N-CSRS 1 d222386dncsrs.htm THE PRUDENTIAL VARIABLE CONTRACT ACCOUNT-10 The Prudential Variable Contract Account-10

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:    811-03421
Exact name of registrant as specified in charter:    The Prudential Variable Contract Account - 10
Address of principal executive offices:    655 Broad Street, 6th Floor
   Newark, New Jersey 07102
Name and address of agent for service:    Andrew R. French
   655 Broad Street, 6th Floor
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    800-225-1852
Date of fiscal year end:    12/31/2022
Date of reporting period:    06/30/2022

Item 1 – Reports to Stockholders

 

The MEDLEY Program

 

 

SEMIANNUAL REPORT    June 30, 2022

 

LOGO

The report is for the information of persons participating in The Prudential Variable Contract Account-10 (VCA-10), The Prudential Variable Contract Account-11 (VCA-11), and The Prudential Variable Contract Account-24 (VCA-24) (Collectively known as the “Accounts”) of The MEDLEY Program. VCA-10, VCA-11, and VCA-24 are group annuity insurance products issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102-3777, and are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC, 655 Broad Street, 19th Floor, Newark, NJ 07102. Both are Prudential Financial companies.

The views expressed in this report and information about the Accounts’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of June 30, 2022, were not audited; and accordingly, no auditor’s opinion is expressed on them.

Please note that this report may include prospectus supplements that are separate from and not a part of this report.

 

 

LOGO

The toll-free number shown below can be used to make transfers and reallocations, review how your premiums are being allocated, and receive current investment option values in your contract. Unit values for each investment option are available to all participants from the toll-free number. Please be sure to have your contract number available when you call.

(800) 458-6333

Investors should consider the contract and the underlying portfolios’ investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectuses that can be obtained from your financial professional. You should read the prospectuses carefully before investing.

This report includes the financial statements of VCA-10, and the portfolios of The Prudential Series Fund (the “Funds”) available through VCA-11 and VCA-24.

This report does not include separate account financials for the VCA-11 and VCA-24 Subaccounts. If you would like separate account financial statements, please call the telephone number above.

Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your plan sponsor or licensed financial professional can provide you with costs and complete details. Contract guarantees are based on the claims-paying ability of the issuing company.

Information regarding how the VCA-10 voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the website of the Securities and Exchange Commission (the “Commission”) at www.sec.gov and on VCA-10’s website.

The MEDLEY Program Statement of Additional Information contains additional information about the Committee Members of VCA-10 and is available without charge upon request by calling (800) 458-6333.

VCA-10 will file with the Commission a complete listing of portfolio holdings as of the end of the first and third quarters on Form N-PORT. Form N-PORT will be available on the Commission’s website at www.sec.gov or call (800) 732-0330. MEDLEY participants may obtain copies of Form N-PORT filings by calling (800) 458-6333.

The Prudential MEDLEY Program

 

Table of Contents

   Semiannual Report   June 30, 2022

 

 

  ∎  

LETTER TO PARTICIPANTS

 

  ∎  

VCA-10 PRESENTATION OF PORTFOLIO HOLDINGS

 

  ∎  

VCA-10

Financial Statements

 

  ∎  

VCA-11 AND VCA-24 PRESENTATION OF PORTFOLIO HOLDINGS

 

  ∎  

FEES AND EXPENSES

 

  ∎  

VCA-11 AND VCA-24 THE PRUDENTIAL SERIES FUND PORTFOLIOS

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

 

Glossary

   A1

PSF Global Portfolio

   A2

PSF PGIM 50/50 Balanced Portfolio

   A11

PSF PGIM Flexible Managed Portfolio

   A48

PSF PGIM Government Income Portfolio

   A83

PSF PGIM Government Money Market Portfolio

   A92

PSF PGIM Jennison Blend Portfolio

   A97

PSF PGIM Total Return Bond Portfolio

   A104

PSF Stock Index Portfolio

   A154

Section B Notes to Financial Statements

 

  ∎  

APPROVAL OF ADVISORY AGREEMENTS

The Prudential MEDLEY Program

 

Letter to Participants

   Semiannual Report   June 30, 2022

 

∎  

DEAR PARTICIPANT:

At Prudential, our primary objective is to help investors achieve and maintain long-term financial success. Despite today’s uncertainties, we remain strong and ready to serve and support you. This MEDLEY Program semiannual report outlines our efforts to achieve this goal. We hope you find it informative and useful.

Prudential has been building on a heritage of success for more than 145 years. You can count on our history of financial stability. We are diversified for endurance. Our balanced mix of risks and businesses positions us well to manage through any economic environment. We’ve applied the lessons from decades of challenges to be stronger, because we are committed to keeping our promises to you.

Your financial professional is the best resource to help you make the most informed investment decisions. Together, you can build a diversified investment portfolio that aligns with your long-term financial goals. Please keep in mind that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Thank you for selecting Prudential as one of your financial partners. A strong sense of social responsibility for our clients, our employees, and our communities has been embedded in the company since our founding. It guides our efforts to help our customers achieve peace of mind through financial wellness.

We value your trust and appreciate the opportunity to help you achieve financial security.

Sincerely,

 

LOGO

 

LOGO

Stuart Parker

President,

The Prudential Variable Contract Account 10

  

Timothy S. Cronin

President,

The Prudential Series Fund

July 31, 2022

The Prudential Variable Contract Account-10 (VCA-10)

 

Presentation of Portfolio Holdings — unaudited

   June 30, 2022

 

 VCA-10 (As of 06/30/2022)

 

 Ten Largest Holdings   Line of Business     % of Net Assets  
 Microsoft Corp.   Software     4.0%  
 Eli Lilly & Co.   Pharmaceuticals     3.3%  
 Apple, Inc.   Technology Hardware, Storage & Peripherals     3.1%  
 Bristol-Myers Squibb Co.   Pharmaceuticals     2.7%  
 Chevron Corp.   Oil, Gas & Consumable Fuels     2.4%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services     2.4%  
 Chubb Ltd.   Insurance     2.2%  
 ConocoPhillips   Oil, Gas & Consumable Fuels     2.1%  
 JPMorgan Chase & Co.   Banks     2.1%  
 Goldman Sachs Group, Inc. (The)   Capital Markets     1.9%  

 

 

 

For a complete listing of holdings, refer to the Statement of Net Assets section of this report. Holdings reflect only long-term investments.

FINANCIAL STATEMENTS OF VCA-10

 

 
   STATEMENT OF NET ASSETS (Unaudited)  

June 30, 2022

 

LONG-TERM INVESTMENTS — 96.2%         
COMMON STOCKS    Shares          
Value		  

Aerospace & Defense — 2.5%

 

Airbus SE (France)

      12,246      $ 1,194,923  

Raytheon Technologies Corp.

      25,441        2,445,134  
     

 

 

  
        3,640,057  
     

 

 

  

Airlines — 0.6%

 

Delta Air Lines, Inc.*

      31,280        906,182  
     

 

 

  

Automobiles — 2.5%

 

General Motors Co.*

      33,741        1,071,614  

Tesla, Inc.*

      3,888        2,618,257  
     

 

 

  
        3,689,871  
     

 

 

  

Banks — 7.7%

 

Bank of America Corp.

      81,041        2,522,806  

Citigroup, Inc.

      22,669        1,042,547  

JPMorgan Chase & Co.

      26,857        3,024,367  

PNC Financial Services Group, Inc. (The)

      14,798        2,334,681  

Truist Financial Corp.

      49,396        2,342,852  
     

 

 

  
        11,267,253  
     

 

 

  

Beverages — 1.3%

 

PepsiCo, Inc.

      11,827        1,971,088  
     

 

 

  

Biotechnology — 3.1%

 

AbbVie, Inc.

      17,242        2,640,785  

Amgen, Inc.

      6,487        1,578,287  

Vertex Pharmaceuticals, Inc.*

      1,247        351,392  
     

 

 

  
        4,570,464  
     

 

 

  

Building Products — 1.0%

 

Johnson Controls International PLC

      29,779        1,425,819  
     

 

 

  

Capital Markets — 2.6%

 

Blackstone, Inc.

      11,394        1,039,474  

Goldman Sachs Group, Inc. (The)

      9,539        2,833,274  
     

 

 

  
        3,872,748  
     

 

 

  

Chemicals — 2.3%

 

DuPont de Nemours, Inc.

      19,418        1,079,252  

Linde PLC (United Kingdom)

      8,067        2,319,505  
     

 

 

  
        3,398,757  
     

 

 

  

Communications Equipment — 0.9%

 

Cisco Systems, Inc.

      31,218        1,331,136  
     

 

 

  

Consumer Finance — 0.9%

 

SLM Corp.

      82,753        1,319,083  
     

 

 

  

Containers & Packaging — 1.3%

 

Crown Holdings, Inc.

      20,691        1,907,089  
     

 

 

  

Electric Utilities — 1.2%

 

NextEra Energy, Inc.

      22,826        1,768,102  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.6%

 

Alexandria Real Estate Equities, Inc.

      11,427        1,657,258  

SBA Communications Corp.

      2,210        707,310  
     

 

 

  
        2,364,568  
     

 

 

  
COMMON STOCKS
(continued)		    Shares          
Value		  

Food & Staples Retailing — 2.2%

 

Costco Wholesale Corp.

      2,604      $ 1,248,045  

Walmart, Inc.

      16,711        2,031,723  
     

 

 

  
        3,279,768  
     

 

 

  

Food Products — 1.3%

 

Mondelez International, Inc. (Class A Stock)

      31,299        1,943,355  
     

 

 

  

Health Care Equipment & Supplies — 2.3%

 

Abbott Laboratories

      24,792        2,693,651  

Dexcom, Inc.*

      5,132        382,488  

Intuitive Surgical, Inc.*

      1,702        341,608  
     

 

 

  
        3,417,747  
     

 

 

  

Health Care Providers & Services — 3.9%

 

Centene Corp.*

      21,984        1,860,066  

Cigna Corp.

      4,543        1,197,171  

Laboratory Corp. of America Holdings

      5,774        1,353,195  

UnitedHealth Group, Inc.

      2,643        1,357,524  
     

 

 

  
        5,767,956  
     

 

 

  

Hotels, Restaurants & Leisure — 1.9%

 

Airbnb, Inc. (Class A Stock)*

      5,766        513,635  

McDonald’s Corp.

      9,452        2,333,510  
     

 

 

  
        2,847,145  
     

 

 

  

Household Products — 1.7%

 

Procter & Gamble Co. (The)

      17,040        2,450,182  
     

 

 

  

Insurance — 5.4%

 

Chubb Ltd. (Switzerland)

      16,238        3,192,066  

Marsh & McLennan Cos., Inc.

      8,937        1,387,469  

MetLife, Inc.

      27,530        1,728,609  

RenaissanceRe Holdings Ltd. (Bermuda)

      9,960        1,557,445  
     

 

 

  
        7,865,589  
     

 

 

  

Interactive Media & Services — 3.3%

 

Alphabet, Inc. (Class A Stock)*

      1,633        3,558,732  

Alphabet, Inc. (Class C Stock)*

      489        1,069,663  

ZoomInfo Technologies, Inc.*

      6,805        226,198  
     

 

 

  
        4,854,593  
     

 

 

  

Internet & Direct Marketing Retail — 2.4%

 

Amazon.com, Inc.*

      26,460        2,810,317  

MercadoLibre, Inc. (Argentina)*

      1,027        654,065  
     

 

 

  
        3,464,382  
     

 

 

  

IT Services — 1.9%

 

Adyen NV (Netherlands), 144A*

      734        1,056,732  

Mastercard, Inc. (Class A Stock)

      4,726        1,490,959  

Snowflake, Inc. (Class A Stock)*

      1,972        274,226  
     

 

 

  
        2,821,917  
     

 

 

  

Life Sciences Tools & Services — 1.1%

 

Danaher Corp.

      6,161        1,561,937  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL STATEMENTS OF VCA-10

 

 
   STATEMENT OF NET ASSETS (Unaudited)  

June 30, 2022

 

COMMON STOCKS
(continued)		    Shares          
Value		  

Machinery — 2.8%

 

Deere & Co.

      4,334      $ 1,297,903  

Fortive Corp.

      23,424        1,273,797  

Otis Worldwide Corp.

      21,411        1,513,115  
     

 

 

  
        4,084,815  
     

 

 

  

Multi-Utilities — 2.9%

 

Ameren Corp.

      18,959        1,713,135  

Dominion Energy, Inc.

      32,110        2,562,699  
     

 

 

  
        4,275,834  
     

 

 

  

Oil, Gas & Consumable Fuels — 7.7%

 

Chevron Corp.

      24,700        3,576,066  

ConocoPhillips

      34,633        3,110,390  

Hess Corp.

      20,236        2,143,802  

Williams Cos., Inc. (The)

      76,801        2,396,959  
     

 

 

  
        11,227,217  
     

 

 

  

Personal Products — 0.8%

 

Estee Lauder Cos., Inc. (The) (Class A Stock)

      4,613        1,174,793  
     

 

 

  

Pharmaceuticals — 8.3%

 

AstraZeneca PLC (United Kingdom), ADR

      36,616        2,419,219  

Bristol-Myers Squibb Co.

      51,986        4,002,922  

Eli Lilly & Co.

      14,831        4,808,655  

Novo Nordisk A/S (Denmark), ADR

      7,911        881,523  
     

 

 

  
        12,112,319  
     

 

 

  

Road & Rail — 1.0%

 

Union Pacific Corp.

      6,665        1,421,511  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.6%

 

ASML Holding NV (Netherlands)

      1,204        572,960  

Broadcom, Inc.

      3,109        1,510,383  

Lam Research Corp.

      1,909        813,521  

NVIDIA Corp.

      6,797        1,030,357  

NXP Semiconductors NV (Netherlands)

      8,061        1,193,270  

QUALCOMM, Inc.

      12,518        1,599,049  
     

 

 

  
        6,719,540  
     

 

 

  

Software — 5.4%

 

Atlassian Corp. PLC (Australia) (Class A Stock)*

      2,098        393,165  

Crowdstrike Holdings, Inc. (Class A Stock)*

      2,326        392,071  

HubSpot, Inc.*

      894        268,781  

Microsoft Corp.

      22,503        5,779,446  

Salesforce, Inc.*

      6,654        1,098,176  
     

 

 

  
        7,931,639  
     

 

 

  

Specialty Retail — 0.6%

 

Lowe’s Cos., Inc.

      4,603        804,006  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.1%

 

Apple, Inc.

      33,452        4,573,557  
     

 

 

  
COMMON STOCKS
(continued)		    Shares          
Value		  

Textiles, Apparel & Luxury Goods — 2.1%

 

Lululemon Athletica, Inc. (Canada)*

      2,889      $ 787,570  

LVMH Moet Hennessy Louis Vuitton SE (France)

      2,452        1,499,192  

NIKE, Inc. (Class B Stock)

      7,902        807,585  
     

 

 

  
        3,094,347  
     

 

 

  

TOTAL COMMON STOCKS
(cost $105,213,890)

 

      141,126,366  
     

 

 

  
SHORT-TERM INVESTMENT — 3.7%

 

AFFILIATED MUTUAL FUND

 

PGIM Core Ultra Short Bond Fund
(cost $5,373,971)(a)

      5,373,971        5,373,971  
     

 

 

  

TOTAL INVESTMENTS — 99.9%
(cost $110,587,861)

 

      146,500,337  
     

 

 

  

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

 

Dividends and Interests Receivable

 

      118,151  

Tax Reclaim Receivable

 

      9,770  

Payable for Pending Capital Transactions

 

      (3,220 ) 

Payable for Securities Purchased

 

      (318 ) 
     

 

 

  

OTHER ASSETS IN EXCESS OF LIABILITIES

 

      124,383  
     

 

 

  

NET ASSETS — 100.0%

 

    $ 146,624,720  
     

 

 

  

NET ASSETS, representing:

 

Equity of Participants

 

    $ 146,624,809  

Equity of The Prudential Insurance Company of America

 

      (89 ) 
     

 

 

  
      $ 146,624,720  
     

 

 

  

The following abbreviations are used in the semiannual report:

 

144A   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers.
ADR   American Depositary Receipt

 

*

Non-income producing security.

 

(a)

PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL STATEMENTS OF VCA-10

 

 
   STATEMENT OF NET ASSETS (Unaudited)  

June 30, 2022

 

Fair Value Measurements:

Various inputs are used in determining the value of the Account’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 the Account’s Committee approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2022 in valuing such portfolio securities:

 

    

Level 1

     

Level 2

     

Level 3

  

Investments In Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ 2,445,134      $ 1,194,923      $   —  

Airlines

      906,182        —        —  

Automobiles

      3,689,871        —        —  

Banks

      11,267,253        —        —  

Beverages

      1,971,088        —        —  

Biotechnology

      4,570,464        —        —  

Building Products

      1,425,819        —        —  

Capital Markets

      3,872,748        —        —  

Chemicals

      3,398,757        —        —  

Communications Equipment

      1,331,136        —        —  

Consumer Finance

      1,319,083        —        —  

Containers & Packaging

      1,907,089        —        —  

Electric Utilities

      1,768,102        —        —  

Equity Real Estate Investment Trusts (REITs)

      2,364,568        —        —  

Food & Staples Retailing

      3,279,768        —        —  

Food Products

      1,943,355        —        —  

Health Care Equipment & Supplies

      3,417,747        —        —  

Health Care Providers & Services

      5,767,956        —        —  

Hotels, Restaurants & Leisure

      2,847,145        —        —  

Household Products

      2,450,182        —        —  

Insurance

      7,865,589        —        —  

Interactive Media & Services

      4,854,593        —        —  

Internet & Direct Marketing Retail

      3,464,382        —        —  

IT Services

      1,765,185        1,056,732        —  

Life Sciences Tools & Services

      1,561,937        —        —  

Machinery

      4,084,815        —        —  

Multi-Utilities

      4,275,834        —        —  

Oil, Gas & Consumable Fuels

      11,227,217        —        —  

Personal Products

      1,174,793        —        —  

Pharmaceuticals

      12,112,319        —        —  

Road & Rail

      1,421,511        —        —  

Semiconductors & Semiconductor Equipment

      6,719,540        —        —  

Software

      7,931,639        —        —  

Specialty Retail

      804,006        —        —  

Technology Hardware, Storage & Peripherals

      4,573,557        —        —  

Textiles, Apparel & Luxury Goods

      1,595,155        1,499,192        —  

Short-Term Investment

         

Investments In Securities

         

Assets

         

Affiliated Mutual Fund

      5,373,971        —          —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 142,749,490      $ 3,750,847      $ —  
  

 

 

     

 

 

     

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL STATEMENTS OF VCA-10

 

 
   STATEMENT OF NET ASSETS (Unaudited)  

June 30, 2022

 

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, 2022 were as follows (unaudited):

 

Pharmaceuticals

      8.3 % 

Banks

      7.7  

Oil, Gas & Consumable Fuels

      7.7  

Software

      5.4  

Insurance

      5.4  

Semiconductors & Semiconductor Equipment

      4.6  

Health Care Providers & Services

      3.9  

Affiliated Mutual Fund

      3.7  

Interactive Media & Services

      3.3  

Technology Hardware, Storage & Peripherals

      3.1  

Biotechnology

      3.1  

Multi-Utilities

      2.9  

Machinery

      2.8  

Capital Markets

      2.6  

Automobiles

      2.5  

Aerospace & Defense

      2.5  

Internet & Direct Marketing Retail

      2.4  

Health Care Equipment & Supplies

      2.3  

Chemicals

      2.3  

Food & Staples Retailing

      2.2  

Textiles, Apparel & Luxury Goods

      2.1  

Hotels, Restaurants & Leisure

      1.9 % 

IT Services

      1.9  

Household Products

      1.7  

Equity Real Estate Investment Trusts (REITs)

      1.6  

Beverages

      1.3  

Food Products

      1.3  

Containers & Packaging

      1.3  

Electric Utilities

      1.2  

Life Sciences Tools & Services

      1.1  

Building Products

      1.0  

Road & Rail

      1.0  

Communications Equipment

      0.9  

Consumer Finance

      0.9  

Personal Products

      0.8  

Airlines

      0.6  

Specialty Retail

      0.6  
  

 

 

  
     99.9  

Other assets in excess of liabilities

      0.1  
  

 

 

  
     100.0 % 
  

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL STATEMENTS OF VCA-10

 

 
   STATEMENT OF OPERATIONS (Unaudited)  

Six Months Ended June 30, 2022

 

          

INVESTMENT INCOME

   

Unaffiliated Dividend Income (net of $7,187 foreign withholding tax)

    $ 1,419,556  

Affiliated Dividend Income

      11,089  

Total Income

      1,430,645  

EXPENSES

   

Fees Charged to Participants for Investment Management Services

      (100,467 ) 

Fees Charged to Participants for Administrative Expenses:

   

Standard Contract

      (267,838 ) 

0.50% Contract

      (3,034 ) 

0.45% Contract

      (5,215 ) 

Total Expenses

      (376,554 ) 

NET INVESTMENT INCOME

      1,054,091  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

   

Net Realized Gain (Loss) on:

   

Investment Transactions

      2,235,689  

Foreign Currency Transactions

      (1,423 ) 
       2,234,266  

Net Change in Unrealized Appreciation (Depreciation) on:

   

Investments

      (41,298,194 ) 

Foreign Currencies

      (68 ) 
       (41,298,262 ) 

NET LOSS ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      (39,063,996 ) 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ (38,009,905 ) 

 

 
   STATEMENT OF CHANGES IN NET ASSETS (Unaudited)  

 

        Six Months Ended
June 30, 2022		     Year Ended
December 31, 2021		  

OPERATIONS

       

Net Investment Income

      $ 1,054,091     $ 846,032  

Net Realized Gain on Investment and Foreign Currency Transactions

        2,234,266       19,971,655  

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies

        (41,298,262 )      13,805,295  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (38,009,905 )      34,622,982  

CAPITAL TRANSACTIONS

       

Purchase Payments and Transfers In

        365,513       2,651,267  

Withdrawals and Transfers Out

        (7,083,688 )      (16,578,727 ) 

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS

        (6,718,175 )      (13,927,460 ) 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SURPLUS TRANSFERS

        (398,157 )      176  

TOTAL INCREASE (DECREASE) IN NET ASSETS

        (45,126,237 )      20,695,698  

NET ASSETS

       

Beginning of period

        191,750,957       171,055,259  

End of period

      $ 146,624,720     $ 191,750,957  

Accumulation Unit Values and Equity of Participants as of June 30, 2022

 

Standard Contract:

   

Accumulation Unit Value and Equity of Participants, $ 132,507,639/ 5,144,675 Accumulation Units

    $ 25.7563  
  

 

 

  

0.50% Contract:

   

Accumulation Unit Value and Equity of Participants, $ 4,510,261/ 153,825 Accumulation Units

    $ 29.3207  
  

 

 

  

0.45% Contract:

   

Accumulation Unit Value and Equity of Participants, $ 9,606,909/ 325,792 Accumulation Units

    $ 29.4879  
  

 

 

  

Accumulation Unit Value may not recalculate due to rounding.

   

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS FOR VCA-10

 

 
   INCOME PER ACCUMULATION UNIT* (Unaudited)  

(For an Accumulation Unit outstanding throughout the period)

 

       Six Months Ended June 30, 2022     Year Ended December 31, 2021  
        Standard
Contract		     0.50%
Contract		     0.45%
Contract		     Standard
Contract		      0.50%
Contract		     0.45%
Contract		  

Investment Income

      $ 0.2479     $ 0.2814     $ 0.2830     $ 0.4237      $ 0.4795     $ 0.4820  

Expenses

                

Investment management fee

        (0.0361 )      (0.0411 )      (0.0413 )      (0.0754 )       (0.0854 )      (0.0858 ) 

Administrative expenses

        (0.1081 )      (0.0411 )      (0.0330 )      (0.2256 )       (0.0854 )      (0.0687 ) 

Net Investment Income

        0.1037       0.1992       0.2087       0.1227        0.3087       0.3275  

Net realized and unrealized gain (loss) on investment and foreign currency transactions .

        (6.7467 )      (7.6709 )      (7.7139 )      5.4505        6.1710       6.2028  

Net Increase (Decrease) in Accumulation Unit Value

        (6.6430 )      (7.4717 )      (7.5052 )      5.5732        6.4797       6.5303  

Accumulation Unit Value

                

Beginning of period

        32.3993       36.7924       36.9931       26.8261        30.3127       30.4628  

End of period

      $ 25.7563     $ 29.3207     $ 29.4879     $ 32.3993      $ 36.7924     $ 36.9931  

Total Return**

        (20.50 )%      (20.31 )%      (20.29 )%      20.78 %       21.38 %      21.44 % 

Ratio of Expenses To Average Net Assets***

        1.00 %†      0.50 %†      0.45 %†      1.00 %       0.50 %      0.45 % 

Ratio of Net Investment Income To Average Net Assets***

        0.71 %†      1.20 %†      1.25 %†      0.41 %       0.91 %      0.96 % 

Portfolio Turnover Rate

        20 %††      20 %††      20 %††      36 %       36 %      36 % 

Number of Accumulation Units Outstanding
For Participants at end of period (000’s omitted)

        5,145       154       326       5,359        157       334  

 

*

Calculated by accumulating the actual per unit amounts daily.

**

Total return does not consider the effects of sales loads. 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

***

These calculations exclude PICA’s equity in VCA-10.

†

Annualized.

††

Not Annualized.

The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS FOR VCA-10

 

 
   INCOME PER ACCUMULATION UNIT* (Unaudited)  

(For an Accumulation Unit outstanding throughout the year)

 

       Year Ended December 31, 2020      Year Ended December 31, 2019  
        Standard
Contract		      0.50%
Contract		      0.45%
Contract		      Standard
Contract		      0.50%
Contract		     0.45%
Contract		  

Investment Income

      $ 0.4113      $ 0.4630      $ 0.4651      $ 0.4116      $ 0.4617     $ 0.4633  

Expenses

                   

Investment management fee

        (0.0563 )       (0.0634 )       (0.0637 )       (0.0516 )       (0.0579 )      (0.0581 ) 

Administrative expenses

        (0.1684 )       (0.0634 )       (0.0510 )       (0.1544 )       (0.0579 )      (0.0465 ) 

Net Investment Income

        0.1866        0.3362        0.3504        0.2056        0.3459       0.3587  

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        3.8615        4.3654        4.3873        4.6253        5.1859       5.2076  

Net Increase (Decrease) in Accumulation Unit Value

        4.0481        4.7016        4.7377        4.8309        5.5318       5.5663  

Accumulation Unit Value

                   

Beginning of year

        22.7780        25.6111        25.7251        17.9471        20.0793       20.1588  

End of year

      $ 26.8261      $ 30.3127      $ 30.4628      $ 22.7780      $ 25.6111     $ 25.7251  

Total Return**

        17.77 %       18.36 %       18.42 %       26.89 %       27.52 %      27.58 % 

Ratio of Expenses To Average Net Assets***

        1.00 %       0.50 %       0.45 %       1.00 %       0.50 %      0.45 % 

Ratio of Net Investment Income To Average Net Assets***

        0.83 %       1.32 %       1.37 %       1.00 %       1.50 %      1.55 % 

Portfolio Turnover Rate

        56 %       56 %       56 %       48 %       48 %      48 % 

Number of Accumulation Units Outstanding
For Participants at end of year (000’s omitted)

        5,772        165        368        6,347        179       398  

 

*

Calculated by accumulating the actual per unit amounts daily.

**

Total return does not consider the effects of sales loads. 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

***

These calculations exclude PICA’s equity in VCA-10.

The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.

 

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS FOR VCA-10

 

 
   INCOME PER ACCUMULATION UNIT (Unaudited)  

(For an Accumulation Unit outstanding throughout the year)

 

       Year Ended December 31, 2018      Year Ended December 31, 2017  
        Standard
Contract		      0.50%
Contract		      0.45%
Contract		      Standard
Contract		      0.50%
Contract		     0.45%
Contract		  

Investment Income

      $ 0.3666      $ 0.4087      $ 0.4102      $ 0.2909      $ 0.3229     $ 0.3239  

Expenses

                   

Investment management fee

        (0.0500 )       (0.0558 )       (0.0560 )       (0.0440 )       (0.0489 )      (0.0491 ) 

Administrative expenses

        (0.1497 )       (0.0558 )       (0.0448 )       (0.1318 )       (0.0489 )      (0.0392 ) 

Net Investment Income

        0.1669        0.2971        0.3094        0.1151        0.2251       0.2356  

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        (1.7016 )       (1.9064 )       (1.9142 )       3.4389        3.8193       3.8316  

Net Increase (Decrease) in Accumulation Unit Value

        (1.5347 )       (1.6093 )       (1.6048 )       3.5540        4.0444       4.0672  

Accumulation Unit Value

                   

Beginning of year

        19.4818        21.6886        21.7635        15.9278        17.6442       17.6963  

End of year

      $ 17.9471      $ 20.0793      $ 20.1588      $ 19.4818      $ 21.6886     $ 21.7635  

Total Return**

        (7.88 )%       (7.42 )%       (7.37 )%       22.31 %       22.92 %      22.98 % 

Ratio of Expenses To Average Net Assets***

        1.00 %       0.50 %       0.45 %       1.00 %       0.50 %      0.45 % 

Ratio of Net Investment Income To Average Net Assets***

        0.84 %       1.34 %       1.39 %       0.65 %       1.15 %      1.20 % 

Portfolio Turnover Rate

        36 %       36 %       36 %       49 %       49 %      49 % 

Number of Accumulation Units Outstanding
For Participants at end of year (000’s omitted)

        7,081        181        427        7,755        190       474  

 

**

Total return does not consider the effects of sales loads. 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

***

These calculations exclude PICA’s equity in VCA-10.

The above table does not reflect the annual administration charge, which does not affect the Accumulation Unit Value. This charge is made by reducing Participants’ Accumulation Accounts by a number of Accumulation Units equal in value to the charge.

 

SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS OF

VCA-10 (Unaudited)

 

Note 1:   Organization

The Prudential Variable Contract Account-10 (“VCA-10” or the “Account”) was established on March 1, 1982 by The Prudential Insurance Company of America (“PICA”) under the laws of the State of New Jersey and is registered as an open-end, diversified management investment company under the Investment Company Act of 1940 (“1940 Act”), as amended. VCA-10 has been designed for use by employers (“Contractholders”) in making retirement arrangements on behalf of their employees (“Participants”). The investment objective of the Account is long-term growth of capital.

PICA issues standard VCA-10 contracts with annual expenses of 1.00%, as a percentage of net assets, (the “Standard Contracts”), contracts with annual expenses of 0.50%, as a percentage of net assets, (the “0.50% Contracts”), and contracts with annual expenses of 0.45%, as a percentage of net assets, (the “0.45% Contracts”). The financial statements show separate Accumulation Unit Values for each type of contract.

 

Note 2:   Accounting Policies

The Account follows 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 accounting policies conform to U.S. generally accepted accounting principles (“GAAP”). The Account consistently follows such policies in the preparation of its financial statements.

Securities Valuation:    The Account holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Account’s Committee Members (the “Committee”) have adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Committee’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Account 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. A record of the Valuation Committee’s actions is subject to the Committee’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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 Account’s foreign investments may change on days when investors cannot purchase or redeem Account shares.

Various inputs determine how the Account’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the table following the Account’s Statement of Net Assets 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, and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are 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 the Account 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 (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Committee. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Foreign Currency Translation:    The books and records of the Account are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i)  market value of investment securities, other assets and liabilities — at the current rates of exchange;

(ii)  purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Account are presented at the foreign exchange rates and market values at the close of the period, the Account does 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 Account does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Account’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

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 Account becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income and realized and unrealized gain (losses) (other than administrative fees) are allocated to the Participants and PICA on a daily basis in proportion to their respective ownership in VCA-10.

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.

Federal Income Taxes:    The operations of VCA-10 are part of, and are taxed with, the operations of PICA. Under the current provisions of the Internal Revenue Code, PICA does not expect to incur federal income taxes on earnings of VCA-10 to the extent the earnings are credited under the Contracts. As a result, the Unit Value of VCA-10 has not been reduced by federal income taxes.

Note 3:   Investment Management Agreement and Charges

The Account has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with management of the Account. PGIM Investments pays for the services of Jennison.

VCA-10 is subject to fees for investment management and administration services. PICA may impose a reduced administrative fee where warranted by economies of scale and the expense characteristics of the employer, association or trust to which PICA has issued a contract.

Standard Contracts have an effective annual rate of up to 1.00% of the current value of the Participant’s account of which 0.75% is paid to PICA for administrative expenses not provided by the annual account charge (explained below), and 0.25% is paid to PGIM Investments, for investment management services. The 0.50% contracts have an effective annual rate of up to 0.50% of the current value of the Participant’s account of which 0.25% is paid to PICA for administrative expenses not provided by the annual account charge, and 0.25% is paid to PGIM Investments, for investment management services. The 0.45% contracts have an effective annual rate of up to 0.45% of the current value of the Participant’s account of which 0.20% is paid to PICA for administrative expenses not provided by the annual account charge, and 0.25% is paid to PGIM Investments, for investment management services.

An annual account charge of not more than $30 is deducted from the account of each Participant, if applicable, at the time of withdrawal of the value of all of the Participant’s account or on the last business day of each calendar year. Such amounts are reflected as withdrawals on the Statements of Changes in Net Assets.

PICA, PGIM Investments and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc.

 

Note 4:   Other Transactions with Affiliates

During the six months ended June 30, 2022, the Account invested in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a portfolio of Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PGIM Investments. Through the Account’s investment in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated Dividend Income”.

The Account may enter into certain securities purchase or sale transactions under Committee 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, and/or common officers. Such transactions are subject to ratification by the Committee. For the six months ended June 30, 2022, no 17a-7 transactions were entered into by the Account.

 

Note 5:   Portfolio Securities

For the six months ended June 30, 2022, the aggregate cost of purchases and the proceeds from sales of securities, excluding short-term investments, were $33,258,330 and $41,370,893, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the six months ended June 30, 2022, is presented as follows:

 

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 Fund:

 

PGIM Core Ultra Short Bond Fund(1)(a)

 

$3,372,443

    $16,403,694    $ 14,402,166      $  —      $  —      $ 5,373,971        5,373,971      $ 11,089  

 

   

 

   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (1)

The Account did not have any capital gain distributions during the reporting period.

  (a)

PGIM Investments LLC, the manager of the Account, also serves as manager of the PGIM Core Ultra Short Bond Fund.

Note 6:   Unit Transactions    

The number of Accumulation Units issued and redeemed for the six months ended June 30, 2022 and the year ended December 31, 2021, respectively, are as follows:    

 

Standard Contracts

    Units     Amount  

Six months ended June 30, 2022:

     

Account units issued

      12,633     $ 365,513  

Account units redeemed

      (226,788 )      (6,707,616 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (214,155 )    $ (6,342,103 ) 
  

 

 

    

 

 

  

Year ended December 31, 2021:

     

Account units issued

      87,015     $ 2,651,267  

Account units redeemed

      (500,008 )      (15,140,575 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (412,993 )    $ (12,489,308 ) 
  

 

 

    

 

 

  

0.50% Contracts

    Units     Amount  

Six months ended June 30, 2022:

     

Account units issued

      —     $ —  

Account units redeemed

      (3,529 )      (121,336 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (3,529 )    $ (121,336 ) 
  

 

 

    

 

 

  

Year ended December 31, 2021:

     

Account units issued

      —     $ —  

Account units redeemed

      (7,548 )      (249,034 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (7,548 )    $ (249,034 ) 
  

 

 

    

 

 

  

0.45% Contracts

    Units     Amount  

Six months ended June 30, 2022:

     

Account units issued

      —     $ —  

Account units redeemed

      (7,762 )      (254,736 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (7,762 )    $ (254,736 ) 
  

 

 

    

 

 

  

Year ended December 31, 2021:

     

Account units issued

      —     $ —  

Account units redeemed

      (34,808 )      (1,189,118 ) 
  

 

 

    

 

 

  

Net increase (decrease) in units outstanding

      (34,808 )    $ (1,189,118 ) 
  

 

 

    

 

 

  

 

Note 7:   Net Increase (Decrease) In Net Assets Resulting From Surplus Transfers

The increase (decrease) in net assets resulting from surplus transfers represents the net increase to/(reductions from) PICA’s investment in the Account.

 

Note 8:   Participant Loans

Loans are considered to be withdrawals from the Account from which the loan amount was deducted, though they are not considered a withdrawal from the MEDLEY Program. Withdrawals, transfers and loans from VCA-10 are considered to be withdrawals of contributions until all of the Participant’s contributions to the Account have been withdrawn, transferred or borrowed.

For the six months ended June 30, 2022, $15,429 in participant loans were withdrawn from VCA-10 and $33,289 of principal and interest was repaid to VCA-10. For the year ended December 31, 2021, $43,132 in participant loans were withdrawn from VCA-10 and $53,193 of principal and interest was repaid to VCA-10. Loan repayments are invested in Participant’s account(s) as chosen by the Participant, which may not necessarily be VCA-10. The initial loan proceeds which are being repaid may not necessarily have originated solely from VCA-10. During the six months ended June 30, 2022, PICA has advised the Account that it received $228 in loan origination fees. The participant loan principal and interest repayments are included in purchase payments and transfers within the Statement of Changes in Net Assets.

Note 9:   Risks of Investing in the Account

The Account’s risks include, but are not limited to, some or all of the risks discussed below. For further informationon the Account’s risk, please refer to the Account’s Prospectus and Statement of Additional Information.

Risks Associated with Variable Investment Options:    You take all the investment risk for amounts allocated to the Investment Options. If the assets in an Investment Option increase in value, then your Unit Value goes up; if they decrease in value, your Unit Value goes down. How much your Unit Value goes up or down depends on the performance of the Investment Options. We do not guarantee the investment results of the Investment Options. An investment in any Contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the Investment Options.

Insurance Company Risk:    No company other than PICA has any legal responsibility to pay amounts that PICA owes under the Contracts. You should look to the financial strength of PICA for its claims-paying ability. PICA is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, including cybersecurity attacks, political and social developments, and military and governmental actions. These risks are often collectively referred to as “business continuity” risks. These events could adversely affect PICA and our ability to conduct business and process transactions. Although PICA has business continuity plans, it is possible that the plans may not operate as intended or required and that PICA may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.

Annuitization:    Once you annuitize your interest under a Contract, your decision is irrevocable. The impacts of this decision are:

 

  •  

Your Unit Value is no longer available to you to allocate among Investment Options (to the extent allowed under the Contracts) or make further withdrawals. Instead, you will be paid a stream of annuity payments.

 

  •  

You generally cannot change the payment stream you chose once it has begun.

 

  •  

The Death Benefit terminates upon annuitization.

Possible Adverse Tax Consequences:    The tax considerations associated with the Contracts vary and can be complicated. The tax considerations discussed in this prospectus are general in nature and describe only federal income tax law (not state, local, foreign or other federal tax laws). The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. Before payments are made under the Contracts for your benefit or taking other action related to your Contracts, you should consult with a qualified tax adviser for complete information and advice.

Not a Short-Term Investment:    The Contracts are not short-term investment vehicles and are not an appropriate investment for an investor who needs ready access to cash. The Contracts are designed to provide benefits on a long-term basis. Consequently, you should not use the Contracts as short-term investment or savings vehicles. Because of the long-term nature of the Contracts, you should consider whether investing Contributions in the Contracts is consistent with the purpose for which the investment is being considered.

Risk of Loss:    All investments have risks to some degree and it is possible that you could lose money by investing in the Contracts. Investments in the Contracts are not deposits with a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

 

Note 10:   Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for the Account Committee’s assignment of its responsibility for the execution of valuation-related activities to the Account’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Account.

Note 11:   Subsequent Event

At its March Meeting, the Committee approved the restructuring of VCA-10 which will change VCA-10 from a management investment company overseen by the Committee to a unit investment trust invested solely in shares of an underlying fund — the Fidelity VIP index 500 Portfolio. The restructuring is expected to take place in December 2022, subject to participant approval.

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Account has adopted and implemented a liquidity risk management program (the “LRMP”). The Account’s LRMP seeks to assess and manage the Account’s liquidity risk, which is defined as the risk that the Account is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Account. The Account’s Committee Members (the “Committee”) has approved PGIM Investments LLC (“PGIM Investments”), the Account’s investment manager, to serve as the administrator of the Account’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Account’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Account’s LRMP includes no less than annual assessments of factors that influence the Account’s liquidity risk; no less than monthly classifications of the Account’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Account’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Account does not invest primarily in highly liquid investments; and regular reporting to the Committee.

At a meeting of the Committee on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Committee addressing the operation, adequacy, and effectiveness of the Account’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Account’s LRMP was reasonably designed to assess and manage the Account’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Account’s investment strategies continue to be appropriate given the Account’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Account, including liquidity risks presented by the Account’s investment portfolio, is found in the Account’s Prospectus and Statement of Additional Information.

The Prudential Series Fund

The following pages represent information on the Prudential Series Fund Portfolios. Returns are at the Portfolio level, not at the Subaccount level.

Each Subaccount of VCA-11 and VCA-24 will invest in the corresponding Portfolio of the Prudential Series Fund (the “Fund”). Of the Portfolios comprising the Fund, eight Portfolios are presently available to The MEDLEY Program. The PSF PGIM 50/50 Balanced Subaccount invests in the PSF PGIM 50/50 Balanced Portfolio, the PSF PGIM Total Return Bond Subaccount invests in the PSF PGIM Total Return Bond Portfolio, the PSF PGIM Jennison Blend Subaccount invests in the PSF PGIM Jennison Blend Portfolio, the PSF PGIM Flexible Managed Subaccount invests in the PSF PGIM Flexible Managed Portfolio, the PSF Global Subaccount invests in the PSF Global Portfolio, the PSF PGIM Government Income Subaccount invests in the PSF PGIM Government Income Portfolio, the PSF PGIM Government Money Market Subaccount invests in the PSF PGIM Government Money Market Portfolio, and the PSF Stock Index Subaccount invests in the PSF Stock Index Portfolio.

There is no assurance that the investment objective of the Portfolios will be attained, nor is there any guarantee that the amount available to a Participant will equal or exceed the total contributions made on that Participant’s behalf. The value of the investments held in each account may fluctuate daily and is subject to the risks of both changing economic conditions and the selection of investments necessary to meet the Subaccounts’ or Portfolios’ objectives.

Important Note

This information supplements the financial statements and other information included in this Report to Participants in The MEDLEY Program. It highlights the investment performance of the eight portfolios of the Fund which are available through the Prudential Variable Contract Accounts 11 and 24. The rates of return quoted on the following pages reflect deduction of investment management fees and portfolio expenses, but not product charges. They reflect the reinvestment of dividend and capital gains distributions. They are not an estimate or a guarantee of future performance.

Contract unit values increase or decrease based on the performance of each corresponding Portfolio and when redeemed, may be worth more or less than original cost. Changes in contract values depend not only on the investment performance of each Portfolio but also on the insurance, administrative charges and applicable sales charges, if any, under a contract. These contract charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses.

The Prudential Series Fund

 

Presentation of Portfolio Holdings — unaudited

   June 30, 2022

 

 PSF Global Portfolio (As of 06/30/2022)    
 Ten Largest Holdings   Line of Business   Country     % of Net Assets  
 Microsoft Corp.   Software   United States     4.1%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services   United States     1.9%  
 Amazon.com, Inc.   Internet & Direct Marketing Retail   United States     1.6%  
  Apple, Inc.   Technology Hardware, Storage & Peripherals   United States     1.5%  
 Southern Co. (The)   Electric Utilities   United States     1.2%  
 TotalEnergies SE, ADR   Oil, Gas & Consumable Fuels   France     1.2%  
 Thermo Fisher Scientific, Inc.   Life Sciences Tools & Services   United States     1.1%  
 Becton, Dickinson & Co.   Health Care Equipment & Supplies   United States     1.1%  
 Mastercard, Inc. (Class A Stock)   IT Services   United States     1.1%  
 Wells Fargo & Co.   Banks   United States     1.1%  

 

 PSF PGIM 50/50 Balanced Portfolio (As of 06/30/2022)    
 Ten Largest Holdings   Line of Business     % of Net Assets  
 Apple, Inc.   Technology Hardware, Storage & Peripherals     3.1%  
 Microsoft Corp.   Software     2.8%  
 Amazon.com, Inc.   Internet & Direct Marketing Retail     1.4%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services     1.0%  
 Alphabet, Inc. (Class C Stock)   Interactive Media & Services     0.9%  
 Tesla, Inc.   Automobiles     0.8%  
 Berkshire Hathaway, Inc. (Class B Stock)   Diversified Financial Services     0.7%  
 UnitedHealth Group, Inc.   Health Care Providers & Services     0.7%  
 Johnson & Johnson   Pharmaceuticals     0.7%  
 NVIDIA Corp.   Semiconductors & Semiconductor Equipment     0.6%  

 

 PSF PGIM Flexible Managed Portfolio (As of 06/30/2022)  
 Ten Largest Holdings   Line of Business     % of Net Assets  
 Apple, Inc.   Technology Hardware, Storage & Peripherals     3.8%  
 Microsoft Corp.   Software     3.7%  
 Amazon.com, Inc.   Internet & Direct Marketing Retail     1.4%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services     1.3%  
 Tesla, Inc.   Automobiles     1.2%  
 Alphabet, Inc. (Class C Stock)   Interactive Media & Services     1.1%  
 UnitedHealth Group, Inc.   Health Care Providers & Services     1.1%  
 Visa, Inc. (Class A Stock)   IT Services     0.9%  
 Pfizer, Inc.   Pharmaceuticals     0.9%  
 Berkshire Hathaway, Inc. (Class B Stock)   Diversified Financial Services     0.9%  

 

 

 

 

 

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

The Prudential Series Fund

 

Presentation of Portfolio Holdings — unaudited (continued)

   June 30, 2022

 

 PSF PGIM Government Income Portfolio (As of 06/30/2022)  
 Credit Quality     % of Total Investments
 AAA     97.9%  
 Cash/Cash Equivalents     2.1%  
 Total Investments     100.0%  

 

 PSF PGIM Government Money Market Portfolio (As of 06/30/2022)    
 Ten Largest Holdings   Interest Rate   Maturity Date     % of Net Assets  
 Federal Home Loan Bank   1.600%   08/12/2022     2.9%  
 Federal Home Loan Bank   1.515%   08/30/2022     1.9%  
 Federal Home Loan Bank   0.902%   07/29/2022     1.9%  
 Federal Home Loan Bank   1.088%   08/17/2022     1.9%  
 Federal Home Loan Bank   1.003%   08/12/2022     1.9%  
 Federal Home Loan Bank   1.520%   07/26/2022     1.8%  
 Federal Home Loan Bank   1.515%   09/15/2022     1.8%  
 Federal Home Loan Bank   1.520%   09/16/2022     1.8%  
 Federal Home Loan Bank   1.530%   12/19/2022     1.8%  
 Federal Home Loan Bank   1.515%   07/29/2022     1.8%  

Holdings reflect only short-term investments.

