			(123,801,495	)			(229,754,606	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(102,743,405	)			(191,626,139	)

TOTAL INCREASE (DECREASE)			541,505,740				929,049,460
NET ASSETS:
Beginning of period			3,089,038,867				2,159,989,407

End of period		$	3,630,544,607			$	3,089,038,867

SEE NOTES TO FINANCIAL STATEMENTS.

A153

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	141.67			$	92.29			$	147.90			$	127.49			$	81.62			$	61.21

Income (Loss) From Investment Operations:
Net investment income (loss)			(0.07	)			0.05				(0.01	)			(0.45	)			(0.13	)			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions			30.03				49.33				(55.60	)			20.86				46.00				20.32

Total from investment operations			29.96				49.38				(55.61	)			20.41				45.87				20.41

Capital Contributions			—				—				—				—				—				—	^(c)(d)

Net Asset Value, end of period		$	171.63			$	141.67			$	92.29			$	147.90			$	127.49			$	81.62

Total Return^(e)			21.15	%			53.51	%			(37.60	)%			16.01	%			56.20	%			33.34	%^(f)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3,602			$	3,065			$	2,111			$	3,566			$	3,260			$	2,242
Average net assets (in millions)		$	3,364			$	2,635			$	2,537			$	3,435			$	2,606			$	2,073
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			0.61	%^(h)			0.62	%			0.62	%			0.61	%			0.62	%			0.62	%
Expenses before waivers and/or expense reimbursement			0.61	%^(h)			0.62	%			0.62	%			0.61	%			0.62	%			0.62	%
Net investment income (loss)			(0.08	)%^(h)			0.04	%			(0.01	)%			(0.32	)%			(0.13	)%			0.13	%
Portfolio turnover rate⁽ⁱ⁾			17	%			32	%			32	%			40	%			56	%			41	%

Class II
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	133.14			$	87.07			$	140.11			$	121.26			$	77.94			$	58.68

Income (Loss) From Investment Operations:
Net investment income (loss)			(0.36	)			(0.37	)^(b)			(0.43	)			(0.95	)			(0.49	)			(0.19	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			28.19				46.44				(52.61	)			19.80				43.81				19.45

Total from investment operations			27.83				46.07				(53.04	)			18.85				43.32				19.26

Capital Contributions			—				—				—				—				—				—	^(c)(d)

Net Asset Value, end of period		$	160.97			$	133.14			$	87.07			$	140.11			$	121.26			$	77.94

Total Return^(e)			20.91	%			52.89	%			(37.85	)%			15.55	%			55.57	%			32.82	%^(f)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	13			$	12			$	43			$	82			$	88			$	66
Average net assets (in millions)		$	12			$	36			$	55			$	85			$	72			$	64
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			1.01	%^(h)			1.02	%			1.02	%			1.01	%			1.02	%			1.02	%
Expenses before waivers and/or expense reimbursement			1.01	%^(h)			1.02	%			1.02	%			1.01	%			1.02	%			1.02	%
Net investment income (loss)			(0.49	)%^(h)			(0.35	)%			(0.42	)%			(0.72	)%			(0.53	)%			(0.27	)%
Portfolio turnover rate⁽ⁱ⁾			17	%			32	%			32	%			40	%			56	%			41	%

SEE NOTES TO FINANCIAL STATEMENTS.

A154

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class III
	Six Months Ended June 30, 2024				Year Ended December 31,								April 26, 2021^(j) through December 31,
	Six Months Ended June 30, 2024				2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	140.72			$	91.90			$	147.64			$	132.99

Income (Loss) From Investment Operations:
Net investment income (loss)			(0.26	)			(0.25	)^(b)			(0.24	)			(0.59	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			29.80				49.07				(55.50	)			15.24

Total from investment operations			29.54				48.82				(55.74	)			14.65

Net Asset Value, end of period		$	170.26			$	140.72			$	91.90			$	147.64

Total Return^(e)			21.00	%			53.12	%			(37.75	)%			11.02	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	15			$	12			$	6			$	5
Average net assets (in millions)		$	14			$	9			$	6			$	2
Ratios to average net assets^(g):
Expenses after waivers and/or expense reimbursement			0.86	%^(h)			0.87	%			0.86	%			0.86	%^(k)
Expenses before waivers and/or expense reimbursement			0.86	%^(h)			0.87	%			0.86	%			0.86	%^(k)
Net investment income (loss)			(0.33	)%^(h)			(0.21	)%			(0.23	)%			(0.58	)%^(k)
Portfolio turnover rate⁽ⁱ⁾			17	%			32	%			32	%			40	%

(a)	Calculated based on average shares outstanding during the period.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(d)	Amount rounds to zero.

(e)

(f)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(g)	Does not include expenses of the underlying funds in which the Portfolio invests.

(h)	Annualized.

(i)

(j)	Commencement of offering.

(k)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A155

PSF PGIM JENNISON VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 96.2%
COMMON STOCKS
Aerospace & Defense — 4.5%
Airbus SE (France)		101,658	$	13,952,226
Boeing Co. (The)*(a)		88,530		16,113,345
General Electric Co.		148,136		23,549,180
RTX Corp.		224,618		22,549,401


				76,164,152

Automobile Components — 0.7%
Aptiv PLC*		177,657		12,510,606

Automobiles — 1.9%
General Motors Co.		674,804		31,351,394

Banks — 12.9%
Bank of America Corp.		1,397,229		55,567,797
JPMorgan Chase & Co.		374,389		75,723,919
PNC Financial Services Group, Inc. (The)		278,741		43,338,651
Truist Financial Corp.		1,109,723		43,112,739


				217,743,106

Beverages — 1.3%
PepsiCo, Inc.		136,459		22,506,183

Biotechnology — 3.6%
AbbVie, Inc.		205,232		35,201,393
Amgen, Inc.		82,890		25,898,980


				61,100,373

Building Products — 1.3%
Johnson Controls International PLC		315,064		20,942,304

Capital Markets — 4.4%
Blackstone, Inc.		213,483		26,429,196
Goldman Sachs Group, Inc. (The)		106,123		48,001,555


				74,430,751

Chemicals — 3.3%
DuPont de Nemours, Inc.		273,417		22,007,334
Linde PLC		77,939		34,200,413


				56,207,747

Communications Equipment — 1.8%
Cisco Systems, Inc.		618,019		29,362,083

Consumer Staples Distribution & Retail — 2.8%
Walmart, Inc.		696,426		47,155,004

Electric Utilities — 1.6%
PG&E Corp.		1,506,903		26,310,526

Entertainment — 0.6%
Walt Disney Co. (The)		107,672		10,690,753

Food Products — 0.9%
Hershey Co. (The)		81,341		14,952,916

Ground Transportation — 1.1%
Union Pacific Corp.		84,922		19,214,452

Health Care Equipment & Supplies — 1.3%
GE HealthCare Technologies, Inc.		270,710		21,093,723

Health Care Providers & Services — 2.4%
Centene Corp.*		226,000		14,983,800


	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Cigna Group (The)		74,389	$	24,590,772


				39,574,572

Health Care REITs — 2.1%
Alexandria Real Estate Equities, Inc.		308,197		36,049,803

Hotels, Restaurants & Leisure — 1.4%
McDonald’s Corp.		89,424		22,788,812

Household Products — 1.7%
Procter & Gamble Co. (The)		176,642		29,131,799

Insurance — 5.8%
Chubb Ltd.		169,830		43,320,236
Marsh & McLennan Cos., Inc.		109,819		23,141,060
MetLife, Inc.		431,911		30,315,833


				96,777,129

Interactive Media & Services — 2.9%
Alphabet, Inc. (Class A Stock)		97,226		17,709,716
Meta Platforms, Inc. (Class A Stock)		60,848		30,680,778


				48,390,494

Machinery — 3.9%
Fortive Corp.		215,433		15,963,585
Otis Worldwide Corp.		280,972		27,046,365
Parker-Hannifin Corp.		45,898		23,215,667


				66,225,617

Multi-Utilities — 3.5%
CenterPoint Energy, Inc.		813,746		25,209,851
NiSource, Inc.(a)		1,194,592		34,416,196


				59,626,047

Oil, Gas & Consumable Fuels — 8.3%
Chevron Corp.		224,987		35,192,467
ConocoPhillips		222,834		25,487,753
Exxon Mobil Corp.		422,235		48,607,693
Williams Cos., Inc. (The)		706,770		30,037,725


				139,325,638

Passenger Airlines — 0.9%
Delta Air Lines, Inc.		334,234		15,856,061

Pharmaceuticals — 5.0%
AstraZeneca PLC (United Kingdom), ADR		447,575		34,906,374
Bristol-Myers Squibb Co.		367,688		15,270,083
Eli Lilly & Co.		37,080		33,571,490


				83,747,947

Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc.*		169,584		27,508,221
Broadcom, Inc.		20,476		32,874,832
Lam Research Corp.		18,982		20,212,983


				80,596,036

Software — 4.7%
Microsoft Corp.		79,757		35,647,391
Oracle Corp.		197,062		27,825,155

SEE NOTES TO FINANCIAL STATEMENTS.

A156

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Salesforce, Inc.		59,794	$	15,373,037


				78,845,583

Specialized REITs — 1.3%
Gaming & Leisure Properties, Inc.		477,401		21,583,299

Specialty Retail — 1.0%
Lowe’s Cos., Inc.		76,819		16,935,517

Technology Hardware, Storage & Peripherals — 2.5%
Apple, Inc.		89,847		18,923,575
Dell Technologies, Inc. (Class C Stock)		167,252		23,065,723


				41,989,298

TOTAL LONG-TERM INVESTMENTS (cost $994,241,570)				1,619,179,725


SHORT-TERM INVESTMENTS — 6.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		64,197,710		64,197,710
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $36,927,400; includes $36,753,435 of cash collateral for securities on loan)(b)(wb)		36,953,294		36,931,122

TOTAL SHORT-TERM INVESTMENTS (cost $101,125,110)				101,128,832

TOTAL INVESTMENTS—102.2% (cost $1,095,366,680)				1,720,308,557
Liabilities in excess of other assets — (2.2)%				(36,616,139	)


NET ASSETS — 100.0%			$	1,683,692,418

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $35,535,864; cash collateral of $36,753,435 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb)	Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	62,211,926	$	13,952,226		$—
Automobile Components		12,510,606		—		—
Automobiles		31,351,394		—		—
Banks		217,743,106		—		—
Beverages		22,506,183		—		—
Biotechnology		61,100,373		—		—
Building Products		20,942,304		—		—
Capital Markets		74,430,751		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A157

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Chemicals	$	56,207,747	$	—		$—
Communications Equipment		29,362,083		—		—
Consumer Staples Distribution & Retail		47,155,004		—		—
Electric Utilities		26,310,526		—		—
Entertainment		10,690,753		—		—
Food Products		14,952,916		—		—
Ground Transportation		19,214,452		—		—
Health Care Equipment & Supplies		21,093,723		—		—
Health Care Providers & Services		39,574,572		—		—
Health Care REITs		36,049,803		—		—
Hotels, Restaurants & Leisure		22,788,812		—		—
Household Products		29,131,799		—		—
Insurance		96,777,129		—		—
Interactive Media & Services		48,390,494		—		—
Machinery		66,225,617		—		—
Multi-Utilities		59,626,047		—		—
Oil, Gas & Consumable Fuels		139,325,638		—		—
Passenger Airlines		15,856,061		—		—
Pharmaceuticals		83,747,947		—		—
Semiconductors & Semiconductor Equipment		80,596,036		—		—
Software		78,845,583		—		—
Specialized REITs		21,583,299		—		—
Specialty Retail		16,935,517		—		—
Technology Hardware, Storage & Peripherals		41,989,298		—		—
Short-Term Investments
Affiliated Mutual Funds		101,128,832		—		—

Total	$	1,706,356,331	$	13,952,226		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Banks	12.9	%
Oil, Gas & Consumable Fuels	8.3
Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan)	6.0
Insurance	5.8
Pharmaceuticals	5.0
Semiconductors & Semiconductor Equipment	4.8
Software	4.7
Aerospace & Defense	4.5
Capital Markets	4.4
Machinery	3.9
Biotechnology	3.6
Multi-Utilities	3.5
Chemicals	3.3
Interactive Media & Services	2.9
Consumer Staples Distribution & Retail	2.8
Technology Hardware, Storage & Peripherals	2.5
Health Care Providers & Services	2.4
Health Care REITs	2.1
Automobiles	1.9


Communications Equipment	1.8	%
Household Products	1.7
Electric Utilities	1.6
Hotels, Restaurants & Leisure	1.4
Beverages	1.3
Specialized REITs	1.3
Health Care Equipment & Supplies	1.3
Building Products	1.3
Ground Transportation	1.1
Specialty Retail	1.0
Passenger Airlines	0.9
Food Products	0.9
Automobile Components	0.7
Entertainment	0.6

	102.2
Liabilities in excess of other assets	(2.2	)


	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A158

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount

Securities on Loan	$35,535,864	$(35,535,864)	$—

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A159

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $35,535,864:
Unaffiliated investments (cost $994,241,570)	$	1,619,179,725
Affiliated investments (cost $101,125,110)		101,128,832
Receivable for investments sold		5,379,793
Dividends receivable		737,333
Tax reclaim receivable		717,216
Receivable for Portfolio shares sold		65,428
Prepaid expenses and other assets		164,971

Total Assets		1,727,373,298

LIABILITIES
Payable to broker for collateral for securities on loan		36,753,435
Payable for investments purchased		5,515,649
Management fee payable		550,873
Payable for Portfolio shares purchased		394,898
Accrued expenses and other liabilities		245,604
Payable to affiliate		214,869
Distribution fee payable		3,031
Administration fee payable		1,331
Affiliated transfer agent fee payable		1,190

Total Liabilities		43,680,880

NET ASSETS	$	1,683,692,418

Net assets were comprised of:
Partners’ Equity	$	1,683,692,418

Class I:
Net asset value and redemption price per share, $1,668,826,892 / 29,638,256 outstanding shares of beneficial interest	$	56.31

Class II:
Net asset value and redemption price per share, $10,812,122 / 199,639 outstanding shares of beneficial interest	$	54.16

Class III:
Net asset value and redemption price per share, $4,053,404 / 72,561 outstanding shares of beneficial interest	$	55.86

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $66,919 foreign withholding tax, of which $50,689 is reimbursable by an affiliate)	$	18,023,389
Affiliated dividend income		1,250,014
Affiliated income from securities lending, net		49,953

Total income		19,323,356

EXPENSES
Management fee		3,267,377
Distribution fee—Class II		13,011
Distribution fee—Class III		4,602
Administration fee—Class II		7,807
Custodian and accounting fees		56,968
Shareholders’ reports		25,375
Professional Fees		18,457
Trustees’ fees		16,912
Audit fee		15,220
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,732
Miscellaneous		24,279

Total expenses		3,455,740

NET INVESTMENT INCOME (LOSS)		15,867,616

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(18,469))		83,737,126
Foreign currency transactions		(1,325	)

		83,735,801

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(3,666))		75,968,994

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		159,704,795

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	175,572,411

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	15,867,616			$	27,026,116
Net realized gain (loss) on investment and foreign currency transactions			83,735,801				117,006,275
Net change in unrealized appreciation (depreciation) on investments			75,968,994				66,138,560

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			175,572,411				210,170,951

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			7,865,019				38,644,895
Portfolio shares purchased			(66,842,291	)			(124,920,304	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(58,977,272	)			(86,275,409	)

TOTAL INCREASE (DECREASE)			116,595,139				123,895,542
NET ASSETS:
Beginning of period			1,567,097,279				1,443,201,737

End of period		$	1,683,692,418			$	1,567,097,279

SEE NOTES TO FINANCIAL STATEMENTS.

A160

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	50.55			$	43.88			$	47.64			$	37.28			$	35.99			$	28.55

Income (Loss) From Investment Operations:
Net investment income (loss)			0.52				0.85				0.74				0.61				0.66				0.67
Net realized and unrealized gain (loss) on investment and foreign currency transactions			5.24				5.82				(4.50	)			9.75				0.63				6.77

Total from investment operations			5.76				6.67				(3.76	)			10.36				1.29				7.44

Capital Contributions			—				—				—				—				—				—	^(b)(c)

Net Asset Value, end of period		$	56.31			$	50.55			$	43.88			$	47.64			$	37.28			$	35.99

Total Return^(d)			11.39	%			15.20	%			(7.89	)%			27.79	%			3.58	%			26.06	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,668.8			$	1,553.8			$	1,431.5			$	1,646.0			$	1,371.2			$	1,429.9
Average net assets (in millions)		$	1,628.5			$	1,451.0			$	1,479.3			$	1,543.8			$	1,236.8			$	1,354.1
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.42	%^(g)			0.42	%			0.42	%			0.42	%			0.43	%			0.43	%
Expenses before waivers and/or expense reimbursement			0.42	%^(g)			0.42	%			0.42	%			0.42	%			0.43	%			0.43	%
Net investment income (loss)			1.95	%^(g)			1.85	%			1.68	%			1.40	%			2.03	%			2.04	%
Portfolio turnover rate^(h)			8	%			33	%			23	%			17	%			32	%			25	%

Class II
	Six Months Ended June 30, 2024				Year Ended December 31,
	Six Months Ended June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	48.72			$	42.46			$	46.28			$	36.36			$	35.25			$	28.07

Income (Loss) From Investment Operations:
Net investment income (loss)			0.40				0.64				0.55				0.42				0.51				0.53
Net realized and unrealized gain (loss) on investment and foreign currency transactions			5.04				5.62				(4.37	)			9.50				0.60				6.65

Total from investment operations			5.44				6.26				(3.82	)			9.92				1.11				7.18

Capital Contributions			—				—				—				—				—				—	^(b)(c)

Net Asset Value, end of period		$	54.16			$	48.72			$	42.46			$	46.28			$	36.36			$	35.25

Total Return^(d)			11.17	%			14.74	%			(8.25	)%			27.28	%			3.15	%			25.58	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	10.8			$	10.0			$	9.2			$	10.7			$	9.0			$	8.7
Average net assets (in millions)		$	10.5			$	9.4			$	9.5			$	10.1			$	7.9			$	7.4
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.82	%^(g)			0.82	%			0.82	%			0.82	%			0.83	%			0.83	%
Expenses before waivers and/or expense reimbursement			0.82	%^(g)			0.82	%			0.82	%			0.82	%			0.83	%			0.83	%
Net investment income (loss)			1.55	%^(g)			1.45	%			1.28	%			1.00	%			1.62	%			1.63	%
Portfolio turnover rate^(h)			8	%			33	%			23	%			17	%			32	%			25	%

SEE NOTES TO FINANCIAL STATEMENTS.

A161

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class III
	Six Months Ended June 30,				Year Ended December 31,								April 26, 2021⁽ⁱ⁾ through December 31,
	2024				2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	50.22			$	43.70			$	47.56			$	42.77

Income (Loss) From Investment Operations:
Net investment income (loss)			0.45				0.72				0.62				0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions			5.19				5.80				(4.48	)			4.50

Total from investment operations			5.64				6.52				(3.86	)			4.79

Net Asset Value, end of period		$	55.86			$	50.22			$	43.70			$	47.56

Total Return^(d)			11.23	%			14.92	%			(8.12	)%			11.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	4.1			$	3.4			$	2.6			$	1.0
Average net assets (in millions)		$	3.7			$	2.6			$	1.7			$	0.4
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			0.67	%^(g)			0.67	%			0.67	%			0.66	%^(j)
Expenses before waivers and/or expense reimbursement			0.67	%^(g)			0.67	%			0.67	%			0.66	%^(j)
Net investment income (loss)			1.69	%^(g)			1.58	%			1.41	%			0.92	%^(j)
Portfolio turnover rate^(h)			8	%			33	%			23	%			17	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Represents payment received by the Portfolio, from Prudential, in connection with excess foreign withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.

(c)	Amount rounds to zero.

(d)

(e)	Total return for the year includes the impact of the capital contribution, which was not material to the total return.

(f)	Does not include expenses of the underlying funds in which the Portfolio invests.

(g)	Annualized.

(h)

(i)	Commencement of offering.

(j)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A162

PSF PGIM TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#			Value

LONG-TERM INVESTMENTS — 101.3%

ASSET-BACKED SECURITIES — 22.3%
Automobiles — 0.9%
Ally Bank Auto Credit-Linked Notes,
Series 2024-A, Class D, 144A
6.315%	05/17/32		500		$	500,171
AmeriCredit Automobile Receivables Trust,
Series 2020-02, Class D
2.130%	03/18/26		300			296,397
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-02A, Class A, 144A
2.020%	02/20/27		600			569,582
Series 2023-03A, Class B, 144A
6.120%	02/22/28		1,200			1,205,801
Series 2024-01A, Class A, 144A
5.360%	06/20/30		1,600			1,592,590
Series 2024-01A, Class B, 144A
5.850%	06/20/30		200			200,069
Bayview Opportunity Master Fund VII Trust,
Series 2024-CAR1F, Class A, 144A
6.971%	07/29/32		772			777,445
Exeter Automobile Receivables Trust,
Series 2020-03A, Class D
1.730%	07/15/26		24			23,691
Series 2021-02A, Class C
0.980%	06/15/26		—(r	)		133
Series 2021-02A, Class D
1.400%	04/15/27		20			19,200
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%	12/27/27		2,300			2,099,076
Series 2021-02A, Class B, 144A
2.120%	12/27/27		200			182,211
Hertz Vehicle Financing LLC,
Series 2022-02A, Class B, 144A
2.650%	06/26/28		400			363,337
Huntington Bank Auto Credit-Linked Notes,
Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)
8.483%(c)	05/20/32		500			499,993
JPMorgan Chase Bank NA,
Series 2020-01, Class R, 144A
33.784%	01/25/28		352			357,742
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%	09/14/27		2,687			2,648,565
Series 2019-01A, Class B, 144A
3.950%	11/14/28		800			778,203
Series 2023-01A, Class C, 144A
6.140%	02/14/31		1,300			1,299,459
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A
7.375%	05/15/32		158			158,761
Series 2022-C, Class E, 144A
11.366%	12/15/32		105			107,173
Series 2023-B, Class F, 144A
12.240%	12/15/33		800			815,690
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D
2.220%	09/15/26		25			25,396

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (continued)

Automobiles (cont’d.)

Series 2020-03, Class D

1.640%

11/16/26

331

328,062

Series 2024-02, Class D

6.280%

08/15/31

500

507,169

15,355,916

Collateralized Loan Obligations — 19.4%

AGL CLO Ltd. (Cayman Islands),

Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.855%(c)

04/20/37

15,000

15,009,481

AlbaCore Euro CLO DAC (Ireland),

Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)

6.506%(c)

07/15/35

EUR

5,500

5,939,368

Allegro CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.736%(c)

07/20/32

3,750

3,751,318

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2023-26A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.527%(c)

07/19/34

10,000

10,028,338

Ares European CLO DAC (Ireland),

Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%)

4.676%(c)

04/15/32

EUR

9,616

10,264,843

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.079%(c)

07/15/30

3,622

3,637,833

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706%(c)

01/20/32

4,472

4,475,565

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944%(c)

04/20/37

16,750

16,763,559

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.755%(c)

01/25/35

9,000

9,014,684

Series 2018-12A, Class A1, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.661%(c)

05/17/31

2,602

2,602,740

Carlyle Euro CLO DAC (Ireland),

Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

4.896%(c)

10/15/35

EUR

6,500

6,931,614

Series 2021-02A, Class A2B, 144A

2.100%

10/15/35

EUR

6,250

5,995,296

Carlyle Global Market Strategies Euro CLO Ltd. (Ireland),

Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

4.578%(c)

11/15/31

EUR

9,276

9,920,905

SEE NOTES TO FINANCIAL STATEMENTS.

A163

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

CIFC Funding Ltd. (Cayman Islands),

Series 2013-03RA, Class A1, 144A, 3 Month SOFR + 1.242% (Cap N/A, Floor 0.980%)

6.565%(c)

04/24/31

1,228

1,229,547

Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%)

6.696%(c)

01/22/31

1,451

1,452,671

Elevation CLO Ltd. (Cayman Islands),

Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%)

6.820%(c)

10/15/29

146

146,413

Series 2017-06A, Class A1, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.542%)

6.870%(c)

07/15/29

10,138

Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944%(c)

04/20/37

16,000

16,010,544

Galaxy CLO Ltd. (Cayman Islands),

Series 2018-25A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%)

6.744%(c)

04/25/36

11,000

11,005,984

Generate CLO Ltd. (Cayman Islands),

Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.736%(c)

01/22/31

1,408

1,407,822

Greenwood Park CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)

6.600%(c)

04/15/31

4,006

4,010,524

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)

6.614%(c)

04/26/31

2,581

2,583,058

Series 2020-03RA, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.290%)

6.875%(c)

04/15/33

5,000

5,010,259

Hayfin Emerald CLO DAC (Ireland),

Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)

4.916%(c)

11/17/32

EUR

10,492

11,236,185

HPS Loan Management Ltd. (Cayman Islands),

Series 2015-06A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.598%(c)

02/05/31

1,738

1,739,334

ICG Euro CLO DAC (Ireland),

Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%)

5.652%(c)

01/26/38

EUR

10,000

10,795,206

ICG US CLO Ltd. (Cayman Islands),

Series 2014-03A, Class A1RR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.615%(c)

04/25/31

1,282

1,282,046

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/34

6,625

6,633,954

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Series 2019-14A, Class A2R, 144A, 3 Month SOFR + 2.012% (Cap N/A, Floor 1.750%)

7.336%(c)

10/20/34

6,750

6,775,954

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-34A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.705%(c)

04/25/32

2,000

2,002,400

Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.852%(c)

04/15/37

14,000

14,094,121

MidOcean Credit CLO (Cayman Islands),

Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706%(c)

04/21/31

2,308

2,309,617

Mountain View CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%)

6.710%(c)

07/15/31

5,405

5,405,285

OCP CLO Ltd. (Cayman Islands),

Series 2020-18A, Class AR, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 1.352%)

6.676%(c)

07/20/32

5,000

5,002,500

OFSI BSL CLO Ltd. (Cayman Islands),

Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.941%(c)

04/20/37

12,000

12,009,786

OZLM Ltd. (Cayman Islands),

Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%)

6.841%(c)

10/30/30

323

323,383

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.770%(c)

10/15/34

7,000

7,034,231

Rad CLO Ltd. (Cayman Islands),

Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.705%(c)

07/24/32

9,650

9,662,492

Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.325%(c)

04/20/35

10,800

10,815,688

Romark WM-R Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%\)

6.616%(c)

04/20/31

3,251

3,257,725

Shackleton CLO Ltd. (Cayman Islands),

Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%)

6.689%(c)

05/07/31

3,748

3,752,491

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%)

7.115%(c)

01/20/37

6,500

6,546,244

Sona Fios CLO DAC (Ireland),

Series 01A, Class A1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%)

5.714%(c)

07/15/36

EUR

8,750

9,423,993

SEE NOTES TO FINANCIAL STATEMENTS.

A164

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.656%(c)

01/26/31

2,541

2,543,631

TCW CLO Ltd. (Cayman Islands),

Series 2017-01A, Class A1RR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.766%(c)

10/29/34

3,000

3,004,381

Series 2017-01A, Class BRR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%)

7.286%(c)

10/29/34

4,000

4,007,440

Telos CLO Ltd. (Cayman Islands),

Series 2013-04A, Class AR, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 0.000%)

6.819%(c)

01/17/30

1,336

1,337,145

TICP CLO Ltd. (Cayman Islands),

Series 2017-09A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.726%(c)

01/20/31

1,219

1,220,679

Tikehau US CLO Ltd. (Bermuda),

Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)

7.195%(c)

01/20/36

4,500

4,523,074

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.529%(c)

07/15/34

8,750

8,813,193

Toro European CLO DAC (Ireland),

Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

4.896%(c)

07/15/34

EUR

8,000

8,534,052

Trinitas CLO Ltd. (Bermuda),

Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)

7.015%(c)

01/20/35

7,500

7,561,896

Trinitas Euro CLO DAC (Ireland),

Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)

7.656%(c)

04/15/35

EUR

4,500

4,851,746

Venture CLO Ltd. (Cayman Islands),

Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.689%(c)

07/18/31

281

281,390

Voya CLO Ltd. (Cayman Islands),

Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)

6.555%(c)

04/25/31

1,928

1,928,671

Wellfleet CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.786%(c)

10/20/31

2,193

2,195,232

Wellfleet CLO Ltd.,

Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729%(c)

01/17/31

3,597

3,599,968


Interest Rate	Maturity Date			Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)
6.800%(c)		10/15/34			1,750	$	1,756,504


							333,464,141

Consumer Loans — 0.8%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A
2.509%		10/20/39	CAD		213		153,368
Lending Funding Trust,
Series 2020-02A, Class A, 144A
2.320%		04/21/31			300		281,050
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A
2.190%		08/21/34			99		98,225
OneMain Financial Issuance Trust,
Series 2020-02A, Class A, 144A
1.750%		09/14/35			1,500		1,400,608
Series 2023-01A, Class A, 144A
5.500%		06/14/38			5,500		5,543,261
Series 2023-02A, Class C, 144A
6.740%		09/15/36			700		713,100
Series 2023-02A, Class D, 144A
7.520%		09/15/36			800		823,990
Series 2024-01A, Class A, 144A
5.790%		05/14/41			2,700		2,755,138
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A
3.070%		03/15/32			1,200		1,159,535


							12,928,275


Home Equity Loans — 0.4%
BRAVO Residential Funding Trust,
Series 2024-CES01, Class A1A, 144A
6.377%		04/25/54			1,459		1,467,804
Floating Rate Mortgage Pass-Through Certificates,
Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%)
8.385%(c)		10/25/31			131		130,378
JPMorgan Mortgage Trust,
Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)
7.034%(c)		03/25/54			584		588,544
Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
6.934%(c)		05/25/54			194		196,109
Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%)
6.534%(c)		10/25/54			486		486,262
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%)
6.660%(c)		08/25/35			43		41,945
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month SOFR + 1.134% (Cap N/A, Floor 1.020%)
6.480%(c)		10/25/33			15		15,294

SEE NOTES TO FINANCIAL STATEMENTS.

A165

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (continued)

Home Equity Loans (cont’d.)

RCKT Mortgage Trust,

Series 2024-CES01, Class A1A, 144A

6.025%(cc)

02/25/44

943

944,183

Towd Point HE Trust,

Series 2023-01, Class A1A, 144A

6.875%

02/25/63

333

332,790

Towd Point Mortgage Trust,

Series 2023-CES02, Class A1A, 144A

7.294%(cc)

10/25/63

1,067

1,087,664

Series 2024-CES01, Class A1A, 144A

5.848%(cc)

01/25/64

372

370,765

Series 2024-CES02, Class A1A, 144A

6.125%(cc)

02/25/64

378

377,977

Series 2024-CES03, Class A1, 144A

6.290%(cc)

05/25/64

1,186

1,186,982

7,226,697

Other — 0.2%

GoodLeap Sustainable Home Solutions Trust,

Series 2023-03C, Class A, 144A

6.500%

07/20/55

460

465,693

Series 2023-04C, Class A, 144A

6.480%

03/20/57

569

574,453

Series 2024-01GS, Class A, 144A

6.250%

06/20/57

1,800

1,801,102

Sunrun Artemis Issuer LLC,

Series 2024-02A, Class A1, 144A

6.250%

07/30/59

1,000

1,005,200

3,846,448

Residential Mortgage-Backed Securities — 0.2%

Argent Securities, Inc., Asset-Backed Pass-Through Certificates,

Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%)

4.106%(c)

10/25/34

378

362,464

LSF11 Boson Investments Sarl Compartment 2 (Spain),

Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 3.000%, Floor 0.000%)

5.801%(c)

11/25/60

EUR

150

153,291

Rathlin Residential DAC (Ireland),

Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)

5.805%(c)

09/27/75

EUR

747

790,189

TFS (Spain),

Series 2018-03, Class A1

0.000%(s)

04/16/40^

EUR

—(r

)

Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%

7.088%(c)

03/15/26^

EUR

1,392

1,114,115

2,420,060

Student Loans — 0.4%

Bayview Opportunity Master Fund VII LLC,

Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%)

6.785%(c)

06/25/47

1,899

1,905,782


Interest Rate	Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
6.935%(c)		06/25/47		950	$	952,941
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A
0.000%		02/25/43		2,980		534,932
Series 2018-C, Class A, 144A
0.000%(cc)		08/25/43		584		541,574
Series 2018-D, Class A, 144A
0.000%(cc)		11/25/43		611		569,920
Series 2019-A, Class R, 144A
0.000%		10/25/48		1,025		250,298
Navient Private Education Refi Loan Trust,
Series 2020-DA, Class A, 144A
1.690%		05/15/69		22		20,486
SMB Private Education Loan Trust,
Series 2024-A, Class A1A, 144A
5.240%		03/15/56		683		680,127
Series 2024-D, Class A1A, 144A
5.380%		07/05/53		1,000		996,680
SoFi RR Funding III Trust,
Series 2020-01, Class A, 144A, 1 Month SOFR + 3.364% (Cap N/A, Floor 1.250%)
8.689%(c)		11/29/24		1,044		1,044,220


						7,496,960

TOTAL ASSET-BACKED SECURITIES (cost $389,445,785)						382,738,497

COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.9%
BANK,
Series 2017-BNK04, Class A3
3.362%		05/15/50		9,151		8,718,035
Series 2017-BNK05, Class A4
3.131%		06/15/60		4,400		4,130,380
Series 2017-BNK06, Class A4
3.254%		07/15/60		920		866,653
Series 2017-BNK08, Class A3
3.229%		11/15/50		2,016		1,878,577
Series 2019-BN18, Class A3
3.325%		05/15/62		1,500		1,358,887
Series 2020-BN29, Class A3
1.742%		11/15/53		1,000		796,642
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2016-UB10, Class A3
2.903%		07/15/49		927		892,025
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A
2.937%		08/14/36		1,170		1,074,311
Series 2016-ETC, Class B, 144A
3.189%		08/14/36		510		458,462
Series 2016-ETC, Class C, 144A
3.391%		08/14/36		430		375,853
Series 2016-ETC, Class D, 144A
3.729%(cc)		08/14/36		1,560		1,318,137

SEE NOTES TO FINANCIAL STATEMENTS.

A166

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2019-C03, Class A3
3.319%		05/15/52		3,250	$	3,004,300
Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%)
7.583%(c)		10/15/37		5,000		4,995,849
Series 2024-5C27, Class A3
6.014%		07/15/57		3,700		3,803,436
Series 2024-C24, Class XB, IO
1.571%(cc)		02/15/57		27,150		2,636,536
Benchmark Mortgage Trust,
Series 2019-B09, Class A4
3.751%		03/15/52		3,400		3,173,782
Series 2020-B18, Class A4
1.672%		07/15/53		2,900		2,386,854
Series 2020-B21, Class A4
1.704%		12/17/53		1,000		826,562
Series 2020-IG01, Class A3
2.687%		09/15/43		5,000		4,051,049
Series 2023-B40, Class A2
6.930%		12/15/56		2,692		2,825,590
Series 2023-V02, Class A3
5.812%(cc)		05/15/55		7,000		7,081,075
Series 2023-V03, Class A3
6.363%(cc)		07/15/56		6,000		6,191,861
BMARK,
Series 2023-V04, Class A3
6.841%(cc)		11/15/56		5,900		6,191,578
BPR Trust,
Series 2023-BRK02, Class A, 144A
7.146%(cc)		10/05/38		2,300		2,384,763
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%)
7.640%(c)		11/15/38		3,160		3,116,228
BX Trust,
Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%)
8.029%(c)		01/15/39		5,000		4,975,315
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%		11/15/52		6,271		6,224,426
CD Mortgage Trust,
Series 2017-CD05, Class A3
3.171%		08/15/50		3,500		3,270,298
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)
7.949%(c)		09/15/38		2,750		2,763,750
CFK Trust,
Series 2020-MF02, Class A, 144A
2.387%		03/15/39		6,550		5,802,960
Citigroup Commercial Mortgage Trust,
Series 2020-GC46, Class A2
2.708%		02/15/53		3,265		3,065,245


Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month SOFR + 2.880% (Cap N/A, Floor 2.766%)
8.207%(c)	11/15/37		1,327	$	1,322,499
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4
3.420%	08/10/47		66		66,126
Series 2016-COR01, Class A3
2.826%	10/10/49		2,474		2,342,336
Series 2017-COR02, Class A2
3.239%	09/10/50		3,829		3,602,297
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class A2
3.067%	06/15/52		1,200		1,085,404
DBGS Mortgage Trust,
Series 2018-BIOD, Class G, 144A, 1 Month SOFR + 2.796% (Cap N/A, Floor 2.500%)
8.125%(c)	05/15/35		2,990		2,936,392
DBWF Mortgage Trust,
Series 2016-85T, Class D, 144A
3.935%(cc)	12/10/36		1,400		1,088,082
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A4
3.071%	06/10/50		4,857		4,584,579
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A
3.673%(cc)	09/10/35		3,000		2,585,927
FHLMC Multifamily Structured Pass-Through Certificates,
Series K044, Class X1, IO
0.864%(cc)	01/25/25		60,097		145,358
Series K053, Class X1, IO
1.003%(cc)	12/25/25		83,019		821,666
Series K055, Class X1, IO
1.464%(cc)	03/25/26		12,337		243,674
Series KG03, Class X1, IO
1.476%(cc)	06/25/30		28,998		1,832,629
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3
3.119%	05/10/50		2,849		2,791,026
Series 2017-GS06, Class A2
3.164%	05/10/50		3,239		3,033,417
Series 2019-GC38, Class A3
3.703%	02/10/52		5,800		5,430,681
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%	06/15/49		1,035		987,259
Series 2017-C05, Class A4
3.414%	03/15/50		1,321		1,245,128
Series 2017-C07, Class A4
3.147%	10/15/50		3,600		3,373,836
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3
2.559%	08/15/49		1,122		1,072,502
Series 2018-AON, Class E, 144A
4.767%(cc)	07/05/31		5,875		2,676,760
Series 2018-WPT, Class AFX, 144A
4.248%	07/05/33		5,000		4,625,952

SEE NOTES TO FINANCIAL STATEMENTS.

A167

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4
3.259%	06/15/50		2,750	$	2,607,365
Series 2017-HR02, Class A3
3.330%	12/15/50		5,449		5,093,384
Series 2019-L03, Class A3
2.874%	11/15/52		1,067		956,571
Series 2019-MEAD, Class E, 144A
3.283%(cc)	11/10/36		575		513,641
MSWF Commercial Mortgage Trust,
Series 2023-01, Class A2
6.451%	05/15/56		4,000		4,089,550
Series 2023-02, Class A2
6.890%	12/15/56		4,400		4,593,490
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%	07/05/36		140		132,464
UBS Commercial Mortgage Trust,
Series 2017-C02, Class A3
3.225%	08/15/50		1,886		1,785,185
Series 2017-C07, Class A3
3.418%	12/15/50		4,013		3,804,328
Series 2018-C10, Class A3
4.048%	05/15/51		2,187		2,085,832
Series 2019-C17, Class A3
2.669%	10/15/52		2,610		2,283,833
Wells Fargo Commercial Mortgage Trust,
Series 2016-C32, Class A3
3.294%	01/15/59		1,977		1,914,413
Series 2016-C34, Class A3
2.834%	06/15/49		2,500		2,422,220
Series 2016-C35, Class A3
2.674%	07/15/48		4,067		3,874,069
Series 2017-C40, Class A3
3.317%	10/15/50		1,370		1,293,596
Series 2019-C54, Class A3
2.892%	12/15/52		1,200		1,064,379

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $197,820,608)					187,047,269

CORPORATE BONDS — 34.2%
Aerospace & Defense — 0.7%
BAE Systems PLC (United Kingdom), Sr. Unsec’d. Notes, 144A
1.900%	02/15/31		2,770		2,250,903
3.400%	04/15/30		385		348,513
Boeing Co. (The), Sr. Unsec’d. Notes
2.196%	02/04/26		180		169,311
2.750%	02/01/26		90		85,465
2.850%	10/30/24		30		29,670
2.950%	02/01/30		30		25,706
3.900%	05/01/49		1,230		826,482
3.950%	08/01/59		1,450		923,786
5.150%	05/01/30		1,700		1,632,107
5.930%	05/01/60		2,658		2,378,030


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Aerospace & Defense (cont’d.)
6.875%		03/15/39		20	$	20,688
7.950%		08/15/24		50		50,091
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A
7.500%		02/01/29(a)		160		165,580
7.875%		04/15/27		3,118		3,121,897
General Dynamics Corp., Gtd. Notes
1.150%		06/01/26		20		18,591
3.250%		04/01/25		10		9,835
3.500%		04/01/27		30		28,885
L3Harris Technologies, Inc., Sr. Unsec’d. Notes
2.900%		12/15/29		40		35,678
4.400%		06/15/28		37		35,911
4.400%		06/15/28		15		14,570
Lockheed Martin Corp., Sr. Unsec’d. Notes
2.800%		06/15/50		10		6,359
4.500%		05/15/36		30		28,154
RTX Corp., Sr. Unsec’d. Notes
3.500%		03/15/27		5		4,793


						12,211,005

Agriculture — 1.0%
Altria Group, Inc., Gtd. Notes
2.625%		09/16/26		35		32,980
3.400%		02/04/41		50		35,992
3.875%		09/16/46		10		7,204
4.400%		02/14/26		43		42,304
5.950%		02/14/49		30		29,426
BAT Capital Corp. (United Kingdom), Gtd. Notes
2.259%		03/25/28		1,570		1,405,649
2.726%		03/25/31		10		8,442
3.462%		09/06/29		10		9,112
3.557%		08/15/27		422		400,453
4.390%		08/15/37		3,000		2,531,063
4.540%		08/15/47		14		10,756
5.834%		02/20/31		1,260		1,274,560
6.343%		08/02/30		960		1,001,358
7.750%		10/19/32		1,500		1,685,863
BAT International Finance PLC (United Kingdom), Gtd. Notes
5.931%		02/02/29		311		318,130
Cargill, Inc.,
Sr. Unsec’d. Notes, 144A
0.750%		02/02/26		40		37,335
Philip Morris International, Inc., Sr. Unsec’d. Notes
4.875%		02/13/26		25		24,814
5.000%		11/17/25		10		9,950
5.125%		02/15/30		6,085		6,063,219
5.500%		09/07/30		2,125		2,153,938

SEE NOTES TO FINANCIAL STATEMENTS.