 

 PSF PGIM Jennison Blend Portfolio (As of 06/30/2022)    
 Ten Largest Holdings   Line of Business     % of Net Assets  
 ConocoPhillips   Oil, Gas & Consumable Fuels     5.2%  
 Apple, Inc.   Technology Hardware, Storage & Peripherals     4.9%  
 Microsoft Corp.   Software     4.4%  
 Tesla, Inc.   Automobiles     3.8%  
 Eli Lilly & Co.   Pharmaceuticals     3.3%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services     3.3%  
 Amazon.com, Inc.   Internet & Direct Marketing Retail     3.0%  
 Abbott Laboratories   Health Care Equipment & Supplies     2.2%  
 Bristol-Myers Squibb Co.   Pharmaceuticals     2.2%  
 AstraZeneca PLC (United Kingdom), ADR   Pharmaceuticals     2.1%  

 

 PSF PGIM Total Return Bond Portfolio (As of 06/30/2022)  
 Credit Quality     % of Total Investments  
 AAA     45.4%  
 AA     3.5%  
 A     11.3%  
 BBB     19.4%  
 BB     10.6%  
 B     3.7%  
 CCC     1.4%  
 NR     6.2%  
 Cash/Cash Equivalents     -1.5%  
 Total Investments     100.0%  

 

 

 

Credit ratings reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Ratings category may include derivative instruments that could have a negative value. Credit ratings are subject to change.

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

The Prudential Series Fund

 

Presentation of Portfolio Holdings — unaudited (continued)

   June 30, 2022

 

 PSF Stock Index Portfolio (As of 06/30/2022)    
 Ten Largest Holdings   Line of Business     % of Net Assets  
 Apple, Inc.   Technology Hardware, Storage & Peripherals     6.4%  
 Microsoft Corp.   Software     5.9%  
 Amazon.com, Inc.   Internet & Direct Marketing Retail     2.8%  
 Alphabet, Inc. (Class A Stock)   Interactive Media & Services     2.0%  
 Alphabet, Inc. (Class C Stock)   Interactive Media & Services     1.8%  
 Tesla, Inc.   Automobiles     1.7%  
 Berkshire Hathaway, Inc. (Class B Stock)   Diversified Financial Services     1.5%  
 UnitedHealth Group, Inc.   Health Care Providers & Services     1.5%  
 Johnson & Johnson   Pharmaceuticals     1.4%  
 NVIDIA Corp.   Semiconductors & Semiconductor Equipment     1.2%  

 

 

 

 

 

 

 

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

The Prudential MEDLEY Program

 

Fees and Expenses — unaudited

   June 30, 2022

 

As a contract owner investing in Portfolios of the Fund through a variable annuity or variable life contract, you incur ongoing costs, including management fees, and other Portfolio expenses.This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other investment options.This example does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shown below would be higher. Please consult the prospectus for your contract for more information about contract fees and charges.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 2022.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the Portfolio expenses you paid on your account during this period. As noted above, the table does not reflect variable contract fees and charges.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other investment options.To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other investment options.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any contract fees and charges, such as sales charges (loads), insurance charges or administrative charges.Therefore the second line of the table is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owning different contracts. In addition, if these contract fees and charges were included, your costs would have been higher.

 

The Prudential Series Fund Portfolios          Beginning
Account Value
January 1, 2022		    Ending
Account Value
June 30, 2022		    Annualized Expense
Ratio Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period*

PSF Global (Class I)

    Actual    $1,000.00    $   789.70    0.74%    $3.28
   Hypothetical    $1,000.00    $1,021.12    0.74%    $3.71

PSF Global (Class III)

    Actual    $1,000.00    $   788.60    0.99%    $4.39
   Hypothetical    $1,000.00    $1,019.89    0.99%    $4.96

PSF PGIM 50/50 Balanced (Class I)

    Actual    $1,000.00    $   852.50    0.57%    $2.62
   Hypothetical    $1,000.00    $1,021.97    0.57%    $2.86

PSF PGIM 50/50 Balanced (Class III)

    Actual    $1,000.00    $   851.50    0.82%    $3.76
   Hypothetical    $1,000.00    $1,020.73    0.82%    $4.11

PSF PGIM Flexible Managed (Class I)

    Actual    $1,000.00    $   853.90    0.62%    $2.85
   Hypothetical    $1,000.00    $1,021.72    0.62%    $3.11

PSF PGIM Flexible Managed (Class III)

    Actual    $1,000.00    $   852.90    0.87%    $4.00
   Hypothetical    $1,000.00    $1,020.48    0.87%    $4.36

PSF PGIM Government Income (Class I)

    Actual    $1,000.00    $   898.90    0.49%    $2.31
   Hypothetical    $1,000.00    $1,022.36    0.49%    $2.46

PSF PGIM Government Income (Class III)

    Actual    $1,000.00    $   897.40    0.74%    $3.48
   Hypothetical    $1,000.00    $1,021.12    0.74%    $3.71

PSF PGIM Government Money Market (Class I)

    Actual    $1,000.00    $1,000.90    0.22%    $1.09
   Hypothetical    $1,000.00    $1,023.70    0.22%    $1.10

PSF PGIM Government Money Market (Class III)

    Actual    $1,000.00    $1,000.50    0.29%    $1.44
   Hypothetical    $1,000.00    $1,023.36    0.29%    $1.45

PSF PGIM Jennison Blend (Class I)

    Actual    $1,000.00    $   736.00    0.46%    $1.98
   Hypothetical    $1,000.00    $1,022.51    0.46%    $2.31

The Prudential MEDLEY Program

 

Fees and Expenses — unaudited (continued)

   June 30, 2022

 

The Prudential Series Fund Portfolios          Beginning
Account Value
January 1, 2022		    Ending
Account Value
June 30, 2022		    Annualized Expense
Ratio Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period*

PSF PGIM Jennison Blend (Class II)

    Actual    $1,000.00    $   734.40    0.86%    $3.70
   Hypothetical    $1,000.00    $1,020.53    0.86%    $4.31

PSF PGIM Jennison Blend (Class III)

    Actual    $1,000.00    $   735.00    0.71%    $3.05
   Hypothetical    $1,000.00    $1,021.27    0.71%    $3.56

PSF PGIM Total Return Bond (Class I)

    Actual    $1,000.00    $   874.80    0.43%    $2.00
   Hypothetical    $1,000.00    $1,022.66    0.43%    $2.16

PSF PGIM Total Return Bond (Class III)

    Actual    $1,000.00    $   873.40    0.68%    $3.16
   Hypothetical    $1,000.00    $1,021.42    0.68%    $3.41

PSF Stock Index (Class I)

    Actual    $1,000.00    $   799.30    0.29%    $1.29
   Hypothetical    $1,000.00    $1,023.36    0.29%    $1.45

PSF Stock Index (Class III)

    Actual    $1,000.00    $   798.30    0.54%    $2.41
   Hypothetical    $1,000.00    $1,022.12    0.54%    $2.71

* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended June 30, 2022, and divided by the 365 days in the Portfolio’s fiscal year ending December 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.

 
  

 

  Glossary    

 

  

 

The following abbreviations are used in the Portfolios’ descriptions:

 

CAD

Canadian Dollar

EUR

Euro

GBP

British Pound

HUF

Hungarian Forint

MXN

Mexican Peso

NZD

New Zealand Dollar

PLN

Polish Zloty

USD

US Dollar

ZAR

South African Rand

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

A — Annual payment frequency for swaps

ABS — Asset-Backed Security

Aces — Alternative Credit Enhancements Securities

ADR — American Depositary Receipt

BABs — Build America Bonds

BATE — CBOE- Europe – BXE Order Books

CDS — Credit Default Swap

CDX — Credit Derivative Index

CLO — Collateralized Loan Obligation

CVA — Certificate Van Aandelen (Bearer)

CVT — Convertible Security

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

IO — Interest Only (Principal amount represents notional)

iTraxx — International Credit Derivative Index

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

M — Monthly payment frequency for swaps

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

Q — Quarterly payment frequency for swaps

REITs — Real Estate Investment Trust

REMICS — Real Estate Mortgage Investment Conduit Security

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SPDR — Standard & Poor’s Depositary Receipts

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

USAID — United States Agency for International Development

USOIS — United States Overnight Index Swap

XNGS — NASDAQ Global Select Exchange

    

 

 

SEE NOTES TO FINANCIAL STATEMENTS

 

A1

 
  

PSF GLOBAL PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
LONG-TERM INVESTMENTS — 96.7%

 

   
COMMON STOCKS — 96.4%

 

Australia — 1.4%

      

Aristocrat Leisure Ltd.

      185,820      $ 4,395,696  

Aurizon Holdings Ltd.

      303,400        796,482  

Australia & New Zealand Banking Group Ltd.

      61,200        930,364  

Bank of Queensland Ltd.

      88,200        405,292  

Beach Energy Ltd.

      395,200        468,491  

BHP Group Ltd.

      64,500        1,830,589  

Fortescue Metals Group Ltd.

      118,700        1,430,941  

Harvey Norman Holdings Ltd.

      315,300        807,263  

Inghams Group Ltd.

      420,300        748,872  

Metcash Ltd.

      412,500        1,206,423  

Perenti Global Ltd.

      432,300        194,998  

Rio Tinto Ltd.

      20,600        1,461,806  

Service Stream Ltd.*

      343,700        206,838  

St. Barbara Ltd.

      343,600        174,639  

Stockland, REIT

      279,500        696,137  

Super Retail Group Ltd.

      105,600        617,884  

Woodside Energy Group Ltd.

      11,655        255,836  
     

 

 

  
            16,628,551  
     

 

 

  

Austria — 0.2%

      

BAWAG Group AG, 144A*

      16,000        670,275  

OMV AG

      33,700        1,584,529  

Wienerberger AG

      26,400        565,549  
     

 

 

  
          2,820,353  
     

 

 

  

Belgium — 0.3%

      

Bekaert SA

      22,500        732,068  

KBC Group NV

      39,721        2,230,103  

Telenet Group Holding NV

      23,500        488,044  

UCB SA

      6,800        574,708  
     

 

 

  
          4,024,923  
     

 

 

  

Brazil — 0.2%

      

B3 SA - Brasil Bolsa Balcao

      478,700        1,007,077  

MercadoLibre, Inc.*

      1,663        1,059,115  

Yara International ASA

      18,800        786,182  
     

 

 

  
          2,852,374  
     

 

 

  

Canada — 1.7%

      

Canadian National Railway Co.

      41,037        4,616,025  

Canadian Pacific Railway Ltd.(a)

      41,623        2,906,950  

Dollarama, Inc.

      25,659        1,477,505  

Intact Financial Corp.

      8,683        1,224,740  

Magna International, Inc.(a)

      11,634        638,707  

Shopify, Inc. (Class A Stock)*(a)

      5,720        178,693  

TC Energy Corp.(a)

      114,807        5,948,151  

Toronto-Dominion Bank (The)

      48,727        3,195,343  
     

 

 

  
          20,186,114  
     

 

 

  

China — 0.4%

      

China Resources Cement Holdings Ltd.

      1,042,000        700,066  

Kingboard Holdings Ltd.

      216,000        820,631  

Lee & Man Paper Manufacturing Ltd.

      1,049,000        450,806  

NXP Semiconductors NV

      9,830        1,455,135  
     Shares      Value  
COMMON STOCKS (continued)

 

   

China (cont’d.)

      

Xinyi Glass Holdings Ltd.

      328,000      $ 786,263  
     

 

 

  
          4,212,901  
     

 

 

  

Denmark — 1.3%

      

AP Moller - Maersk A/S (Class B Stock)

      400        936,216  

Chr Hansen Holding A/S

      31,091        2,286,740  

Coloplast A/S (Class B Stock)

      12,931        1,482,373  

D/S Norden A/S

      32,500        1,127,205  

Danske Bank A/S

      61,200        868,913  

DSV A/S

      14,502        2,038,925  

Jyske Bank A/S*

      19,600        962,374  

Novo Nordisk A/S (Class B Stock)

      32,598        3,626,558  

Orsted A/S, 144A

      22,002            2,318,462  
     

 

 

  
            15,647,766  
     

 

 

  

Finland — 0.4%

      

Neste OYJ

      50,979        2,258,442  

Nokia OYJ

      243,000        1,126,511  

Nordea Bank Abp

      83,600        735,165  

Valmet OYJ

      27,100        664,318  
     

 

 

  
          4,784,436  
     

 

 

  

France — 5.0%

      

Airbus SE

      56,000        5,451,120  

Arkema SA

      8,700        776,751  

AXA SA

      54,100        1,235,665  

BNP Paribas SA

      28,200        1,351,568  

Bouygues SA

      39,800        1,226,298  

Capgemini SE

      4,000        684,306  

Carrefour SA

      89,600        1,586,378  

Cie de Saint-Gobain

      15,800        680,010  

Cie Generale des Etablissements Michelin SCA

      22,400        610,000  

Credit Agricole SA

      78,500        720,213  

Dassault Systemes SE

      32,345        1,190,448  

Euroapi SA*

      1,377        21,895  

Faurecia SE*

      1,269        25,129  

Ipsen SA

      7,557        711,548  

Kering SA

      2,000        1,029,161  

L’Oreal SA

      6,082        2,102,034  

LVMH Moet Hennessy Louis Vuitton SE

      6,720        4,097,538  

Nexity SA

      13,100        351,094  

Orange SA

      140,000        1,647,658  

Rubis SCA

      22,100        517,118  

Safran SA

      42,463        4,193,572  

Sanofi

      31,700        3,186,184  

Sartorius Stedim Biotech

      6,080        1,912,732  

Societe BIC SA

      15,900        871,009  

Societe Generale SA

      28,600        628,540  

Sopra Steria Group SACA

      7,100        1,059,244  

Teleperformance

      4,573        1,410,908  

TotalEnergies SE

      58,800        3,095,648  

TotalEnergies SE, ADR(a)

      257,367        13,547,799  

Vinci SA

      36,353        3,241,691  
     

 

 

  
          59,163,259  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A2

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

   

Germany — 2.0%

      

Allianz SE

      6,300      $     1,204,602  

Aurubis AG

      10,800        733,679  

Bayer AG

      23,300        1,385,420  

Bayerische Motoren Werke AG

      15,630        1,202,920  

Daimler Truck Holding AG*

      8,800        229,909  

Deutsche Post AG

      70,000        2,630,227  

Deutsche Telekom AG

      45,300        899,725  

Fresenius SE & Co. KGaA

      18,600        564,483  

HOCHTIEF AG

      8,600        416,766  

Infineon Technologies AG

      86,575        2,103,181  

Mercedes-Benz Group AG

      25,800        1,492,644  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      2,600        611,820  

Rational AG

      1,434        832,612  

Rheinmetall AG

      12,300        2,842,361  

Siemens AG, ADR

      78,059        3,987,254  

Siltronic AG

      8,900        663,086  

United Internet AG

      18,400        523,886  

Volkswagen AG

      7,100        1,298,301  
     

 

 

  
            23,622,876  
     

 

 

  

Hong Kong — 0.4%

      

AIA Group Ltd.

      216,600        2,351,949  

PAX Global Technology Ltd.

      933,000        740,721  

Tongda Group Holdings Ltd.*

      8,180,000        157,575  

WH Group Ltd., 144A

      1,173,500        919,032  

Yue Yuen Industrial Holdings Ltd.

      296,500        388,537  
     

 

 

  
          4,557,814  
     

 

 

  

India — 0.9%

      

HDFC Bank Ltd., ADR

      45,167        2,482,378  

Infosys Ltd., ADR

      127,439        2,358,896  

Reliance Industries Ltd., 144A, GDR

      85,298        5,571,704  
     

 

 

  
          10,412,978  
     

 

 

  

Ireland — 0.9%

      

ICON PLC*

      32,457        7,033,432  

Kingspan Group PLC

      28,496        1,717,382  

Ryanair Holdings PLC, ADR*

      31,733        2,134,044  
     

 

 

  
          10,884,858  
     

 

 

  

Italy — 0.4%

      

A2A SpA

      546,200        694,356  

Enel SpA

      103,800        568,815  

Leonardo SpA

      97,000        998,493  

Mediobanca Banca di Credito Finanziario SpA

      87,600        759,284  

Piaggio & C SpA

      176,400        414,133  

Pirelli & C SpA, 144A

      171,800        699,066  

UnipolSai Assicurazioni SpA

      253,700        607,968  
     

 

 

  
          4,742,115  
     

 

 

  

Japan — 4.4%

      

AGC, Inc.

      6,000        208,113  

Aozora Bank Ltd.

      36,000        698,804  

Asahi Intecc Co. Ltd.

      42,300        637,163  

Brother Industries Ltd.

      44,300        777,486  
     Shares      Value  
COMMON STOCKS (continued)

 

   

Japan (cont’d.)

      

Credit Saison Co. Ltd.

      42,600      $ 487,726  

Daihen Corp.

      25,000        773,252  

Dai-ichi Life Holdings, Inc.

      39,900        729,372  

Daikin Industries Ltd.

      11,400            1,823,561  

Daiwa House Industry Co. Ltd.

      31,900        742,024  

DCM Holdings Co. Ltd.

      71,900        549,489  

DTS Corp.

      30,500        676,841  

EDION Corp.

      63,900        599,331  

Fuji Corp.

      34,400        505,502  

Gunze Ltd.

      17,000        460,796  

Haseko Corp.

      53,900        631,439  

Hazama Ando Corp.

      119,600        741,857  

Honda Motor Co. Ltd.

      61,600        1,480,366  

Hoya Corp.

      19,700        1,694,855  

Isuzu Motors Ltd.

      78,200        860,677  

ITOCHU Corp.

      54,300        1,470,846  

Itoham Yonekyu Holdings, Inc.

      117,500        598,456  

Japan Airlines Co. Ltd.*

      35,700        625,119  

Japan Aviation Electronics Industry Ltd.

      46,000        690,917  

KDDI Corp.

      45,300        1,430,403  

Keiyo Bank Ltd. (The)

      76,500        268,517  

Keyence Corp.

      6,300        2,138,868  

Lintec Corp.

      30,000        507,563  

Marubeni Corp.

      112,900        1,016,475  

Medipal Holdings Corp.

      30,600        431,257  

Mitsubishi Gas Chemical Co., Inc.

      26,000        374,442  

Mitsubishi HC Capital, Inc.

      210,100        968,310  

Mitsubishi UFJ Financial Group, Inc.

      214,300        1,143,609  

Mitsui & Co. Ltd.

      56,300        1,241,335  

Mitsui Chemicals, Inc.

      42,400        903,034  

Mizuho Financial Group, Inc.

      73,620        833,450  

Nihon M&A Center Holdings, Inc.

      70,200        745,101  

Nippon Telegraph & Telephone Corp.

      107,900        3,097,981  

Nishi-Nippon Financial Holdings, Inc.

      48,600        268,419  

Nisshin Oillio Group Ltd. (The)

      17,200        397,615  

Nomura Holdings, Inc.

      270,700        986,684  

Nomura Real Estate Holdings, Inc.

      28,300        691,286  

Obayashi Corp.

      97,500        708,839  

Ono Pharmaceutical Co. Ltd.

      45,400        1,162,360  

ORIX Corp.

      65,000        1,086,927  

Rengo Co. Ltd.

      134,300        727,975  

Resona Holdings, Inc.

      366,600        1,365,104  

Sankyu, Inc.

      18,100        520,095  

Sawai Group Holdings Co. Ltd.

      14,300        433,386  

Seino Holdings Co. Ltd.

      72,500        579,735  

SKY Perfect JSAT Holdings, Inc.

      151,000        600,517  

Sompo Holdings, Inc.

      15,600        683,978  

Sumitomo Heavy Industries Ltd.

      32,300        715,999  

Sumitomo Mitsui Financial Group, Inc.

      40,900        1,209,457  

Taisei Corp.

      19,200        597,120  

Teijin Ltd.

      67,300        699,264  

Toagosei Co. Ltd.

      28,700        213,059  

Tokuyama Corp.

      26,500        335,575  

Tokyo Seimitsu Co. Ltd.

      20,300        664,377  

Towa Pharmaceutical Co. Ltd.

      28,200        511,472  

Transcosmos, Inc.

      25,100        644,512  

Tsubakimoto Chain Co.

      17,000        379,616  

UBE Corp.

      41,500        614,049  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A3

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

   

Japan (cont’d.)

      

Yokohama Rubber Co. Ltd. (The)

      62,000      $ 835,831  
     

 

 

  
          51,197,588  
     

 

 

  

Netherlands — 1.7%

      

ABN AMRO Bank NV, 144A, CVA

      45,300        510,214  

Adyen NV, 144A*

      1,721        2,504,211  

Aegon NV

      215,700        935,013  

ASML Holding NV (BATE)

      6,164        2,933,729  

ASML Holding NV (XNGS)

      6,994        3,328,305  

ASR Nederland NV

      21,200        859,015  

ING Groep NV

      71,300        707,063  

Koninklijke Ahold Delhaize NV

      89,100        2,323,620  

NN Group NV

      18,700        849,627  

Randstad NV

      14,700        713,450  

Shell PLC

      141,000        3,640,118  
     

 

 

  
            19,304,365  
     

 

 

  

New Zealand — 0.1%

      

Air New Zealand Ltd.*

      1,456,800        519,054  

Fisher & Paykel Healthcare Corp. Ltd.

      71,274        887,183  
     

 

 

  
          1,406,237  
     

 

 

  

Norway — 0.3%

      

DNB Bank ASA

      53,600        959,476  

Equinor ASA

      41,200        1,437,735  

TOMRA Systems ASA

      46,366        859,083  
     

 

 

  
          3,256,294  
     

 

 

  

Singapore — 0.1%

      

DBS Group Holdings Ltd.

      41,200        881,621  

Venture Corp. Ltd.

      26,000        311,687  
     

 

 

  
          1,193,308  
     

 

 

  

South Africa — 0.2%

      

Anglo American PLC

      48,300        1,727,535  
     

 

 

  

Spain — 0.8%

      

Amadeus IT Group SA*

      77,152        4,295,149  

Banco Santander SA

      249,200        703,236  

Endesa SA

      37,700        711,818  

Mapfre SA

      494,400        873,633  

Repsol SA(a)

      117,700        1,728,781  

Telefonica SA

      176,500        898,812  
     

 

 

  
          9,211,429  
     

 

 

  

Sweden — 1.2%

      

Atlas Copco AB (Class A Stock)

      192,363        1,799,169  

Boliden AB

      35,400        1,124,594  

Electrolux AB (Class B Stock)

      38,800        523,082  

EQT AB

      40,019        819,126  

Evolution AB, 144A

      12,984        1,178,314  

Hexagon AB (Class B Stock)

      260,283        2,706,107  

Husqvarna AB (Class B Stock)

      95,900        705,095  

Indutrade AB

      40,559        739,985  

Securitas AB (Class B Stock)

      65,700        567,448  

Skanska AB (Class B Stock)

      31,100        477,703  

SKF AB (Class B Stock)

      70,400        1,037,773  

Swedbank AB (Class A Stock)

      27,700        349,966  

Swedish Orphan Biovitrum AB*

      30,200        653,212  
     Shares      Value  
COMMON STOCKS (continued)

 

   

Sweden (cont’d.)

      

Volvo AB (Class B Stock)

      113,600      $ 1,764,692  
     

 

 

  
          14,446,266  
     

 

 

  

Switzerland — 2.3%

      

Adecco Group AG

      25,100        851,975  

Baloise Holding AG

      6,000        979,049  

Credit Suisse Group AG

      75,100        427,482  

Helvetia Holding AG

      10,600        1,239,944  

Holcim AG*

      20,100        860,085  

Julius Baer Group Ltd.

      11,700        539,328  

Lonza Group AG

      6,596        3,513,180  

Novartis AG

      47,700        4,031,278  

Partners Group Holding AG

      2,075        1,868,250  

Sika AG

      7,704        1,774,660  

Straumann Holding AG

      23,075        2,770,569  

Swiss Life Holding AG

      4,900        2,384,520  

TE Connectivity Ltd.

      26,488        2,997,117  

UBS Group AG

      166,700        2,691,940  
     

 

 

  
            26,929,377  
     

 

 

  

Taiwan — 0.3%

      

Taiwan Semiconductor Manufacturing Co. Ltd.

      197,000          3,151,498  
     

 

 

  

United Kingdom — 4.6%

      

3i Group PLC

      52,800        711,715  

Ashtead Group PLC

      41,686            1,742,179  

AstraZeneca PLC

      33,503        4,407,381  

Aviva PLC

      149,720        732,524  

BAE Systems PLC

      277,500        2,801,623  

Barratt Developments PLC

      61,900        344,256  

Bellway PLC

      23,200        607,652  

British American Tobacco PLC

      63,000        2,696,232  

BT Group PLC

      455,900        1,035,003  

Bunzl PLC

      92,183        3,046,817  

Centrica PLC*

      457,200        445,114  

CK Hutchison Holdings Ltd.

      155,500        1,062,504  

CNH Industrial NV

      79,500        921,358  

Compass Group PLC

      210,313        4,299,879  

Crest Nicholson Holdings PLC

      143,814        426,699  

Diageo PLC

      71,237        3,067,595  

Experian PLC

      75,767        2,216,246  

Go-Ahead Group PLC (The)*

      34,500        664,131  

Halma PLC

      34,735        848,331  

Imperial Brands PLC

      56,400        1,261,397  

International Consolidated Airlines Group SA*(a)

      150,000        196,779  

Investec PLC

      79,700        433,516  

J Sainsbury PLC

      458,700        1,140,098  

Keller Group PLC

      48,200        426,356  

Kingfisher PLC

      357,200        1,060,516  

Legal & General Group PLC

      302,800        882,123  

Linde PLC(a)

      9,023        2,594,383  

Lloyds Banking Group PLC

      1,666,000        857,961  

London Stock Exchange Group PLC

      31,582        2,938,196  

Marks & Spencer Group PLC*

      279,900        461,108  

Micro Focus International PLC

      73,300        248,350  

Ninety One PLC

      10,959        26,316  

Paragon Banking Group PLC

      105,900        631,821  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A4

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

   

United Kingdom (cont’d.)

      

Premier Foods PLC

      357,756      $ 490,995  

Redde Northgate PLC

      108,700        449,314  

Redrow PLC

      77,600        462,501  

Rentokil Initial PLC

      443,179        2,562,680  

Segro PLC, REIT

      126,894        1,512,135  

Spirax-Sarco Engineering PLC

      9,352        1,126,702  

Tate & Lyle PLC

      83,228        760,670  

Taylor Wimpey PLC

      263,400        374,700  

Tesco PLC

      213,800        663,943  

Vistry Group PLC

      29,222        297,019  
     

 

 

  
            53,936,818  
     

 

 

  

United States — 64.9%

      

Abbott Laboratories

      64,083        6,962,618  

AbbVie, Inc.

      53,801        8,240,161  

Adobe, Inc.*

      34,451        12,611,133  

Air Products & Chemicals, Inc.

      4,960        1,192,781  

Alphabet, Inc. (Class A Stock)*

      10,129        22,073,725  

Alphabet, Inc. (Class C Stock)*

      3,692        8,076,065  

Amazon.com, Inc.*

      181,400        19,266,494  

Ameren Corp.

      59,010        5,332,144  

American Express Co.

      12,089        1,675,777  

American International Group, Inc.

      176,642        9,031,705  

American Tower Corp., REIT

      14,292        3,652,892  

AMETEK, Inc.

      31,958        3,511,865  

Aon PLC (Class A Stock)

      19,614        5,289,504  

Apple, Inc.

      125,306        17,131,836  

Applied Materials, Inc.

      36,599        3,329,777  

Arthur J. Gallagher & Co.

      6,066        989,001  

Atlassian Corp. PLC (Class A Stock)*

      13,693        2,566,068  

Autodesk, Inc.*

      13,639        2,345,362  

AvalonBay Communities, Inc., REIT

      44,299        8,605,081  

Bank of America Corp.

      123,890        3,856,696  

Becton, Dickinson & Co.

      52,283        12,889,328  

Best Buy Co., Inc.(a)

      40,150        2,617,379  

Black Knight, Inc.*

      15,049        984,054  

Block, Inc.*(a)

      12,901        792,895  

Boeing Co. (The)*

      14,753        2,017,030  

Boston Scientific Corp.*

      149,033        5,554,460  

Bristol-Myers Squibb Co.

      67,542        5,200,734  

Bumble, Inc. (Class A Stock)*(a)

      16,689        469,795  

Bunge Ltd.

      17,869        1,620,540  

Cadence Design Systems, Inc.*

      22,130        3,320,164  

CF Industries Holdings, Inc.

      47,050        4,033,597  

Charles Schwab Corp. (The)

      123,561        7,806,584  

Charter Communications, Inc. (Class A Stock)*

      8,248        3,864,435  

Chipotle Mexican Grill, Inc.*

      1,655        2,163,515  

Chubb Ltd.

      51,253        10,075,315  

Cigna Corp.

      31,472        8,293,501  

Cisco Systems, Inc.

      75,045        3,199,919  

Citigroup, Inc.

      77,155        3,548,358  

Citrix Systems, Inc.

      37,130        3,607,922  

Clarivate PLC*(a)

      102,248        1,417,157  

CME Group, Inc.

      24,352        4,984,854  

Coca-Cola Co. (The)

      78,203        4,919,751  

Colgate-Palmolive Co.

      59,714        4,785,480  

Comcast Corp. (Class A Stock)

      109,956        4,314,673  

Conagra Brands, Inc.

      238,967        8,182,230  
     Shares      Value  
COMMON STOCKS (continued)

 

   

United States (cont’d.)

      

ConocoPhillips

      65,483      $ 5,881,028  

CoStar Group, Inc.*

      47,999        2,899,620  

Cummins, Inc.

      36,354        7,035,590  

CVS Health Corp.

      42,461        3,934,436  

Danaher Corp.

      37,802        9,583,563  

Dollar Tree, Inc.*

      10,051        1,566,448  

Edwards Lifesciences Corp.*

      40,589        3,859,608  

Elanco Animal Health, Inc.*

      125,611        2,465,744  

Electronic Arts, Inc.

      28,358        3,449,751  

Elevance Health, Inc.

      19,707        9,510,204  

Entergy Corp.

      36,970        4,164,301  

EOG Resources, Inc.

      13,694        1,512,365  

Equifax, Inc.

      15,583        2,848,261  

Equinix, Inc., REIT

      7,466        4,905,311  

Equitable Holdings, Inc.

      217,686        5,675,074  

Estee Lauder Cos., Inc. (The) (Class A Stock)

      21,746        5,538,054  

Exxon Mobil Corp.

      70,049        5,998,996  

Fifth Third Bancorp(a)

      47,226        1,586,794  

Fiserv, Inc.*

      93,314        8,302,147  

General Electric Co.

      179,088            11,402,533  

Globant SA*

      4,656        810,144  

Goldman Sachs Group, Inc. (The)

      16,441        4,883,306  

GSK PLC

      227,100        4,891,775  

Hess Corp.

      15,003        1,589,418  

Hilton Worldwide Holdings, Inc.

      30,443        3,392,568  

Hologic, Inc.*

      52,790        3,658,347  

Huntington Bancshares, Inc.

      352,499        4,240,563  

Illinois Tool Works, Inc.

      7,627        1,390,021  

International Flavors & Fragrances, Inc.

      56,820        6,768,398  

International Paper Co.

      222,164        9,293,120  

Intuit, Inc.

      22,811        8,792,272  

Johnson & Johnson

      61,623        10,938,699  

Johnson Controls International PLC

      37,770        1,808,428  

Kimberly-Clark Corp.

      52,639        7,114,161  

Kohl’s Corp.(a)

      50,383        1,798,169  

L3Harris Technologies, Inc.

      16,392        3,961,946  

Lam Research Corp.

      7,436        3,168,851  

Las Vegas Sands Corp.*

      81,575        2,740,104  

Lululemon Athletica, Inc.*

      13,406        3,654,610  

Mastercard, Inc. (Class A Stock)

      40,824        12,879,156  

Match Group, Inc.*

      32,232        2,246,248  

Medtronic PLC

      76,649        6,879,248  

Merck & Co., Inc.

      75,518        6,884,976  

Meta Platforms, Inc. (Class A Stock)*

      30,237        4,875,716  

Microsoft Corp.

      188,398        48,386,258  

Morgan Stanley

      30,124        2,291,231  

MSCI, Inc.

      15,755        6,493,423  

News Corp. (Class A Stock)

      358,854        5,590,945  

NextEra Energy, Inc.

      73,973        5,729,949  

NIKE, Inc. (Class B Stock)

      25,133        2,568,593  

NVIDIA Corp.

      49,116        7,445,494  

Pfizer, Inc.

      102,333        5,365,319  

Philip Morris International, Inc.

      66,694        6,585,366  

QUALCOMM, Inc.

      84,007        10,731,054  

Roche Holding AG

      13,400        4,471,834  

Roper Technologies, Inc.

      4,835        1,908,133  

RPM International, Inc.

      35,990        2,833,133  

Salesforce, Inc.*

      23,458        3,871,508  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A5

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

   

United States (cont’d.)

      

Sempra Energy

      59,396      $ 8,925,437  

ServiceNow, Inc.*

      9,605        4,567,370  

Sherwin-Williams Co. (The)

      25,934        5,806,882  

Signify NV, 144A

      27,400        909,966  

Southern Co. (The)

      199,283        14,210,871  

Southwest Airlines Co.*

      74,985        2,708,458  

Stellantis NV

      74,557        921,072  

Stericycle, Inc.*(a)

      62,515        2,741,283  

STERIS PLC

      8,891        1,832,880  

Synopsys, Inc.*

      8,786        2,668,308  

Take-Two Interactive Software, Inc.*

      7,221        884,789  

Tenaris SA

      150,095        1,928,249  

Texas Instruments, Inc.

      32,839        5,045,712  

Thermo Fisher Scientific, Inc.

      23,874        12,970,267  

TJX Cos., Inc. (The)

      117,190        6,545,062  

TransUnion

      42,095        3,367,179  

Tyson Foods, Inc. (Class A Stock)

      10,623        914,215  

United Parcel Service, Inc. (Class B Stock)

      64,795        11,827,679  

UnitedHealth Group, Inc.

      3,627        1,862,936  

Verisk Analytics, Inc.

      33,578        5,812,016  

Vertex Pharmaceuticals, Inc.*

      18,197        5,127,733  

Visa, Inc. (Class A Stock)(a)

      55,329        10,893,727  

Vulcan Materials Co.

      35,248        5,008,741  

Walmart, Inc.

      69,726        8,477,287  

Walt Disney Co. (The)*

      81,996        7,740,422  

Wells Fargo & Co.

      325,938        12,766,992  

Welltower, Inc., REIT(a)

      37,362        3,076,761  

Weyerhaeuser Co., REIT

      233,334        7,728,022  

Zimmer Biomet Holdings, Inc.

      66,970        7,035,868  

Zoetis, Inc.

      31,167        5,357,296  
     

 

 

  
        761,120,147  
     

 

 

  

TOTAL COMMON STOCKS
(cost $1,014,563,883)

 

          1,131,422,180  
     

 

 

  
PREFERRED STOCKS — 0.3%

 

Germany — 0.1%

      

Porsche Automobil Holding SE (PRFC)

      11,600        765,303  
     

 

 

  

United States — 0.2%

      

Becton, Dickinson & Co., Series B, CVT, 6.000%, Maturing 06/01/23(a)

      18,231        901,705  

Elanco Animal Health, Inc., CVT, 5.000%, Maturing 02/01/23

      2,497        80,004  

Southern Co. (The), Series 2019, CVT, 6.750%, Maturing 08/01/22

      30,280        1,604,234  
     

 

 

  
          2,585,943  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $3,222,868)

 

      3,351,246  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $1,017,786,751)

 

      1,134,773,426  
     

 

 

  
     Shares      Value  

SHORT-TERM INVESTMENTS — 6.1%

 

   

AFFILIATED MUTUAL FUNDS — 5.1%

 

   

PGIM Core Ultra Short Bond Fund(wa)

      16,917,852      $ 16,917,852  

PGIM Institutional Money Market Fund (cost $42,323,930; includes $42,288,477 of cash collateral for securities on loan)(b)(wa)

      42,379,353        42,341,212  
     

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $59,241,782)

 

      59,259,064  
     

 

 

  
UNAFFILIATED FUND — 1.0%

 

Dreyfus Government Cash Management (Institutional Shares)

      11,926,829        11,926,829  
     

 

 

  

(cost $11,926,829)

      

TOTAL SHORT-TERM INVESTMENTS
(cost $71,168,611)

 

      71,185,893  
     

 

 

  

TOTAL INVESTMENTS—102.8%
(cost $1,088,955,362)

 

      1,205,959,319  

Liabilities in excess of other assets — (2.8)%

 

      (33,120,360 ) 
     

 

 

  

NET ASSETS — 100.0%

       $     1,172,838,959  
     

 

 

  

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 $40,911,405; cash collateral of $42,288,477 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

 

 

 

Fair Value Measurements:

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

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A6

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (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, 2022 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Australia

    $ —      $ 16,628,551      $ —  

Austria

      —        2,820,353        —  

Belgium

      —        4,024,923        —  

Brazil

      2,066,192        786,182        —  

Canada

      20,186,114        —        —  

China

      1,455,135        2,757,766        —  

Denmark

      —        15,647,766        —  

Finland

      —        4,784,436        —  

France

      13,547,799        45,615,460        —  

Germany

      3,987,254        19,635,622        —  

Hong Kong

      —        4,557,814        —  

India

      4,841,274        5,571,704        —  

Ireland

      9,167,476        1,717,382        —  

Italy

      —        4,742,115        —  

Japan

      —        51,197,588        —  

Netherlands

      3,328,305        15,976,060        —  

New Zealand

      —        1,406,237        —  

Norway

      —        3,256,294        —  

Singapore

      —        1,193,308        —  

South Africa

      —        1,727,535        —  

Spain

      —        9,211,429        —  

Sweden

      —        14,446,266        —  

Switzerland

      2,997,117        23,932,260        —  

Taiwan

      —        3,151,498        —  

United Kingdom

      2,594,383        51,342,435        —  

United States

      747,997,251        13,122,896        —  

Preferred Stocks

         

Germany

      —        765,303        —  

United States

      2,585,943        —        —  

Short-Term Investments

         

Affiliated Mutual Funds

      59,259,064        —        —  

Unaffiliated Fund

      11,926,829        —        —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 885,940,136      $ 320,019,183      $ —  
  

 

 

     

 

 

     

 

 

  

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, 2022 were as follows:

Software

      8.2 % 

Pharmaceuticals

      5.5  

Affiliated Mutual Funds (3.6% represents investments purchased with collateral from securities on loan)

      5.1  

Health Care Equipment & Supplies

      4.9  

Banks

      4.6  

Oil, Gas & Consumable Fuels

      4.4  

IT Services

      4.1  

Insurance

      4.0  

Semiconductors & Semiconductor Equipment

      3.8  

Capital Markets

      3.4  

Interactive Media & Services

      3.2  

Life Sciences Tools & Services

      3.0 % 

Chemicals

      2.6  

Equity Real Estate Investment Trusts (REITs)

      2.6  

Electric Utilities

      2.5  

Health Care Providers & Services

      2.1  

Professional Services

      1.9  

Aerospace & Defense

      1.8  

Internet & Direct Marketing Retail

      1.7  

Machinery

      1.7  

Hotels, Restaurants & Leisure

      1.6  

Technology Hardware, Storage & Peripherals

      1.6  

Industrial Conglomerates

      1.4  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A7

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification (continued):

 

Multi-Utilities

      1.4 % 

Air Freight & Logistics

      1.3  

Food & Staples Retailing

      1.3  

Media

      1.2  

Food Products

      1.2  

Biotechnology

      1.2  

Entertainment

      1.1  

Electronic Equipment, Instruments & Components

      1.1  

Household Products

      1.0  

Unaffiliated Fund

      1.0  

Textiles, Apparel & Luxury Goods

      0.9  

Specialty Retail

      0.9  

Tobacco

      0.9  

Containers & Packaging

      0.9  

Metals & Mining

      0.9  

Road & Rail

      0.8  

Trading Companies & Distributors

      0.7  

Automobiles

      0.7  

Diversified Telecommunication Services

      0.7  

Beverages

      0.7  

Diversified Financial Services

      0.7  

Personal Products

      0.7  

Building Products

      0.7  

Construction & Engineering

      0.6 % 

Commercial Services & Supplies

      0.6  

Construction Materials

      0.6  

Airlines

      0.5  

Multiline Retail

      0.5  

Electrical Equipment

      0.5  

Communications Equipment

      0.4  

Auto Components

      0.3  

Household Durables

      0.2  

Marine

      0.2  

Energy Equipment & Services

      0.2  

Real Estate Management & Development

      0.2  

Consumer Finance

      0.1  

Wireless Telecommunication Services

      0.1  

Thrifts & Mortgage Finance

      0.1  

Gas Utilities

      0.0 * 

Paper & Forest Products

      0.0 * 
  

 

 

  
     102.8  

Liabilities in excess of other assets

      (2.8 ) 
  

 

 

  
     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

    $40,911,405    $(40,911,405)    $—

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A8

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

    

ASSETS

   

Investments at value, including securities on loan of $40,911,405:

   

Unaffiliated investments (cost $1,029,713,580)

    $ 1,146,700,255  

Affiliated investments (cost $59,241,782)

      59,259,064  

Foreign currency, at value (cost $5,346,133)

      5,219,502  

Receivable for investments sold

      4,730,904  

Tax reclaim receivable

      2,165,958  

Dividends and interest receivable

      1,658,710  

Receivable from affiliate

      12,633  

Receivable for Portfolio shares sold

      3,259  

Prepaid expenses

      2,109  
  

 

 

  

Total Assets

      1,219,752,394  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      42,288,477  

Payable for investments purchased

      2,777,717  

Payable to affiliate

      889,560  

Management fee payable

      698,476  

Payable for Portfolio shares purchased

      151,910  

Accrued expenses and other liabilities

      105,113  

Trustees’ fees payable

      1,091  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      111  
  

 

 

  

Total Liabilities

      46,913,435  
  

 

 

  

NET ASSETS

    $ 1,172,838,959  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 1,172,838,959  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $1,172,312,397 / 26,127,928 outstanding shares of beneficial interest

    $ 44.87  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $526,562 / 11,771 outstanding shares of beneficial interest

    $ 44.73  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Unaffiliated dividend income (net of $1,170,809 foreign withholding tax, of which $131,084 is reimbursable by an affiliate)

    $ 14,573,154  

Income from securities lending, net (including affiliated income of $20,743)

      59,027  

Affiliated dividend income

      57,330  

Interest income

      3,514  
  

 

 

  

Total income

      14,693,025  
  

 

 

  

EXPENSES

   

Management fee

      4,985,317  

Distribution fee—Class III

      567  

Custodian and accounting fees

      115,317  

Shareholders’ reports

      33,164  

Trustees’ fees

      15,161  

Audit fee

      14,282  

Legal fees and expenses

      14,050  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      28,796  
  

 

 

  

Total expenses

      5,211,951  

Less: Fee waivers and/or expense reimbursement

      (269,455 ) 
  

 

 

  

Net expenses

      4,942,496  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      9,750,529  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(7,728))

      137,567,654  

Foreign currency transactions

      (258,672 ) 
  

 

 

  
     137,308,982  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $325)

      (463,034,967 ) 

Foreign currencies

      (197,085 ) 
  

 

 

  
     (463,232,052 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      (325,923,070 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (316,172,541 ) 
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended     Year Ended  
     June 30, 2022     December 31, 2021  

INCREASE (DECREASE) IN NET ASSETS

     

OPERATIONS

     

Net investment income (loss)

    $ 9,750,529     $ 12,649,098  

Net realized gain (loss) on investment and foreign currency transactions

      137,308,982       117,432,711  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

      (463,232,052 )      113,015,658  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      (316,172,541 )      243,097,467  
  

 

 

    

 

 

  

PORTFOLIO SHARE TRANSACTIONS

     

Portfolio shares sold

      9,419,887       17,833,148  

Portfolio shares purchased

      (39,084,285 )      (119,303,863 ) 
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

      (29,664,398 )      (101,470,715 ) 
  

 

 

    

 

 

  

TOTAL INCREASE (DECREASE)

      (345,836,939 )      141,626,752  

NET ASSETS:

     

Beginning of period

      1,518,675,898       1,377,049,146  
  

 

 

    

 

 

  

End of period

    $ 1,172,838,959     $ 1,518,675,898  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A9

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
FINANCIAL HIGHLIGHTS (unaudited)   

 

Class I

                              
     Six Months Ended
June 30, 2022		        Year Ended December 31,
     2021   2020   2019   2018   2017

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 56.82          $ 48.06     $ 41.49     $ 31.83     $ 34.33     $ 27.50
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.37            0.46       0.41       0.52       0.47       0.42

Net realized and unrealized gain (loss) on

investment and foreign currency transactions

        (12.32 )            8.30       6.16       9.14       (2.99 )       6.41
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (11.95 )            8.76       6.57       9.66       (2.52 )       6.83
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       — (b)(c)        0.02 (b)        —
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 44.87          $ 56.82     $ 48.06     $ 41.49     $ 31.83     $ 34.33
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

        (21.03 )%            18.23 %       15.84 %       30.39 %(e)       (7.28 )%(f)       24.84 %

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 1,172.3          $ 1,518.5     $ 1,377.0     $ 1,263.7     $ 1,006.6     $ 1,132.9

Average net assets (in millions)

      $ 1,340.0          $ 1,472.2     $ 1,190.6     $ 1,157.5     $ 1,139.9     $ 1,051.8

Ratios to average net assets(g):

                              

Expenses after waivers and/or expense reimbursement

        0.74 %(h)            0.74 %       0.76 %       0.77 %       0.77 %       0.79 %

Expenses before waivers and/or expense reimbursement

        0.78 %(h)            0.78 %       0.80 %       0.80 %       0.80 %       0.81 %

Net investment income (loss)

        1.47 %(h)            0.86 %       1.01 %       1.41 %       1.33 %       1.34 %

Portfolio turnover rate(i)

        36 %            21 %       34 %       26 %       28 %       33 %

 

Class III

         
     Six Months
Ended
June 30,
2022		   April 26, 2021(j)
through December 31,
2021

Per Share Operating Performance(a):

         

Net Asset Value, beginning of period

      $ 56.72     $ 53.13
    

 

 

      

 

 

  

Income (Loss) From Investment Operations:

         

Net investment income (loss)

        0.37       0.15

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        (12.36 )       3.44
    

 

 

      

 

 

  

Total from investment operations

        (11.99 )       3.59
    

 

 

      

 

 

  

Net Asset Value, end of period

      $ 44.73     $ 56.72
    

 

 

      

 

 

  

Total Return(d)

        (21.14 )%       6.76 %

Ratios/Supplemental Data:

         

Net assets, end of period (in millions)

      $ 0.5     $ 0.2

Average net assets (in millions)

      $ 0.5     $ 0.1

Ratios to average net assets(g):

         

Expenses after waivers and/or expense reimbursement

        0.99 %(h)       0.99 %(k)

Expenses before waivers and/or expense reimbursement

        1.03 %(h)       1.03 %(k)

Net investment income (loss)

        1.48 %(h)       0.40 %(k)

Portfolio turnover rate(i)

        36 %       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)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (7.34)%.

(g)

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

(h)

Annualized.

(i)

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

(j)

Commencement of offering.

(k)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A10

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

LONG-TERM INVESTMENTS — 85.5%

 

COMMON STOCKS — 48.2%

 

   

Aerospace & Defense — 0.8%

 

BAE Systems PLC (United Kingdom)

      6,901      $ 69,672  

Boeing Co. (The)*

      19,650        2,686,548  

General Dynamics Corp.

      8,200        1,814,250  

Howmet Aerospace, Inc.

      14,080        442,816  

Huntington Ingalls Industries, Inc.

      1,400        304,948  

L3Harris Technologies, Inc.

      6,970        1,684,649  

Lockheed Martin Corp.

      8,520        3,663,259  

Northrop Grumman Corp.

      5,162        2,470,378  

Raytheon Technologies Corp.(a)

      52,655        5,060,672  

Singapore Technologies Engineering Ltd. (Singapore)

      3,400        9,996  

Textron, Inc.

      8,000        488,560  

TransDigm Group, Inc.*

      1,820        976,740  
     

 

 

  
              19,672,488  
     

 

 

  

Air Freight & Logistics — 0.3%

 

C.H. Robinson Worldwide, Inc.(a)

      4,700        476,439  

Deutsche Post AG (Germany)

      2,128        79,959  

DSV A/S (Denmark)

      837        117,679  

Expeditors International of Washington, Inc.

      5,900        575,014  

FedEx Corp.

      8,480        1,922,501  

United Parcel Service, Inc.
(Class B Stock)

      26,000        4,746,040  
     

 

 

  
        7,917,632  
     

 

 

  

Airlines — 0.1%

 

Alaska Air Group, Inc.*

      4,300        172,215  

American Airlines Group, Inc.*(a)

      22,500        285,300  

Delta Air Lines, Inc.*

      22,200        643,134  

Southwest Airlines Co.*

      20,600        744,072  

United Airlines Holdings, Inc.*

      11,200        396,704  
     

 

 

  
        2,241,425  
     

 

 

  

Auto Components — 0.1%

 

Aptiv PLC*

      9,400        837,258  

BorgWarner, Inc.(a)

      8,700        290,319  

Cie Generale des Etablissements Michelin SCA (France)

      6,480        176,464  

Koito Manufacturing Co. Ltd. (Japan)

      5,500        173,388  

Stanley Electric Co. Ltd. (Japan)

      300        4,894  
     

 

 

  
        1,482,323  
     

 

 

  

Automobiles — 1.0%

 

Bayerische Motoren Werke AG (Germany)

      2,470        190,097  

Ferrari NV (Italy)

      270        49,576  

Ford Motor Co.

      138,785        1,544,677  

General Motors Co.*

      51,300        1,629,288  

Mazda Motor Corp. (Japan)

      1,300        10,542  

Mercedes-Benz Group AG (Germany)

      1,861        107,667  

Stellantis NV

      16,820        208,118  

Tesla, Inc.*

      29,700        20,000,574  

Toyota Motor Corp. (Japan)

      9,500        146,030  

Volkswagen AG (Germany)

      65        11,886  

Yamaha Motor Co. Ltd. (Japan)

      9,500        173,989  
     

 

 

  
        24,072,444  
     

 

 

  
         Shares          Value  

COMMON STOCKS (continued)

 

Banks — 1.8%

 

Australia & New Zealand Banking Group Ltd. (Australia)

      6,039      $ 91,805  

Banco Santander SA (Spain)

      66,439        187,489  

Bank Hapoalim BM (Israel)

      24,327        203,758  

Bank Leumi Le-Israel BM (Israel)

      24,516        217,931  

Bank of America Corp.

      250,741        7,805,567  

Barclays PLC (United Kingdom)

      128,706        241,207  

BNP Paribas SA (France)

      2,435        116,705  

Citigroup, Inc.

      68,735        3,161,123  

Citizens Financial Group, Inc.

      17,100        610,299  

Comerica, Inc.(a)

      4,500        330,210  

Commonwealth Bank of Australia (Australia)

      585        36,477  

DBS Group Holdings Ltd. (Singapore)

      12,300        263,202  

Fifth Third Bancorp(a)

      23,721        797,026  

First Republic Bank

      6,400        922,880  

HSBC Holdings PLC (United Kingdom)

      13,944        91,165  

Huntington Bancshares, Inc.

      50,236        604,339  

ING Groep NV (Netherlands)

      8,003        79,364  

Israel Discount Bank Ltd. (Israel)

(Class A Stock)

      33,839        175,930  

JPMorgan Chase & Co.

      103,945        11,705,246  

KeyCorp

      32,300        556,529  

Lloyds Banking Group PLC (United Kingdom)

      500,453        257,724  

M&T Bank Corp.

      6,405        1,020,893  

National Australia Bank Ltd. (Australia)

      3,571        67,479  

NatWest Group PLC (United Kingdom)

      52,927        141,335  

Oversea-Chinese Banking Corp. Ltd. (Singapore)

      7,300        59,912  

PNC Financial Services Group, Inc. (The)

      14,633        2,308,648  

Regions Financial Corp.

      33,103        620,681  

Signature Bank

      2,300        412,183  

SVB Financial Group*

      2,040        805,780  

Swedbank AB (Sweden) (Class A Stock)

      1,800        22,742  

Truist Financial Corp.

      47,101        2,234,000  

U.S. Bancorp

      47,685        2,194,464  

United Overseas Bank Ltd. (Singapore)

      2,600        49,169  

Wells Fargo & Co.

      134,164        5,255,204  

Zions Bancorp NA

      5,650        287,585  
     

 

 

  
          43,936,051  
     

 

 

  

Beverages — 0.9%

 

Brown-Forman Corp. (Class B Stock)

      6,375        447,270  

Coca-Cola Co. (The)

      138,101        8,687,934  

Coca-Cola HBC AG (Italy)

      6,261        139,094  

Constellation Brands, Inc.
(Class A Stock)

      5,900        1,375,054  

Diageo PLC (United Kingdom)

      931        40,090  

Heineken Holding NV (Netherlands)

      248        18,092  

Keurig Dr. Pepper, Inc.(a)

      26,100        923,679  

Molson Coors Beverage Co. (Class B Stock)(a)

      6,500        354,315  

Monster Beverage Corp.*

      13,400        1,242,180  

PepsiCo, Inc.

      49,007        8,167,507  
     

 

 

  
        21,395,215  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A11

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Biotechnology — 1.0%

 

AbbVie, Inc.

      62,401      $ 9,557,337  

Amgen, Inc.

      19,237        4,680,362  

Biogen, Inc.*

      5,260        1,072,724  

Gilead Sciences, Inc.

      44,100        2,725,821  

Incyte Corp.*(a)

      6,900        524,193  

Moderna, Inc.*

      12,250        1,749,913  

Regeneron Pharmaceuticals, Inc.*

      3,820        2,258,117  

Vertex Pharmaceuticals, Inc.*

      9,000        2,536,110  
     

 

 

  
        25,104,577  
     

 

 

  

Building Products — 0.2%

 

A.O. Smith Corp.(a)

      4,600        251,528  

AGC, Inc. (Japan)

      3,700        128,337  

Allegion PLC

      3,133        306,721  

Assa Abloy AB (Sweden) (Class B Stock)

      2,184        46,527  

Carrier Global Corp.

      30,102        1,073,437  

Cie de Saint-Gobain (France)

      4,482        192,899  

Fortune Brands Home & Security, Inc.

      4,900        293,412  

Johnson Controls International PLC

      24,622        1,178,901  

Masco Corp.(a)

      8,500        430,100  

Trane Technologies PLC

      8,200        1,064,934  

Xinyi Glass Holdings Ltd. (China)

      4,000        9,589  
     

 

 

  
        4,976,385  
     

 

 

  

Capital Markets — 1.4%

 

3i Group PLC (United Kingdom)

      14,126        190,411  

abrdn PLC (United Kingdom)

      4,734        9,208  

Ameriprise Financial, Inc.

      4,020        955,474  

Amundi SA (France), 144A

      128        7,006  

ASX Ltd. (Australia)

      420        23,655  

Bank of New York Mellon Corp. (The)

      26,358        1,099,392  

BlackRock, Inc.

      5,030        3,063,471  

Cboe Global Markets, Inc.

      3,700        418,803  

Charles Schwab Corp. (The)

      53,350        3,370,653  

CME Group, Inc.

      12,700        2,599,690  

Daiwa Securities Group, Inc. (Japan)

      23,200        103,413  

Deutsche Bank AG (Germany)

      4,410        38,516  

FactSet Research Systems, Inc.

      1,400        538,398  

Franklin Resources, Inc.

      9,700        226,107  

Goldman Sachs Group, Inc. (The)

      12,180        3,617,704  

Intercontinental Exchange, Inc.

      19,855        1,867,164  

Invesco Ltd.

      11,800        190,334  

Julius Baer Group Ltd. (Switzerland)

      468        21,573  

Macquarie Group Ltd. (Australia)

      2,303        261,453  

MarketAxess Holdings, Inc.

      1,420        363,534  

Moody’s Corp.

      5,750        1,563,827  

Morgan Stanley

      49,519        3,766,415  

MSCI, Inc.

      2,860        1,178,749  

Nasdaq, Inc.

      4,200        640,668  

Northern Trust Corp.

      7,200        694,656  

Raymond James Financial, Inc.

      6,750        603,518  

S&P Global, Inc.

      12,260        4,132,356  

SBI Holdings, Inc. (Japan)

      3,900        76,376  

Singapore Exchange Ltd. (Singapore)

      1,800        12,262  

State Street Corp.

      12,700        782,955  

T. Rowe Price Group, Inc.(a)

      8,000        908,880  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Capital Markets (cont’d.)

      

UBS Group AG (Switzerland)

      20,471      $ 330,574  
     

 

 

  
        33,657,195  
     

 

 

  

Chemicals — 0.9%

 

Air Products & Chemicals, Inc.

      7,900        1,899,792  

Albemarle Corp.

      4,200        877,716  

Arkema SA (France)

      130        11,607  

Celanese Corp.

      3,900        458,679  

CF Industries Holdings, Inc.

      7,400        634,402  

Corteva, Inc.

      25,347        1,372,287  

Covestro AG (Germany), 144A

      422        14,624  

Dow, Inc.

      25,647        1,323,642  

DuPont de Nemours, Inc.

      17,947        997,494  

Eastman Chemical Co.

      4,600        412,942  

Ecolab, Inc.

      8,800        1,353,088  

FMC Corp.

      4,600        492,246  

ICL Group Ltd. (Israel)

      19,140        174,138  

International Flavors & Fragrances, Inc.

      8,800        1,048,256  

Linde PLC (United Kingdom)(a)

      17,800        5,118,034  

LyondellBasell Industries NV (Class A Stock)

      9,100        795,886  

Mitsubishi Chemical Group Corp. (Japan)

      2,800        15,304  

Mitsui Chemicals, Inc. (Japan)

      7,800        166,124  

Mosaic Co. (The)

      13,000        613,990  

Nitto Denko Corp. (Japan)

      300        19,392  

PPG Industries, Inc.

      8,200        937,588  

Sherwin-Williams Co. (The)

      8,550        1,914,430  

Shin-Etsu Chemical Co. Ltd. (Japan)

      700        78,783  

Solvay SA (Belgium)

      155        12,548  

Sumitomo Chemical Co. Ltd. (Japan)

      3,100        12,069  

Tosoh Corp. (Japan)

      13,700        169,865  

Yara International ASA (Brazil)

      3,990        166,855  
     

 

 

  
        21,091,781  
     

 

 

  

Commercial Services & Supplies — 0.2%

 

Cintas Corp.

      3,220        1,202,767  

Copart, Inc.*

      7,400        804,084  

Dai Nippon Printing Co. Ltd. (Japan)

      500        10,771  

Rentokil Initial PLC (United Kingdom)

      3,827        22,130  

Republic Services, Inc.

      7,265        950,770  

Rollins, Inc.(a)

      8,700        303,804  

Securitas AB (Sweden) (Class B Stock)

      663        5,726  

Waste Management, Inc.

      13,942        2,132,847  
     

 

 

  
        5,432,899  
     

 

 

  

Communications Equipment — 0.4%

 

Arista Networks, Inc.*

      7,800        731,172  

Cisco Systems, Inc.

      147,000        6,268,080  

F5, Inc.*

      2,200        336,688  

Juniper Networks, Inc.(a)

      12,000        342,000  

Motorola Solutions, Inc.

      5,889        1,234,334  

Nokia OYJ (Finland)

      49,351        228,784  

Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)

      6,212        46,322  
     

 

 

  
        9,187,380  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A12

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Construction & Engineering — 0.0%

 

ACS Actividades de Construccion y Servicios SA (Spain)

      500      $ 12,135  

Eiffage SA (France)

      642        57,869  

Quanta Services, Inc.(a)

      5,100        639,234  

Skanska AB (Sweden) (Class B Stock)

      9,131        140,254  

Taisei Corp. (Japan)

      500        15,550  

Vinci SA (France)

      1,115        99,427  
     

 

 

  
        964,469  
     

 

 

  

Construction Materials — 0.1%

 

HeidelbergCement AG (Germany)

      323        15,530  

Martin Marietta Materials, Inc.

      2,280        682,267  

Vulcan Materials Co.

      4,800        682,080  
     

 

 

  
        1,379,877  
     

 

 

  

Consumer Finance — 0.3%

 

American Express Co.

      21,700        3,008,054  

Capital One Financial Corp.

      13,961        1,454,596  

Discover Financial Services

      10,140        959,041  

Synchrony Financial

      17,772        490,863  
     

 

 

  
        5,912,554  
     

 

 

  

Containers & Packaging — 0.2%

 

Amcor PLC(a)

      53,250        661,897  

Avery Dennison Corp.

      2,900        469,423  

Ball Corp.

      11,200        770,224  

International Paper Co.

      13,473        563,576  

Packaging Corp. of America

      3,500        481,250  

Sealed Air Corp.

      5,100        294,372  

Westrock Co.

      9,744        388,201  
     

 

 

  
        3,628,943  
     

 

 

  

Distributors — 0.1%

 

Genuine Parts Co.

      4,900        651,700  

LKQ Corp.

      9,300        456,537  

Pool Corp.

      1,480        519,820  
     

 

 

  
        1,628,057  
     

 

 

  

Diversified Financial Services — 0.7%

 

Berkshire Hathaway, Inc. (Class B Stock)*

      64,180        17,522,424  

EXOR NV (Netherlands)

      234        14,604  

Industrivarden AB (Sweden) (Class A Stock)

      49        1,104  

Investor AB (Sweden) (Class A Stock)

      1,064        19,130  

Investor AB (Sweden) (Class B Stock)

      3,828        63,028  

ORIX Corp. (Japan)

      2,700        45,149  
     

 

 

  
        17,665,439  
     

 

 

  

Diversified Telecommunication Services — 0.6%

 

AT&T, Inc.

      253,336        5,309,923  

Deutsche Telekom AG (Germany)

      10,365        205,864  

Koninklijke KPN NV (Netherlands)

      48,562        172,970  

Lumen Technologies, Inc.(a)

      33,779        368,529  

Nippon Telegraph & Telephone Corp. (Japan)

      3,900        111,975  

Spark New Zealand Ltd. (New Zealand)

      16,168        48,458  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Diversified Telecommunication Services (cont’d.)

 

Telefonica Deutschland Holding AG (Germany)

      2,375      $ 6,813  

Telefonica SA (Spain)

      11,373        57,916  

Verizon Communications, Inc.

      148,076        7,514,857  
     

 

 

  
        13,797,305  
     

 

 

  

Electric Utilities — 0.9%

 

Alliant Energy Corp.

      8,700        509,907  

American Electric Power Co., Inc.(a)

      18,160        1,742,270  

CK Infrastructure Holdings Ltd. (Hong Kong)

      1,500        9,199  

Constellation Energy Corp.

      11,304        647,267  

Duke Energy Corp.

      27,161        2,911,931  

Edison International

      13,200        834,768  

Electricite de France SA (France)

      1,206        9,851  

Endesa SA (Spain)

      10,083        190,378  

Enel SpA (Italy)

      17,242        94,485  

Entergy Corp.

      7,000        788,480  

Evergy, Inc.

      7,900        515,475  

Eversource Energy

      11,900        1,005,193  

Exelon Corp.

      34,713        1,573,193  

FirstEnergy Corp.

      19,956        766,111  

Fortum OYJ (Finland)

      930        13,939  

Iberdrola SA (Spain)

      19,293        200,042  

NextEra Energy, Inc.

      69,600        5,391,216  

NRG Energy, Inc.

      8,700        332,079  

Pinnacle West Capital Corp.(a)

      4,100        299,792  

Power Assets Holdings Ltd. (Hong Kong)

      3,000        18,879  

PPL Corp.

      26,100        708,093  

Southern Co. (The)

      37,300        2,659,863  

SSE PLC (United Kingdom)

      7,676        151,093  

Terna - Rete Elettrica Nazionale (Italy)

      1,554        12,195  

Xcel Energy, Inc.

      19,110        1,352,224  
     

 

 

  
        22,737,923  
     

 

 

  

Electrical Equipment — 0.2%

 

AMETEK, Inc.

      8,000        879,120  

Eaton Corp. PLC

      14,137        1,781,121  

Emerson Electric Co.

      20,800        1,654,432  

Generac Holdings, Inc.*(a)

      2,300        484,334  

Mitsubishi Electric Corp. (Japan)

      4,300        46,580  

Rockwell Automation, Inc.

      4,200        837,102  
     

 

 

  
        5,682,689  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.3%

 

Amphenol Corp. (Class A Stock)

      20,800        1,339,104  

CDW Corp.

      4,850        764,166  

Corning, Inc.

      26,700        841,317  

Hamamatsu Photonics KK (Japan)

      400        15,507  

Hirose Electric Co. Ltd. (Japan)

      1,000        132,421  

Keysight Technologies, Inc.*

      6,400        882,240  

Murata Manufacturing Co. Ltd. (Japan)

      1,300        71,143  

TDK Corp. (Japan)

      900        27,626  

TE Connectivity Ltd. (Switzerland)

      11,300        1,278,595  

Teledyne Technologies, Inc.*

      1,660        622,683  

Trimble, Inc.*

      8,700        506,601  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A13

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Electronic Equipment, Instruments & Components (cont’d.)

 

Zebra Technologies Corp. (Class A Stock)*

      1,970      $ 579,082  
     

 

 

  
        7,060,485  
     

 

 

  

Energy Equipment & Services — 0.2%

 

   

Baker Hughes Co.(a)

      33,098        955,540  

Halliburton Co.

      31,100        975,296  

Schlumberger NV

      49,524        1,770,978  
     

 

 

  
        3,701,814  
     

 

 

  

Entertainment — 0.6%

      

Activision Blizzard, Inc.

      28,500        2,219,010  

Electronic Arts, Inc.

      9,800        1,192,170  

Konami Group Corp. (Japan)

      200        11,053  

Live Nation Entertainment, Inc.*(a)

      4,900        404,642  

Netflix, Inc.*

      15,810        2,764,695  

Nintendo Co. Ltd. (Japan)

      300        130,137  

Take-Two Interactive Software, Inc.*

      5,400        661,662  

Walt Disney Co. (The)*

      64,282        6,068,221  

Warner Bros Discovery, Inc.*

      76,976        1,033,018  
     

 

 

  
        14,484,608  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.4%

 

Alexandria Real Estate Equities, Inc.(a)

      5,280        765,758  

American Tower Corp.

      16,460        4,207,011  

AvalonBay Communities, Inc.

      5,075        985,819  

Boston Properties, Inc.

      4,900        436,002  

Camden Property Trust

      3,800        511,024  

Crown Castle International Corp.

      15,400        2,593,052  

Dexus (Australia)

      29,980        183,085  

Digital Realty Trust, Inc.

      10,100        1,311,283  

Duke Realty Corp.

      13,200        725,340  

Equinix, Inc.

      3,184        2,091,952  

Equity Residential

      12,200        881,084  

Essex Property Trust, Inc.

      2,350        614,549  

Extra Space Storage, Inc.

      4,800        816,576  

Federal Realty OP LP

      2,400        229,776  

Goodman Group (Australia)

      14,090        172,971  

Healthpeak Properties, Inc.

      18,700        484,517  

Host Hotels & Resorts, Inc.

      24,782        388,582  

Iron Mountain, Inc.(a)

      10,602        516,211  

Kimco Realty Corp.(a)

      21,400        423,078  

Klepierre SA (France)*

      435        8,358  

Land Securities Group PLC (United Kingdom)

      1,495        12,111  

Mid-America Apartment Communities, Inc.

      4,200        733,614  

Prologis, Inc.

      26,177        3,079,724  

Public Storage

      5,520        1,725,938  

Realty Income Corp.(a)

      21,300        1,453,938  

Regency Centers Corp.

      5,600        332,136  

SBA Communications Corp.

      3,800        1,216,190  

Simon Property Group, Inc.

      11,393        1,081,424  

Stockland (Australia)

      49,094        122,276  

UDR, Inc.(a)

      10,300        474,212  

Ventas, Inc.

      13,868        713,231  

VICI Properties, Inc.(a)

      34,100        1,015,839  

Vornado Realty Trust

      6,125        175,114  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Equity Real Estate Investment Trusts (REITs) (cont’d.)

 

Welltower, Inc.

      16,100      $ 1,325,835  

Weyerhaeuser Co.

      26,018        861,716  
     

 

 

  
        32,669,326  
     

 

 

  

Food & Staples Retailing — 0.7%

      

Carrefour SA (France)

      1,080        19,121  

Coles Group Ltd. (Australia)

      2,544        31,240  

Costco Wholesale Corp.

      15,660        7,505,525  

Endeavour Group Ltd. (Australia)

      2,898        15,113  

Etablissements Franz Colruyt NV (Belgium)

      120        3,261  

J Sainsbury PLC (United Kingdom)

      3,717        9,239  

Jeronimo Martins SGPS SA (Portugal)

      496        10,794  

Kesko OYJ (Finland) (Class B Stock)

      528        12,452  

Koninklijke Ahold Delhaize NV (Netherlands)

      9,594        250,200  

Kroger Co. (The)(a)

      23,492        1,111,876  

Sysco Corp.(a)

      17,700        1,499,367  

Tesco PLC (United Kingdom)

      16,328        50,706  

Walgreens Boots Alliance, Inc.

      25,000        947,500  

Walmart, Inc.

      49,900        6,066,842  

Woolworths Group Ltd. (Australia)

      3,879        95,229  
     

 

 

  
        17,628,465  
     

 

 

  

Food Products — 0.6%

      

Archer-Daniels-Midland Co.

      19,926        1,546,257  

Campbell Soup Co.(a)

      7,000        336,350  

Conagra Brands, Inc.

      16,700        571,808  

General Mills, Inc.

      21,000        1,584,450  

Hershey Co. (The)

      5,200        1,118,832  

Hormel Foods Corp.

      10,300        487,808  

J.M. Smucker Co. (The)(a)

      3,900        499,239  

Kellogg Co.(a)

      8,900        634,926  

Kraft Heinz Co. (The)

      24,667        940,799  

Lamb Weston Holdings, Inc.(a)

      5,400        385,884  

McCormick & Co., Inc.(a)

      8,740        727,605  

Mondelez International, Inc. (Class A Stock)

      48,953        3,039,492  

Nestle SA

      4,179        487,671  

Orkla ASA (Norway)

      22,383        179,043  

Tyson Foods, Inc. (Class A Stock)

      10,200        877,812  

WH Group Ltd. (Hong Kong), 144A

      151,500        118,648  

Wilmar International Ltd. (China)

      74,800        217,842  
     

 

 

  
        13,754,466  
     

 

 

  

Gas Utilities — 0.0%

      

Atmos Energy Corp.(a)

      4,800        538,080  

Enagas SA (Spain)

      544        12,029  

Osaka Gas Co. Ltd. (Japan)

      800        15,316  

Snam SpA (Italy)

      937        4,908  

Tokyo Gas Co. Ltd. (Japan)

      900        18,625  
     

 

 

  
        588,958  
     

 

 

  

Health Care Equipment & Supplies — 1.3%

      

Abbott Laboratories

      61,950        6,730,867  

ABIOMED, Inc.*

      1,660        410,867  

Align Technology, Inc.*

      2,640        624,809  

Baxter International, Inc.

      17,400        1,117,602  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A14

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Health Care Equipment & Supplies (cont’d.)

 

Becton, Dickinson & Co.

      10,110      $ 2,492,418  

Boston Scientific Corp.*

      50,367        1,877,178  

Cooper Cos., Inc. (The)

      1,840        576,141  

DENTSPLY SIRONA, Inc.

      8,000        285,840  

Dexcom, Inc.*

      14,160        1,055,345  

Edwards Lifesciences Corp.*

      21,700        2,063,453  

Hologic, Inc.*

      8,800        609,840  

Hoya Corp. (Japan)

      300        25,810  

IDEXX Laboratories, Inc.*

      2,940        1,031,146  

Intuitive Surgical, Inc.*

      12,760        2,561,060  

Medtronic PLC

      47,490        4,262,227  

ResMed, Inc.

      5,200        1,090,076  

STERIS PLC

      3,650        752,448  

Stryker Corp.

      12,000        2,387,160  

Teleflex, Inc.

      1,800        442,530  

Zimmer Biomet Holdings, Inc.

      7,200        756,432  
     

 

 

  
        31,153,249  
     

 

 

  

Health Care Providers & Services — 1.7%

 

   

AmerisourceBergen Corp.

      5,400        763,992  

Cardinal Health, Inc.

      10,250        535,768  

Centene Corp.*

      20,650        1,747,196  

Cigna Corp.

      11,200        2,951,424  

CVS Health Corp.

      46,283        4,288,583  

DaVita, Inc.*

      2,300        183,908  

Elevance Health, Inc.

      8,560        4,130,885  

Fresenius SE & Co. KGaA (Germany)

      910        27,617  

HCA Healthcare, Inc.

      8,100        1,361,286  

Henry Schein, Inc.*

      4,800        368,352  

Humana, Inc.

      4,450        2,082,911  

Laboratory Corp. of America Holdings

      3,300        773,388  

McKesson Corp.

      5,330        1,738,699  

Medipal Holdings Corp. (Japan)

      11,300        159,255  

Molina Healthcare, Inc.*

      2,150        601,162  

Quest Diagnostics, Inc.(a)

      4,200        558,516  

Sonic Healthcare Ltd. (Australia)

      9,018        205,664  

UnitedHealth Group, Inc.

      33,240        17,073,061  

Universal Health Services, Inc. (Class B Stock)(a)

      2,600        261,846  
     

 

 

  
        39,813,513  
     

 

 

  

Hotels, Restaurants & Leisure — 0.9%

 

   

Aristocrat Leisure Ltd. (Australia)

      1,331        31,486  

Booking Holdings, Inc.*

      1,450        2,536,035  

Caesars Entertainment, Inc.*(a)

      7,400        283,420  

Carnival Corp.*(a)

      27,900        241,335  

Chipotle Mexican Grill, Inc.*

      980        1,281,115  

Compass Group PLC (United Kingdom)

      9,455        193,309  

Darden Restaurants, Inc.(a)

      4,450        503,384  

Domino’s Pizza, Inc.

      1,360        530,006  

Evolution AB (Sweden), 144A

      1,208        109,628  

Expedia Group, Inc.*

      5,250        497,857  

Hilton Worldwide Holdings, Inc.

      9,700        1,080,968  

InterContinental Hotels Group PLC (United Kingdom)

      730        38,752  

La Francaise des Jeux SAEM (France), 144A

      4,835        167,625  

Las Vegas Sands Corp.*

      12,550        421,554  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Hotels, Restaurants & Leisure (cont’d.)

 

Marriott International, Inc. (Class A Stock)

      9,528      $ 1,295,903  

McDonald’s Corp.

      26,500        6,542,320  

McDonald’s Holdings Co. Japan Ltd. (Japan)

      200        7,281  

MGM Resorts International

      13,500        390,825  

Norwegian Cruise Line Holdings Ltd.*(a)

      13,800        153,456  

Penn National Gaming, Inc.*(a)

      6,000        182,520  

Royal Caribbean Cruises Ltd.*(a)

      7,800        272,298  

Sodexo SA (France)

      184        12,956  

Starbucks Corp.

      40,600        3,101,434  

Whitbread PLC (United Kingdom)

      456        13,761  

Wynn Resorts Ltd.*(a)

      3,900        222,222  

Yum! Brands, Inc.

      10,200        1,157,802  
     

 

 

  
        21,269,252  
     

 

 

  

Household Durables — 0.2%

      

Barratt Developments PLC (United Kingdom)

      2,156        11,990  

Berkeley Group Holdings PLC (United Kingdom)*

      685        30,983  

D.R. Horton, Inc.(a)

      11,300        747,947  

Garmin Ltd.

      5,300        520,725  

Lennar Corp. (Class A Stock)

      9,400        663,358  

Mohawk Industries, Inc.*

      1,940        240,735  

Newell Brands, Inc.

      13,814        263,019  

NVR, Inc.*

      110        440,455  

Open House Group Co. Ltd. (Japan)

      1,800        71,508  

PulteGroup, Inc.

      8,222        325,838  

Sony Group Corp. (Japan)

      1,600        130,158  

Taylor Wimpey PLC (United Kingdom)

      7,960        11,323  

Whirlpool Corp.(a)

      2,126        329,254  
     

 

 

  
        3,787,293  
     

 

 

  

Household Products — 0.7%

      

Church & Dwight Co., Inc.

      8,500        787,610  

Clorox Co. (The)(a)

      4,200        592,116  

Colgate-Palmolive Co.

      29,800        2,388,172  

Essity AB (Sweden) (Class B Stock)

      1,311        34,206  

Henkel AG & Co. KGaA (Germany)

      198        12,124  

Kimberly-Clark Corp.

      12,500        1,689,375  

Procter & Gamble Co. (The)

      84,925        12,211,366  

Reckitt Benckiser Group PLC (United Kingdom)

      1,560        117,089  
     

 

 

  
        17,832,058  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.0%

 

AES Corp. (The)

      24,400        512,644  
     

 

 

  

Industrial Conglomerates — 0.4%

      

3M Co.

      20,000        2,588,200  

CK Hutchison Holdings Ltd. (United Kingdom)

      6,000        40,997  

General Electric Co.

      38,678        2,462,628  

Honeywell International, Inc.

      24,212        4,208,288  

Jardine Matheson Holdings Ltd. (Hong Kong)

      4,100        215,317  

Lifco AB (Sweden) (Class B Stock)

      532        8,562  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A15

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Industrial Conglomerates (cont’d.)

      

Siemens AG (Germany)

      1,365      $ 138,559  

Smiths Group PLC (United Kingdom)

      1,787        30,424  

Toshiba Corp. (Japan)

      5,300        215,316  
     

 

 

  
        9,908,291  
     

 

 

  

Insurance — 1.1%

      

Aegon NV (Netherlands)

      3,960        17,166  

Aflac, Inc.

      21,100        1,167,463  

Ageas SA/NV (Belgium)

      364        15,995  

AIA Group Ltd. (Hong Kong)

      4,000        43,434  

Allstate Corp. (The)

      9,900        1,254,627  

American International Group, Inc.

      28,039        1,433,634  

Aon PLC (Class A Stock)

      7,600        2,049,568  

Arthur J. Gallagher & Co.

      7,400        1,206,496  

Assicurazioni Generali SpA (Italy)

      2,365        37,782  

Assurant, Inc.

      2,000        345,700  

AXA SA (France)

      7,605        173,701  

Brown & Brown, Inc.

      8,500        495,890  

Chubb Ltd.

      15,186        2,985,264  

Cincinnati Financial Corp.

      5,137        611,200  

Dai-ichi Life Holdings, Inc. (Japan)

      12,100        221,188  

Everest Re Group Ltd.

      1,540        431,631  

Globe Life, Inc.

      3,425        333,835  

Hartford Financial Services Group, Inc. (The)

      11,800        772,074  

Japan Post Holdings Co. Ltd. (Japan)

      5,500        39,186  

Japan Post Insurance Co. Ltd. (Japan)

      11,900        189,810  

Lincoln National Corp.

      6,218        290,816  

Loews Corp.

      6,975        413,338  

Marsh & McLennan Cos., Inc.

      17,800        2,763,450  

Medibank Private Ltd. (Australia)

      5,560        12,467  

MetLife, Inc.

      24,350        1,528,936  

MS&AD Insurance Group Holdings, Inc. (Japan)

      2,300        70,277  

NN Group NV (Netherlands)

      574        26,079  

Poste Italiane SpA (Italy), 144A

      3,032        28,377  

Principal Financial Group, Inc.

      8,500        567,715  

Progressive Corp. (The)

      20,600        2,395,162  

Sampo OYJ (Finland) (Class A Stock)

      1,078        46,937  

Sompo Holdings, Inc. (Japan)

      3,500        153,457  

Suncorp Group Ltd. (Australia)

      22,707        171,954  

Tokio Marine Holdings, Inc. (Japan)

      1,400        82,237  

Travelers Cos., Inc. (The)

      8,535        1,443,524  

W.R. Berkley Corp.

      7,200        491,472  

Willis Towers Watson PLC

      3,940        777,717  

Zurich Insurance Group AG (Switzerland)

      311        135,117  
     

 

 

  
        25,224,676  
     

 

 

  

Interactive Media & Services — 2.5%

 

   

Alphabet, Inc. (Class A Stock)*

      10,650        23,209,119  

Alphabet, Inc. (Class C Stock)*

      9,763        21,356,074  

Match Group, Inc.*

      9,800        682,962  

Meta Platforms, Inc. (Class A Stock)*

      81,130        13,082,213  

SEEK Ltd. (Australia)

      700        10,106  

Twitter, Inc.*

      26,800        1,002,052  
     

 

 

  
        59,342,526  
     

 

 

  
         Shares          Value  

COMMON STOCKS (continued)

      

Internet & Direct Marketing Retail — 1.4%

 

Amazon.com, Inc.*

      309,700      $ 32,893,237  

eBay, Inc.

      19,800        825,066  

Etsy, Inc.*(a)

      4,400        322,124  

ZOZO, Inc. (Japan)

      300        5,390  
     

 

 

  
        34,045,817  
     

 

 

  

IT Services — 2.1%

      

Accenture PLC (Class A Stock)

      22,500        6,247,125  

Adyen NV (Netherlands), 144A*

      41        59,659  

Akamai Technologies, Inc.*(a)

      5,600        511,448  

Automatic Data Processing, Inc.

      14,800        3,108,592  

Broadridge Financial Solutions, Inc.

      4,200        598,710  

Capgemini SE (France)

      938        160,470  

Cognizant Technology Solutions Corp. (Class A Stock)

      18,200        1,228,318  

Computershare Ltd. (Australia)

      12,943        219,755  

DXC Technology Co.*

      9,028        273,639  

EPAM Systems, Inc.*

      2,140        630,829  

Fidelity National Information Services, Inc.

      21,500        1,970,905  

Fiserv, Inc.*

      20,600        1,832,782  

FleetCor Technologies, Inc.*

      2,700        567,297  

Fujitsu Ltd. (Japan)

      1,800        224,384  

Gartner, Inc.*

      2,800        677,124  

Global Payments, Inc.

      10,077        1,114,919  

International Business Machines Corp.

      31,700        4,475,723  

Jack Henry & Associates, Inc.

      2,700        486,054  

Mastercard, Inc. (Class A Stock)

      30,450        9,606,366  

NEC Corp. (Japan)

      600        23,255  

NTT Data Corp. (Japan)

      1,400        19,371  

Paychex, Inc.

      11,400        1,298,118  

PayPal Holdings, Inc.*

      41,200        2,877,408  

VeriSign, Inc.*

      3,300        552,189  

Visa, Inc. (Class A Stock)(a)

      58,300        11,478,687  
     

 

 

  
        50,243,127  
     

 

 

  

Leisure Products — 0.0%

      

Bandai Namco Holdings, Inc. (Japan)

      500        35,262  

Hasbro, Inc.

      4,700        384,836  

Shimano, Inc. (Japan)

      200        33,540  
     

 

 

  
        453,638  
     

 

 

  

Life Sciences Tools & Services — 0.9%

 

   

Agilent Technologies, Inc.

      10,514        1,248,748  

Bio-Rad Laboratories, Inc. (Class A Stock)*

      740        366,300  

Bio-Techne Corp.

      1,400        485,296  

Charles River Laboratories International, Inc.*

      1,760        376,587  

Danaher Corp.

      22,900        5,805,608  

Eurofins Scientific SE (Luxembourg)

      269        21,196  

Illumina, Inc.*

      5,600        1,032,416  

IQVIA Holdings, Inc.*

      6,800        1,475,532  

Mettler-Toledo International, Inc.*

      800        919,016  

PerkinElmer, Inc.(a)

      4,600        654,212  

Sartorius Stedim Biotech (France)

      57        17,932  

Thermo Fisher Scientific, Inc.

      13,900        7,551,592  

Waters Corp.*

      2,200        728,156  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A16

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

Life Sciences Tools & Services (cont’d.)

 

   

West Pharmaceutical Services, Inc.

      2,700      $ 816,399  
     

 

 

  
          21,498,990  
     

 

 

  

Machinery — 0.7%

      

Atlas Copco AB (Sweden) (Class A Stock)

      5,472        51,180  

Atlas Copco AB (Sweden) (Class B Stock)

      3,016        25,266  

Caterpillar, Inc.

      18,900        3,378,564  

CNH Industrial NV (United Kingdom)

      2,144        24,848  

Cummins, Inc.

      5,100        987,003  

Deere & Co.

      9,940        2,976,732  

Dover Corp.

      5,000        606,600  

Epiroc AB (Sweden) (Class A Stock)

      1,392        21,536  

Epiroc AB (Sweden) (Class B Stock)

      784        10,603  

Fortive Corp.

      12,450        677,031  

GEA Group AG (Germany)

      323        11,163  

IDEX Corp.

      2,710        492,217  

Illinois Tool Works, Inc.

      10,100        1,840,725  

Ingersoll Rand, Inc.

      14,100        593,328  

Komatsu Ltd. (Japan)

      2,000        44,310  

MISUMI Group, Inc. (Japan)

      700        14,907  

NGK Insulators Ltd. (Japan)

      6,100        82,068  

Nordson Corp.

      1,900        384,636  

Otis Worldwide Corp.

      15,101        1,067,188  

PACCAR, Inc.

      12,143        999,855  

Parker-Hannifin Corp.

      4,665        1,147,823  

Pentair PLC(a)

      5,977        273,567  

Sandvik AB (Sweden)

      2,340        37,997  

Schindler Holding AG (Switzerland)

      71        12,757  

Snap-on, Inc.(a)

      1,900        374,357  

Stanley Black & Decker, Inc.

      5,447        571,172  

VAT Group AG (Switzerland), 144A

      55        13,063  

Volvo AB (Sweden) (Class A Stock)

      442        7,117  

Volvo AB (Sweden) (Class B Stock)

      2,970        46,137  

Westinghouse Air Brake Technologies Corp.

      6,451        529,498  

Xylem, Inc.

      6,200        484,716  
     

 

 

  
          17,787,964  
     

 

 

  

Marine — 0.0%

      

AP Moller - Maersk A/S (Denmark) (Class A Stock)

      6        13,890  

AP Moller - Maersk A/S (Denmark) (Class B Stock)

      86        201,286  

Kuehne + Nagel International AG

      

(Switzerland)

      636        150,232  

Mitsui OSK Lines Ltd. (Japan)

      900        20,586  

Nippon Yusen KK (Japan)

      400        27,382  

SITC International Holdings Co. Ltd. (China)

      47,000        133,157  
     

 

 

  
          546,533  
     

 

 

  

Media — 0.5%

      

Charter Communications, Inc. (Class A Stock)*

      4,060        1,902,232  

Comcast Corp. (Class A Stock)

      158,180        6,206,983  

Dentsu Group, Inc. (Japan)

      500        14,986  
         Shares          Value  

COMMON STOCKS (continued)

 

Media (cont’d.)

      

DISH Network Corp. (Class A

      

Stock)*(a)

      9,017      $ 161,675  

Fox Corp. (Class A Stock)

      11,100        356,976  

Fox Corp. (Class B Stock)

      5,733        170,270  

Interpublic Group of Cos., Inc. (The)

      13,631        375,261  

News Corp. (Class A Stock)

      13,675        213,057  

News Corp. (Class B Stock)

      4,800        76,272  

Omnicom Group, Inc.

      7,300        464,353  

Paramount Global (Class B Stock)(a)

      21,030        519,020  

Publicis Groupe SA (France)

      4,102        200,809  

WPP PLC (United Kingdom)

      18,535        186,836  
     

 

 

  
          10,848,730  
     

 

 

  

Metals & Mining — 0.2%

      

Anglo American PLC (South Africa)

      6,471        231,447  

ArcelorMittal SA (Luxembourg)

      8,083        182,132  

BHP Group Ltd. (Australia)

      10,741        304,843  

BlueScope Steel Ltd. (Australia)

      17,094        186,420  

Boliden AB (Sweden)

      578        18,362  

Fortescue Metals Group Ltd. (Australia)

      3,598        43,374  

Freeport-McMoRan, Inc.

      51,788        1,515,317  

Glencore PLC (Australia)*

      20,720        112,125  

Newmont Corp.

      28,200        1,682,694  

Norsk Hydro ASA (Norway)

      2,850        16,017  

Nucor Corp.

      9,500        991,895  

Rio Tinto Ltd. (Australia)

      705        50,028  

Rio Tinto PLC (Australia)

      5,176        309,939  

South32 Ltd. (Australia)

      9,633        26,153  

voestalpine AG (Austria)

      240        5,099  
     

 

 

  
          5,675,845  
     

 

 

  

Multiline Retail — 0.2%

      

Dollar General Corp.

      8,100        1,988,064  

Dollar Tree, Inc.*

      7,965        1,241,345  

Next PLC (United Kingdom)

      276        19,699  

Target Corp.

      16,360        2,310,523  
     

 

 

  
          5,559,631  
     

 

 

  

Multi-Utilities — 0.5%

      

Ameren Corp.

      8,900        804,204  

CenterPoint Energy, Inc.

      21,800        644,844  

CMS Energy Corp.

      10,000        675,000  

Consolidated Edison, Inc.

      12,300        1,169,730  

Dominion Energy, Inc.

      28,615        2,283,763  

DTE Energy Co.

      6,700        849,225  

E.ON SE (Germany)

      21,647        181,975  

Engie SA (France)

      15,254        175,706  

NiSource, Inc.

      13,600        401,064  

Public Service Enterprise Group, Inc.

      17,600        1,113,728  

Sempra Energy

      11,319        1,700,906  

WEC Energy Group, Inc.

      11,213        1,128,476  
     

 

 

  
          11,128,621  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.0%

 

   

APA Corp.

      12,614        440,229  

BP PLC (United Kingdom)

      41,816        197,112  

Chevron Corp.

      69,522        10,065,395  

ConocoPhillips

      45,919        4,123,985  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A17

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Oil, Gas & Consumable Fuels (cont’d.)

 

   

Coterra Energy, Inc.(a)

      28,300      $ 729,857  

Devon Energy Corp.

      21,900        1,206,909  

Diamondback Energy, Inc.

      5,900        714,785  

Eni SpA (Italy)

      18,533        220,491  

EOG Resources, Inc.

      20,700        2,286,108  

Equinor ASA (Norway)

      7,504        261,863  

Exxon Mobil Corp.

      149,299        12,785,966  

Hess Corp.

      9,600        1,017,024  

Inpex Corp. (Japan)

      20,900        225,521  

Kinder Morgan, Inc.

      70,398        1,179,871  

Marathon Oil Corp.

      25,082        563,843  

Marathon Petroleum Corp.

      19,119        1,571,773  

Occidental Petroleum Corp.(a)

      31,304        1,843,180  

ONEOK, Inc.

      15,500        860,250  

Phillips 66

      17,038        1,396,946  

Pioneer Natural Resources Co.

      8,050        1,795,794  

Repsol SA (Spain)

      1,785        26,218  

Shell PLC (Netherlands)

      16,748        432,374  

TotalEnergies SE (France)

      5,455        287,190  

Valero Energy Corp.