A168

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Agriculture (cont’d.)
Reynolds American, Inc. (United Kingdom), Gtd. Notes
4.450%	06/12/25		13	$	12,848


					17,095,396

Airlines — 0.3%
Air Canada (Canada), Sr. Sec’d. Notes, 144A
3.875%	08/15/26		50		47,424
American Airlines 2016-1 Class AA Pass-Through Trust, Pass-Through Certificates
3.575%	07/15/29		1,244		1,175,715
American Airlines 2017-2 Class AA Pass-Through Trust, Pass-Through Certificates
3.350%	04/15/31		34		31,084
Delta Air Lines, Inc., Sr. Unsec’d. Notes
3.750%	10/28/29		10		9,206
Delta Air Lines, Inc./SkyMiles IP Ltd., Sr. Sec’d. Notes, 144A
4.500%	10/20/25		10		9,634
4.750%	10/20/28		75		73,159
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Sr. Sec’d. Notes, 144A
6.500%	06/20/27		18		18,040
Southwest Airlines Co., Sr. Unsec’d. Notes
5.125%	06/15/27		3,355		3,338,861
United Airlines 2019-1 Class AA Pass-Through Trust, Pass-Through Certificates
4.150%	02/25/33		39		36,268
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates
2.700%	11/01/33		48		41,670
United Airlines 2020-1 Class A Pass-Through Trust, Pass-Through Certificates
5.875%	04/15/29		72		71,817
United Airlines 2020-1 Class B Pass-Through Trust, Pass-Through Certificates
4.875%	07/15/27		12		12,414
United Airlines, Inc., Sr. Sec’d. Notes, 144A
4.375%	04/15/26		825		797,352
4.625%	04/15/29		195		181,702


					5,844,346

Apparel — 0.1%
Hanesbrands, Inc., Gtd. Notes, 144A
4.875%	05/15/26(a)		600		586,871
Wolverine World Wide, Inc., Gtd. Notes, 144A
4.000%	08/15/29		675		564,124


					1,150,995


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Auto Manufacturers — 0.7%
Ford Motor Co., Sr. Unsec’d. Notes
3.250%		02/12/32		10	$	8,274
4.750%		01/15/43		1,450		1,173,946
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes
2.900%		02/16/28		275		248,761
3.375%		11/13/25		725		701,640
4.134%		08/04/25(a)		1,100		1,079,368
4.950%		05/28/27		1,000		976,721
5.850%		05/17/27		1,745		1,746,614
6.950%		03/06/26		400		406,609
General Motors Co., Sr. Unsec’d. Notes
4.000%		04/01/25		17		16,779
5.000%		04/01/35		1,365		1,276,883
5.150%		04/01/38		1,000		919,550
5.200%		04/01/45		760		666,862
6.125%		10/01/25		40		40,204
6.600%		04/01/36		285		298,605
General Motors Financial Co., Inc., Gtd. Notes
4.300%		07/13/25		70		69,061
Jr. Sub. Notes, Series C
5.700%(ff)		09/30/30(oo)		5		4,710
Sr. Unsec’d. Notes
2.350%		01/08/31(a)		20		16,405
2.400%		04/10/28		1,065		955,212
2.700%		08/20/27		38		35,069
2.700%		06/10/31(a)		25		20,693
3.100%		01/12/32(a)		20		16,805
5.950%		04/04/34(a)		740		740,481
Hyundai Capital America, Sr. Unsec’d. Notes, 144A
1.000%		09/17/24		30		29,690
1.800%		10/15/25		40		38,112
2.375%		10/15/27		15		13,656
2.650%		02/10/25		15		14,714
Sr. Unsec’d. Notes, 144A, MTN
1.800%		01/10/28		15		13,294
Mercedes-Benz Finance North America LLC (Germany), Gtd. Notes, 144A
1.450%		03/02/26		150		140,904
Nissan Motor Acceptance Co. LLC, Sr. Unsec’d. Notes, 144A, MTN
1.850%		09/16/26		54		49,415
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN
1.150%		08/13/27		25		22,294
1.900%		04/06/28		50		44,872
2.150%		02/13/30		10		8,631


						11,794,834

Auto Parts & Equipment — 0.2%
American Axle & Manufacturing, Inc., Gtd. Notes
6.500%		04/01/27(a)		445		444,060

SEE NOTES TO FINANCIAL STATEMENTS.

A169

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Auto Parts & Equipment (cont’d.)
Aptiv PLC/Aptiv Corp.,
Gtd. Notes
4.150%		05/01/52		20	$	14,916
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%		04/15/25		437		434,815
Dana, Inc.,
Sr. Unsec’d. Notes
5.375%		11/15/27(a)		350		342,508
Phinia, Inc.,
Sr. Sec’d. Notes, 144A
6.750%		04/15/29		290		294,401
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
8.000%		11/17/28		1,850		1,682,701


						3,213,401

Banks — 8.5%
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
1.849%		03/25/26		600		561,825
5.538%(ff)		03/14/30		1,000		990,427
Sub. Notes
2.749%		12/03/30(a)		1,000		829,701
Bank of America Corp.,
Sr. Unsec’d. Notes
1.734%(ff)		07/22/27		45		41,699
2.299%(ff)		07/21/32		20		16,379
2.572%(ff)		10/20/32		10		8,294
2.687%(ff)		04/22/32		2,565		2,169,002
3.419%(ff)		12/20/28		10		9,401
5.288%(ff)		04/25/34		2,295		2,271,028
Sr. Unsec’d. Notes, GMTN
3.593%(ff)		07/21/28		740		704,258
Sr. Unsec’d. Notes, MTN
1.898%(ff)		07/23/31		50		41,157
1.922%(ff)		10/24/31		20		16,345
2.496%(ff)		02/13/31		92		79,495
3.093%(ff)		10/01/25		50		49,652
3.824%(ff)		01/20/28		3,410		3,287,663
3.974%(ff)		02/07/30		685		648,741
4.078%(ff)		04/23/40		2,340		1,987,150
4.271%(ff)		07/23/29		945		910,341
Sr. Unsec’d. Notes, Series N
2.651%(ff)		03/11/32		5,020		4,249,474
Sub. Notes
2.482%(ff)		09/21/36		10		7,985
Sub. Notes, MTN
4.000%		01/22/25		1,122		1,110,211
Sub. Notes, Series L, MTN
3.950%		04/21/25		90		88,690
4.183%		11/25/27		50		48,264
Bank of New York Mellon Corp. (The),
Jr. Sub. Notes, Series H
3.700%(ff)		03/20/26(oo)		15		14,273


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%	03/16/25			700	$	689,215
5.674%(ff)	03/12/28(a)			725		724,436
5.829%(ff)	05/09/27			3,840		3,845,765
Sr. Unsec’d. Notes, MTN
4.972%(ff) 05/16/29				475		464,396
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
1.323%(ff)	01/13/27			710		662,857
1.904%(ff)	09/30/28			2,200		1,960,689
2.871%(ff)	04/19/32			1,815		1,518,106
BPCE SA (France),
Sr. Non-Preferred Notes, 144A, MTN
3.500%	10/23/27			300		280,683
Sub. Notes, 144A, MTN
4.500%	03/15/25			1,120		1,104,876
4.875%	04/01/26			380		372,311
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.750%	05/05/26			600		597,301
5.875%	04/30/29			1,600		1,622,235
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)	01/30/25(oo)			1,445		1,413,021
Jr. Sub. Notes, Series W
4.000%(ff)	12/10/25(oo)			890		853,587
Jr. Sub. Notes, Series X
3.875%(ff)	02/18/26(oo)			1,880		1,782,035
Jr. Sub. Notes, Series Y
4.150%(ff)	11/15/26(oo)			25		23,349
Sr. Unsec’d. Notes
2.520%(ff)	11/03/32			10		8,225
2.561%(ff)	05/01/32			875		729,130
2.572%(ff)	06/03/31			70		60,056
2.666%(ff)	01/29/31			1,225		1,065,664
2.976%(ff)	11/05/30			20		17,813
3.200%	10/21/26			3,255		3,102,529
3.668%(ff)	07/24/28			30		28,594
3.785%(ff)	03/17/33			1,160		1,033,989
3.887%(ff)	01/10/28			1,725		1,665,961
3.980%(ff)	03/20/30			35		33,022
5.174%(ff)	02/13/30			2,475		2,460,005
Sub. Notes
4.300%	11/20/26			110		107,384
4.450%	09/29/27			2,735		2,666,177
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes, EMTN
1.750%(ff)	11/19/30	EUR		100		94,114
Sub. Notes
3.742%(ff)	01/07/33			2,415		1,976,304
Discover Bank,
Sr. Unsec’d. Notes
3.450%	07/27/26			280		267,432
4.250%	03/13/26			1,150		1,121,606

SEE NOTES TO FINANCIAL STATEMENTS.

A170

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
Fifth Third Bancorp,
Sr. Unsec’d. Notes
6.339%(ff)	07/27/29(a)		4,000	$	4,101,574
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A
12.000%	10/01/28		200		214,699
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U
3.650%(ff)	08/10/26(oo)		950		884,560
Sr. Unsec’d. Notes
1.948%(ff)	10/21/27		50		46,171
1.992%(ff)	01/27/32		20		16,248
2.383%(ff)	07/21/32		1,480		1,216,273
2.600%	02/07/30		35		30,667
2.615%(ff)	04/22/32		4,715		3,963,386
2.650%(ff)	10/21/32		10		8,316
2.908%(ff)	07/21/42		25		17,556
3.272%(ff)	09/29/25		4,063		4,036,892
3.436%(ff)	02/24/43		35		26,402
3.500%	01/23/25(a)		20		19,755
3.691%(ff)	06/05/28		50		47,824
3.750%	02/25/26(a)		125		121,816
3.814%(ff)	04/23/29		1,080		1,024,505
3.850%	01/26/27		1,765		1,705,760
6.484%(ff)	10/24/29		3,230		3,373,062
Sr. Unsec’d. Notes, GMTN, 3 Month SOFR + 2.012%
7.336%(c)	10/28/27		21		21,600
Sr. Unsec’d. Notes, MTN
4.800%	07/08/44		20		18,047
Sr. Unsec’d. Notes, Series VAR
1.093%(ff)	12/09/26		85		79,465
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
6.208%(ff)	08/21/29		545		556,286
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)	08/01/24(oo)		1,025		1,022,513
Jr. Sub. Notes, Series HH
4.600%(ff)	02/01/25(oo)		1,940		1,914,464
Jr. Sub. Notes, Series II
4.000%(ff)	04/01/25(oo)		1,350		1,313,254
Jr. Sub. Notes, Series KK
3.650%(ff)	06/01/26(a)(oo)		1,860		1,762,716
Sr. Unsec’d. Notes
1.045%(ff)	11/19/26		20		18,792
1.578%(ff)	04/22/27		785		732,958
1.953%(ff)	02/04/32		130		105,825
2.069%(ff)	06/01/29		50		44,472
2.301%(ff)	10/15/25		5		4,950
2.525%(ff)	11/19/41		2,330		1,590,137
2.545%(ff)	11/08/32		1,135		946,322
2.580%(ff)	04/22/32(a)		1,775		1,498,674
2.947%(ff)	02/24/28		1,715		1,615,515
3.300%	04/01/26		1,110		1,074,620
3.782%(ff)	02/01/28		1,235		1,189,885
3.897%(ff)	01/23/49		10		7,881
3.960%(ff)	01/29/27		930		908,531


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
3.964%(ff)		11/15/48		985	$	782,905
4.005%(ff)		04/23/29		1,200		1,148,399
4.452%(ff)		12/05/29		17		16,496
5.581%(ff)		04/22/30(a)		2,050		2,082,467
Sub. Notes
2.956%(ff)		05/13/31		155		135,841
4.125%		12/15/26		40		38,962
JPMorgan Chase Bank NA,
Sr. Unsec’d. Notes
5.110%		12/08/26(a)		360		359,831
KeyCorp,
Sr. Unsec’d. Notes
6.401%(ff)		03/06/35		670		679,530
Morgan Stanley,
Sr. Unsec’d. Notes
5.123%(ff)		02/01/29		1,945		1,937,354
5.449%(ff)		07/20/29		860		865,106
Sr. Unsec’d. Notes, GMTN
1.512%(ff)		07/20/27		15		13,871
2.239%(ff)		07/21/32(a)		4,318		3,532,367
2.699%(ff)		01/22/31		35		30,681
4.431%(ff)		01/23/30		1,340		1,295,423
Sr. Unsec’d. Notes, MTN
1.794%(ff)		02/13/32		1,015		815,796
1.928%(ff)		04/28/32		193		155,103
2.511%(ff)		10/20/32		1,590		1,315,378
2.943%(ff)		01/21/33		1,470		1,249,659
3.125%		07/27/26		2,725		2,605,556
5.250%(ff)		04/21/34(a)		2,230		2,196,059
5.831%(ff)		04/19/35		965		990,327
Sub. Notes
2.484%(ff)		09/16/36		20		15,828
Sub. Notes, GMTN
4.350%		09/08/26		756		739,346
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
2.200%		11/01/24		21		20,758
5.582%(ff)		06/12/29		2,390		2,415,892
Societe Generale SA (France),
Gtd. Notes, 144A
2.797%(ff)		01/19/28		2,210		2,038,722
Sr. Non-Preferred Notes, 144A
2.889%(ff)		06/09/32		1,500		1,230,088
3.337%(ff)		01/21/33		1,330		1,100,942
5.519%(ff)		01/19/28		2,390		2,358,209
Standard Chartered PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
2.819%(ff)		01/30/26		25		24,550
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
3.364%		07/12/27		50		47,403
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
5.867%(ff)		06/08/34		635		640,373
7.161%(ff)		10/30/29		995		1,056,482

SEE NOTES TO FINANCIAL STATEMENTS.

A171

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Banks (cont’d.)
U.S. Bancorp,
Jr. Sub. Notes
3.700%(ff)		01/15/27(oo)		30	$	27,148
Jr. Sub. Notes, Series J
5.300%(ff)		04/15/27(oo)		25		24,250
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
3.091%(ff)		05/14/32		1,695		1,447,106
6.537%(ff)		08/12/33		870		915,675
UniCredit SpA (Italy),
Sr. Non-Preferred Notes, 144A
2.569%(ff)		09/22/26		685		657,675
Sr. Preferred Notes, 144A
3.127%(ff)		06/03/32		1,225		1,035,699
Wells Fargo & Co.,
Sr. Unsec’d. Notes
3.068%(ff)		04/30/41		2,690		1,973,068
5.389%(ff)		04/24/34		6,270		6,201,646
6.303%(ff)		10/23/29		3,690		3,827,512
Sr. Unsec’d. Notes, MTN
2.393%(ff)		06/02/28		60		55,282
2.572%(ff)		02/11/31		3,525		3,049,684
5.013%(ff)		04/04/51		20		18,233
Sub. Notes, MTN
4.100%		06/03/26		20		19,491


						144,964,868

Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.700%		02/01/36		31		29,539
4.900%		02/01/46		4,638		4,261,954
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
3.500%		06/01/30		30		27,868
4.600%		04/15/48		2		1,769
4.750%		01/23/29		118		117,121
Coca-Cola Co. (The),
Sr. Unsec’d. Notes
1.375%		03/15/31		10		8,029
1.650%		06/01/30		10		8,384
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.875%		05/01/30		70		61,793


						4,516,457

Biotechnology — 0.3%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.000%		01/15/32		10		8,052
2.770%		09/01/53		19		11,354
3.150%		02/21/40		20		14,947
5.150%		11/15/41		16		14,922
5.600%		03/02/43		4,450		4,384,888


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Biotechnology (cont’d.)
Baxalta, Inc.,
Gtd. Notes
4.000%		06/23/25		75	$	73,897
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes
2.600%		10/01/40		1,055		725,602
2.800%		10/01/50		10		6,264
2.950%		03/01/27		7		6,645
4.750%		03/01/46		10		8,899


						5,255,470

Building Materials — 0.2%
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.625%		12/15/25		118		115,917
4.875%		12/15/27		675		637,457
Johnson Controls International PLC/Tyco Fire & Security Finance SCA,
Sr. Unsec’d. Notes
1.750%		09/15/30		20		16,482
Owens Corning,
Sr. Unsec’d. Notes
5.500%		06/15/27(a)		1,470		1,483,224
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A
6.000%		11/01/28		1,275		1,245,568
Vulcan Materials Co.,
Sr. Unsec’d. Notes
3.500%		06/01/30		15		13,696


						3,512,344

Chemicals — 0.8%
Ashland, Inc.,
Sr. Unsec’d. Notes
6.875%		05/15/43		1,400		1,431,152
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A
4.500%		01/10/28		214		194,606
8.500%		01/12/31		1,084		1,106,358
CF Industries, Inc.,
Gtd. Notes
4.950%		06/01/43		675		588,410
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
3.600%		11/15/50		5		3,480
FMC Corp.,
Sr. Unsec’d. Notes
3.450%		10/01/29		2,810		2,528,346
5.650%		05/18/33(a)		1,760		1,733,645
LYB International Finance III LLC,
Gtd. Notes
1.250%		10/01/25		35		33,131
3.375%		10/01/40		60		43,863
4.200%		10/15/49		5		3,836
Mosaic Co. (The),
Sr. Unsec’d. Notes
5.625%		11/15/43		155		146,573

SEE NOTES TO FINANCIAL STATEMENTS.

A172

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Chemicals (cont’d.)
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
4.900%		06/01/43			870	$	773,586
5.250%		01/15/45			305		281,296
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
3.750%		06/23/31			200		172,875
6.750%		05/02/34			871		893,864
Sasol Financing USA LLC (South Africa),
Gtd. Notes
4.375%		09/18/26			460		433,119
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes
2.300%		05/15/30			20		17,151
3.450%		08/01/25			449		438,895
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A
13.000%		12/16/27			166		168,184
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A
4.750%		06/01/28			2,410		2,349,148


							13,341,518

Commercial Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%		07/15/26			20		19,944
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%		06/01/28			1,300		1,184,417
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A
9.000%		06/01/29			500		466,151
Boost Newco Borrower LLC,
Sr. Sec’d. Notes, 144A
7.500%		01/15/31			200		208,577
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%		09/25/26	EUR		785		809,695
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%		11/01/46			50		40,895
6.700%		06/01/34			920		1,010,203
7.000%		10/15/37			770		870,633
Global Payments, Inc.,
Sr. Unsec’d. Notes
1.200%		03/01/26			145		134,987
2.650%		02/15/25			40		39,205
3.200%		08/15/29			30		26,972
S&P Global, Inc.,
Gtd. Notes
4.250%		05/01/29			60		58,235
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			50		43,482
3.875%		02/15/31			392		349,960


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Commercial Services (cont’d.)
4.875%		01/15/28(a)		1,325	$	1,283,206
5.250%		01/15/30(a)		525		508,209
University of Southern California,
Sr. Unsec’d. Notes
4.976%		10/01/53(a)		1,690		1,637,457


						8,692,228

Computers — 0.1%
Apple, Inc.,
Sr. Unsec’d. Notes
0.700%		02/08/26		40		37,367
1.200%		02/08/28		100		88,439
1.400%		08/05/28		29		25,527
1.650%		02/08/31		55		45,483
2.375%		02/08/41		40		27,651
2.650%		02/08/51		15		9,478
2.800%		02/08/61		100		61,069
2.950%		09/11/49		25		17,075
3.350%		02/09/27		70		67,510
3.850%		08/04/46		15		12,242
Gartner, Inc.,
Gtd. Notes, 144A
4.500%		07/01/28		230		221,671
Genpact Luxembourg Sarl,
Gtd. Notes
3.375%		12/01/24		90		88,883
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A
9.500%		04/01/29		866		936,547
NetApp, Inc.,
Sr. Unsec’d. Notes
3.300%		09/29/24		40		39,733
Seagate HDD Cayman,
Gtd. Notes
4.875%		06/01/27		40		38,700


						1,717,375

Distribution/Wholesale — 0.1%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A
3.875%		12/15/28		1,550		1,398,149
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
6.750%		03/15/28(a)		75		76,406


						1,474,555

Diversified Financial Services — 0.7%
American Express Co.,
Jr. Sub. Notes
3.550%(ff)		09/15/26(oo)		10		9,317
Blackstone Private Credit Fund,
Sr. Sec’d. Notes
5.610%		05/03/27^		1,100		1,059,818
Capital One Financial Corp.,
Sr. Unsec’d. Notes
3.800%		01/31/28		5		4,752

SEE NOTES TO FINANCIAL STATEMENTS.

A173

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
Sub. Notes
2.359%(ff)		07/29/32		45	$	35,203
Charles Schwab Corp. (The),
Jr. Sub. Notes, Series H
4.000%(ff)		12/01/30(oo)		20		17,079
Jr. Sub. Notes, Series I
4.000%(ff)		06/01/26(oo)		35		32,767
LPL Holdings, Inc.,
Gtd. Notes
6.750%		11/17/28		4,170		4,378,852
LSEG US Fin Corp. (United Kingdom),
Gtd. Notes, 144A
5.297%		03/28/34		2,155		2,143,161
Mastercard, Inc.,
Sr. Unsec’d. Notes
1.900%		03/15/31		15		12,513
3.850%		03/26/50		20		15,775
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.125%		12/15/30		75		68,866
5.500%		08/15/28		805		774,056
6.000%		01/15/27		275		272,091
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31		515		424,087
Nuveen LLC,
Sr. Unsec’d. Notes, 144A
5.850%		04/15/34		965		969,535
OneMain Finance Corp.,
Gtd. Notes
3.875%		09/15/28		575		515,365
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
7.875%		12/15/29(a)		535		551,500
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
6.150%		12/06/28		400		409,125
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A
2.875%		10/15/26		10		9,327
Visa, Inc.,
Sr. Unsec’d. Notes
1.100%		02/15/31		10		7,965


						11,711,154

Electric — 3.1%
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes
3.750%		12/01/47		100		74,028
AES Corp. (The),
Sr. Unsec’d. Notes
1.375%		01/15/26		35		32,791
2.450%		01/15/31		15		12,350
Sr. Unsec’d. Notes, 144A
3.300%		07/15/25(a)		45		43,842
3.950%		07/15/30		5		4,573


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%		09/27/51		308	$	231,167
Ameren Illinois Co.,
First Mortgage
4.500%		03/15/49		40		34,158
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes, Series J
4.300%		12/01/28		45		43,195
American Transmission Systems, Inc.,
Sr. Unsec’d. Notes, 144A
2.650%		01/15/32		10		8,313
Arizona Public Service Co.,
Sr. Unsec’d. Notes
2.200%		12/15/31		25		20,158
Atlantic City Electric Co.,
First Mortgage
2.300%		03/15/31		25		20,935
Avangrid, Inc.,
Sr. Unsec’d. Notes
3.800%		06/01/29		10		9,302
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
2.250%		06/15/31		5		4,165
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
4.050%		04/15/25		35		34,624
4.250%		10/15/50		20		15,689
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%		02/01/29		600		559,993
5.000%		02/01/31		1,575		1,469,443
5.125%		03/15/28		1,700		1,635,057
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes
2.950%		03/01/30		36		31,871
CMS Energy Corp.,
Sr. Unsec’d. Notes
3.000%		05/15/26		20		19,142
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%		05/15/29		1,325		1,236,391
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes
4.500%		12/01/45		10		8,428
Sr. Unsec’d. Notes, Series C
3.000%		12/01/60		20		11,826
4.300%		12/01/56		235		184,937
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes
3.250%		06/01/25		20		19,545
Dominion Energy South Carolina, Inc.,
First Mortgage
4.600%		06/15/43		2,025		1,757,529
Dominion Energy, Inc.,
Jr. Sub. Notes
3.071%		08/15/24		5		4,981

SEE NOTES TO FINANCIAL STATEMENTS.

A174

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Sr. Unsec’d. Notes
3.900%		10/01/25		15	$	14,688
Sr. Unsec’d. Notes, Series C
3.375%		04/01/30		10		9,032
DPL, Inc.,
Sr. Unsec’d. Notes
4.125%		07/01/25		10		9,793
DTE Electric Co.,
First Mortgage, Series C
2.625%		03/01/31		10		8,621
Duke Energy Carolinas LLC,
First Mortgage
3.950%		11/15/28		40		38,453
Duke Energy Corp.,
Sr. Unsec’d. Notes
2.450%		06/01/30		5		4,298
Duke Energy Florida LLC,
First Mortgage
1.750%		06/15/30		50		41,474
2.500%		12/01/29		75		66,136
3.850%		11/15/42		25		19,842
Duke Energy Indiana LLC,
First Mortgage
2.750%		04/01/50		10		6,024
5.400%		04/01/53		3,500		3,309,180
Duke Energy Ohio, Inc.,
First Mortgage
2.125%		06/01/30		30		25,323
Duke Energy Progress LLC,
First Mortgage
3.450%		03/15/29		45		41,983
Edison International,
Sr. Unsec’d. Notes
3.550%		11/15/24		85		84,159
4.950%		04/15/25		5		4,963
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%		05/15/35		2,325		2,333,437
Entergy Corp.,
Sr. Unsec’d. Notes
0.900%		09/15/25		10		9,464
Entergy Louisiana LLC,
First Mortgage
2.350%		06/15/32		120		97,556
Entergy Texas, Inc.,
First Mortgage
3.550%		09/30/49		25		17,796
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%		08/10/28		895		866,843
Sr. Unsec’d. Notes, 144A
7.125%		02/11/25		390		388,538
Sr. Unsec’d. Notes, 144A, MTN
8.450%		08/10/28		209		210,110
Sr. Unsec’d. Notes, MTN
8.450%		08/10/28		1,411		1,418,496


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Eversource Energy,
Sr. Unsec’d. Notes, Series M
3.300%		01/15/28		40	$	37,330
Sr. Unsec’d. Notes, Series U
1.400%		08/15/26		20		18,355
Exelon Corp.,
Sr. Unsec’d. Notes
3.400%		04/15/26		5		4,839
3.950%		06/15/25		35		34,442
4.050%		04/15/30		25		23,477
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series C
5.100%		07/15/47		4		3,419
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.350%		01/15/25		3,771		3,732,306
5.450%		07/15/44		280		262,279
Florida Power & Light Co.,
First Mortgage
2.875%		12/04/51		5		3,176
3.150%		10/01/49		36		24,481
Georgia Power Co.,
Sr. Unsec’d. Notes, Series B
2.650%		09/15/29		95		84,650
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33		1,150		1,197,075
Interstate Power & Light Co.,
Sr. Unsec’d. Notes
3.250%		12/01/24		20		19,800
3.600%		04/01/29		50		46,803
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28		680		626,025
Kentucky Utilities Co.,
First Mortgage
4.375%		10/01/45		3,050		2,538,677
MidAmerican Energy Co.,
First Mortgage
3.150%		04/15/50		5		3,348
3.650%		04/15/29		20		18,907
3.650%		08/01/48		20		14,984
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A
3.395%		04/09/30		1,050		960,599
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
1.900%		06/15/28		15		13,262
2.250%		06/01/30		20		17,047
2.440%		01/15/32		11		9,022
3.000%		01/15/52		58		36,680
5.749%		09/01/25		6,060		6,073,558
Northern States Power Co.,
First Mortgage
2.250%		04/01/31		10		8,410
2.600%		06/01/51		5		2,982
3.600%		09/15/47		10		7,277

SEE NOTES TO FINANCIAL STATEMENTS.

A175

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%		02/15/31			100	$	85,795
3.875%		02/15/32(a)			500		429,923
5.250%		06/15/29			200		192,146
Jr. Sub. Notes, 144A
10.250%(ff)		03/15/28(oo)			225		245,845
Sr. Sec’d. Notes, 144A
2.000%		12/02/25			285		269,574
2.450%		12/02/27			1,245		1,124,038
Ohio Power Co.,
Sr. Unsec’d. Notes, Series P
2.600%		04/01/30			25		21,761
Sr. Unsec’d. Notes, Series Q
1.625%		01/15/31			5		3,990
Sr. Unsec’d. Notes, Series R
2.900%		10/01/51			5		3,052
Pacific Gas & Electric Co.,
First Mortgage
2.100%		08/01/27(a)			10		9,031
3.450%		07/01/25			13		12,692
3.750%		08/15/42			50		36,059
4.000%		12/01/46			15		10,783
4.450%		04/15/42			5		3,967
4.750%		02/15/44			75		61,301
4.950%		07/01/50			2,645		2,184,445
Sr. Sec’d. Notes
3.250%		06/01/31			1,650		1,419,191
PacifiCorp,
First Mortgage
3.300%		03/15/51			390		252,629
PECO Energy Co.,
First Mortgage
2.800%		06/15/50			25		15,515
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia),
Sr. Unsec’d. Notes, 144A
1.875%		11/05/31	EUR		324		288,542
PG&E Energy Recovery Funding LLC,
Sr. Sec’d. Notes, Series A-3
2.822%		07/15/48			20		14,169
Progress Energy, Inc.,
Sr. Unsec’d. Notes
7.000%		10/30/31			90		97,546
Public Service Co. of Colorado,
First Mortgage
5.350%		05/15/34			4,500		4,459,661
First Mortgage, Series 34
3.200%		03/01/50			5		3,285
Public Service Electric & Gas Co.,
First Mortgage, MTN
2.050%		08/01/50			45		24,259
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%		08/15/30			35		28,344
Rochester Gas & Electric Corp.,
First Mortgage, 144A
3.100%		06/01/27			45		42,472


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
San Diego Gas & Electric Co.,
First Mortgage
4.150%		05/15/48		20	$	16,138
5.350%		05/15/35		40		39,630
First Mortgage, Series WWW
2.950%		08/15/51		5		3,249
Sr. Sec’d. Notes, Series VVV
1.700%		10/01/30		10		8,211
Sempra,
Sr. Unsec’d. Notes
4.000%		02/01/48		5		3,804
Sierra Pacific Power Co.,
General Ref. Mortgage
2.600%		05/01/26		20		19,074
Southern California Edison Co.,
First Mortgage
2.250%		06/01/30		35		29,672
2.850%		08/01/29		40		35,897
3.650%		02/01/50		25		17,773
First Mortgage, Series 20A
2.950%		02/01/51		5		3,094
First Mortgage, Series A
4.200%		03/01/29		20		19,119
First Mortgage, Series G
2.500%		06/01/31		10		8,390
First Mortgage, Series H
3.650%		06/01/51		5		3,514
First Ref. Mortgage
5.500%		03/15/40		10		9,633
First Ref. Mortgage, Series C
4.125%		03/01/48		50		38,825
Southwestern Public Service Co.,
First Mortgage
3.750%		06/15/49		30		21,511
Tampa Electric Co.,
Sr. Unsec’d. Notes
3.450%		03/15/51		40		27,479
Toledo Edison Co. (The),
First Mortgage, 144A
2.650%		05/01/28		10		8,987
Trans-Allegheny Interstate Line Co.,
Sr. Unsec’d. Notes, 144A
3.850%		06/01/25		100		98,131
Tucson Electric Power Co.,
Sr. Unsec’d. Notes
4.000%		06/15/50		1,500		1,130,779
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes
4.450%		02/15/44		15		12,636
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)		12/15/26(oo)		1,050		1,040,202
8.000%(ff)		10/15/26(oo)		2,075		2,091,314
Jr. Sub. Notes, Series C, 144A
8.875%(ff)		01/15/29(oo)		1,600		1,654,222

SEE NOTES TO FINANCIAL STATEMENTS.

A176

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Electric (cont’d.)
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27			450	$	435,396
5.625%		02/15/27			600		589,945
Sr. Sec’d. Notes, 144A
3.550%		07/15/24			130		129,830
3.700%		01/30/27			2,000		1,911,377


							53,125,699

Electrical Components & Equipment — 0.1%
WESCO Distribution, Inc.,
Gtd. Notes, 144A
6.375%		03/15/29			295		296,180
6.625%		03/15/32			225		227,530
7.250%		06/15/28			550		560,464


							1,084,174

Electronics — 0.1%
Sensata Technologies BV,
Gtd. Notes, 144A
5.000%		10/01/25			1,000		1,004,300
TD SYNNEX Corp.,
Sr. Unsec’d. Notes
1.250%		08/09/24			30		29,844
Sr. Unsec’d. Notes, Sr. Unsec’d. Notes
2.650%		08/09/31			25		20,564


							1,054,708

Engineering & Construction — 0.4%
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN
1.750%		10/23/30(a)	EUR		2,800		2,628,740
GMR Hyderabad International Airport Ltd. (India),
Sr. Sec’d. Notes, 144A
4.250%		10/27/27			345		323,114
GTP Acquisition Partners I LLC,
Sr. Sec’d. Notes, 144A
3.482%		06/15/50			100		97,911
MasTec, Inc.,
Sr. Unsec’d. Notes
5.900%		06/15/29			380		381,804
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
3.875%		04/30/28			201		188,689
4.250%		10/31/26			605		581,459
5.500%		10/31/46			415		344,061
5.500%		07/31/47			3,480		2,882,963


							7,428,741

Entertainment — 0.4%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A
4.625%		10/15/29(a)			600		549,914
Sr. Sec’d. Notes, 144A
6.500%		02/15/32(a)			580		582,830
7.000%		02/15/30			400		408,732


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Entertainment (cont’d.)
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.375%		05/01/26			550	$	545,295
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%		02/15/29			750		697,766
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%		01/15/27(a)			800		772,035
Warnermedia Holdings, Inc.,
Gtd. Notes
5.050%		03/15/42(a)			1,065		865,494
5.141%		03/15/52			3,490		2,715,859
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
7.125%		02/15/31(a)			260		269,584


							7,407,509

Environmental Control — 0.0%
GFL Environmental, Inc.,
Sr. Sec’d. Notes, 144A
6.750%		01/15/31			300		305,625
Republic Services, Inc.,
Sr. Unsec’d. Notes
0.875%		11/15/25			10		9,402
2.500%		08/15/24			30		29,874
3.950%		05/15/28			20		19,225
Waste Connections, Inc.,
Sr. Unsec’d. Notes
3.500%		05/01/29			35		32,667


							396,793

Foods — 0.9%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
6.500%		02/15/28(a)			375		376,825
B&G Foods, Inc.,
Gtd. Notes
5.250%		09/15/27			1,475		1,368,194
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.125%		05/14/30	GBP		3,000		3,785,607
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
4.000%		02/16/27	GBP		1,600		1,850,632
Campbell Soup Co.,
Sr. Unsec’d. Notes
3.950%		03/15/25			45		44,433
Hershey Co. (The),
Sr. Unsec’d. Notes
1.700%		06/01/30			10		8,364
Kraft Heinz Foods Co.,
Gtd. Notes
4.375%		06/01/46			465		378,637
4.625%		10/01/39			645		571,585

SEE NOTES TO FINANCIAL STATEMENTS.

A177

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Foods (cont’d.)
Mars, Inc.,
Gtd. Notes, 144A
3.875%		04/01/39		440	$	373,509
4.125%		04/01/54		415		335,823
Mondelez International, Inc.,
Sr. Unsec’d. Notes
1.500%		02/04/31		30		23,968
Post Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.250%		02/15/32		570		571,452
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes, 144A
2.625%		09/13/31		1,858		1,485,226
3.000%		10/15/30		10		8,480
5.200%		04/01/29(a)		3,726		3,618,093


						14,800,828

Forest Products & Paper — 0.0%
Georgia-Pacific LLC,
Sr. Unsec’d. Notes, 144A
0.950%		05/15/26		40		37,043

Gas — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.875%		08/20/26		1,100		1,065,803
Atmos Energy Corp.,
Sr. Unsec’d. Notes
1.500%		01/15/31		55		44,091
2.625%		09/15/29		15		13,385
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
1.750%		10/01/30		10		8,155
NiSource, Inc.,
Sr. Unsec’d. Notes
0.950%		08/15/25		75		71,247
1.700%		02/15/31		120		95,561
3.600%		05/01/30		36		33,040
4.800%		02/15/44		300		260,321
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
4.100%		09/18/34		20		17,609
Southern California Gas Co.,
First Mortgage, Series WW
3.950%		02/15/50		45		34,068
Southern Co. Gas Capital Corp.,
Gtd. Notes
4.400%		06/01/43		1,050		861,464


						2,504,744

Healthcare-Products — 0.2%
Agilent Technologies, Inc.,
Sr. Unsec’d. Notes
2.300%		03/12/31		45		37,480
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29		475		437,369


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Healthcare-Products (cont’d.)
Sr. Unsec’d. Notes, 144A
5.250%		10/01/29(a)			75	$	71,480
Medline Borrower LP/Medline Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A
6.250%		04/01/29(a)			700		707,810
Medtronic Global Holdings SCA,
Gtd. Notes
1.375%		10/15/40	EUR		540		404,209
Stryker Corp.,
Sr. Unsec’d. Notes
2.125%		11/30/27	EUR		510		522,496
3.650%		03/07/28			30		28,571
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, EMTN
1.500%		10/01/39	EUR		600		468,639
1.875%		10/01/49	EUR		425		305,591


							2,983,645

Healthcare-Services — 1.3%
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes
3.387%		10/15/49			20		14,600
Aetna, Inc.,
Sr. Unsec’d. Notes
3.875%		08/15/47			3		2,176
6.750%		12/15/37			1,900		2,029,716
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021
2.780%		07/01/51			10		6,346
Ascension Health,
Sr. Unsec’d. Notes, Series B
3.106%		11/15/39			20		15,474
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021
2.839%		11/15/50			10		6,546
Bon Secours Mercy Health, Inc.,
Sec’d. Notes, Series 20-2
2.095%		06/01/31			10		8,268
City of Hope,
Sr. Sec’d. Notes, Series 2013
5.623%		11/15/43			20		19,536
CommonSpirit Health,
Sr. Sec’d. Notes
1.547%		10/01/25			35		33,258
2.782%		10/01/30			5		4,333
3.910%		10/01/50			5		3,789
4.187%		10/01/49			30		24,024
5.205%		12/01/31			4,015		3,958,537
DaVita, Inc.,
Gtd. Notes, 144A
4.625%		06/01/30			850		769,160
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017
3.920%		06/01/47			25		20,166
Elevance Health, Inc.,
Sr. Unsec’d. Notes
2.375%		01/15/25			15		14,734

SEE NOTES TO FINANCIAL STATEMENTS.

A178

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
4.650%		01/15/43		385	$	339,729
HCA, Inc.,
Gtd. Notes
5.375%		02/01/25		940		936,605
7.500%		11/06/33		500		553,872
Gtd. Notes, MTN
7.750%		07/15/36		500		568,215
Icon Investments Six DAC,
Sr. Sec’d. Notes
5.809%		05/08/27		2,060		2,078,546
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021
3.002%		06/01/51		10		6,681
Laboratory Corp. of America Holdings,
Gtd. Notes
2.950%		12/01/29		25		22,329
3.600%		02/01/25		675		666,104
Mount Sinai Hospital (The),
Sec’d. Notes, Series 2017
3.981%		07/01/48		2		1,561
Sec’d. Notes, Series 2019
3.737%		07/01/49		29		21,077
Unsec’d. Notes, Series 2020
3.391%		07/01/50		10		6,581
Orlando Health Obligated Group,
Unsec’d. Notes
4.089%		10/01/48		25		20,659
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020
1.375%		11/15/25		10		9,430
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2032
2.044%		01/01/32		10		8,089
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A
2.532%		10/01/29(a)		50		43,844
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
2.950%		06/30/30		50		44,331
Sutter Health,
Unsec’d. Notes, Series 20A
2.294%		08/15/30		6		5,149
3.361%		08/15/50		4		2,863
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.250%		06/01/29		400		372,405
4.375%		01/15/30		1,675		1,552,114
4.625%		06/15/28		435		413,782
5.125%		11/01/27		100		97,857
6.750%		05/15/31		975		990,053
Trinity Health Corp.,
Sr. Unsec’d. Notes, Series 2019
3.434%		12/01/48		30		22,451
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.900%		05/15/50		20		12,967
3.050%		05/15/41		895		661,480


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
3.250%		05/15/51(a)		5	$	3,434
3.500%		08/15/39		25		20,195
3.950%		10/15/42		220		180,399
4.450%		12/15/48		10		8,546
5.200%		04/15/63		5,805		5,388,815
Universal Health Services, Inc.,
Sr. Sec’d. Notes
2.650%		10/15/30		25		21,312


						22,012,138

Home Builders — 0.1%
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27		1,725		1,716,688
Sr. Unsec’d. Notes, 144A
5.125%		08/01/30		45		43,130


						1,759,818

Housewares — 0.0%
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.375%		02/01/32		850		731,929

Insurance — 0.2%
American International Group, Inc.,
Sr. Unsec’d. Notes
4.800%		07/10/45		3		2,677
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes
3.500%		10/15/50		20		13,457
Great-West Lifeco US Finance 2020 LP (Canada),
Gtd. Notes, 144A
0.904%		08/12/25		25		23,758
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50		1,030		747,081
Lincoln National Corp.,
Sr. Unsec’d. Notes
7.000%		06/15/40		405		438,385
Markel Group, Inc.,
Sr. Unsec’d. Notes
5.000%		03/30/43		350		312,521
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes
2.250%		11/15/30		5		4,261
2.375%		12/15/31		15		12,459
New York Life Insurance Co.,
Sub. Notes, 144A
3.750%		05/15/50		25		18,657
Principal Financial Group, Inc.,
Gtd. Notes
4.625%		09/15/42		150		133,008
Protective Life Corp.,
Sr. Unsec’d. Notes, 144A
3.400%		01/15/30		15		13,401
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%		07/15/34		1,350		1,474,187

SEE NOTES TO FINANCIAL STATEMENTS.

A179

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Insurance (cont’d.)
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
3.300%		05/15/50		10	$	6,777
4.270%		05/15/47		910		728,377
6.850%		12/16/39		196		218,360
W.R. Berkley Corp.,
Sr. Unsec’d. Notes
4.000%		05/12/50		15		11,465


						4,158,831

Internet — 0.0%
Alphabet, Inc.,
Sr. Unsec’d. Notes
1.100%		08/15/30		20		16,334
Amazon.com, Inc.,
Sr. Unsec’d. Notes
1.000%		05/12/26		100		93,013
1.200%		06/03/27		20		18,060
2.100%		05/12/31		30		25,278
2.500%		06/03/50		25		15,291
3.150%		08/22/27		45		42,745
3.875%		08/22/37		50		44,151
Arches Buyer, Inc.,
Sr. Sec’d. Notes, 144A
4.250%		06/01/28		25		22,307
Expedia Group, Inc.,
Gtd. Notes, 144A
6.250%		05/01/25		3		3,008
Netflix, Inc.,
Sr. Unsec’d. Notes
4.375%		11/15/26		18		17,679


						297,866

Iron/Steel — 0.0%
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
9.250%		10/01/28		475		497,420
Nucor Corp.,
Sr. Unsec’d. Notes
2.000%		06/01/25		5		4,840
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes
2.400%		06/15/25		5		4,844
3.250%		01/15/31		20		17,713
3.250%		10/15/50		5		3,288
3.450%		04/15/30		5		4,568


						532,673

Leisure Time — 0.3%
Carnival Corp.,
Gtd. Notes, 144A
5.750%		03/01/27		675		664,875
6.000%		05/01/29		825		811,594
Carnival Holdings Bermuda Ltd.,
Gtd. Notes, 144A
10.375%		05/01/28		250		270,732


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Leisure Time (cont’d.)
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A
6.750%		02/15/27(a)		1,400	$	1,382,101
NCL Corp. Ltd.,
Gtd. Notes, 144A
5.875%		03/15/26		375		370,781
NCL Finance Ltd.,
Gtd. Notes, 144A
6.125%		03/15/28		425		419,687
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A
7.250%		01/15/30		125		129,006
Sr. Unsec’d. Notes, 144A
5.500%		08/31/26		550		544,500
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%		09/15/27		800		792,000
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A
5.000%		02/15/28		500		483,750


						5,869,026

Lodging — 0.2%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
2.900%		06/25/25		40		38,814
3.500%		08/18/26		30		28,637
Marriott International, Inc.,
Sr. Unsec’d. Notes
3.750%		10/01/25		5		4,895
MGM Resorts International,
Gtd. Notes
4.750%		10/15/28(a)		1,375		1,308,907
5.500%		04/15/27		700		691,574
6.500%		04/15/32(a)		560		557,401
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.400%		08/08/28		400		391,774
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.500%		01/15/26		725		709,835


						3,731,837

Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes, MTN
0.800%		11/13/25		10		9,428
1.100%		09/14/27		10		8,918
Caterpillar, Inc.,
Sr. Unsec’d. Notes
2.600%		04/09/30		10		8,879


						27,225

Machinery-Diversified — 0.4%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A
7.500%		01/01/30		550		569,244

SEE NOTES TO FINANCIAL STATEMENTS.

A180

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Machinery-Diversified (cont’d.)
Deere & Co.,
Sr. Unsec’d. Notes
3.100%		04/15/30		10	$	9,090
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes
5.700%		08/14/33(a)		1,615		1,652,498
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN
5.100%		04/11/34(a)		3,040		3,030,717
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
11.500%		09/01/28		1,275		1,317,102
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes
4.700%		09/15/28		30		29,415
5.611%		03/11/34		790		793,996


						7,402,062

Media — 1.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%		05/01/32		450		362,909
Sr. Unsec’d. Notes, 144A
4.500%		08/15/30		5		4,228
4.750%		03/01/30		8		6,929
5.125%		05/01/27		275		263,927
5.375%		06/01/29(a)		800		727,702
5.500%		05/01/26		1,375		1,358,369
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%		01/15/29(a)		40		34,215
2.800%		04/01/31		100		81,771
3.500%		06/01/41		45		30,248
3.500%		03/01/42		50		33,383
3.700%		04/01/51		1,700		1,037,753
4.908%		07/23/25		15		14,872
5.050%		03/30/29(a)		85		81,742
5.375%		05/01/47		20		15,988
5.750%		04/01/48		20		16,765
6.384%		10/23/35		2,487		2,424,390
6.484%		10/23/45		1,140		1,042,713
Comcast Corp.,
Gtd. Notes
2.350%		01/15/27		30		28,094
2.650%		02/01/30		10		8,853
2.937%		11/01/56		26		15,686
3.150%		02/15/28		80		75,158
3.250%		11/01/39		35		26,931
3.900%		03/01/38		25		21,163
3.999%		11/01/49		85		66,249
4.000%		03/01/48		40		31,423
4.150%		10/15/28		50		48,419
Cox Communications, Inc.,
Gtd. Notes, 144A
2.950%		10/01/50		60		35,725


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Media (cont’d.)
Sr. Unsec’d. Notes, 144A
3.150%		08/15/24			965	$	961,431
3.500%		08/15/27			65		61,451
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%		02/15/31			1,000		624,927
4.125%		12/01/30			200		129,958
5.375%		02/01/28			400		303,818
5.500%		04/15/27			650		527,580
Sr. Unsec’d. Notes, 144A
4.625%		12/01/30			1,000		365,413
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $401,250; purchased 07/18/19 - 09/21/20)(f)
6.625%		08/15/27(d)			520		10,400
Sec’d. Notes, 144A (original cost $1,322,435; purchased 07/18/19 - 08/30/22)(f)
5.375%		08/15/26(d)			3,180		69,087
DISH DBS Corp.,
Gtd. Notes
5.125%		06/01/29			375		147,620
7.375%		07/01/28			400		169,815
7.750%		07/01/26			475		294,875
DISH Network Corp.,
Sr. Sec’d. Notes, 144A
11.750%		11/15/27			2,275		2,234,805
Fox Corp.,
Sr. Unsec’d. Notes
3.050%		04/07/25			5		4,900
NBCUniversal Media LLC,
Gtd. Notes
4.450%		01/15/43			10		8,635
Sirius XM Radio, Inc.,
Gtd. Notes, 144A
3.125%		09/01/26			15		14,117
4.000%		07/15/28			15		13,551
TCI Communications, Inc.,
Sr. Unsec’d. Notes
7.875%		02/15/26			750		780,936
Time Warner Cable LLC,
Sr. Sec’d. Notes
6.550%		05/01/37			40		37,892
TWDC Enterprises 18 Corp.,
Gtd. Notes, MTN
1.850%		07/30/26			30		28,050
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
6.625%		06/01/27			975		934,826
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes
4.125%		08/15/30	GBP		900		942,278
4.250%		01/15/30	GBP		1,300		1,394,842
Walt Disney Co. (The),
Gtd. Notes
3.800%		03/22/30			85		80,515


							18,037,327

SEE NOTES TO FINANCIAL STATEMENTS.

A181

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Mining — 0.4%
Arsenal AIC Parent LLC,
Unsec’d. Notes, 144A
11.500%		10/01/31		350	$	392,143
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.700%		05/30/41		464		459,311
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
6.420%		03/01/26		120		122,056
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.875%		10/15/27		700		682,719
FMG Resources August 2006 Pty Ltd. (Australia),
Gtd. Notes, 144A
4.375%		04/01/31		25		22,281
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN
5.315%		04/14/32		450		435,487
Freeport-McMoRan, Inc.,
Gtd. Notes
5.450%		03/15/43		20		18,866
Hecla Mining Co.,
Gtd. Notes
7.250%		02/15/28		325		325,762
Kinross Gold Corp. (Canada),
Gtd. Notes
4.500%		07/15/27		25		24,239
Newmont Corp.,
Gtd. Notes
2.250%		10/01/30		5		4,264
2.800%		10/01/29		3,030		2,717,785
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A
5.350%		03/15/34		1,200		1,197,852
Novelis Corp.,
Gtd. Notes, 144A
3.250%		11/15/26		750		704,636
Southern Copper Corp. (Mexico),
Sr. Unsec’d. Notes
3.875%		04/23/25		50		49,215
Yamana Gold, Inc. (Canada),
Gtd. Notes
4.625%		12/15/27		45		43,456


						7,200,072

Miscellaneous Manufacturing — 0.0%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes
2.200%		03/01/32		15		12,074
Hillenbrand, Inc.,
Gtd. Notes
5.000%		09/15/26		100		98,461
Pentair Finance Sarl,
Gtd. Notes
4.500%		07/01/29		50		48,282


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Miscellaneous Manufacturing (cont’d.)
Teledyne Technologies, Inc.,
Gtd. Notes
2.750%		04/01/31		60	$	51,301
Textron, Inc.,
Sr. Unsec’d. Notes
2.450%		03/15/31		64		53,521


						263,639

Multi-National — 0.1%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%		01/24/29		240		239,172
Inter-American Development Bank (Supranational Bank),
Unsec’d. Notes
6.950%		08/01/26		1,500		1,554,523


						1,793,695

Office/Business Equipment — 0.2%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%		12/01/26		20		18,710
3.276%		12/01/28		25		22,767
4.250%		04/01/28(a)		3,390		3,234,329
5.500%		12/01/24(a)		14		13,968


						3,289,774

Oil & Gas — 2.2%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%		07/15/31		705		598,854
Sr. Unsec’d. Notes, 144A
5.600%		06/13/28		4,000		4,031,636
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%		11/01/26		350		350,562
9.000%		11/01/27		179		222,069
Sr. Unsec’d. Notes, 144A
8.250%		12/31/28(a)		450		460,712
BP Capital Markets America, Inc.,
Gtd. Notes
1.749%		08/10/30		10		8,312
2.772%		11/10/50		145		89,247
2.939%		06/04/51		1,845		1,172,631
3.000%		02/24/50		60		39,073
3.060%		06/17/41		7		5,099
3.379%		02/08/61		5		3,303
4.234%		11/06/28		50		48,476
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
2.950%		07/15/30		10		8,760
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
3.750%		02/15/52		340		238,910
5.250%		06/15/37		12		11,437
5.400%		06/15/47		613		561,898

SEE NOTES TO FINANCIAL STATEMENTS.

A182

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Chevron Corp.,
Sr. Unsec’d. Notes
2.954%		05/16/26		20	$	19,248
3.078%		05/11/50		10		6,830
Chevron USA, Inc.,
Gtd. Notes
1.018%		08/12/27		10		8,890
3.850%		01/15/28		10		9,705
3.900%		11/15/24		50		49,699
Cimarex Energy Co.,
Sr. Unsec’d. Notes
4.375%		03/15/29		10		9,099
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%		06/15/25		800		800,021
Civitas Resources, Inc.,
Gtd. Notes, 144A
8.375%		07/01/28		250		262,304
8.625%		11/01/30		125		134,167
Continental Resources, Inc.,
Gtd. Notes, 144A
2.268%		11/15/26		10		9,281
Crescent Energy Finance LLC,
Gtd. Notes, 144A
7.625%		04/01/32		375		382,257
9.250%		02/15/28		215		227,112
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.250%		09/15/24		2		1,996
5.250%		10/15/27		15		14,940
5.600%		07/15/41		870		809,552
5.850%		12/15/25		30		30,072
Devon OEI Operating LLC,
Sr. Unsec’d. Notes
7.500%		09/15/27		20		20,858
Diamondback Energy, Inc.,
Gtd. Notes
3.125%		03/24/31		25		21,993
3.250%		12/01/26		20		19,106
5.400%		04/18/34		3,030		2,999,254
5.750%		04/18/54		960		930,161
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%		04/29/30		497		477,861
8.625%		01/19/29		2,520		2,652,552
8.875%		01/13/33		495		511,087
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%		01/30/28		1,300		1,312,660
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
4.875%		03/30/26		547		515,206
5.375%		03/30/28		910		806,203
EOG Resources, Inc.,
Sr. Unsec’d. Notes
4.375%		04/15/30		15		14,640


Interest Rate	Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Equinor ASA (Norway),
Gtd. Notes
1.750%		01/22/26			10	$	9,490
Exxon Mobil Corp.,
Sr. Unsec’d. Notes
2.992%		03/19/25			15		14,745
3.452%		04/15/51			25		18,051
3.482%		03/19/30			10		9,323
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes
2.900%		09/29/31			25		20,825
Hess Corp.,
Sr. Unsec’d. Notes
4.300%		04/01/27			45		43,868
5.600%		02/15/41			15		14,966
7.300%		08/15/31			5		5,574
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
8.375%		11/01/33			983		1,047,403
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%		04/19/27			200		193,687
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes
5.125%		12/15/26			50		49,826
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
7.125%		02/01/27(a)			56		56,630
Permian Resources Operating LLC,
Gtd. Notes, 144A
8.000%		04/15/27			675		689,813
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.625%		01/16/34	GBP		880		1,073,285
Gtd. Notes, EMTN
6.250%		12/14/26	GBP		560		704,279
Petroleos Mexicanos (Mexico),
Gtd. Notes
3.625%		11/24/25	EUR		500		517,068
4.750%		02/26/29	EUR		100		93,307
5.950%		01/28/31			20		16,075
6.490%		01/23/27			1,550		1,486,295
6.500%		03/13/27			1,053		1,002,877
6.500%		01/23/29			600		541,500
6.700%		02/16/32			16		13,387
6.840%		01/23/30			800		703,520
Gtd. Notes, EMTN
2.750%		04/21/27	EUR		1,500		1,424,698
4.875%		02/21/28	EUR		1,587		1,548,227
Phillips 66,
Gtd. Notes
1.300%		02/15/26			22		20,599
2.150%		12/15/30			53		44,309
Phillips 66 Co.,
Gtd. Notes
2.450%		12/15/24			50		49,225
4.680%		02/15/45			1,900		1,616,215

SEE NOTES TO FINANCIAL STATEMENTS.

A183

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.125%		01/15/26		25	$	23,460
1.900%		08/15/30		795		665,936
2.150%		01/15/31		5		4,199
Shell International Finance BV,
Gtd. Notes
3.250%		04/06/50		10		6,933
4.000%		05/10/46		20		16,041
Southwestern Energy Co.,
Gtd. Notes
4.750%		02/01/32		525		482,198
5.375%		02/01/29		700		678,777
TotalEnergies Capital International SA (France),
Gtd. Notes
3.127%		05/29/50		4		2,713
TotalEnergies Capital SA (France),
Gtd. Notes
5.638%		04/05/64		1,425		1,426,404
Transocean, Inc.,
Gtd. Notes, 144A
8.000%		02/01/27		111		110,606
8.250%		05/15/29		295		295,634
Valero Energy Corp.,
Sr. Unsec’d. Notes
2.150%		09/15/27(a)		845		769,699


						38,419,400

Oil & Gas Services — 0.0%
Cameron International Corp.,
Gtd. Notes
7.000%		07/15/38		450		496,903
Halliburton Co.,
Sr. Unsec’d. Notes
2.920%		03/01/30		6		5,366
3.800%		11/15/25		8		7,832


						510,101

Packaging & Containers — 0.2%
Amcor Flexibles North America, Inc.,
Gtd. Notes
2.630%		06/19/30		55		47,156
Ball Corp.,
Gtd. Notes
6.000%		06/15/29(a)		875		879,688
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%		01/15/26		90		84,579
Sr. Sec’d. Notes, 144A
4.875%		07/15/26		10		9,817
Graphic Packaging International LLC,
Gtd. Notes
4.125%		08/15/24		575		573,581
Sr. Sec’d. Notes, 144A
1.512%		04/15/26		30		27,743


Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (continued)
Packaging & Containers (cont’d.)
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		10/15/28(a)		1,450	$	1,353,461
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%		02/01/28(a)		100		100,277
WRKCo, Inc.,
Gtd. Notes
4.650%		03/15/26		25		24,643


						3,100,945

Pharmaceuticals — 1.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes
2.950%		11/21/26		300		285,867
3.200%		11/21/29		49		44,974
3.800%		03/15/25		1,040		1,026,440
4.050%		11/21/39		4,980		4,321,533
4.250%		11/14/28(a)		50		48,800
4.300%		05/14/36		10		9,193
4.550%		03/15/35		2,040		1,934,850
4.875%		11/14/48		35		32,144
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes
2.250%		05/28/31		8		6,741
AstraZeneca PLC (United Kingdom),
Sr. Unsec’d. Notes
0.700%		04/08/26		45		41,637
Bausch Health Americas, Inc.,
Gtd. Notes, 144A
8.500%		01/31/27		120		83,621
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%		01/30/28		430		222,525
5.000%		02/15/29		250		121,562
5.250%		01/30/30		325		151,125
5.250%		02/15/31		225		104,625
6.250%		02/15/29		1,150		580,750
7.000%		01/15/28		225		121,219
Sr. Sec’d. Notes, 144A
4.875%		06/01/28		225		168,381
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
1.957%		02/11/31		20		16,390
3.794%		05/20/50		27		20,403
4.685%		12/15/44		9		7,921
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
2.350%		11/13/40		10		6,620
Cigna Group (The),
Gtd. Notes
3.250%		04/15/25		20		19,639
3.875%		10/15/47		20		15,068
4.375%		10/15/28		1,390		1,349,660
4.500%		02/25/26		2,407		2,372,805
Sr. Unsec’d. Notes
2.400%		03/15/30		122		105,571

SEE NOTES TO FINANCIAL STATEMENTS.

A184

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
3.200%	03/15/40		1,745	$	1,290,828
CVS Health Corp.,
Sr. Unsec’d. Notes
1.750%	08/21/30		60		48,762
2.125%	09/15/31		40		32,091
2.625%	08/15/24		100		99,559
2.700%	08/21/40		480		318,752
3.000%	08/15/26		12		11,431
3.625%	04/01/27		50		47,962
3.750%	04/01/30		110		101,227
5.000%	01/30/29		98		96,996
Johnson & Johnson,
Sr. Unsec’d. Notes
2.100%	09/01/40		10		6,674
Merck & Co., Inc.,
Sr. Unsec’d. Notes
1.450%	06/24/30		25		20,680
2.350%	06/24/40		10		6,826
2.750%	12/10/51		15		9,379
Mylan, Inc.,
Gtd. Notes
5.200%	04/15/48		890		722,414
Novartis Capital Corp. (Switzerland),
Gtd. Notes
2.750%	08/14/50		10		6,483
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A
5.125%	04/30/31(a)		800		718,292
Pfizer, Inc.,
Sr. Unsec’d. Notes
3.000%	12/15/26		20		19,088
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes
3.200%	09/23/26		3,785		3,628,683
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes
3.025%	07/09/40		525		376,244
Utah Acquisition Sub, Inc.,
Gtd. Notes
3.950%	06/15/26		30		29,101
5.250%	06/15/46		185		152,310
Viatris, Inc.,
Gtd. Notes
3.850%	06/22/40		5		3,650
4.000%	06/22/50		1,292		870,656
Zoetis, Inc.,
Sr. Unsec’d. Notes
3.900%	08/20/28		30		28,628


					21,866,780

Pipelines — 2.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
6.625%	02/01/32		590		595,204
Boardwalk Pipelines LP,
Gtd. Notes
3.400%	02/15/31		1,805		1,579,028


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Pipelines (cont’d.)
4.450%	07/15/27		60	$	58,392
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
6.036%	11/15/33		4,660		4,761,277
DCP Midstream Operating LP,
Gtd. Notes
3.250%	02/15/32		18		15,391
Energy Transfer LP,
Gtd. Notes
5.250%	04/15/29		25		24,962
Jr. Sub. Notes, Series B
6.625%(ff)	02/15/28(oo)		10		9,743
Jr. Sub. Notes, Series G
7.125%(ff)	05/15/30(oo)		895		885,517
Jr. Sub. Notes, Series H
6.500%(ff)	11/15/26(oo)		1,365		1,350,280
Sr. Unsec’d. Notes
2.900%	05/15/25		5		4,878
3.750%	05/15/30		60		55,188
4.050%	03/15/25		50		49,440
4.200%	04/15/27		120		116,394
4.950%	06/15/28		20		19,737
5.000%	05/15/50		293		249,038
5.150%	03/15/45		55		48,341
5.300%	04/15/47		120		106,248
5.400%	10/01/47		60		53,673
5.500%	06/01/27		50		50,157
6.100%	02/15/42		5		4,918
6.125%	12/15/45		90		88,201
6.250%	04/15/49		3,633		3,619,256
Sr. Unsec’d. Notes, Series 20Y
5.800%	06/15/38		20		19,617
Enterprise Products Operating LLC,
Gtd. Notes
3.125%	07/31/29		30		27,470
3.700%	01/31/51		145		107,207
3.950%	01/31/60		800		590,595
4.250%	02/15/48		45		36,795
4.800%	02/01/49		30		26,555
4.850%	03/15/44		25		22,548
4.900%	05/15/46		2,115		1,906,168
Gtd. Notes, Series D
6.875%	03/01/33		10		11,108
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
6.500%	07/01/27		550		556,073
Fermaca Enterprises S de RL de CV (Mexico),
Sr. Sec’d. Notes, 144A
6.375%	03/30/38		320		313,920
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A
2.300%	10/01/31		30		24,319
Kinder Morgan Energy Partners LP,
Gtd. Notes
4.700%	11/01/42		5		4,196
5.400%	09/01/44		13		11,900
7.300%	08/15/33		10		11,095

SEE NOTES TO FINANCIAL STATEMENTS.

A185

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Pipelines (cont’d.)
Kinder Morgan, Inc.,
Gtd. Notes
1.750%	11/15/26		30	$	27,655
3.250%	08/01/50		782		499,663
3.600%	02/15/51(a)		1,178		803,593
4.300%	06/01/25		30		29,614
5.300%	12/01/34		23		22,299
MPLX LP,
Sr. Unsec’d. Notes
1.750%	03/01/26		85		79,913
2.650%	08/15/30		65		56,028
4.000%	02/15/25		55		54,386
4.125%	03/01/27		30		29,142
4.875%	06/01/25		10		9,913
5.200%	03/01/47(a)		115		102,965
5.500%	02/15/49		40		36,952
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
4.875%	08/15/27		255		249,247
Northern Natural Gas Co.,
Sr. Unsec’d. Notes, 144A
3.400%	10/16/51		5		3,312
Northwest Pipeline LLC,
Sr. Unsec’d. Notes
7.125%	12/01/25		40		40,364
ONEOK Partners LP,
Gtd. Notes
6.850%	10/15/37		1,250		1,342,088
ONEOK, Inc.,
Gtd. Notes
2.200%	09/15/25		50		48,028
3.100%	03/15/30		75		67,068
4.200%	03/15/45		1,000		755,871
4.350%	03/15/29		100		96,324
4.500%	03/15/50		2,685		2,123,870
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes
3.550%	12/15/29		20		18,268
4.650%	10/15/25		10		9,863
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
3.600%	05/15/25		75		73,260
Southern Natural Gas Co. LLC,
Sr. Unsec’d. Notes
8.000%	03/01/32(a)		10		11,357
Targa Resources Corp.,
Gtd. Notes
6.500%	03/30/34(a)		5,814		6,154,413
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
5.500%	03/01/30		15		14,907
Tennessee Gas Pipeline Co. LLC,
Gtd. Notes
7.000%	03/15/27		10		10,405
7.000%	10/15/28		10		10,589
Gtd. Notes, 144A
2.900%	03/01/30		10		8,734


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Pipelines (cont’d.)
Texas Eastern Transmission LP,
Sr. Unsec’d. Notes, 144A
3.500%	01/15/28		3,540	$	3,340,652
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes
3.250%	05/15/30		80		72,091
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		115		104,787
4.125%	08/15/31		80		71,812
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.250%	02/01/50		5		4,351
5.450%	04/01/44		575		514,794
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
2.600%	03/15/31		30		25,367
3.750%	06/15/27		25		24,003
4.000%	09/15/25		60		58,869
4.900%	01/15/45		1,200		1,049,322
5.150%	03/15/34		55		53,666
8.750%	03/15/32		10		11,942


					35,536,576

Real Estate Investment Trusts (REITs) — 0.9%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
1.875%	02/01/33		5		3,763
2.000%	05/18/32(a)		5		3,916
3.800%	04/15/26		25		24,306
American Tower Corp.,
Sr. Unsec’d. Notes
1.300%	09/15/25		25		23,762
1.600%	04/15/26		50		46,677
2.700%	04/15/31		90		76,038
3.600%	01/15/28		17		16,044
4.000%	06/01/25		75		73,823
4.400%	02/15/26		25		24,560
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
3.900%	03/15/27		35		33,624
4.050%	07/01/30		1,145		1,062,422
Crown Castle, Inc.,
Sr. Unsec’d. Notes
1.350%	07/15/25		25		23,920
2.250%	01/15/31		75		61,664
2.500%	07/15/31		35		28,891
3.300%	07/01/30		30		26,744
4.000%	03/01/27		10		9,664
Diversified Healthcare Trust,
Gtd. Notes
9.750%	06/15/25		88		87,851
Essex Portfolio LP,
Gtd. Notes
1.650%	01/15/31		25		19,824

SEE NOTES TO FINANCIAL STATEMENTS.

A186

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Global Net Lease, Inc./Global Net Lease Operating Partnership LP,
Gtd. Notes, 144A
3.750%	12/15/27		20	$	17,566
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
3.350%	09/01/24		70		69,673
4.000%	01/15/30		50		45,717
4.000%	01/15/31		10		8,968
5.250%	06/01/25		50		49,580
5.750%	06/01/28		50		50,121
Healthpeak OP LLC,
Gtd. Notes
1.350%	02/01/27		15		13,594
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series E
4.000%	06/15/25		40		39,346
Kimco Realty OP LLC,
Gtd. Notes
2.250%	12/01/31		20		16,032
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31(a)		925		601,581
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP,
Gtd. Notes, 144A
4.500%	09/30/28(a)		10		8,812
Prologis LP,
Sr. Unsec’d. Notes
1.250%	10/15/30		10		7,980
1.750%	02/01/31		25		20,291
Realty Income Corp.,
Sr. Unsec’d. Notes
1.800%	03/15/33		15		11,284
2.100%	03/15/28		15		13,439
2.200%	06/15/28		5		4,471
2.700%	02/15/32		2,190		1,820,855
2.850%	12/15/32		530		437,026
3.950%	08/15/27		91		87,717
4.875%	06/01/26		50		49,534
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A
6.500%	04/01/32(a)		750		749,902
SBA Communications Corp.,
Sr. Unsec’d. Notes
3.125%	02/01/29(a)		1,150		1,026,199
Simon Property Group LP,
Sr. Unsec’d. Notes
1.750%	02/01/28		50		44,547
3.250%	11/30/26		20		19,111
Sun Communities Operating LP,
Gtd. Notes
2.700%	07/15/31		2,650		2,188,716
4.200%	04/15/32		4,361		3,911,090
Ventas Realty LP,
Gtd. Notes
3.000%	01/15/30		5		4,414


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
3.500%	02/15/25		25	$	24,668
4.625%	06/15/25		405		400,217
Welltower OP LLC,
Gtd. Notes
2.050%	01/15/29		15		13,102
2.700%	02/15/27		25		23,554
2.800%	06/01/31		35		29,875
WP Carey, Inc.,
Sr. Unsec’d. Notes
2.250%	04/01/33		1,930		1,494,195


					14,950,670

Retail — 0.5%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%	10/15/30		1,500		1,314,135
Alimentation Couche-Tard, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
3.800%	01/25/50		20		14,967
AutoNation, Inc.,
Sr. Unsec’d. Notes
2.400%	08/01/31		25		20,102
Brinker International, Inc.,
Gtd. Notes, 144A
8.250%	07/15/30		950		997,648
Home Depot, Inc. (The),
Sr. Unsec’d. Notes
3.350%	04/15/50		5		3,555
3.900%	12/06/28		10		9,660
4.750%	06/25/29		3,295		3,276,188
4.875%	02/15/44		10		9,261
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes
1.300%	04/15/28		65		56,712
1.700%	09/15/28		20		17,477
1.700%	10/15/30		10		8,163
3.650%	04/05/29		30		28,232
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN
3.800%	04/01/28		30		28,805
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
1.750%	03/15/31		2,155		1,738,266
Ross Stores, Inc.,
Sr. Unsec’d. Notes
4.600%	04/15/25		50		49,706
4.700%	04/15/27		2		1,973
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
6.750%	03/01/32(a)		350		345,753
Tractor Supply Co.,
Sr. Unsec’d. Notes
1.750%	11/01/30		55		44,558

SEE NOTES TO FINANCIAL STATEMENTS.

A187

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Retail (cont’d.)
Walmart, Inc.,
Sr. Unsec’d. Notes
2.375%		09/24/29		2	$	1,794
2.500%		09/22/41		15		10,383


						7,977,338

Semiconductors — 0.2%
Analog Devices, Inc.,
Sr. Unsec’d. Notes
2.950%		04/01/25		5		4,910
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes
3.875%		01/15/27		80		77,339
Broadcom, Inc.,
Gtd. Notes
4.150%		11/15/30		9		8,502
Gtd. Notes, 144A
2.450%		02/15/31		30		25,261
Sr. Unsec’d. Notes, 144A
3.137%		11/15/35		3,006		2,406,663
3.187%		11/15/36		110		87,001
3.419%		04/15/33		1,442		1,242,798
3.469%		04/15/34		50		42,612
Intel Corp.,
Sr. Unsec’d. Notes
3.100%		02/15/60		10		6,057
3.900%		03/25/30		20		18,793
Lam Research Corp.,
Sr. Unsec’d. Notes
1.900%		06/15/30		25		21,094
NVIDIA Corp.,
Sr. Unsec’d. Notes
1.550%		06/15/28		30		26,737
3.500%		04/01/40		10		8,275
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes
2.500%		05/11/31		65		54,365
2.650%		02/15/32		35		29,099
3.400%		05/01/30		40		36,152
4.300%		06/18/29		110		105,669
Texas Instruments, Inc.,
Sr. Unsec’d. Notes
2.700%		09/15/51		5		3,112
2.900%		11/03/27		10		9,394


						4,213,833

Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.,
Gtd. Notes
2.043%		08/16/28		2,000		1,760,494
4.200%		05/01/30		20		18,823


						1,779,317

Software — 0.4%
Autodesk, Inc.,
Sr. Unsec’d. Notes
2.400%		12/15/31		30		24,877


Interest Rate	Maturity Date	Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Software (cont’d.)
Boxer Parent Co., Inc.,
Sec’d. Notes, 144A
9.125%	03/01/26		850	$	851,330
Electronic Arts, Inc.,
Sr. Unsec’d. Notes
1.850%	02/15/31		65		53,082
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes
3.100%	03/01/41		10		7,182
Fiserv, Inc.,
Sr. Unsec’d. Notes
2.250%	06/01/27		21		19,380
2.750%	07/01/24		50		50,000
3.500%	07/01/29		40		36,991
Microsoft Corp.,
Sr. Unsec’d. Notes
2.400%	08/08/26		10		9,512
Oracle Corp.,
Sr. Unsec’d. Notes
1.650%	03/25/26		80		74,992
2.650%	07/15/26		50		47,383
2.950%	04/01/30		100		88,892
3.600%	04/01/50		3,500		2,444,012
3.850%	04/01/60		5		3,438
3.950%	03/25/51		5		3,696
4.000%	11/15/47		25		18,931
5.550%	02/06/53		735		695,100
Salesforce, Inc.,
Sr. Unsec’d. Notes
1.500%	07/15/28		10		8,788
Take-Two Interactive Software, Inc.,
Sr. Unsec’d. Notes
5.000%	03/28/26		1,860		1,847,721


					6,285,307

Telecommunications — 1.8%
AT&T, Inc.,
Sr. Unsec’d. Notes
1.700%	03/25/26		200		187,740
2.250%	02/01/32		45		36,520
2.300%	06/01/27(a)		75		69,387
2.550%	12/01/33		347		275,818
2.750%	06/01/31		110		94,209
3.500%	09/15/53		1,606		1,090,039
3.550%	09/15/55		972		654,929
3.650%	09/15/59		180		120,810
3.800%	12/01/57		13		9,077
4.250%	03/01/27		10		9,770
4.500%	05/15/35		900		828,694
4.500%	03/09/48		10		8,246
5.400%	02/15/34		4,870		4,870,158
6.950%	01/15/28		10		10,424
Deutsche Telekom International Finance BV (Germany),
Gtd. Notes
8.750%	06/15/30		10		11,654

SEE NOTES TO FINANCIAL STATEMENTS.

A188

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Telecommunications (cont’d.)
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $14,227; purchased 11/14/23)(f)
0.000%	12/31/30^			13	$	15,034
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $15; purchased 11/14/23)(f)
0.000%	12/31/30^			150		—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $1,792; purchased 11/14/23)(f)
0.000%	12/31/30^			1		353
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $9; purchased 11/14/23)(f)
0.000%	12/31/30^			89		—
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl US (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $1,140,212; purchased 01/30/24 - 05/15/24)(f)
10.500%	05/25/27			1,228		1,215,703
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $413,647; purchased 01/30/24 - 05/15/24)(f)
10.500%	11/25/28			631		502,420
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.500%	04/01/30			175		95,623
4.875%	06/15/29			100		57,852
Sr. Sec’d. Notes, 144A
10.500%	04/15/29			1,225		1,222,231
10.500%	05/15/30			288		286,619
10.750%	12/15/30			469		467,875
11.000%	11/15/29			990		1,014,620
Lorca Telecom Bondco SA (Spain),
Sr. Sec’d. Notes, 144A
5.750%	04/30/29	EUR		2,000		2,161,655
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes
2.300%	11/15/30			109		91,634
5.400%	04/15/34			3,740		3,706,064
Sprint LLC,
Gtd. Notes
7.625%	02/15/25(a)			1,817		1,828,024
7.625%	03/01/26			785		806,580
T-Mobile USA, Inc.,
Gtd. Notes
2.250%	02/15/26			45		42,772
2.550%	02/15/31			10		8,489
2.625%	02/15/29			10		8,966
3.300%	02/15/51			5		3,377
3.750%	04/15/27			125		120,159
3.875%	04/15/30			137		128,077
4.375%	04/15/40			435		376,941
4.500%	04/15/50			1,985		1,657,533
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
1.500%	09/18/30			75		61,170
1.680%	10/30/30			577		468,947
1.750%	01/20/31			55		44,512


Interest Rate	Maturity Date		Principal Amount (000)#		Value



CORPORATE BONDS (continued)
Telecommunications (cont’d.)
2.100%	03/22/28			230	$	206,880
2.355%	03/15/32			5,160		4,217,157
2.550%	03/21/31(a)			54		45,870
2.850%	09/03/41			10		7,006
2.875%	11/20/50			45		28,303
3.150%	03/22/30			140		126,196
3.400%	03/22/41			1,185		905,759
3.550%	03/22/51			60		43,182
4.329%	09/21/28(a)			115		111,809
Vmed O2 UK Financing I PLC (United Kingdom),
Sr. Sec’d. Notes
4.000%	01/31/29	GBP		470		511,748


						30,874,615

Transportation — 0.2%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
3.050%	02/15/51			5		3,312
4.900%	04/01/44			10		9,221
Canadian Pacific Railway Co. (Canada),
Gtd. Notes
3.500%	05/01/50			25		17,963
CSX Corp.,
Sr. Unsec’d. Notes
3.250%	06/01/27			10		9,547
3.800%	03/01/28			16		15,391
GN Bondco LLC,
Sr. Sec’d. Notes, 144A
9.500%	10/15/31			1,950		1,821,127
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
3.570%	01/21/32(a)			480		424,411
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%	07/05/34			86		84,653
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
2.900%	06/15/26			14		13,375
3.800%	08/01/28			54		51,694
Union Pacific Corp.,
Sr. Unsec’d. Notes
3.799%	10/01/51			9		6,877
3.950%	08/15/59			35		26,304
XPO, Inc.,
Gtd. Notes, 144A
7.125%	06/01/31			850		870,396


						3,354,271

Trucking & Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
1.200%	11/15/25			20		18,842
1.700%	06/15/26			30		27,850
2.700%	11/01/24			20		19,783
4.000%	07/15/25			25		24,557

SEE NOTES TO FINANCIAL STATEMENTS.

A189

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (continued)

Trucking & Leasing (cont’d.)

5.550%

05/01/28

4,000

4,026,718

4,117,750

TOTAL CORPORATE BONDS
(cost $625,261,734)

587,414,645

FLOATING RATE AND OTHER LOANS — 1.1%

Auto Parts & Equipment — 0.0%

Tenneco, Inc.,

Term A Loan, 3 Month SOFR + 4.850%

10.176%(c)

11/17/28

476

454,796

Commercial Services — 0.0%

Adtalem Global Education, Inc.,

2024 Repricing Term Loan, 1 Month SOFR + 3.500%

8.844%(c)

08/11/28

189

190,026

Computers — 0.1%

McAfee Corp.,

Tranche B-1 Term Loan

8.579%

03/01/29

1,326

1,324,717

Insurance — 0.1%

Asurion LLC,

New B-09 Term Loan, 1 Month SOFR + 3.364%

8.708%(c)

07/31/27

339

332,699

New B-11 Term Loan, 1 Month SOFR + 4.350%

9.694%(c)

08/21/28

455

450,911

783,610

Media — 0.1%

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.829%(c)

01/18/28

339

325,598

Diamond Sports Group LLC,

Dip Term Loan

10.000%

12/02/24

336

466,801

First Lien Term Loan, 1 Month SOFR + 10.100%

15.429%(c)

05/25/26

60,125

Second Lien Term Loan

8.175%

08/24/26

1,959

37,217

889,741

Metal Fabricate/Hardware — 0.2%

Doncasters US Finance LLC,

Initial Term Loan, 3 Month SOFR + 6.500%

11.835%(c)

04/23/30

2,683

2,663,150

Tank Holding Corp.,

2023 Incremental Term Loan, 1 Month SOFR + 6.100%

11.444%(c)

03/31/28

187

182,905

Delayed Draw Term Commitment, 1 Month SOFR + 6.000%

11.444%(c)

03/31/28

35,476

Term Loan, 1 Month SOFR + 5.850%

11.194%(c)

03/31/28

1,289

1,263,267

4,144,798

Real Estate Investment Trusts (REITs) — 0.0%

Blackstone Mortgage Trust, Inc.,

Term Loan, 1 Month SOFR + 2.364%

7.708%(c)

04/23/26

482

471,427

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (continued)

Retail — 0.5%

CD&R Dock Bidco Ltd. (United Kingdom),

Term Facility B2, SONIA + 5.500%

10.703%(c)

04/25/31

GBP

225

284,067

CD&R Firefly Bidco Ltd. (United Kingdom),

Term Loan

—%(p)

06/21/28

1,100

1,387,323

EG Finco Ltd. (United Kingdom),

Additional Second Lien Loan Facility, 3 Month EURIBOR + 7.000%

10.722%(c)

04/30/27

EUR

3,500

3,462,515

Peer Holding III BV (Netherlands),

Term Loan B-6

—%(p)

06/30/31

3,425

3,660,363

8,794,268

Telecommunications — 0.1%

Digicel International Finance, Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.075%(c)

05/29/27

1,396

1,350,936

Level 3 Financing, Inc.,

Term B-1, 1 Month SOFR + 6.560%

11.904%(c)

04/15/29

87,766

Term B-2, 1 Month SOFR + 6.560%

11.904%(c)

04/15/30

87,705

Lumen Technologies, Inc.,

Term B-1 Loan, 1 Month SOFR + 2.464%

7.808%

04/15/29

17,179

Term B-2 Loan, 1 Month SOFR + 2.464%

7.808%(c)

04/15/30

17,181

Term Loan

—%(p)

06/01/28^

15,438

1,576,205

TOTAL FLOATING RATE AND OTHER LOANS
(cost $19,635,927)

18,629,588

MUNICIPAL BONDS — 0.8%

Arizona — 0.0%

Salt River Project Agricultural Improvement & Power District,

Revenue Bonds, BABs

4.839%

01/01/41

28,177

California — 0.2%

Bay Area Toll Authority,

Taxable, Revenue Bonds, BABs, Series S3

6.907%

10/01/50

1,125

1,315,235

State of California,

General Obligation Unlimited, BABs

7.300%

10/01/39

1,550

1,771,465

General Obligation Unlimited, Taxable, BABs

7.625%

03/01/40

725

857,590

3,944,290

Colorado — 0.1%

Colorado Health Facilities Authority,

Taxable, Revenue Bonds, Series B

2.800%

12/01/26

4,681

SEE NOTES TO FINANCIAL STATEMENTS.