      14,500        1,541,060  

Williams Cos., Inc. (The)

      43,100        1,345,151  

Woodside Energy Group Ltd. (Australia)

      1,940        42,584  
     

 

 

  
          47,161,479  
     

 

 

  

Paper & Forest Products — 0.0%

      

Stora Enso OYJ (Finland)
(Class R Stock)

      1,224          19,151  
     

 

 

  

Personal Products — 0.1%

      

Estee Lauder Cos., Inc. (The) (Class A Stock)

      8,200        2,088,294  

L’Oreal SA (France)

      602        208,061  

Unilever PLC (United Kingdom)

      9,540        433,957  
     

 

 

  
          2,730,312  
     

 

 

  

Pharmaceuticals — 2.4%

      

Astellas Pharma, Inc. (Japan)

      1,600        24,917  

AstraZeneca PLC (United Kingdom)

      1,532        201,537  

Bayer AG (Germany)

      3,030        180,164  

Bristol-Myers Squibb Co.

      76,370        5,880,490  

Catalent, Inc.*

      6,300        675,927  

Chugai Pharmaceutical Co. Ltd. (Japan)

      1,400        35,779  

Eli Lilly & Co.

      28,000        9,078,440  

GSK PLC

      20,597        443,663  

Ipsen SA (France)

      2,201        207,241  

Johnson & Johnson

      93,158        16,536,477  

Merck & Co., Inc.

      89,533        8,162,724  

Merck KGaA (Germany)

      852        144,019  

Novartis AG (Switzerland)

      7,176        606,466  

Novo Nordisk A/S (Denmark) (Class B Stock)

      3,734        415,411  

Ono Pharmaceutical Co. Ltd. (Japan)

      800        20,482  

Organon & Co.

      8,753        295,414  

Pfizer, Inc.

      198,570        10,411,025  

Roche Holding AG

      2,107        703,146  

Sanofi (France)

      4,574        459,735  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Pharmaceuticals (cont’d.)

      

Takeda Pharmaceutical Co. Ltd. (Japan)

      3,400      $ 95,644  

Viatris, Inc.

      41,986        439,593  

Zoetis, Inc.

      16,700        2,870,563  
     

 

 

  
          57,888,857  
     

 

 

  

Professional Services — 0.2%

      

Equifax, Inc.

      4,400        804,232  

Jacobs Engineering Group, Inc.

      4,500        572,085  

Leidos Holdings, Inc.

      4,900        493,479  

Nielsen Holdings PLC

      13,200        306,504  

Randstad NV (Netherlands)

      3,932        190,836  

Recruit Holdings Co. Ltd. (Japan)

      9,300        272,847  

Robert Half International, Inc.

      3,800        284,582  

Verisk Analytics, Inc.

      5,700        986,613  

Wolters Kluwer NV (Netherlands)

      552        53,562  
     

 

 

  
          3,964,740  
     

 

 

  

Real Estate Management & Development — 0.0%

 

Aroundtown SA (Germany)

      2,214        7,052  

Capitaland Investment Ltd. (Singapore)

      5,800        15,964  

CBRE Group, Inc. (Class A Stock)*

      11,600        853,876  

CK Asset Holdings Ltd. (Hong Kong)

      4,500        31,842  

Daito Trust Construction Co. Ltd. (Japan)

      200        17,249  

ESR Group Ltd. (China), 144A*

      4,000        10,791  

New World Development Co. Ltd. (Hong Kong)

      4,000        14,359  

Nomura Real Estate Holdings, Inc. (Japan)

      500        12,214  
     

 

 

  
          963,347  
     

 

 

  

Road & Rail — 0.4%

      

CSX Corp.

      77,000        2,237,620  

J.B. Hunt Transport Services, Inc.

      3,000        472,410  

Norfolk Southern Corp.

      8,400        1,909,236  

Old Dominion Freight Line, Inc.

      3,365        862,382  

Union Pacific Corp.

      22,360        4,768,941  
     

 

 

  
          10,250,589  
     

 

 

  

Semiconductors & Semiconductor Equipment — 2.5%

 

Advanced Micro Devices, Inc.*

      57,199        4,374,008  

Analog Devices, Inc.

      18,547        2,709,531  

Applied Materials, Inc.

      31,300        2,847,674  

ASML Holding NV (Netherlands)

      537        255,583  

Broadcom, Inc.

      14,500        7,044,245  

Disco Corp. (Japan)

      100        23,675  

Enphase Energy, Inc.*

      4,700        917,628  

Intel Corp.

      144,700        5,413,227  

KLA Corp.(a)

      5,250        1,675,170  

Lam Research Corp.

      4,890        2,083,874  

Microchip Technology, Inc.

      19,300        1,120,944  

Micron Technology, Inc.

      39,400        2,178,032  

Monolithic Power Systems, Inc.

      1,600        614,464  

NVIDIA Corp.

      88,660        13,439,969  

NXP Semiconductors NV (China)(a)

      9,400        1,391,482  

ON Semiconductor Corp.*

      15,400        774,774  

Qorvo, Inc.*

      4,007        377,940  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A18

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Semiconductors & Semiconductor Equipment (cont’d.)

 

QUALCOMM, Inc.

      39,800      $ 5,084,052  

Renesas Electronics Corp. (Japan)*

      8,600        77,834  

Skyworks Solutions, Inc.

      5,700        528,048  

SolarEdge Technologies, Inc.*

      2,000        547,360  

STMicroelectronics NV (Singapore)

      4,588        144,383  

Teradyne, Inc.

      5,600        501,480  

Texas Instruments, Inc.

      32,600        5,008,990  
     

 

 

  
          59,134,367  
     

 

 

  

Software — 4.2%

      

Adobe, Inc.*

      16,680        6,105,881  

ANSYS, Inc.*

      3,200        765,728  

Autodesk, Inc.*

      7,800        1,341,288  

Cadence Design Systems, Inc.*

      9,800        1,470,294  

Ceridian HCM Holding, Inc.*

      4,950        233,046  

Citrix Systems, Inc.

      4,300        417,831  

Dassault Systemes SE (France)

      6,438        236,949  

Fortinet, Inc.*(a)

      23,500        1,329,630  

Intuit, Inc.

      9,980        3,846,691  

Microsoft Corp.

      264,720        67,988,038  

Nemetschek SE (Germany)

      119        7,180  

NortonLifeLock, Inc.(a)

      20,178        443,109  

Oracle Corp.

      55,550        3,881,278  

Paycom Software, Inc.*

      1,720        481,806  

PTC, Inc.*

      3,600        382,824  

Roper Technologies, Inc.

      3,780        1,491,777  

Salesforce, Inc.*

      35,150        5,801,156  

SAP SE (Germany)

      381        34,603  

ServiceNow, Inc.*

      7,050        3,352,416  

Synopsys, Inc.*

      5,500        1,670,350  

Tyler Technologies, Inc.*

      1,510        502,045  

WiseTech Global Ltd. (Australia)

      320        8,283  
     

 

 

  
          101,792,203  
     

 

 

  

Specialty Retail — 1.0%

      

Advance Auto Parts, Inc.(a)

      2,300        398,107  

AutoZone, Inc.*

      700        1,504,384  

Bath & Body Works, Inc.(a)

      9,206        247,826  

Best Buy Co., Inc.(a)

      7,375        480,776  

CarMax, Inc.*(a)

      5,600        506,688  

Chow Tai Fook Jewellery Group Ltd. (China)

      7,000        13,118  

Fast Retailing Co. Ltd. (Japan)

      200        104,648  

Home Depot, Inc. (The)

      36,550        10,024,569  

Industria de Diseno Textil SA (Spain)

      1,650        37,381  

JD Sports Fashion PLC (United Kingdom)

      106,522        150,009  

Lowe’s Cos., Inc.

      23,400        4,087,278  

O’Reilly Automotive, Inc.*

      2,330        1,472,001  

Ross Stores, Inc.

      12,300        863,829  

TJX Cos., Inc. (The)

      41,800        2,334,530  

Tractor Supply Co.

      3,900        756,015  

Ulta Beauty, Inc.*

      1,900        732,412  

USS Co. Ltd. (Japan)

      3,500        60,533  
     

 

 

  
          23,774,104  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.2%

 

Apple, Inc.

      544,140        74,394,821  
         Shares          Value  

COMMON STOCKS (continued)

 

   

Technology Hardware, Storage & Peripherals (cont’d.)

 

Canon, Inc. (Japan)

      500      $ 11,337  

Hewlett Packard Enterprise
Co.(a)

      45,448        602,640  

HP, Inc.

      37,748        1,237,379  

NetApp, Inc.

      7,700        502,348  

Seagate Technology Holdings PLC(a)

      7,100        507,224  

Western Digital Corp.*

      11,303        506,714  
     

 

 

  
          77,762,463  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.3%

 

   

Burberry Group PLC (United Kingdom)

      874        17,472  

Cie Financiere Richemont SA (Switzerland) (Class A Stock)

      2,137        227,999  

Hermes International (France)

      67        75,266  

LVMH Moet Hennessy Louis Vuitton SE (France)

      594        362,193  

Moncler SpA (Italy)

      432        18,564  

NIKE, Inc. (Class B Stock)

      45,000        4,599,000  

Pandora A/S (Denmark)

      216        13,716  

PVH Corp.

      2,400        136,560  

Ralph Lauren Corp.

      1,800        161,370  

Swatch Group AG (The) (Switzerland)

      77        3,424  

Tapestry, Inc.

      9,500        289,940  

VF Corp.(a)

      11,300        499,121  
     

 

 

  
          6,404,625  
     

 

 

  

Tobacco — 0.4%

      

Altria Group, Inc.

      63,900        2,669,103  

British American Tobacco PLC (United Kingdom)

      9,851        421,596  

Imperial Brands PLC (United Kingdom)

      1,916        42,852  

Japan Tobacco, Inc. (Japan)

      11,600        200,442  

Philip Morris International, Inc.

      54,700        5,401,078  

Swedish Match AB (Sweden)

      25,564        260,347  
     

 

 

  
          8,995,418  
     

 

 

  

Trading Companies & Distributors — 0.1%

 

   

Brenntag SE (Germany)

      2,571        167,699  

Bunzl PLC (United Kingdom)

      700        23,136  

Fastenal Co.(a)

      20,000        998,400  

Ferguson PLC

      480        53,196  

IMCD NV (Netherlands)

      120        16,489  

Marubeni Corp. (Japan)

      21,600        194,472  

Mitsubishi Corp. (Japan)

      1,800        53,669  

Mitsui & Co. Ltd. (Japan)

      10,800        238,125  

Sumitomo Corp. (Japan)

      14,100        193,187  

United Rentals, Inc.*(a)

      2,600        631,566  

W.W. Grainger, Inc.(a)

      1,520        690,733  
     

 

 

  
          3,260,672  
     

 

 

  

Water Utilities — 0.0%

      

American Water Works Co., Inc.

      6,300          937,251  
     

 

 

  

Wireless Telecommunication Services — 0.1%

 

KDDI Corp. (Japan)

      3,600        113,674  

SoftBank Corp. (Japan)

      3,700        41,076  

SoftBank Group Corp. (Japan)

      2,700        104,333  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A19

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

         Shares          Value  

COMMON STOCKS (continued)

 

   

Wireless Telecommunication Services (cont’d.)

 

   

T-Mobile US, Inc.*

      20,700      $ 2,784,978  
     

 

 

  
        3,044,061  
     

 

 

  

TOTAL COMMON STOCKS
(cost $326,814,565)

         1,158,169,210  
     

 

 

  

EXCHANGE-TRADED FUNDS — 0.3%

 

   

iShares Core S&P 500 ETF

      20,500        7,772,575  

iShares MSCI EAFE ETF(a)

      1,959        122,418  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(cost $6,088,456)

         7,894,993  
     

 

 

  

PREFERRED STOCKS — 0.1%

 

   

Automobiles — 0.0%

      

Bayerische Motoren Werke AG
(Germany) (PRFC)

      75        5,331  

Porsche Automobil Holding SE
(Germany) (PRFC)

      329        21,706  

Volkswagen AG (Germany) (PRFC)

      394        52,738  
     

 

 

  
        79,775  
     

 

 

  

Banks — 0.0%

      

Citigroup Capital XIII, 7.609%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40(a)

      20,000        536,000  
     

 

 

  

Capital Markets — 0.1%

      

State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)

      30,000        747,000  
     

 

 

  

Household Products — 0.0%

      

Henkel AG & Co. KGaA (Germany) (PRFC)

      423        26,065  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $1,382,519)

         1,388,840  
     

 

 

  

 

Interest
Rate		    Maturity
Date		                    Principal
Amount
(000)#		     

 

   

 

      

 

   

ASSET-BACKED SECURITIES — 7.5%

   

Automobiles — 2.1%

         

AmeriCredit Automobile Receivables Trust,

Series 2019-01, Class B

         

3.130%

    02/18/25       70    70,352

Series 2019-02, Class C

2.740%

    04/18/25       1,400    1,391,052

Series 2019-03, Class C

2.320%

    07/18/25       2,300    2,265,925

Series 2021-02, Class C

1.010%

    01/19/27       900    834,190

Series 2021-03, Class C

1.410%

    08/18/27       900    823,278

Avis Budget Rental Car Funding AESOP LLC,

Series 2019-02A, Class A, 144A

3.350%

    09/22/25       2,000    1,965,870

Series 2019-03A, Class A, 144A

2.360%

    03/20/26       2,700    2,572,562
Interest
Rate		    Maturity
Date		   

Principal

Amount

(000)#

    Value

 

   

 

   

 

   

 

ASSET-BACKED SECURITIES (continued)

Automobiles (cont’d.)

Series 2020-01A, Class A, 144A

2.330%

    08/20/26       1,300    $        1,235,939

Series 2021-01A, Class A, 144A

1.380%

    08/20/27       2,400    2,145,740

Series 2021-02A, Class A, 144A

1.660%

    02/20/28       2,600    2,317,658

Series 2022-01A, Class A, 144A

3.830%

    08/21/28       2,900    2,832,501

CarMax Auto Owner Trust,

Series 2021-02, Class C

1.340%

    02/16/27       800    739,231

Series 2021-04, Class C

1.380%

    07/15/27       600    549,132

Ford Auto Securitization Trust (Canada),

Series 2019-BA, Class A2, 144A

2.321%

    10/15/23    CAD    40    30,784

Ford Credit Auto Owner Trust,

Series 2018-01, Class A, 144A

3.190%

    07/15/31       1,800    1,770,604

Series 2019-01, Class A, 144A

3.520%

    07/15/30       3,300    3,287,058

Series 2020-01, Class A, 144A

2.040%

    08/15/31       2,500    2,389,623

Series 2020-02, Class A, 144A

1.060%

    04/15/33       900    813,964

Series 2021-02, Class B, 144A

1.910%

    05/15/34       400    361,157

GM Financial Consumer Automobile Receivables Trust,

Series 2018-04, Class C

3.620%

    06/17/24       300    300,520

GM Financial Revolving Receivables Trust,

Series 2021-01, Class B, 144A

1.490%

    06/12/34       200    175,916

Hertz Vehicle Financing III LP,

Series 2021-02A, Class A, 144A

1.680%

    12/27/27       1,300    1,146,118

Hertz Vehicle Financing LLC,

Series 2021-01A, Class A, 144A

1.210%

    12/26/25       1,500    1,402,798

Series 2022-02A, Class A, 144A

2.330%

    06/26/28       3,300    2,986,211

OneMain Direct Auto Receivables Trust,

Series 2019-01A, Class A, 144A

3.630%

    09/14/27       4,100    4,002,768

Series 2021-01A, Class B, 144A

1.260%

    07/14/28       1,800    1,628,150

Santander Drive Auto Receivables Trust,

Series 2020-02, Class C

1.460%

    09/15/25       496    494,565

Series 2020-03, Class C

1.120%

    01/15/26       1,800    1,786,226

Series 2020-04, Class C

1.010%

    01/15/26       1,100    1,084,177

Series 2021-02, Class C

0.900%

    06/15/26       800    774,629

Series 2021-02, Class D

1.350%

    07/15/27       2,000    1,875,949
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A20

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  

SCHEDULE OF INVESTMENTS

   

as of June 30, 2022 (unaudited)

 

Interest
Rate		    Maturity
Date		   

Principal

Amount

(000)#

      Value

 

   

 

   

 

     

 

ASSET-BACKED SECURITIES (continued)

Automobiles (cont’d.)

Series 2021-03, Class C

0.950%

    09/15/27         1,400      $        1,347,054

Series 2021-04, Class C

1.260%

    02/16/27         1,900      1,811,753

Series 2022-01, Class C

2.560%

    04/17/28         1,100      1,046,775

World Omni Select Auto Trust,

Series 2021-A, Class C

1.090%

    11/15/27         400      369,297
           

 

            50,629,526
           

 

Collateralized Loan Obligations — 4.3%

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

2.263%(c)

    07/20/34         2,500      2,415,863

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)

2.354%(c)

    01/25/35         500      483,615

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)

1.914%(c)

    07/15/29         744      735,732

BNPP AM Euro CLO DAC (Ireland),

Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)

0.600%(c)

    04/15/31    EUR      1,750      1,795,312

Brookside Mill CLO Ltd. (Cayman Islands),

Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)

1.864%(c)

    01/17/28         80      80,054

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

2.044%(c)

    07/15/30         2,750      2,705,319

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)

2.143%(c)

    01/20/32         6,750      6,578,027

CIFC Funding Ltd. (Cayman Islands),

Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

2.244%(c)

    10/17/31         7,000      6,869,580

CVC Cordatus Loan Fund DAC (Ireland),

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)

0.850%(c)

    05/22/32    EUR      1,750      1,782,194

Series 14A, Class A2R, 144A

1.250%

    05/22/32    EUR      3,800      3,870,135

Elevation CLO Ltd. (Cayman Islands),

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

2.324%(c)

    07/15/29         479      474,786

Greenwood Park CLO Ltd.,

Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

2.054%(c)

    04/15/31         1,000      978,025
Interest
Rate		    Maturity
Date		    Principal
Amount
(000)#		      Value

 

   

 

   

 

     

 

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

HPS Loan Management Ltd. (Cayman Islands),

Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)

2.363%(c)

    02/05/31         248      $        243,468

ICG US CLO Ltd. (Cayman Islands),

Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)

2.184%(c)

    10/19/28         5,429      5,371,171

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)

2.533%(c)

    04/20/32         7,500      7,392,260

Jefferson Mill CLO Ltd. (Cayman Islands),

Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)

2.238%(c)

    10/20/31         4,237      4,147,248

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-33A, Class AR, 144A, 3 Month Term SOFR + 1.290% (Cap N/A, Floor 1.290%)

2.136%(c)

    10/15/32         6,000      5,879,890

MidOcean Credit CLO (Cayman Islands),

Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

2.218%(c)

    04/21/31         3,459      3,393,552

Mountain View CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)

2.164%(c)

    07/15/31         2,500      2,452,091

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)

2.883%(c)

    09/01/31         4,000      3,938,663

OCP CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R2, 144A, 3 Month Term SOFR + 1.250% (Cap N/A, Floor 1.250%)

1.658%(c)

    01/15/33         2,500      2,436,744

Octagon Investment Partners 31 LLC (Cayman Islands),

Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)

2.113%(c)

    07/20/30         2,500      2,465,610

OZLM Ltd. (Cayman Islands),

Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)

2.124%(c)

    04/17/31         2,956      2,890,470

Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

2.536%(c)

    10/30/30         742      742,140

Palmer Square CLO Ltd. (Cayman Islands),

Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

2.163%(c)

    07/20/30         5,000      4,930,562

Regatta Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

3.246%(c)

    06/20/34         3,750      3,623,167
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A21

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		    Maturity
Date		   

Principal

Amount

(000)#

      Value

 

   

 

   

 

     

 

ASSET-BACKED SECURITIES (continued)

Collateralized Loan Obligations (cont’d.)

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

2.383%(c)

    10/20/32         2,500      $        2,458,139

TCW CLO Ltd. (Cayman Islands),

Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

2.364%(c)

    07/25/34         4,750      4,575,334

TIAA CLO Ltd. (Cayman Islands),

Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)

2.263%(c)

    07/20/31         1,750      1,716,673

Toro European CLO DAC (Ireland),

Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

0.990%(c)

    07/25/34    EUR      3,000      3,011,461

Trimaran Cavu Ltd.,

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)

2.523%(c)

    07/20/32         7,500      7,380,184

Venture CLO Ltd. (Cayman Islands),

Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)

1.924%(c)

    07/15/27         131      131,018

Wellfleet CLO Ltd. (Cayman Islands),

Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

2.194%(c)

    01/17/31         2,000      1,965,232

Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

2.263%(c)

    10/20/31         3,750      3,677,897
           

 

            103,591,616
           

 

Consumer Loans — 0.3%

Lendmark Funding Trust,

Series 2019-02A, Class A, 144A

2.780%

    04/20/28         2,400      2,349,820

OneMain Financial Issuance Trust,

Series 2020-01A, Class A, 144A

3.840%

    05/14/32         699      696,810

Series 2020-02A, Class A, 144A

1.750%

    09/14/35         1,900      1,691,921

Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)

1.543%(c)

    06/16/36         2,000      1,890,653

Oportun Funding XIV LLC,

Series 2021-A, Class A, 144A

1.210%

    03/08/28         800      748,773
           

 

            7,377,977
           

 

Equipment — 0.2%

MMAF Equipment Finance LLC,

Series 2017-B, Class A5, 144A

2.720%

    06/15/40         2,100      2,053,211

Series 2018-A, Class A5, 144A

3.610%

    03/10/42         500      496,536

Series 2019-A, Class A5, 144A

3.080%

    11/12/41         1,600      1,568,588
Interest
Rate		    Maturity
Date		   

Principal

Amount

(000)#

      Value

 

   

 

   

 

     

 

ASSET-BACKED SECURITIES (continued)

Equipment (cont’d.)

Series 2019-B, Class A5, 144A

2.290%

    11/12/41         1,600      $        1,508,369
           

 

            5,626,704
           

 

Other — 0.1%

Home Partners of America Trust,

Series 2021-03, Class A, 144A

2.200%

    01/17/41         947      847,832

TH MSR Issuer Trust,

Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)

4.424%(c)

    06/25/24         2,240      2,181,813
           

 

            3,029,645
           

 

Residential Mortgage-Backed Securities — 0.1%

Countrywide Asset-Backed Certificates,

Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

2.374%(c)

    03/25/34         150      146,401

Long Beach Mortgage Loan Trust,

Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%)

2.419%(c)

    06/25/34         115      109,292

TFS (Spain),

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%

3.000%(c)

    04/16/23^    EUR      983      1,011,615
           

 

            1,267,308
           

 

Student Loans — 0.4%

Commonbond Student Loan Trust,

Series 2017-BGS, Class A1, 144A

2.680%

    09/25/42         577      553,397

Series 2018-AGS, Class A1, 144A

3.210%

    02/25/44         418      408,024

Series 2018-CGS, Class A1, 144A

3.870%

    02/25/46         116      113,811

Laurel Road Prime Student Loan Trust,

Series 2017-C, Class A2B, 144A

2.810%

    11/25/42         127      126,630

Series 2018-B, Class A2FX, 144A

3.540%

    05/26/43         246      246,536

Series 2019-A, Class A2FX, 144A

2.730%

    10/25/48         247      243,558

Navient Private Education Refi Loan Trust,

Series 2018-A, Class A2, 144A

3.190%

    02/18/42         356      355,687

Series 2018-CA, Class A2, 144A

3.520%

    06/16/42         249      248,716

Series 2019-CA, Class A2, 144A

3.130%

    02/15/68         651      635,415

Series 2020-BA, Class A2, 144A

2.120%

    01/15/69         662      622,172

Pennsylvania Higher Education Assistance Agency,

Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%)

2.154%(c)

    05/25/70         1,561      1,514,308
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A22

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		   

Principal
Amount
(000)#

     Value  

 

   

 

   

 

     

 

 

  
ASSET-BACKED SECURITIES (continued)

 

Student Loans (cont’d.)

 

SoFi Professional Loan Program LLC,

 

Series 2019-A, Class A2FX, 144A

 

3.690%

    06/15/48         559      $ 550,428  

Series 2019-B, Class A2FX, 144A

 

3.090%

    08/17/48         648        633,191  

Series 2019-C, Class A2FX, 144A

 

2.370%

    11/16/48         1,008        972,744  

SoFi Professional Loan Program Trust,

 

Series 2018-B, Class A2FX, 144A

 

3.340%

    08/25/47         696        686,450  

Series 2020-A, Class A2FX, 144A

 

2.540%

    05/15/46         1,329        1,274,362  
           

 

 

  
              9,185,429  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $188,375,837)

 

            180,708,205  
           

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1%

 

Assurant Commercial Mortgage Trust,

 

Series 2016-01A, Class AS, 144A

 

3.172%

    05/15/49         3,100        3,006,898  

BANK,

            

Series 2021-BN35, Class A3

 

1.717%

    06/15/64         3,500        3,008,920  

Series 2021-BN35, Class ASB

 

2.067%

    06/15/64         2,300        2,023,392  

Series 2021-BN37, Class A4

 

2.370%

    11/15/64         3,900        3,317,933  

Barclays Commercial Mortgage Securities Trust,

 

Series 2018-C02, Class A4

 

4.047%

    12/15/51         3,850        3,785,416  

Series 2021-C12, Class A4

 

2.421%

    11/15/54         4,500        3,899,082  

Benchmark Mortgage Trust,

 

Series 2018-B03, Class A4

 

3.761%

    04/10/51         3,600        3,476,937  

Series 2021-B24, Class A3

 

2.010%

    03/15/54         2,000        1,773,152  

BXP Trust,

 

Series 2021-601L, Class A, 144A

 

2.618%

    01/15/44         5,500        4,504,429  

CFCRE Commercial Mortgage Trust,

 

Series 2016-C04, Class A3

 

3.014%

    05/10/58         2,090        1,996,997  

Citigroup Commercial Mortgage Trust,

 

Series 2014-GC21, Class A4

 

3.575%

    05/10/47         689        681,824  

Series 2016-C01, Class A3

 

2.944%

    05/10/49         2,700        2,586,150  

Series 2017-P07, Class A3

 

3.442%

    04/14/50         4,000        3,866,021  

Commercial Mortgage Trust,

 

Series 2014-CR18, Class A4

 

3.550%

    07/15/47         1,744        1,722,903  

Series 2014-LC17, Class A4

 

3.648%

    10/10/47         3,191        3,131,345  

Interest

Rate

    Maturity
Date		   

Principal
Amount
(000)#

      Value  

 

   

 

   

 

     

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

CSAIL Commercial Mortgage Trust,

 

Series 2015-C04, Class A3

 

3.544%

    11/15/48         2,483      $         2,415,600  

Series 2017-C08, Class A3

 

3.127%

    06/15/50         3,678        3,436,053  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K055, Class X1, IO

 

1.484%(cc)

    03/25/26         4,353        180,777  

GS Mortgage Securities Corp. Trust,

 

Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)

 

2.312%(c)

    11/21/35         1,064        1,040,043  

GS Mortgage Securities Trust,

 

Series 2015-GC28, Class A4

 

3.136%

    02/10/48         2,763        2,688,849  

Series 2015-GC34, Class A3

 

3.244%

    10/10/48         4,715        4,576,494  

Series 2016-GS03, Class A3

 

2.592%

    10/10/49         3,901        3,661,709  

Series 2016-GS04, Class A3

 

3.178%

    11/10/49         3,796        3,614,992  

Series 2020-GSA02, Class A4

 

1.721%

    12/12/53         4,150        3,404,618  

JPMBB Commercial Mortgage Securities Trust,

 

Series 2014-C25, Class A4A1

 

3.408%

    11/15/47         577        567,427  

Series 2015-C27, Class A3A1

 

2.920%

    02/15/48         3,978        3,822,565  

JPMCC Commercial Mortgage Securities Trust,

 

Series 2017-JP06, Class A3

 

3.109%

    07/15/50         3,624        3,546,014  

JPMDB Commercial Mortgage Securities Trust,

 

Series 2016-C02, Class A3A

 

2.881%

    06/15/49         2,500        2,395,243  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2013-LC11, Class A4

 

2.694%

    04/15/46         492        488,019  

MHC Commercial Mortgage Trust,

 

Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)

 

2.675%(c)

    04/15/38         2,150        2,036,638  

Morgan Stanley Capital I Trust,

 

Series 2015-UBS08, Class A3

 

3.540%

    12/15/48         4,782        4,657,188  

Series 2016-BNK02, Class A3

 

2.791%

    11/15/49         2,000        1,881,839  

Series 2016-UB11, Class A3

 

2.531%

    08/15/49         6,300        5,897,822  

Series 2019-H06, Class A3

 

3.158%

    06/15/52         5,000        4,596,859  

Series 2019-H07, Class A2

 

2.492%

    07/15/52         9,400        9,044,276  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class ASB

 

3.264%

    08/15/50         2,500        2,448,975  

Series 2017-C05, Class A4

 

3.212%

    11/15/50         5,000        4,695,786  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A23

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2018-C09, Class A3

 

3.854%

    03/15/51        1,800      $ 1,739,908  

Series 2018-C14, Class A3

 

4.180%

    12/15/51        2,900        2,804,204  

UBS-Barclays Commercial Mortgage Trust,

 

Series 2013-C06, Class A3

 

2.971%

    04/10/46        1,405        1,393,499  

Wells Fargo Commercial Mortgage Trust,

 

Series 2016-NXS06, Class A3

 

2.642%

    11/15/49        4,500        4,264,839  

Series 2017-C38, Class A4

 

3.190%

    07/15/50        3,214        3,061,355  

Series 2019-C49, Class A3

 

3.749%

    03/15/52        7,300        7,173,622  

Series 2020-C58, Class A3

 

1.810%

    07/15/53        5,000        4,169,424  

Series 2021-C61, Class A3

 

2.406%

    11/15/54        9,000        7,695,139  
          

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(cost $158,189,032)

 

      146,181,175  
          

 

 

  
CORPORATE BONDS — 10.4%

 

Aerospace & Defense — 0.2%

 

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

2.196%

    02/04/26        1,610        1,452,983  

3.750%

    02/01/50        1,470        1,036,558  

Embraer Netherlands Finance BV (Brazil),
Gtd. Notes

 

5.050%

    06/15/25        551        534,877  

Embraer Overseas Ltd. (Brazil),

 

Gtd. Notes, 144A

 

5.696%

    09/16/23        765        773,743  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

4.125%

    11/16/28        910        899,027  
          

 

 

  
             4,697,188  
          

 

 

  

Agriculture — 0.1%

 

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

 

3.557%

    08/15/27        1,365        1,249,960  

Vector Group Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

    02/01/29        875        728,540  
          

 

 

  
             1,978,500  
          

 

 

  

Airlines — 0.1%

 

American Airlines 2015-1 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

3.375%

    11/01/28        1,716        1,536,953  

Continental Airlines 2012-2 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

4.000%

    04/29/26(a)        233        224,216  

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Airlines (cont’d.)

 

Southwest Airlines Co.,

 

Sr. Unsec’d. Notes

 

2.625%

    02/10/30(a)        1,375      $ 1,159,832  

United Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

    04/15/26        590        523,283  

4.625%

    04/15/29        115        97,519  
          

 

 

  
             3,541,803  
          

 

 

  

Apparel — 0.0%

 

Wolverine World Wide, Inc.,

 

Gtd. Notes, 144A

 

4.000%

    08/15/29(a)        550        440,977  
          

 

 

  

Auto Manufacturers — 0.4%

 

Daimler Trucks Finance North America LLC (Germany),

 

Gtd. Notes, 144A

 

1.625%

    12/13/24(a)        3,770        3,546,939  

Ford Motor Co.,

 

Sr. Unsec’d. Notes

 

5.291%

    12/08/46        665        511,192  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

 

2.900%

    02/16/28        200        161,271  

3.350%

    11/01/22        2,845        2,841,917  

General Motors Co.,

 

Sr. Unsec’d. Notes

 

6.250%

    10/02/43        740        705,593  

6.600%

    04/01/36        585        593,060  

General Motors Financial Co., Inc.,

 

Gtd. Notes

 

3.950%

    04/13/24        1,700        1,686,749  
          

 

 

  
             10,046,721  
          

 

 

  

Banks — 2.9%

 

Banco Santander SA (Spain),

 

Sr. Unsec’d. Notes

 

1.849%

    03/25/26        800        719,760  

Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%

 

2.131%(c)

    04/12/23        400        401,118  

Bank of America Corp.,

 

Jr. Sub. Notes, Series JJ

 

5.125%(ff)

    06/20/24(oo)        1,145        1,065,920  

Jr. Sub. Notes, Series MM

 

4.300%(ff)

    01/28/25(oo)        310        262,770  

Sr. Unsec’d. Notes, MTN

 

1.898%(ff)

    07/23/31        1,805        1,444,159  

2.496%(ff)

    02/13/31        5,165        4,371,090  

3.194%(ff)

    07/23/30        1,050        939,179  

3.824%(ff)

    01/20/28        615        589,684  

Sub. Notes, MTN

 

4.000%

    01/22/25        1,700        1,692,884  

4.200%

    08/26/24        745        746,655  

4.450%

    03/03/26        4,790        4,777,149  

Bank of America NA,

 

Sub. Notes

 

6.000%

    10/15/36        805        883,435  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A24

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

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        610      $ 597,237  

3.932%(ff)

    05/07/25        320        315,062  

4.375%

    01/12/26        323        319,110  

Sr. Unsec’d. Notes, MTN

 

4.972%(ff)

    05/16/29        705        691,864  

BNP Paribas SA (France),

 

Sr. Unsec’d. Notes, 144A

 

2.219%(ff)

    06/09/26        1,650        1,531,147  

3.132%(ff)

    01/20/33        1,335        1,118,085  

Citigroup, Inc.,

 

Jr. Sub. Notes, Series V

 

4.700%(ff)

    01/30/25(oo)        1,675        1,383,629  

Sr. Unsec’d. Notes

 

2.561%(ff)

    05/01/32        2,100        1,731,988  

3.200%

    10/21/26        670        637,463  

3.700%

    01/12/26        1,610        1,580,238  

3.887%(ff)

    01/10/28        560        537,628  

Sub. Notes

 

4.450%

    09/29/27        1,485        1,459,997  

4.750%

    05/18/46        440        395,349  

Credit Suisse Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

2.193%(ff)

    06/05/26        1,100        1,002,301  

3.091%(ff)

    05/14/32        560        447,853  

4.282%

    01/09/28        980        916,928  

Deutsche Bank AG (Germany),

 

Sr. Unsec’d. Notes

 

2.129%(ff)

    11/24/26        460        408,894  

Discover Bank,

 

Sr. Unsec’d. Notes

 

4.250%

    03/13/26        595        580,930  

Goldman Sachs Group, Inc. (The),

 

Jr. Sub. Notes, Series O

 

5.300%(ff)

    11/10/26(oo)        560        524,038  

Sr. Unsec’d. Notes

 

1.542%(ff)

    09/10/27        2,345        2,058,235  

3.750%

    02/25/26        1,165        1,143,963  

3.814%(ff)

    04/23/29        440        414,856  

3.850%

    01/26/27        2,625        2,539,554  

Sub. Notes

 

6.750%

    10/01/37        225        249,251  

ING Groep NV (Netherlands),

 

Sr. Unsec’d. Notes

 

3.550%

    04/09/24        400        396,736  

JPMorgan Chase & Co.,

 

Jr. Sub. Notes, Series FF

 

5.000%(ff)

    08/01/24(oo)        540        476,584  

Jr. Sub. Notes, Series HH

 

4.600%(ff)

    02/01/25(oo)        1,245        1,055,777  

Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%

 

4.709%(c)

    10/30/22(oo)        979        928,896  

Jr. Sub. Notes, Series II

 

4.000%(ff)

    04/01/25(oo)        230        189,921  

Sr. Unsec’d. Notes

 

2.580%(ff)

    04/22/32        1,585        1,334,580  

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

3.782%(ff)

    02/01/28        270      $ 259,092  

3.964%(ff)

    11/15/48        2,240        1,909,390  

4.005%(ff)

    04/23/29        1,360        1,303,950  

Sub. Notes

 

3.875%

    09/10/24        3,525        3,518,433  

Morgan Stanley,

 

Sr. Unsec’d. Notes, GMTN

 

2.239%(ff)

    07/21/32        2,770        2,250,802  

3.772%(ff)

    01/24/29        1,295        1,231,000  

3.875%

    01/27/26        550        542,573  

4.431%(ff)

    01/23/30        455        441,628  

Sr. Unsec’d. Notes, MTN

 

3.591%(ff)

    07/22/28        1,030        974,769  

Sub. Notes, GMTN

 

4.350%

    09/08/26        3,050        3,018,776  

NatWest Group PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

5.076%(ff)

    01/27/30        1,570        1,537,772  

Societe Generale SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.488%(ff)

    12/14/26        3,200        2,822,526  

State Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

4.375%

    01/24/24        1,255        1,261,699  

UBS Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

1.364%(ff)

    01/30/27        2,250        1,994,404  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes, MTN

 

2.572%(ff)

    02/11/31        2,895        2,489,051  
          

 

 

  
             70,417,762  
          

 

 

  

Beverages — 0.2%

 

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes

 

4.700%

    02/01/36        1,220        1,171,104  

Bacardi Ltd. (Bermuda),

 

Gtd. Notes, 144A

 

2.750%

    07/15/26        2,785        2,569,510  

Constellation Brands, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

    08/01/31        780        632,271  
          

 

 

  
             4,372,885  
          

 

 

  

Biotechnology — 0.1%

 

Amgen, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

    08/15/41        2,840        2,105,653  
          

 

 

  

Building Materials — 0.0%

 

Masonite International Corp.,

 

Gtd. Notes, 144A

 

3.500%

    02/15/30(a)        400        315,155  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A25

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		   

Principal
Amount
(000)#

      Value  

 

   

 

   

 

     

 

 

  
CORPORATE BONDS (continued)

 

Building Materials (cont’d.)

 

   

Standard Industries, Inc.,

 

   

Sr. Unsec’d. Notes, 144A

      

4.750%

    01/15/28         300      $ 256,501  
           

 

 

  
              571,656  
           

 

 

  

Chemicals — 0.1%

      

Dow Chemical Co. (The),

 

   

Sr. Unsec’d. Notes

      

4.375%

    11/15/42         5        4,403  

5.250%

    11/15/41         350        346,514  

9.400%

    05/15/39         15        21,370  

LYB International Finance BV,

 

   

Gtd. Notes

      

5.250%

    07/15/43         620        579,118  

NOVA Chemicals Corp. (Canada),

 

   

Sr. Unsec’d. Notes, 144A

      

4.875%

    06/01/24         875        838,977  

Sasol Financing USA LLC (South Africa),

 

   

Gtd. Notes

      

5.875%

    03/27/24         600        588,528  

6.500%

    09/27/28         405        367,872  
           

 

 

  
              2,746,782  
           

 

 

  

Commercial Services — 0.1%

      

ERAC USA Finance LLC,

 

   

Gtd. Notes, 144A

      

4.200%

    11/01/46         875        721,138  

7.000%

    10/15/37         390        451,178  

United Rentals North America, Inc.,

 

   

Gtd. Notes

      

3.750%

    01/15/32         250        205,576  

4.875%

    01/15/28         735        695,916  

5.250%

    01/15/30         265        245,959  

University of Miami,

 

   

Sr. Unsec’d. Notes, Series 2022

      

4.063%

    04/01/52         815        734,537  
           

 

 

  
              3,054,304  
           

 

 

  

Diversified Financial Services — 0.3%

      

BOC Aviation USA Corp. (Singapore),

 

   

Gtd. Notes, 144A, MTN

      

1.625%

    04/29/24         445        426,540  

Cantor Fitzgerald LP,

 

   

Sr. Unsec’d. Notes, 144A

      

4.500%

    04/14/27         3,485        3,370,556  

CDP Financial, Inc. (Canada),

 

   

Gtd. Notes, 144A

      

3.150%

    07/24/24         445        445,058  

Discover Financial Services,

 

   

Sr. Unsec’d. Notes

      

3.850%

    11/21/22         900        902,779  

Nomura Holdings, Inc. (Japan),

 

   

Sr. Unsec’d. Notes

      

2.608%

    07/14/31         1,490        1,185,798  

OneMain Finance Corp.,

 

   

Gtd. Notes

      

8.250%

    10/01/23         1,100        1,100,411  

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Diversified Financial Services (cont’d.)

 

   

Private Export Funding Corp.,

 

   

U.S. Gov’t. Gtd. Notes, Series NN

 

   

3.250%

    06/15/25        255      $ 253,749  
          

 

 

  
             7,684,891  
          

 

 

  

Electric — 1.0%

      

Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A, MTN

 

2.000%

    04/29/28        370        328,780  

Alfa Desarrollo SpA (Chile),

 

   

Sr. Sec’d. Notes, 144A

      

4.550%

    09/27/51        439        313,797  

Baltimore Gas & Electric Co.,

 

   

Sr. Unsec’d. Notes

      

6.350%

    10/01/36        530        608,804  

Berkshire Hathaway Energy Co.,

 

   

Sr. Unsec’d. Notes

      

5.950%

    05/15/37        335        366,305  

Calpine Corp.,

 

   

Sr. Sec’d. Notes, 144A

      

3.750%

    03/01/31        1,400        1,139,982  

CenterPoint Energy Houston Electric LLC,

 

   

General Ref. Mortgage, Series K2

      

6.950%

    03/15/33        300        356,582  

Comision Federal de Electricidad (Mexico),

 

   

Gtd. Notes, 144A

      

4.688%

    05/15/29        1,000        895,815  

Connecticut Light & Power Co. (The),

 

   

First Mortgage, Series A

      

2.050%

    07/01/31        2,290        1,934,400  

Consolidated Edison Co. of New York, Inc.,

 

   

Sr. Unsec’d. Notes, Series 09-C

      

5.500%

    12/01/39        145        150,168  

Duke Energy Carolinas LLC,

 

   

First Mortgage

      

6.050%

    04/15/38        530        592,825  

El Paso Electric Co.,

 

   

Sr. Unsec’d. Notes

      

6.000%

    05/15/35        845        898,134  

Enel Finance International NV (Italy),

 

   

Gtd. Notes, 144A

      

2.250%

    07/12/31(a)        1,500        1,179,961  

Engie Energia Chile SA (Chile),

 

   

Sr. Unsec’d. Notes, 144A

      

3.400%

    01/28/30        400        339,170  

Florida Power & Light Co.,

 

   

First Mortgage

      

5.950%

    10/01/33        380        428,347  

Iberdrola International BV (Spain),

 

   

Gtd. Notes

      

6.750%

    09/15/33        140        158,452  

Indiana Michigan Power Co.,

 

   

Sr. Unsec’d. Notes

      

3.850%

    05/15/28        2,105        2,037,108  

Israel Electric Corp. Ltd. (Israel),

 

   

Sr. Sec’d. Notes, 144A, GMTN

      

4.250%

    08/14/28        575        553,008  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A26

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

   

Monongahela Power Co.,

 

   

First Mortgage, 144A

      

4.100%

    04/15/24        1,560      $ 1,559,787  

Northern States Power Co.,

 

   

First Mortgage

      

3.600%

    09/15/47        1,035        872,458  

NRG Energy, Inc.,

 

   

Gtd. Notes, 144A

      

3.875%

    02/15/32        200        158,779  

Sr. Sec’d. Notes, 144A

      

2.000%

    12/02/25        225        203,455  

2.450%

    12/02/27        970        837,756  

Ohio Power Co.,

 

   

Sr. Unsec’d. Notes

      

4.000%

    06/01/49        465        401,800  

PECO Energy Co.,

 

   

First Mortgage

      

2.800%

    06/15/50        785        576,105  

Public Service Electric & Gas Co.,

 

   

First Mortgage, MTN

      

3.700%

    05/01/28        850        829,592  

Sr. Sec’d. Notes, MTN

      

5.800%

    05/01/37        515        576,554  

Public Service Enterprise Group, Inc.,

 

   

Sr. Unsec’d. Notes

      

1.600%

    08/15/30        1,235        982,379  

San Diego Gas & Electric Co.,

 

   

First Mortgage

      

4.150%

    05/15/48        1,010        930,758  

Southern California Edison Co.,

 

   

First Ref. Mortgage

      

4.000%

    04/01/47        350        283,889  

First Ref. Mortgage, Series C

      

3.600%

    02/01/45        690        516,825  

Vistra Operations Co. LLC,

 

   

Gtd. Notes, 144A

      

5.000%

    07/31/27        495        448,680  

Sr. Sec’d. Notes, 144A

      

3.550%

    07/15/24        1,475        1,423,533  

Xcel Energy, Inc.,

 

   

Sr. Unsec’d. Notes

      

4.800%

    09/15/41        480        454,131  
          

 

 

  
             23,338,119  
          

 

 

  

Engineering & Construction — 0.1%

      

AECOM,

 

   

Gtd. Notes

      

5.125%

    03/15/27(a)        600        567,106  

Mexico City Airport Trust (Mexico),

 

   

Sr. Sec’d. Notes, 144A

      

5.500%

    07/31/47        1,350        922,099  
          

 

 

  
             1,489,205  
          

 

 

  

Entertainment — 0.0%

      

Magallanes, Inc.,

 

   

Gtd. Notes, 144A

      

5.050%

    03/15/42        450        382,698  

Interest

Rate

    Maturity
Date		   

Principal
Amount
(000)#

     Value  

 

   

 

   

 

     

 

 

  
CORPORATE BONDS (continued)

 

Entertainment (cont’d.)

 

   

5.141%

    03/15/52         420      $ 352,605  

5.391%

    03/15/62         215        180,313  
           

 

 

  
              915,616  
           

 

 

  

Foods — 0.1%

      

Kraft Heinz Foods Co.,

 

   

Gtd. Notes

      

4.875%

    10/01/49         1,030        910,898  

Lamb Weston Holdings, Inc.,

 

   

Gtd. Notes, 144A

      

4.125%

    01/31/30         350        304,491  

4.375%

    01/31/32         600        521,768  

Mars, Inc.,

 

   

Sr. Unsec’d. Notes, 144A

      

2.375%

    07/16/40         535        388,490  

Pilgrim’s Pride Corp.,

 

   

Gtd. Notes, 144A

      

5.875%

    09/30/27         1,200        1,148,547  
           

 

 

  
              3,274,194  
           

 

 

  

Forest Products & Paper — 0.0%

      

Celulosa Arauco y Constitucion SA (Chile),

 

   

Sr. Unsec’d. Notes

      

4.500%

    08/01/24         207        205,932  
           

 

 

  

Gas — 0.2%

      

NiSource, Inc.,

 

   

Sr. Unsec’d. Notes

      

1.700%

    02/15/31         835        651,336  

3.600%

    05/01/30         1,600        1,466,209  

Piedmont Natural Gas Co., Inc.,

 

   

Sr. Unsec’d. Notes

      

3.500%

    06/01/29         2,090        1,940,981  
           

 

 

  
              4,058,526  
           

 

 

  

Healthcare-Products — 0.1%

      

DH Europe Finance II Sarl,

 

   

Gtd. Notes

      

1.350%

    09/18/39    EUR      1,125        821,810  

Medline Borrower LP,

 

   

Sr. Sec’d. Notes, 144A

      

3.875%

    04/01/29         475        404,926  

Medtronic Global Holdings SCA,

 

   

Gtd. Notes

      

2.250%

    03/07/39    EUR      300        263,011  
           

 

 

  
              1,489,747  
           

 

 

  

Healthcare-Services — 0.1%

      

Aetna, Inc.,

 

   

Sr. Unsec’d. Notes

      

6.625%

    06/15/36         480        542,540  

Elevance Health, Inc.,

 

   

Sr. Unsec’d. Notes

      

3.600%

    03/15/51         885        717,279  

4.625%

    05/15/42         330        313,245  

HCA, Inc.,

 

   

Gtd. Notes

      

5.125%

    06/15/39         665        582,853  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A27

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Healthcare-Services (cont’d.)

 

   

Kaiser Foundation Hospitals,

 

   

Gtd. Notes

 

   

4.150%

    05/01/47        670      $ 623,508  

Tenet Healthcare Corp.,

 

   

Sr. Sec’d. Notes, 144A

 

   

4.375%

    01/15/30        425        361,071  

6.125%

    06/15/30        225        210,916  
          

 

 

  
             3,351,412  
          

 

 

  

Home Builders — 0.1%

      

KB Home,

 

   

Gtd. Notes

 

   

4.000%

    06/15/31(a)        400        308,584  

Taylor Morrison Communities, Inc.,

 

   

Gtd. Notes, 144A

 

   

5.875%

    06/15/27        405        374,131  

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,

 

Gtd. Notes, 144A

 

   

5.625%

    03/01/24        600        585,453  
          

 

 

  
             1,268,168  
          

 

 

  

Housewares — 0.1%

      

Newell Brands, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

4.450%

    04/01/26(a)        2,010        1,913,666  
          

 

 

  

Insurance — 0.2%

      

Liberty Mutual Group, Inc.,

 

   

Gtd. Notes, 144A

 

   

3.951%

    10/15/50        1,125        854,709  

Lincoln National Corp.,

 

   

Sr. Unsec’d. Notes

 

   

6.300%

    10/09/37        701        758,683  

Markel Corp.,

 

   

Sr. Unsec’d. Notes

 

   

5.000%

    03/30/43        165        154,440  

New York Life Insurance Co.,

 

   

Sub. Notes, 144A

 

   

6.750%

    11/15/39(a)        650        768,436  

Principal Financial Group, Inc.,

 

   

Gtd. Notes

 

   

4.625%

    09/15/42        105        96,824  

Teachers Insurance & Annuity Association of America,

 

   

Sub. Notes, 144A

 

   

4.270%

    05/15/47        1,430        1,268,436  

6.850%

    12/16/39        122        144,061  
          

 

 

  
             4,045,589  
          

 

 

  

Media — 0.5%

      

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

   

Sr. Unsec’d. Notes, 144A

 

   

4.000%

    03/01/23(a)        1,000        994,138  

5.500%

    05/01/26        500        488,353  

Charter Communications Operating LLC/Charter Communications Operating Capital,

 

   

Sr. Sec’d. Notes

 

   

3.900%

    06/01/52        500        349,033  

6.384%

    10/23/35        1,695        1,710,738  

Interest

Rate

    Maturity
Date		  

Principal
Amount
(000)#

     Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Media (cont’d.)

 

   

6.484%

    10/23/45        1,000      $ 973,668  

Cox Communications, Inc.,

 

   

Sr. Unsec’d. Notes, 144A

 

   

2.600%

    06/15/31(a)        3,695        3,098,286  

CSC Holdings LLC,

 

   

Gtd. Notes, 144A

 

   

4.500%

    11/15/31        1,000        772,111  

Discovery Communications LLC,

 

   

Gtd. Notes

 

   

4.000%

    09/15/55        823        574,878  

Paramount Global,

 

   

Sr. Unsec’d. Notes

 

   

5.250%

    04/01/44        1,340        1,146,778  

Time Warner Cable LLC,

 

   

Sr. Sec’d. Notes

 

   

5.500%

    09/01/41        270        237,520  

Walt Disney Co. (The),

 

   

Gtd. Notes

 

   

7.625%

    11/30/28        515        605,840  
          

 

 

  
             10,951,343  
          

 

 

  

Miscellaneous Manufacturing — 0.1%

      

Amsted Industries, Inc.,

 

   

Gtd. Notes, 144A

 

   

5.625%

    07/01/27        800        760,575  

Pentair Finance Sarl,

 

   

Gtd. Notes

 

   

4.500%

    07/01/29        2,415        2,305,091  
          

 

 

  
             3,065,666  
          

 

 

  

Multi-National — 0.0%

      

Corp. Andina de Fomento (Supranational Bank),

 

   

Sr. Unsec’d. Notes

 

   

2.750%

    01/06/23        385        384,328  

North American Development Bank (Supranational Bank),

 

   

Sr. Unsec’d. Notes

 

   

2.400%

    10/26/22        226        225,566  
          

 

 

  
             609,894  
          

 

 

  

Office/Business Equipment — 0.1%

      

CDW LLC/CDW Finance Corp.,

 

   

Gtd. Notes

 

   

2.670%

    12/01/26        1,270        1,132,400  

5.500%

    12/01/24        500        502,274  
          

 

 

  
             1,634,674  
          

 

 

  

Oil & Gas — 0.4%

      

Cenovus Energy, Inc. (Canada),

 

   

Sr. Unsec’d. Notes

 

   

5.400%

    06/15/47        850        819,099  

Continental Resources, Inc.,

 

   

Gtd. Notes

 

   

4.500%

    04/15/23(a)        430        431,534  

Devon Energy Corp.,

 

   

Sr. Unsec’d. Notes

 

   

5.600%

    07/15/41        225        223,261  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A28

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		   Principal
Amount
(000)#		      Value  

 

   

 

  

 

     

 

 

  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

   

Ecopetrol SA (Colombia),

 

   

Sr. Unsec’d. Notes

 

   

6.875%

    04/29/30        440      $ 389,510  

Energean Israel Finance Ltd. (Israel),

 

   

Sr. Sec’d. Notes, 144A

 

   

4.875%

    03/30/26        570        502,608  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

   

Sr. Unsec’d. Notes, 144A

 

   

4.950%

    07/19/22        255        191,250  

Hilcorp Energy I LP/Hilcorp Finance Co.,

 

   

Sr. Unsec’d. Notes, 144A

 

   

6.000%

    04/15/30        275        242,132  

6.250%

    04/15/32        325        284,138  

KazMunayGas National Co. JSC (Kazakhstan),

 

   

Sr. Unsec’d. Notes, 144A

 

   

4.750%

    04/24/25        400        374,260  

Lundin Energy Finance BV (Netherlands),

 

   

Gtd. Notes, 144A

 

   

3.100%

    07/15/31        530        440,475  

Occidental Petroleum Corp.,

 

   

Sr. Unsec’d. Notes

 

   

6.450%

    09/15/36        1,040        1,083,268  

Ovintiv, Inc.,

 

   

Gtd. Notes

 

   

6.625%

    08/15/37        240        250,915  

Petroleos Mexicanos (Mexico),

 

   

Gtd. Notes

 

   

4.750%

    02/26/29   EUR      100        78,680  

6.350%

    02/12/48        458        274,199  

6.490%

    01/23/27        346        299,366  

6.500%

    03/13/27        130        112,850  

Gtd. Notes, MTN

 

   

6.750%

    09/21/47        561        347,120  

6.875%

    08/04/26(a)        770        693,287  

Qatar Energy (Qatar),

 

   

Sr. Unsec’d. Notes, 144A

 

   

1.375%

    09/12/26        1,544        1,392,144  

2.250%

    07/12/31        545        465,858  

Sinopec Group Overseas Development 2018 Ltd. (China),

 

   

Gtd. Notes, 144A

 

   

3.680%

    08/08/49        990        798,583  

Valero Energy Corp.,

 

   

Sr. Unsec’d. Notes

 

   

4.000%

    04/01/29        580        547,432  
          

 

 

  
             10,241,969  
          

 

 

  

Packaging & Containers — 0.1%

 

   

Ball Corp.,

 

   

Gtd. Notes

 

   

3.125%

    09/15/31        300        242,380  

Berry Global, Inc.,

 

   

Sr. Sec’d. Notes

 

   

1.570%

    01/15/26        3,570        3,187,316  
          

 

 

  
             3,429,696  
          

 

 

  

Interest

Rate

    Maturity
Date		    Principal
Amount
(000)#		    Value  

 

   

 

   

 

   

 

 

  
CORPORATE BONDS (continued)

 

Pharmaceuticals — 0.5%

   

AbbVie, Inc.,

   

Sr. Unsec’d. Notes

   

3.800%

    03/15/25       950    $ 943,469  

4.250%

    11/21/49       1,000      886,369  

4.500%

    05/14/35       1,595      1,547,327  

4.550%

    03/15/35       1,770      1,724,240  

4.700%

    05/14/45       855      805,294  

Bayer US Finance II LLC (Germany),

   

Gtd. Notes, 144A

   

4.250%

    12/15/25       1,150      1,134,954  

Becton, Dickinson & Co.,

   

Sr. Unsec’d. Notes

   

3.734%

    12/15/24       102      101,495  

Bristol-Myers Squibb Co.,

   

Sr. Unsec’d. Notes

   

4.125%

    06/15/39       280      267,839  

Cigna Corp.,

   

Gtd. Notes

   

4.375%

    10/15/28       1,870      1,852,912  

Sr. Unsec’d. Notes

   

3.200%

    03/15/40       1,555      1,239,831  

CVS Health Corp.,

   

Sr. Unsec’d. Notes

   

5.125%

    07/20/45       991      956,688  

5.300%

    12/05/43       185      183,637  

Mylan, Inc.,

   

Gtd. Notes

   

5.400%

    11/29/43       590      494,104  

Organon & Co./Organon Foreign Debt Co-Issuer BV,

   

Sr. Sec’d. Notes, 144A

   

4.125%

    04/30/28       700      619,463  

Viatris, Inc.,

   

Gtd. Notes

   

3.850%

    06/22/40       520      366,196  
           

 

 

  
              13,123,818  
           

 

 

  

Pipelines — 0.6%

   

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

 

Gtd. Notes, 144A

   

7.875%

    05/15/26       525      524,499  

Eastern Gas Transmission & Storage, Inc.,

   

Sr. Unsec’d. Notes, 144A

   

4.600%

    12/15/44       45      41,409  

EIG Pearl Holdings Sarl (Saudi Arabia),

   

Sr. Sec’d. Notes, 144A

   

3.545%

    08/31/36       1,060      904,880  

Energy Transfer LP,

   

Sr. Unsec’d. Notes

   

4.950%

    06/15/28       795      783,373  

5.000%

    05/15/50       990      842,279  

6.125%

    12/15/45       120      114,990  

Energy Transfer LP/Regency Energy Finance Corp.,

   

Sr. Unsec’d. Notes

   

5.000%

    10/01/22       610      610,594  

EQM Midstream Partners LP,

   

Sr. Unsec’d. Notes, 144A

   

7.500%

    06/01/27       25      24,084  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A29

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

      Interest      

Rate

      Maturity  
Date		                     Principal
Amount
(000)#

 

      Value  
               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

7.500%

    06/01/30        25      $ 24,045  

Kinder Morgan, Inc.,

 

Gtd. Notes

 

3.600%

    02/15/51        1,575        1,156,534  

MPLX LP,

 

Sr. Unsec’d. Notes

 

4.000%

    02/15/25        1,140        1,122,905  

4.700%

    04/15/48        750        630,076  

4.875%

    06/01/25        2,275        2,287,441  

5.200%

    03/01/47        25        22,611  

ONEOK Partners LP,

 

Gtd. Notes

 

6.650%

    10/01/36        130        132,238  

ONEOK, Inc.,

 

Gtd. Notes

 

3.100%

    03/15/30        3,495        3,004,008  

4.500%

    03/15/50        245        195,164  

4.950%

    07/13/47        640        543,023  

Venture Global Calcasieu Pass LLC,

 

Sr. Sec’d. Notes, 144A

 

3.875%

    08/15/29        80        70,138  

4.125%

    08/15/31        55        47,239  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

5.300%

    03/01/48        80        64,520  

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

4.850%

    03/01/48        230        208,295  

4.900%

    01/15/45        1,100        984,297  
          

 

 

  
             14,338,642  
          

 

 

  

Real Estate Investment Trusts (REITs) — 0.3%

 

Corporate Office Properties LP,

 

Gtd. Notes

 

2.900%

    12/01/33        945        732,746  

GLP Capital LP/GLP Financing II, Inc.,

 

Gtd. Notes

 

5.375%

    04/15/26        725        709,496  

Kimco Realty Corp.,

 

Sr. Unsec’d. Notes

 

2.700%

    10/01/30        2,420        2,084,007  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

    03/15/31        625        488,393  

5.000%

    10/15/27        275        252,167  

Realty Income Corp.,

 

Sr. Unsec’d. Notes

 

3.250%

    01/15/31(h)        2,250        2,048,935  
          

 

 

  
             6,315,744  
          

 

 

  

Retail — 0.3%

 

1011778 BC ULC/New Red Finance, Inc. (Canada),

 

Sr. Sec’d. Notes, 144A

 

3.875%

    01/15/28        500        434,925  

AutoZone, Inc.,

 

Sr. Unsec’d. Notes

 

3.750%

    04/18/29        1,820        1,718,689  
               

      Interest      

Rate

      Maturity  
Date		                     Principal
Amount
(000)#

 

      Value  
               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
               
CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

Dollar Tree, Inc.,

Sr. Unsec’d. Notes

4.000%

    05/15/25        3,395      $ 3,382,564  

Gap, Inc. (The),

Gtd. Notes, 144A

3.625%

    10/01/29        200        140,625  

3.875%

    10/01/31(a)        425        295,529  

Sally Holdings LLC/Sally Capital, Inc.,

Gtd. Notes

5.625%

    12/01/25        1,020        958,985  
          

 

 

  
             6,931,317  
          

 

 

  

Semiconductors — 0.1%

Broadcom, Inc.,

Sr. Unsec’d. Notes, 144A

3.187%

    11/15/36        3,650        2,772,512  
          

 

 

  

Software — 0.1%

ServiceNow, Inc.,

Sr. Unsec’d. Notes

1.400%

    09/01/30        1,425        1,114,453  

Workday, Inc.,

Sr. Unsec’d. Notes

3.800%

    04/01/32(a)        1,845        1,687,073  
          

 

 

  
             2,801,526  
          

 

 

  

Telecommunications — 0.7%

AT&T, Inc.,

Sr. Unsec’d. Notes

2.550%

    12/01/33        736        596,909  

3.500%

    09/15/53        2,817        2,136,320  

3.650%

    09/15/59        4        2,998  

4.300%

    02/15/30        490        478,510  

4.500%

    05/15/35        765        725,270  

British Telecommunications PLC (United Kingdom),

Sr. Unsec’d. Notes

9.625%

    12/15/30        350        435,376  

Level 3 Financing, Inc.,

Gtd. Notes

5.250%

    03/15/26(a)        475        455,285  

5.375%

    05/01/25(a)        1,300        1,263,215  

Sr. Sec’d. Notes, 144A

3.400%

    03/01/27        250        216,815  

T-Mobile USA, Inc.,

Sr. Sec’d. Notes

2.550%

    02/15/31        965        811,805  

3.875%

    04/15/30        5,500        5,134,968  

Verizon Communications, Inc.,

Sr. Unsec’d. Notes

2.550%

    03/21/31        1,515        1,295,646  

2.650%

    11/20/40        1,095        802,997  

4.016%

    12/03/29        1,365        1,324,289  
          

 

 

  
             15,680,403  
          

 

 

  

Transportation — 0.1%

Burlington Northern Santa Fe LLC,

Sr. Unsec’d. Notes

6.700%

    08/01/28        735        826,185  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A30

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#

 

      Value  
               
CORPORATE BONDS (continued)

 

Transportation (cont’d.)

 

   

CSX Corp.,

 

Sr. Unsec’d. Notes

 

6.150%

    05/01/37         690      $ 773,133  

Norfolk Southern Corp.,

 

Sr. Unsec’d. Notes

 

5.590%

    05/17/25         120        123,715  
           

 

 

  
              1,723,033  
           

 

 

  

TOTAL CORPORATE BONDS
(cost $279,565,694)

 

   

 

250,629,533

 

           

 

 

  
MUNICIPAL BONDS — 0.5%

 

Alabama — 0.0%

 

Alabama Economic Settlement Authority,

 

Taxable, Revenue Bonds, Series B

 

4.263%

    09/15/32         180        179,020  
           

 

 

  

California — 0.2%

 

Bay Area Toll Authority,

 

Revenue Bonds, BABs, Series F2

 

6.263%

    04/01/49         1,305        1,667,910  

Taxable, Revenue Bonds

 

2.574%

    04/01/31         415        379,732  

State of California,

 

General Obligation Unlimited, BABs

 

7.300%

    10/01/39         1,250        1,619,840  

General Obligation Unlimited, Taxable, BABs

 

7.500%

    04/01/34         350        449,245  

7.625%

    03/01/40         205        276,806  
           

 

 

  
              4,393,533  
           

 

 

  

Colorado — 0.0%

 

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

    11/01/50         565        673,209  
           

 

 

  

Illinois — 0.1%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

    01/01/40         970        1,162,044  

State of Illinois,

 

      

General Obligation Unlimited, Series D

 

5.000%

    11/01/22         2,305        2,325,735  
           

 

 

  
              3,487,779  
           

 

 

  

New Jersey — 0.1%

 

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

    01/01/40         1,000        1,327,802  
           

 

 

  

New York — 0.1%

         

New York City Transitional Finance Authority Future Tax Secured Revenue,

 

Taxable, Revenue Bonds, BABs

 

5.767%

    08/01/36         1,100        1,200,107  
           

 

 

  

Ohio — 0.0%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

    06/01/40         415        449,262  
               

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#

 

      Value  
               
               
MUNICIPAL BONDS (continued)

 

   

Ohio (cont’d.)

            

Ohio Water Development Authority Water Pollution Control Loan Fund,

Taxable, Revenue Bonds, BABs, Series B2

4.879%

    12/01/34         275      $ 289,402  
           

 

 

  
              738,664  
           

 

 

  

Oregon — 0.0%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

    11/15/34         425        481,241  
           

 

 

  

Pennsylvania — 0.0%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

    12/01/45         505        564,317  
           

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

    09/01/2117         355        304,166  
           

 

 

  

TOTAL MUNICIPAL BONDS
(cost $11,751,671)

 

      13,349,838  
           

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.9%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

    09/25/35         10        10,349  

Banc of America Mortgage Trust,

 

Series 2005-A, Class 2A1

 

2.545%(cc)

    02/25/35         44        43,854  

Bellemeade Re Ltd. (Bermuda),

 

Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)

 

2.126%(c)

    06/25/31         1,783        1,751,851  

Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000%
(Cap N/A, Floor 1.000%)

 

1.926%(c)

    09/25/31         1,500        1,461,037  

Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)

 

1.926%(c)

    09/25/31         1,100        1,085,691  

Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750%
(Cap N/A, Floor 1.750%)

 

2.676%(c)

    01/26/32         2,270        2,251,372  

Central Park Funding Trust,

 

Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

 

4.402%(c)

    08/29/22         2,210        2,192,435  

Chase Mortgage Finance Trust,

 

Series 2007-A01, Class 1A5

 

2.624%(cc)

    02/25/37         84        80,645  

Credit Suisse Mortgage Trust,

 

Series 2018-RPL09, Class A, 144A

 

3.850%(cc)

    09/25/57         558        541,135  

Eagle Re Ltd. (Bermuda),

 

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)

 

2.476%(c)

    04/25/34         3,840        3,805,149  

Fannie Mae REMICS,

 

Series 2014-73, Class CZ

 

3.000%

    11/25/44         2,544        2,368,241  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A31

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
               
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2021-03, Class JI, IO

 

2.500%

    02/25/51         2,506      $ 337,649  

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)

 

3.526%(c)

    11/25/50         1,468        1,458,911  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)

 

5.224%(c)

    07/25/50         68        68,434  

Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)

 

6.874%(c)

    09/25/50         155        154,620  

Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

 

3.026%(c)

    10/25/33         2,005        1,854,094  

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

 

2.576%(c)

    01/25/34         198        191,310  

Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

 

1.776%(c)

    09/25/41         4,766        4,601,800  

Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

 

1.926%(c)

    01/25/42         1,270        1,225,353  

Freddie Mac REMICS,

 

Series 4117, Class ZC

 

3.000%

    10/15/42         2,235        2,108,319  

Series 4535, Class PA

 

3.000%

    03/15/44         419        413,077  

Series 4680, Class GZ

 

3.500%

    03/15/47         1,194        1,135,808  

Series 5023, Class IO, IO

 

2.000%

    10/25/50         964        114,283  

Series 5185, Class LI, IO

 

3.000%

    01/25/52         940        144,938  

Freddie Mac Strips,

 

Series 365, Class C28, IO

 

3.000%

    12/15/46         946        140,785  

Government National Mortgage Assoc.,

 

Series 2019-69, Class KB

 

3.000%

    06/20/49         2,400        2,165,772  

Home Re Ltd. (Bermuda),

 

Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)

 

3.274%(c)

    05/25/29         116        115,572  

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)

 

2.176%(c)

    01/25/34         848        841,289  

JPMorgan Mortgage Trust,

 

Series 2007-A01, Class 4A1

 

3.008%(cc)

    07/25/35         25        24,586  

Legacy Mortgage Asset Trust,

 

Series 2021-GS01, Class A1, 144A

 

1.892%

    10/25/66         251        242,927  

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#		     Value  
               
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Mello Warehouse Securitization Trust,

 

Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)

 

1.368%(c)

    02/25/55         1,600     $ 1,572,273  

MFA Trust,

 

Series 2021-RPL01, Class A1, 144A

 

1.131%(cc)

    07/25/60         2,018       1,857,655  

Mill City Mortgage Loan Trust,

 

Series 2017-03, Class A1, 144A

 

2.750%(cc)

    01/25/61         353       349,624  

Mortgage Repurchase Agreement Financing Trust,

 

Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)

 

1.700%(c)

    09/10/22         1,800       1,799,889  

New Residential Mortgage Loan Trust,

 

Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

2.374%(c)

    01/25/48         193       188,984  

Oaktown Re II Ltd. (Bermuda),

 

Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)

 

3.174%(c)

    07/25/28         103       102,982  

Oaktown Re III Ltd. (Bermuda),

 

Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

 

3.024%(c)

    07/25/29         29       28,724  

Oaktown Re VII Ltd. (Bermuda),

 

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

 

2.526%(c)

    04/25/34         2,700       2,629,734  

PMT Credit Risk Transfer Trust,

 

Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)

 

5.467%(c)

    12/25/22         1,197       1,186,719  

Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)

 

4.524%(c)

    02/27/24         1,918       1,870,079  

Seasoned Credit Risk Transfer Trust,

Series 2019-02, Class MA

3.500%

    08/25/58         842       833,091  

Structured Adjustable Rate Mortgage Loan Trust,

Series 2004-01, Class 4A3

2.543%(cc)

    02/25/34         71       68,716  

TFS (Spain),

Series 2018-03, Class A1

0.000%(s)

    04/16/40^      EUR        —(r )      1,121  

Towd Point Mortgage Trust,

Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)

2.224%(c)

    02/25/57         586       580,074  

Series 2020-04, Class A1, 144A

1.750%

    10/25/60         640       587,381  
          

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $48,791,279)

 

     46,588,332  
          

 

 

  

 

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A32

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  
                 
SOVEREIGN BONDS — 0.6%

 

   

Abu Dhabi Government International Bond (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A

 

3.125%

      10/11/27          2,420      $ 2,364,932  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      08/20/30          465        389,114  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.500%

      01/28/26          220        206,206  

Export-Import Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      02/01/28          745        710,093  

Finnvera OYJ (Finland),

 

Gov’t. Gtd. Notes, 144A, MTN

 

2.375%

      06/04/25          400        391,062  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

3.375%

      07/30/25          EUR    1,200        1,263,828  

Sr. Unsec’d. Notes, EMTN

 

2.150%

      07/18/24          EUR    1,510        1,568,478  

Japan Bank for International Cooperation (Japan),

 

Gov’t. Gtd. Notes

 

        

3.375%

      10/31/23          200        200,704  

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.125%

      10/25/23          1,000        987,285  

3.000%

      03/12/24          200        199,232  

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

4.500%

      04/16/50          340        277,773  

Peruvian Government International Bond (Peru),

 

Sr. Unsec’d. Notes

 

2.783%

      01/23/31          514        437,321  

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      04/23/23          800        802,827  

5.103%

      04/23/48          665        694,479  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, EMTN

 

4.125%

      03/11/39          EUR       960        729,527  

Saudi Government International Bond (Saudi Arabia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.875%

      03/04/23          1,285        1,281,811  

Tokyo Metropolitan Government (Japan),

 

Sr. Unsec’d. Notes, 144A

 

3.250%

      06/01/23          600        601,025  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

5.100%

      06/18/50 (a)         395        395,681  
          

 

 

  

TOTAL SOVEREIGN BONDS
(cost $14,551,888)

 

      13,501,378  
          

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.4%

 

Federal Home Loan Bank

 

5.500%

      07/15/36          850        1,021,892  

Federal Home Loan Mortgage Corp.

 

1.500%

      11/01/50          1,296        1,077,645  

2.000%

      01/01/32          417        399,162  

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  
                 
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

2.000%

      02/01/36           989      $ 924,367  

2.000%

      06/01/40           776        693,861  

2.000%

      10/01/40           1,298        1,160,578  

2.000%

      09/01/50           2,954        2,573,917  

2.000%

      03/01/51           957        833,992  

2.000%

      09/01/51           500        436,123  

2.500%

      03/01/30           234        229,819  

2.500%

      03/01/51           714        648,822  

2.500%

      04/01/51           5,869        5,288,329  

2.500%

      08/01/51           505        455,241  

2.500%

      08/01/51           2,727        2,456,890  

2.500%

      09/01/51           1,905        1,715,871  

2.500%

      09/01/51           4,677        4,215,922  

2.500%

      12/01/51           2,501        2,253,017  

2.500%

      06/01/52           500        450,260  

3.000%

      10/01/28           157        156,180  

3.000%

      06/01/29           345        344,439  

3.000%

      01/01/37           90        88,533  

3.000%

      06/01/42           146        139,725  

3.000%

      10/01/42           362        346,420  

3.000%

      01/01/43           339        324,387  

3.000%

      07/01/43           916        875,762  

3.000%

      11/01/49           1,221        1,139,036  

3.000%

      02/01/50           1,508        1,408,337  

3.000%

      05/01/50           315        294,308  

3.000%

      02/01/52           4,039        3,765,602  

3.000%

      05/01/52           993        926,570  

3.000%

      05/01/52           5,163        4,815,706  

3.500%

      06/01/42           155        152,388  

3.500%

      01/01/47           256        250,715  

3.500%

      02/01/47           427        418,138  

3.500%

      06/01/52           1,498        1,441,971  

4.000%

      06/01/26           140        141,459  

4.000%

      09/01/26           54        54,497  

4.000%

      03/01/38           180        180,737  

4.000%

      10/01/39           285        288,688  

4.000%

      09/01/40           355        359,750  

4.000%

      12/01/40           167        168,736  

4.000%

      10/01/41           149        150,455  

4.000%

      01/01/42           49        49,687  

4.000%

      04/01/52           988        986,243  

4.500%

      02/01/39           42        42,898  

4.500%

      09/01/39           61        63,041  

4.500%

      10/01/39           523        540,107  

4.500%

      12/01/39           54        55,634  

4.500%

      07/01/41           71        71,499  

4.500%

      07/01/41           1,088        1,121,783  

4.500%

      08/01/41           109        109,780  

4.500%

      08/01/41           110        110,465  

4.500%

      08/01/41           172        175,708  

4.500%

      10/01/41           98        99,481  

4.500%

      12/01/47           101        102,449  

4.500%

      08/01/48           216        218,923  

5.000%

      05/01/34           12        12,798  

5.000%

      05/01/34           146        153,545  

5.000%

      10/01/35           3        3,588  

5.000%

      07/01/37           187        197,294  

5.000%

      05/01/39           29        30,946  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A33

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  
                 
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

5.500%

      12/01/33          33      $ 34,095  

5.500%

      01/01/34          29        31,158  

5.500%

      06/01/34          58        62,598  

5.500%

      07/01/34          92        97,941  

5.500%

      05/01/37          26        27,630  

5.500%

      02/01/38          200        214,666  

5.500%

      05/01/38          22        23,793  

5.500%

      07/01/38          54        57,991  

6.000%

      03/01/32          120        126,474  

6.000%

      12/01/33          44        46,162  

6.000%

      11/01/36          26        27,793  

6.000%

      01/01/37          25        27,115  

6.000%

      05/01/37          12        12,672  

6.000%

      02/01/38          2        2,202  

6.000%

      08/01/39          35        38,773  

6.750%

      03/15/31          550        688,843  

7.000%

      05/01/31          3        2,867  

7.000%

      06/01/31          11        11,503  

7.000%

      08/01/31          92        97,080  

7.000%

      10/01/31          6        5,662  

Federal National Mortgage Assoc.

 

1.500%

      02/01/42          493        422,210  

1.500%

      11/01/50          894        743,710  

1.500%

      12/01/50          3,581        2,980,127  

2.000%

      08/01/31          403        385,829  

2.000%

      02/01/41          1,648        1,473,808  

2.000%

      05/01/41 (k)         3,627        3,242,826  

2.000%

      08/01/50          1,210        1,055,313  

2.000%

      10/01/50          6,823        5,963,021  

2.000%

      11/01/50          1,640        1,429,606  

2.000%

      03/01/51          3,305        2,882,720  

2.000%

      05/01/51          2,923        2,539,512  

2.000%

      08/01/51          1,020        888,360  

2.000%

      10/01/51          3,071        2,672,726  

2.500%

      TBA          10,000        8,991,406  

2.500%

      10/01/43          356        324,467  

2.500%

      12/01/46          745        675,599  

2.500%

      03/01/50          729        659,307  

2.500%

      08/01/50          2,564        2,312,095  

2.500%

      04/01/51          2,954        2,662,684  

2.500%

      08/01/51          1,001        901,929  

2.500%

      08/01/51          1,503        1,355,535  

2.500%

      02/01/52          501        453,002  

2.500%

      03/01/52          514        462,776  

2.500%

      05/01/52          1,491        1,347,524  

3.000%

      TBA          11,500        10,708,477  

3.000%

      02/01/27          556        554,472  

3.000%

      08/01/30          467        465,724  

3.000%

      11/01/36          689        670,203  

3.000%

      12/01/42          599        572,628  

3.000%

      03/01/43          128        122,799  

3.000%

      11/01/46          443        419,426  

3.000%

      01/01/47          660        624,236  

3.000%

      02/01/47          697        659,772  

3.000%

      03/01/47          366        345,981  

3.000%

      06/01/49          16        14,554  

3.000%

      12/01/49          1,386        1,291,932  

3.000%

      01/01/50          500        466,306  

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  
                 
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

3.000%

      02/01/50           509      $ 474,549  

3.000%

      02/01/50           2,839        2,652,860  

3.000%

      03/01/50           287        267,820  

3.000%

      03/01/52           988        923,493  

3.000%

      04/01/52           493        460,971  

3.000%

      04/01/52           1,005        939,040  

3.000%

      05/01/52           5,787        5,400,663  

3.500%

      07/01/31           408        407,978  

3.500%

      02/01/33           934        935,109  

3.500%

      06/01/39           277        272,657  

3.500%

      01/01/42           1,610        1,582,060  

3.500%

      05/01/42           809        794,653  

3.500%

      07/01/42           429        421,972  

3.500%

      08/01/42           161        158,650  

3.500%

      08/01/42           428        420,674  

3.500%

      09/01/42           226        222,454  

3.500%

      09/01/42           847        832,395  

3.500%

      11/01/42           115        112,779  

3.500%

      03/01/43           1,335        1,311,790  

3.500%

      04/01/43           258        253,611  

3.500%

      04/01/43           367        360,851  

3.500%

      01/01/46           662        653,043  

3.500%

      07/01/46           474        463,282  

3.500%

      11/01/46           570        557,422  

3.500%

      09/01/47           290        283,106  

3.500%

      01/01/48           2,459        2,403,180  

3.500%

      05/01/48           488        476,918  

3.500%

      06/01/48           497        485,205  

3.500%

      07/01/48           296        289,155  

3.500%

      03/01/49           5,809        5,661,070  

3.500%

      05/01/49           440        427,398  

3.500%

      06/01/49           243        237,307  

4.000%

      TBA           3,500        3,444,834  

4.000%

      10/01/41           1,126        1,139,005  

4.000%

      09/01/44           724        729,219  

4.000%

      10/01/46           261        261,189  

4.000%

      02/01/47           133        132,958  

4.000%

      09/01/47           462        463,102  

4.000%

      11/01/47           329        330,292  

4.000%

      11/01/47           643        645,526  

4.000%

      03/01/49           2,974        2,976,700  

4.500%

      07/01/33           24        24,347  

4.500%

      08/01/33           26        26,407  

4.500%

      09/01/33           53        53,987  

4.500%

      10/01/33           3        2,860  

4.500%

      10/01/33           19        19,906  

4.500%

      10/01/33           60        61,736  

4.500%

      01/01/35           1        749  

4.500%

      07/01/39           431        444,144  

4.500%

      08/01/39           598        615,199  

4.500%

      03/01/41           202        208,717  

4.500%

      11/01/47           1,038        1,055,803  

4.500%

      01/01/49           166        167,419  

5.000%

      03/01/34           123        129,138  

5.000%

      06/01/35           44        45,853  

5.000%

      07/01/35           57        60,311  

5.000%

      09/01/35           45        47,253  

5.000%

      11/01/35           57        59,926  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A34

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		     Value  
                 
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

5.000%

      02/01/36           53     $ 56,154  

5.000%

      05/01/36           27       28,046  

5.500%

      09/01/33           101       108,252  

5.500%

      10/01/33           47       49,728  

5.500%

      12/01/33           30       32,575  

5.500%

      01/01/34           1       681  

5.500%

      12/01/34           96       103,344  

5.500%

      10/01/35           208       216,628  

5.500%

      03/01/36           45       47,289  

5.500%

      05/01/36           105       111,974  

5.500%

      04/01/37           49       52,680  

6.000%

      08/01/22           —(r )      146  

6.000%

      04/01/33           8       8,078  

6.000%

      06/01/33           3       2,976  

6.000%

      10/01/33           180       191,586  

6.000%

      11/01/33           2       2,237  

6.000%

      11/01/33           12       12,772  

6.000%

      11/01/33           41       42,978  

6.000%

      01/01/34           185       200,459  

6.000%

      02/01/34           36       39,006  

6.000%

      03/01/34           18       18,894  

6.000%

      03/01/34           23       23,782  

6.000%

      07/01/34           123       132,638  

6.000%

      08/01/34           1       559  

6.000%

      10/01/34           2       2,054  

6.000%

      11/01/34           2       2,389  

6.000%

      11/01/34           7       7,502  

6.000%

      01/01/35           48       50,532  

6.000%

      01/01/35           94       99,165  

6.000%

      02/01/35           35       36,846  

6.000%

      02/01/35           127       136,709  

6.000%

      03/01/35           1       1,092  

6.000%

      04/01/35           —(r )      504  

6.000%

      07/01/36           18       19,766  

6.000%

      02/01/37           39       43,223  

6.000%

      05/01/37           15       15,913  

6.000%

      06/01/37           —(r )      318  

6.000%

      08/01/37           7       7,756  

6.000%

      09/01/37           —(r )      211  

6.000%

      10/01/37           28       30,279  

6.000%

      05/01/38           34       36,871  

6.000%

      06/01/38           1       780  

6.500%

      07/01/32           29       30,426  

6.500%

      09/01/32           1       1,401  

6.500%

      09/01/32           36       38,444  

6.500%

      09/01/32           41       43,487  

6.500%

      09/01/32           46       48,898  

6.500%

      04/01/33           46       48,912  

6.500%

      11/01/33           19       20,013  

6.500%

      01/01/34           19       20,618  

6.500%

      09/01/34           42       44,169  

6.500%

      09/01/36           41       45,013  

6.500%

      10/01/36           11       11,894  

6.500%

      11/01/36           19       19,791  

6.500%

      01/01/37           36       37,815  

6.500%

      01/01/37           56       58,635  

6.625%

      11/15/30           1,140       1,409,071  

7.000%

      02/01/32           10       10,237  

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  
                 
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

7.000%

      05/01/32          10      $ 10,744  

7.000%

      06/01/32          10        10,052  

7.000%

      07/01/32          34        36,677  

7.125%

      01/15/30 (k)         3,195        4,009,953  

Government National Mortgage Assoc.

 

2.000%

      TBA          2,000        1,775,781  

2.000%

      03/20/51          830        738,916  

2.000%

      07/20/51          502        447,993  

2.000%

      10/20/51          723        643,632  

2.500%

      TBA          2,500        2,287,500  

2.500%

      03/20/43          144        132,316  

2.500%

      12/20/46          261        239,758  

2.500%

      05/20/51          424        389,781  

2.500%

      08/20/51          738        676,710  

2.500%

      11/20/51          480        440,871  

3.000%

      TBA          500        471,289  

3.000%

      12/20/44          96        92,316  

3.000%

      03/15/45          272        258,234  

3.000%

      11/20/45          296        283,906  

3.000%

      03/20/46          611        586,177  

3.000%

      07/20/46          1,551        1,488,278  

3.000%

      08/20/46          409        392,741  

3.000%

      10/20/46          358        343,294  

3.000%

      04/20/47          503        482,236  

3.000%

      12/20/49          171        162,259  

3.000%

      01/20/50          1,008        955,069  

3.000%

      06/20/51          727        688,064  

3.000%

      10/20/51          1,512        1,428,975  

3.000%

      12/20/51          534        504,203  

3.000%

      04/20/52          998        942,513  

3.000%

      05/20/52          1,495        1,411,485  

3.500%

      12/20/42          583        578,397  

3.500%

      05/20/43          177        175,921  

3.500%

      04/20/45          516        510,896  

3.500%

      07/20/46          1,869        1,841,972  

3.500%

      07/20/48          1,456        1,429,711  

3.500%

      11/20/48          483        473,834  

3.500%

      06/20/49          1,817        1,777,685  

4.000%

      06/15/40          32        32,962  

4.000%

      05/20/41          30        30,472  

4.000%

      12/20/42          327        332,050  

4.000%

      08/20/44          121        121,564  

4.000%

      11/20/45          231        232,964  

4.000%

      12/20/45          631        637,526  

4.000%

      09/20/47          1,743        1,756,426  

4.000%

      02/20/49          637        641,470  

4.000%

      01/20/50          250        251,197  

4.500%

      04/15/40          189        197,538  

4.500%

      01/20/41          224        236,523  

4.500%

      02/20/41          352        370,655  

4.500%

      03/20/41          176        182,482  

4.500%

      06/20/44          261        275,906  

4.500%

      09/20/46          213        217,999  

4.500%

      11/20/46          275        289,184  

4.500%

      03/20/47          153        158,601  

4.500%

      05/20/48          247        252,918  

4.500%

      08/20/48          443        451,067  

5.000%

      10/20/37          60        63,690  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A35

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2020 (unaudited)

 

  Interest
Rate

    Maturity
Date		   

        

      Principal
Amount
(000)#		     Value  
                          
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

5.000%

    04/20/45         299     $         317,881  

5.500%

    08/15/33         117       122,533  

5.500%

    08/15/33         155       162,383  

5.500%

    09/15/33         35       36,522  

5.500%

    12/15/33         10       10,269  

5.500%

    03/15/34         102       106,626  

5.500%

    12/15/34         191       207,182  

5.500%

    07/15/35         32       34,457  

5.500%

    04/15/36         41       42,966  

6.000%

    04/15/33         5       4,850  

6.000%

    12/15/33         66       70,108  

6.000%

    01/15/34         18       19,364  

6.000%

    01/15/34         22       23,065  

6.000%

    01/15/34         36       39,159  

6.000%

    06/20/34         63       68,577  

6.000%

    07/15/34         46       50,559  

6.500%

    10/15/23         —(r )      174  

6.500%

    12/15/23         1       580  

6.500%

    01/15/24         —(r )      151  

6.500%

    01/15/24         1       1,250  

6.500%

    01/15/24         3       2,986  

6.500%

    01/15/24         3       3,540  

6.500%

    01/15/24         4       3,720  

6.500%

    01/15/24         11       11,474  

6.500%

    02/15/24         —(r )      476  

6.500%

    02/15/24         1       760  

6.500%

    02/15/24         1       1,478  

6.500%

    02/15/24         2       1,929  

6.500%

    02/15/24         2       2,430  

6.500%

    03/15/24         —(r )      82  

6.500%

    03/15/24         —(r )      403  

6.500%

    04/15/24         —(r )      147  

6.500%

    04/15/24         1       572  

6.500%

    04/15/24         1       627  

6.500%

    04/15/24         1       772  

6.500%

    04/15/24         3       2,898  

6.500%

    04/15/24         3       3,155  

6.500%

    05/15/24         1       1,073  

6.500%

    05/15/24         1       1,493  

6.500%

    05/15/24         4       3,974  

6.500%

    10/15/24         3       3,516  

6.500%

    11/15/28         3       2,858  

6.500%

    08/15/31         3       3,627  

6.500%

    12/15/31         6       5,890  

6.500%

    02/15/32         21       22,401  

6.500%

    06/15/32         11       11,639  

6.500%

    07/15/32         19       19,681  

6.500%

    08/15/32         3       3,372  

6.500%

    08/15/32         4       3,857  

6.500%

    08/15/32         6       6,909  

6.500%

    08/15/32         22       23,068  

6.500%

    08/15/32         108       116,192  

6.500%

    08/15/34         20       20,910  

6.500%

    06/15/35         21       22,126  

6.500%

    09/15/36         21       22,025  

8.000%

    01/15/24         2       2,190  

Tennessee Valley Authority, Sr. Unsec’d. Notes

 

  

1.500%

    09/15/31         200       168,820  

Interest
Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  
                            
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)

 

7.125%

      05/01/30          510      $ 637,894  
          

 

 

  
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

 

(cost $211,774,322)

 

      201,061,580  
          

 

 

  
U.S. TREASURY OBLIGATIONS — 1.5%

 

U.S. Treasury Bonds

 

   

2.000%

      11/15/41          12,720        10,100,475  

2.250%

      05/15/41          10,220        8,524,119  

2.375%

      02/15/42 (h)         12,375        10,491,680  

2.500%

      05/15/46          1,485        1,258,537  

U.S. Treasury Notes

 

      

2.375%

      03/31/29 (k)         705        675,038  

U.S. Treasury Strips Coupon

 

   

1.760%(s)

      08/15/40          830        446,287  

2.000%(s)

      08/15/39          360        204,441  

2.378%(s)

      11/15/43          3,600        1,670,062  

2.628%(s)

      11/15/41          6,420        3,221,034  
          

 

 

  
TOTAL U.S. TREASURY OBLIGATIONS

 

(cost $44,092,365)

 

      36,591,673  
          

 

 

  
TOTAL LONG-TERM INVESTMENTS

 

(cost $1,291,377,628)

 

      2,056,064,757  
          

 

 

  

 

    Shares         
SHORT-TERM INVESTMENTS — 18.5%

 

   
AFFILIATED MUTUAL FUNDS — 18.5%

 

PGIM Core Ultra Short Bond Fund(wa)

     373,803,201        373,803,201  

PGIM Institutional Money Market Fund
(cost $70,957,051; includes
$70,902,939 of cash collateral for securities on loan)(b)(wa)

     71,084,040        71,020,063  
    

 

 

  
TOTAL AFFILIATED MUTUAL FUNDS

 

   

(cost $444,760,252)

 

      444,823,264  
    

 

 

  

 

Interest
Rate

    Maturity
Date		             Principal
Amount
(000)#		         
                             
U.S. TREASURY OBLIGATION(k)(n) — 0.0%

 

U.S. Treasury Bills

 

      

1.709%

      09/15/22           1,100        1,096,310  
           

 

 

  

(cost $1,096,049)

 

         
OPTIONS PURCHASED*~ — 0.0%

 

   

(cost $87,583)

 

      240,913  
           

 

 

  
TOTAL SHORT-TERM INVESTMENTS

 

   

(cost $445,943,884)

 

      446,160,487  
           

 

 

  
TOTAL INVESTMENTS, BEFORE OPTIONS
WRITTEN—104.0%

 

(cost $1,737,321,512)

 

      2,502,225,244  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A36

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

    Value  
OPTIONS WRITTEN*~ — (0.0)%  

(premiums received $83,842)

   $ (70,567 ) 
 

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS
WRITTEN—104.0%

  

(cost $1,737,237,670)

     2,502,154,677  

Liabilities in excess of other assets(z) — (4.0)%

     (97,122,296 ) 
 

 

 

  

NET ASSETS — 100.0%

   $   2,405,032,381  
 

 

 

  

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

 

*

Non-income producing security.

#

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

~

See tables subsequent to the Schedule of Investments for options detail.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,016,536 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 $69,167,855; cash collateral of $70,902,939 (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.

(c)

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. 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.

(r)

Principal or notional amount is less than $500 par.