A190

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



MUNICIPAL BONDS (continued)
Colorado (cont’d.)
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%	11/01/50		770	$	805,030


					809,711

Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%	01/01/40		1,380		1,483,062
State of Illinois,
General Obligation Unlimited, Taxable, Series A
3.140%	10/01/24		35		34,782


					1,517,844

Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri,
Taxable, Revenue Bonds, Series A
3.652%	08/15/57		20		15,182

New Jersey — 0.2%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%	01/01/41		1,175		1,339,524
Taxable, Revenue Bonds, BABs, Series F
7.414%	01/01/40		2,050		2,400,632


					3,740,156

New York — 0.0%
New York State Urban Development Corp.,
Taxable, Revenue Bonds, Series B
2.590%	03/15/35		20		16,375
Port Authority of New York & New Jersey,
Revenue Bonds, Series 159
6.040%	12/01/29		25		26,281


					42,656

Ohio — 0.1%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%	06/01/40		695		667,724

Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%	11/15/34		615		639,440

Pennsylvania — 0.1%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%	12/01/45		825		811,252

Puerto Rico — 0.0%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
Revenue Bonds, Restructured, Series A-1
5.000%	07/01/58		350		347,654

Texas — 0.0%
Grand Parkway Transportation Corp.,
Taxable, Revenue Bonds, Series B
3.236%	10/01/52		20		14,639

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

MUNICIPAL BONDS (continued)

Texas (cont’d.)

Texas Private Activity Bond Surface Transportation Corp.,

Taxable, Revenue Bonds, Series B

3.922%

12/31/49

450

367,808

382,447

TOTAL MUNICIPAL BONDS
(cost $11,895,122)

12,946,533

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.4%

Bayview Financing Trust,

Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)

9.336%(c)

07/01/26^

968

968,989

Bellemeade Re Ltd.,

Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)

6.735%(c)

09/25/31

195

195,298

Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)

7.485%(c)

01/26/32

490

493,510

Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

9.035%(c)

01/26/32

1,240

1,271,244

Chase Home Lending Mortgage Trust,

Series 2024-RPL02, Class A1A, 144A

3.250%(cc)

08/25/64

496

431,426

Citigroup Mortgage Loan Trust,

Series 2011-12, Class 3A2, 144A

4.425%(cc)

09/25/47

231

201,251

Connecticut Avenue Securities Trust,

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)

10.585%(c)

03/25/42

260

282,005

Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%)

8.435%(c)

06/25/43

1,400

1,479,385

Series 2023-R06, Class 1M2, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 0.000%)

8.035%(c)

07/25/43

500

522,428

Series 2023-R08, Class 1M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%)

7.835%(c)

10/25/43

92,759

Credit Suisse Mortgage Trust,

Series 2020-RPL05, Class A1, 144A

4.713%(cc)

08/25/60

272

270,392

Series 2022-RPL04, Class A1, 144A

3.904%(cc)

04/25/62

1,170

1,092,230

Eagle Re Ltd.,

Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700%
(Cap N/A, Floor 2.700%)

8.035%(c)

10/25/33

254

254,738

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450%
(Cap N/A, Floor 3.450%)

8.785%(c)

04/25/34

910

930,690

Fannie Mae REMIC,

Series 2011-116, Class ZA

3.500%

11/25/41

1,510

1,391,833

SEE NOTES TO FINANCIAL STATEMENTS.

A191

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2012-34, Class EB
4.000%	04/25/42		1,575	$	1,435,760
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA04, Class B1, 144A, 30 Day Average SOFR + 6.114% (Cap N/A, Floor 0.000%)
11.450%(c)	08/25/50		442		507,656
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)
10.135%(c)	10/25/50		670		766,659
Series 2020-HQA04, Class B1, 144A, 30 Day Average SOFR + 5.364% (Cap N/A, Floor 0.000%)
10.700%(c)	09/25/50		258		289,029
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)
9.335%(c)	11/25/50		900		1,012,933
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)
8.735%(c)	08/25/33		1,435		1,603,491
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)
8.385%(c)	01/25/34		490		523,750
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
6.985%(c)	01/25/34		208		209,247
Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)
7.135%(c)	11/25/41		100		101,028
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)
8.335%(c)	08/25/33		360		394,501
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
8.685%(c)	09/25/41		100		102,905
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
7.435%(c)	09/25/41		1,020		1,028,816
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)
7.685%(c)	12/25/41		900		911,084
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)
7.185%(c)	01/25/42		100		101,122
Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%)
7.835%(c)	01/25/42		40		40,755
Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)
7.735%(c)	02/25/42		1,100		1,127,470
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)
8.235%(c)	04/25/42		100		103,930
Freddie Mac REMIC,
Series 4289, Class WZ
3.000%	01/15/44		643		568,066
Series 4768, Class GA
3.500%	09/15/45		383		367,348

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

Series 4939, Class KT

3.000%

07/15/48

391

339,099

GCAT Asset-Backed Notes,

Series 2021-01, Class A1, 144A

2.487%

11/25/49

2,126

2,061,098

Home Re Ltd.,

Series 2019-01, Class M1, 144A, 30 Day Average SOFR + 1.764% (Cap N/A, Floor 0.000%)

7.100%(c)

05/25/29

179

179,400

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

8.135%(c)

01/25/34

752

759,282

New Residential Mortgage Loan Trust,

Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)

6.210%(c)

01/25/48

290

282,259

Oaktown Re VII Ltd.,

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)

8.235%(c)

04/25/34

900

917,371

PMT Credit Risk Transfer Trust,

Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A, Floor 2.750%)

9.210%(c)

05/30/25

481

481,558

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)

8.835%(c)

05/25/33

3,879

3,888,647

Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)

8.685%(c)

03/29/27

2,829

2,826,548

PMT Issuer Trust — FMSR,

Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%)

8.095%(c)

12/25/27

3,500

3,500,000

PRPM LLC,

Series 2024-RPL02, Class A1, 144A

3.500%

05/25/54

742

701,128

Radnor Re Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.185%(c)

11/25/31

6,303

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

9.035%(c)

11/25/31

900

920,238

Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

8.035%(c)

07/25/33

750

759,945

RCKT Mortgage Trust,

Series 2024-CES03, Class A1A, 144A

6.591%(cc)

05/25/44

1,965

1,983,484

Shamrock Residential (Ireland),

Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)

4.598%(c)

06/24/71

EUR

344

366,908

Structured Adjustable Rate Mortgage Loan Trust,

Series 2004-01, Class 4A3

7.282%(cc)

02/25/34

115

108,650

SEE NOTES TO FINANCIAL STATEMENTS.

A192

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date		Principal Amount (000)#		Value



RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2004-18, Class 3A1
5.730%(cc)	12/25/34			928	$	834,975

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $41,816,615)						41,990,621

SOVEREIGN BONDS — 1.6%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%	08/20/30			570		479,334
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%	02/15/28			642		632,771
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%	01/28/26			250		244,375
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
5.500%	02/22/29			1,180		1,139,438
6.000%	07/19/28			575		569,825
6.875%	01/29/26			300		303,375
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.100%	03/12/33	EUR		410		348,253
1.450%	09/18/26	EUR		375		380,522
3.375%	07/30/25	EUR		3,125		3,323,710
Sr. Unsec’d. Notes, EMTN
3.750%	06/14/28	EUR		1,250		1,336,596
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes
5.250%	03/22/30	EUR		530		516,519
5.875%	10/17/31	EUR		1,106		1,067,134
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN
1.750%	09/05/24			600		595,918
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%	01/23/31			10		8,565
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes
2.875%	10/17/29			200		178,016
Sr. Unsec’d. Notes, MTN
5.375%	06/15/33			4,817		4,735,025
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN
3.875%	10/29/35	EUR		278		251,484
5.000%	09/27/26	EUR		1,200		1,310,701
Sr. Unsec’d. Notes, EMTN
3.875%	10/29/35	EUR		398		360,038
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%	06/26/29	EUR		2,291		2,086,281
1.650%	03/03/33	EUR		582		466,496
3.125%	05/15/27	EUR		2,640		2,708,914
Sr. Unsec’d. Notes, 144A
1.650%	03/03/33	EUR		351		281,340
3.125%	05/15/27	EUR		961		986,086


Interest Rate	Maturity Date		Principal Amount (000)#		Value



SOVEREIGN BONDS (continued)
6.000%	06/12/34			1,333	$	1,311,339
6.250%	05/26/28			440		445,225
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes
7.750%	09/01/24(d)			920		291,180
8.994%	02/01/26(d)			200		64,800
Sr. Unsec’d. Notes, 144A
4.375%	01/27/32(d)	EUR		1,090		298,838
7.750%	09/01/24(d)			930		294,345
8.994%	02/01/26(d)			200		64,800
9.750%	11/01/30(d)			400		126,600

TOTAL SOVEREIGN BONDS (cost $31,973,722)				27,207,843

U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.9%
Federal Home Loan Mortgage Corp.
2.000%	11/01/50			2,898		2,280,180
2.000%	05/01/51			6,897		5,431,773
2.500%	12/01/50			1,142		952,476
2.500%	03/01/51			2,813		2,317,079
2.500%	04/01/51			2,346		1,930,288
2.500%	05/01/51			5,782		4,722,715
2.500%	07/01/51			3,348		2,749,187
2.500%	08/01/51			3,613		2,963,935
2.500%	08/01/51			11,797		9,804,938
2.500%	11/01/51			1,156		963,273
2.500%	01/01/52			2,167		1,801,146
2.500%	01/01/52			2,986		2,480,574
2.500%	04/01/52			510		423,122
3.000%	07/01/51			2,352		2,010,349
3.000%	01/01/52			4,662		4,025,597
3.000%	02/01/52			6,640		5,656,424
3.000%	03/01/52			1,122		971,320
3.000%	04/01/52(k)			6,411		5,460,022
3.000%	06/01/52			543		467,855
3.000%	06/01/52			986		852,913
3.500%	02/01/47			538		489,227
3.500%	01/01/52			2,237		1,987,717
3.500%	03/01/52			2,787		2,482,265
3.500%	05/01/52			3,856		3,415,273
4.500%	06/01/52			4,307		4,066,303
5.500%	10/01/33			272		274,466
5.500%	06/01/34			2		2,181
5.500%	12/01/37			1,035		1,037,637
5.500%	11/01/52			3,623		3,586,229
5.500%	12/01/52			848		838,770
6.000%	11/01/33			23		23,645
6.000%	05/01/34			34		34,431
6.000%	06/01/34			60		60,448
6.000%	01/01/53			984		989,851
6.000%	03/01/53			984		987,736
6.000%	03/01/53			986		998,484
6.000%	04/01/53			990		995,109
6.250%	07/15/32(k)			170		190,379
6.500%	07/01/32			4		3,814
6.500%	08/01/32			15		15,297
6.500%	08/01/32			15		15,471
6.500%	08/01/32			19		19,302

SEE NOTES TO FINANCIAL STATEMENTS.

A193

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value



U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.500%	09/01/32		20	$	20,449
6.500%	09/01/32		58		59,073
6.750%	03/15/31(k)		545		616,182
Federal National Mortgage Assoc.
1.500%	02/01/51		16,688		12,479,203
1.500%	05/01/51		545		409,012
2.000%	TBA		18,000		14,088,516
2.000%	03/01/51		6,638		5,214,138
2.000%	04/01/51		6,467		5,083,675
2.000%	10/01/51		8,599		6,751,745
2.500%	TBA		11,500		9,399,004
2.500%	06/01/50		2,341		1,932,142
2.500%	10/01/50		7,981		6,574,098
2.500%	01/01/51		2,525		2,078,679
2.500%	02/01/51		2,046		1,679,958
2.500%	03/01/51		3,766		3,101,006
2.500%	05/01/51		1,299		1,067,692
2.500%	07/01/51		3,325		2,730,928
2.500%	09/01/51		3,611		2,964,075
2.500%	10/01/51		4,090		3,355,488
2.500%	02/01/52		1,398		1,163,571
2.500%	03/01/52		622		515,874
2.500%	04/01/52		2,000		1,637,309
3.000%	TBA		500		425,664
3.000%	04/01/48		6,094		5,371,732
3.000%	07/01/51		517		442,376
3.000%	11/01/51		1,441		1,232,360
3.000%	11/01/51		1,677		1,436,824
3.000%	11/01/51		12,896		11,021,486
3.000%	12/01/51		2,174		1,859,398
3.000%	12/01/51		2,778		2,407,576
3.000%	01/01/52		1,236		1,057,276
3.000%	02/01/52		499		424,717
3.000%	03/01/52		1,865		1,588,958
3.000%	04/01/52		10,590		9,020,297
3.000%	06/01/52		2,515		2,142,442
3.500%	02/01/52		5,769		5,144,694
3.500%	03/01/52		653		579,701
3.500%	05/01/52		5,584		4,945,995
4.000%	04/01/52		612		560,311
4.000%	06/01/52		12,086		11,067,583
4.500%	08/01/40		752		730,256
4.500%	06/01/52		5,714		5,394,293
5.000%	03/01/53		8,189		7,970,595
5.000%	05/01/53		823		801,846
5.500%	02/01/33		4		4,405
5.500%	02/01/33		6		6,291
5.500%	03/01/33		8		7,952
5.500%	03/01/33		14		14,269
5.500%	03/01/33		18		18,294
5.500%	04/01/33		2		2,316
5.500%	04/01/33		10		10,028
5.500%	04/01/33		11		11,316
5.500%	04/01/33		14		13,957
5.500%	07/01/33		11		11,269
5.500%	07/01/33		12		12,475
5.500%	08/01/33		12		11,772
5.500%	02/01/34		11		11,465


Interest Rate	Maturity Date	Principal Amount (000)#		Value



U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
5.500%	04/01/34		11	$	11,250
5.500%	06/01/34		15		14,872
5.500%	11/01/52		12,131		12,000,543
6.000%	TBA		20,500		20,556,856
6.000%	10/01/33		1		1,354
6.000%	10/01/33		140		143,454
6.000%	03/01/34		19		18,887
6.000%	02/01/35		71		73,276
6.000%	11/01/36		19		19,671
6.000%	11/01/52		956		962,467
6.000%	12/01/52		3,058		3,077,757
6.000%	04/01/53		492		494,430
6.500%	08/01/32		48		49,107
6.500%	09/01/32		30		30,181
6.500%	09/01/32		65		65,930
6.500%	10/01/32		33		33,166
6.500%	04/01/33		57		58,775
6.500%	11/01/33		2		2,445
6.625%	11/15/30(k)		830		926,963
7.000%	05/01/32		18		18,997
7.000%	06/01/32		3		3,332
7.000%	03/01/53		335		344,112
7.125%	01/15/30(k)		785		886,596
Government National Mortgage Assoc.
2.000%	12/20/50		4,403		3,567,760
2.000%	02/20/51		1,038		840,690
2.500%	03/20/51		1,026		864,030
2.500%	04/20/51		1,019		856,133
3.500%	TBA		1,000		898,359
3.500%	01/20/48		94		85,056
3.500%	12/20/51		6,892		6,200,465
3.500%	05/20/52		440		395,303
4.000%	02/20/49		188		176,394
4.500%	08/20/52		469		446,953
4.500%	09/20/52		1,898		1,806,601
5.000%	07/20/52		3,312		3,229,051
5.000%	09/20/52		1,331		1,297,432
5.500%	01/15/33		23		23,828
5.500%	02/15/33		14		13,873
5.500%	05/15/33		107		109,312
5.500%	06/15/33		87		90,547
5.500%	09/15/33		19		18,823
5.500%	07/15/35		25		25,294
5.500%	09/20/52		1,513		1,503,066
5.500%	11/20/52		1,343		1,333,552
6.000%	TBA		2,000		2,008,306
6.000%	12/15/32		48		50,171
6.000%	11/15/33		22		22,516
6.000%	01/15/34		5		5,211
6.000%	06/20/34		136		140,795
6.000%	11/15/34		152		156,581
6.500%	TBA		1,000		1,014,249
6.500%	09/15/32		26		26,808
6.500%	09/15/32		68		68,957
6.500%	09/15/32		97		98,486
6.500%	11/15/33		50		51,679

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $310,616,947)					306,683,909

SEE NOTES TO FINANCIAL STATEMENTS.

A194

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Interest Rate	Maturity Date	Principal Amount (000)#		Value


U.S. TREASURY OBLIGATIONS — 9.8%
U.S. Treasury Bonds
1.750%	08/15/41		14,386	$	9,501,503
1.875%	02/15/41		138		94,080
2.250%	05/15/41(h)(k)		64,235		46,470,008
3.000%	02/15/49(h)		39,430		29,874,386
3.375%	08/15/42		3,710		3,133,791
3.875%	05/15/43		900		812,109
4.250%	02/15/54		2,985		2,843,212
4.750%	11/15/53		8,000		8,272,500
U.S. Treasury Notes
2.750%	08/15/32		20,000		17,796,875
3.875%	12/31/29		7,000		6,834,844
4.375%	05/15/34		2,040		2,040,637
4.625%	09/30/30		16,205		16,436,681
U.S. Treasury Strips Coupon
2.335%(s)	08/15/44		2,500		946,484
2.364%(s)	05/15/45		3,420		1,251,373
2.377%(s)	08/15/45		1,250		452,393
2.423%(s)	05/15/44		7,225		2,768,078
3.143%(s)	08/15/41		1,350		595,424
3.176%(s)	08/15/40		120		55,927
3.986%(s)	11/15/41		2,215		962,227
4.146%(s)	05/15/43		11,475		4,611,067
4.652%(s)	05/15/49		620		191,498
4.659%(s)	05/15/39(h)		10,980		5,482,280
4.759%(s)	11/15/40		3,905		1,791,419
4.838%(s)	02/15/42		11,545		4,949,468
4.920%(s)	08/15/48		830		264,011
5.158%(s)	02/15/41		130		59,013


TOTAL U.S. TREASURY OBLIGATIONS (cost $192,198,850)					168,491,288


		Shares

COMMON STOCKS — 0.2%
Chemicals — 0.0%
TPC Group, Inc.*^			14,880		520,800

Gas Utilities — 0.1%
Ferrellgas Partners LP (Class B Stock)			5,622		1,157,976

Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp.(a)			12,213		1,003,786

Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd. (Jamaica) (original cost $78,452;purchased 01/29/24 - 01/30/24)*^(f)			65,188		162,318

TOTAL COMMON STOCKS (cost $748,057)					2,844,880


PREFERRED STOCKS — 0.1%
Banks — 0.1%
Citigroup Capital XIII, 11.961%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40			45,000		1,317,150

Capital Markets — 0.0%
State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo)			25,000		601,000


	Shares		Value

PREFERRED STOCKS (continued)
Electronic Equipment, Instruments & Components — 0.0%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^		402	$	402,000

Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd. (Jamaica) (original cost $91,220;purchased 01/26/24 - 01/29/24)*^(f)		11,861		124,482


TOTAL PREFERRED STOCKS (cost $2,247,240)				2,444,632


TOTAL LONG-TERM INVESTMENTS (cost $1,823,660,607)				1,738,439,705


SHORT-TERM INVESTMENTS — 4.1%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wb)		24,418,752		24,418,752
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $45,152,555; includes $44,926,463 of cash collateral for securities on loan)(b)(wb)		45,195,987		45,168,870


TOTAL SHORT-TERM INVESTMENTS (cost $69,571,307)				69,587,622


TOTAL INVESTMENTS—105.4% (cost $1,893,231,914)				1,808,027,327


Liabilities in excess of other assets(z) — (5.4)%				(92,390,325	)


NET ASSETS — 100.0%			$	1,715,637,002

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,389,146 and 0.3% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $43,935,264; cash collateral of $44,926,463 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024.

(cc)

SEE NOTES TO FINANCIAL STATEMENTS.

A195

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $3,463,259. The aggregate value of $2,099,797 is 0.1% of net assets.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)	Perpetual security. Maturity date represents next call date.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)	Principal or notional amount is less than $500 par.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Unfunded loan commitments outstanding at June 30, 2024:


Borrower	Principal Amount (000)#	Current Value	Unrealized Appreciation	Unrealized Depreciation
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $266,049)	269	$266,983	$934	$—
Tank Holding Corp., Delayed Draw Term Commitment, 1.000%, Maturity Date 03/31/28 (cost $44,008)	45	43,659	—	(349)

		$310,642	$934	$(349)

Forward Commitment Contracts:


U.S. Government Agency Obligations	Interest Rate		Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc.		5.000%		TBA		08/13/24	$	(4,500	)	$	(4,348,476	)
Government National Mortgage Assoc.		4.500%		TBA		08/20/24		(1,000	)		(951,206	)

TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $5,338,223)										$	(5,299,682	)

Futures contracts outstanding at June 30, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions:
211	3 Month CME SOFR		Sep. 2024		$49,929,194	$	(42,166	)
1,213	2 Year U.S. Treasury Notes		Sep. 2024		247,717,344		414,575
796	5 Year U.S. Treasury Notes		Sep. 2024		84,836,191		411,810
430	10 Year U.S. Treasury Notes		Sep. 2024		47,293,283		479,076
400	10 Year U.S. Ultra Treasury Notes		Sep. 2024		45,412,500		351,417
124	30 Year U.S. Ultra Treasury Bonds		Sep. 2024		15,542,625		147,002

							1,761,714

Short Positions:
64	5 Year Euro-Bobl		Sep. 2024		7,980,891		(86,078	)
83	10 Year Euro-Bund		Sep. 2024		11,699,550		(136,957	)
103	20 Year U.S. Treasury Bonds		Sep. 2024		12,186,188		(9,485	)
19	Euro Schatz Index		Sep. 2024		2,150,789		(10,189	)

							(242,709	)

						$	1,519,005

SEE NOTES TO FINANCIAL STATEMENTS.

A196

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2024:


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24		TD		GBP	10,447	$	13,260,584	$	13,206,190	$	—	$	(54,394	)
Euro,
Expiring 07/02/24		JPM		EUR	971		1,054,814		1,039,914		—		(14,900	)
Expiring 07/02/24		SSB		EUR	109,832		117,935,375		117,646,685		—		(288,690	)

						$	132,250,773	$	131,892,789		—		(357,984	)


Sale Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/02/24		BNP		GBP	10,223	$	13,010,863	$	12,923,183	$	87,680	$	—
Expiring 07/02/24		BOA		GBP	224		285,165		283,007		2,158		—
Expiring 08/02/24		TD		GBP	10,447		13,262,777		13,208,866		53,911		—
Euro,
Expiring 07/02/24		DB		EUR	175		189,754		187,939		1,815		—
Expiring 07/02/24		HSBC		EUR	110,125		119,593,037		117,959,727		1,633,310		—
Expiring 07/02/24		SCB		EUR	173		188,803		185,394		3,409		—
Expiring 07/02/24		SSB		EUR	330		358,497		353,539		4,958		—
Expiring 08/02/24		SSB		EUR	109,832		118,109,240		117,825,923		283,317		—

						$	264,998,136	$	262,927,578		2,070,558		—

										$	2,070,558	$	(357,984	)

Credit default swap agreements outstanding at June 30, 2024:

Reference Entity/
Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Implied
Credit
Spread at
June 30,
2024(4)

Fair
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

07/14/24

0.500%(M)

9,505

5,798

(68

)

5,866

GSI


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Republic of Italy		12/20/27		1.000%(Q)		EUR 1,755	$	(54,818	)	$	(45,899	)	$	(8,919	)		BARC
United Mexican States		12/20/24		1.000%(Q)		160		(643	)		106			(749	)		CITI
United Mexican States		12/20/24		1.000%(Q)		130		(522	)		103			(625	)		CITI

							$	(55,983	)	$	(45,690	)	$	(10,293	)


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at June 30, 2024(4)			Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Petroleos Mexicanos		12/20/24		1.000	%(Q)		160		1.599	%	$	(406	)	$	1,017	$	(1,423	)		CITI

SEE NOTES TO FINANCIAL STATEMENTS.

A197

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Credit default swap agreements outstanding at June 30, 2024 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at June 30, 2024(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):
Petroleos Mexicanos		12/20/24		1.000%(Q)		130		1.599%	$	(329	)	$	(1,169	)	$	840		CITI

									$	(735	)	$	(2,592	)	$	1,857


Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at June 30, 2024(4)	Value at Trade Date		Value at June 30, 2024		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1		06/20/29	5.000%(Q)		31,200	3.448%	$	1,949,076	$	1,995,494	$	46,418

(1)

(2)

(3)	Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Interest rate swap agreements outstanding at June 30, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at June 30, 2024		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP	3,946		05/08/26		1.000%(A)	1 Day SONIA(1)(A)/ 5.200%	$	(184,608	)	$	341,553	$	526,161
GBP	2,920		05/08/27		1.050%(A)	1 Day SONIA(1)(A)/ 5.200%		150,731			339,054		188,323
GBP	2,100		05/08/30		1.100%(A)	1 Day SONIA(1)(A)/ 5.200%		(145,549	)		399,796		545,345

SEE NOTES TO FINANCIAL STATEMENTS.

A198

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at June 30, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	230		05/08/34		1.200%(A)	1 Day SONIA(1)(A)/ 5.200%	$	(9,088	)	$	64,122		$	73,210
	134,680		08/31/24		5.384%(T)	1 Day SOFR(2)(T)/ 5.330%		—			(107,224	)		(107,224	)
	13,780		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(47,989	)		(47,989	)
	17,596		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(32,299	)		(32,299	)
	35,145		03/10/25		5.088%(A)	1 Day SOFR(2)(A)/ 5.330%		—			(71,856	)		(71,856	)
	140,270		05/17/25		5.113%(T)	1 Day SOFR(2)(T)/ 5.330%		—			(58,045	)		(58,045	)
	42,315		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.330%		—			305,352			305,352
	71,865		05/17/26		4.669%(A)	1 Day SOFR(1)(A)/ 5.330%		—			10,790			10,790
	9,580		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.330%		1,772			16,971			15,199
	2,800		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.330%		1,278,108			1,185,781			(92,327	)

							$	1,091,366		$	2,346,006		$	1,254,640

(1)	The Portfolio pays the fixed rate and receives the floating rate.

(2)	The Portfolio pays the floating rate and receives the fixed rate.

Total return swap agreements outstanding at June 30, 2024:


Reference Entity	Financing Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)			Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)††	1 Day USOIS -40bps(T)/ 4.930%		GSI		09/20/24		(19,684	)	$	520,537		$	—	$	520,537
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/18/24		8,530			(287,000	)		—		(287,000	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/23/24		14,300			(645,330	)		—		(645,330	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		GSI		07/24/24		15,820			(513,843	)		—		(513,843	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		07/29/24		12,265			(365,562	)		—		(365,562	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		GSI		08/01/24		17,905			(860,840	)		—		(860,840	)
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%		JPM		12/04/24		15,220			104,390			—		104,390

									$	(2,047,648	)	$	—	$	(2,047,648	)

(1)

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

††	See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Portfolio is only required to disclose the top 50.

The following table represents the top 50 individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of June 30, 2024, termination date 09/20/2024:

SEE NOTES TO FINANCIAL STATEMENTS.

A199

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Corporate Bond:


Reference Entity	Shares		Market Value		% of Total Index Value
Bank of America Corp.		40,319,400	$	30,555,023	7.23%
Wells Fargo & Co.		34,230,900		25,276,972	5.98%
Morgan Stanley		27,871,800		21,055,844	4.98%
Goldman Sachs Group, Inc.		28,954,200		20,700,108	4.90%
Citigroup, Inc.		26,654,100		18,692,262	4.42%
AT&T, Inc.		24,354,000		16,773,652	3.97%
Verizon Communications, Inc.		20,024,400		14,601,138	3.45%
Anheuser-Busch InBev Worldwide, Inc.		15,694,800		14,085,975	3.33%
Comcast Corp.		19,889,100		12,509,068	2.96%
Oracle Corp.		15,559,500		11,660,449	2.76%
Apple, Inc.		16,236,000		10,477,111	2.48%
Abbvie, Inc.		10,282,800		8,602,415	2.03%
Microsoft Corp.		10,553,400		7,254,937	1.72%
CVS Health Corp.		9,200,400		7,088,839	1.68%
Amazon.com, Inc.		10,147,500		7,012,964	1.66%
UnitedHealth Group, Inc.		8,523,900		5,886,726	1.39%
Visa, Inc.		9,335,700		5,318,700	1.26%
Broadcom, Inc.		6,629,700		5,016,403	1.19%
The Walt Disney Co.		6,494,400		4,949,260	1.17%
T-Mobile USA, Inc.		7,035,600		4,850,694	1.15%
Shell International Finance BV		6,900,300		4,846,879	1.15%
Intel Corp.		7,441,500		4,805,700	1.14%
Telefonica Emisiones, S.A.U.		5,412,000		4,660,390	1.10%
Home Depot, Inc.		7,982,700		4,636,749	1.10%
ExxonMobil Corp.		6,223,800		4,537,436	1.07%
Amgen, Inc.		6,765,000		4,510,384	1.07%
General Motors Co.		4,870,800		4,426,156	1.05%
Pfizer, Inc.		6,494,400		4,185,095	0.99%
B.A.T. Capital Corp.		5,547,300		3,961,903	0.94%
Pacific Gas & Electric Co.		4,600,200		3,911,158	0.93%
Bristol-Myers Squibb Co.		6,494,400		3,822,222	0.90%
Cigna Corp.		5,547,300		3,817,897	0.90%
Altria Group, Inc.		5,412,000		3,725,302	0.88%
Enterprise Products Operating LLC		5,412,000		3,719,448	0.88%
Intercontinental Exchange, Inc.		5,547,300		3,607,329	0.85%
Raytheon Technologies Corp.		5,682,600		3,509,357	0.83%
PepsiCo, Inc.		4,464,900		3,437,995	0.81%
Gilead Sciences, Inc.		5,276,700		3,341,018	0.79%
Vodafone Group PLC		4,194,300		3,322,340	0.79%
Johnson & Johnson		5,276,700		3,173,626	0.75%
McDonald’s Corp.		3,788,400		3,060,496	0.72%
FedEx Corp.		3,111,900		2,921,547	0.69%
The Coca-Cola Co.		4,194,300		2,870,052	0.68%
BP Capital Markets America, Inc.		4,194,300		2,825,744	0.67%
Elevance Health, Inc.		3,788,400		2,760,652	0.65%
American International Group, Inc.		3,111,900		2,642,329	0.62%
Simon Property Group LP		3,382,500		2,541,282	0.60%
International Business Machines Corp.		3,788,400		2,421,796	0.57%
Berkshire Hathaway Finance Corp.		3,923,700		2,400,666	0.57%
Union Pacific Corp.		3,653,100		2,387,018	0.56%

			$	359,158,506

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$209	$(48,559)	$632,650	$(2,682,868)

SEE NOTES TO FINANCIAL STATEMENTS.

A200

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	8,968,496

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	15,355,916		$	—
Collateralized Loan Obligations		—			333,464,141			—
Consumer Loans		—			12,928,275			—
Home Equity Loans		—			7,226,697			—
Other		—			3,846,448			—
Residential Mortgage-Backed Securities		—			1,305,944			1,114,116
Student Loans		—			7,496,960			—
Commercial Mortgage-Backed Securities		—			187,047,269			—
Corporate Bonds		—			586,339,440			1,075,205
Floating Rate and Other Loans		—			18,614,150			15,438
Municipal Bonds		—			12,946,533			—
Residential Mortgage-Backed Securities		—			41,021,632			968,989
Sovereign Bonds		—			27,207,843			—
U.S. Government Agency Obligations		—			306,683,909			—
U.S. Treasury Obligations		—			168,491,288			—
Common Stocks		1,003,786			1,157,976			683,118
Preferred Stocks		1,918,150			—			526,482
Short-Term Investments
Affiliated Mutual Funds		69,587,622			—			—

Total	$	72,509,558		$	1,731,134,421		$	4,383,348

Other Financial Instruments*
Assets
Unfunded Loan Commitment	$	—		$	934		$	—
Futures Contracts		1,803,880			—			—
OTC Forward Foreign Currency Exchange Contracts		—			2,070,558			—
Centrally Cleared Credit Default Swap Agreement		—			46,418			—
OTC Credit Default Swap Agreement		—			—			5,798
Centrally Cleared Interest Rate Swap Agreements		—			1,664,380			—
OTC Total Return Swap Agreements		—			624,927			—

Total	$	1,803,880		$	4,407,217		$	5,798

Liabilities
Unfunded Loan Commitment	$	—		$	(349	)	$	—
Forward Commitment Contracts		—			(5,299,682	)		—
Futures Contracts		(284,875	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(357,984	)		—
OTC Credit Default Swap Agreements		—			(56,718	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

A201

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(409,740	)	$	—
OTC Total Return Swap Agreements		—			(2,672,575	)		—

Total	$	(284,875	)	$	(8,797,048	)	$	—

Other financial instruments are derivative, with the exception of unfunded loan commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Unfunded loan commitments and forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Collateralized Loan Obligations	19.4	%
U.S. Government Agency Obligations	17.9
Commercial Mortgage-Backed Securities	10.9
U.S. Treasury Obligations	9.8
Banks	8.6
Affiliated Mutual Funds (2.6% represents investments purchased with collateral from securities on loan)	4.1
Electric	3.1
Residential Mortgage-Backed Securities	2.6
Oil & Gas	2.2
Pipelines	2.1
Telecommunications	1.9
Sovereign Bonds	1.6
Healthcare-Services	1.3
Pharmaceuticals	1.3
Media	1.2
Agriculture	1.0
Retail	1.0
Real Estate Investment Trusts (REITs)	0.9
Automobiles	0.9
Foods	0.9
Chemicals	0.8
Municipal Bonds	0.8
Consumer Loans	0.8
Aerospace & Defense	0.7
Auto Manufacturers	0.7
Diversified Financial Services	0.7
Commercial Services	0.5
Student Loans	0.4
Engineering & Construction	0.4
Entertainment	0.4
Machinery-Diversified	0.4
Home Equity Loans	0.4
Mining	0.4
Software	0.4
Leisure Time	0.3
Airlines	0.3
Biotechnology	0.3
Insurance	0.3
Beverages	0.3


Semiconductors	0.2	%
Metal Fabricate/Hardware	0.2
Trucking & Leasing	0.2
Other	0.2
Lodging	0.2
Auto Parts & Equipment	0.2
Building Materials	0.2
Transportation	0.2
Office/Business Equipment	0.2
Packaging & Containers	0.2
Computers	0.2
Healthcare-Products	0.2
Gas	0.1
Multi-National	0.1
Shipbuilding	0.1
Home Builders	0.1
Distribution/Wholesale	0.1
Gas Utilities	0.1
Apparel	0.1
Electrical Components & Equipment	0.1
Electronics	0.1
Oil, Gas & Consumable Fuels	0.1
Housewares	0.0	*
Capital Markets	0.0	*
Iron/Steel	0.0	*
Oil & Gas Services	0.0	*
Electronic Equipment, Instruments & Components	0.0	*
Environmental Control	0.0	*
Internet	0.0	*
Wireless Telecommunication Services	0.0	*
Miscellaneous Manufacturing	0.0	*
Forest Products & Paper	0.0	*
Machinery-Construction & Mining	0.0	*

	105.4
Liabilities in excess of other assets	(5.4	)

	100.0	%

* Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of

SEE NOTES TO FINANCIAL STATEMENTS.

A202

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at fair

value

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of
Assets and
Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation
margin swaps

46,418

—

Credit contracts

Premiums paid for OTC swap
agreements

209

Premiums received for OTC
swap agreements

48,559

Credit contracts

Unrealized appreciation on OTC
swap agreements

7,723

Unrealized depreciation on OTC
swap agreements

10,293

Foreign exchange contracts

Unrealized appreciation on OTC
forward foreign currency
exchange contracts

2,070,558

Unrealized depreciation on OTC
forward foreign currency
exchange contracts

357,984

Interest rate contracts

Due from/to broker-variation
margin futures

1,803,880

Due from/to broker-variation
margin futures

284,875

Interest rate contracts

Due from/to broker-variation
margin swaps

1,664,380

Due from/to broker-variation
margin swaps

409,740

Interest rate contracts

Unrealized appreciation on OTC
swap agreements

624,927

Unrealized depreciation on OTC
swap agreements

2,672,575

6,218,095

3,784,026

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	997,516
Foreign exchange contracts		—			1,754,824		—
Interest rate contracts		(6,682,127	)		—		(4,898,046	)

Total	$	(6,682,127	)	$	1,754,824	$	(3,900,530	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts		$	39	$	—		$	—	$	(167,930	)
Foreign exchange contracts			—		—			2,840,914		—
Interest rate contracts			—		(6,033,831	)		—		874,693

Total		$	39	$	(6,033,831	)	$	2,840,914	$	706,763

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Options Written (1)		$10,060,000
Futures Contracts - Long Positions (1)		483,201,711
Futures Contracts - Short Positions (1)		33,937,056
Forward Foreign Currency Exchange Contracts - Purchased (2)		89,175,588

SEE NOTES TO FINANCIAL STATEMENTS.

A203

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Derivative Contract Type	Average Volume of Derivative Activities*
Forward Foreign Currency Exchange Contracts - Sold (2)		$	220,099,351
Interest Rate Swap Agreements (1)			351,566,345
Credit Default Swap Agreements - Buy Protection (1)			2,193,444
Credit Default Swap Agreements - Sell Protection (1)			35,167,191
Total Return Swap Agreements (1)			103,690,735

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(2)

Net
Amount

Securities on Loan

$43,935,264

$(43,935,264)

$—

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
BARC		$	—		$	(54,818	)		$	(54,818	)		$	—			$	(54,818	)
BNP			87,680			—				87,680				—				87,680
BOA			2,158			—				2,158				—				2,158
CITI			2,066			(3,966	)			(1,900	)			1,900				—
DB			1,815			—				1,815				—				1,815
GSI			526,403			(1,374,751	)			(848,348	)			563,272				(285,076	)
HSBC			1,633,310			—				1,633,310				(1,633,310	)			—
JPM			104,390			(1,312,792	)			(1,208,402	)			710,044				(498,358	)
SCB			3,409			—				3,409				—				3,409
SSB			288,275			(288,690	)			(415	)			—				(415	)
TD			53,911			(54,394	)			(483	)			—				(483	)

		$	2,703,417			$(3,089,411	)		$	(385,994	)		$	(358,094	)		$	(744,088	)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty.

SEE NOTES TO FINANCIAL STATEMENTS.

A204

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024



ASSETS
Investments at value, including securities on loan of $43,935,264:
Unaffiliated investments (cost $1,823,660,607)	$	1,738,439,705
Affiliated investments (cost $69,571,307)		69,587,622
Foreign currency, at value (cost $716,101)		713,518
Cash		49,161
Receivable for investments sold		18,645,546
Dividends and interest receivable		16,497,261
Unrealized appreciation on OTC forward foreign currency exchange contracts		2,070,558
Unrealized appreciation on OTC swap agreements		632,650
Receivable for Portfolio shares sold		345,529
Due from broker-variation margin swaps		5,661
Unrealized appreciation on unfunded loan commitments		934
Premiums paid for OTC swap agreements		209
Prepaid expenses		1,784

Total Assets		1,846,990,138

LIABILITIES
Payable for investments purchased		76,751,816
Payable to broker for collateral for securities on loan		44,926,463
Forward commitment contracts, at value (proceeds receivable $5,338,223)		5,299,682
Unrealized depreciation on OTC swap agreements		2,682,868
Management fee payable		564,829
Accrued expenses and other liabilities		443,493
Unrealized depreciation on OTC forward foreign currency exchange contracts		357,984
Payable for Portfolio shares purchased		233,754
Premiums received for OTC swap agreements		48,559
Due to broker-variation margin futures		38,906
Distribution fee payable		3,243
Affiliated transfer agent fee payable		1,190
Unrealized depreciation on unfunded loan commitments		349

Total Liabilities		131,353,136

NET ASSETS	$	1,715,637,002

Net assets were comprised of:
Partners’ Equity	$	1,715,637,002

Class I:
Net asset value and redemption price per share, $1,699,681,500 / 118,113,722 outstanding shares of beneficial interest	$	14.39

Class III:
Net asset value and redemption price per share, $15,955,502 / 1,117,538 outstanding shares of beneficial interest	$	14.28

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $1,241 foreign withholding tax)	$	40,294,980
Affiliated dividend income		1,529,315
Unaffiliated dividend income		101,016
Affiliated income from securities lending, net		42,269

Total income		41,967,580

EXPENSES
Management fee		3,091,305
Distribution fee—Class III		18,268
Custodian and accounting fees		60,835
Audit fee		55,346
Shareholders’ reports		27,470
Professional Fees		19,472
Trustees’ fees		15,429
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,734
Miscellaneous		36,417

Total expenses		3,330,276

NET INVESTMENT INCOME (LOSS)		38,637,304

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(3,841))		(5,529,072	)
Futures transactions		(6,682,127	)
Forward currency contract transactions		1,754,824
Swap agreements transactions		(3,900,530	)
Foreign currency transactions		(693,970	)

		(15,050,875	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6,650))		(8,931,616	)
Futures		(6,033,831	)
Forward currency contracts		2,840,914
Options written		39
Swap agreements		706,763
Foreign currencies		(419,643	)
Unfunded loan commitments		2,148

		(11,835,226	)

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(26,886,101	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,751,203

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	38,637,304		$	60,275,117
Net realized gain (loss) on investment and foreign currency transactions		(15,050,875	)		(38,205,842	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(11,835,226	)		65,028,210

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		11,751,203			87,097,485

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		348,941,252			317,587,803
Portfolio shares purchased		(56,793,556	)		(86,800,418	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		292,147,696			230,787,385

TOTAL INCREASE (DECREASE)		303,898,899			317,884,870
NET ASSETS:
Beginning of period		1,411,738,103			1,093,853,233

End of period	$	1,715,637,002		$	1,411,738,103

SEE NOTES TO FINANCIAL STATEMENTS.