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

 

 

Options Purchased:

OTC Swaptions

 

Description

    Call/
Put		     

Counterparty

    Expiration
Date		   Strike    Receive   Pay   Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    07/20/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,360      $ —  

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    07/20/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,520        —  

CDX.NA.IG.38.V1,
06/20/27

      Call      Citibank, N.A.    07/20/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,360        —  

CDX.NA.IG.38.V1,
06/20/27

      Call      Morgan Stanley & Co. International
PLC		    07/20/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,520        —  

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    08/17/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,520        2  

CDX.NA.IG.38.V1,
06/20/27

      Call      Deutsche Bank AG    08/17/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     2,170        1  

CDX.NA.IG.38.V1,
06/20/27

      Call      JPMorgan Chase
Bank, N.A.		    08/17/22   0.35%    1.00%(Q)   CDX.NA.IG.38.V1(Q)     2,170        1  

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    07/20/22   0.70%    CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,520        50,619  

CDX.NA.IG.38.V1,
06/20/27

      Put      Morgan Stanley & Co. International PLC    07/20/22   0.75%    CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,520        42,670  

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    07/20/22   0.78%    CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,360        36,949  

CDX.NA.IG.38.V1,
06/20/27

      Put      Citibank, N.A.    07/20/22   0.78%    CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,360        36,950  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A37

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Options Purchased (continued):

OTC Swaptions

 

Description

    Call/
Put		     

Counterparty

    Expiration
Date		   Strike     Receive     Pay     Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    08/17/22     0.78%       CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,520      $ 41,098  

CDX.NA.IG.38.V1,
06/20/27

      Put      JPMorgan Chase Bank, N.A.    08/17/22     0.88%       CDX.NA.IG.38.V1(Q)       1.00%(Q)       2,170        17,126  

CDX.NA.IG.38.V1,
06/20/27

      Put      Deutsche Bank AG    08/17/22     0.90%       CDX.NA.IG.38.V1(Q)       1.00%(Q)       2,170        15,497  
                   

 

 

  

Total Options Purchased (cost $87,583)

                                                 $ 240,913  
                   

 

 

  

Options Written:

OTC Swaptions

 

Description

    Call/
Put		     

Counterparty

    Expiration
Date		   Strike      Receive     Pay     Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    07/20/22     0.63%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,520      $ (21 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Morgan Stanley & Co. International PLC    07/20/22     0.65%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,520        (45 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    07/20/22     0.68%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,360        (87 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Citibank, N.A.    07/20/22     0.68%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,360        (87 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC    08/17/22     0.70%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       3,520        (416 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      JPMorgan Chase Bank, N.A.    08/17/22     0.75%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       2,170        (313 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Deutsche Bank AG    08/17/22     0.80%        CDX.NA.IG.38.V1(Q)       1.00%(Q)       2,170        (472 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    07/20/22     0.95%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       3,520        (14,544 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Morgan Stanley & Co. International PLC    07/20/22     0.98%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       3,520        (12,282 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    07/20/22     1.05%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       3,360        (7,012 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Citibank, N.A.    07/20/22     1.05%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       3,360        (7,012 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC    08/17/22     1.03%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       3,520        (15,440 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      JPMorgan Chase Bank, N.A.    08/17/22     1.13%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       2,170        (6,505 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Deutsche Bank AG    08/17/22     1.15%        1.00%(Q)       CDX.NA.IG.38.V1(Q)       2,170        (5,929 ) 

GS_21-PJ2A^

      Put      Goldman Sachs International    11/15/24     0.50%        0.50%(M)       GS_21-PJ2A(M)       4,720        (143 ) 

GS_21-PJA^

      Put      Goldman Sachs International    06/17/24     0.25%        0.25%(M)       GS_21-PJA(M)       9,100        (259 ) 
                    

 

 

  

Total Options Written (premiums received $83,842)

             $ (70,567 ) 
                    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A38

 
   PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)      
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Futures contracts outstanding at June 30, 2022:

 

Number of
Contracts		     

Type

    Expiration
Date		      Current
Notional
Amount		      Value /
Unrealized
Appreciation
(Depreciation)		  
                 
  Long Positions:              
  220      2 Year U.S. Treasury Notes      Sep. 2022      $ 46,203,438      $ (187,543 ) 
  259      5 Year U.S. Treasury Notes      Sep. 2022        29,072,750        (138,791 ) 
  295      10 Year U.S. Treasury Notes      Sep. 2022        34,966,719        (57,522 ) 
  367      30 Year U.S. Ultra Treasury Bonds      Sep. 2022        56,644,156        (709,364 ) 
  6      Mini MSCI EAFE Index      Sep. 2022        556,980        (2,404 ) 
  80      S&P 500 E-Mini Index      Sep. 2022        15,158,000        (438,815 ) 
           

 

 

  
              (1,534,439 ) 
           

 

 

  
  Short Positions:              
  26      5 Year Euro-Bobl      Sep. 2022        3,383,768        31,028  
  22      10 Year Euro-Bund      Sep. 2022        3,430,108        77,472  
  62      10 Year U.S. Ultra Treasury Notes      Sep. 2022        7,897,250        62,613  
  304      20 Year U.S. Treasury Bonds      Sep. 2022        42,142,000        375,994  
  18      Euro Schatz Index      Sep. 2022        2,058,813        4,485  
           

 

 

  
              551,592  
           

 

 

  
            $ (982,847 ) 
           

 

 

  

Forward foreign currency exchange contracts outstanding at June 30, 2022:

 

Purchase
Contracts

  

Counterparty

   Notional
Amount
(000)		     Value at
Settlement
Date		     Current
Value		     Unrealized
Appreciation		     Unrealized
Depreciation		  
                           
OTC Forward Foreign Currency Exchange Contracts:

 

      

Euro,

              

Expiring 07/05/22

   The Toronto-Dominion Bank     EUR       17,087     $ 18,002,124     $ 17,912,059     $ —     $ (90,065 ) 
       

 

 

    

 

 

    

 

 

    

 

 

  

Sale
Contracts

  

Counterparty

   Notional
Amount
(000)		     Value at
Settlement
Date		     Current
Value		     Unrealized
Appreciation		     Unrealized
Depreciation		  
                           
OTC Forward Foreign Currency Exchange Contracts:

 

      

Canadian Dollar,

              

Expiring 07/19/22

   Citibank, N.A.     CAD       768     $ 608,332     $ 596,610     $ 11,722     $ —  

Euro,

              

Expiring 07/05/22

   The Toronto-Dominion Bank     EUR       17,087       18,367,020       17,912,059       454,961       —  

Expiring 08/02/22

   The Toronto-Dominion Bank     EUR       17,087       18,034,812       17,945,736       89,076       —  
       

 

 

    

 

 

    

 

 

    

 

 

  
        $ 37,010,164     $ 36,454,405       555,759       —  
       

 

 

    

 

 

    

 

 

    

 

 

  
            $ 555,759     $ (90,065 ) 
           

 

 

    

 

 

  

Credit default swap agreement outstanding at June 30, 2022:

 

Reference Entity/ Obligation

   Termination
Date		     Fixed
Rate		     Notional
Amount
(000)#
(3)		     Implied
Credit
Spread
at
June 30,
2022(4)		     Fair
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		    

Counterparty

                               
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJ2A

     07/14/22       0.500 %(M)      2,569       0.500%     $ 2,140     $ (248 )    $ 2,388     Goldman Sachs International

GS_21-PJA

     07/14/22       0.250 %(M)      4,952       *       2,062       (240 )      2,302     Goldman Sachs International
         

 

 

    

 

 

    

 

 

    

 

          $ 4,202     $ (488 )    $ 4,690    
         

 

 

    

 

 

    

 

 

    

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A39

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Credit default swap agreement outstanding at June 30, 2022 (continued):

 

Reference Entity/

Obligation

    Termination
Date		      Fixed Rate      Notional
Amount
(000)#(3)		      Value at
Trade Date		     Value at
June 30,
2022		      Unrealized
Appreciation
(Depreciation)		  
                         

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

 

        

CDX.NA.IG.38.V1

      06/20/27        1.000% (Q)        20,590      $ (241,323 )    $ (52,383 )     $ 188,940  
           

 

 

    

 

 

     

 

 

  

The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

 

(1)

If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

 

(2)

If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

 

(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.

Total return swap agreements outstanding at June 30, 2022:

 

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:

 

               

U.S. Treasury Bond(T)

     
 1 Day USOIS +
2bps(T)		  
 		    
 Bank of America,
N.A.		  
 		      08/10/22        19,230      $ (58,285 )     $ —      $ (58,285 ) 

U.S. Treasury Bond(T)

     
 1 Day USOIS +
1bps(T)		  
 		    
 JPMorgan Chase
Bank, N.A.		  
 		      08/22/22        13,010        (127,839 )       —        (127,839 ) 
             

 

 

     

 

 

     

 

 

  
              $ (186,124 )     $ —      $ (186,124 ) 
             

 

 

     

 

 

     

 

 

  

 

(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).

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A40

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

 

 

    Premiums Paid      Premiums Received     Unrealized
Appreciation		      Unrealized
Depreciation		  

OTC Swap Agreements

    $ —      $ (488 )    $ 4,690      $ (186,124 ) 

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

 

Broker

    Cash and/or Foreign Currency      Securities Market Value  

Citigroup Global Markets, Inc.

    $ —      $ 3,589,407  

Goldman Sachs & Co. LLC

      —        1,096,310  
  

 

 

     

 

 

  

Total

    $ —      $ 4,685,717  
  

 

 

     

 

 

  

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, 2022 in valuing such portfolio securities:

 

     Level 1      Level 2     Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Common Stocks

    $ 1,129,158,696      $ 29,010,514     $ —  

Exchange-Traded Funds

      7,894,993        —       —  

Preferred Stocks

      1,283,000        105,840       —  

Asset-Backed Securities

        

Automobiles

      —        50,629,526       —  

Collateralized Loan Obligations

      —        103,591,616       —  

Consumer Loans

      —        7,377,977       —  

Equipment

      —        5,626,704       —  

Other

      —        3,029,645       —  

Residential Mortgage-Backed Securities

      —        255,693       1,011,615  

Student Loans

      —        9,185,429       —  

Commercial Mortgage-Backed Securities

      —        146,181,175       —  

Corporate Bonds

      —        250,629,533       —  

Municipal Bonds

      —        13,349,838       —  

Residential Mortgage-Backed Securities

      —        46,587,211       1,121  

Sovereign Bonds

      —        13,501,378       —  

U.S. Government Agency Obligations

      —        201,061,580       —  

U.S. Treasury Obligations

      —        36,591,673       —  

Short-Term Investments

        

Affiliated Mutual Funds

      444,823,264        —       —  

U.S. Treasury Obligation

      —        1,096,310       —  

Options Purchased

      —        240,913       —  
  

 

 

     

 

 

    

 

 

  

Total

    $ 1,583,159,953      $ 918,052,555     $ 1,012,736  
  

 

 

     

 

 

    

 

 

  

Liabilities

        

Options Written

    $ —      $ (70,165 )    $ (402 ) 
  

 

 

     

 

 

    

 

 

  

Other Financial Instruments*

        

Assets

        

Futures Contracts

    $ 551,592      $ —     $ —  

OTC Forward Foreign Currency Exchange Contracts

      —        555,759       —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A41

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Level 1     Level 2     Level 3  

Other Financial Instruments* (continued)

       

AssetsAssets (continued)

       

Centrally Cleared Credit Default Swap Agreement

    $ —     $ 188,940     $ —  

OTC Credit Default Swap Agreements

      —       —       4,202  
  

 

 

    

 

 

    

 

 

  

Total

    $ 551,592     $ 744,699     $ 4,202  
  

 

 

    

 

 

    

 

 

  
Liabilities       

Futures Contracts

    $ (1,534,439 )    $ —     $ —  

OTC Forward Foreign Currency Exchange Contract

      —       (90,065 )      —  

OTC Total Return Swap Agreements

      —       (186,124 )      —  
  

 

 

    

 

 

    

 

 

  

Total

    $ (1,534,439 )    $ (276,189 )    $ —  
  

 

 

    

 

 

    

 

 

  

 

*

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:

 

Affiliated Mutual Funds (2.9% represents investments purchased with collateral from securities on loan)

      18.5 % 

U.S. Government Agency Obligations

      8.4  

Commercial Mortgage-Backed Securities

      6.1  

Banks

      4.7  

Software

      4.3  

Collateralized Loan Obligations

      4.3  

Technology Hardware, Storage & Peripherals

      3.2  

Automobiles

      3.1  

Pharmaceuticals

      2.9  

Interactive Media & Services

      2.5  

Semiconductors & Semiconductor Equipment

      2.5  

IT Services

      2.1  

Residential Mortgage-Backed Securities

      2.0  

Oil, Gas & Consumable Fuels

      2.0  

Health Care Providers & Services

      1.7  

U.S. Treasury Obligations

      1.5  

Capital Markets

      1.5  

Internet & Direct Marketing Retail

      1.4  

Equity Real Estate Investment Trusts (REITs)

      1.4  

Health Care Equipment & Supplies

      1.3  

Insurance

      1.3  

Biotechnology

      1.1  

Beverages

      1.1  

Diversified Financial Services

      1.0  

Aerospace & Defense

      1.0  

Chemicals

      1.0  

Specialty Retail

      1.0  

Electric

      1.0  

Media

      1.0  

Electric Utilities

      0.9  

Life Sciences Tools & Services

      0.9  

Hotels, Restaurants & Leisure

      0.9  

Household Products

      0.7  

Machinery

      0.7  

Food & Staples Retailing

      0.7  

Telecommunications

      0.7  

Entertainment

      0.6  

Pipelines

      0.6  

Diversified Telecommunication Services

      0.6 % 

Food Products

      0.6  

Sovereign Bonds

      0.6  

Municipal Bonds

      0.5  

Multi-Utilities

      0.5  

Road & Rail

      0.4  

Oil & Gas

      0.4  

Auto Manufacturers

      0.4  

Industrial Conglomerates

      0.4  

Communications Equipment

      0.4  

Student Loans

      0.4  

Tobacco

      0.4  

Air Freight & Logistics

      0.3  

Exchange-Traded Funds

      0.3  

Consumer Loans

      0.3  

Electronic Equipment, Instruments & Components

      0.3  

Retail

      0.3  

Textiles, Apparel & Luxury Goods

      0.3  

Real Estate Investment Trusts (REITs)

      0.3  

Consumer Finance

      0.3  

Airlines

      0.2  

Electrical Equipment

      0.2  

Metals & Mining

      0.2  

Equipment

      0.2  

Multiline Retail

      0.2  

Commercial Services & Supplies

      0.2  

Building Products

      0.2  

Gas

      0.2  

Professional Services

      0.2  

Household Durables

      0.2  

Energy Equipment & Services

      0.2  

Containers & Packaging

      0.2  

Packaging & Containers

      0.1  

Healthcare-Services

      0.1  

Foods

      0.1  

Trading Companies & Distributors

      0.1  

Miscellaneous Manufacturing

      0.1  

Commercial Services

      0.1  

Wireless Telecommunication Services

      0.1  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A42

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification (continued):

Other

      0.1 % 

Semiconductors

      0.1  

Personal Products

      0.1  

Agriculture

      0.1  

Housewares

      0.1  

Transportation

      0.1  

Office/Business Equipment

      0.1  

Distributors

      0.1  

Healthcare-Products

      0.1  

Engineering & Construction

      0.1  

Auto Components

      0.1  

Construction Materials

      0.1  

Home Builders

      0.1  

Construction & Engineering

      0.0 * 

Real Estate Management & Development

      0.0 * 

Water Utilities

      0.0 * 

Multi-National

      0.0 * 

Gas Utilities

      0.0 *% 

Building Materials

      0.0 * 

Marine

      0.0 * 

Independent Power & Renewable Electricity Producers

      0.0 * 

Leisure Products

      0.0 * 

Apparel

      0.0 * 

Options Purchased

      0.0 * 

Forest Products & Paper

      0.0 * 

Paper & Forest Products

      0.0 * 
  

 

 

  
     104.0  

Options Written

      (0.0 )* 

Liabilities in excess of other assets

      (4.0 ) 
  

 

 

  
     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 contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2022 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    $ 188,940 *    —    $ —  

Credit contracts

    —      —     Premiums received for OTC swap agreements      488  

Credit contracts

    Unaffiliated investments      240,913     Options written outstanding, at
value		      70,567  

Credit contracts

    Unrealized appreciation on OTC swap agreements      4,690     —      —  

Equity contracts

    —      —     Due from/to broker-variation margin futures      441,219 * 

Foreign exchange contracts

    Unrealized appreciation on OTC forward foreign currency exchange contracts      555,759     Unrealized depreciation on OTC forward foreign currency exchange contracts      90,065  

Interest rate contracts

    Due from/to broker-variation margin futures      551,592 *    Due from/to broker-variation
margin futures		      1,093,220 * 

Interest rate contracts

    —      —     Unrealized depreciation on OTC swap agreements      186,124  
     

 

 

       

 

 

  
      $ 1,541,894        $ 1,881,683  
     

 

 

       

 

 

  

 

*

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.

 

A43

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2022 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

  

Derivatives not accounted for as hedging
instruments, carried at fair value

    Options
Purchased(1)		     Options
Written		      Futures     Forward
Currency
Exchange
Contracts		      Swaps  

Credit contracts

    $ (143,476 )    $ 133,654      $ —     $ —      $ 259,287  

Equity contracts

      —       —        (4,494,193 )      —        —  

Foreign exchange contracts

      —       —        —       987,599        —  

Interest rate contracts

      —       —        (17,516,282 )      —        (7,493,254 ) 
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ (143,476 )    $ 133,654      $ (22,010,475 )    $ 987,599      $ (7,233,967 ) 
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

Included in net realized gain (loss) on investment transactions in the Statement of Operations.

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  

Derivatives not accounted for
as hedging instruments,
carried at fair value

    Options
Purchased(2)		      Options
Written		      Futures     Forward
Currency
Exchange
Contracts		      Swaps  

Credit contracts

    $ 186,617      $ 30,256      $ —     $ —      $ 188,773  

Equity contracts

      —        —        (800,329 )      —        —  

Foreign exchange contracts

      —        —        —       709,069        —  

Interest rate contracts

      —        —        (1,850,424 )      —        1,888,464  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 186,617      $ 30,256      $ (2,650,753 )    $ 709,069      $ 2,077,237  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

 

(2)

Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:

 

Derivative Contract Type    Average Volume of Derivative Activities*  

Options Purchased (1)

    $ 85,575  

Options Written (2)

      70,693,333  

Futures Contracts - Long Positions (2)

      212,675,331  

Futures Contracts - Short Positions (2)

      48,153,840  

Forward Foreign Currency Exchange Contracts - Purchased (3)

      12,439,509  

Forward Foreign Currency Exchange Contracts - Sold (3)

      34,183,346  

Credit Default Swap Agreements - Buy Protection (2)

      12,323,333  

Credit Default Swap Agreements - Sell Protection (2)

      10,918,227  

Total Return Swap Agreements (2)

      25,830,000  

Inflation Swap Agreements (2)

      9,558,333  

 

*

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022.

(1)

Cost.

(2)

Notional Amount in USD.

(3)

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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A44

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

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

    $ 69,167,855               $ (69,167,855 )     $ —  

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

   Gross Amounts of
Recognized
Assets(1)		           Gross Amounts of
Recognized
Liabilities(1)		           Net Amounts of
Recognized
Assets/(Liabilities)		           Collateral
Pledged/(Received)(2)		           Net Amount  

Bank of America, N.A.

   $ —       $ (58,285 )      $ (58,285 )      $ 58,285       $ —  

Barclays Bank PLC

     128,668         (37,520 )        91,148         —         91,148  

Citibank, N.A.

     48,672         (7,099 )        41,573         —         41,573  

Deutsche Bank AG

     15,498         (6,401 )        9,097         —         9,097  

Goldman Sachs International

     4,690         (890 )        3,800         —         3,800  

JPMorgan Chase Bank, N.A.

     17,127         (134,657 )        (117,530 )        —         (117,530 ) 

Morgan Stanley & Co. International PLC

     42,670         (12,327 )        30,343         —         30,343  

The Toronto-Dominion Bank

     544,037         (90,065 )        453,972         (360,000 )        93,972  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 801,362       $ (347,244 )      $ 454,118       $ (301,715 )      $ 152,403  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

A45

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)   
as of June 30, 2022   

ASSETS

   

Investments at value, including securities on loan of $69,167,855:

   

Unaffiliated investments (cost $1,292,561,260)

    $ 2,057,401,980  

Affiliated investments (cost $444,760,252)

      444,823,264  

Foreign currency, at value (cost $958,251)

      952,863  

Cash

      3,904  

Receivable for investments sold

      31,103,705  

Dividends and interest receivable

      5,881,129  

Due from broker-variation margin futures

      793,709  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      555,759  

Tax reclaim receivable

      326,117  

Receivable for Portfolio shares sold

      84,173  

Unrealized appreciation on OTC swap agreements

      4,690  

Receivable from affiliate

      2,606  

Prepaid expenses and other assets

      62,722  
  

 

 

  

Total Assets

      2,541,996,621  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      70,902,939  

Payable for investments purchased

      63,822,317  

Management fee payable

      1,104,625  

Accrued expenses and other liabilities

      287,775  

Payable for Portfolio shares purchased

      245,157  

Unrealized depreciation on OTC swap agreements

      186,124  

Due to broker-variation margin futures

      129,790  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      90,065  

Payable to affiliate

      73,693  

Options written outstanding, at value (premiums received $83,842)

      70,567  

Due to broker-variation margin swaps

      48,649  

Distribution fee payable

      1,071  

Affiliated transfer agent fee payable

      980  

Premiums received for OTC swap agreements

      488  
  

 

 

  

Total Liabilities

      136,964,240  
  

 

 

  

NET ASSETS

    $ 2,405,032,381  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 2,405,032,381  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $2,399,735,058 / 70,961,829 outstanding shares of beneficial interest

    $ 33.82  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $5,297,323 / 157,109 outstanding shares of beneficial interest

    $ 33.72  
  

 

 

  
STATEMENT OF OPERATIONS (unaudited)   
Six Months Ended June 30, 2022   

NET INVESTMENT INCOME (LOSS) INCOME

   

Interest income (net of $498 foreign withholding tax)

    $ 12,539,254  

Unaffiliated dividend income (net of $99,916 foreign withholding tax, of which $11,802 is reimbursable by an affiliate)

      10,615,222  

Affiliated dividend income

      975,724  

Income from securities lending, net (including affiliated income of $19,945)

      20,686  
  

 

 

  

Total income

      24,150,886  
  

 

 

  

EXPENSES

   

Management fee

      7,201,123  

Distribution fee—Class III

      5,344  

Custodian and accounting fees

      129,920  

Shareholders’ reports

      82,854  

Audit fee

      24,547  

Trustees’ fees

      23,329  

Legal fees and expenses

      16,077  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      36,517  
  

 

 

  

Total expenses

      7,525,008  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      16,625,878  
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $7,760)

      67,587,279  

Futures transactions

      (22,010,475 ) 

Forward currency contract transactions

      987,599  

Options written transactions

      133,654  

Swap agreements transactions

      (7,233,967 ) 

Foreign currency transactions

      (462,486 ) 
  

 

 

  
     39,001,604  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(14,826))

      (477,382,172 ) 

Futures

      (2,650,753 ) 

Forward currency contracts

      709,069  

Options written

      30,256  

Swap agreements

      2,077,237  

Foreign currencies

      (35,650 ) 
  

 

 

  
     (477,252,013 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      (438,250,409 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (421,624,531 ) 
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2022		     Year Ended
December 31, 2021		  

INCREASE (DECREASE) IN NET ASSETS OPERATIONS

     

Net investment income (loss)

    $ 16,625,878     $ 29,759,603  

Net realized gain (loss) on investment and foreign currency transactions

      39,001,604       183,271,608  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

      (477,252,013 )      138,627,524  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      (421,624,531 )      351,658,735  
  

 

 

    

 

 

  

PORTFOLIO SHARE TRANSACTIONS

     

Portfolio shares sold

      13,588,568       16,716,926  

Portfolio shares purchased

      (85,974,224 )      (179,291,386 ) 
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

      (72,385,656 )      (162,574,460 ) 
  

 

 

    

 

 

  

TOTAL INCREASE (DECREASE)

      (494,010,187 )      189,084,275  

NET ASSETS:

     

Beginning of period

      2,899,042,568       2,709,958,293  
  

 

 

    

 

 

  

End of period

    $ 2,405,032,381     $ 2,899,042,568  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A46

     
     PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)       
FINANCIAL HIGHLIGHTS (unaudited)   

 

Class I

                                            
     Six Months Ended
June 30, 2022		            Year Ended December 31,  
     2021     2020     2019     2018     2017  

Per Share Operating Performance(a):

                

Net Asset Value, beginning of period

    $ 39.67        $ 34.99     $ 31.40     $ 26.50     $ 27.17     $ 24.18  
  

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) From Investment Operations:

                

Net investment income (loss)

      0.23          0.40       0.50       0.59       0.53       0.45  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (6.08 )         4.28       3.09       4.31       (1.20 )      2.54  
  

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (5.85 )         4.68       3.59       4.90       (0.67 )      2.99  
  

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital Contributions

      —          —       —       — (b)(c)      — (b)(c)      —  
  

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

    $ 33.82        $ 39.67     $ 34.99     $ 31.40     $ 26.50     $ 27.17  
  

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(d)

      (14.75 )%         13.38 %      11.43 %      18.49 %(e)      (2.47 )%(e)      12.37 % 

Ratios/Supplemental Data:

                

Net assets, end of period (in millions)

    $ 2,400        $ 2,896     $ 2,710     $ 2,597     $ 2,370     $ 2,595  

Average net assets (in millions)

    $ 2,636        $ 2,800     $ 2,540     $ 2,506     $ 2,535     $ 2,535  

Ratios to average net assets(f):

                

Expenses after waivers and/or expense reimbursement

      0.57 %(g)         0.57 %      0.58 %      0.59 %      0.59 %      0.58 % 

Expenses before waivers and/or expense reimbursement

      0.57 %(g)         0.57 %      0.58 %      0.59 %      0.59 %      0.58 % 

Net investment income (loss)

      1.27 %(g)         1.06 %      1.58 %      2.02 %      1.94 %      1.75 % 

Portfolio turnover rate(h)(i)

      27 %         69 %      75 %      90 %      101 %      136 % 

 

Class III

             
     Six Months
Ended
June 30,
2022		     April 26, 2021(j)
through December 31,
2021		  

Per Share Operating Performance(a):

     

Net Asset Value, beginning of period

    $ 39.60     $ 36.75  
  

 

 

    

 

 

  

Income (Loss) From Investment Operations:

     

Net investment income (loss)

      0.19       0.21  

Net realized and unrealized gain (loss) on investment and foreign currency transactions

      (6.07 )      2.64  
  

 

 

    

 

 

  

Total from investment operations

      (5.88 )      2.85  
  

 

 

    

 

 

  

Net Asset Value, end of period

    $ 33.72     $ 39.60  
  

 

 

    

 

 

  

Total Return(d)

      (14.85 )%      7.76 % 

Ratios/Supplemental Data:

     

Net assets, end of period (in millions)

    $ 5     $ 3  

Average net assets (in millions)

    $ 4     $ 1  

Ratios to average net assets(f):

     

Expenses after waivers and/or expense reimbursement

      0.82 %(g)      0.81 %(k) 

Expenses before waivers and/or expense reimbursement

      0.82 %(g)      0.81 %(k) 

Net investment income (loss)

      1.07 %(g)      0.76 %(k) 

Portfolio turnover rate(h)(i)

      27 %      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)

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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(i)

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.

(j)

Commencement of offering.

(k)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A47

 
   PSF PGIM FLEXIBLE MANAGED  PORTFOLIO      
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
LONG-TERM INVESTMENTS — 90.3%

 

COMMON STOCKS — 59.6%      

Aerospace & Defense — 1.1%

      

BAE Systems PLC (United Kingdom)

      9,579      $ 96,709  

Dassault Aviation SA (France)

      78        12,163  

General Dynamics Corp.

      32,300        7,146,375  

Howmet Aerospace, Inc.

      224,200        7,051,090  

Lockheed Martin Corp.

      19,800        8,513,208  

Northrop Grumman Corp.

      10,700        5,120,699  

Raytheon Technologies Corp.

      120,600        11,590,866  

Singapore Technologies Engineering
Ltd. (Singapore)

      4,800        14,112  

Textron, Inc.

      36,000        2,198,520  

TransDigm Group, Inc.*

      9,100        4,883,697  
     

 

 

  
        46,627,439  
     

 

 

  

Air Freight & Logistics — 0.3%

      

Deutsche Post AG (Germany)

      2,951        110,883  

DSV A/S (Denmark)

      596        83,795  

FedEx Corp.

      24,600        5,577,066  

United Parcel Service, Inc. (Class B
Stock)

      38,500        7,027,790  
     

 

 

  
        12,799,534  
     

 

 

  

Airlines — 0.3%

      

Alaska Air Group, Inc.*

      50,700        2,030,535  

Southwest Airlines Co.*

      214,700        7,754,964  
     

 

 

  
        9,785,499  
     

 

 

  

Auto Components — 0.0%

      

Cie Generale des Etablissements
Michelin SCA (France)

      9,008        245,307  

Koito Manufacturing Co. Ltd. (Japan)

      7,700        242,744  

Stanley Electric Co. Ltd. (Japan)

      400        6,525  
     

 

 

  
        494,576  
     

 

 

  

Automobiles — 1.4%

      

Bayerische Motoren Werke AG
(Germany)

      2,911        224,037  

Ferrari NV (Italy)

      375        68,855  

Ford Motor Co.

      359,600        4,002,348  

General Motors Co.*

      22,200        705,072  

Mazda Motor Corp. (Japan)

      1,700        13,786  

Mercedes-Benz Group AG (Germany)

      2,592        149,959  

Stellantis NV

      22,822        282,383  

Tesla, Inc.*

      73,100        49,227,002  

Toyota Motor Corp. (Japan)

      13,200        202,904  

Volkswagen AG (Germany)

      88        16,092  

Yamaha Motor Co. Ltd. (Japan)

      13,200        241,754  
     

 

 

  
        55,134,192  
     

 

 

  

Banks — 2.4%

      

Australia & New Zealand Banking
Group Ltd. (Australia)

      8,339        126,770  

Banco Santander SA (Spain)

      83,114        234,545  

Bank Hapoalim BM (Israel)

      32,484        272,079  

Bank Leumi Le-Israel BM (Israel)

      37,764        335,697  

Bank of America Corp.

      487,600        15,178,988  

Barclays PLC (United Kingdom)

      176,482        330,744  

BNP Paribas SA (France)

      3,334        159,792  
     Shares      Value  
COMMON STOCKS (continued)

 

Banks (cont’d.)

      

Citigroup, Inc.

      176,050      $ 8,096,539  

Citizens Financial Group, Inc.

      272,000        9,707,680  

Commonwealth Bank of Australia
(Australia)

      811        50,570  

DBS Group Holdings Ltd. (Singapore)

      16,900        361,636  

Fifth Third Bancorp(a)

      24,700        829,920  

HSBC Holdings PLC (United Kingdom)

      19,277        126,032  

ING Groep NV (Netherlands)

      11,115        110,224  

Israel Discount Bank Ltd. (Israel)
(Class A Stock)

      44,378        230,723  

JPMorgan Chase & Co.

      150,394        16,935,868  

KeyCorp(a)

      388,600        6,695,578  

Lloyds Banking Group PLC (United
Kingdom)

      695,750        358,299  

National Australia Bank Ltd. (Australia)

      1,368        25,850  

NatWest Group PLC (United Kingdom)

      110,556        295,227  

Oversea-Chinese Banking Corp. Ltd.
(Singapore)

      10,000        82,071  

Regions Financial Corp.

      78,200        1,466,250  

Truist Financial Corp.

      194,200        9,210,906  

U.S. Bancorp

      87,000        4,003,740  

United Overseas Bank Ltd. (Singapore)

      5,000        94,555  

Wells Fargo & Co.

      561,500        21,993,955  
     

 

 

  
        97,314,238  
     

 

 

  

Beverages — 1.1%

      

Coca-Cola Co. (The)

      345,100        21,710,241  

Coca-Cola HBC AG (Italy)

      602        13,374  

Diageo PLC (United Kingdom)

      3,465        149,209  

Heineken Holding NV (Netherlands)

      341        24,876  

PepsiCo, Inc.

      142,200        23,699,052  
     

 

 

  
        45,596,752  
     

 

 

  

Biotechnology — 1.4%

      

AbbVie, Inc.

      121,100        18,547,676  

Exelixis, Inc.*

      258,700        5,386,134  

Gilead Sciences, Inc.

      188,550        11,654,276  

Moderna, Inc.*

      39,600        5,656,860  

United Therapeutics Corp.*

      3,400        801,176  

Vertex Pharmaceuticals, Inc.*

      56,800        16,005,672  
     

 

 

  
        58,051,794  
     

 

 

  

Building Products — 0.2%

      

AGC, Inc. (Japan)

      5,900        204,645  

Assa Abloy AB (Sweden) (Class B
Stock)

      2,997        63,847  

Carlisle Cos., Inc.

      12,600        3,006,486  

Cie de Saint-Gobain (France)

      6,230        268,130  

Kingspan Group PLC (Ireland)

      406        24,469  

Owens Corning

      80,000        5,944,800  

Xinyi Glass Holdings Ltd. (China)

      6,000        14,383  
     

 

 

  
        9,526,760  
     

 

 

  

Capital Markets — 1.6%

      

3i Group PLC (United Kingdom)

      19,248        259,452  

abrdn PLC (United Kingdom)

      6,455        12,556  

Ameriprise Financial, Inc.

      22,300        5,300,264  

Amundi SA (France), 144A

      180        9,852  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A48

     
     PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)       
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

 

    Shares      Value  
COMMON STOCKS (continued)

 

Capital Markets (cont’d.)

      

ASX Ltd. (Australia)

      420      $ 23,655  

Bank of New York Mellon Corp. (The)

      53,500        2,231,485  

Cboe Global Markets, Inc.

      73,100        8,274,189  

Charles Schwab Corp. (The)

      40,500        2,558,790  

CME Group, Inc.

      27,400        5,608,780  

Daiwa Securities Group, Inc. (Japan)

      36,700        163,588  

Deutsche Bank AG (Germany)

      6,160        53,800  

FactSet Research Systems, Inc.

      11,600        4,461,012  

Goldman Sachs Group, Inc. (The)

      38,000        11,286,760  

Intercontinental Exchange, Inc.

      35,600        3,347,824  

Julius Baer Group Ltd. (Switzerland)

      656        30,239  

Macquarie Group Ltd. (Australia)

      3,191        362,265  

Morgan Stanley

      102,500        7,796,150  

MSCI, Inc.

      4,400        1,813,460  

Raymond James Financial, Inc.

      20,900        1,868,669  

SBI Holdings, Inc. (Japan)

      5,600        109,669  

Singapore Exchange Ltd. (Singapore)

      2,500        17,031  

State Street Corp.

      100,100        6,171,165  

Stifel Financial Corp.

      47,700        2,672,154  

UBS Group AG (Switzerland)

      28,007        452,268  

Virtu Financial, Inc. (Class A Stock)

      86,500        2,024,965  
     

 

 

  
        66,910,042  
     

 

 

  

Chemicals — 1.0%

      

Arkema SA (France)

      182        16,249  

Celanese Corp.

      10,100        1,187,861  

CF Industries Holdings, Inc.

      108,600        9,310,278  

Dow, Inc.

      182,200        9,403,342  

DuPont de Nemours, Inc.

      152,300        8,464,834  

Eastman Chemical Co.

      29,700        2,666,169  

ICL Group Ltd. (Israel)

      25,110        228,454  

Linde PLC (United Kingdom)(a)

      36,000        10,351,080  

Mitsubishi Chemical Group Corp.

      

(Japan)

      3,800        20,770  

Mitsui Chemicals, Inc. (Japan)

      10,800        230,018  

Nitto Denko Corp. (Japan)

      500        32,319  

OCI NV (Netherlands)

      336        11,112  

Shin-Etsu Chemical Co. Ltd. (Japan)

      500        56,274  

Solvay SA (Belgium)

      217        17,567  

Sumitomo Chemical Co. Ltd. (Japan)

      4,400        17,131  

Tosoh Corp. (Japan)

      19,700        244,258  

Yara International ASA (Brazil)

      4,237        177,184  
     

 

 

  
        42,434,900  
     

 

 

  

Commercial Services & Supplies —0.2%

      

Cintas Corp.

      4,100        1,531,473  

Dai Nippon Printing Co. Ltd. (Japan)

      700        15,079  

Rentokil Initial PLC (United Kingdom)

      5,306        30,682  

Securitas AB (Sweden) (Class B Stock)

      918        7,929  

Waste Management, Inc.

      32,100        4,910,658  
     

 

 

  
        6,495,821  
     

 

 

  

Communications Equipment — 0.4%

      

Cisco Systems, Inc.

      389,500        16,608,280  

Nokia OYJ (Finland)

      68,532        317,704  

Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)

      8,648        64,487  
     

 

 

  
        16,990,471  
     

 

 

  
     Shares      Value  
COMMON STOCKS (continued)      

Construction & Engineering — 0.0%

      

ACS Actividades de Construccion y

      

Servicios SA (Spain)

      680      $ 16,503  

Eiffage SA (France)

      250        22,535  

Skanska AB (Sweden) (Class B Stock)

      12,740        195,689  

Taisei Corp. (Japan)

      600        18,660  

Vinci SA (France)

      1,638        146,065  
     

 

 

  
        399,452  
     

 

 

  

Construction Materials — 0.2%

      

Eagle Materials, Inc.

      70,200        7,717,788  

HeidelbergCement AG (Germany)

      434        20,867  
     

 

 

  
        7,738,655  
     

 

 

  

Consumer Finance — 0.4%

      

American Express Co.

      18,600        2,578,332  

Capital One Financial Corp.

      105,900        11,033,721  

Synchrony Financial

      41,600        1,148,992  
     

 

 

  
        14,761,045  
     

 

 

  

Containers & Packaging — 0.3%

      

International Paper Co.

      36,300        1,518,429  

Westrock Co.

      236,500        9,422,160  
     

 

 

  
        10,940,589  
     

 

 

  

Distributors — 0.2%

      

Genuine Parts Co.

      38,100        5,067,300  

LKQ Corp.

      15,000        736,350  
     

 

 

  
        5,803,650  
     

 

 

  

Diversified Financial Services — 0.9%

      

Berkshire Hathaway, Inc. (Class B Stock)*

      125,750        34,332,265  

EXOR NV (Netherlands)

      324        20,222  

Industrivarden AB (Sweden) (Class A Stock)

      380        8,561  

Investor AB (Sweden) (Class A Stock)

      1,443        25,944  

Investor AB (Sweden) (Class B Stock)

      5,289        87,083  

ORIX Corp. (Japan)

      3,600        60,199  
     

 

 

  
        34,534,274  
     

 

 

  

Diversified Telecommunication Services — 0.6%

 

   

AT&T, Inc.

      80,300        1,683,088  

Deutsche Telekom AG (Germany)

      14,433        286,661  

Koninklijke KPN NV (Netherlands)

      60,727        216,300  

Nippon Telegraph & Telephone Corp. (Japan)

      7,300        209,595  

Spark New Zealand Ltd. (New Zealand)

      5,580        16,724  

Telefonica Deutschland Holding AG (Germany)

      3,036        8,709  

Telefonica SA (Spain)

      15,779        80,353  

Verizon Communications, Inc.

      462,488        23,471,266  
     

 

 

  
        25,972,696  
     

 

 

  

Electric Utilities — 1.1%

      

Edison International

      208,300        13,172,892  

Electricite de France SA (France)

      1,326        10,832  

Endesa SA (Spain)

      14,834        280,082  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A49

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

Electric Utilities (cont’d.)

 

Enel SpA (Italy)

      27,957      $ 153,202  

Evergy, Inc.

      71,400        4,658,850  

Exelon Corp.

      334,700        15,168,604  

Fortum OYJ (Finland)

      1,266        18,976  

Iberdrola SA (Spain)

      22,677        235,129  

NRG Energy, Inc.

      144,900        5,530,833  

Power Assets Holdings Ltd. (Hong Kong)

      4,500        28,318  

PPL Corp.

      163,100        4,424,903  

Red Electrica Corp. SA (Spain)

      769        14,537  

SSE PLC (United Kingdom)

      9,338        183,807  
     

 

 

  
        43,880,965  
     

 

 

  

Electrical Equipment — 0.3%

 

Emerson Electric Co.

      161,600        12,853,664  

Hubbell, Inc.

      4,200        750,036  

Mitsubishi Electric Corp. (Japan)

      6,000        64,995  
     

 

 

  
        13,668,695  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.5%

 

CDW Corp.

      11,400        1,796,184  

Corning, Inc.

      292,100        9,204,071  

Hamamatsu Photonics KK (Japan)

      500        19,384  

Hirose Electric Co. Ltd. (Japan)

      2,000        264,843  

Jabil, Inc.

      137,600        7,046,496  

Keysight Technologies, Inc.*

      5,400        744,390  

Murata Manufacturing Co. Ltd. (Japan)

      1,800        98,506  

TDK Corp. (Japan)

      1,200        36,834  
     

 

 

  
        19,210,708  
     

 

 

  

Energy Equipment & Services — 0.2%

 

Halliburton Co.

      139,000        4,359,040  

Schlumberger NV

      106,800        3,819,168  
     

 

 

  
        8,178,208  
     

 

 

  

Entertainment — 0.8%

 

Electronic Arts, Inc.

      30,600        3,722,490  

Konami Group Corp. (Japan)

      300        16,580  

Netflix, Inc.*

      46,200        8,078,994  

Nintendo Co. Ltd. (Japan)

      500        216,895  

Walt Disney Co. (The)*

      161,100        15,207,840  

Warner Bros Discovery, Inc.*

      241,600        3,242,272  
     

 

 

  
        30,485,071  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.6%

 

Camden Property Trust

      29,400        3,953,712  

Crown Castle International Corp.

      11,200        1,885,856  

Dexus (Australia)

      41,774        255,110  

EPR Properties

      57,000        2,675,010  

Equinix, Inc.

      9,200        6,044,584  

Goodman Group (Australia)

      19,591        240,503  

Host Hotels & Resorts, Inc.

      292,900        4,592,672  

Klepierre SA (France)*

      574        11,028  

Lamar Advertising Co. (Class A Stock)

      16,000        1,407,520  

Land Securities Group PLC (United Kingdom)

      2,093        16,956  

Prologis, Inc.

      98,400        11,576,760  

Public Storage

      11,200        3,501,904  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Equity Real Estate Investment Trusts (REITs) (cont’d.)

 

SBA Communications Corp.

      19,000      $ 6,080,950  

Simon Property Group, Inc.

      68,100        6,464,052  

Stockland (Australia)

      69,197        172,345  

Ventas, Inc.

      22,500        1,157,175  

Welltower, Inc.(a)

      17,000        1,399,950  

Weyerhaeuser Co.

      386,500        12,800,880  
     

 

 

  
        64,236,967  
     

 

 

  

Food & Staples Retailing — 1.0%

 

Albertson’s Cos., Inc. (Class A Stock)

      156,800        4,189,696  

Carrefour SA (France)

      1,718        30,417  

Coles Group Ltd. (Australia)

      3,495        42,918  

Costco Wholesale Corp.

      54,500        26,120,760  

Endeavour Group Ltd. (Australia)

      1,580        8,240  

J Sainsbury PLC (United Kingdom)

      4,128        10,260  

Jeronimo Martins SGPS SA (Portugal)

      860        18,716  

Kesko OYJ (Finland) (Class B Stock)

      1,394        32,874  

Koninklijke Ahold Delhaize NV (Netherlands)

      13,373        348,752  

Kroger Co. (The)(a)

      16,200        766,746  

Tesco PLC (United Kingdom)

      50,883        158,014  

US Foods Holding Corp.*

      81,600        2,503,488  

Walgreens Boots Alliance, Inc.

      141,400        5,359,060  

Walmart, Inc.

      17,300        2,103,334  

Woolworths Group Ltd. (Australia)

      3,570        87,644  
     

 

 

  
        41,780,919  
     

 

 

  

Food Products — 0.8%

 

Archer-Daniels-Midland Co.

      58,100        4,508,560  

Darling Ingredients, Inc.*

      56,200        3,360,760  

Kraft Heinz Co. (The)

      115,800        4,416,612  

Nestle SA

      7,192        839,275  

Orkla ASA (Norway)

      10,287        82,286  

Pilgrim’s Pride Corp.*

      186,100        5,811,903  

Tyson Foods, Inc. (Class A Stock)

      163,900        14,105,234  

WH Group Ltd. (Hong Kong), 144A

      274,000        214,584  

Wilmar International Ltd. (China)

      104,000        302,882  
     

 

 

  
        33,642,096  
     

 

 

  

Gas Utilities — 0.0%

 

Enagas SA (Spain)

      765        16,916  

Osaka Gas Co. Ltd. (Japan)

      1,100        21,060  

Snam SpA (Italy)

      5,797        30,362  

Tokyo Gas Co. Ltd. (Japan)

      1,200        24,834  
     

 

 

  
        93,172  
     

 

 

  

Health Care Equipment & Supplies — 1.5%

 

Abbott Laboratories

      243,900        26,499,735  

Boston Scientific Corp.*

      122,400        4,561,848  

DENTSPLY SIRONA, Inc.

      36,400        1,300,572  

Edwards Lifesciences Corp.*

      143,500        13,645,415  

Envista Holdings Corp.*(a)

      19,500        751,530  

Hologic, Inc.*

      44,300        3,069,990  

Hoya Corp. (Japan)

      500        43,017  

Medtronic PLC

      134,000        12,026,500  
     

 

 

  
        61,898,607  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A50

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

Health Care Providers & Services — 2.2%

 

Centene Corp.*

      38,600      $ 3,265,946  

Cigna Corp.

      34,300        9,038,736  

CVS Health Corp.

      157,900        14,631,014  

Elevance Health, Inc.

      25,000        12,064,500  

Fresenius SE & Co. KGaA (Germany)

      1,240        37,632  

McKesson Corp.

      20,100        6,556,821  

Medipal Holdings Corp. (Japan)

      15,000        211,401  

Sonic Healthcare Ltd. (Australia)

      12,522        285,576  

UnitedHealth Group, Inc.

      84,900        43,607,187  
     

 

 

  
        89,698,813  
     

 

 

  

Hotels, Restaurants & Leisure — 1.0%

 

Aristocrat Leisure Ltd. (Australia)

      1,715        40,570  

Chipotle Mexican Grill, Inc.*

      2,100        2,745,246  

Compass Group PLC (United Kingdom)

      10,836        221,544  

Evolution AB (Sweden), 144A

      1,676        152,099  

Hilton Worldwide Holdings, Inc.

      82,500        9,193,800  

InterContinental Hotels Group PLC (United Kingdom)

      528        28,029  

La Francaise des Jeux SAEM (France), 144A

      6,964        241,436  

Marriott International, Inc. (Class A Stock)

      61,100        8,310,211  

McDonald’s Corp.

      44,500        10,986,160  

McDonald’s Holdings Co. Japan Ltd. (Japan)

      300        10,921  

Oriental Land Co. Ltd. (Japan)

      600        84,317  

Sodexo SA (France)

      253        17,814  

Starbucks Corp.

      119,200        9,105,688  

Travel + Leisure Co.

      24,000        931,680  

Whitbread PLC (United Kingdom)

      364        10,984  
     

 

 

  
        42,080,499  
     

 

 

  

Household Durables — 0.2%

 

Barratt Developments PLC (United Kingdom)

      3,024        16,818  

Berkeley Group Holdings PLC (United Kingdom)*

      2,586        116,968  

Lennar Corp. (Class A Stock)

      100,200        7,071,114  

Open House Group Co. Ltd. (Japan)

      1,900        75,480  

Sony Group Corp. (Japan)

      1,300        105,753  

Toll Brothers, Inc.

      51,100        2,279,060  
     

 

 

  
        9,665,193  
     

 

 

  

Household Products — 1.0%

 

Essity AB (Sweden) (Class B Stock)

      1,830        47,747  

Henkel AG & Co. KGaA (Germany)

      279        17,084  

Kimberly-Clark Corp.

      105,300        14,231,295  

Procter & Gamble Co. (The)

      188,605        27,119,513  

Reckitt Benckiser Group PLC (United Kingdom)

      2,156        161,824  
     

 

 

  
        41,577,463  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.2%

 

AES Corp. (The)

      281,300        5,910,113  
     

 

 

  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Industrial Conglomerates — 0.4%

 

CK Hutchison Holdings Ltd. (United Kingdom)

      8,000      $ 54,663  

Honeywell International, Inc.

      91,100        15,834,091  

Jardine Matheson Holdings Ltd. (Hong Kong)

      5,600        294,091  

Lifco AB (Sweden) (Class B Stock)

      624        10,042  

Siemens AG (Germany)

      2,242        227,582  

Smiths Group PLC (United Kingdom)

      1,215        20,686  

Toshiba Corp. (Japan)

      4,900        199,065  
     

 

 

  
        16,640,220  
     

 

 

  

Insurance — 1.2%

 

Aegon NV (Netherlands)

      5,511        23,889  

Ageas SA/NV (Belgium)

      513        22,542  

AIA Group Ltd. (Hong Kong)

      5,600        60,808  

American Financial Group, Inc.

      24,600        3,414,726  

American International Group, Inc.

      201,200        10,287,356  

Assicurazioni Generali SpA (Italy)

      3,268        52,207  

AXA SA (France)

      11,159        254,876  

Chubb Ltd.

      89,300        17,554,594  

Dai-ichi Life Holdings, Inc. (Japan)

      16,700        305,276  

Japan Post Insurance Co. Ltd. (Japan)

      16,500        263,181  

Lincoln National Corp.

      49,500        2,315,115  

Marsh & McLennan Cos., Inc.

      67,700        10,510,425  

Medibank Private Ltd. (Australia)

      7,700        17,266  

MetLife, Inc.

      58,700        3,685,773  

MS&AD Insurance Group Holdings, Inc. (Japan)

      1,300        39,722  

NN Group NV (Netherlands)

      800        36,348  

Poste Italiane SpA (Italy), 144A

      15,516        145,215  

Sampo OYJ (Finland) (Class A Stock)

      1,501        65,355  

Sompo Holdings, Inc. (Japan)

      3,100        135,919  

Suncorp Group Ltd. (Australia)

      39,609        299,948  

Tokio Marine Holdings, Inc. (Japan)

      1,900        111,607  

W.R. Berkley Corp.

      15,750        1,075,095  

Zurich Insurance Group AG (Switzerland)

      442        192,031  
     

 

 

  
        50,869,274  
     

 

 

  

Interactive Media & Services — 3.2%

 

Alphabet, Inc. (Class A Stock)*

      24,250        52,847,055  

Alphabet, Inc. (Class C Stock)*

      21,632        47,318,918  

Meta Platforms, Inc. (Class A Stock)*

      192,350        31,016,438  

SEEK Ltd. (Australia)

      1,008        14,553  
     

 

 

  
        131,196,964  
     

 

 

  

Internet & Direct Marketing Retail — 1.7%

 

Amazon.com, Inc.*

      556,000        59,052,760  

eBay, Inc.

      289,300        12,055,131  

ZOZO, Inc. (Japan)

      400        7,187  
     

 

 

  
        71,115,078  
     

 

 

  

IT Services — 2.6%

 

Accenture PLC (Class A Stock)

      57,950        16,089,817  

Adyen NV (Netherlands), 144A*

      56        81,485  

Automatic Data Processing, Inc.

      64,900        13,631,596  

Capgemini SE (France)

      1,780        304,516  

Computershare Ltd. (Australia)

      4,836        82,109  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A51

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

IT Services (cont’d.)

      

DXC Technology Co.*

      61,300      $ 1,858,003  

Fiserv, Inc.*

      8,500        756,245  

Fujitsu Ltd. (Japan)

      2,500        311,645  

Gartner, Inc.*

      30,000        7,254,900  

International Business Machines Corp.

      6,600        931,854  

Mastercard, Inc. (Class A Stock)

      91,800        28,961,064  

NEC Corp. (Japan)

      800        31,007  

NTT Data Corp. (Japan)

      1,900        26,289  

Visa, Inc. (Class A
Stock)(a)

      184,900        36,404,961  
     

 

 

  
            106,725,491  
     

 

 

  

Leisure Products — 0.0%

 

Bandai Namco Holdings, Inc. (Japan)

      600        42,315  

Shimano, Inc. (Japan)

      400        67,079  
     

 

 

  
        109,394  
     

 

 

  

Life Sciences Tools & Services — 1.1%

 

Danaher Corp.

      74,900        18,988,648  

Eurofins Scientific SE (Luxembourg)

      373        29,390  

IQVIA Holdings, Inc.*

      54,500        11,825,955  

Maravai LifeSciences Holdings, Inc. (Class A Stock)*

      146,600        4,164,906  

Sartorius Stedim Biotech (France)

      80        25,168  

Thermo Fisher Scientific, Inc.

      20,300        11,028,584  
     

 

 

  
        46,062,651  
     

 

 

  

Machinery — 0.8%

      

ANDRITZ AG (Austria)

      1,065        42,780  

Atlas Copco AB (Sweden) (Class A Stock)

      7,616        71,233  

Atlas Copco AB (Sweden) (Class B Stock)

      4,168        34,917  

Caterpillar, Inc.

      29,300        5,237,668  

CNH Industrial NV (United Kingdom)

      2,961        34,316  

Deere & Co.

      6,500        1,946,555  

Epiroc AB (Sweden) (Class A Stock)

      1,968        30,448  

Epiroc AB (Sweden) (Class B Stock)

      1,075        14,539  

Esab Corp.(a)

      25,900        1,133,125  

Gates Industrial Corp. PLC*

      170,900        1,847,429  

GEA Group AG (Germany)

      456        15,759  

Ingersoll Rand, Inc.

      44,500        1,872,560  

Komatsu Ltd. (Japan)

      2,800        62,034  

Kubota Corp. (Japan)

      3,100        46,205  

MISUMI Group, Inc. (Japan)

      3,600        76,663  

NGK Insulators Ltd. (Japan)

      5,100        68,614  

PACCAR, Inc.

      148,000        12,186,320  

Parker-Hannifin Corp.

      35,200        8,660,960  

Sandvik AB (Sweden)

      3,240        52,611  

Schindler Holding AG (Switzerland)

      55        9,882  

VAT Group AG (Switzerland), 144A

      76        18,051  

Volvo AB (Sweden) (Class A Stock)

      612        9,854  

Volvo AB (Sweden) (Class B Stock)

      4,116        63,939  
     

 

 

  
        33,536,462  
     

 

 

  

Marine — 0.0%

      

AP Moller - Maersk A/S (Denmark) (Class A Stock)

      9        20,834  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Marine (cont’d.)

      

AP Moller - Maersk A/S (Denmark) (Class B Stock)

      117      $ 273,843  

Kuehne + Nagel International AG (Switzerland)

      981        231,726  

Nippon Yusen KK (Japan)

      500        34,228  

SITC International Holdings Co. Ltd. (China)

      87,000        246,482  
     

 

 

  
        807,113  
     

 

 

  

Media — 0.4%

      

Comcast Corp. (Class A Stock)

      382,400        15,005,376  

Dentsu Group, Inc. (Japan)

      700        20,980  

Fox Corp. (Class A Stock)

      71,600        2,302,656  

Publicis Groupe SA (France)

      5,624        275,316  

WPP PLC (United Kingdom)

      26,273        264,837  
     

 

 

  
        17,869,165  
     

 

 

  

Metals & Mining — 0.2%

      

Anglo American PLC (South Africa)

      8,626        308,524  

ArcelorMittal SA (Luxembourg)

      11,758        264,940  

BHP Group Ltd. (Australia)

      14,927        423,647  

BlueScope Steel Ltd. (Australia)

      23,757        259,084  

Boliden AB (Sweden)

      814        25,859  

Fortescue Metals Group Ltd. (Australia)

      5,007        60,360  

Freeport-McMoRan, Inc.

      226,300        6,621,538  

Glencore PLC (Australia)*

      29,055        157,229  

Norsk Hydro ASA (Norway)

      3,960        22,255  

Rio Tinto Ltd. (Australia)

      1,099        77,987  

Rio Tinto PLC (Australia)

      7,193        430,717  

South32 Ltd. (Australia)

      13,377        36,317  

voestalpine AG (Austria)

      338        7,182  
     

 

 

  
        8,695,639  
     

 

 

  

Multiline Retail — 0.2%

      

Dollar General Corp.

      25,900        6,356,896  

Next PLC (United Kingdom)

      384        27,407  

Target Corp.

      8,800        1,242,824  
     

 

 

  
        7,627,127  
     

 

 

  

Multi-Utilities — 0.5%

      

DTE Energy Co.

      24,800        3,143,400  

E.ON SE (Germany)

      30,336        255,018  

Engie SA (France)

      19,517        224,810  

Public Service Enterprise Group, Inc.

      62,100        3,929,688  

Sempra Energy

      72,000        10,819,440  
     

 

 

  
            18,372,356  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.5%

 

BP PLC (United Kingdom)

      48,268        227,525  

Cheniere Energy, Inc.

      22,200        2,953,266  

Chevron Corp.

      188,400        27,276,552  

ConocoPhillips

      189,800        17,045,938  

Diamondback Energy, Inc.

      41,700        5,051,955  

Eni SpA (Italy)

      25,742        306,258  

Equinor ASA (Norway)

      10,826        377,789  

Exxon Mobil Corp.

      339,700        29,091,908  

Inpex Corp. (Japan)

      28,800        310,766  

Marathon Oil Corp.

      109,600        2,463,808  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A52

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

Oil, Gas & Consumable Fuels (cont’d.)

 

Marathon Petroleum Corp.

      120,400      $ 9,898,084  

New Fortress Energy,
Inc.(a)

      19,200        759,744  

Occidental Petroleum
Corp.(a)

      12,700        747,776  

Phillips 66

      39,600        3,246,804  

Pioneer Natural Resources Co.

      7,400        1,650,792  

Shell PLC (Netherlands)

      25,458        657,235  

TotalEnergies SE (France)

      7,594        399,802  

Valero Energy Corp.

      9,700        1,030,916  

Woodside Energy Group Ltd. (Australia)

      2,697        59,201  
     

 

 

  
        103,556,119  
     

 

 

  

Paper & Forest Products — 0.0%

 

Stora Enso OYJ (Finland) (Class R Stock)

      1,700        26,598  
     

 

 

  

Personal Products — 0.0%

      

L’Oreal SA (France)

      755        260,940  

Unilever PLC (United Kingdom)

      13,246        602,536  
     

 

 

  
        863,476  
     

 

 

  

Pharmaceuticals — 2.9%

      

Astellas Pharma, Inc. (Japan)

      1,500        23,360  

AstraZeneca PLC (United Kingdom)

      2,121        279,021  

Bayer AG (Germany)

      4,203        249,911  

Bristol-Myers Squibb Co.

      109,500        8,431,500  

Chugai Pharmaceutical Co. Ltd. (Japan)

      2,000        51,112  

Eli Lilly & Co.

      52,100        16,892,383  

GSK PLC

      28,503        613,960  

Hikma Pharmaceuticals PLC (Jordan)

      504        9,948  

Ipsen SA (France)

      3,051        287,274  

Johnson & Johnson

      161,548        28,676,385  

Merck & Co., Inc.

      297,900        27,159,543  

Merck KGaA (Germany)

      1,649        278,741  

Novartis AG (Switzerland)

      9,664        816,735  

Novo Nordisk A/S (Denmark) (Class B Stock)

      5,189        577,281  

Ono Pharmaceutical Co. Ltd. (Japan)

      1,100        28,163  

Pfizer, Inc.

      664,300        34,829,249  

Roche Holding AG

      2,837        946,761  

Sanofi (France)

      6,191        622,261  

Takeda Pharmaceutical Co. Ltd. (Japan)

      4,800        135,027  
     

 

 

  
            120,908,615  
     

 

 

  

Professional Services — 0.2%

 

CoStar Group, Inc.*

      52,800        3,189,648  

Jacobs Engineering Group, Inc.

      5,900        750,067  

Leidos Holdings, Inc.

      9,500        956,745  

Randstad NV (Netherlands)

      5,442        264,122  

Recruit Holdings Co. Ltd. (Japan)

      12,900        378,465  

Robert Half International, Inc.

      51,100        3,826,879  

Wolters Kluwer NV (Netherlands)

      760        73,745  
     

 

 

  
        9,439,671  
     

 

 

  

Real Estate Management & Development — 0.1%

 

Aroundtown SA (Germany)

      3,078        9,804  

Azrieli Group Ltd. (Israel)

      130        9,132  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Real Estate Management & Development (cont’d.)

 

Capitaland Investment Ltd. (Singapore)

      7,800      $ 21,469  

CBRE Group, Inc. (Class A Stock)*

      53,000        3,901,330  

CK Asset Holdings Ltd. (Hong Kong)

      6,000        42,456  

Daito Trust Construction Co. Ltd. (Japan)

      300        25,874  

ESR Group Ltd. (China), 144A*

      5,600        15,107  

Jones Lang LaSalle, Inc.*

      6,200        1,084,132  

New World Development Co. Ltd. (Hong Kong)

      5,000        17,949  

Nomura Real Estate Holdings, Inc. (Japan)

      11,300        276,026  
     

 

 

  
        5,403,279  
     

 

 

  

Road & Rail — 0.5%

      

CSX Corp.

      262,400        7,625,344  

Schneider National, Inc. (Class B Stock)

      32,700        731,826  

Union Pacific Corp.

      52,800        11,261,184  
     

 

 

  
        19,618,354  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.1%

 

Advanced Micro Devices, Inc.*

      59,100        4,519,377  

Applied Materials, Inc.

      37,000        3,366,260  

ASML Holding NV (Netherlands)

      723        344,109  

Broadcom, Inc.

      48,400        23,513,204  

Disco Corp. (Japan)

      100        23,675  

Enphase Energy, Inc.*

      19,500        3,807,180  

Intel Corp.

      594,350        22,234,634  

KLA Corp.(a)

      22,400        7,147,392  

Microchip Technology, Inc.

      64,600        3,751,968  

Micron Technology, Inc.

      184,400        10,193,632  

NVIDIA Corp.

      125,400        19,009,386  

NXP Semiconductors NV (China)

      13,800        2,042,814  

ON Semiconductor Corp.*

      102,800        5,171,868  

QUALCOMM, Inc.

      174,200        22,252,308  

Renesas Electronics Corp. (Japan)*

      12,000        108,606  

STMicroelectronics NV (Singapore)

      6,773        213,144  
     

 

 

  
        127,699,557  
     

 

 

  

Software — 5.4%

      

Adobe, Inc.*

      44,150        16,161,549  

Cadence Design Systems, Inc.*

      6,600        990,198  

Dassault Systemes SE (France)

      8,947        329,292  

Fortinet, Inc.*(a)

      128,000        7,242,240  

Microsoft Corp.

      594,500        152,685,435  

Nemetschek SE (Germany)

      160        9,653  

Oracle Corp.

      125,750        8,786,153  

Paycom Software, Inc.*

      36,600        10,252,392  

Roper Technologies, Inc.

      26,100        10,300,365  

Salesforce, Inc.*

      7,000        1,155,280  

SAP SE (Germany)

      528        47,954  

Synopsys, Inc.*

      48,500        14,729,450  

WiseTech Global Ltd. (Australia)

      448        11,596  
     

 

 

  
            222,701,557  
     

 

 

  

Specialty Retail — 1.2%

      

AutoNation, Inc.*(a)

      65,500        7,320,280  

AutoZone, Inc.*

      900        1,934,208  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A53

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares            Value  

COMMON STOCKS (continued)

 

Specialty Retail (cont’d.)

 

Bath & Body Works, Inc.

      67,600      $ 1,819,792  

Chow Tai Fook Jewellery Group Ltd. (China)

      36,400        68,214  

Fast Retailing Co. Ltd. (Japan)

      200        104,648  

Foot Locker, Inc.(a)

      36,000        909,000  

Home Depot, Inc. (The)

      61,100        16,757,897  

Industria de Diseno Textil SA (Spain)

      3,290        74,536  

JD Sports Fashion PLC (United Kingdom)

      147,860        208,224  

Lowe’s Cos., Inc.

      48,400        8,454,028  

Penske Automotive Group, Inc.

      35,600        3,726,964  

TJX Cos., Inc. (The)

      21,800        1,217,530  

Ulta Beauty, Inc.*

      16,500        6,360,420  

USS Co. Ltd. (Japan)

      6,600        114,148  
     

 

 

  
        49,069,889  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.9%

 

Apple, Inc.

      1,160,600        158,677,232  

Brother Industries Ltd. (Japan)

      700        12,285  

Canon, Inc. (Japan)

      3,000        68,021  

Pure Storage, Inc. (Class A Stock)*

      108,700        2,794,677  
     

 

 

  
            161,552,215  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.3%

 

Burberry Group PLC (United Kingdom)

      1,180        23,590  

Cie Financiere Richemont SA (Switzerland) (Class A Stock)

      3,086        329,248  

Hermes International (France)

      97        108,967  

LVMH Moet Hennessy Louis Vuitton SE (France)

      825        503,046  

Moncler SpA (Italy)

      598        25,697  

NIKE, Inc. (Class B Stock)

      54,800        5,600,560  

Pandora A/S (Denmark)

      270        17,145  

PVH Corp.

      44,100        2,509,290  

Ralph Lauren Corp.(a)

      48,200        4,321,130  

Swatch Group AG (The) (Switzerland)

      140        6,225  
     

 

 

  
        13,444,898  
     

 

 

  

Tobacco — 0.3%

 

Altria Group, Inc.

      201,450        8,414,567  

British American Tobacco PLC (United Kingdom)

      13,687        585,767  

Imperial Brands PLC (United Kingdom)

      2,561        57,277  

Japan Tobacco, Inc. (Japan)

      16,200        279,928  

Philip Morris International, Inc.

      41,500        4,097,710  

Swedish Match AB (Sweden)

      35,524        361,780  
     

 

 

  
        13,797,029  
     

 

 

  

Trading Companies & Distributors — 0.2%

 

Brenntag SE (Germany)

      3,293        214,793  

Bunzl PLC (United Kingdom)

      957        31,631  

Ferguson PLC

      661        73,255  

IMCD NV (Netherlands)

      165        22,672  

Marubeni Corp. (Japan)

      29,900        269,199  

Mitsubishi Corp. (Japan)

      1,700        50,688  

Mitsui & Co. Ltd. (Japan)

      15,900        350,572  

Sumitomo Corp. (Japan)

      19,600        268,544  

Univar Solutions, Inc.*

      159,000        3,954,330  
                         Shares            Value  

COMMON STOCKS (continued)

 

Trading Companies & Distributors (cont’d.)

 

W.W. Grainger, Inc.(a)

 

      9,700      $ 4,407,971  
           

 

 

  
              9,643,655  
           

 

 

  

Water Utilities — 0.1%

 

American Water Works Co., Inc.

 

      37,500        5,578,875  
           

 

 

  

Wireless Telecommunication Services — 0.2%

 

KDDI Corp. (Japan)

 

      4,900        154,723  

SoftBank Group Corp. (Japan)

 

      3,700        142,975  

T-Mobile US, Inc.*

 

      40,000        5,381,600  
           

 

 

  
              5,679,298  
           

 

 

  

TOTAL COMMON STOCKS
(cost $2,035,123,133)

 

          2,452,929,887  
           

 

 

  

EXCHANGE-TRADED FUND — 0.0%

 

iShares MSCI EAFE ETF(a)

 

      2,688        167,973  
           

 

 

  

(cost $147,366)

 

      

PREFERRED STOCKS — 0.0%

 

Automobiles — 0.0%

 

Bayerische Motoren Werke AG (Germany) (PRFC)

 

      151        10,732  

Porsche Automobil Holding SE (Germany) (PRFC)

 

      460        30,348  

Volkswagen AG (Germany) (PRFC)

 

      555        74,289  
           

 

 

  
              115,369  
           

 

 

  

Banks — 0.0%

 

Citigroup Capital XIII, 7.609%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40

 

      22,000        589,600  
           

 

 

  

Household Products — 0.0%

 

Henkel AG & Co. KGaA (Germany) (PRFC)

 

      525        32,351  
           

 

 

  

TOTAL PREFERRED STOCKS
(cost $734,839)

 

      737,320  
           

 

 

  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		         
                             

ASSET-BACKED SECURITIES — 6.3%

 

   

Automobiles — 1.9%

 

         

AmeriCredit Automobile Receivables Trust,

 

Series 2019-01, Class B

 

3.130%

      02/18/25           117        117,253  

Series 2019-02, Class C

 

2.740%

      04/18/25           2,000        1,987,217  

Series 2019-03, Class C

 

2.320%

      07/18/25           3,400        3,349,628  

Series 2021-02, Class C

 

1.010%

      01/19/27           1,300        1,204,942  

Series 2021-03, Class C

 

1.410%

      08/18/27           1,300        1,189,179  

Avis Budget Rental Car Funding AESOP LLC,

 

Series 2019-02A, Class A, 144A

 

3.350%

      09/22/25           3,000        2,948,805  

Series 2019-03A, Class A, 144A

 

2.360%

      03/20/26           4,000        3,811,203  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A54

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

ASSET-BACKED SECURITIES (continued)

 

Automobiles (cont’d.)

 

Series 2020-01A, Class A, 144A

 

2.330%

      08/20/26           1,800      $     1,711,301  

Series 2021-01A, Class A, 144A

 

1.380%

      08/20/27           3,500        3,129,204  

Series 2021-02A, Class A, 144A

 

1.660%

      02/20/28           3,700        3,298,206  

Series 2022-01A, Class A, 144A

 

3.830%

      08/21/28           4,200        4,102,243  

CarMax Auto Owner Trust,

 

Series 2021-02, Class C

 

1.340%

      02/16/27           1,100        1,016,443  

Series 2021-04, Class C

 

1.380%

      07/15/27           800        732,176  

Ford Auto Securitization Trust (Canada),

 

Series 2019-BA, Class A2, 144A

 

2.321%

      10/15/23        CAD        58        45,271  

Series 2020-AA, Class A3, 144A

 

1.153%

      11/15/25        CAD        3,600        2,668,285  

Ford Credit Auto Owner Trust,

 

Series 2018-01, Class A, 144A

 

3.190%

      07/15/31           2,500        2,459,172  

Series 2019-01, Class A, 144A

 

3.520%

      07/15/30           5,000        4,980,391  

Series 2020-01, Class A, 144A

 

2.040%

      08/15/31           3,600        3,441,057  

Series 2020-02, Class A, 144A

 

1.060%

      04/15/33           1,300        1,175,726  

Series 2021-02, Class B, 144A

 

1.910%

      05/15/34           500        451,446  

GM Financial Consumer Automobile Receivables Trust,

 

Series 2018-04, Class C

 

3.620%

      06/17/24           500        500,866  

GM Financial Revolving Receivables Trust,

 

Series 2021-01, Class B, 144A

 

1.490%

      06/12/34           200        175,915  

Hertz Vehicle Financing III LP,

 

Series 2021-02A, Class A, 144A

 

1.680%

      12/27/27           1,900        1,675,095  

Hertz Vehicle Financing LLC,

 

Series 2021-01A, Class A, 144A

 

1.210%

      12/26/25           2,100        1,963,917  

Series 2022-02A, Class A, 144A

 

2.330%

      06/26/28           4,700        4,253,089  

OneMain Direct Auto Receivables Trust,

 

Series 2019-01A, Class A, 144A

 

3.630%

      09/14/27           6,300        6,150,594  

Series 2021-01A, Class B, 144A

 

1.260%

      07/14/28           2,600        2,351,772  

Santander Drive Auto Receivables Trust,

 

Series 2020-02, Class C

 

1.460%

      09/15/25           662        659,420  

Series 2020-03, Class C

 

1.120%

      01/15/26           2,600        2,580,104  

Series 2020-04, Class C

 

1.010%

      01/15/26           1,600        1,576,985  

Series 2021-02, Class C

 

0.900%

      06/15/26           1,100        1,065,114  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

ASSET-BACKED SECURITIES (continued)

 

Automobiles (cont’d.)

 

Series 2021-02, Class D

 

1.350%

      07/15/27           2,800      $ 2,626,329  

Series 2021-03, Class C

 

0.950%

      09/15/27           2,000        1,924,363  

Series 2021-04, Class C

 

1.260%

      02/16/27           2,700        2,574,597  

Series 2022-01, Class C

 

2.560%

      04/17/28           1,600        1,522,582  

World Omni Select Auto Trust,

 

Series 2021-A, Class C

 

1.090%

      11/15/27           600        553,946  
           

 

 

  
                  75,973,836  
           

 

 

  

Collateralized Loan Obligations — 3.5%

 

Bain Capital Credit CLO Ltd. (Cayman Islands),

 

Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

2.144%(c)

      10/17/32           5,000        4,868,505  

Balboa Bay Loan Funding Ltd. (Cayman Islands),

 

Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      07/20/34           3,750        3,623,795  

Ballyrock CLO Ltd. (Cayman Islands),

 

Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

2.024%(c)

      10/15/28           2,406        2,383,510  

Battalion CLO Ltd. (Cayman Islands),

 

Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)

 

2.354%(c)

      01/25/35           700        677,061  

Benefit Street Partners CLO Ltd. (Cayman Islands),

 

Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)

 

1.914%(c)

      07/15/29           1,117        1,103,598  

BNPP AM Euro CLO DAC (Ireland),

 

Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)

 

0.600%(c)

      04/15/31        EUR        3,000        3,077,679  

Brookside Mill CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)

 

1.864%(c)

      01/17/28           120        120,082  

Canyon Capital CLO Ltd. (Cayman Islands),

 

Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

 

2.044%(c)

      07/15/30           3,000        2,951,257  

Carlyle Euro CLO DAC (Ireland),

 

Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

 

0.990%(c)

      10/15/35        EUR        5,000        5,006,876  

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

 

Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)

 

2.143%(c)

      01/20/32           9,750        9,501,594  

CIFC Funding Ltd. (Cayman Islands),

 

Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.244%(c)

      10/17/31           9,750        9,568,344  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A55

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Elevation CLO Ltd. (Cayman Islands),

 

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

 

2.324%(c)

      07/15/29           479      $ 474,786  

Greenwood Park CLO Ltd.,

 

Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

 

2.054%(c)

      04/15/31           2,000        1,956,051  

Greywolf CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

2.244%(c)

      04/26/31           4,000        3,920,092  

HPS Loan Management Ltd. (Cayman Islands),

 

Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)

 

2.363%(c)

      02/05/31           248        243,468  

ICG US CLO Ltd. (Cayman Islands),

 

Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)

 

2.184%(c)

      10/19/28           7,755        7,673,102  

Jamestown CLO Ltd. (Cayman Islands),

 

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)

 

2.533%(c)

      04/20/32           5,750        5,667,400  

Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      10/20/34           4,875        4,687,638  

Jefferson Mill CLO Ltd. (Cayman Islands),

 

Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)

 

2.238%(c)

      10/20/31           6,729        6,586,805  

MidOcean Credit CLO (Cayman Islands),

 

Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

 

2.218%(c)

      04/21/31           2,372        2,327,007  

Northwoods Capital Ltd. (Cayman Islands),

 

Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

 

3.306%(c)

      06/20/34           9,500        9,158,463  

Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)

 

2.883%(c)

      09/01/31           5,750        5,661,828  

Octagon Investment Partners 31 LLC (Cayman Islands),

 

Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)

 

2.113%(c)

      07/20/30           3,500        3,451,854  

OZLM Ltd. (Cayman Islands),

 

Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

 

2.536%(c)

      10/30/30           1,484        1,484,281  

Palmer Square CLO Ltd. (Cayman Islands),

 

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)

 

2.174%(c)

      01/17/31           1,500        1,475,620  

Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

 

2.144%(c)

      07/16/31           2,350        2,296,499  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

 

2.063%(c)

      10/20/31           8,750      $ 8,547,912  

Regatta Funding Ltd. (Cayman Islands),

 

Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

 

3.246%(c)

      06/20/34           5,500        5,313,978  

Romark CLO Ltd. (Cayman Islands),

 

Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)

 

2.359%(c)

      07/25/31           1,000        977,523  

TCW CLO Ltd. (Cayman Islands),

 

Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

 

2.364%(c)

      07/25/34           6,750        6,501,790  

Telos CLO Ltd. (Cayman Islands),

 

Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)

 

2.284%(c)

      01/17/30           2,450        2,426,064  

TICP CLO Ltd. (Cayman Islands),

 

Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%)

 

1.903%(c)

      04/20/28           1,829        1,812,442  

Toro European CLO DAC (Ireland),

 

Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

 

0.990%(c)

      07/25/34        EUR        4,500        4,517,191  

Trimaran Cavu Ltd.,

 

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)

 

2.523%(c)

      07/20/32           3,000        2,952,074  

Venture CLO Ltd. (Cayman Islands),

 

Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)

 

1.924%(c)

      07/15/27           131        131,018  

Wellfleet CLO Ltd. (Cayman Islands),

 

Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

 

2.194%(c)

      01/17/31           2,750        2,702,193  

Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

2.144%(c)

      07/17/31           3,500        3,425,937  

Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      10/20/31           5,750        5,639,442  
           

 

 

  
              144,894,759  
           

 

 

  

Consumer Loans — 0.3%

 

Lendmark Funding Trust,

 

Series 2019-02A, Class A, 144A

 

2.780%

      04/20/28           3,300        3,231,002  

OneMain Financial Issuance Trust,

 

Series 2020-01A, Class A, 144A

 

3.840%

      05/14/32           1,048        1,045,214  

Series 2020-02A, Class A, 144A

 

1.750%

      09/14/35           2,900        2,582,406  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A56

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(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%)

 

1.543%(c)

      06/16/36           2,800     $ 2,646,914  

Oportun Funding XIV LLC,

 

Series 2021-A, Class A, 144A

 

1.210%

      03/08/28           1,300       1,216,757  
          

 

 

  
             10,722,293  
          

 

 

  
Equipment — 0.2%

 

MMAF Equipment Finance LLC,

 

Series 2017-B, Class A5, 144A

 

2.720%

      06/15/40           2,800       2,737,615  

Series 2018-A, Class A5, 144A

 

3.610%

      03/10/42           800       794,458  

Series 2019-A, Class A5, 144A

 

3.080%

      11/12/41           2,500       2,450,919  

Series 2019-B, Class A5, 144A

 

2.290%

      11/12/41           2,400       2,262,553  
          

 

 

  
             8,245,545  
          

 

 

  
Other — 0.1%

 

Home Partners of America Trust,

 

Series 2021-03, Class A, 144A

 

2.200%

      01/17/41           1,325       1,186,964  

TH MSR Issuer Trust,

 

Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)

 

4.424%(c)

      06/25/24           3,250       3,165,577  
          

 

 

  
             4,352,541  
          

 

 

  
Residential Mortgage-Backed Securities — 0.0%

 

Long Beach Mortgage Loan Trust,

 

Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%)

 

2.419%(c)

      06/25/34           115       109,292  

TFS (Spain),

 

Series 2018-03, Class A1

 

0.000%(s)

      04/16/40^        EUR        — (r)      1,561  

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%

 

3.000%(c)

      04/16/23^        EUR        1,369       1,408,698  
          

 

 

  
             1,519,551  
          

 

 

  
Student Loans — 0.3%

 

Commonbond Student Loan Trust,

 

Series 2017-BGS, Class A1, 144A

 

2.680%

      09/25/42           789       756,309  

Series 2018-AGS, Class A1, 144A

 

3.210%

      02/25/44           580       566,700  

Series 2018-CGS, Class A1, 144A

 

3.870%

      02/25/46           174       170,716  

Laurel Road Prime Student Loan Trust,

 

Series 2017-C, Class A2B, 144A

 

2.810%

      11/25/42           170       168,840  

Series 2018-B, Class A2FX, 144A

 

3.540%

      05/26/43           336       336,185  

Series 2019-A, Class A2FX, 144A

 

2.730%

      10/25/48           345       340,982  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

ASSET-BACKED SECURITIES (continued)

 

Student Loans (cont’d.)

 

   

Navient Private Education Refi Loan Trust,

 

Series 2018-A, Class A2, 144A

 

3.190%

      02/18/42           496      $ 495,807  

Series 2018-CA, Class A2, 144A

 

3.520%

      06/16/42           353        352,349  

Series 2019-CA, Class A2, 144A

 

3.130%

      02/15/68           976        953,122  

Series 2020-BA, Class A2, 144A

 

2.120%

      01/15/69           963        904,977  

Pennsylvania Higher Education Assistance Agency,

 

Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530%
(Cap N/A, Floor 0.530%)

 

2.154%(c)

      05/25/70           2,218        2,151,911  

SoFi Professional Loan Program LLC,

 

Series 2019-A, Class A2FX, 144A

 

3.690%

      06/15/48           817        804,472  

Series 2019-B, Class A2FX, 144A

 

3.090%

      08/17/48           971        949,786  

Series 2019-C, Class A2FX, 144A

 

2.370%

      11/16/48           1,482        1,430,506  

SoFi Professional Loan Program Trust,

 

Series 2018-B, Class A2FX, 144A

 

3.340%

      08/25/47           981        967,270  

Series 2020-A, Class A2FX, 144A

 

2.540%

      05/15/46           1,877        1,799,100  
           

 

 

  
              13,149,032  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $269,655,753)

 

      258,857,557  
           

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.0%

 

Arbor Multifamily Mortgage Securities Trust,

 

Series 2021-MF03, Class A3, 144A

 

2.168%

      10/15/54           8,000        7,017,439  

Series 2021-MF03, Class ASB, 144A

 

2.378%

      10/15/54           3,800        3,371,245  

Assurant Commercial Mortgage Trust,

 

Series 2016-01A, Class AS, 144A

 

3.172%

      05/15/49           4,000        3,879,869  

BANK,

 

Series 2017-BNK04, Class A3

 

3.362%

      05/15/50           6,500        6,248,086  

Series 2021-BN35, Class A3

 

1.717%

      06/15/64           4,900        4,212,488  

Series 2021-BN35, Class ASB

 

2.067%

      06/15/64           3,200        2,815,154  

Barclays Commercial Mortgage Securities Trust,

 

Series 2018-C02, Class A4

 

4.047%

      12/15/51           5,400        5,309,415  

Benchmark Mortgage Trust,

 

Series 2018-B03, Class A4

 

3.761%

      04/10/51           5,000        4,829,079  

Series 2018-B08, Class A4

 

3.963%

      01/15/52           6,700        6,552,927  

Series 2021-B24, Class A3

 

2.010%

      03/15/54           2,900        2,571,071  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A57

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		     

            

      Principal
Amount
(000)#		      Value  
                             

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

BXP Trust,

 

Series 2021-601L, Class A, 144A

 

2.618%

      01/15/44           7,750      $ 6,347,150  

Cantor Commercial Real Estate Lending,

 

Series 2019-CF02, Class A3

 

2.647%

      11/15/52           8,000        7,586,181  

Citigroup Commercial Mortgage Trust,

 

Series 2014-GC21, Class A4

 

3.575%

      05/10/47           907        897,137  

Series 2014-GC23, Class A3

 

3.356%

      07/10/47           1,549        1,524,054  

Series 2016-C01, Class A3

 

2.944%

      05/10/49           5,000        4,789,166  

Series 2016-GC37, Class A3

 

3.050%

      04/10/49           4,555        4,372,730  

Series 2017-P07, Class A3

 

3.442%

      04/14/50           5,500        5,315,779  

Commercial Mortgage Trust,

 

Series 2014-CR18, Class A4

 

3.550%

      07/15/47           2,325        2,297,204  

Series 2014-CR20, Class A3

 

3.326%

      11/10/47           4,525        4,437,143  

Series 2015-CR27, Class A3

 

3.349%

      10/10/48           5,914        5,711,827  

CSAIL Commercial Mortgage Trust,

 

Series 2015-C04, Class A3

 

3.544%

      11/15/48           2,979        2,898,720  

Series 2017-C08, Class A3

 

3.127%

      06/15/50           5,129        4,792,389  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K055, Class X1, IO

 

1.484%(cc)

      03/25/26           13,057        542,234  

GS Mortgage Securities Corp. Trust,

 

Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)

 

2.312%(c)

      11/21/35           1,534        1,499,598  

GS Mortgage Securities Trust,

 

Series 2015-GC28, Class A4

 

3.136%

      02/10/48           3,684        3,585,132  

Series 2015-GC32, Class A3

 

3.498%

      07/10/48           5,800        5,684,521  

Series 2016-GS03, Class A3

 

2.592%

      10/10/49           5,387        5,056,646  

Series 2016-GS04, Class A3

 

3.178%

      11/10/49           5,219        4,970,614  

Series 2020-GSA02, Class A4

 

1.721%

      12/12/53           6,000        4,922,340  

Series 2021-GSA03, Class A4

 

2.369%

      12/15/54           5,800        4,939,905  

JPMBB Commercial Mortgage Securities Trust,

 

Series 2014-C25, Class A4A1

 

3.408%

      11/15/47           734        721,442  

Series 2015-C27, Class A3A1

 

2.920%

      02/15/48           4,774        4,587,078  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2013-LC11, Class A4

 

2.694%

      04/15/46           626        621,115  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

MHC Commercial Mortgage Trust,

 

Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)

 

2.675%(c)

      04/15/38           3,000      $ 2,841,821  

Morgan Stanley Capital I Trust,

 

Series 2016-BNK02, Class A3

 

2.791%

      11/15/49           3,000        2,822,758  

Series 2016-UB11, Class A3

 

2.531%

      08/15/49           10,400        9,736,087  

Series 2018-H04, Class A3

 

4.043%

      12/15/51           1,900        1,848,456  

Series 2019-H07, Class A2

 

2.492%

      07/15/52           13,500        12,989,120  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class ASB

 

3.264%

      08/15/50           3,500        3,428,565  

Series 2017-C05, Class A4

 

3.212%

      11/15/50           6,750        6,339,311  

Series 2018-C09, Class A3

 

3.854%

      03/15/51           2,500        2,416,538  

Series 2018-C14, Class A3

 

4.180%

      12/15/51           4,100        3,964,565  

UBS-Barclays Commercial Mortgage Trust,

 

Series 2013-C06, Class A3

 

2.971%

      04/10/46           1,686        1,672,198  

Wells Fargo Commercial Mortgage Trust,

 

Series 2016-NXS06, Class A3

 

2.642%

      11/15/49           8,000        7,581,935  

Series 2017-C38, Class A4

 

3.190%

      07/15/50           4,480        4,267,343  

Series 2018-C48, Class A4

 

4.037%

      01/15/52           7,000        6,849,433  

Series 2020-C58, Class A3

 

1.810%

      07/15/53           7,100        5,920,582  
           

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $223,799,262)

 

      207,585,590  
           

 

 

  

CORPORATE BONDS — 8.9%

 

Aerospace & Defense — 0.2%

 

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

2.196%

      02/04/26           2,160        1,949,344  

3.750%

      02/01/50           2,130        1,501,951  

Embraer Netherlands Finance BV (Brazil),

 

Gtd. Notes

 

5.050%

      06/15/25           906        879,488  

Embraer Overseas Ltd. (Brazil),

 

Gtd. Notes, 144A

 

5.696%

      09/16/23           950        960,858  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

4.125%

      11/16/28           1,270        1,254,687  
           

 

 

  
              6,546,328  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A58

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Agriculture — 0.1%

 

   

Altria Group, Inc.,

 

Gtd. Notes

           

3.400%

      02/04/41          2,545      $ 1,691,091  

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

           

3.557%

      08/15/27          1,895        1,735,293  

Vector Group Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      02/01/29          1,250        1,040,771  
          

 

 

  
             4,467,155  
          

 

 

  
Airlines — 0.1%

 

   

American Airlines 2015-1 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

3.375%

      11/01/28          2,123        1,901,505  

Continental Airlines 2012-2 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

4.000%

      04/29/26 (a)         406        390,303  

Southwest Airlines Co.,

 

Sr. Unsec’d. Notes

 

5.125%

      06/15/27          905        913,014  

United Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      04/15/26          840        745,014  

4.625%

      04/15/29          165        139,919  
          

 

 

  
             4,089,755  
          

 

 

  
Apparel — 0.0%

 

   

Wolverine World Wide, Inc.,

 

Gtd. Notes, 144A

 

4.000%

      08/15/29 (a)         725        581,288  
          

 

 

  
Auto Manufacturers — 0.4%

 

   

Daimler Trucks Finance North America LLC (Germany),

 

Gtd. Notes, 144A

 

1.625%

      12/13/24          5,350        5,033,455  

Ford Motor Co.,

 

Sr. Unsec’d. Notes

 

5.291%

      12/08/46          1,220        937,826  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

 

2.900%

      02/16/28          200        161,271  

3.350%

      11/01/22          4,205        4,200,443  

General Motors Co.,

 

Sr. Unsec’d. Notes

 

6.250%

      10/02/43          980        934,434  

6.600%

      04/01/36          760        770,471  

General Motors Financial Co., Inc.,

 

Gtd. Notes

 

3.950%

      04/13/24          2,800        2,778,175  
          

 

 

  
             14,816,075  
          

 

 

  
Banks — 2.7%

 

   

Banco Santander SA (Spain),

 

Sr. Unsec’d. Notes

 

1.849%

      03/25/26          1,000        899,700  

Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%

 

2.131%(c)

      04/12/23          800        802,235  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

Bank of America Corp.,

 

Jr. Sub. Notes, Series JJ

 

5.125%(ff)

      06/20/24 (oo)         1,665      $ 1,550,005  

Jr. Sub. Notes, Series MM

 

4.300%(ff)

      01/28/25 (oo)         1,440        1,220,610  

Sr. Unsec’d. Notes, MTN

 

1.898%(ff)

      07/23/31          2,600        2,080,229  

2.496%(ff)

      02/13/31          3,085        2,610,806  

3.824%(ff)

      01/20/28          955        915,688  

4.271%(ff)

      07/23/29          510        490,458  

Sr. Unsec’d. Notes, Series N

 

1.658%(ff)

      03/11/27          2,550        2,292,369  

Sub. Notes, MTN

 

4.000%

      01/22/25          2,000        1,991,629  

4.450%

      03/03/26          8,455        8,432,316  

Bank of America NA,

 

Sub. Notes

 

6.000%

      10/15/36          410        449,948  

Barclays PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

3.650%

      03/16/25          850        832,216  

3.932%(ff)

      05/07/25          585        575,972  

Sr. Unsec’d. Notes, MTN

 

4.972%(ff)

      05/16/29          3,825        3,753,731  

BNP Paribas SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.323%(ff)

      01/13/27          1,800        1,589,580  

2.219%(ff)

      06/09/26          2,330        2,162,165  

3.132%(ff)

      01/20/33          1,505        1,260,463  

Citigroup, Inc.,

           

Jr. Sub. Notes, Series V

 

4.700%(ff)

      01/30/25 (oo)         1,400        1,156,466  

Sr. Unsec’d. Notes

 

2.561%(ff)

      05/01/32          1,260        1,039,193  

3.200%

      10/21/26          1,870        1,779,188  

3.700%

      01/12/26          6,180        6,065,758  

Sub. Notes

           

4.450%

      09/29/27          5,965        5,864,565  

4.750%

      05/18/46          820        736,787  

Credit Agricole SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.247%(ff)

      01/26/27          1,495        1,318,072  

Sr. Unsec’d. Notes, 144A, MTN

 

1.907%(ff)

      06/16/26          1,160        1,068,137  

Credit Suisse Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

2.193%(ff)

      06/05/26          1,560        1,421,444  

3.091%(ff)

      05/14/32          885        707,768  

4.282%

      01/09/28          1,370        1,281,828  

Deutsche Bank AG (Germany),

 

Sr. Unsec’d. Notes

 

2.129%(ff)

      11/24/26          440        391,116  

Discover Bank,

           

Sr. Unsec’d. Notes

 

4.250%

      03/13/26          970        947,062  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A59

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

Goldman Sachs Group, Inc. (The),

 

Jr. Sub. Notes, Series O

 

5.300%(ff)

      11/10/26 (oo)         740      $ 692,479  

Sr. Unsec’d. Notes

 

3.500%

      01/23/25          4,100        4,052,842  

3.750%

      02/25/26          1,010        991,762  

3.814%(ff)

      04/23/29          540        509,141  

3.850%

      01/26/27          2,910        2,815,277  

Sub. Notes

 

6.750%

      10/01/37          104        115,210  

JPMorgan Chase & Co.,

 

Jr. Sub. Notes, Series HH

 

4.600%(ff)

      02/01/25 (oo)         1,645        1,394,982  

Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%

 

4.709%(c)

      10/30/22 (oo)         978        927,947  

Jr. Sub. Notes, Series II

 

4.000%(ff)

      04/01/25 (a)(oo)         1,045        862,904  

Sr. Unsec’d. Notes

 

3.782%(ff)

      02/01/28          695        666,922  

3.964%(ff)

      11/15/48          3,250        2,770,320  

4.005%(ff)

      04/23/29          2,170        2,080,567  

4.452%(ff)

      12/05/29          3,350        3,261,118  

Sub. Notes

 

3.875%

      09/10/24          3,775        3,767,967  

Morgan Stanley,

 

Sr. Unsec’d. Notes, GMTN

 

2.239%(ff)

      07/21/32          630        511,915  

3.772%(ff)

      01/24/29          8,775        8,341,330  

3.875%

      01/27/26          675        665,885  

4.431%(ff)

      01/23/30          515        499,865  

Sr. Unsec’d. Notes, MTN

 

3.591%(ff)

      07/22/28          1,255        1,187,703  

Sub. Notes, GMTN

 

4.350%

      09/08/26          3,825        3,785,842  

Societe Generale SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.488%(ff)

      12/14/26          4,400        3,880,974  

State Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

4.375%

      01/24/24          1,925        1,935,275  

Texas Capital Bank NA,

 

Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%

 

6.750%(c)

      09/30/24          2,670        2,561,515  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes, MTN

 

2.572%(ff)

      02/11/31          4,175        3,589,564  
          

 

 

  
             109,556,810  
          

 

 

  

Beverages — 0.2%

 

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

4.900%

      02/01/46          620        584,765  

Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

5.550%

      01/23/49          450        459,840  

8.000%

      11/15/39          1,285        1,632,189  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Beverages (cont’d.)