A205

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended June 30, 2024			Year Ended December 31,
	Six Months Ended June 30, 2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$14.31			$13.33			$15.66			$15.78			$14.55			$13.12

Income (Loss) From Investment Operations:
Net investment income (loss)		0.35			0.64			0.45			0.40			0.45			0.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.27	)		0.34			(2.78	)		(0.52	)		0.78			0.94

Total from investment operations		0.08			0.98			(2.33	)		(0.12	)		1.23			1.43

Net Asset Value, end of period		$14.39			$14.31			$13.33			$15.66			$15.78			$14.55

Total Return^(b)		0.56	%		7.27	%		(14.81	)%		(0.76	)%		8.45	%		10.90	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$1,700			$1,398			$1,085			$1,298			$1,293			$1,190
Average net assets (in millions)		$1,539			$1,279			$1,155			$1,292			$1,235			$1,166
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.43	%^(d)		0.43	%		0.43	%		0.42	%		0.43	%		0.44	%
Expenses before waivers and/or expense reimbursement		0.43	%^(d)		0.43	%		0.43	%		0.42	%		0.43	%		0.44	%
Net investment income (loss)		5.00	%^(d)		4.68	%		3.25	%		2.55	%		2.99	%		3.53	%
Portfolio turnover rate^(e)(f)		63	%		224	%		182	%		49	%		35	%		48	%


Class III
	Six Months Ended June 30, 2024
										April 26, 2021^(g) through December 31, 2021
				Year Ended December 31,
				2023			2022
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$14.22			$13.28			$15.64			$15.35

Income (Loss) From Investment Operations:
Net investment income (loss)		0.33			0.60			0.43			0.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.27	)		0.34			(2.79	)		0.05	^(h)

Total from investment operations		0.06			0.94			(2.36	)		0.29

Net Asset Value, end of period		$14.28			$14.22			$13.28			$15.64

Total Return^(b)		0.35	%		7.08	%		(15.09	)%		1.89	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$16			$13			$9			$5
Average net assets (in millions)		$15			$11			$8			$2
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.68	%^(d)		0.68	%		0.68	%		0.66	%⁽ⁱ⁾
Expenses before waivers and/or expense reimbursement		0.68	%^(d)		0.68	%		0.68	%		0.66	%⁽ⁱ⁾
Net investment income (loss)		4.75	%^(d)		4.43	%		3.08	%		2.24	%⁽ⁱ⁾
Portfolio turnover rate^(e)(f)		63	%		224	%		182	%		49	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Portfolio invests.

(d)	Annualized.

(e)	The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f)

(g)	Commencement of offering.

(h)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(i)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A206

PSF SMALL-CAP STOCK INDEX PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
LONG-TERM INVESTMENTS — 99.6%
COMMON STOCKS — 99.1%
Aerospace & Defense — 1.3%
AAR Corp.*		32,481	$	2,361,369
AeroVironment, Inc.*		27,443		4,999,017
Mercury Systems, Inc.*(a)		51,250		1,383,238
Moog, Inc. (Class A Stock)		28,234		4,723,548
National Presto Industries, Inc.		5,157		387,445
Triumph Group, Inc.*		75,451		1,162,700


				15,017,317

Air Freight & Logistics — 0.3%
Forward Air Corp.(a)		31,501		599,779
Hub Group, Inc. (Class A Stock)		60,580		2,607,969


				3,207,748

Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.*		115,400		806,646
Dana, Inc.		126,650		1,534,998
Dorman Products, Inc.*		27,371		2,503,899
Fox Factory Holding Corp.*		40,850		1,968,562
Gentherm, Inc.*		31,069		1,532,323
LCI Industries(a)		24,988		2,583,259
Patrick Industries, Inc.(a)		20,677		2,244,488
Phinia, Inc.		44,850		1,765,296
Standard Motor Products, Inc.		19,123		530,281
XPEL, Inc.*		20,852		741,497


				16,211,249

Automobiles — 0.1%
Winnebago Industries, Inc.(a)		28,696		1,555,323


Banks — 9.0%
Ameris Bancorp		63,502		3,197,326
Atlantic Union Bankshares Corp.		88,118		2,894,676
Axos Financial, Inc.*		49,780		2,844,927
Banc of California, Inc.(a)		136,300		1,741,914
BancFirst Corp.		14,227		1,247,708
Bancorp, Inc. (The)*		50,826		1,919,190
Bank of Hawaii Corp.(a)		38,950		2,228,330
BankUnited, Inc.		73,387		2,148,037
Banner Corp.		33,787		1,677,187
Berkshire Hills Bancorp, Inc.		41,723		951,284
Brookline Bancorp, Inc.		87,261		728,629
Capitol Federal Financial, Inc.		121,181		665,284
Cathay General Bancorp		71,450		2,695,094
Central Pacific Financial Corp.		26,384		559,341
City Holding Co.(a)		14,488		1,539,350
Comerica, Inc.		130,150		6,642,856
Community Financial System, Inc.		51,786		2,444,817
Customers Bancorp, Inc.*		27,946		1,340,849
CVB Financial Corp.(a)		130,223		2,245,045
Dime Community Bancshares, Inc.		34,340		700,536
Eagle Bancorp, Inc.		30,585		578,057
FB Financial Corp.		34,555		1,348,682
First Bancorp		40,412		1,289,951
First BanCorp. (Puerto Rico)		162,361		2,969,583
First Commonwealth Financial Corp.		100,132		1,382,823
First Financial Bancorp		93,724		2,082,547
First Hawaiian, Inc.(a)		125,482		2,605,006


	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
Fulton Financial Corp.(a)		178,450	$	3,030,081
Hanmi Financial Corp.		30,902		516,681
Heritage Financial Corp.		34,036		613,669
Hilltop Holdings, Inc.		45,459		1,421,958
Hope Bancorp, Inc.		118,395		1,271,562
Independent Bank Corp.		41,685		2,114,263
Independent Bank Group, Inc.		35,314		1,607,493
Lakeland Financial Corp.(a)		25,028		1,539,723
National Bank Holdings Corp. (Class A Stock)		37,119		1,449,497
NBT Bancorp, Inc.		46,267		1,785,906
Northwest Bancshares, Inc.		124,923		1,442,861
OFG Bancorp (Puerto Rico)		46,106		1,726,670
Pacific Premier Bancorp, Inc.		94,675		2,174,685
Park National Corp.(a)		14,105		2,007,706
Pathward Financial, Inc.		24,803		1,403,106
Preferred Bank(a)		12,098		913,278
Provident Financial Services, Inc.		129,709		1,861,324
Renasant Corp.		55,295		1,688,709
S&T Bancorp, Inc.		37,529		1,253,093
Seacoast Banking Corp. of Florida		82,607		1,952,829
ServisFirst Bancshares, Inc.(a)		48,171		3,043,925
Simmons First National Corp. (Class A Stock)		123,199		2,165,838
Southside Bancshares, Inc.		28,243		779,789
Stellar Bancorp, Inc.		46,292		1,062,864
Tompkins Financial Corp.		12,213		597,216
Triumph Financial, Inc.*		21,195		1,732,691
TrustCo Bank Corp.		19,430		559,001
Trustmark Corp.		60,083		1,804,893
United Community Banks, Inc.		116,958		2,977,751
Veritex Holdings, Inc.		53,510		1,128,526
WaFd, Inc.		66,341		1,896,026
Westamerica BanCorp		26,155		1,269,302
WSFS Financial Corp.(a)		58,960		2,771,120


				106,233,065

Beverages — 0.2%
MGP Ingredients, Inc.(a)		15,323		1,140,031
National Beverage Corp.		21,403		1,096,690


				2,236,721

Biotechnology — 1.7%
Alkermes PLC*(a)		166,150		4,004,215
Arcus Biosciences, Inc.*		53,573		815,917
Catalyst Pharmaceuticals, Inc.*		110,169		1,706,518
Dynavax Technologies Corp.*(a)		128,510		1,443,167
Ironwood Pharmaceuticals, Inc.*(a)		140,427		915,584
Krystal Biotech, Inc.*(a)		24,390		4,478,979
Myriad Genetics, Inc.*		89,744		2,195,138
REGENXBIO, Inc.*		44,468		520,276
Vericel Corp.*(a)		47,686		2,187,834
Vir Biotechnology, Inc.*(a)		88,017		783,351
Xencor, Inc.*		60,505		1,145,360


				20,196,339

Broadline Retail — 0.2%
Kohl’s Corp.(a)		108,900		2,503,611

SEE NOTES TO FINANCIAL STATEMENTS.

A207

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Building Products — 1.8%
American Woodmark Corp.*		15,520	$	1,219,872
Apogee Enterprises, Inc.(a)		21,695		1,363,205
Armstrong World Industries, Inc.		42,960		4,864,791
AZZ, Inc.(a)		29,061		2,244,962
Gibraltar Industries, Inc.*		29,883		2,048,480
Griffon Corp.		36,455		2,328,016
Hayward Holdings, Inc.*(a)		124,450		1,530,735
Insteel Industries, Inc.		19,093		591,119
Masterbrand, Inc.*		124,687		1,830,405
Quanex Building Products Corp.(a)		32,477		897,989
Resideo Technologies, Inc.*		143,357		2,804,063


				21,723,637

Capital Markets — 2.4%
Artisan Partners Asset Management, Inc. (Class A Stock)(a)		68,600		2,831,122
B. Riley Financial, Inc.(a)		16,861		297,428
BGC Group, Inc. (Class A Stock)(a)		376,950		3,128,685
Brightsphere Investment Group, Inc.		28,881		640,292
Cohen & Steers, Inc.(a)		25,800		1,872,048
Donnelley Financial Solutions, Inc.*		24,436		1,456,874
Moelis & Co. (Class A Stock)(a)		69,050		3,926,183
Piper Sandler Cos.		15,272		3,515,156
PJT Partners, Inc. (Class A Stock)(a)		21,660		2,337,331
StepStone Group, Inc. (Class A Stock)(a)		51,050		2,342,684
StoneX Group, Inc.*		26,750		2,014,543
Virtu Financial, Inc. (Class A Stock)		86,850		1,949,783
Virtus Investment Partners, Inc.		6,573		1,484,512
WisdomTree, Inc.(a)		109,598		1,086,116


				28,882,757

Chemicals — 2.3%
AdvanSix, Inc.		26,293		602,636
Balchem Corp.		31,835		4,900,998
Hawkins, Inc.		18,684		1,700,244
HB Fuller Co.		53,478		4,115,667
Ingevity Corp.*		33,150		1,448,987
Innospec, Inc.		24,479		3,025,360
Koppers Holdings, Inc.		21,219		784,891
Mativ Holdings, Inc.		53,295		903,883
Minerals Technologies, Inc.		31,621		2,629,602
Quaker Chemical Corp.(a)		13,595		2,307,071
Sensient Technologies Corp.		41,550		3,082,594
Stepan Co.		20,929		1,757,199


				27,259,132

Commercial Services & Supplies — 2.1%
ABM Industries, Inc.		62,112		3,141,004
Brady Corp. (Class A Stock)		43,980		2,903,560
CoreCivic, Inc.*		109,223		1,417,715
Deluxe Corp.(a)		43,234		971,036
Enviri Corp.*		81,626		704,432
GEO Group, Inc. (The)*		130,867		1,879,250
Healthcare Services Group, Inc.*		72,289		764,818
HNI Corp.		46,397		2,088,793
Interface, Inc.		57,150		838,962
Liquidity Services, Inc.*		22,941		458,361


	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (cont’d.)
Matthews International Corp. (Class A Stock)		30,107	$	754,180
MillerKnoll, Inc.(a)		70,317		1,862,697
OPENLANE, Inc.*		106,337		1,764,131
Pitney Bowes, Inc.(a)		156,825		796,671
UniFirst Corp.		14,793		2,537,443
Vestis Corp.		129,050		1,578,281
Viad Corp.*		20,616		700,944


				25,162,278

Communications Equipment — 0.8%
Calix, Inc.*		57,250		2,028,367
Digi International, Inc.*(a)		35,698		818,555
Extreme Networks, Inc.*		127,578		1,715,924
Harmonic, Inc.*		114,908		1,352,467
NetScout Systems, Inc.*		70,087		1,281,891
Viasat, Inc.*(a)		73,815		937,451
Viavi Solutions, Inc.*		219,187		1,505,815


				9,640,470

Construction & Engineering — 1.2%
Arcosa, Inc.		47,663		3,975,571
Dycom Industries, Inc.*		28,558		4,819,448
Granite Construction, Inc.(a)		43,324		2,684,788
MYR Group, Inc.*(a)		16,460		2,233,787


				13,713,594

Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		48,680		2,169,181
Encore Capital Group, Inc.*		23,233		969,513
Enova International, Inc.*		26,603		1,656,037
EZCORP, Inc. (Class A Stock)*(a)		50,832		532,211
Green Dot Corp. (Class A Stock)*		46,136		435,985
Navient Corp.		79,050		1,150,968
PRA Group, Inc.*		38,593		758,738
PROG Holdings, Inc.		42,379		1,469,704
World Acceptance Corp.*(a)		3,434		424,374


				9,566,711

Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The)(a)		31,178		1,546,429
Chefs’ Warehouse, Inc. (The)*		34,727		1,358,173
Grocery Outlet Holding Corp.*		98,050		2,168,866
PriceSmart, Inc.		24,699		2,005,559
SpartanNash Co.		33,840		634,838
United Natural Foods, Inc.*		58,336		764,202


				8,478,067

Containers & Packaging — 0.6%
Myers Industries, Inc.		37,672		504,051
O-I Glass, Inc.*		152,875		1,701,499
Sealed Air Corp.		142,950		4,973,231


				7,178,781

Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.*		36,890		2,516,267
Frontdoor, Inc.*		76,352		2,579,934
Mister Car Wash, Inc.*(a)		93,106		662,915

SEE NOTES TO FINANCIAL STATEMENTS.

A208

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services (cont’d.)
Perdoceo Education Corp.(a)		64,406	$	1,379,577
Strategic Education, Inc.		21,525		2,381,956
Stride, Inc.*(a)		39,200		2,763,600


				12,284,249

Diversified REITs — 0.8%
Alexander & Baldwin, Inc.		71,255		1,208,485
American Assets Trust, Inc.		47,802		1,069,809
Armada Hoffler Properties, Inc.		65,854		730,321
Essential Properties Realty Trust, Inc.(a)		172,135		4,769,861
Global Net Lease, Inc.(a)		191,810		1,409,803


				9,188,279

Diversified Telecommunication Services — 0.3%
Cogent Communications Holdings, Inc.(a)		41,396		2,336,390
Consolidated Communications Holdings, Inc.*		76,040		334,576
Lumen Technologies, Inc.*(a)		996,668		1,096,335


				3,767,301

Electric Utilities — 0.5%
MGE Energy, Inc.(a)		35,500		2,652,560
Otter Tail Corp.(a)		41,049		3,595,482


				6,248,042

Electrical Equipment — 0.8%
Encore Wire Corp.		15,636		4,531,782
Powell Industries, Inc.(a)		9,060		1,299,204
SunPower Corp.*(a)		87,850		260,036
Sunrun, Inc.*(a)		217,650		2,581,329
Vicor Corp.*		22,200		736,152


				9,408,503

Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries, Inc.		36,756		3,997,582
Arlo Technologies, Inc.*		96,738		1,261,463
Badger Meter, Inc.		28,853		5,376,756
Benchmark Electronics, Inc.		35,365		1,395,503
CTS Corp.(a)		29,976		1,517,685
ePlus, Inc.*		26,154		1,927,027
Fabrinet (Thailand)*		35,491		8,687,842
Insight Enterprises, Inc.*		27,171		5,389,639
Itron, Inc.*		45,010		4,454,190
Knowles Corp.*		88,099		1,520,589
OSI Systems, Inc.*		15,392		2,116,708
PC Connection, Inc.		11,062		710,180
Plexus Corp.*		26,892		2,774,717
Rogers Corp.*		16,485		1,988,256
Sanmina Corp.*		54,438		3,606,517
ScanSource, Inc.*		24,231		1,073,676
TTM Technologies, Inc.*		99,892		1,940,902


				49,739,232

Energy Equipment & Services — 2.5%
Archrock, Inc.		135,027		2,730,246
Bristow Group, Inc.*		23,650		792,984


	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services (cont’d.)
Cactus, Inc. (Class A Stock)(a)		64,500	$	3,401,730
Core Laboratories, Inc.(a)		46,048		934,314
Dril-Quip, Inc.*		34,918		649,475
Helix Energy Solutions Group, Inc.*		140,675		1,679,659
Helmerich & Payne, Inc.(a)		96,936		3,503,267
Liberty Energy, Inc.(a)		148,900		3,110,521
Nabors Industries Ltd.*		8,994		640,013
Oceaneering International, Inc.*(a)		99,548		2,355,306
Patterson-UTI Energy, Inc.		303,673		3,146,052
ProPetro Holding Corp.*		80,895		701,360
RPC, Inc.		82,767		517,294
Tidewater, Inc.*		47,650		4,536,756
U.S. Silica Holdings, Inc.*		78,855		1,218,310


				29,917,287

Entertainment — 0.5%
Cinemark Holdings, Inc.*(a)		104,721		2,264,068
Madison Square Garden Sports Corp.*(a)		16,390		3,083,451


				5,347,519

Financial Services — 2.5%
EVERTEC, Inc. (Puerto Rico)		63,232		2,102,464
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		111,650		3,304,840
Jackson Financial, Inc. (Class A Stock)(a)		66,630		4,947,944
Mr. Cooper Group, Inc.*		63,511		5,158,998
NCR Atleos Corp.*		67,800		1,831,956
NMI Holdings, Inc.*		78,807		2,682,590
Payoneer Global, Inc.*		248,718		1,377,898
Radian Group, Inc.		147,819		4,597,171
Walker & Dunlop, Inc.(a)		33,105		3,250,911


				29,254,772

Food Products — 1.2%
B&G Foods, Inc.(a)		80,357		649,284
Calavo Growers, Inc.		18,207		413,299
Cal-Maine Foods, Inc.		39,927		2,439,939
Fresh Del Monte Produce, Inc.		32,876		718,341
Hain Celestial Group, Inc. (The)*		88,184		609,351
J & J Snack Foods Corp.		15,222		2,471,596
John B. Sanfilippo & Son, Inc.		8,808		855,873
Simply Good Foods Co. (The)*		89,305		3,226,590
Tootsie Roll Industries, Inc.		17,273		528,036
TreeHouse Foods, Inc.*		46,978		1,721,274
WK Kellogg Co.		64,900		1,068,254


				14,701,837

Gas Utilities — 0.3%
Chesapeake Utilities Corp.		21,867		2,322,275
Northwest Natural Holding Co.		37,600		1,357,736


				3,680,011

Ground Transportation — 0.8%
ArcBest Corp.		23,006		2,463,482
Heartland Express, Inc.		46,884		578,080
Hertz Global Holdings, Inc.*(a)		129,100		455,723

SEE NOTES TO FINANCIAL STATEMENTS.

A209

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Ground Transportation (cont’d.)
Marten Transport Ltd.		56,716	$	1,046,410
RXO, Inc.*		115,419		3,018,207
Werner Enterprises, Inc.		62,250		2,230,418


				9,792,320

Health Care Equipment & Supplies — 3.1%
Artivion, Inc.*		39,884		1,023,025
Avanos Medical, Inc.*		45,048		897,356
CONMED Corp.		30,205		2,093,811
Embecta Corp.		56,612		707,650
Glaukos Corp.*(a)		49,514		5,859,982
ICU Medical, Inc.*		20,090		2,385,687
Inari Medical, Inc.*(a)		50,800		2,446,020
Integer Holdings Corp.*(a)		32,893		3,808,680
Integra LifeSciences Holdings Corp.*		67,300		1,961,122
LeMaitre Vascular, Inc.		19,583		1,611,289
Merit Medical Systems, Inc.*		57,020		4,900,869
Omnicell, Inc.*		45,050		1,219,504
STAAR Surgical Co.*(a)		48,200		2,294,802
Tandem Diabetes Care, Inc.*		63,394		2,554,144
UFP Technologies, Inc.*		6,920		1,825,980
Varex Imaging Corp.*		41,482		611,030


				36,200,951

Health Care Providers & Services — 3.0%
AdaptHealth Corp.*		76,665		766,650
Addus HomeCare Corp.*		17,271		2,005,336
AMN Healthcare Services, Inc.*(a)		37,303		1,911,033
Astrana Health, Inc.*(a)		41,515		1,683,848
CorVel Corp.*		8,888		2,259,952
Cross Country Healthcare, Inc.*		31,956		442,271
Enhabit, Inc.*		51,229		456,963
Ensign Group, Inc. (The)(a)		55,435		6,856,755
Fulgent Genetics, Inc.*(a)		20,582		403,819
National HealthCare Corp.		13,300		1,441,720
NeoGenomics, Inc.*(a)		125,355		1,738,674
Owens & Minor, Inc.*		71,944		971,244
Patterson Cos., Inc.		78,250		1,887,390
Pediatrix Medical Group, Inc.*		81,282		613,679
Premier, Inc. (Class A Stock)		102,900		1,921,143
Privia Health Group, Inc.*(a)		101,900		1,771,022
RadNet, Inc.*		65,282		3,846,415
Select Medical Holdings Corp.		104,687		3,670,326
U.S. Physical Therapy, Inc.(a)		14,774		1,365,413


				36,013,653

Health Care REITs — 0.7%
CareTrust REIT, Inc.		136,035		3,414,479
Community Healthcare Trust, Inc.		24,793		579,908
LTC Properties, Inc.		41,808		1,442,376
Medical Properties Trust, Inc.(a)		589,400		2,540,314
Universal Health Realty Income Trust		12,250		479,465


				8,456,542

Health Care Technology — 0.3%
Certara, Inc.*(a)		105,795		1,465,261
HealthStream, Inc.		24,471		682,741
Schrodinger, Inc.*(a)		54,250		1,049,195


	Shares		Value

COMMON STOCKS (continued)
Health Care Technology (cont’d.)
Simulations Plus, Inc.(a)		15,681	$	762,410


				3,959,607

Hotel & Resort REITs — 1.0%
Apple Hospitality REIT, Inc.(a)		221,300		3,217,702
DiamondRock Hospitality Co.(a)		206,254		1,742,846
Pebblebrook Hotel Trust(a)		118,281		1,626,364
Service Properties Trust		162,740		836,484
Summit Hotel Properties, Inc.		109,949		658,594
Sunstone Hotel Investors, Inc.		199,942		2,091,393
Xenia Hotels & Resorts, Inc.		100,105		1,434,505


				11,607,888

Hotels, Restaurants & Leisure — 2.0%
BJ’s Restaurants, Inc.*		22,925		795,497
Bloomin’ Brands, Inc.(a)		84,868		1,632,012
Brinker International, Inc.*		43,654		3,160,113
Cheesecake Factory, Inc. (The)		45,985		1,806,751
Chuy’s Holdings, Inc.*		16,716		433,279
Cracker Barrel Old Country Store, Inc.(a)		21,766		917,655
Dave & Buster’s Entertainment, Inc.*(a)		31,649		1,259,947
Dine Brands Global, Inc.		15,027		543,977
Golden Entertainment, Inc.		21,946		682,740
Jack in the Box, Inc.(a)		19,000		967,860
Monarch Casino & Resort, Inc.		12,839		874,721
Papa John’s International, Inc.(a)		32,350		1,519,803
Penn Entertainment, Inc.*(a)		146,700		2,839,378
Sabre Corp.*		375,006		1,001,266
Shake Shack, Inc. (Class A Stock)*		36,929		3,323,610
Six Flags Entertainment Corp.*(a)		71,121		2,356,950


				24,115,559

Household Durables — 2.9%
Cavco Industries, Inc.*		7,620		2,637,815
Century Communities, Inc.		27,741		2,265,330
Ethan Allen Interiors, Inc.		22,423		625,377
Green Brick Partners, Inc.*		24,684		1,412,912
Installed Building Products, Inc.(a)		23,043		4,739,484
La-Z-Boy, Inc.		41,867		1,560,802
Leggett & Platt, Inc.		131,600		1,508,136
LGI Homes, Inc.*		20,110		1,799,644
M/I Homes, Inc.*		27,243		3,327,460
Meritage Homes Corp.		35,658		5,771,247
Newell Brands, Inc.		375,050		2,404,071
Sonos, Inc.*(a)		120,643		1,780,691
Tri Pointe Homes, Inc.*		93,155		3,470,024
Worthington Enterprises, Inc.		30,000		1,419,900


				34,722,893

Household Products — 0.6%
Central Garden & Pet Co.*(a)		9,716		374,066
Central Garden & Pet Co. (Class A Stock)*		53,152		1,755,610
Energizer Holdings, Inc.(a)		65,550		1,936,347
WD-40 Co.(a)		13,306		2,922,530


				6,988,553

SEE NOTES TO FINANCIAL STATEMENTS.

A210

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Independent Power & Renewable Electricity Producers — 0.2%
Clearway Energy, Inc. (Class A Stock)		33,950	$	769,307
Clearway Energy, Inc. (Class C Stock)		80,950		1,998,656


				2,767,963

Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.(a)		27,812		3,037,627
LXP Industrial Trust		288,987		2,635,561


				5,673,188

Insurance — 2.3%
Ambac Financial Group, Inc.*		46,190		592,156
AMERISAFE, Inc.		18,747		822,806
Assured Guaranty Ltd.		50,765		3,916,520
Employers Holdings, Inc.		24,860		1,059,782
Genworth Financial, Inc. (Class A Stock)*		429,763		2,595,768
Goosehead Insurance, Inc. (Class A Stock)*(a)		24,700		1,418,768
HCI Group, Inc.(a)		6,764		623,438
Horace Mann Educators Corp.		40,211		1,311,683
Lincoln National Corp.		166,950		5,192,145
Mercury General Corp.		26,085		1,386,157
Palomar Holdings, Inc.*		24,439		1,983,225
ProAssurance Corp.*		50,044		611,538
Safety Insurance Group, Inc.		14,934		1,120,498
SiriusPoint Ltd. (Bermuda)*		90,393		1,102,794
Stewart Information Services Corp.		27,076		1,680,878
Trupanion, Inc.*(a)		35,465		1,042,671
United Fire Group, Inc.		21,698		466,290


				26,927,117

Interactive Media & Services — 1.1%
Cargurus, Inc.*(a)		77,050		2,018,710
Cars.com, Inc.*		60,350		1,188,895
IAC, Inc.*		68,600		3,213,910
QuinStreet, Inc.*		51,526		854,816
Shutterstock, Inc.(a)		23,541		911,037
TripAdvisor, Inc.*		106,800		1,902,108
Yelp, Inc.*		66,232		2,447,272


				12,536,748

IT Services — 0.7%
DigitalOcean Holdings, Inc.*(a)		52,750		1,833,063
DXC Technology Co.*(a)		175,650		3,353,158
Perficient, Inc.*		35,279		2,638,516


				7,824,737

Leisure Products — 0.4%
Sturm Ruger & Co., Inc.		17,074		711,132
Topgolf Callaway Brands Corp.*(a)		138,750		2,122,875
Vista Outdoor, Inc.*		57,113		2,150,305


				4,984,312

Life Sciences Tools & Services — 0.3%
BioLife Solutions, Inc.*		36,397		779,988
Cytek Biosciences, Inc.*		94,057		524,838
Fortrea Holdings, Inc.*		87,750		2,048,085


	Shares		Value

COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
Mesa Laboratories, Inc.		4,938	$	428,470


				3,781,381

Machinery — 4.7%
3D Systems Corp.*(a)		136,393		418,726
Alamo Group, Inc.		10,175		1,760,275
Albany International Corp. (Class A Stock)		30,619		2,585,775
Astec Industries, Inc.		22,315		661,863
Barnes Group, Inc.		49,773		2,061,100
Enerpac Tool Group Corp.		53,246		2,032,932
Enpro, Inc.		20,567		2,993,938
ESCO Technologies, Inc.		25,278		2,655,201
Federal Signal Corp.		59,953		5,016,267
Franklin Electric Co., Inc.		38,905		3,747,330
Greenbrier Cos., Inc. (The)(a)		30,531		1,512,811
Hillenbrand, Inc.		68,909		2,757,738
John Bean Technologies Corp.		31,240		2,966,863
Kennametal, Inc.		77,205		1,817,406
Lindsay Corp.(a)		10,832		1,331,036
Mueller Industries, Inc.		111,500		6,348,810
Proto Labs, Inc.*		24,854		767,740
SPX Technologies, Inc.*		45,390		6,451,735
Standex International Corp.		11,631		1,874,336
Tennant Co.		18,645		1,835,414
Titan International, Inc.*		51,876		384,401
Trinity Industries, Inc.		80,353		2,404,162
Wabash National Corp.(a)		44,185		965,000


				55,350,859

Marine Transportation — 0.4%
Matson, Inc.		33,548		4,393,782

Media — 0.7%
AMC Networks, Inc. (Class A Stock)*(a)		31,161		301,015
Cable One, Inc.(a)		4,500		1,593,000
EchoStar Corp. (Class A Stock)*		118,350		2,107,814
John Wiley & Sons, Inc. (Class A Stock)		41,250		1,678,875
Scholastic Corp.		24,969		885,650
TechTarget, Inc.*(a)		25,465		793,744
Thryv Holdings, Inc.*		31,625		563,558


				7,923,656

Metals & Mining — 2.5%
Alpha Metallurgical Resources, Inc.		11,360		3,186,821
Arch Resources, Inc.(a)		17,780		2,706,649
ATI, Inc.*		122,156		6,773,550
Carpenter Technology Corp.		48,672		5,333,478
Century Aluminum Co.*		50,968		853,714
Compass Minerals International, Inc.		34,618		357,604
Haynes International, Inc.		13,269		778,890
Kaiser Aluminum Corp.(a)		15,611		1,372,207
Materion Corp.		20,348		2,200,229
Metallus, Inc.*		39,283		796,266
Olympic Steel, Inc.		9,995		448,076
SunCoke Energy, Inc.		82,526		808,755
Warrior Met Coal, Inc.		51,306		3,220,478

SEE NOTES TO FINANCIAL STATEMENTS.

A211

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Metals & Mining (cont’d.)
Worthington Steel, Inc.		30,900	$	1,030,824


				29,867,541

Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.(a)		128,396		1,256,997
Arbor Realty Trust, Inc.(a)		185,100		2,656,185
ARMOUR Residential REIT, Inc.(a)		47,846		927,256
Blackstone Mortgage Trust, Inc. (Class A Stock)(a)		170,400		2,968,368
Ellington Financial, Inc.(a)		81,030		978,842
Franklin BSP Realty Trust, Inc.		80,375		1,012,725
KKR Real Estate Finance Trust, Inc.		59,508		538,547
New York Mortgage Trust, Inc.		92,680		541,251
PennyMac Mortgage Investment Trust(a)		85,256		1,172,270
Ready Capital Corp.(a)		152,533		1,247,720
Redwood Trust, Inc.(a)		129,763		842,162
Two Harbors Investment Corp.(a)		101,579		1,341,859


				15,484,182

Multi-Utilities — 0.3%
Avista Corp.(a)		76,754		2,656,456
Unitil Corp.		15,861		821,441


				3,477,897

Office REITs — 1.1%
Brandywine Realty Trust(a)		169,111		757,617
Douglas Emmett, Inc.(a)		164,350		2,187,498
Easterly Government Properties, Inc.(a)		101,118		1,250,830
Highwoods Properties, Inc.		104,050		2,733,393
Hudson Pacific Properties, Inc.(a)		129,487		622,832
JBG SMITH Properties		82,111		1,250,551
SL Green Realty Corp.(a)		63,593		3,601,908


				12,404,629

Oil, Gas & Consumable Fuels — 2.7%
California Resources Corp.(a)		63,000		3,352,860
Comstock Resources, Inc.(a)		93,929		974,983
CONSOL Energy, Inc.		25,950		2,647,678
CVR Energy, Inc.(a)		28,580		765,087
Dorian LPG Ltd.(a)		33,462		1,404,066
Green Plains, Inc.*(a)		63,417		1,005,794
Magnolia Oil & Gas Corp. (Class A Stock)(a)		177,650		4,501,651
Northern Oil & Gas, Inc.(a)		89,854		3,339,873
Par Pacific Holdings, Inc.*		52,296		1,320,474
Peabody Energy Corp.		103,750		2,294,950
REX American Resources Corp.*		14,943		681,251
SM Energy Co.(a)		112,952		4,882,915
Talos Energy, Inc.*		153,470		1,864,661
Vital Energy, Inc.*		25,331		1,135,335
World Kinect Corp.		58,820		1,517,556


				31,689,134

Paper & Forest Products — 0.3%
Clearwater Paper Corp.*		16,359		792,921


	Shares		Value

COMMON STOCKS (continued)
Paper & Forest Products (cont’d.)
Mercer International, Inc. (Germany)		44,871	$	383,198
Sylvamo Corp.		34,322		2,354,489


				3,530,608

Passenger Airlines — 1.0%
Alaska Air Group, Inc.*(a)		124,550		5,031,820
Allegiant Travel Co.		14,146		710,554
JetBlue Airways Corp.*(a)		333,950		2,033,755
SkyWest, Inc.*		39,486		3,240,616
Sun Country Airlines Holdings, Inc.*		37,221		467,496


				11,484,241

Personal Care Products — 0.4%
Edgewell Personal Care Co.		48,615		1,953,837
Inter Parfums, Inc.		17,607		2,042,940
Nu Skin Enterprises, Inc. (Class A Stock)		50,531		532,597
USANA Health Sciences, Inc.*		11,213		507,276


				5,036,650

Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.*(a)		37,808		1,512,320
ANI Pharmaceuticals, Inc.*		15,080		960,294
Collegium Pharmaceutical, Inc.*		32,119		1,034,232
Corcept Therapeutics, Inc.*(a)		89,942		2,922,216
Harmony Biosciences Holdings, Inc.*		31,179		940,670
Innoviva, Inc.*(a)		53,956		884,878
Ligand Pharmaceuticals, Inc.*(a)		16,521		1,392,059
Organon & Co.(a)		252,500		5,226,750
Pacira BioSciences, Inc.*		45,668		1,306,562
Phibro Animal Health Corp. (Class A Stock)		20,800		348,816
Prestige Consumer Healthcare, Inc.*		48,980		3,372,273
Supernus Pharmaceuticals, Inc.*		53,950		1,443,163


				21,344,233

Professional Services — 1.5%
CSG Systems International, Inc.		27,881		1,147,861
Heidrick & Struggles International, Inc.		19,806		625,473
Kelly Services, Inc. (Class A Stock)		32,684		699,764
Korn Ferry		51,232		3,439,717
NV5 Global, Inc.*		12,760		1,186,297
Robert Half, Inc.		99,300		6,353,214
Verra Mobility Corp.*		163,513		4,447,554


				17,899,880

Real Estate Management & Development — 0.6%
Cushman & Wakefield PLC*		193,407		2,011,433
eXp World Holdings, Inc.(a)		76,000		857,660
Kennedy-Wilson Holdings, Inc.(a)		114,767		1,115,535
Marcus & Millichap, Inc.		23,430		738,514
St. Joe Co. (The)		34,937		1,911,054


				6,634,196

Residential REITs — 0.4%
Centerspace		14,593		986,925
Elme Communities		86,409		1,376,495
NexPoint Residential Trust, Inc.		22,395		884,826

SEE NOTES TO FINANCIAL STATEMENTS.

A212

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Residential REITs (cont’d.)
Veris Residential, Inc.		79,029	$	1,185,435


				4,433,681

Retail REITs — 1.7%
Acadia Realty Trust(a)		101,276		1,814,866
Getty Realty Corp.		48,211		1,285,305
Macerich Co. (The)		211,800		3,270,192
Phillips Edison & Co., Inc.		120,150		3,930,107
Retail Opportunity Investments Corp.		125,139		1,555,478
Saul Centers, Inc.		12,478		458,816
SITE Centers Corp.		176,947		2,565,732
Tanger, Inc.		107,348		2,910,204
Urban Edge Properties(a)		116,666		2,154,821
Whitestone REIT		48,137		640,703


				20,586,224

Semiconductors & Semiconductor Equipment — 2.9%
Alpha & Omega Semiconductor Ltd.*		22,645		846,244
Axcelis Technologies, Inc.*		31,940		4,541,549
CEVA, Inc.*		24,093		464,754
Cohu, Inc.*		46,202		1,529,286
Diodes, Inc.*		45,250		3,254,832
FormFactor, Inc.*		75,743		4,584,724
Ichor Holdings Ltd.*		32,851		1,266,406
Kulicke & Soffa Industries, Inc. (Singapore)		54,434		2,677,608
MaxLinear, Inc.*		74,205		1,494,489
PDF Solutions, Inc.*		30,118		1,095,693
Photronics, Inc.*		62,171		1,533,759
Semtech Corp.*		63,346		1,892,778
SiTime Corp.*		17,290		2,150,530
SMART Global Holdings, Inc.*		51,330		1,173,917
SolarEdge Technologies, Inc.*(a)		56,250		1,420,875
Ultra Clean Holdings, Inc.*		44,050		2,158,450
Veeco Instruments, Inc.*		55,599		2,597,029


				34,682,923

Software — 4.0%
A10 Networks, Inc.		68,696		951,440
ACI Worldwide, Inc.*		103,500		4,097,565
Adeia, Inc.		106,509		1,191,303
Agilysys, Inc.*		19,793		2,061,243
Alarm.com Holdings, Inc.*		49,239		3,128,646
BlackLine, Inc.*		50,350		2,439,458
Box, Inc. (Class A Stock)*(a)		141,700		3,746,548
DoubleVerify Holdings, Inc.*		138,289		2,692,487
Envestnet, Inc.*(a)		49,200		3,079,428
InterDigital, Inc.(a)		25,125		2,928,570
LiveRamp Holdings, Inc.*		64,944		2,009,367
Marathon Digital Holdings, Inc.*(a)		268,000		5,319,800
N-able, Inc.*		68,938		1,049,926
NCR Voyix Corp.*		137,100		1,693,185
Progress Software Corp.		42,412		2,301,275
Sprinklr, Inc. (Class A Stock)*(a)		117,600		1,131,312
SPS Commerce, Inc.*		36,353		6,840,180


				46,661,733


	Shares		Value

COMMON STOCKS (continued)
Specialized REITs — 0.5%
Four Corners Property Trust, Inc.(a)		90,275	$	2,227,084
Outfront Media, Inc.(a)		143,297		2,049,147
Safehold, Inc.(a)		44,183		852,290
Uniti Group, Inc.(a)		243,981		712,425


				5,840,946

Specialty Retail — 4.6%
Abercrombie & Fitch Co. (Class A Stock)*		50,172		8,922,588
Academy Sports & Outdoors, Inc.(a)		72,410		3,855,833
Advance Auto Parts, Inc.(a)		58,500		3,704,805
American Eagle Outfitters, Inc.(a)		181,579		3,624,317
Asbury Automotive Group, Inc.*(a)		19,806		4,513,193
Boot Barn Holdings, Inc.*(a)		29,847		3,848,174
Buckle, Inc. (The)(a)		29,027		1,072,257
Caleres, Inc.(a)		32,427		1,089,547
Designer Brands, Inc. (Class A Stock)(a)		43,977		300,363
Foot Locker, Inc.		80,700		2,011,044
Group 1 Automotive, Inc.		12,969		3,855,424
Guess?, Inc.(a)		26,725		545,190
Haverty Furniture Cos., Inc.(a)		13,619		344,425
Hibbett, Inc.(a)		12,015		1,047,828
Leslie’s, Inc.*(a)		181,391		760,028
MarineMax, Inc.*		19,909		644,454
Monro, Inc.(a)		29,355		700,410
National Vision Holdings, Inc.*(a)		77,108		1,009,344
ODP Corp. (The)*		31,337		1,230,604
Sally Beauty Holdings, Inc.*(a)		101,611		1,090,286
Shoe Carnival, Inc.		17,549		647,383
Signet Jewelers Ltd.(a)		43,800		3,923,604
Sonic Automotive, Inc. (Class A Stock)(a)		14,586		794,499
Upbound Group, Inc.		43,949		1,349,234
Urban Outfitters, Inc.*(a)		55,655		2,284,638
Victoria’s Secret & Co.*		76,850		1,357,940


				54,527,412

Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc.*		44,202		487,990
Xerox Holdings Corp.		112,150		1,303,183


				1,791,173

Textiles, Apparel & Luxury Goods — 1.4%
G-III Apparel Group Ltd.*		39,256		1,062,660
Hanesbrands, Inc.*(a)		345,206		1,701,866
Kontoor Brands, Inc.(a)		48,780		3,226,797
Movado Group, Inc.		15,928		395,970
Oxford Industries, Inc.(a)		14,430		1,445,164
Steven Madden Ltd.		67,697		2,863,583
VF Corp.		324,500		4,380,750
Wolverine World Wide, Inc.(a)		78,454		1,060,698


				16,137,488

Tobacco — 0.2%
Universal Corp.		24,090		1,160,897
Vector Group Ltd.		131,384		1,388,729


				2,549,626

SEE NOTES TO FINANCIAL STATEMENTS.

A213

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Trading Companies & Distributors — 1.5%
Air Lease Corp.(a)		101,650	$	4,831,424
Boise Cascade Co.(a)		38,764		4,621,444
DNOW, Inc.*		104,833		1,439,357
DXP Enterprises, Inc.*		12,812		587,302
GMS, Inc.*(a)		39,069		3,149,352
Rush Enterprises, Inc. (Class A Stock)		60,750		2,543,603


				17,172,482

Water Utilities — 0.7%
American States Water Co.		36,552		2,652,578
California Water Service Group		56,677		2,748,268
Middlesex Water Co.		17,457		912,303
SJW Group		28,785		1,560,723


				7,873,872

Wireless Telecommunication Services — 0.3%
Gogo, Inc.*(a)		59,894		576,180
Shenandoah Telecommunications Co.		49,238		804,057
Telephone & Data Systems, Inc.		96,760		2,005,835


				3,386,072


TOTAL COMMON STOCKS (cost $840,306,393)				1,170,822,364


UNAFFILIATED EXCHANGE-TRADED FUND — 0.5%
iShares Core S&P Small-Cap ETF(a)		50,020		5,335,133

(cost $5,303,630)

TOTAL LONG-TERM INVESTMENTS (cost $845,610,023)				1,176,157,497


SHORT-TERM INVESTMENTS — 24.2%

AFFILIATED MUTUAL FUNDS — 24.2%
PGIM Core Ultra Short Bond Fund(wb)		4,053,164		4,053,164
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $281,459,328; includes $280,234,202 of cash collateral for securities on loan)(b)(wb)		281,847,902		281,678,794


TOTAL AFFILIATED MUTUAL FUNDS (cost $285,512,492)				285,731,958


Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
5.289%	09/19/24		500	$	494,207

(cost $494,205)

TOTAL SHORT-TERM INVESTMENTS (cost $286,006,697)					286,226,165


TOTAL INVESTMENTS—123.8% (cost $1,131,616,720)					1,462,383,662
Liabilities in excess of other assets(z) — (23.8)%					(280,773,707	)


NET ASSETS — 100.0%				$	1,181,609,955

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal amount is shown in U.S. dollars unless otherwise stated.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $275,377,778; cash collateral of $280,234,202 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)	Rate shown reflects yield to maturity at purchased date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at June 30, 2024:

Number
of
Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

Russell 2000 E-Mini Index

Sep. 2024

4,439,750

5,042

SEE NOTES TO FINANCIAL STATEMENTS.

A214

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
UBS		$	—		$	494,207

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	15,017,317	$	—	$	—
Air Freight & Logistics		3,207,748		—		—
Automobile Components		16,211,249		—		—
Automobiles		1,555,323		—		—
Banks		106,233,065		—		—
Beverages		2,236,721		—		—
Biotechnology		20,196,339		—		—
Broadline Retail		2,503,611		—		—
Building Products		21,723,637		—		—
Capital Markets		28,882,757		—		—
Chemicals		27,259,132		—		—
Commercial Services & Supplies		25,162,278		—		—
Communications Equipment		9,640,470		—		—
Construction & Engineering		13,713,594		—		—
Consumer Finance		9,566,711		—		—
Consumer Staples Distribution & Retail		8,478,067		—		—
Containers & Packaging		7,178,781		—		—
Diversified Consumer Services		12,284,249		—		—
Diversified REITs		9,188,279		—		—
Diversified Telecommunication Services		3,767,301		—		—
Electric Utilities		6,248,042		—		—
Electrical Equipment		9,408,503		—		—
Electronic Equipment, Instruments & Components		49,739,232		—		—
Energy Equipment & Services		29,917,287		—		—
Entertainment		5,347,519		—		—
Financial Services		29,254,772		—		—
Food Products		14,701,837		—		—
Gas Utilities		3,680,011		—		—
Ground Transportation		9,792,320		—		—
Health Care Equipment & Supplies		36,200,951		—		—
Health Care Providers & Services		36,013,653		—		—
Health Care REITs		8,456,542		—		—
Health Care Technology		3,959,607		—		—
Hotel & Resort REITs		11,607,888		—		—
Hotels, Restaurants & Leisure		24,115,559		—		—
Household Durables		34,722,893		—		—
Household Products		6,988,553		—		—
Independent Power & Renewable Electricity Producers		2,767,963		—		—
Industrial REITs		5,673,188		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A215

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Insurance	$	26,927,117	$	—	$	—
Interactive Media & Services		12,536,748		—		—
IT Services		7,824,737		—		—
Leisure Products		4,984,312		—		—
Life Sciences Tools & Services		3,781,381		—		—
Machinery		55,350,859		—		—
Marine Transportation		4,393,782		—		—
Media		7,923,656		—		—
Metals & Mining		29,867,541		—		—
Mortgage Real Estate Investment Trusts (REITs)		15,484,182		—		—
Multi-Utilities		3,477,897		—		—
Office REITs		12,404,629		—		—
Oil, Gas & Consumable Fuels		31,689,134		—		—
Paper & Forest Products		3,530,608		—		—
Passenger Airlines		11,484,241		—		—
Personal Care Products		5,036,650		—		—
Pharmaceuticals		21,344,233		—		—
Professional Services		17,899,880		—		—
Real Estate Management & Development		6,634,196		—		—
Residential REITs		4,433,681		—		—
Retail REITs		20,586,224		—		—
Semiconductors & Semiconductor Equipment		34,682,923		—		—
Software		46,661,733		—		—
Specialized REITs		5,840,946		—		—
Specialty Retail		54,527,412		—		—
Technology Hardware, Storage & Peripherals		1,791,173		—		—
Textiles, Apparel & Luxury Goods		16,137,488		—		—
Tobacco		2,549,626		—		—
Trading Companies & Distributors		17,172,482		—		—
Water Utilities		7,873,872		—		—
Wireless Telecommunication Services		3,386,072		—		—
Unaffiliated Exchange-Traded Fund		5,335,133		—		—
Short-Term Investments
Affiliated Mutual Funds		285,731,958		—		—
U.S. Treasury Obligation		—		494,207		—

Total	$	1,461,889,455	$	494,207	$	—


Other Financial Instruments*
Assets
Futures Contracts	$	5,042	$	—	$	—

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Affiliated Mutual Funds (23.7% represents investments purchased with collateral from securities on loan)	24.2	%
Banks	9.0
Machinery	4.7
Specialty Retail	4.6
Electronic Equipment, Instruments & Components	4.2
Software	4.0
Health Care Equipment & Supplies	3.1


Health Care Providers & Services	3.0	%
Household Durables	2.9
Semiconductors & Semiconductor Equipment	2.9
Oil, Gas & Consumable Fuels	2.7
Energy Equipment & Services	2.5
Metals & Mining	2.5
Financial Services	2.5
Capital Markets	2.4

SEE NOTES TO FINANCIAL STATEMENTS.

A216

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Industry Classification (continued):


Chemicals	2.3	%
Insurance	2.3
Commercial Services & Supplies	2.1
Hotels, Restaurants & Leisure	2.0
Building Products	1.8
Pharmaceuticals	1.8
Retail REITs	1.7
Biotechnology	1.7
Professional Services	1.5
Trading Companies & Distributors	1.5
Automobile Components	1.4
Textiles, Apparel & Luxury Goods	1.4
Mortgage Real Estate Investment Trusts (REITs)	1.3
Aerospace & Defense	1.3
Food Products	1.2
Construction & Engineering	1.2
Interactive Media & Services	1.1
Office REITs	1.1
Diversified Consumer Services	1.0
Hotel & Resort REITs	1.0
Passenger Airlines	1.0
Ground Transportation	0.8
Communications Equipment	0.8
Consumer Finance	0.8
Electrical Equipment	0.8
Diversified REITs	0.8
Consumer Staples Distribution & Retail	0.7
Health Care REITs	0.7
Media	0.7
Water Utilities	0.7
IT Services	0.7
Containers & Packaging	0.6


Household Products	0.6	%
Real Estate Management & Development	0.6
Electric Utilities	0.5
Specialized REITs	0.5
Industrial REITs	0.5
Entertainment	0.5
Unaffiliated Exchange-Traded Fund	0.5
Personal Care Products	0.4
Leisure Products	0.4
Residential REITs	0.4
Marine Transportation	0.4
Health Care Technology	0.3
Life Sciences Tools & Services	0.3
Diversified Telecommunication Services	0.3
Gas Utilities	0.3
Paper & Forest Products	0.3
Multi-Utilities	0.3
Wireless Telecommunication Services	0.3
Air Freight & Logistics	0.3
Independent Power & Renewable Electricity Producers	0.2
Tobacco	0.2
Broadline Retail	0.2
Beverages	0.2
Technology Hardware, Storage & Peripherals	0.2
Automobiles	0.1
U.S. Treasury Obligation	0.0	*

	123.8
Liabilities in excess of other assets	(23.8	)

	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives		Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value

Equity contracts	Due from/to broker-variation margin futures	$5,042*	—	$—

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

SEE NOTES TO FINANCIAL STATEMENTS.

A217

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income




Derivatives not accounted for as hedging instruments, carried at fair value	Futures

Equity contracts	$	510,503

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income




Derivatives not accounted for as hedging instruments, carried at fair value	Futures

Equity contracts	$	(394,519	)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$4,751,810

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$275,377,778	$(275,377,778)	$—

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A218

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $275,377,778:
Unaffiliated investments (cost $846,104,228)	$	1,176,651,704
Affiliated investments (cost $285,512,492)		285,731,958
Dividends and interest receivable		1,524,732
Receivable for Portfolio shares sold		281,261
Due from broker-variation margin futures		13,796
Tax reclaim receivable		7,156
Prepaid expenses and other assets		9,876

Total Assets		1,464,220,483

LIABILITIES
Payable to broker for collateral for securities on loan		280,234,202
Accrued expenses and other liabilities		1,541,387
Management fee payable		338,326
Payable for Portfolio shares purchased		323,478
Payable for investments purchased		162,540
Payable to affiliate		7,156
Distribution fee payable		2,249
Affiliated transfer agent fee payable		1,190

Total Liabilities		282,610,528

NET ASSETS	$	1,181,609,955

Net assets were comprised of:
Partners’ Equity	$	1,181,609,955

Class I: Net asset value and redemption price per share, $1,170,586,422 / 20,218,059 outstanding shares of beneficial interest	$	57.90

Class III: Net asset value and redemption price per share, $11,023,533 / 191,913 outstanding shares of beneficial interest	$	57.44

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $8,099 foreign withholding tax)	$	9,364,239
Income from securities lending, net (including affiliated income of $365,025)		428,733
Affiliated dividend income		113,331
Interest income		17,133

Total income		9,923,436

EXPENSES
Management fee		2,073,082
Distribution fee—Class III		13,638
Custodian and accounting fees		57,569
Shareholders’ reports		33,281
Audit fee		22,133
Professional Fees		19,952
Trustees’ fees		13,225
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,732
Miscellaneous		31,226

Total expenses		2,269,838

NET INVESTMENT INCOME (LOSS)		7,653,598

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(15,955))		25,895,021
Futures transactions		510,503

		26,405,524

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(43,098))		(44,480,074	)
Futures		(394,519	)

		(44,874,593	)

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(18,469,069	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,815,471	)

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	7,653,598		$	14,071,558
Net realized gain (loss) on investment transactions		26,405,524			3,559,480
Net change in unrealized appreciation (depreciation) on investments		(44,874,593	)		137,588,292

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(10,815,471	)		155,219,330

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		19,581,657			42,578,494
Net asset value of shares issued in merger		—			284,937,009
Portfolio shares purchased		(55,668,764	)		(68,714,581	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(36,087,107	)		258,800,922

TOTAL INCREASE (DECREASE)		(46,902,578	)		414,020,252
NET ASSETS:
Beginning of period		1,228,512,533			814,492,281

End of period	$	1,181,609,955		$	1,228,512,533

SEE NOTES TO FINANCIAL STATEMENTS.

A219

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended				Year Ended December 31,
	June 30, 2024				2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	58.40		$	50.46		$	60.34		$	47.76		$	43.03		$	35.15

Income (Loss) From Investment Operations:
Net investment income (loss)			0.37			0.75			0.59			0.51			0.40			0.46
Net realized and unrealized gain (loss) on investment transactions			(0.87	)		7.19			(10.47	)		12.07			4.33			7.42

Total from investment operations			(0.50	)		7.94			(9.88	)		12.58			4.73			7.88

Net Asset Value, end of period		$	57.90		$	58.40		$	50.46		$	60.34		$	47.76		$	43.03

Total Return^(b)			(0.87	)%		15.74	%		(16.37	)%		26.34	%		10.99	%		22.42	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,171		$	1,217		$	806		$	1,024		$	858		$	834
Average net assets (in millions)		$	1,180		$	979		$	870		$	1,002		$	701		$	794
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.38	%^(d)		0.38	%		0.38	%		0.38	%		0.40	%		0.39	%
Expenses before waivers and/or expense reimbursement			0.38	%^(d)		0.38	%		0.38	%		0.38	%		0.40	%		0.39	%
Net investment income (loss)			1.29	%^(d)		1.43	%		1.11	%		0.89	%		1.07	%		1.15	%
Portfolio turnover rate^(e)			11	%		31	%		17	%		18	%		18	%		19	%


Class III
	Six Months Ended June 30,				Year Ended December 31,						April 26, 2021^(f) through December 31,
	2024				2023			2022			2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	58.01		$	50.25		$	60.24			$	57.73

Income (Loss) From Investment Operations:
Net investment income (loss)			0.30			0.61			0.47				0.31
Net realized and unrealized gain (loss) on investment transactions			(0.87	)		7.15			(10.46	)			2.20

Total from investment operations			(0.57	)		7.76			(9.99	)			2.51

Net Asset Value, end of period		$	57.44		$	58.01		$	50.25			$	60.24

Total Return^(b)			(0.98	)%		15.44	%		(16.58	)%			4.35	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	11		$	11		$	9			$	6
Average net assets (in millions)		$	11		$	10		$	8			$	3
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.63	%^(d)		0.63	%		0.63	%			0.62	%^(g)
Expenses before waivers and/or expense reimbursement			0.63	%^(d)		0.63	%		0.63	%			0.62	%^(g)
Net investment income (loss)			1.05	%^(d)		1.18	%		0.90	%			0.76	%^(g)
Portfolio turnover rate^(e)			11	%		31	%		17	%			18	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Portfolio invests.

(d)	Annualized.

(e)

(f)	Commencement of offering.

(g)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A220

PSF STOCK INDEX PORTFOLIO

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

LONG-TERM INVESTMENTS — 98.5%

COMMON STOCKS — 97.3%
Aerospace & Defense — 1.8%
Axon Enterprise, Inc.*		12,800	$	3,766,272
Boeing Co. (The)*		104,136		18,953,793
General Dynamics Corp.		40,960		11,884,135
General Electric Co.		197,455		31,389,421
Howmet Aerospace, Inc.		70,492		5,472,294
Huntington Ingalls Industries, Inc.		7,200		1,773,576
L3Harris Technologies, Inc.		34,180		7,676,144
Lockheed Martin Corp.		38,508		17,987,087
Northrop Grumman Corp.		25,066		10,927,523
RTX Corp.		245,348		24,630,486
Textron, Inc.		35,650		3,060,909
TransDigm Group, Inc.		10,090		12,891,085


				150,412,725

Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.		21,000		1,850,520
Expeditors International of Washington, Inc.		25,500		3,182,145
FedEx Corp.		40,840		12,245,466
United Parcel Service, Inc. (Class B Stock)		131,600		18,009,460


				35,287,591

Automobile Components — 0.1%
Aptiv PLC*		49,100		3,457,622
BorgWarner, Inc.		41,100		1,325,064


				4,782,686

Automobiles — 1.4%
Ford Motor Co.		706,459		8,858,996
General Motors Co.		205,800		9,561,468
Tesla, Inc.*		500,450		99,029,046


				117,449,510

Banks — 3.1%
Bank of America Corp.		1,227,232		48,807,016
Citigroup, Inc.		344,122		21,837,982
Citizens Financial Group, Inc.		82,100		2,958,063
Fifth Third Bancorp		123,349		4,501,005
Huntington Bancshares, Inc.		258,275		3,404,064
JPMorgan Chase & Co.		517,995		104,769,669
KeyCorp(a)		167,600		2,381,596
M&T Bank Corp.		29,861		4,519,761
PNC Financial Services Group, Inc. (The)		71,643		11,139,054
Regions Financial Corp.		165,212		3,310,848
Truist Financial Corp.		240,626		9,348,320
U.S. Bancorp		281,481		11,174,796
Wells Fargo & Co.		628,876		37,348,946


				265,501,120

Beverages — 1.3%
Brown-Forman Corp. (Class B Stock)(a)		33,125		1,430,669
Coca-Cola Co. (The)		701,450		44,647,292
Constellation Brands, Inc. (Class A Stock)(a)		29,100		7,486,848


	Shares		Value

COMMON STOCKS (continued)
Beverages (cont’d.)
Keurig Dr. Pepper, Inc.		187,400	$	6,259,160
Molson Coors Beverage Co. (Class B Stock)(a)		33,400		1,697,722
Monster Beverage Corp.*		127,990		6,393,101
PepsiCo, Inc.		247,944		40,893,404


				108,808,196

Biotechnology — 1.8%
AbbVie, Inc.		318,489		54,627,233
Amgen, Inc.		96,594		30,180,795
Biogen, Inc.*		26,255		6,086,434
Gilead Sciences, Inc.		224,200		15,382,362
Incyte Corp.*		28,570		1,731,914
Moderna, Inc.*		59,900		7,113,125
Regeneron Pharmaceuticals, Inc.*		19,070		20,043,142
Vertex Pharmaceuticals, Inc.*		46,560		21,823,603


				156,988,608

Broadline Retail — 3.8%
Amazon.com, Inc.*		1,651,000		319,055,750
eBay, Inc.(a)		91,300		4,904,636
Etsy, Inc.*		21,500		1,268,070


				325,228,456

Building Products — 0.5%
A.O. Smith Corp.		22,200		1,815,516
Allegion PLC		15,833		1,870,669
Builders FirstSource, Inc.*		22,200		3,072,702
Carrier Global Corp.		151,167		9,535,614
Johnson Controls International PLC		121,515		8,077,102
Masco Corp.(a)		39,630		2,642,132
Trane Technologies PLC		40,800		13,420,344


				40,434,079

Capital Markets — 2.7%
Ameriprise Financial, Inc.		17,950		7,668,060
Bank of New York Mellon Corp. (The)		134,849		8,076,107
BlackRock, Inc.		25,180		19,824,718
Blackstone, Inc.		128,900		15,957,820
Cboe Global Markets, Inc.		19,200		3,265,152
Charles Schwab Corp. (The)		269,300		19,844,717
CME Group, Inc.		64,860		12,751,476
FactSet Research Systems, Inc.(a)		6,900		2,817,063
Franklin Resources, Inc.		54,200		1,211,370
Goldman Sachs Group, Inc. (The)		58,170		26,311,454
Intercontinental Exchange, Inc.		102,990		14,098,301
Invesco Ltd.		82,700		1,237,192
KKR & Co., Inc.		120,100		12,639,324
MarketAxess Holdings, Inc.		6,800		1,363,604
Moody’s Corp.		28,370		11,941,784
Morgan Stanley		226,078		21,972,521
MSCI, Inc.		14,230		6,855,302
Nasdaq, Inc.		67,500		4,067,550
Northern Trust Corp.		36,900		3,098,862
Raymond James Financial, Inc.		33,750		4,171,838
S&P Global, Inc.		57,746		25,754,716
State Street Corp.		54,475		4,031,150

SEE NOTES TO FINANCIAL STATEMENTS.

A221

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Capital Markets (cont’d.)
T. Rowe Price Group, Inc.(a)		40,300	$	4,646,993


				233,607,074

Chemicals — 1.4%
Air Products & Chemicals, Inc.		40,050		10,334,903
Albemarle Corp.(a)		21,100		2,015,472
Celanese Corp.(a)		18,000		2,428,020
CF Industries Holdings, Inc.		33,000		2,445,960
Corteva, Inc.		125,756		6,783,279
Dow, Inc.		126,522		6,711,992
DuPont de Nemours, Inc.		75,456		6,073,453
Eastman Chemical Co.		21,200		2,076,964
Ecolab, Inc.		45,800		10,900,400
FMC Corp.(a)		22,650		1,303,508
International Flavors & Fragrances, Inc.		46,240		4,402,510
Linde PLC		87,300		38,308,113
LyondellBasell Industries NV (Class A Stock)		46,400		4,438,624
Mosaic Co. (The)		58,000		1,676,200
PPG Industries, Inc.		42,500		5,350,325
Sherwin-Williams Co. (The)		42,100		12,563,903


				117,813,626

Commercial Services & Supplies — 0.6%
Cintas Corp.		15,600		10,924,056
Copart, Inc.*		157,400		8,524,784
Republic Services, Inc.		36,835		7,158,514
Rollins, Inc.		50,125		2,445,599
Veralto Corp.		39,466		3,767,819
Waste Management, Inc.		65,830		14,044,172


				46,864,944

Communications Equipment — 0.8%
Arista Networks, Inc.*		45,800		16,051,984
Cisco Systems, Inc.		729,575		34,662,108
F5, Inc.*		10,750		1,851,473
Juniper Networks, Inc.		57,400		2,092,804
Motorola Solutions, Inc.		29,927		11,553,318


				66,211,687

Construction & Engineering — 0.1%
Quanta Services, Inc.		26,400		6,707,976

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		11,120		6,024,816
Vulcan Materials Co.		24,000		5,968,320


				11,993,136

Consumer Finance — 0.5%
American Express Co.		102,550		23,745,452
Capital One Financial Corp.		68,769		9,521,068
Discover Financial Services		44,905		5,874,023
Synchrony Financial(a)		72,430		3,417,972


				42,558,515

Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.		80,072		68,060,399
Dollar General Corp.(a)		39,400		5,209,862
Dollar Tree, Inc.*		37,347		3,987,539


	Shares		Value

COMMON STOCKS (continued)
Consumer Staples Distribution & Retail (cont’d.)
Kroger Co. (The)		120,800	$	6,031,544
Sysco Corp.(a)		89,800		6,410,822
Target Corp.		83,368		12,341,799
Walgreens Boots Alliance, Inc.(a)		129,100		1,561,465
Walmart, Inc.		770,700		52,184,097


				155,787,527

Containers & Packaging — 0.2%
Amcor PLC		260,300		2,545,734
Avery Dennison Corp.		14,600		3,192,290
Ball Corp.		56,400		3,385,128
International Paper Co.(a)		62,367		2,691,136
Packaging Corp. of America		16,200		2,957,472
Westrock Co.		46,161		2,320,052


				17,091,812

Distributors — 0.1%
Genuine Parts Co.		25,125		3,475,290
LKQ Corp.		48,100		2,000,479
Pool Corp.(a)		6,920		2,126,724


				7,602,493

Diversified Telecommunication Services — 0.7%
AT&T, Inc.		1,293,371		24,716,320
Verizon Communications, Inc.		759,288		31,313,037


				56,029,357

Electric Utilities — 1.4%
Alliant Energy Corp.		45,900		2,336,310
American Electric Power Co., Inc.(a)		94,640		8,303,714
Constellation Energy Corp.		56,824		11,380,142
Duke Energy Corp.		138,848		13,916,735
Edison International		69,100		4,962,071
Entergy Corp.		38,500		4,119,500
Evergy, Inc.		41,500		2,198,255
Eversource Energy		63,500		3,601,085
Exelon Corp.		180,373		6,242,709
FirstEnergy Corp.		92,780		3,550,691
NextEra Energy, Inc.		370,200		26,213,862
NRG Energy, Inc.		37,600		2,927,536
PG&E Corp.		384,300		6,709,878
Pinnacle West Capital Corp.		20,200		1,542,876
PPL Corp.		132,800		3,671,920
Southern Co. (The)		197,200		15,296,804
Xcel Energy, Inc.		100,195		5,351,415


				122,325,503

Electrical Equipment — 0.7%
AMETEK, Inc.		41,800		6,968,478
Eaton Corp. PLC		72,111		22,610,404
Emerson Electric Co.		103,000		11,346,480
GE Vernova, Inc.*		49,488		8,487,687
Generac Holdings, Inc.*(a)		10,900		1,441,198
Hubbell, Inc.		9,600		3,508,608
Rockwell Automation, Inc.(a)		20,620		5,676,273


				60,039,128

SEE NOTES TO FINANCIAL STATEMENTS.

A222

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value

COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp. (Class A Stock)		216,700	$	14,599,079
CDW Corp.		24,300		5,439,312
Corning, Inc.		139,100		5,404,035
Jabil, Inc.		21,800		2,371,622
Keysight Technologies, Inc.*		31,500		4,307,625
TE Connectivity Ltd.		55,900		8,409,037
Teledyne Technologies, Inc.*		8,479		3,289,683
Trimble, Inc.*		44,700		2,499,624
Zebra Technologies Corp. (Class A Stock)*		9,180		2,835,977


				49,155,994

Energy Equipment & Services — 0.3%
Baker Hughes Co.		180,648		6,353,390
Halliburton Co.		160,600		5,425,068
Schlumberger NV		257,298		12,139,320


				23,917,778

Entertainment — 1.2%
Electronic Arts, Inc.(a)		43,900		6,116,587
Live Nation Entertainment, Inc.*		25,700		2,409,118
Netflix, Inc.*		77,730		52,458,422
Take-Two Interactive Software, Inc.*		28,650		4,454,789
Walt Disney Co. (The)		328,822		32,648,736
Warner Bros Discovery, Inc.*		399,508		2,972,340


				101,059,992

Financial Services — 3.7%
Berkshire Hathaway, Inc. (Class B Stock)*		326,610		132,864,948
Corpay, Inc.*		12,700		3,383,407
Fidelity National Information Services, Inc.		100,300		7,558,608
Fiserv, Inc.*		108,900		16,230,456
Global Payments, Inc.		46,013		4,449,457
Jack Henry & Associates, Inc.		13,250		2,199,765
Mastercard, Inc. (Class A Stock)		148,850		65,666,666
PayPal Holdings, Inc.*		188,700		10,950,261
Visa, Inc. (Class A Stock)(a)		284,000		74,541,480


				317,845,048

Food Products — 0.7%
Archer-Daniels-Midland Co.		89,238		5,394,437
Bunge Global SA(a)		25,500		2,722,635
Campbell Soup Co.		35,800		1,617,802
Conagra Brands, Inc.		86,000		2,444,120
General Mills, Inc.(a)		101,800		6,439,868
Hershey Co. (The)		26,600		4,889,878
Hormel Foods Corp.		52,000		1,585,480
J.M. Smucker Co. (The)		19,000		2,071,760
Kellanova		47,550		2,742,684
Kraft Heinz Co. (The)		142,337		4,586,098
Lamb Weston Holdings, Inc.		26,200		2,202,896
McCormick & Co., Inc.		45,300		3,213,582
Mondelez International, Inc. (Class A Stock)		242,011		15,837,200
Tyson Foods, Inc. (Class A Stock)		51,600		2,948,424


				58,696,864


	Shares		Value

COMMON STOCKS (continued)
Gas Utilities — 0.0%
Atmos Energy Corp.		26,900	$	3,137,885

Ground Transportation — 0.9%
CSX Corp.		352,616		11,795,005
J.B. Hunt Transport Services, Inc.		14,700		2,352,000
Norfolk Southern Corp.		40,700		8,737,883
Old Dominion Freight Line, Inc.		32,200		5,686,520
Uber Technologies, Inc.*		376,900		27,393,092
Union Pacific Corp.		109,750		24,832,035


				80,796,535

Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		313,825		32,609,556
Align Technology, Inc.*		12,620		3,046,847
Baxter International, Inc.		91,700		3,067,365
Becton, Dickinson & Co.		52,099		12,176,057
Boston Scientific Corp.*		264,349		20,357,516
Cooper Cos., Inc. (The)		35,920		3,135,816
Dexcom, Inc.*		71,720		8,131,614
Edwards Lifesciences Corp.*		108,750		10,045,237
GE HealthCare Technologies, Inc.		76,118		5,931,115
Hologic, Inc.*		42,350		3,144,487
IDEXX Laboratories, Inc.*		14,980		7,298,256
Insulet Corp.*		12,500		2,522,500
Intuitive Surgical, Inc.*		63,580		28,283,563
Medtronic PLC		239,828		18,876,862
ResMed, Inc.(a)		26,500		5,072,630
Solventum Corp.*(a)		24,897		1,316,553
STERIS PLC		17,900		3,929,766
Stryker Corp.		60,970		20,745,042
Teleflex, Inc.		8,550		1,798,322
Zimmer Biomet Holdings, Inc.		37,086		4,024,944


				195,514,048

Health Care Providers & Services — 2.4%
Cardinal Health, Inc.		43,875		4,313,790
Cencora, Inc.		30,000		6,759,000
Centene Corp.*		96,168		6,375,938
Cigna Group (The)		51,232		16,935,762
CVS Health Corp.		227,099		13,412,467
DaVita, Inc.*(a)		9,300		1,288,701
Elevance Health, Inc.		41,920		22,714,771
HCA Healthcare, Inc.(a)		35,000		11,244,800
Henry Schein, Inc.*(a)		23,100		1,480,710
Humana, Inc.		21,730		8,119,415
Labcorp Holdings, Inc.		15,300		3,113,703
McKesson Corp.		23,707		13,845,836
Molina Healthcare, Inc.*		10,500		3,121,650
Quest Diagnostics, Inc.		20,300		2,778,664
UnitedHealth Group, Inc.		165,990		84,532,068
Universal Health Services, Inc. (Class B Stock)		11,000		2,034,230


				202,071,505

Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.		28,280		3,307,912
Healthpeak Properties, Inc.		125,800		2,465,680
Ventas, Inc.		72,504		3,716,555

SEE NOTES TO FINANCIAL STATEMENTS.

A223

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Health Care REITs (cont’d.)
Welltower, Inc.		99,800	$	10,404,150


				19,894,297

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.(a)		127,226		2,287,523

Hotels, Restaurants & Leisure — 1.8%
Airbnb, Inc. (Class A Stock)*		79,600		12,069,748
Booking Holdings, Inc.		6,120		24,244,380
Caesars Entertainment, Inc.*(a)		38,400		1,526,016
Carnival Corp.*		180,700		3,382,704
Chipotle Mexican Grill, Inc.*(a)		247,250		15,490,213
Darden Restaurants, Inc.		21,600		3,268,512
Domino’s Pizza, Inc.		6,300		3,252,879
Expedia Group, Inc.*		22,900		2,885,171
Hilton Worldwide Holdings, Inc.		45,100		9,840,820
Las Vegas Sands Corp.		66,700		2,951,475
Marriott International, Inc. (Class A Stock)		43,273		10,462,113
McDonald’s Corp.		129,960		33,119,006
MGM Resorts International*		45,300		2,013,132
Norwegian Cruise Line Holdings Ltd.*		75,500		1,418,645
Royal Caribbean Cruises Ltd.*(a)		42,700		6,807,661
Starbucks Corp.		204,300		15,904,755
Wynn Resorts Ltd.		17,400		1,557,300
Yum! Brands, Inc.(a)		50,400		6,675,984


				156,870,514

Household Durables — 0.3%
D.R. Horton, Inc.		53,500		7,539,755
Garmin Ltd.(a)		27,600		4,496,592
Lennar Corp. (Class A Stock)		44,200		6,624,254
Mohawk Industries, Inc.*		9,500		1,079,105
NVR, Inc.*		570		4,325,479
PulteGroup, Inc.		38,285		4,215,179


				28,280,364

Household Products — 1.2%
Church & Dwight Co., Inc.		44,100		4,572,288
Clorox Co. (The)(a)		22,300		3,043,281
Colgate-Palmolive Co.		148,300		14,391,032
Kimberly-Clark Corp.		60,838		8,407,811
Procter & Gamble Co. (The)		424,476		70,004,582


				100,418,994

Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)		128,200		2,252,474
Vistra Corp.		58,900		5,064,222


				7,316,696

Industrial Conglomerates — 0.4%
3M Co.		99,590		10,177,102
Honeywell International, Inc.		117,450		25,080,273


				35,257,375

Industrial REITs — 0.2%
Prologis, Inc.		166,980		18,753,524

Insurance — 2.0%
Aflac, Inc.		94,800		8,466,588


	Shares		Value
COMMON STOCKS (continued)
Insurance (cont’d.)
Allstate Corp. (The)		47,628	$	7,604,286
American International Group, Inc.		119,729		8,888,681
Aon PLC (Class A Stock)		39,225		11,515,676
Arch Capital Group Ltd.*		67,500		6,810,075
Arthur J. Gallagher & Co.		39,450		10,229,780
Assurant, Inc.		9,600		1,596,000
Brown & Brown, Inc.(a)		42,700		3,817,807
Chubb Ltd.		73,130		18,654,000
Cincinnati Financial Corp.		28,428		3,357,347
Everest Group Ltd.(a)		7,900		3,010,058
Globe Life, Inc.		15,475		1,273,283
Hartford Financial Services Group, Inc. (The)		53,400		5,368,836
Loews Corp.		32,926		2,460,889
Marsh & McLennan Cos., Inc.		88,800		18,711,936
MetLife, Inc.		107,780		7,565,078
Principal Financial Group, Inc.		38,900		3,051,705
Progressive Corp. (The)		105,700		21,954,947
Prudential Financial, Inc.(a)		64,800		7,593,912
Travelers Cos., Inc. (The)		41,348		8,407,702
W.R. Berkley Corp.(a)		36,700		2,883,886
Willis Towers Watson PLC		18,600		4,875,804


				168,098,276

Interactive Media & Services — 6.5%
Alphabet, Inc. (Class A Stock)		1,059,580		193,002,497
Alphabet, Inc. (Class C Stock)		881,500		161,684,730
Match Group, Inc.*		48,900		1,485,582
Meta Platforms, Inc. (Class A Stock)		395,300		199,318,166


				555,490,975

IT Services — 1.0%
Accenture PLC (Class A Stock)		113,450		34,421,865
Akamai Technologies, Inc.*		27,200		2,450,176
Cognizant Technology Solutions Corp. (Class A Stock)		89,700		6,099,600
EPAM Systems, Inc.*		10,340		1,945,057
Gartner, Inc.*		14,050		6,309,293
GoDaddy, Inc. (Class A Stock)*		20,100		2,808,171
International Business Machines Corp.		165,125		28,558,369
VeriSign, Inc.*		15,600		2,773,680


				85,366,211

Leisure Products — 0.0%
Hasbro, Inc.		23,550		1,377,675

Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		52,682		6,829,168
Bio-Rad Laboratories, Inc. (Class A Stock)*(a)		3,660		999,583
Bio-Techne Corp.(a)		28,120		2,014,798
Charles River Laboratories International, Inc.*(a)		9,300		1,921,194
Danaher Corp.		118,900		29,707,165
IQVIA Holdings, Inc.*		32,900		6,956,376
Mettler-Toledo International, Inc.*(a)		3,850		5,380,721
Revvity, Inc.(a)		22,600		2,369,836
Thermo Fisher Scientific, Inc.		69,540		38,455,620
Waters Corp.*		10,750		3,118,790

SEE NOTES TO FINANCIAL STATEMENTS.

A224

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
West Pharmaceutical Services, Inc.		13,100	$	4,315,009


				102,068,260

Machinery — 1.6%
Caterpillar, Inc.		88,250		29,396,075
Cummins, Inc.		24,750		6,854,017
Deere & Co.		46,750		17,467,202
Dover Corp.		24,800		4,475,160
Fortive Corp.		63,500		4,705,350
IDEX Corp.		13,700		2,756,440
Illinois Tool Works, Inc.		48,975		11,605,116
Ingersoll Rand, Inc.		72,837		6,616,513
Nordson Corp.(a)		9,800		2,273,012
Otis Worldwide Corp.		73,183		7,044,596
PACCAR, Inc.(a)		94,592		9,737,300
Parker-Hannifin Corp.		23,187		11,728,216
Pentair PLC		29,607		2,269,969
Snap-on, Inc.(a)		9,550		2,496,275
Stanley Black & Decker, Inc.		27,535		2,199,771
Westinghouse Air Brake Technologies Corp.		32,212		5,091,107
Xylem, Inc.		43,700		5,927,031


				132,643,150

Media — 0.5%
Charter Communications, Inc. (Class A Stock)*(a)		17,650		5,276,644
Comcast Corp. (Class A Stock)		706,092		27,650,563
Fox Corp. (Class A Stock)(a)		41,666		1,432,060
Fox Corp. (Class B Stock)		23,666		757,785
Interpublic Group of Cos., Inc. (The)(a)		69,162		2,011,923
News Corp. (Class A Stock)		67,925		1,872,692
News Corp. (Class B Stock)(a)		21,400		607,546
Omnicom Group, Inc.(a)		35,300		3,166,410
Paramount Global (Class B Stock)(a)		86,766		901,499


				43,677,122

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		259,112		12,592,843
Newmont Corp.(a)		207,603		8,692,338
Nucor Corp.		43,300		6,844,864
Steel Dynamics, Inc.		26,700		3,457,650


				31,587,695

Multi-Utilities — 0.6%
Ameren Corp.		48,100		3,420,391
CenterPoint Energy, Inc.		115,410		3,575,402
CMS Energy Corp.		53,900		3,208,667
Consolidated Edison, Inc.		62,300		5,570,866
Dominion Energy, Inc.		151,240		7,410,760
DTE Energy Co.		37,100		4,118,471
NiSource, Inc.		80,850		2,329,289
Public Service Enterprise Group, Inc.		90,000		6,633,000
Sempra		113,708		8,648,630
WEC Energy Group, Inc.		56,676		4,446,799


				49,362,275


	Shares		Value
COMMON STOCKS (continued)
Office REITs — 0.0%
Boston Properties, Inc.(a)		25,700	$	1,582,092

Oil, Gas & Consumable Fuels — 3.3%
APA Corp.		65,550		1,929,792
Chevron Corp.		309,159		48,358,651
ConocoPhillips		210,961		24,129,719
Coterra Energy, Inc.		134,300		3,581,781
Devon Energy Corp.		114,000		5,403,600
Diamondback Energy, Inc.		32,100		6,426,099
EOG Resources, Inc.		103,700		13,052,719
EQT Corp.(a)		79,700		2,947,306
Exxon Mobil Corp.		809,219		93,157,291
Hess Corp.		49,875		7,357,560
Kinder Morgan, Inc.		348,743		6,929,523
Marathon Oil Corp.		101,794		2,918,434
Marathon Petroleum Corp.		63,587		11,031,073
Occidental Petroleum Corp.(a)		119,328		7,521,244
ONEOK, Inc.		104,840		8,549,702
Phillips 66		76,464		10,794,423
Targa Resources Corp.		40,200		5,176,956
Valero Energy Corp.		59,000		9,248,840
Williams Cos., Inc. (The)		219,300		9,320,250


				277,834,963

Passenger Airlines — 0.1%
American Airlines Group, Inc.*(a)		116,900		1,324,477
Delta Air Lines, Inc.		116,000		5,503,040
Southwest Airlines Co.(a)		107,337		3,070,912
United Airlines Holdings, Inc.*(a)		59,200		2,880,672


				12,779,101

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The) (Class A Stock)		42,100		4,479,440
Kenvue, Inc.		343,600		6,246,648


				10,726,088

Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		366,490		15,220,330
Catalent, Inc.*		32,400		1,821,852
Eli Lilly & Co.		143,880		130,266,075
Johnson & Johnson		433,246		63,323,235
Merck & Co., Inc.		456,403		56,502,691
Pfizer, Inc.		1,022,123		28,599,002
Viatris, Inc.		217,794		2,315,150
Zoetis, Inc.		82,300		14,267,528


				312,315,863

Professional Services — 0.6%
Automatic Data Processing, Inc.		73,810		17,617,709
Broadridge Financial Solutions, Inc.(a)		21,300		4,196,100
Dayforce, Inc.*(a)		27,700		1,373,920
Equifax, Inc.		22,250		5,394,735
Jacobs Solutions, Inc.		22,800		3,185,388
Leidos Holdings, Inc.		24,750		3,610,530
Paychex, Inc.(a)		57,850		6,858,696
Paycom Software, Inc.		8,800		1,258,752

SEE NOTES TO FINANCIAL STATEMENTS.

A225

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Professional Services (cont’d.)
Verisk Analytics, Inc.		25,800	$	6,954,390


				50,450,220

Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		54,400		4,847,584
CoStar Group, Inc.*		73,500		5,449,290


				10,296,874

Residential REITs — 0.3%
AvalonBay Communities, Inc.		25,768		5,331,141
Camden Property Trust(a)		19,200		2,094,912
Equity Residential		62,100		4,306,014
Essex Property Trust, Inc.(a)		11,670		3,176,574
Invitation Homes, Inc.		104,000		3,732,560
Mid-America Apartment Communities, Inc.		21,000		2,994,810
UDR, Inc.(a)		54,600		2,246,790


				23,882,801

Retail REITs — 0.3%
Federal Realty Investment Trust		13,400		1,352,998
Kimco Realty Corp.		119,500		2,325,470
Realty Income Corp.(a)		157,100		8,298,022
Regency Centers Corp.(a)		29,800		1,853,560
Simon Property Group, Inc.		58,711		8,912,330


				22,742,380

Semiconductors & Semiconductor Equipment — 11.7%
Advanced Micro Devices, Inc.*		291,595		47,299,625
Analog Devices, Inc.		89,494		20,427,901
Applied Materials, Inc.		149,900		35,374,901
Broadcom, Inc.		78,580		126,162,547
Enphase Energy, Inc.*(a)		24,700		2,462,837
First Solar, Inc.*		19,200		4,328,832
Intel Corp.		767,900		23,781,863
KLA Corp.		24,280		20,019,103
Lam Research Corp.		23,580		25,109,163
Microchip Technology, Inc.(a)		97,400		8,912,100
Micron Technology, Inc.		199,800		26,279,694
Monolithic Power Systems, Inc.		8,780		7,214,350
NVIDIA Corp.		4,437,100		548,159,334
NXP Semiconductors NV (China)		46,100		12,405,049
ON Semiconductor Corp.*		77,100		5,285,205
Qorvo, Inc.*		17,486		2,029,075
QUALCOMM, Inc.		201,650		40,164,647
Skyworks Solutions, Inc.		28,600		3,048,188
Teradyne, Inc.		28,200		4,181,778
Texas Instruments, Inc.		164,100		31,922,373


				994,568,565

Software — 10.7%
Adobe, Inc.*		80,815		44,895,965
ANSYS, Inc.*		15,800		5,079,700
Autodesk, Inc.*		38,470		9,519,402
Cadence Design Systems, Inc.*		49,100		15,110,525
Crowdstrike Holdings, Inc. (Class A Stock)*		41,600		15,940,704
Fair Isaac Corp.*(a)		4,470		6,654,310


	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Fortinet, Inc.*		114,800	$	6,918,996
Gen Digital, Inc.(a)		99,411		2,483,287
Intuit, Inc.		50,460		33,162,817
Microsoft Corp.		1,340,680		599,216,926
Oracle Corp.		287,695		40,622,534
Palo Alto Networks, Inc.*		58,300		19,764,283
PTC, Inc.*(a)		21,600		3,924,072
Roper Technologies, Inc.(a)		19,300		10,878,638
Salesforce, Inc.		175,200		45,043,920
ServiceNow, Inc.*		36,990		29,098,923
Synopsys, Inc.*		27,520		16,376,051
Tyler Technologies, Inc.*(a)		7,580		3,811,072


				908,502,125

Specialized REITs — 0.9%
American Tower Corp.		84,000		16,327,920
Crown Castle, Inc.		78,250		7,645,025
Digital Realty Trust, Inc.		58,500		8,894,925
Equinix, Inc.		17,115		12,949,209
Extra Space Storage, Inc.		38,000		5,905,580
Iron Mountain, Inc.(a)		52,930		4,743,587
Public Storage		28,550		8,212,407
SBA Communications Corp.		19,430		3,814,109
VICI Properties, Inc.		188,200		5,390,048
Weyerhaeuser Co.		131,430		3,731,298


				77,614,108

Specialty Retail — 1.8%
AutoZone, Inc.*		3,120		9,247,992
Bath & Body Works, Inc.		40,396		1,577,464
Best Buy Co., Inc.(a)		35,025		2,952,257
CarMax, Inc.*(a)		28,500		2,090,190
Home Depot, Inc. (The)		178,769		61,539,441
Lowe’s Cos., Inc.		103,175		22,745,960
O’Reilly Automotive, Inc.*		10,640		11,236,478
Ross Stores, Inc.		60,500		8,791,860
TJX Cos., Inc. (The)		204,300		22,493,430
Tractor Supply Co.(a)		19,400		5,238,000
Ulta Beauty, Inc.*		8,770		3,384,080


				151,297,152

Technology Hardware, Storage & Peripherals — 6.8%
Apple, Inc.		2,600,020		547,616,213
Hewlett Packard Enterprise Co.		232,966		4,931,890
HP, Inc.		156,366		5,475,937
NetApp, Inc.		37,200		4,791,360
Seagate Technology Holdings PLC(a)		35,250		3,640,268
Super Micro Computer, Inc.*(a)		9,080		7,439,698
Western Digital Corp.*		58,368		4,422,543


				578,317,909

Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.*		4,640		4,491,288
Lululemon Athletica, Inc.*(a)		20,800		6,212,960
NIKE, Inc. (Class B Stock)		218,500		16,468,345
Ralph Lauren Corp.		7,200		1,260,432
Tapestry, Inc.(a)		41,700		1,784,343


				30,217,368

SEE NOTES TO FINANCIAL STATEMENTS.

A226

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Shares		Value
COMMON STOCKS (continued)
Tobacco — 0.5%
Altria Group, Inc.		318,200	$	14,494,010
Philip Morris International, Inc.		279,700		28,342,001


				42,836,011

Trading Companies & Distributors — 0.3%
Fastenal Co.(a)		103,300		6,491,372
United Rentals, Inc.		12,020		7,773,695
W.W. Grainger, Inc.		7,880		7,109,651


				21,374,718

Water Utilities — 0.1%
American Water Works Co., Inc.		35,350		4,565,806

Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.		93,000		16,384,740


TOTAL COMMON STOCKS
(cost $1,794,428,328)				8,268,761,208


UNAFFILIATED EXCHANGE-TRADED FUND — 1.2%
iShares Core S&P 500 ETF		193,000		105,615,390

(cost $75,109,737)
TOTAL LONG-TERM INVESTMENTS
(cost $1,869,538,065)				8,374,376,598


SHORT-TERM INVESTMENTS — 4.9%
AFFILIATED MUTUAL FUNDS — 4.8%
PGIM Core Ultra Short Bond Fund(wb)		113,851,131		113,851,131
PGIM Institutional Money Market Fund (7-day effective yield 5.624%) (cost $292,945,531; includes $292,005,454 of cash collateral for securities on loan)(b)(wb)		293,318,216		293,142,225

TOTAL AFFILIATED MUTUAL FUNDS (cost $406,796,662)				406,993,356

Principal

Interest

Maturity

Amount

Rate

Date

(000)#

Value

U.S. TREASURY OBLIGATION(k)(n) — 0.1%

U.S. Treasury Bills

5.289%

09/19/24

7,300

7,215,422

(cost $7,215,401)

TOTAL SHORT-TERM INVESTMENTS

(cost $414,012,063)

414,208,778

TOTAL INVESTMENTS—103.4%

(cost $2,283,550,128)

8,788,585,376

Liabilities in excess of other assets(z) — (3.4)%

(287,824,309

)

NET ASSETS — 100.0%

8,500,761,067

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*	Non-income producing security.

#	Principal amount is shown in U.S. dollars unless otherwise stated.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $284,486,532; cash collateral of $292,005,454 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)	Rate shown reflects yield to maturity at purchased date.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at June 30, 2024:

Number

Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

430

S&P 500 E-Mini Index

Sep. 2024

$118,712,250

405,168

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency		Securities Market Value
UBS		$—		$7,215,421

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

SEE NOTES TO FINANCIAL STATEMENTS.

A227

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$	150,412,725		$	—		$	—
Air Freight & Logistics			35,287,591			—			—
Automobile Components			4,782,686			—			—
Automobiles			117,449,510			—			—
Banks			265,501,120			—			—
Beverages			108,808,196			—			—
Biotechnology			156,988,608			—			—
Broadline Retail			325,228,456			—			—
Building Products			40,434,079			—			—
Capital Markets			233,607,074			—			—
Chemicals			117,813,626			—			—
Commercial Services & Supplies			46,864,944			—			—
Communications Equipment			66,211,687			—			—
Construction & Engineering			6,707,976			—			—
Construction Materials			11,993,136			—			—
Consumer Finance			42,558,515			—			—
Consumer Staples Distribution & Retail			155,787,527			—			—
Containers & Packaging			17,091,812			—			—
Distributors			7,602,493			—			—
Diversified Telecommunication Services			56,029,357			—			—
Electric Utilities			122,325,503			—			—
Electrical Equipment			60,039,128			—			—
Electronic Equipment, Instruments & Components			49,155,994			—			—
Energy Equipment & Services			23,917,778			—			—
Entertainment			101,059,992			—			—
Financial Services			317,845,048			—			—
Food Products			58,696,864			—			—
Gas Utilities			3,137,885			—			—
Ground Transportation			80,796,535			—			—
Health Care Equipment & Supplies			195,514,048			—			—
Health Care Providers & Services			202,071,505			—			—
Health Care REITs			19,894,297			—			—
Hotel & Resort REITs			2,287,523			—			—
Hotels, Restaurants & Leisure			156,870,514			—			—
Household Durables			28,280,364			—			—
Household Products			100,418,994			—			—
Independent Power & Renewable Electricity Producers			7,316,696			—			—
Industrial Conglomerates			35,257,375			—			—
Industrial REITs			18,753,524			—			—
Insurance			168,098,276			—			—
Interactive Media & Services			555,490,975			—			—
IT Services			85,366,211			—			—
Leisure Products			1,377,675			—			—
Life Sciences Tools & Services			102,068,260			—			—
Machinery			132,643,150			—			—
Media			43,677,122			—			—
Metals & Mining			31,587,695			—			—
Multi-Utilities			49,362,275			—			—
Office REITs			1,582,092			—			—
Oil, Gas & Consumable Fuels			277,834,963			—			—
Passenger Airlines			12,779,101			—			—
Personal Care Products			10,726,088			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A228

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Pharmaceuticals		$	312,315,863		$	—		$	—
Professional Services			50,450,220			—			—
Real Estate Management & Development			10,296,874			—			—
Residential REITs			23,882,801			—			—
Retail REITs			22,742,380			—			—
Semiconductors & Semiconductor Equipment			994,568,565			—			—
Software			908,502,125			—			—
Specialized REITs			77,614,108			—			—
Specialty Retail			151,297,152			—			—
Technology Hardware, Storage & Peripherals			578,317,909			—			—
Textiles, Apparel & Luxury Goods			30,217,368			—			—
Tobacco			42,836,011			—			—
Trading Companies & Distributors			21,374,718			—			—
Water Utilities			4,565,806			—			—
Wireless Telecommunication Services			16,384,740			—			—
Unaffiliated Exchange-Traded Fund			105,615,390			—			—
Short-Term Investments
Affiliated Mutual Funds			406,993,356			—			—
U.S. Treasury Obligation			—			7,215,422			—

Total		$	8,781,369,954		$	7,215,422		$	—


Other Financial Instruments*
Assets
Futures Contracts		$	405,168		$	—		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2024 were as follows:


Semiconductors & Semiconductor Equipment	11.7	%
Software	10.7
Technology Hardware, Storage & Peripherals	6.8
Interactive Media & Services	6.5
Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan)	4.8
Broadline Retail	3.8
Financial Services	3.7
Pharmaceuticals	3.7
Oil, Gas & Consumable Fuels	3.3
Banks	3.1
Capital Markets	2.7
Health Care Providers & Services	2.4
Health Care Equipment & Supplies	2.3
Insurance	2.0
Biotechnology	1.8
Hotels, Restaurants & Leisure	1.8
Consumer Staples Distribution & Retail	1.8
Specialty Retail	1.8
Aerospace & Defense	1.8
Machinery	1.6
Electric Utilities	1.4
Chemicals	1.4


Automobiles	1.4	%
Beverages	1.3
Unaffiliated Exchange-Traded Fund	1.2
Life Sciences Tools & Services	1.2
Entertainment	1.2
Household Products	1.2
IT Services	1.0
Ground Transportation	0.9
Specialized REITs	0.9
Communications Equipment	0.8
Electrical Equipment	0.7
Food Products	0.7
Diversified Telecommunication Services	0.7
Professional Services	0.6
Multi-Utilities	0.6
Electronic Equipment, Instruments & Components	0.6
Commercial Services & Supplies	0.6
Media	0.5
Tobacco	0.5
Consumer Finance	0.5
Building Products	0.5
Air Freight & Logistics	0.4
Industrial Conglomerates	0.4

SEE NOTES TO FINANCIAL STATEMENTS.

A229

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)


Industry Classification (continued):

Metals & Mining	0.4	%
Textiles, Apparel & Luxury Goods	0.4
Household Durables	0.3
Energy Equipment & Services	0.3
Residential REITs	0.3
Retail REITs	0.3
Trading Companies & Distributors	0.3
Health Care REITs	0.2
Industrial REITs	0.2
Containers & Packaging	0.2
Wireless Telecommunication Services	0.2
Passenger Airlines	0.1
Construction Materials	0.1
Personal Care Products	0.1
Real Estate Management & Development	0.1
Distributors	0.1


Independent Power & Renewable Electricity Producers	0.1	%
U.S. Treasury Obligation	0.1
Construction & Engineering	0.1
Automobile Components	0.1
Water Utilities	0.1
Gas Utilities	0.0	*
Hotel & Resort REITs	0.0	*
Office REITs	0.0	*
Leisure Products	0.0	*

	103.4
Liabilities in excess of other assets	(3.4	)

	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

Fair values of derivative instruments as of June 30, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Due from/to broker-variation margin futures		$405,168*	—	$—

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	14,338,131


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(2,146,273	)

For the six months ended June 30, 2024, the Portfolio’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$101,872,417

*	Average volume is based on average quarter end balances for the six months ended June 30, 2024.

(1)	Notional Amount in USD.

SEE NOTES TO FINANCIAL STATEMENTS.

A230

PSF STOCK INDEX PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS

as of June 30, 2024 (unaudited)

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$284,486,532	$(284,486,532)	$—

(1)	Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

A231

PSF STOCK INDEX PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2024


ASSETS
Investments at value, including securities on loan of $284,486,532:
Unaffiliated investments (cost $1,876,753,466)	$	8,381,592,020
Affiliated investments (cost $406,796,662)		406,993,356
Dividends receivable		4,283,034
Receivable for Portfolio shares sold		2,360,304
Tax reclaim receivable		892,651
Receivable for investments sold		286,725
Prepaid expenses and other assets		575,611

Total Assets		8,796,983,701

LIABILITIES
Payable to broker for collateral for securities on loan		292,005,454
Management fee payable		1,889,968
Accrued expenses and other liabilities		1,114,019
Payable for Portfolio shares purchased		679,355
Due to broker-variation margin futures		522,555
Distribution fee payable		10,093
Affiliated transfer agent fee payable		1,190

Total Liabilities		296,222,634

NET ASSETS	$	8,500,761,067

Net assets were comprised of: Partners’ Equity	$	8,500,761,067

Class I:
Net asset value and redemption price per share, $8,450,763,796 / 63,489,255 outstanding shares of beneficial interest	$	133.11

Class III:
Net asset value and redemption price per share, $49,997,271 / 378,612 outstanding shares of beneficial interest	$	132.05

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2024


NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income	$	55,886,718
Affiliated dividend income		2,752,627
Income from securities lending, net (including affiliated income of $205,535)		235,565
Interest income		163,612

Total income		59,038,522

EXPENSES
Management fee		10,903,044
Distribution fee—Class III		56,387
Custodian and accounting fees		198,577
Trustees’ fees		65,080
Professional Fees		35,613
Shareholders’ reports		27,036
Audit fee		15,220
Transfer agent’s fees and expenses (including affiliated expense of $3,571)		5,732
Miscellaneous		71,537

Total expenses		11,378,226

NET INVESTMENT INCOME (LOSS)		47,660,296

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(32,641))		39,083,608
Futures transactions		14,338,131

		53,421,739

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(34,513))		1,020,768,626
Futures		(2,146,273	)

		1,018,622,353

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		1,072,044,092

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,119,704,388

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


	Six Months Ended June 30, 2024				Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	47,660,296			$	92,645,806
Net realized gain (loss) on investment transactions			53,421,739				28,529,079
Net change in unrealized appreciation (depreciation) on investments			1,018,622,353				1,404,142,166

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			1,119,704,388				1,525,317,051

PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			163,723,888				273,329,112
Portfolio shares purchased			(195,448,859	)			(290,805,416	)

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(31,724,971	)			(17,476,304	)

TOTAL INCREASE (DECREASE)			1,087,979,417				1,507,840,747
NET ASSETS:
Beginning of period			7,412,781,650				5,904,940,903

End of period		$	8,500,761,067			$	7,412,781,650

SEE NOTES TO FINANCIAL STATEMENTS.

A232

PSF STOCK INDEX PORTFOLIO (CONTINUED)

FINANCIAL HIGHLIGHTS (unaudited)


Class I
	Six Months Ended				Year Ended December 31,
	June 30, 2024				2023				2022				2021				2020				2019
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	115.63			$	91.83			$	112.45			$	87.66			$	74.24			$	56.64

Income (Loss) From Investment Operations:
Net investment income (loss)			0.75				1.44				1.29				1.06				1.12				1.12
Net realized and unrealized gain (loss) on investment transactions			16.73				22.36				(21.91	)			23.73				12.30				16.48

Total from investment operations			17.48				23.80				(20.62	)			24.79				13.42				17.60

Net Asset Value, end of period		$	133.11			$	115.63			$	91.83			$	112.45			$	87.66			$	74.24

Total Return^(b)			15.12	%			25.92	%			(18.34	)%			28.28	%			18.08	%			31.07	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	8,451			$	7,372			$	5,880			$	7,244			$	5,620			$	4,757
Average net assets (in millions)		$	7,925			$	6,589			$	6,252			$	6,427			$	4,802			$	4,298
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.31	%			0.31	%
Expenses before waivers and/or expense reimbursement			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.31	%			0.31	%
Net investment income (loss)			1.20	%^(d)			1.40	%			1.32	%			1.06	%			1.50	%			1.69	%
Portfolio turnover rate^(e)			1	%			3	%			3	%			2	%			4	%			3	%


Class III
	Six Months
	Ended June 30,				Year Ended December 31,								April 26, 2021^(f) through December 31,
	2024				2023				2022				2021
Per Share Operating Performance^(a):
Net Asset Value, beginning of period		$	114.86			$	91.45			$	112.26			$	97.90

Income (Loss) From Investment Operations:
Net investment income (loss)			0.59				1.18				1.06				0.54
Net realized and unrealized gain (loss) on investment transactions			16.60				22.23				(21.87	)			13.82

Total from investment operations			17.19				23.41				(20.81	)			14.36

Net Asset Value, end of period		$	132.05			$	114.86			$	91.45			$	112.26

Total Return^(b)			14.98	%			25.60	%			(18.54	)%			14.67	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	50			$	40			$	25			$	17
Average net assets (in millions)		$	45			$	32			$	21			$	7
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.54	%^(d)			0.54	%			0.54	%			0.54	%^(g)
Expenses before waivers and/or expense reimbursement			0.54	%^(d)			0.54	%			0.54	%			0.54	%^(g)
Net investment income (loss)			0.96	%^(d)			1.15	%			1.09	%			0.74	%^(g)
Portfolio turnover rate^(e)			1	%			3	%			3	%			2	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Portfolio invests.

(d)	Annualized.

(e)

(f)	Commencement of offering.

(g)	Annualized, with the exception of certain non-recurring expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

A233

NOTES TO FINANCIAL STATEMENTS OF

THE PRUDENTIAL SERIES FUND

(unaudited)

1. Organization

The Prudential Series Fund (“Series Fund”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Series Fund is currently composed of 14 Portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The information presented in these financial statements pertains to the 14 Portfolios listed below together with their investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

The PSF PGIM Government Money Market Portfolio seeks to maintain a stable $10.00 net asset value (“NAV”). The Series Fund’s Board of Trustees (the “Board”) has determined that the PSF PGIM Government Money Market Portfolio, as a “government money market fund,” is not subject to liquidity fees. The Board has reserved its ability to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

The Portfolios have the following investment objective(s):



Portfolio		Investment Objective(s)
PSF Global Portfolio		Long-term growth of capital.
PSF Mid-Cap Growth Portfolio		Long-term capital appreciation.
PSF Natural Resources Portfolio		Long-term growth of capital.
PSF PGIM 50/50 Balanced Portfolio		Total investment return consistent with a conservatively managed diversified portfolio.
PSF PGIM Flexible Managed Portfolio		Total return consistent with an aggressively managed diversified portfolio.
PSF PGIM Government Income Portfolio		High level of income over the long-term consistent with the preservation of capital.
PSF PGIM Government Money Market Portfolio		Maximum current income consistent with the stability of capital and maintenance of liquidity.
PSF PGIM High Yield Bond Portfolio		High total return.
PSF PGIM Jennison Blend Portfolio		Long-term growth of capital.
PSF PGIM Jennison Growth Portfolio		Long-term growth of capital.
PSF PGIM Jennison Value Portfolio		Capital appreciation.



Portfolio		Investment Objective(s)
PSF PGIM Total Return Bond Portfolio		High level of income over a longer term while providing reasonable safety of capital.
PSF Small-Cap Stock Index Portfolio		Long-term growth of capital.
PSF Stock Index Portfolio		Achieve investment results that generally correspond to the performance of publicly traded common stocks.

2. Accounting Policies

The Series Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Series Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Series Fund and the Portfolios consistently follow such policies in the preparation of their financial statements.

Securities Valuation: Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Portfolios’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Board has approved the Portfolios’ valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios’ foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds (“ETFs”) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. Across currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options

on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Portfolios each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

Floating Rate and Other Loans: Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

Repurchase Agreements: Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The Series Fund, on behalf of certain Portfolios, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by the Portfolios to cover the Portfolios’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio’s custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Rights: Certain Portfolios held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Portfolios until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind (“PIK”) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price

and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Mortgage Dollar Rolls: Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

Equity and Mortgage Real Estate Investment Trusts (collectively “REITs”): Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s shareholders (the “Participating Insurance Companies”). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate

accounts.

Distributions: Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Series Fund, on behalf of the Portfolios, has entered into investment management agreements with the Manager which provide that the Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Manager out of the management fee that it receives from the Portfolios.



Portfolio		Subadviser(s)
PSF Global Portfolio		Jennison Associates LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.); LSV Asset Management (“LSV”); Massachusetts Financial Services Company (“MFS”); PGIM Fixed Income (“PFI”) (a business unit of PGIM, Inc.); PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) (a wholly-owned subsidiary of PGIM, Inc.); T. Rowe Price Associates, Inc. (“T. Rowe”); William Blair Investment Management, LLC (“William Blair”)*
PSF Mid-Cap Growth Portfolio		J.P. Morgan Investment Management Inc. (“J.P. Morgan”)
PSF Natural Resources Portfolio		T. Rowe
PSF PGIM 50/50 Balanced Portfolio		PFI, PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.); PGIM Quantitative Solutions
PSF PGIM Flexible Managed Portfolio		PFI; PGIM Limited; PGIM Quantitative Solutions
PSF PGIM Government Income Portfolio		PFI
PSF PGIM Government Money Market Portfolio		PFI
PSF PGIM High Yield Bond Portfolio		PFI; PGIM Limited
PSF PGIM Jennison Blend Portfolio		Jennison
PSF PGIM Jennison Growth Portfolio		Jennison
PSF PGIM Jennison Value Portfolio		Jennison
PSF PGIM Total Return Bond Portfolio		PFI; PGIM Limited
PSF Small-Cap Stock Index Portfolio		PGIM Quantitative Solutions
PSF Stock Index Portfolio		PGIM Quantitative Solutions

*The asset allocation strategy for the Portfolio is determined by the Manager and PGIM Quantitative Solutions, as described in the Portfolio’s Prospectus. During the period ended June 30, 2024, Jennison and PFI were not allocated assets to manage.

The Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio’s average daily net assets at the respective annual rate specified below. The Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Manager, under the agreements, are reflected in the Statement of Operations.

The Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s management fee plus other expenses (exclusive in all cases of distribution and/or service (12b-1) fees, administration fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales, do not exceed the percentage stated below, of the Portfolio’s average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding

the expense limit in effect at the time of the recoupment for that fiscal year.


Portfolio	Management Fee	Effective Management Fee, Net of Waiver, if Applicable

PSF Global Portfolio	0.75%		0.66	%

PSF Mid-Cap Growth Portfolio	0.60		0.59

PSF Natural Resources Portfolio	0.45		0.44

PSF PGIM 50/50 Balanced Portfolio	0.55		0.55

PSF PGIM Flexible Managed Portfolio	0.60		0.59

PSF PGIM Government Income Portfolio	0.40		0.40

PSF PGIM Government Money Market Portfolio	0.30		0.30

PSF PGIM High Yield Bond Portfolio	0.55		0.51

PSF PGIM Jennison Blend Portfolio	0.45		0.45

PSF PGIM Jennison Growth Portfolio	0.60		0.60

PSF PGIM Jennison Value Portfolio	0.40		0.40

PSF PGIM Total Return Bond Portfolio	0.40		0.40

PSF Small-Cap Stock Index Portfolio	0.35		0.35

PSF Stock Index Portfolio	0.30% up to $4 billion

	0.25% over $4 billion		0.28



Portfolio		Fee Waivers and/or Expense Limitations

PSF Global Portfolio		contractually waive 0.0465% through June 30, 2025
PSF Mid-Cap Growth Portfolio		contractually waive 0.013% through June 30, 2025
PSF Natural Resources Portfolio		contractually waive 0.008% through June 30, 2025
PSF PGIM Flexible Managed Portfolio		contractually limit expenses to 0.61% through June 30, 2024; effective July 1, 2024, contractually limit expenses to 0.62% through June 30, 2025
PSF PGIM High Yield Bond Portfolio		contractually limit expenses to 0.57% through June 30, 2025
PSF Stock Index Portfolio		effective July 1, 2024, voluntarily waive 0.03%

The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The Portfolios compensate PIMS for distributing and servicing the Portfolios’ Class II and Class III shares pursuant to a plan of distribution (the “Class II Plan” and “Class III Plan”, together, the Plans), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares.

The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average daily net assets of the Class II shares.

The Series Fund, on behalf of the Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2024, brokerage commissions recaptured under these

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agreements was as follows:



Portfolio	Amount
PSF Mid-Cap Growth Portfolio		$ 4,633
PSF PGIM Jennison Growth Portfolio		19,389
PSF PGIM Jennison Value Portfolio		8,358

PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc. and/or in the PGIM Core Ultra Short Bond Fund, a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Portfolios may also invest in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities and Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with PGIM Core Government Money Market Fund and PGIM Core Ultra Short Bond Fund, the “Core Funds”) registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Funds and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers.

For the reporting period ended June 30, 2024, the Portfolios’ purchase and sales transactions under Rule 17a-7 and realized gain (loss) as a result of Rule 17a-7 sales transactions were as follows:

b.) Foreign Withholding Tax Reclaims

The Portfolios are considered partnerships for tax purposes rather than regulated investment companies (“RICs”). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, “excess withholding tax”).

Prudential instituted a process in consultation with the Series Fund’s independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios’ partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess

B11

withholding tax which Prudential previously paid to the Portfolios are reported as “Payable to affiliate” on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as “Receivable from affiliate” on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Tax reclaim receivable” on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.



Portfolio	2024 Payments

PSF Global Portfolio		$65,397

PSF Natural Resources Portfolio		2,305

PSF PGIM 50/50 Balanced Portfolio		6,808
PSF PGIM Flexible Managed Portfolio		13,639
PSF PGIM Jennison Value Portfolio		50,689

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.



Portfolio	2024 Payments
PSF Global Portfolio		$ 85,417
PSF Natural Resources Portfolio		134,729
PSF PGIM 50/50 Balanced Portfolio		3,701
PSF PGIM Flexible Managed Portfolio		5,983
PSF PGIM Jennison Blend Portfolio		78,967
PSF PGIM Jennison Growth Portfolio		80,602

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended June 30, 2024, were as follows:



Portfolio	Cost of Purchases		Proceeds from Sales
PSF Global Portfolio	$	157,562,371	$	427,424,693
PSF Mid-Cap Growth Portfolio		120,993,869		130,531,774
PSF Natural Resources Portfolio		55,598,955		75,102,111
PSF PGIM 50/50 Balanced Portfolio		751,518,877		822,145,846
PSF PGIM Flexible Managed Portfolio		2,835,932,055		3,020,977,979
PSF PGIM Government Income Portfolio		32,445,603		40,947,986
PSF PGIM Government Money Market Portfolio		—		—
PSF PGIM High Yield Bond Portfolio		111,264,410		103,693,850
PSF PGIM Jennison Blend Portfolio		3,181,568,601		3,463,746,678
PSF PGIM Jennison Growth Portfolio		563,306,432		684,190,139
PSF PGIM Jennison Value Portfolio		125,921,828		200,057,904
PSF PGIM Total Return Bond Portfolio		1,206,608,342		934,698,431
PSF Small-Cap Stock Index Portfolio		126,790,821		152,965,795
PSF Stock Index Portfolio		85,664,114		97,013,495

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2024, is presented as follows:

B12

PSF Global Portfolio



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.559%)^(1)(wb)

$ 4,680,293		$ 8,365,309		$ 12,871,344		$ —		$ —		$ 174,258		174,258		$ 2,104

PGIM Core Ultra Short Bond Fund^(1)(wb)

13,087,808		75,653,602		76,003,507		—		—		12,737,903		12,737,903		247,039

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)

51,321,088		189,384,029		208,056,965		(8,485)		3,054		32,642,721		32,662,319		56,491	⁽²⁾
$69,089,189		$273,402,940		$296,931,816		$(8,485)		$3,054		$45,554,882				$305,634
PSF Mid-Cap Growth Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 3,441,275		$ 31,215,611		$ 29,336,349		$ —		$ —		$ 5,320,537		5,320,537		$100,941

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
56,004,482		233,247,997		222,617,608		(7,936)		(3,043)		66,623,892		66,663,890		51,560	⁽²⁾
$59,445,757		$264,463,608		$251,953,957		$(7,936)		$(3,043)		$71,944,429				$152,501
PSF Natural Resources Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 6,071,857		$ 35,111,888		$ 40,491,831		$ —		$ —		$ 691,914		691,914		$ 87,690

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
33,596,239		260,330,102		248,774,700		(6,023)		(4,969)		45,140,649		45,167,749		50,630	⁽²⁾
$39,668,096		$295,441,990		$289,266,531		$(6,023)		$(4,969)		$45,832,563				$138,320
PSF PGIM 50/50 Balanced Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$262,653,550		$309,533,322		$291,470,362		$ —		$ —		$280,716,510		280,716,510		$7,669,726

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
62,347,675		165,760,717		177,953,110		(6,697)		(7,588)		50,140,997		50,171,100		48,275	⁽²⁾
$325,001,225		$475,294,039		$469,423,472		$(6,697)		$(7,588)		$330,857,507				$7,718,001

B13

PSF PGIM Flexible Managed Portfolio



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)

$252,653,789		$ 592,735,531		$ 570,138,862		$ —		$ —		$275,250,458		275,250,458		$7,445,026

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)

143,529,091		484,731,140		544,588,440		(8,488)		(10,145)		83,653,158		83,703,380		69,304	⁽²⁾
$396,182,880		$1,077,466,671		$1,114,727,302		$(8,488)		$(10,145)		$358,903,616				$7,514,330


PSF PGIM Government Income Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$2,434,023		$21,095,299		$22,034,098		$—			$ —			$1,495,224		1,495,224		$60,486

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
—		7,954,457		7,954,233		—			(224	)		—		—		221	⁽²⁾
$2,434,023		$29,049,756		$29,988,331		$—			$(224	)		$1,495,224				$60,707
PSF PGIM High Yield Bond Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 12,727,484		$ 49,855,123		$ 49,908,625		$ —			$ —			$12,673,982		12,673,982		$290,327

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
109,421,977		220,293,584		257,774,028		(18,269	)		(10,723	)		71,912,541		71,955,715		121,012	⁽²⁾
$122,149,461		$270,148,707		$307,682,653		$(18,269	)		$(10,723	)		$84,586,523				$411,339
PSF PGIM Jennison Blend Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 24,114,237		$ 337,243,508		$ 319,007,140		$ —			$ —			$ 42,350,605		42,350,605		$733,268

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
315,171,537		736,571,986		970,739,154		(16,734	)		(9,287	)		80,978,348		81,026,965		149,618	⁽²⁾
$339,285,774		$1,073,815,494		$1,289,746,294		$(16,734	)		$(9,287	)		$123,328,953				$882,886

B14

PSF PGIM Jennison Growth Portfolio



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 12,489,055		$333,295,663		$323,274,459		$ —			$ —			$22,510,259		22,510,259		$353,757

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
136,417,760		358,951,715		494,692,818		(156,141	)		132,986			653,502		653,895		108,195	⁽²⁾
$148,906,815		$692,247,378		$817,967,277		$(156,141	)		$132,986			$23,163,761				$461,952
PSF PGIM Jennison Value Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 32,523,439		$110,075,597		$ 78,401,326		$ —			$ —			$ 64,197,710		64,197,710		$1,250,014

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
123,017,752		521,637,046		607,701,541		(3,666	)		(18,469	)		36,931,122		36,953,294		49,953	⁽²⁾
$155,541,191		$631,712,643		$686,102,867		$(3,666	)		$(18,469	)		$101,128,832				$1,299,967
PSF PGIM Total Return Bond Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$24,486,109		$429,429,040		$429,496,397		$ —			$ —			$24,418,752		24,418,752		$1,529,315

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
31,857,281		188,510,168		175,188,088		(6,650	)		(3,841	)		45,168,870		45,195,987		42,269	⁽²⁾
$56,343,390		$617,939,208		$604,684,485		$(6,650	)		$(3,841	)		$69,587,622				$1,571,584
PSF Small-Cap Stock Index Portfolio

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 5,700,543		$ 41,479,635		$ 43,127,014		$ —			$ —			$ 4,053,164		4,053,164		$113,331

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
313,212,131		546,111,886		577,586,170		(43,098	)		(15,955	)		281,678,794		281,847,902		365,025	⁽²⁾
$318,912,674		$587,591,521		$620,713,184		$(43,098	)		$(15,955	)		$285,731,958				$478,356

B15

PSF Stock Index Portfolio



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$ 75,066,905		$ 144,480,576		$ 105,696,350		$ —			$ —			$113,851,131		113,851,131		$2,752,627

PGIM Institutional Money Market Fund (7-day effective yield 5.624%)^(1)(b)(wb)
371,269,694		958,971,191		1,037,031,506		(34,513	)		(32,641	)		293,142,225		293,318,216		205,535	⁽²⁾
$446,336,599		$1,103,451,767		$1,142,727,856		$(34,513	)		$(32,641	)		$406,993,356				$2,958,162

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb)	Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership’s income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio’s adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Manager has analyzed the Portfolios’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2023 are subject to such review.

7. Borrowings

The Series Fund, on behalf of the Portfolios, (excluding the PSF PGIM Government Money Market Portfolio), along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.


		SCA
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The following Portfolios utilized the SCA during the reporting period ended June 30, 2024. The average balance outstanding

B16

is for the number of days the Portfolios utilized the credit facility.


Portfolio	Average Balance Outstanding		Weighted Average Interest Rates			Number of Days Outstanding	Maximum Balance Outstanding		Balance Outstanding at June 30, 2024
PSF Global Portfolio	$	251,729,600		6.42	%	5		$251,911,000	$—
PSF PGIM Jennison Blend Portfolio		1,272,000		6.45		1		1,272,000	—
PSF PGIM Jennison Growth Portfolio		967,750		6.42		16		3,106,000	—
PSF Small-Cap Stock Index Portfolio		3,041,500		6.41		14		9,698,000	—

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust’s Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios. The Portfolios offer Class I shares and certain Portfolios offer Class II and/or Class III shares. All share classes are not subject to any sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I and Class III shares are sold only to certain separate accounts of Prudential to fund benefits under certain variable life insurance and variable annuity contracts (“contracts”). Class II shares are sold only to separate accounts of non-Prudential insurance companies as investment options under certain contracts. Class I shares are also offered to separate accounts of non-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance or variable annuity contracts issued in connection with the separate accounts. The separate accounts invest in shares of the Portfolios through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Portfolios to the extent necessary to provide benefits under the contracts or for such other purposes as may be consistent with the contracts.

As of June 30, 2024, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.


Portfolio	Number of Shares		Percentage of Outstanding Shares
PSF Global Portfolio–Class I		14,903,816		100.0	%
PSF Global Portfolio–Class III		22,859		100.0
PSF Mid-Cap Growth Portfolio–Class I		13,799,652		100.0
PSF Mid-Cap Growth Portfolio–Class III		80,123		100.0
PSF Natural Resources Portfolio–Class I		11,034,913		100.0
PSF Natural Resources Portfolio–Class III		515,978		100.0
PSF PGIM 50/50 Balanced Portfolio–Class I		62,445,372		100.0
PSF PGIM 50/50 Balanced Portfolio–Class III		198,029		100.0
PSF PGIM Flexible Managed Portfolio–Class I		96,572,243		100.0
PSF PGIM Flexible Managed Portfolio–Class III		4,511,302		100.0
PSF PGIM Government Income Portfolio–Class I		11,726,481		100.0
PSF PGIM Government Income Portfolio–Class III		274,081		100.0
PSF PGIM Government Money Market Portfolio–Class I		97,680,363		98.2
PSF PGIM Government Money Market Portfolio–Class III		27,692,246		90.2
PSF PGIM High Yield Bond Portfolio–Class I		76,468,528		99.9
PSF PGIM High Yield Bond Portfolio–Class III		1,888,983		100.0
PSF PGIM Jennison Blend Portfolio–Class I		55,788,564		100.0
PSF PGIM Jennison Blend Portfolio–Class III		32,476		100.0
PSF PGIM Jennison Growth Portfolio–Class I		20,989,144		100.0
PSF PGIM Jennison Growth Portfolio–Class III		89,317		100.0
PSF PGIM Jennison Value Portfolio–Class I		29,638,256		100.0
PSF PGIM Jennison Value Portfolio–Class III		72,561		100.0
PSF PGIM Total Return Bond Portfolio–Class I		117,032,730		99.1
PSF PGIM Total Return Bond Portfolio–Class III		1,117,538		100.0
PSF Small-Cap Stock Index Portfolio–Class I		20,218,059		100.0

B17


Portfolio	Number of Shares		Percentage of Outstanding Shares
PSF Small-Cap Stock Index Portfolio–Class III		191,913		100.0	%
PSF Stock Index Portfolio–Class I		63,489,255		100.0
PSF Stock Index Portfolio–Class III		378,612		100.0

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:


Portfolio	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PSF Global Portfolio		2		95.8	%
PSF Mid-Cap Growth Portfolio		2		99.6
PSF Natural Resources Portfolio		2		90.0
PSF PGIM 50/50 Balanced Portfolio		3		100.0
PSF PGIM Flexible Managed Portfolio		3		100.0
PSF PGIM Government Income Portfolio		2		97.5
PSF PGIM Government Money Market Portfolio		3		97.6
PSF PGIM High Yield Bond Portfolio		3		99.9
PSF PGIM Jennison Blend Portfolio		3		99.3
PSF PGIM Jennison Growth Portfolio		2		94.7
PSF PGIM Jennison Value Portfolio		2		94.7
PSF PGIM Total Return Bond Portfolio		3		99.1
PSF Small-Cap Stock Index Portfolio		3		100.0
PSF Stock Index Portfolio		3		100.0
Unaffiliated:
PSF Global Portfolio		—		—
PSF Mid-Cap Growth Portfolio		—		—
PSF Natural Resources Portfolio		—		—
PSF PGIM 50/50 Balanced Portfolio		—		—
PSF PGIM Flexible Managed Portfolio		—		—
PSF PGIM Government Income Portfolio		—		—
PSF PGIM Government Money Market Portfolio		—		—
PSF PGIM High Yield Bond Portfolio		—		—
PSF PGIM Jennison Blend Portfolio		—		—
PSF PGIM Jennison Growth Portfolio		—		—
PSF PGIM Jennison Value Portfolio		—		—
PSF PGIM Total Return Bond Portfolio		—		—
PSF Small-Cap Stock Index Portfolio		—		—
PSF Stock Index Portfolio		—		—

Transactions in shares of beneficial interest of the Portfolios were as follows:

PSF Global Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		146,041		$	8,668,066
Portfolio shares purchased		(4,796,038	)		(290,248,769	)
Net increase (decrease) in shares outstanding		(4,649,997	)	$	(281,580,703	)

B18



Share Class	Shares			Amount

Year ended December 31, 2023:
Portfolio shares sold		405,963		$	20,240,881
Portfolio shares purchased		(6,576,091	)		(322,694,051	)
Net increase (decrease) in shares outstanding		(6,170,128	)	$	(302,453,170	)

Class III:

Six months ended June 30, 2024:
Portfolio shares sold		3,706		$	220,148
Portfolio shares purchased		(807	)		(45,050	)
Net increase (decrease) in shares outstanding		2,899		$	175,098

Year ended December 31, 2023:
Portfolio shares sold		8,068		$	401,002
Portfolio shares purchased		(1,751	)		(86,608	)
Net increase (decrease) in shares outstanding		6,317		$	314,394

PSF Mid-Cap Growth Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		376,137		$	10,899,878
Portfolio shares purchased		(512,741	)		(14,860,927	)
Net increase (decrease) in shares outstanding		(136,604	)	$	(3,961,049	)

Year ended December 31, 2023:
Portfolio shares sold		861,718		$	21,220,361
Portfolio shares purchased		(663,996	)		(16,389,966	)
Net increase (decrease) in shares outstanding		197,722		$	4,830,395

Class II:

Six months ended June 30, 2024:
Portfolio shares sold		21		$	566
Portfolio shares purchased		(1,318	)		(34,965	)
Net increase (decrease) in shares outstanding		(1,297	)	$	(34,399	)

Year ended December 31, 2023:
Portfolio shares sold		76		$	1,677
Portfolio shares purchased		(716	)		(16,324	)
Net increase (decrease) in shares outstanding		(640	)	$	(14,647	)

Class III:

Six months ended June 30, 2024:
Portfolio shares sold		17,799		$	524,221
Portfolio shares purchased		(2,896	)		(82,398	)
Net increase (decrease) in shares outstanding		14,903		$	441,823

B19



Share Class	Shares			Amount

Year ended December 31, 2023:
Portfolio shares sold		28,508		$	711,673
Portfolio shares purchased		(12,386	)		(309,161	)
Net increase (decrease) in shares outstanding		16,122		$	402,512

PSF Natural Resources Portfolio

Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		53,756		$	2,451,032
Portfolio shares purchased		(658,648	)		(28,907,567	)
Net increase (decrease) in shares outstanding		(604,892	)	$	(26,456,535	)

Year ended December 31, 2023:
Portfolio shares sold		858,159		$	35,325,898
Portfolio shares purchased		(1,114,014	)		(46,660,312	)
Net increase (decrease) in shares outstanding		(255,855	)	$	(11,334,414	)

Class II:

Six months ended June 30, 2024:
Portfolio shares sold		59,266		$	2,501,368
Portfolio shares purchased		(110,004	)		(4,715,772	)
Net increase (decrease) in shares outstanding		(50,738	)	$	(2,214,404	)

Year ended December 31, 2023:
Portfolio shares sold		591,564		$	24,044,796
Portfolio shares purchased		(579,460	)		(22,600,942	)
Net increase (decrease) in shares outstanding		12,104		$	1,443,854

Class III:

Six months ended June 30, 2024:
Portfolio shares sold		17,595		$	791,285
Portfolio shares purchased		(82,920	)		(3,729,944	)
Net increase (decrease) in shares outstanding		(65,325	)	$	(2,938,659	)

Year ended December 31, 2023:
Portfolio shares sold		537,011		$	21,929,364
Portfolio shares purchased		(101,337	)		(4,275,049	)
Net increase (decrease) in shares outstanding		435,674		$	17,654,315

PSF PGIM 50/50 Balanced Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		140,689		$	5,715,817
Portfolio shares purchased		(2,356,502	)		(95,109,544	)
Net increase (decrease) in shares outstanding		(2,215,813	)	$	(89,393,727	)

B20



Share Class	Shares			Amount

Year ended December 31, 2023:
Portfolio shares sold		440,290		$	15,885,637
Portfolio shares purchased		(4,684,646	)		(169,158,873	)
Net increase (decrease) in shares outstanding		(4,244,356	)	$	(153,273,236	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		16,866		$	677,804
Portfolio shares purchased		(12,126	)		(487,098	)
Net increase (decrease) in shares outstanding		4,740		$	190,706

Year ended December 31, 2023:
Portfolio shares sold		62,256		$	2,231,061
Portfolio shares purchased		(68,105	)		(2,431,379	)
Net increase (decrease) in shares outstanding		(5,849	)	$	(200,318	)

PSF PGIM Flexible Managed Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		107,556		$	5,000,783
Portfolio shares purchased		(3,264,803	)		(151,871,190	)
Net increase (decrease) in shares outstanding		(3,157,247	)	$	(146,870,407	)

Year ended December 31, 2023:
Portfolio shares sold		378,526		$	15,324,956
Portfolio shares purchased		(6,709,097	)		(272,058,784	)
Net increase (decrease) in shares outstanding		(6,330,571	)	$	(256,733,828	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		8,534		$	397,186
Portfolio shares purchased		(465,694	)		(21,420,645	)
Net increase (decrease) in shares outstanding		(457,160	)	$	(21,023,459	)

Year ended December 31, 2023:
Portfolio shares sold		30,002		$	1,203,684
Shares issued in merger		5,821,122			223,240,047
Portfolio shares purchased		(980,976	)		(39,943,266	)
Net increase (decrease) in shares outstanding		4,870,148		$	184,500,465

B21

PSF PGIM Government Income Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		72,217		$	912,071
Portfolio shares purchased		(781,937	)		(9,863,867	)
Net increase (decrease) in shares outstanding		(709,720	)	$	(8,951,796	)

Year ended December 31, 2023:
Portfolio shares sold		283,568		$	3,513,735
Portfolio shares purchased		(2,764,351	)		(34,304,246	)
Net increase (decrease) in shares outstanding		(2,480,783	)	$	(30,790,511	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		60,657		$	761,500
Portfolio shares purchased		(75,647	)		(947,279	)
Net increase (decrease) in shares outstanding		(14,990	)	$	(185,779	)

Year ended December 31, 2023:
Portfolio shares sold		197,031		$	2,419,614
Portfolio shares purchased		(155,199	)		(1,911,954	)
Net increase (decrease) in shares outstanding		41,832		$	507,660

PSF PGIM Government Money Market Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		43,635,513		$	436,355,129
Shares issued in reinvestment of dividends and distributions		2,410,900			24,108,996
Portfolio shares purchased		(39,706,637	)		(397,066,366	)
Net increase (decrease) in shares outstanding		6,339,776		$	63,397,759

Year ended December 31, 2023:
Portfolio shares sold		148,491,034		$	1,484,910,341
Shares issued in reinvestment of dividends and distributions		4,348,290			43,482,898
Portfolio shares purchased		(139,952,271	)		(1,399,522,712	)
Net increase (decrease) in shares outstanding		12,887,053		$	128,870,527

Class III:

Six months ended June 30, 2024:
Portfolio shares sold		16,653,151		$	166,531,559
Shares issued in reinvestment of dividends and distributions		664,736			6,647,357
Portfolio shares purchased		(10,322,942	)		(103,229,416	)
Net increase (decrease) in shares outstanding		6,994,945		$	69,949,500

B22



Share Class	Shares			Amount

Year ended December 31, 2023:
Portfolio shares sold		20,688,303		$	206,883,034
Shares issued in reinvestment of dividends and distributions		830,300			8,302,958
Portfolio shares purchased		(12,083,548	)		(120,835,485	)
Net increase (decrease) in shares outstanding		9,435,055		$	94,350,507

PSF PGIM High Yield Bond Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		1,511,868		$	10,123,044
Portfolio shares purchased		(2,534,311	)		(16,939,662	)
Net increase (decrease) in shares outstanding		(1,022,443	)	$	(6,816,618	)

Year ended December 31, 2023:
Portfolio shares sold		4,068,099		$	25,084,667
Portfolio shares purchased		(6,855,367	)		(42,217,023	)
Net increase (decrease) in shares outstanding		(2,787,268	)	$	(17,132,356	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		171,456		$	1,138,501
Portfolio shares purchased		(158,603	)		(1,053,056	)
Net increase (decrease) in shares outstanding		12,853		$	85,445

Year ended December 31, 2023:
Portfolio shares sold		481,345		$	2,961,419
Portfolio shares purchased		(174,580	)		(1,068,624	)
Net increase (decrease) in shares outstanding		306,765		$	1,892,795

PSF PGIM Jennison Blend Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		66,061		$	7,088,761
Portfolio shares purchased		(2,253,076	)		(240,683,595	)
Net increase (decrease) in shares outstanding		(2,187,015	)	$	(233,594,834	)

Year ended December 31, 2023:
Portfolio shares sold		179,572		$	14,726,967
Shares issued in merger		919,306			86,157,355
Portfolio shares purchased		(4,136,952	)		(350,009,601	)
Net increase (decrease) in shares outstanding		(3,038,074	)	$	(249,125,279	)

B23



Share Class	Shares			Amount

Class II:
Six months ended June 30, 2024:
Portfolio shares sold		15,000		$	1,486,750
Portfolio shares purchased		(34,512	)		(3,567,037	)
Net increase (decrease) in shares outstanding		(19,512	)	$	(2,080,287	)

Year ended December 31, 2023:
Portfolio shares sold		4,078		$	381,773
Shares issued in merger		407,354			36,934,825
Portfolio shares purchased		(19,045	)		(1,746,702	)
Net increase (decrease) in shares outstanding		392,387		$	35,569,896

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		6,366		$	679,048
Portfolio shares purchased		(2,260	)		(238,202	)
Net increase (decrease) in shares outstanding		4,106		$	440,846

Year ended December 31, 2023:
Portfolio shares sold		10,152		$	854,300
Shares issued in merger		9,894			921,230
Portfolio shares purchased		(4,031	)		(353,385	)
Net increase (decrease) in shares outstanding		16,015		$	1,422,145

PSF PGIM Jennison Growth Portfolio

Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		119,015		$	18,696,148
Portfolio shares purchased		(761,360	)		(120,190,807	)
Net increase (decrease) in shares outstanding		(642,345	)	$	(101,494,659	)

Year ended December 31, 2023:
Portfolio shares sold		277,424		$	32,419,340
Portfolio shares purchased		(1,519,161	)		(179,933,952	)
Net increase (decrease) in shares outstanding		(1,241,737	)	$	(147,514,612	)

Class II:
Six months ended June 30, 2024:
Portfolio shares sold		3,922		$	591,449
Portfolio shares purchased		(15,542	)		(2,260,409	)
Net increase (decrease) in shares outstanding		(11,620	)	$	(1,668,960	)

Year ended December 31, 2023:
Portfolio shares sold		23,179		$	2,314,382
Portfolio shares purchased		(421,342	)		(48,552,268	)
Net increase (decrease) in shares outstanding		(398,163	)	$	(46,237,886	)

B24



Share Class	Shares			Amount

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		11,358		$	1,770,493
Portfolio shares purchased		(8,799	)		(1,350,279	)
Net increase (decrease) in shares outstanding		2,559		$	420,214

Year ended December 31, 2023:
Portfolio shares sold		27,929		$	3,394,745
Portfolio shares purchased		(10,571	)		(1,268,386	)
Net increase (decrease) in shares outstanding		17,358		$	2,126,359

PSF PGIM Jennison Value Portfolio

Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		128,309		$	6,993,167
Portfolio shares purchased		(1,224,676	)		(66,004,843	)
Net increase (decrease) in shares outstanding		(1,096,367	)	$	(59,011,676	)

Year ended December 31, 2023:
Portfolio shares sold		815,146		$	37,306,551
Portfolio shares purchased		(2,703,435	)		(123,470,854	)
Net increase (decrease) in shares outstanding		(1,888,289	)	$	(86,164,303	)

Class II:
Six months ended June 30, 2024:
Portfolio shares sold		6,758		$	352,227
Portfolio shares purchased		(12,247	)		(636,012	)
Net increase (decrease) in shares outstanding		(5,489	)	$	(283,785	)

Year ended December 31, 2023:
Portfolio shares sold		4,557		$	199,909
Portfolio shares purchased		(15,190	)		(679,162	)
Net increase (decrease) in shares outstanding		(10,633	)	$	(479,253	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		9,651		$	519,625
Portfolio shares purchased		(3,836	)		(201,436	)
Net increase (decrease) in shares outstanding		5,815		$	318,189

Year ended December 31, 2023:
Portfolio shares sold		24,663		$	1,138,435
Portfolio shares purchased		(17,113	)		(770,288	)
Net increase (decrease) in shares outstanding		7,550		$	368,147

B25

PSF PGIM Total Return Bond Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		24,289,271		$	345,281,913
Portfolio shares purchased		(3,902,999	)		(55,691,872	)
Net increase (decrease) in shares outstanding		20,386,272		$	289,590,041

Year ended December 31, 2023:
Portfolio shares sold		22,648,627		$	312,817,887
Portfolio shares purchased		(6,254,317	)		(85,273,193	)
Net increase (decrease) in shares outstanding		16,394,310		$	227,544,694

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		259,589		$	3,659,339
Portfolio shares purchased		(78,228	)		(1,101,684	)
Net increase (decrease) in shares outstanding		181,361		$	2,557,655

Year ended December 31, 2023:
Portfolio shares sold		350,343		$	4,769,916
Portfolio shares purchased		(112,835	)		(1,527,225	)
Net increase (decrease) in shares outstanding		237,508		$	3,242,691

PSF Small-Cap Stock Index Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		328,551		$	18,904,472
Portfolio shares purchased		(955,169	)		(54,906,231	)
Net increase (decrease) in shares outstanding		(626,618	)	$	(36,001,759	)

Year ended December 31, 2023:
Portfolio shares sold		751,003		$	40,331,528
Shares issued in merger		5,405,749			284,937,009
Portfolio shares purchased		(1,277,215	)		(67,354,542	)
Net increase (decrease) in shares outstanding		4,879,537		$	257,913,995

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		11,833		$	677,185
Portfolio shares purchased		(13,386	)		(762,533	)
Net increase (decrease) in shares outstanding		(1,553	)	$	(85,348	)

Year ended December 31, 2023:
Portfolio shares sold		43,381		$	2,246,966
Portfolio shares purchased		(26,279	)		(1,360,039	)
Net increase (decrease) in shares outstanding		17,102		$	886,927

B26

PSF Stock Index Portfolio



Share Class	Shares			Amount

Class I:
Six months ended June 30, 2024:
Portfolio shares sold		1,278,084		$	158,543,595
Portfolio shares purchased		(1,547,204	)		(193,509,529	)
Net increase (decrease) in shares outstanding		(269,120	)	$	(34,965,934	)

Year ended December 31, 2023:
Portfolio shares sold		2,539,915		$	262,081,414
Portfolio shares purchased		(2,813,161	)		(287,956,077	)
Net increase (decrease) in shares outstanding		(273,246	)	$	(25,874,663	)

Class III:
Six months ended June 30, 2024:
Portfolio shares sold		41,847		$	5,180,293
Portfolio shares purchased		(15,391	)		(1,939,330	)
Net increase (decrease) in shares outstanding		26,456		$	3,240,963

Year ended December 31, 2023:
Portfolio shares sold		108,498		$	11,247,698
Portfolio shares purchased		(27,827	)		(2,849,339	)
Net increase (decrease) in shares outstanding		80,671		$	8,398,359

9. Risks of Investing in the Portfolios

Each Portfolio’s principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.



Risks	PSF Global Portfolio	PSF Mid-Cap Growth Portfolio	PSF Natural Resources Portfolio	PSF PGIM 50/50 Balanced Portfolio	PSF PGIM Flexible Managed Portfolio
Adjustable and Floating-Rate Securities	–	–	–	–	–
Asset-Backed and/or Mortgage-Backed Securities	–	–	–	X	X
Bank Loan Investments	–	–	–	X	X
Blend Style	X	–	–	–	X
Collateralized Debt Obligations (CDO)	–	–	–	X	X
Commodity	–	–	X	–	–
Covenant-Lite	–	–	–	–	–
Credit	–	–	–	X	X
Currency	–	–	–	X	X
Derivatives	–	–	–	X	X
Dollar Roll Transactions	–	–	–	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	–	–	X	–	–
Equity and Equity-Related Securities	–	–	–	X	X
Equity Securities	X	X	X	X	X
Exchange-Traded Funds (ETF)	–	–	X	–	–
Expense	X	X	X	X	X
Fixed Income Securities	–	–	X	X	X

B27



Risks	PSF Global Portfolio	PSF Mid-Cap Growth Portfolio	PSF Natural Resources Portfolio	PSF PGIM 50/50 Balanced Portfolio	PSF PGIM Flexible Managed Portfolio

Focus	X	–	X	–	–
Foreign Investment	X	–	X	X	X
High Yield	–	–	X	X	X
Illiquid Investment	–	–	X	–	–
Investment Company	–	–	X	–	–
Index Tracking	–	–	–	X	–
Interest Rate	–	–	–	X	X
Investment Style	X	X	–	–	–
Large Company	X	–	–	–	X
Leverage	–	X	–	–	–
Liquidity and Valuation	X	X	X	X	X
Market and Management	X	X	X	X	X
Market Capitalization	–	–	–	–	–
Mid-Sized Company	X	X	–	–	X
Natural Resources Investment	–	–	X	–	–
Portfolio Turnover	–	–	X	–	X
Prepayment or Call	–	–	–	X	X
Quantitative Model	X	–	–	–	X
Real Estate	–	–	–	–	–
Regulatory	X	X	X	X	X
Reverse Repurchase Agreement	–	–	–	–	–
Short Sale	–	–	–	–	X
Small Sized Company	–	–	X	–	–
US Government Securities	–	–	–	–	X
Yield	–	–	–	–	–


Risks	PSF PGIM Government Income Portfolio	PSF PGIM Government Money Market Portfolio	PSF PGIM High Yield Bond Portfolio	PSF PGIM Jennison Blend Portfolio

Adjustable and Floating-Rate Securities	–	X	–	–
Asset-Backed and/or Mortgage-Backed Securities	X	–	–	–
Bank Loan Investments	X	–	X	–
Blend Style	–	–	–	X
Collateralized Debt Obligations (CDO)	X	–	X	–
Commodity	–	–	–	–
Covenant-Lite	–	–	–	–
Credit	X	X	X	X
Currency	–	–	X	–
Derivatives	X	–	X	–
Dollar Roll Transactions	X	–	X	–
Economic and Market Events	X	X	X	X
Emerging Markets	–	–	X	–
Equity and Equity-Related Securities	X	–	X	–
Equity Securities	–	–	–	X
Exchange-Traded Funds (ETF)	–	–	–	–

B28



Risks	PSF PGIM Government Income Portfolio	PSF PGIM Government Money Market Portfolio	PSF PGIM High Yield Bond Portfolio	PSF PGIM Jennison Blend Portfolio
Expense	X	X	X	X
Fixed Income Securities	X	X	X	X
Focus	–	–	–	–
Foreign Investment	–	–	X	X
High Yield	X	–	X	X
Illiquid Investment	–	–	–	–
Investment Company	–	–	–	–
Index Tracking	–	–	–	–
Interest Rate	X	X	X	X
Investment Style	–	–	–	–
Large Company	–	–	–	X
Leverage	X	–	X	–
Liquidity and Valuation	X	–	X	–
Market and Management	X	X	X	X
Market Capitalization	–	–	–	X
Mid-Sized Company	–	–	–	X
Natural Resources Investment	–	–	–	–
Portfolio Turnover	X	–	–	–
Prepayment or Call	X	X	X	X
Quantitative Model	–	–	–	–
Real Estate	–	–	–	–
Regulatory	X	X	X	X
Reverse Repurchase Agreement	X	–	X	–
Short Sale	X	–	X	–
Small Sized Company	–	–	–	X
US Government Securities	X	X	–	–
Yield	–	X	–	–



Risks	PSF PGIM Jennison Growth Portfolio	PSF PGIM Jennison Value Portfolio	PSF PGIM Total Return Bond Portfolio	PSF Small- Cap Stock Index Portfolio	PSF Stock Index Portfolio
Adjustable and Floating-Rate Securities	–	–	–	–	–
Asset-Backed and/or Mortgage-Backed Securities	–	–	X	–	–
Bank Loan Investments	–	–	X	–	–
Blend Style	–	–	–	–	–
Collateralized Debt Obligations (CDO)	–	–	X	–	–
Commodity	–	–	–	–	–
Covenant-Lite	–	–	X	–	–
Credit	–	X	X	–	–
Currency	–	X	X	–	–
Derivatives	–	–	X	–	X
Dollar Roll Transactions	–	–	X	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	–	–	–	–	–

B29



Risks	PSF PGIM Jennison Growth Portfolio	PSF PGIM Jennison Value Portfolio	PSF PGIM Total Return Bond Portfolio	PSF Small- Cap Stock Index Portfolio	PSF Stock Index Portfolio
Equity and Equity-Related Securities	–	–	X	–	–
Equity Securities	X	X	–	X	X
Exchange-Traded Funds (ETF)	–	–	–	–	–
Expense	X	X	X	X	X
Fixed Income Securities	X	X	X	–	–
Focus	–	–	–	–	–
Foreign Investment	X	X	X	–	–
High Yield	X	–	X	–	–
Illiquid Investment	–	–	–	–	–
Investment Company	–	–	–	–	–
Index Tracking	–	–	–	X	X
Interest Rate	–	X	X	–	–
Investment Style	X	X	–	–	–
Large Company	X	X	–	–	X
Leverage	–	–	X	–	–
Liquidity and Valuation	X	X	X	X	X
Market and Management	X	X	X	X	X
Market Capitalization	–	X	–	–	–
Mid-Sized Company	–	–	–	–	–
Natural Resources Investment	–	–	–	–	–
Portfolio Turnover	–	–	X	–	–
Prepayment or Call	–	X	X	–	–
Quantitative Model	–	–	–	–	–
Real Estate	–	X	–	–	–
Regulatory	X	X	X	X	X
Reverse Repurchase Agreement	–	–	X	–	–
Short Sale	–	–	X	–	–
Small Sized Company	–	–	–	X	–
US Government Securities	X	–	–	–	–
Yield	–	–	–	–	–

Adjustable and Floating-Rate Securities Risk: The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating rate securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline. Adjustable and floating rate securities are also subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

Asset-Backed and/or Mortgage-Backed Securities Risk: Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to “subprime” borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

B30

Bank Loan Investments Risk: A Portfolio’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments, or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy, or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio’s access to collateral, if any, may be limited by bankruptcy laws. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets.As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

Blend Style Risk: A Portfolio’s blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio’s assessment of market conditions or a company’s value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

Collateralized Debt Obligations Risk (CDO): The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Commodity Risk: The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

Covenant-Lite Risk: Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be “covenant-lite,” which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio’s exposure to losses may be increased, which could result in an adverse impact on the Portfolio’s net income and net asset value.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s or obligor’s ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

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Currency Risk: Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio’s investments, including the risk that the currencies in which the Portfolio’s investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio’s holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio’s attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

Derivatives Risk: A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; the price of derivatives may be more volatile than the prices of traditional equity and debt securities; and changes in a derivative’s value may not correlate perfectly with the assets, rates, indices or instruments it is designed to hedge or closely track. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.

Dollar Roll Transactions Risk: Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio’s sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio.

Economic and Market Events Risk: Economic and market events risk is the risk that one or more markets in which the Portfolio invests will decline in value, including the possibility that the markets will decline sharply and unpredictably. While a Portfolio’s Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Significant shocks to or disruptions of the financial markets or the economy, including those relating to general economic, political, or financial market conditions; significant or unexpected failures, near-failures or credit downgrades of key institutions; investor sentiment and market perceptions; unexpected changes in the prices of key commodities; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry or sector, could adversely affect the liquidity and volatility of securities held by the Portfolio. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

Emerging Markets Risk: The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio’s subadviser(s) to evaluate local companies or their potential impact on a Portfolio’s performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased

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liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Equity and Equity-Related Securities Risk: From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

Equity Securities Risk: The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

Exchange-Traded Funds (ETF) Risk: An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF’s shares may trade above or below its net asset value and there may not be an active trading market for an ETF’s shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

Expense Risk: The actual cost of investing in the Portfolio may be higher than the expenses shown in the “Annual Portfolio Operating Expenses” table in the Portfolio’s prospectus for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease.

Fixed Income Securities Risk: Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio’s investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio’s investment in fixed income securities will go down in value. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the federal funds interest rate and there may be further rate increases. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio’s investments in fixed income securities.

Focus Risk: The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers’ securities as compared to a portfolio that invests in the securities of a larger number of issuers.

Foreign Investment Risk: Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

High Yield Risk: Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., “high yield” securities or “junk bonds”) may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

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Illiquid Investments Risk: Illiquid investments risk exists when particular investments made by the Portfolio are difficult to purchase or sell. The Portfolio may make investments that may become less liquid in response to market developments, lack of a trading market, or adverse investor perceptions. If the Portfolio is forced to sell these investments to pay redemption proceeds or for other reasons, the Portfolio may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. It also may be the case that other market participants may be attempting to liquidate illiquid holdings at the same time as the Portfolio, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. An inability to sell a portfolio position can adversely affect the Portfolio’s value or prevent the Portfolio from being able to take advantage of other investment opportunities.

Investment Company Risk: The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity.

Index Tracking Risk: The Portfolio’s ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio’s holdings may fall sharply. This is referred to as “extension risk.” The Portfolio currently faces a heightened level of interest rate risk because of recent increases in interest rates in the US and globally. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the federal funds interest rate and there may be further rate increases. As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Interest rates may continue to increase, possibly suddenly and significantly, with unpredictable effects on the markets and the Portfolio’s investments. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Investment Style Risk: Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

Large Company Risk: Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

Leverage Risk: Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio’s investment exposures exceed its net asset value), which may amplify the Portfolio’s gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

Liquidity and Valuation Risk: The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio’s net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

Market and Management Risk: Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. The value of the Portfolio’s investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, environmental disasters,

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natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. There is no guarantee that the investment objective of the Portfolio will be achieved.

Market Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment. Because the Portfolio may invest a portion of its assets in securities issued by small-cap companies, it is likely to be more volatile than a portfolio that focuses on securities issued by larger companies. Small-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, smaller companies are typically more sensitive to changes in overall economic conditions and their securities may be difficult to trade.

Mid-Sized Company Risk: The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio’s ability to sell the securities.

Natural Resources Investment Risk: The Portfolio’s investments will expose the Portfolio to the risk of investment in natural resource companies. The market value of securities of natural resource companies may be affected by numerous factors, including changes in commodity prices, events occurring in nature, inflationary pressures, imposition of import controls, international political and economic developments, environmental incidents, resources conservation, the success of exploration projects, and tax and other government regulations. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Companies in the natural resources industry are at risk for environmental damage claims. Political risks and the other risks to which non-US securities are subject may affect domestic companies if they have significant operations or investments in non-US countries. In addition, rising interest rates and general economic conditions may affect the demand for natural resources.

Portfolio Turnover Risk: A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio’s securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

Prepayment or Call Risk: Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

Quantitative Model Risk: The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

Real Estate Risk: Investments in real estate investment trusts (“REITs”) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

Regulatory Risk: The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the (the SEC), and depending on the Portfolio, the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are

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also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

Reverse Repurchase Agreement Risk: Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The use of reverse repurchase agreements may exaggerate any increase or decrease in the value of a Portfolio’s assets. The use of reverse repurchase agreements is a form of leverage because the proceeds derived from reverse repurchase agreements may be invested in additional securities.

Short Sale Risk: A short sale involves the risk that the price of a borrowed security or derivative will increase during the time the Portfolio has borrowed the security or derivative and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

Small Sized Company Risk: Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio’s ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies.

US Government Securities Risk: US Government securities may be adversely affected by changes in interest rates, a default by, or a downgrade in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

Yield Risk: The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio’s expenses could absorb all or a significant portion of the Portfolio’s income. If interest rates increase, the Portfolio’s yield may not increase proportionately. For example, the Portfolio’s investment manager may discontinue any temporary voluntary fee limitation.

10. Reorganization

On September 19-20, 2022, the Board approved Agreements and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets ofAST Prudential Flexible Multi-Strategy Portfolio (“Prudential Flexible Multi-Strategy”), andAST T. Rowe Price Diversified Real Growth Portfolio (“T. Rowe Price Diversified Real Growth”) (the “Merged Portfolios”) for shares of PSF PGIM Flexible Managed Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on January 24, 2023 and the reorganization took place at the close of business on February 24, 2023.

On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:


Merged Portfolios	Total Investment Value	Total Investment Cost
Prudential Flexible Multi-Strategy	$ 95,229,428		$101,172,903
T. Rowe Price Diversified Real Growth	118,897,074		121,398,225

The purpose of the transaction was to combine three portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on February 24, 2023:

Merged Portfolios

Prudential Flexible Multi-Strategy

6,656,780

T. Rowe Price Diversified Real Growth

7,305,602

Acquiring Portfolio

Class

Value

PSF PGIM Flexible Managed Portfolio

III

5,821,122

$223,240,047

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios was carried forward to reflect the tax-free status of the acquisition.

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The net assets and net unrealized depreciation immediately before the acquisition were as follows:


Merged Portfolios	Unrealized Depreciation on Investments		Net Assets
Prudential Flexible Multi-Strategy		$(5,943,475)		$ 99,727,888
T. Rowe Price Diversified Real Growth		(2,501,151)		123,512,159
Acquiring Portfolio	Class		Net Assets
PSF PGIM Flexible Managed Portfolio		I		$4,048,284,445
		III		3,838,041

Assuming the acquisition had been completed on January 1, 2023, the Acquiring Portfolio’s unaudited pro forma results of operations for the year ended December 31, 2023 would have been as follows:


Acquiring Portfolio	Net investment income (a)	Net realized and unrealized gain on investments (b)	Net increase in net assets resulting from operations
PSF PGIM Flexible Managed Portfolio	$96,121,518	$632,480,338	$728,601,856

(a)	Net investment income as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: Prudential Flexible Multi-Strategy $22,273 and T. Rowe Price Diversified Real Growth $114,621.

(b)

Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolios pre-merger as follows: Prudential Flexible Multi-Strategy $2,016,346 and T. Rowe Price Diversified Real Growth $3,905,254.

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio’s Statement of Operations since February 24, 2023.

On March 14-15, 2023, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PSF Small-Cap Value Portfolio (the “Merged Portfolio”) for shares of PSF Small-Cap Stock Index Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolio, respectively. The reorganization took place at the close of business on June 9, 2023.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:


Merged Portfolio	Total Investment Value		Total Investment Cost
PSF Small-Cap Value Portfolio		$286,063,672		$267,361,367

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on June 9, 2023:

Merged Portfolio

PSF Small-Cap Value Portfolio

9,253,605

Acquiring Portfolio

Class

Value

PSF Small-Cap Stock Index Portfolio

5,405,749

$284,937,009

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

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The net assets and net unrealized appreciation immediately before the acquisition were as follows:


Merged Portfolio	Unrealized Appreciation on Investments		Net Assets
PSF Small-Cap Value Portfolio		$18,702,305		$284,937,009
Acquiring Portfolio	Class		Net Assets
PSF Small-Cap Stock Index Portfolio		I		$822,088,416
		III		9,831,092

Assuming the acquisition had been completed on January 1, 2023, the Acquiring Portfolio’s unaudited pro forma results of operations for the year ended December 31, 2023 would have been as follows:


Acquiring Portfolio	Net investment income (a)	Net realized and unrealized gain on investments (b)	Net increase in net assets resulting from operations
PSF Small-Cap Stock Index Portfolio	$15,109,493	$141,425,452	$156,534,945

(a)	Net investment income as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: PSF Small-Cap Value Portfolio $1,037,935.

(b)	Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: PSF Small-Cap Value Portfolio $277,680.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio’s Statement of Operations since June 9, 2023.

On September 19-20, 2023, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PSF PGIM Jennison Focused Blend Portfolio (the “Merged Portfolio”) for shares of PSF PGIM Jennison Blend Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolio, respectively. The reorganization took place at the close of business on December 8, 2023.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:


Merged Portfolio	Total Investment Value	Total Investment Cost
PSF PGIM Jennison Focused Blend Portfolio	$122,956,664	$94,600,348

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 8, 2023:

Merged Portfolio

Class

PSF PGIM Jennison Focused Blend Portfolio

1,570,026

719,464

III

16,898

Acquiring Portfolio

Class

Value

PSF PGIM Jennison Blend Portfolio

919,306

$86,157,355

407,354

36,934,825

III

9,894

921,230

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

B38

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Merged Portfolio

Class

Unrealized
Appreciation
on Investments

Net Assets

PSF PGIM Jennison Focused Blend Portfolio

$19,700,338

$86,157,355

8,445,334

36,934,825

III

210,644

921,230

Acquiring Portfolio

Class

Net Assets

PSF PGIM Jennison Blend Portfolio

$5,368,410,594

1,738,401

III

1,822,305

Assuming the acquisition had been completed on January 1, 2023, the Acquiring Portfolio’s unaudited pro forma results of operations for the year ended December 31, 2023 would have been as follows:


Acquiring Portfolio	Net investment income (a)	Net realized and unrealized gain on investments (b)	Net increase in net assets resulting from operations
PSF PGIM Jennison Blend Portfolio	$45,865,562	$1,404,376,087	$1,450,241,649

(a)	Net investment income as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: PSF PGIM Jennison Focused Blend Portfolio $569,965.

(b)

Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2023) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolios pre-merger as follows: PSF PGIM Jennison Focused Blend Portfolio $36,444,083.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio’s Statement of Operations since December 8, 2023.

B39

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies - None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Included as part of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

The Prudential Series Fund

Approval of Advisory Agreements

Renewal of Management and Subadvisory Agreements

The Trust’s Board of Trustees

The Board of Trustees (the Board) of The Prudential Series Fund (the Trust, and each series thereof, the Portfolios) consists of eight individuals, seven of whom are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

Annual Approval of the Trust’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Trust’s management agreement with PGIM Investments LLC (PGIM Investments or the Manager) and each Portfolio’s subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 11-12, 2024 (the Meeting) and approved the renewal of the agreements through July 31, 2025, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio’s beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board’s decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from PGIM Investments and subadviser personnel, such as portfolio managers.

The Board determined that the overall arrangements between the Trust and PGIM Investments, which serves as the Trust’s investment manager pursuant to a management agreement, and between PGIM Investments and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Trust, each Portfolio and each Portfolio’s shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by PGIM Investments and each subadviser. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as PGIM Investments’ role as administrator of the Portfolios’ liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc. (PGIM Fixed Income), PGIM Limited (PGIML), Jennison Associates LLC (Jennison) and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), each of which serve as subadvisers to various Portfolios of the Trust, are affiliated with

PGIM Investments. The Board also considered that PGIM Investments pays the salaries of all of the officers and the interested Trustee of the Trust. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PGIM Investments’ and each subadviser’s organizational structure, senior management, investment operations and other relevant information pertaining to PGIM Investments and each subadviser. The Board also noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (CCO) as to PGIM Investments and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by PGIM Investments and each subadviser under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates from serving as the Trust’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. The Board considered information regarding the profitability of PGIM Fixed Income, PGIML, Jennison and PGIM Quantitative Solutions, each of which are affiliates of PGIM Investments, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with PGIM Investments may not be as significant as PGIM Investments’ profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PGIM Investments and the unaffiliated subadvisers, as well as the fact that PGIM investments compensates the subadvisers out of its management fee.

Economies of Scale

The Board received and discussed information concerning whether PGIM Investments realizes economies of scale as the Portfolios’ assets grow beyond current levels. The Board noted that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and the Subadvisers

The Board considered potential ancillary benefits that might be received by PGIM Investments, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by PGIM Investments included compensation received by insurance company affiliates of PGIM Investments from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Trust. The Board also considered information provided by PGIM Investments regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of PGIM Investments at least annually review and represent that the fees and charges of the variable contracts using the Trust’s Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Portfolios / Fees and Expenses / Other Factors

With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio’s inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2023, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio’s benchmark index and/or secondary or custom benchmark index (as applicable) and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio’s actual management fee, as well as each Portfolio’s net total expense ratio, for the calendar year 2023. The Board considered the management fee for each Portfolio as compared to the management fee charged by PGIM Investments to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. The comparisons placed the Portfolios in various quartiles over various periods, with the 1^st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds). To the extent that PGIM Investments deemed appropriate, and for reasons addressed in detail with the Board, PGIM Investments may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board’s consideration.

The sections below summarize certain key factors considered by the Board and the Board’s conclusions regarding each Portfolio’s performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.


PSF Global Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	4^th Quartile	3^rd Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 2^nd Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio underperformed its benchmark index over all periods.

•

The Board considered PGIM Investment’s assertion that performance was primarily attributable to performance in 2022 and 2023 for two of the Portfolio’s sleeves due to sector allocation and an underexposure to value factors. The Board further considered that PGIM Investments is encouraged by the Portolio’s returns in the fourth quarter of 2023, which ranked in the first quartile of its Peer Universe, and the Portfolio’s strong returns over the long term as demonstrated by Portfolio’s five- and ten- year peer rankings in the second and first quartile, respectively.

•

The Board noted that PGIM Investments had contractually agreed to waive 0.012% of its management fee through June 30, 2025. Additionally, the Board noted that PGIM Investments had contractually agreed to waive 0.0345% of its management fee through June 30, 2025.

•

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.


PSF Mid-Cap Growth Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	2^nd Quartile	3^rd Quartile	1^st Quartile	3^rd Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio underperformed its benchmark index over the one- and three-year periods, outperformed its benchmark index over the five-year period, and equaled its benchmark index over the ten-year period.

•

The Board noted that PGIM Investments had contractually agreed to waive 0.013% of its management fee through June 30, 2025.

•

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the management agreement, and that the management fees (including sub-advisory fees) and total expenses were reasonable in light of the services provided.


PSF Natural Resources Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	2^nd Quartile	3^rd Quartile	1^st Quartile	3^rd Quartile
Actual Management Fee: 1^st Quartile
Net Total Expenses: 1^stQuartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one- and five-year periods, and underperformed its benchmark index over the remaining periods.

•

The Board noted that PGIM Investments had contractually agreed to waive 0.008% of its management fee through June 30, 2025.

•

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the management agreement, and that the management fees and total expenses were reasonable in light of the services provided.


PSF PGIM 50/50 Balanced Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^st Quartile	1^st Quartile	1^st Quartile	1^st Quartile
Actual Management Fees: 4^th Quartile
Net Total Expenses: 4^th Quartile

•

The Board noted that the Portfolio outperformed its custom benchmark index over all periods.

•


PSF PGIM Flexible Managed Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^st Quartile	1^st Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 2^nd Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Portfolio outperformed its custom benchmark index over the one-, three- and ten-year periods and underperformed its custom benchmark index over the five-year period.

•

The Board noted that PGIM Investments had contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee plus certain other expenses (subject to certain exclusions) do not exceed 0.62% of the Portfolio’s average daily net assets through June 30, 2025.

•


PSF PGIM Government Income Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^st Quartile	3^rd Quartile	3^rd Quartile	2^nd Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over all periods.

•


PSF PGIM Government Money Market Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^stQuartile	2^nd Quartile	1^st Quartile	3^rd Quartile
Actual Management Fees: 3^rd Quartile
Net Total Expenses: 3^rdQuartile

•

The Board noted that the Portfolio outperformed its benchmark index over all periods.

•

The Board noted that PGIM Investments has voluntarily agreed to limit the management fees of the Portfolio such that the 1-day annualized yield of the Portfolio (excluding capital gain or loss) does not fall below 0.00%.

•


PSF PGIM High Yield Bond Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	3^rd Quartile	2^nd Quartile	1^st Quartile	1^st Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the three-, five-, and ten-year periods and underperformed its benchmark index only over the one-year period.

•

The Board also noted that PGIM Investments contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 0.57% of the Portfolio’s average daily net assets through June 30, 2025.

•


PSF PGIM Jennison Blend Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^stQuartile	4^th Quartile	2^nd Quartile	4^th Quartile
Actual Management Fees: 1^st Quartile
Gross Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one-year period and underperformed its benchmark index over the other periods.

•

The Board considered the Manager’s assertions that the Portfolio’s investment strategy was revised in the fourth quarter of 2023 and performance prior to this time was attributable to the prior investment strategy. In this regard, the Board noted that as of March 31, 2024, the Portfolio ranked in the first quartile for the one-year period.

•


PSF PGIM Jennison Growth Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^stQuartile	3^rd Quartile	1^stQuartile	1^st Quartile
Actual Management Fees: 2^nd Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one- and ten-year periods and underperformed its benchmark index over the three- and five-year periods.

•

The Board also noted that the Portfolio outperformed its Peer Universe median in four of the last seven calendar years.

•


PSF PGIM Jennison Value Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	2^nd Quartile	3^rd Quartile	3^rd Quartile	4^th Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one-, three-, and five-year periods and underperformed its benchmark index over the ten-year period.

•


PSF PGIM Total Return Bond Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	1^st Quartile	2^nd Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over all periods.

•


PSF Small-Cap Stock Index Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	3^rd Quartile	2^nd Quartile	3^rd Quartile	1^st Quartile
Actual Management Fees: 4^th Quartile
Net Total Expenses: 3^rd Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over all periods.

•

The Board considered that the Portfolio’s net total expenses were lower than its peer group median.

•


PSF Stock Index Portfolio
Gross Performance	1 Year	3 Years	5 Years	10 Years
Gross Performance	2^nd Quartile	3^rd Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 4^th Quartile
Net Total Expenses: 4^th Quartile

•

The Board noted that the Portfolio underperformed its benchmark index over the one- and three-year periods, equaled its benchmark index over the five-year period, and outperformed its benchmark index over the ten-year period.

•

The Board also noted that the Manager has voluntarily agreed to waive 0.03% of its management fee through June 30, 2025.

•

**********

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16 –

Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 –

Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 –

Exhibits

(a)(1)

Code of Ethics – Not required, as this is not an annual filing.

(a)(2)

Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.

(a)(3)(1)

Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2)

Change in the registrant’s independent public accountant – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: The Prudential Series Fund


By:		/s/ Andrew R. French
		Andrew R. French Secretary

Date:		August 15, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Timothy S. Cronin
		Timothy S. Cronin
		President and Principal Executive Officer

Date:		August 15, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		August 15, 2024

Realized
Gain (Loss)

PSF Global Portfolio