 

   

8.200%

      01/15/39          250      $ 323,913  

Bacardi Ltd. (Bermuda),

 

Gtd. Notes, 144A

 

2.750%

      07/15/26          3,975        3,667,434  

Constellation Brands, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      08/01/31          1,015        822,763  
          

 

 

  
             7,490,904  
          

 

 

  

Biotechnology — 0.1%

 

Amgen, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

      08/15/41          4,050        3,002,779  
          

 

 

  

Building Materials — 0.0%

 

Masonite International Corp.,

 

Gtd. Notes, 144A

 

3.500%

      02/15/30 (a)         550        433,338  

Standard Industries, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.375%

      07/15/30          760        601,129  

4.750%

      01/15/28          700        598,501  
          

 

 

  
             1,632,968  
          

 

 

  

Chemicals — 0.1%

 

Dow Chemical Co. (The),

 

Sr. Unsec’d. Notes

 

4.375%

      11/15/42          95        83,655  

5.250%

      11/15/41          45        44,552  

9.400%

      05/15/39          155        220,823  

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      06/01/24          1,300        1,246,481  

Nutrien Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

3.150%

      10/01/22          780        778,862  

Sasol Financing USA LLC (South Africa),

 

Gtd. Notes

 

5.875%

      03/27/24          700        686,616  

6.500%

      09/27/28          670        608,578  
          

 

 

  
             3,669,567  
          

 

 

  

Commercial Services — 0.1%

 

ERAC USA Finance LLC,

 

Gtd. Notes, 144A

 

4.200%

      11/01/46          975        803,553  

6.700%

      06/01/34          420        471,660  

7.000%

      10/15/37          380        439,610  

Massachusetts Institute of Technology,

 

Unsec’d. Notes

 

3.885%

      07/01/2116          1,500        1,257,852  

United Rentals North America, Inc.,

 

Gtd. Notes

 

3.750%

      01/15/32          325        267,249  

4.875%

      01/15/28          1,190        1,126,720  

5.250%

      01/15/30          385        357,337  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A60

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Commercial Services (cont’d.)

 

   

University of Miami,

 

Sr. Unsec’d. Notes, Series 2022

 

4.063%

      04/01/52           1,170      $ 1,054,488  
           

 

 

  
              5,778,469  
           

 

 

  

Diversified Financial Services — 0.2%

 

BOC Aviation USA Corp. (Singapore),

 

Gtd. Notes, 144A, MTN

 

1.625%

      04/29/24           670        642,206  

Cantor Fitzgerald LP,

 

Sr. Unsec’d. Notes, 144A

 

4.500%

      04/14/27           4,985        4,821,298  

CDP Financial, Inc. (Canada),

 

Gtd. Notes, 144A

 

3.150%

      07/24/24           480        480,063  

Discover Financial Services,

 

Sr. Unsec’d. Notes

 

3.850%

      11/21/22           900        902,779  

Nomura Holdings, Inc. (Japan),

 

Sr. Unsec’d. Notes

 

2.608%

      07/14/31           2,055        1,635,446  

OneMain Finance Corp.,

 

Gtd. Notes

 

8.250%

      10/01/23           1,600        1,600,597  

Private Export Funding Corp.,

 

U.S. Gov’t. Gtd. Notes, Series NN

 

3.250%

      06/15/25           330        328,381  
           

 

 

  
              10,410,770  
           

 

 

  

Electric — 0.8%

 

Abu Dhabi National Energy Co. PJSC (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.000%

      04/29/28           525        466,512  

Alfa Desarrollo SpA (Chile),

 

Sr. Sec’d. Notes, 144A

 

4.550%

      09/27/51           628        449,300  

Baltimore Gas & Electric Co.,

 

Sr. Unsec’d. Notes

 

6.350%

      10/01/36           550        631,777  

Berkshire Hathaway Energy Co.,

 

Sr. Unsec’d. Notes

 

5.950%

      05/15/37           305        333,501  

Calpine Corp.,

 

Sr. Sec’d. Notes, 144A

 

3.750%

      03/01/31           2,000        1,628,546  

CenterPoint Energy Houston Electric LLC,

 

General Ref. Mortgage, Series K2

 

6.950%

      03/15/33           590        701,279  

Comision Federal de Electricidad (Mexico),

 

Gtd. Notes, 144A

 

4.688%

      05/15/29           1,400        1,254,141  

Commonwealth Edison Co.,

 

First Mortgage, Series 123

 

3.750%

      08/15/47           1,610        1,381,485  

Connecticut Light & Power Co. (The),

 

First Mortgage, Series A

 

2.050%

      07/01/31           3,255        2,749,552  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

   

Consolidated Edison Co. of New York, Inc.,

 

Sr. Unsec’d. Notes, Series 09-C

 

5.500%

      12/01/39          220      $ 227,842  

Duke Energy Carolinas LLC,

 

First Mortgage

 

6.050%

      04/15/38          550        615,195  

First Ref. Mortgage

 

4.000%

      09/30/42          570        508,382  

El Paso Electric Co.,

 

Sr. Unsec’d. Notes

 

6.000%

      05/15/35          670        712,130  

Enel Finance International NV (Italy),

 

Gtd. Notes, 144A

 

2.250%

      07/12/31 (a)         2,140        1,683,410  

Engie Energia Chile SA (Chile),

 

Sr. Unsec’d. Notes, 144A

 

3.400%

      01/28/30          400        339,170  

Florida Power & Light Co.,

 

First Mortgage

 

5.950%

      10/01/33          295        332,532  

Iberdrola International BV (Spain),

 

Gtd. Notes

 

6.750%

      09/15/33          145        164,111  

Indiana Michigan Power Co.,

 

Sr. Unsec’d. Notes

 

3.850%

      05/15/28 (h)         2,910        2,816,145  

Israel Electric Corp. Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A, GMTN

 

4.250%

      08/14/28          470        452,024  

Monongahela Power Co.,

 

First Mortgage, 144A

 

4.100%

      04/15/24          2,170        2,169,704  

Northern States Power Co.,

 

First Mortgage

 

3.600%

      09/15/47          1,580        1,331,868  

NRG Energy, Inc.,

 

Gtd. Notes, 144A

 

3.875%

      02/15/32          275        218,321  

Sr. Sec’d. Notes, 144A

 

2.000%

      12/02/25          320        289,359  

2.450%

      12/02/27          1,395        1,204,814  

PECO Energy Co.,

 

First Mortgage

 

2.800%

      06/15/50          1,110        814,620  

Public Service Electric & Gas Co.,

 

First Mortgage, MTN

 

2.050%

      08/01/50          1,005        629,758  

3.700%

      05/01/28          1,280        1,249,268  

Sr. Sec’d. Notes, MTN

 

5.800%

      05/01/37          535        598,945  

Public Service Enterprise Group, Inc.,

 

Sr. Unsec’d. Notes

 

1.600%

      08/15/30          710        564,768  

Puget Energy, Inc.,

 

Sr. Sec’d. Notes

 

2.379%

      06/15/28          1,115        975,740  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A61

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

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          1,400      $ 1,290,160  

Southern California Edison Co.,

 

First Ref. Mortgage

 

4.000%

      04/01/47          580        470,445  

First Ref. Mortgage, Series C

 

3.600%

      02/01/45          860        644,158  

Vistra Operations Co. LLC,

 

Gtd. Notes, 144A

 

5.000%

      07/31/27          725        657,157  

Sr. Sec’d. Notes, 144A

 

3.550%

      07/15/24          2,135        2,060,503  

Xcel Energy, Inc.,

 

Sr. Unsec’d. Notes

 

4.800%

      09/15/41          480        454,131  
          

 

 

  
             33,070,753  
          

 

 

  

Engineering & Construction — 0.0%

 

AECOM,

 

Gtd. Notes

 

5.125%

      03/15/27 (a)         700        661,624  

Mexico City Airport Trust (Mexico),

 

Sr. Sec’d. Notes, 144A

 

3.875%

      04/30/28          500        430,978  

5.500%

      07/31/47          800        546,429  
          

 

 

  
             1,639,031  
          

 

 

  

Entertainment — 0.0%

 

Magallanes, Inc.,

 

Gtd. Notes, 144A

 

5.050%

      03/15/42          865        735,631  

5.141%

      03/15/52          810        680,025  

5.391%

      03/15/62          405        339,658  
          

 

 

  
             1,755,314  
          

 

 

  

Foods — 0.1%

 

Kraft Heinz Foods Co.,

 

Gtd. Notes

 

4.875%

      10/01/49          1,290        1,140,834  

Lamb Weston Holdings, Inc.,

 

Gtd. Notes, 144A

 

4.125%

      01/31/30          500        434,988  

4.375%

      01/31/32          875        760,911  

Mars, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      07/16/40          660        479,259  

Pilgrim’s Pride Corp.,

 

Gtd. Notes, 144A

 

5.875%

      09/30/27 (a)         1,625        1,555,323  
          

 

 

  
             4,371,315  
          

 

 

  

Gas — 0.1%

 

NiSource, Inc.,

 

Sr. Unsec’d. Notes

 

1.700%

      02/15/31          1,205        939,953  

3.490%

      05/15/27 (a)         1,415        1,354,683  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Gas (cont’d.)

 

3.600%

      05/01/30          1,270      $ 1,163,803  
          

 

 

  
             3,458,439  
          

 

 

  

Healthcare-Products — 0.1%

 

DH Europe Finance II Sarl,

 

Gtd. Notes

 

1.350%

      09/18/39       EUR        1,635        1,194,365  

Medline Borrower LP,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      04/01/29          675        575,421  

Medtronic Global Holdings SCA,

 

Gtd. Notes

 

1.625%

      03/07/31       EUR        100        95,223  

2.250%

      03/07/39       EUR        400        350,681  
          

 

 

  
             2,215,690  
          

 

 

  

Healthcare-Services — 0.1%

 

Aetna, Inc.,

 

Sr. Unsec’d. Notes

 

6.625%

      06/15/36          515        582,100  

Elevance Health, Inc.,

 

Sr. Unsec’d. Notes

 

4.625%

      05/15/42          390        370,199  

HCA, Inc.,

 

Gtd. Notes

 

5.375%

      02/01/25          305        304,414  

Gtd. Notes, MTN

 

7.750%

      07/15/36          450        516,133  

Kaiser Foundation Hospitals,

 

Gtd. Notes

 

4.150%

      05/01/47          940        874,772  

Providence St. Joseph Health Obligated Group,

 

Unsec’d. Notes, Series 19A

 

2.532%

      10/01/29          765        677,064  

Tenet Healthcare Corp.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      01/15/30          625        530,986  

6.125%

      06/15/30          325        304,656  
          

 

 

  
             4,160,324  
          

 

 

  

Home Builders — 0.0%

 

KB Home,

 

Gtd. Notes

 

4.000%

      06/15/31 (a)         575        443,591  

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27          525        484,984  

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      03/01/24          800        780,604  
          

 

 

  
             1,709,179  
          

 

 

  

Housewares — 0.0%

 

Newell Brands, Inc.,

 

Sr. Unsec’d. Notes

 

4.450%

      04/01/26          275        261,820  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A62

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Housewares (cont’d.)

 

   

4.875%

      06/01/25 (a)         1,420      $ 1,400,646  
          

 

 

  
             1,662,466  
          

 

 

  

Insurance — 0.1%

 

Liberty Mutual Group, Inc.,

 

Gtd. Notes, 144A

 

3.951%

      10/15/50          1,215        923,086  

Lincoln National Corp.,

 

Sr. Unsec’d. Notes

 

6.300%

      10/09/37          772        835,525  

Markel Corp.,

 

Sr. Unsec’d. Notes

 

4.150%

      09/17/50          410        338,038  

5.000%

      03/30/43          200        187,200  

New York Life Insurance Co.,

 

Sub. Notes, 144A

 

6.750%

      11/15/39          660        780,258  

Principal Financial Group, Inc.,

 

Gtd. Notes

 

4.625%

      09/15/42          130        119,878  

Teachers Insurance & Annuity Association of America,

 

Sub. Notes, 144A

 

4.270%

      05/15/47          1,450        1,286,176  

6.850%

      12/16/39          124        146,422  
          

 

 

  
             4,616,583  
          

 

 

  

Media — 0.3%

 

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes, 144A

 

5.500%

      05/01/26          750        732,529  

Charter Communications Operating LLC/Charter Communications

 

Operating Capital,

 

Sr. Sec’d. Notes

 

3.900%

      06/01/52          580        404,878  

5.375%

      04/01/38          1,950        1,737,130  

6.384%

      10/23/35          875        883,124  

6.484%

      10/23/45          1,386        1,349,504  

Comcast Corp.,

 

Gtd. Notes

 

3.950%

      10/15/25          225        226,146  

Cox Communications, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.600%

      06/15/31          5,275        4,423,128  

CSC Holdings LLC,

 

Gtd. Notes, 144A

 

4.500%

      11/15/31          1,400        1,080,955  

Paramount Global,

 

Sr. Unsec’d. Notes

 

5.250%

      04/01/44          1,450        1,240,917  

Time Warner Cable LLC,

 

Sr. Sec’d. Notes

 

5.500%

      09/01/41          360        316,694  
          

 

 

  
             12,395,005  
          

 

 

  

Interest

Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Mining — 0.1%

 

Freeport Indonesia PT (Indonesia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

4.763%

      04/14/27           215      $ 206,634  

Yamana Gold, Inc. (Canada),

 

Gtd. Notes

 

2.630%

      08/15/31           3,050        2,451,672  
           

 

 

  
              2,658,306  
           

 

 

  

Miscellaneous Manufacturing — 0.0%

 

Amsted Industries, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      07/01/27           1,200        1,140,863  
           

 

 

  

Multi-National — 0.0%

 

Corp. Andina de Fomento (Supranational Bank),

 

Sr. Unsec’d. Notes

 

2.750%

      01/06/23           315        314,450  

North American Development Bank (Supranational Bank),

 

Sr. Unsec’d. Notes

 

2.400%

      10/26/22           289        288,446  
           

 

 

  
              602,896  
           

 

 

  

Office/Business Equipment — 0.1%

 

CDW LLC/CDW Finance Corp.,

 

Gtd. Notes

 

2.670%

      12/01/26           1,810        1,613,893  

5.500%

      12/01/24           700        703,184  
           

 

 

  
              2,317,077  
           

 

 

  

Oil & Gas — 0.3%

 

Cenovus Energy, Inc. (Canada),

 

Sr. Unsec’d. Notes

 

5.400%

      06/15/47           1,200        1,156,375  

Devon Energy Corp.,

 

Sr. Unsec’d. Notes

 

5.600%

      07/15/41           300        297,682  

Ecopetrol SA (Colombia),

 

Sr. Unsec’d. Notes

 

6.875%

      04/29/30           637        563,905  

Energean Israel Finance Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A

 

4.875%

      03/30/26           795        701,005  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

Sr. Unsec’d. Notes, 144A

 

4.950%

      07/19/22           350        262,500  

Hilcorp Energy I LP/Hilcorp Finance Co.,

 

Sr. Unsec’d. Notes, 144A

 

6.000%

      04/15/30           400        352,192  

6.250%

      04/15/32           500        437,136  

KazMunayGas National Co. JSC (Kazakhstan),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      04/24/25           550        514,607  

Lundin Energy Finance BV (Netherlands),

 

Gtd. Notes, 144A

 

3.100%

      07/15/31           755        627,469  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

6.450%

      09/15/36           1,155        1,203,052  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A63

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Ovintiv, Inc.,

 

Gtd. Notes

 

6.500%

      08/15/34          370      $ 384,918  

6.625%

      08/15/37          275        287,507  

Petroleos Mexicanos (Mexico),

 

Gtd. Notes

 

5.950%

      01/28/31          2,146        1,561,679  

6.490%

      01/23/27          471        407,519  

6.500%

      03/13/27          330        286,466  

Gtd. Notes, MTN

 

6.750%

      09/21/47          373        230,795  

6.875%

      08/04/26 (a)         670        603,249  

Qatar Energy (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

1.375%

      09/12/26          2,159        1,946,658  

2.250%

      07/12/31          820        700,923  

Sinopec Group Overseas Development 2018 Ltd. (China),

 

Gtd. Notes, 144A

 

3.680%

      08/08/49          1,445        1,165,608  
          

 

 

  
             13,691,245  
          

 

 

  

Packaging & Containers — 0.1%

 

Ball Corp.,

 

Gtd. Notes

 

3.125%

      09/15/31 (a)         425        343,372  

Berry Global, Inc.,

 

Sr. Sec’d. Notes

 

1.570%

      01/15/26          5,135        4,584,557  
          

 

 

  
             4,927,929  
          

 

 

  

Pharmaceuticals — 0.7%

 

AbbVie, Inc.,

 

Sr. Unsec’d. Notes

 

3.800%

      03/15/25          1,175        1,166,923  

4.250%

      11/21/49          1,750        1,551,146  

4.500%

      05/14/35          1,910        1,852,911  

4.550%

      03/15/35          2,190        2,133,382  

4.700%

      05/14/45          1,460        1,375,122  

Bayer US Finance II LLC (Germany),

 

Gtd. Notes, 144A

 

4.250%

      12/15/25          1,600        1,579,066  

Becton, Dickinson & Co.,

 

Sr. Unsec’d. Notes

 

3.734%

      12/15/24          130        129,356  

Bristol-Myers Squibb Co.,

 

Sr. Unsec’d. Notes

 

4.125%

      06/15/39          410        392,193  

Cigna Corp.,

 

Gtd. Notes

           

4.375%

      10/15/28          9,285        9,200,153  

CVS Health Corp.,

 

Sr. Unsec’d. Notes

 

4.780%

      03/25/38          3,810        3,606,268  

5.125%

      07/20/45          610        588,880  

5.300%

      12/05/43          250        248,158  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

 

Mylan, Inc.,

 

Gtd. Notes

 

5.200%

      04/15/48           1,375      $ 1,092,288  

5.400%

      11/29/43           845        707,657  

Organon & Co./Organon Foreign Debt Co-Issuer BV,

 

Sr. Sec’d. Notes, 144A

 

4.125%

      04/30/28           1,125        995,566  

Viatris, Inc.,

 

Gtd. Notes

 

3.850%

      06/22/40           470        330,985  

Wyeth LLC,

 

Gtd. Notes

 

6.450%

      02/01/24           60        62,750  
           

 

 

  
              27,012,804  
           

 

 

  

Pipelines — 0.6%

 

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

 

Gtd. Notes, 144A

 

5.750%

      01/15/28           750        683,190  

Boardwalk Pipelines LP,

 

Gtd. Notes

 

3.400%

      02/15/31           1,625        1,387,624  

Eastern Gas Transmission & Storage, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.600%

      12/15/44           65        59,812  

EIG Pearl Holdings Sarl (Saudi Arabia),

 

Sr. Sec’d. Notes, 144A

 

3.545%

      08/31/36           1,429        1,219,880  

Energy Transfer LP,

 

Sr. Unsec’d. Notes

 

4.950%

      06/15/28           1,115        1,098,693  

5.000%

      05/15/50           1,435        1,220,880  

6.125%

      12/15/45           180        172,486  

Energy Transfer LP/Regency Energy Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.000%

      10/01/22           675        675,657  

EQM Midstream Partners LP,

 

Sr. Unsec’d. Notes, 144A

 

7.500%

      06/01/27           50        48,169  

7.500%

      06/01/30           50        48,090  

Kinder Morgan, Inc.,

 

Gtd. Notes

 

3.600%

      02/15/51           2,260        1,659,534  

MPLX LP,

 

Sr. Unsec’d. Notes

 

4.000%

      02/15/25           1,430        1,408,557  

4.000%

      03/15/28           1,980        1,877,830  

4.875%

      06/01/25           3,250        3,267,773  

5.200%

      03/01/47           40        36,178  

5.500%

      02/15/49           395        366,879  

ONEOK Partners LP,

 

Gtd. Notes

 

6.650%

      10/01/36           145        147,496  

ONEOK, Inc.,

 

Gtd. Notes

 

3.100%

      03/15/30           5,205        4,473,781  

4.500%

      03/15/50           295        234,994  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A64

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

4.950%

      07/13/47          935      $ 793,322  

Venture Global Calcasieu Pass LLC,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      08/15/29          115        100,823  

4.125%

      08/15/31          90        77,299  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

5.300%

      03/01/48          125        100,812  

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

4.850%

      03/01/48          315        285,273  

4.900%

      01/15/45          1,000        894,816  

5.100%

      09/15/45          500        465,832  
          

 

 

  
             22,805,680  
          

 

 

  

Real Estate Investment Trusts (REITs) — 0.3%

 

Alexandria Real Estate Equities, Inc.,

 

Gtd. Notes

 

2.000%

      05/18/32 (a)         1,815        1,433,548  

Corporate Office Properties LP,

 

Gtd. Notes

 

2.900%

      12/01/33          1,345        1,042,902  

GLP Capital LP/GLP Financing II, Inc.,

 

Gtd. Notes

 

5.375%

      04/15/26          1,050        1,027,546  

Kimco Realty Corp.,

 

Sr. Unsec’d. Notes

 

2.700%

      10/01/30          3,480        2,996,837  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

      03/15/31          950        742,356  

5.000%

      10/15/27 (a)         400        366,789  

Public Storage,

 

Sr. Unsec’d. Notes

 

2.250%

      11/09/31          1,288        1,067,426  

Realty Income Corp.,

 

Sr. Unsec’d. Notes

 

3.250%

      01/15/31 (h)         3,235        2,945,914  
          

 

 

  
             11,623,318  
          

 

 

  

Retail — 0.2%

 

1011778 BC ULC/New Red Finance, Inc. (Canada),

 

Sr. Sec’d. Notes, 144A

 

3.875%

      01/15/28          675        587,149  

AutoZone, Inc.,

 

Sr. Unsec’d. Notes

 

1.650%

      01/15/31          770        603,263  

Dollar Tree, Inc.,

 

Sr. Unsec’d. Notes

 

4.000%

      05/15/25          4,705        4,687,765  

Gap, Inc. (The),

 

Gtd. Notes, 144A

 

3.625%

      10/01/29          275        193,360  

3.875%

      10/01/31          275        191,224  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25          1,375      $ 1,292,750  
          

 

 

  
             7,555,511  
          

 

 

  

Semiconductors — 0.1%

 

Broadcom, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

3.137%

      11/15/35          320        244,432  

3.187%

      11/15/36          5,175        3,930,891  
          

 

 

  
             4,175,323  
          

 

 

  

Software — 0.1%

 

Microsoft Corp.,

 

Sr. Unsec’d. Notes

 

2.525%

      06/01/50          1,425        1,049,104  

ServiceNow, Inc.,

 

Sr. Unsec’d. Notes

 

1.400%

      09/01/30          2,055        1,607,159  
          

 

 

  
             2,656,263  
          

 

 

  

Telecommunications — 0.5%

 

AT&T, Inc.,

 

Sr. Unsec’d. Notes

 

2.550%

      12/01/33          1,216        986,197  

3.500%

      09/15/53          5,308        4,025,412  

3.650%

      09/15/59          160        119,893  

4.300%

      02/15/30          615        600,577  

Level 3 Financing, Inc.,

 

Gtd. Notes

 

5.375%

      05/01/25 (a)         1,900        1,846,237  

Sr. Sec’d. Notes, 144A

 

3.400%

      03/01/27          300        260,178  

T-Mobile USA, Inc.,

 

Sr. Sec’d. Notes

 

2.550%

      02/15/31          1,385        1,165,130  

3.875%

      04/15/30          8,000        7,469,045  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

 

2.550%

      03/21/31          1,600        1,368,339  

2.650%

      11/20/40          1,575        1,154,995  

4.016%

      12/03/29          1,900        1,843,333  
          

 

 

  
             20,839,336  
          

 

 

  

Transportation — 0.0%

 

Burlington Northern Santa Fe LLC,

 

Sr. Unsec’d. Notes

 

6.700%

      08/01/28          670        753,121  

CSX Corp.,

 

Sr. Unsec’d. Notes

 

6.150%

      05/01/37          715        801,145  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A65

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Transportation (cont’d.)

 

Norfolk Southern Corp.,

 

Sr. Unsec’d. Notes

 

5.590%

      05/17/25           100      $ 103,096  
           

 

 

  
              1,657,362  
           

 

 

  

TOTAL CORPORATE BONDS
(cost $406,646,274)

 

      366,760,880  
           

 

 

  

MUNICIPAL BONDS — 0.4%

 

Alabama — 0.0%

 

Alabama Economic Settlement Authority,

 

Taxable, Revenue Bonds, Series B

 

4.263%

      09/15/32           240        238,694  
           

 

 

  

California — 0.2%

 

Bay Area Toll Authority,

 

Revenue Bonds, BABs, Series F2

 

6.263%

      04/01/49           1,325        1,693,471  

Taxable, Revenue Bonds

 

2.574%

      04/01/31           1,210        1,107,171  

State of California,

 

General Obligation Unlimited, BABs

 

7.300%

      10/01/39           1,270        1,645,757  

General Obligation Unlimited, Taxable, BABs

 

7.500%

      04/01/34           475        609,690  

7.625%

      03/01/40           215        290,309  

7.550%

      04/01/39           245        333,045  
           

 

 

  
              5,679,443  
           

 

 

  

Colorado — 0.0%

 

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

      11/01/50           680        810,234  
           

 

 

  

Illinois — 0.1%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

      01/01/40           1,030        1,233,923  

State of Illinois,

 

General Obligation Unlimited, Series D

 

5.000%

      11/01/22           3,190        3,218,697  
           

 

 

  
              4,452,620  
           

 

 

  

New Jersey — 0.1%

 

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

      01/01/40           1,070        1,420,748  
           

 

 

  

New York — 0.0%

 

New York City Transitional Finance Authority Future Tax Secured Revenue,

 

Taxable, Revenue Bonds, BABs

 

5.767%

      08/01/36           1,130        1,232,837  
           

 

 

  

Ohio — 0.0%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

      06/01/40           455        492,564  

Interest

Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

MUNICIPAL BONDS (continued)

 

Ohio (cont’d.)

 

Ohio Water Development Authority Water Pollution Control Loan Fund,

 

Taxable, Revenue Bonds, BABs, Series B2

 

4.879%

      12/01/34           300      $ 315,712  
           

 

 

  
              808,276  
           

 

 

  

Oregon — 0.0%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

      11/15/34           445        503,888  
           

 

 

  

Pennsylvania — 0.0%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

      12/01/45           550        614,602  
           

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

      09/01/2117           495        424,118  
           

 

 

  

TOTAL MUNICIPAL BONDS
(cost $14,470,218)

 

      16,185,460  
           

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.7%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

      09/25/35           8        8,170  

Banc of America Mortgage Trust,

 

Series 2005-A, Class 2A1

 

2.545%(cc)

      02/25/35           119        118,699  

Bellemeade Re Ltd. (Bermuda),

 

Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)

 

3.224%(c)

      07/25/29           490        488,169  

Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)

 

2.126%(c)

      06/25/31           2,544        2,499,910  

Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)

 

1.926%(c)

      09/25/31           2,100        2,045,451  

Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)

 

1.926%(c)

      09/25/31           1,600        1,579,187  

Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)

 

2.676%(c)

      01/26/32           3,260        3,233,248  

Central Park Funding Trust,

 

Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

 

4.402%(c)

      08/29/22           3,181        3,156,046  

Chase Mortgage Finance Trust,

 

Series 2007-A01, Class 1A5

 

2.624%(cc)

      02/25/37           87        83,525  

Connecticut Avenue Securities Trust,

 

Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)

 

2.826%(c)

      12/25/41           1,760        1,585,513  

Credit Suisse Mortgage Trust,

 

Series 2018-RPL09, Class A, 144A

 

3.850%(cc)

      09/25/57           754        731,378  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A66

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Eagle Re Ltd. (Bermuda),

 

   

Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)

 

3.424%(c)

      04/25/29           180      $ 178,886  

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)

 

2.476%(c)

      04/25/34           5,460        5,410,446  

Fannie Mae REMICS,

 

Series 2014-73, Class CZ

 

3.000%

      11/25/44           1,526        1,420,944  

Series 2021-03, Class JI, IO

 

2.500%

      02/25/51           3,341        450,199  

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)

 

3.526%(c)

      11/25/50           2,116        2,103,061  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)

 

5.224%(c)

      07/25/50           99        98,533  

Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)

 

6.874%(c)

      09/25/50           225        224,449  

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

 

2.576%(c)

      01/25/34           293        282,410  

Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

 

1.776%(c)

      09/25/41           6,840        6,605,047  

Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

 

1.926%(c)

      01/25/42           1,610        1,553,400  

Freddie Mac REMICS,

 

Series 4117, Class ZC

 

3.000%

      10/15/42           2,550        2,405,727  

Series 4535, Class PA

 

3.000%

      03/15/44           606        596,515  

Series 4680, Class GZ

 

3.500%

      03/15/47           3,565        3,390,387  

Series 5023, Class IO, IO

 

2.000%

      10/25/50           964        114,283  

Series 5185, Class LI, IO

 

3.000%

      01/25/52           1,881        289,876  

Freddie Mac Strips,

 

Series 365, Class C28, IO

 

3.000%

      12/15/46           946        140,785  

Government National Mortgage Assoc.,

 

Series 2015-124, Class VZ

 

3.500%

      09/20/45           2,532        2,498,847  

Series 2019-69, Class KB

 

3.000%

      06/20/49           3,423        3,088,932  

Home Re Ltd. (Bermuda),

 

Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)

 

3.274%(c)

      05/25/29           168        167,855  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)

 

2.176%(c)

      01/25/34           1,232      $ 1,222,083  

JPMorgan Mortgage Trust,

 

Series 2007-A01, Class 4A1

 

3.008%(cc)

      07/25/35           27        26,536  

Legacy Mortgage Asset Trust,

 

Series 2021-GS01, Class A1, 144A

 

1.892%

      10/25/66           360        348,195  

Mello Warehouse Securitization Trust,

 

Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)

 

1.368%(c)

      02/25/55           2,400        2,358,410  

MFA Trust,

            

Series 2021-RPL01, Class A1, 144A

 

1.131%(cc)

      07/25/60           2,878        2,650,126  

Mill City Mortgage Loan Trust,

 

Series 2017-03, Class A1, 144A

 

2.750%(cc)

      01/25/61           490        485,862  

Mortgage Repurchase Agreement Financing Trust,

 

Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)

 

1.700%(c)

      09/10/22           6,700        6,699,587  

New Residential Mortgage Loan Trust,

 

Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

2.374%(c)

      01/25/48           303        296,975  

Oaktown Re II Ltd. (Bermuda),

 

Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)

 

3.174%(c)

      07/25/28           136        135,936  

Oaktown Re III Ltd. (Bermuda),

 

Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

 

3.024%(c)

      07/25/29           47        47,369  

Oaktown Re VII Ltd. (Bermuda),

 

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

 

2.526%(c)

      04/25/34           1,300        1,266,168  

PMT Credit Risk Transfer Trust,

 

Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)

 

5.467%(c)

      12/25/22           1,725        1,709,844  

Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)

 

4.524%(c)

      02/27/24           2,754        2,685,242  

Seasoned Credit Risk Transfer Trust,

 

Series 2019-02, Class MA

 

3.500%

      08/25/58           711        702,921  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.543%(cc)

      02/25/34           57        54,973  

Towd Point Mortgage Trust,

 

Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)

 

2.224%(c)

      02/25/57           834        824,993  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A67

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2020-04, Class A1, 144A

 

1.750%

      10/25/60          845      $ 775,459  
          

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $71,988,987)

 

      68,840,557  
          

 

 

  

SOVEREIGN BONDS — 0.4%

 

Abu Dhabi Government International Bond (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A

 

3.125%

      10/11/27          3,350        3,273,769  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      08/20/30          710        594,132  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.000%

      02/26/24          175        170,013  

Export-Import Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      02/01/28          1,040        991,271  

Finnvera OYJ (Finland),

 

Gov’t. Gtd. Notes, 144A, MTN

 

2.375%

      06/04/25          400        391,062  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

3.375%

      07/30/25       EUR        1,500        1,579,785  

Sr. Unsec’d. Notes, EMTN

 

2.150%

      07/18/24       EUR        2,100        2,181,326  

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.125%

      10/25/23          1,400        1,382,200  

3.000%

      03/12/24          400        398,463  

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

4.000%

      09/22/24          305        304,783  

4.500%

      04/16/50          475        388,066  

Peruvian Government International Bond (Peru),

 

Sr. Unsec’d. Notes

 

2.783%

      01/23/31          453        385,421  

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      04/23/23          1,105        1,108,904  

5.103%

      04/23/48          915        955,562  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, EMTN

 

4.125%

      03/11/39       EUR        1,395        1,060,094  

Saudi Government International Bond (Saudi Arabia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.875%

      03/04/23          1,785        1,780,570  

Tokyo Metropolitan Government (Japan),

 

Sr. Unsec’d. Notes, 144A

 

3.250%

      06/01/23          800        801,367  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

5.100%

      06/18/50 (a)         545        545,940  
          

 

 

  

TOTAL SOVEREIGN BONDS
(cost $19,684,281)

 

      18,292,728  
          

 

 

  

Interest

Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            

U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.8%

 

Federal Home Loan Bank

 

5.500%

      07/15/36 (k)         1,080      $ 1,298,404  

Federal Home Loan Mortgage Corp.

 

1.500%

      11/01/50          1,740        1,446,503  

2.000%

      01/01/32          454        434,693  

2.000%

      02/01/36          1,483        1,386,551  

2.000%

      06/01/40          1,164        1,040,525  

2.000%

      10/01/40          1,731        1,547,215  

2.000%

      09/01/50          3,403        2,965,143  

2.000%

      10/01/50          2,797        2,437,465  

2.000%

      03/01/51          1,325        1,154,964  

2.000%

      09/01/51          500        436,123  

2.500%

      03/01/30          234        229,819  

2.500%

      10/01/32          490        480,124  

2.500%

      03/01/51          1,151        1,045,324  

2.500%

      04/01/51          8,595        7,744,149  

2.500%

      08/01/51          505        455,241  

2.500%

      09/01/51          2,858        2,573,807  

2.500%

      10/01/51          4,364        3,949,744  

2.500%

      11/01/51          2,500        2,250,939  

2.500%

      12/01/51          3,504        3,156,063  

3.000%

      10/01/28          157        156,180  

3.000%

      06/01/29          432        430,549  

3.000%

      03/01/32          503        501,832  

3.000%

      01/01/37          211        206,576  

3.000%

      01/01/43          452        432,515  

3.000%

      07/01/43          916        875,762  

3.000%

      01/01/47          2,272        2,151,412  

3.000%

      02/01/50          1,885        1,760,257  

3.000%

      05/01/52          474        441,988  

3.000%

      06/01/52          8,371        7,805,539  

3.000%

      07/01/52          2,000        1,864,923  

3.500%

      03/01/42          216        212,662  

3.500%

      06/01/42          155        152,388  

3.500%

      01/01/47          384        376,181  

3.500%

      02/01/47          558        546,137  

3.500%

      04/01/52          323        311,314  

3.500%

      04/01/52          934        900,385  

3.500%

      04/01/52          1,175        1,131,774  

3.500%

      04/01/52          2,995        2,890,294  

3.500%

      05/01/52          1,550        1,492,729  

3.500%

      07/01/52          1,000        962,885  

4.000%

      06/01/26          163        165,036  

4.000%

      09/01/26          91        91,828  

4.000%

      10/01/39          380        384,918  

4.000%

      12/01/40          167        168,736  

4.000%

      10/01/41          149        150,455  

4.000%

      01/01/42          53        53,575  

4.000%

      10/01/45          178        179,277  

4.000%

      04/01/52          1,482        1,479,364  

4.500%

      09/01/39          122        126,082  

4.500%

      10/01/39          665        687,409  

4.500%

      12/01/39          215        222,534  

4.500%

      07/01/41          74        75,016  

4.500%

      07/01/41          1,141        1,176,953  

4.500%

      08/01/41          114        115,179  

4.500%

      08/01/41          115        115,898  

4.500%

      08/01/41          181        184,349  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A68

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                     Principal
Amount
(000)#		      Value  
                          

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

4.500%

    10/01/41        98      $ 99,481  

4.500%

    10/01/46        112        113,944  

4.500%

    12/01/47        475        481,954  

5.000%

    05/01/34        12        12,217  

5.000%

    05/01/34        117        122,836  

5.000%

    08/01/35        12        12,526  

5.000%

    09/01/35        25        26,758  

5.000%

    10/01/36        19        20,191  

5.000%

    05/01/37        11        11,802  

5.000%

    07/01/37        194        205,107  

5.000%

    09/01/38        27        28,380  

5.000%

    09/01/38        28        29,968  

5.000%

    09/01/38        32        34,207  

5.000%

    02/01/39        11        11,184  

5.000%

    06/01/39        32        33,641  

5.500%

    02/01/34        28        29,283  

5.500%

    04/01/34        270        282,014  

5.500%

    06/01/34        46        49,698  

5.500%

    06/01/34        120        129,206  

5.500%

    05/01/37        26        27,630  

5.500%

    02/01/38        200        214,666  

5.500%

    05/01/38        37        39,656  

5.500%

    07/01/38        178        191,371  

6.000%

    03/01/32        120        126,474  

6.000%

    12/01/33        44        46,162  

6.000%

    07/01/36        3        2,772  

6.000%

    12/01/36        4        4,887  

6.000%

    05/01/37        7        7,465  

6.000%

    12/01/37        13        13,650  

6.000%

    01/01/38        3        3,247  

6.000%

    01/01/38        7        7,503  

6.000%

    01/01/38        115        124,955  

6.000%

    10/01/38        53        57,423  

6.000%

    08/01/39        25        27,006  

6.750%

    03/15/31        500        626,221  

7.000%

    01/01/31        12        12,259  

7.000%

    06/01/31        11        11,189  

7.000%

    09/01/31        2        2,168  

7.000%

    10/01/31        24        25,609  

7.000%

    10/01/32        26        26,877  

Federal National Mortgage Assoc.

 

1.500%

    02/01/42        493        422,210  

1.500%

    10/01/50        412        342,767  

1.500%

    11/01/50        894        743,710  

1.500%

    12/01/50        4,922        4,095,868  

2.000%

    08/01/31        672        643,048  

2.000%

    02/01/41        2,372        2,120,517  

2.000%

    05/01/41(k)        5,278        4,718,666  

2.000%

    08/01/50        1,210        1,055,313  

2.000%

    10/01/50        12,299        10,748,849  

2.000%

    02/01/51(k)        12,733        11,103,492  

2.000%

    03/01/51        1,717        1,497,892  

2.000%

    05/01/51        2,463        2,140,284  

2.000%

    08/01/51        2,055        1,789,367  

2.000%

    10/01/51        3,071        2,672,726  

2.500%

    TBA        12,500        11,239,258  

2.500%

    10/01/43        534        486,701  

2.500%

    12/01/46        964        874,305  

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
                           

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

2.500%

    03/01/50         729      $ 659,307  

2.500%

    08/01/50         3,205        2,890,282  

2.500%

    12/01/50         333        302,155  

2.500%

    04/01/51         3,791        3,416,658  

2.500%

    08/01/51         1,001        901,928  

2.500%

    08/01/51         1,002        903,690  

2.500%

    02/01/52         501        453,002  

2.500%

    03/01/52         1,028        925,553  

2.500%

    05/01/52         994        898,350  

3.000%

    TBA         19,500        18,157,852  

3.000%

    02/01/27         615        613,446  

3.000%

    08/01/30         467        465,724  

3.000%

    11/01/36         918        893,603  

3.000%

    12/01/42         506        483,540  

3.000%

    12/01/42         719        687,154  

3.000%

    03/01/43         128        122,799  

3.000%

    11/01/46         123        116,645  

3.000%

    01/01/47         990        937,014  

3.000%

    02/01/47         697        659,772  

3.000%

    03/01/47         549        518,971  

3.000%

    11/01/49         549        512,651  

3.000%

    12/01/49         342        321,322  

3.000%

    12/01/49         468        436,131  

3.000%

    01/01/50         500        466,306  

3.000%

    02/01/50         487        456,829  

3.000%

    02/01/50         509        474,549  

3.000%

    02/01/50         5,784        5,403,784  

3.000%

    03/01/50         402        374,898  

3.000%

    03/01/52         68        63,035  

3.000%

    03/01/52         1,976        1,846,986  

3.000%

    04/01/52         56        51,871  

3.000%

    04/01/52         987        921,941  

3.000%

    04/01/52         2,010        1,878,079  

3.000%

    05/01/52         3,980        3,711,687  

3.000%

    05/01/52         3,987        3,720,393  

3.500%

    07/01/31         408        407,978  

3.500%

    11/01/32         228        228,747  

3.500%

    02/01/33         462        462,773  

3.500%

    05/01/33         630        631,001  

3.500%

    06/01/39         346        340,821  

3.500%

    01/01/42         2,367        2,326,559  

3.500%

    05/01/42         1,132        1,112,425  

3.500%

    07/01/42         429        421,972  

3.500%

    08/01/42         161        158,650  

3.500%

    08/01/42         428        420,674  

3.500%

    09/01/42         453        444,907  

3.500%

    09/01/42         811        797,069  

3.500%

    11/01/42         230        225,558  

3.500%

    03/01/43         1,699        1,669,552  

3.500%

    04/01/43         258        253,611  

3.500%

    04/01/43         612        601,419  

3.500%

    07/01/43         117        115,131  

3.500%

    06/01/45         2,204        2,155,955  

3.500%

    07/01/46         294        287,104  

3.500%

    11/01/46         570        557,422  

3.500%

    09/01/47         536        523,886  

3.500%

    01/01/48         5,362        5,240,724  

3.500%

    05/01/48         488        476,918  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A69

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
                           

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

3.500%

    06/01/48         2,551      $   2,494,337  

3.500%

    05/01/52         500        481,442  

3.500%

    06/01/52         996        959,136  

4.000%

    TBA         4,000        3,936,953  

4.000%

    12/01/36         454        461,625  

4.000%

    10/01/41         1,408        1,423,756  

4.000%

    07/01/44         518        521,752  

4.000%

    09/01/44         828        833,393  

4.000%

    10/01/46         414        414,090  

4.000%

    06/01/47         369        369,606  

4.000%

    09/01/47         137        137,769  

4.000%

    11/01/47         460        462,075  

4.000%

    11/01/47         573        574,589  

4.000%

    12/01/47         1,890        1,897,753  

4.000%

    03/01/49         3,866        3,869,710  

4.500%

    07/01/33         24        24,347  

4.500%

    08/01/33         8        8,047  

4.500%

    09/01/33         23        23,283  

4.500%

    10/01/33         60        61,736  

4.500%

    03/01/34         18        18,035  

4.500%

    01/01/35         1        1,099  

4.500%

    07/01/39         431        444,144  

4.500%

    08/01/39         299        307,599  

4.500%

    09/01/39         179        184,403  

4.500%

    12/01/39         2        2,418  

4.500%

    03/01/41         708        730,510  

4.500%

    07/01/42         64        66,466  

5.000%

    03/01/34         123        129,138  

5.000%

    04/01/35         290        304,385  

5.000%

    06/01/35         69        72,838  

5.000%

    07/01/35         67        70,612  

5.000%

    07/01/35         69        72,373  

5.000%

    09/01/35         49        51,978  

5.000%

    11/01/35         63        65,919  

5.000%

    02/01/36         38        40,293  

5.500%

    02/01/33         50        53,272  

5.500%

    08/01/33         127        134,191  

5.500%

    10/01/33         31        33,152  

5.500%

    12/01/33         30        32,575  

5.500%

    12/01/34         77        82,675  

5.500%

    10/01/35         187        194,965  

5.500%

    03/01/36         45        46,764  

5.500%

    04/01/36         47        48,546  

5.500%

    01/01/37         38        40,897  

5.500%

    04/01/37         19        20,044  

5.500%

    05/01/37         115        124,007  

5.500%

    08/01/37         142        151,994  

6.000%

    10/01/33         154        164,217  

6.000%

    11/01/33         13        13,560  

6.000%

    11/01/33         20        20,542  

6.000%

    01/01/34         162        175,402  

6.000%

    02/01/34         58        62,517  

6.000%

    03/01/34         1        1,320  

6.000%

    03/01/34         10        10,097  

6.000%

    03/01/34         12        12,596  

6.000%

    11/01/34         16        16,990  

6.000%

    01/01/35         27        28,600  

6.000%

    01/01/35         71        74,374  

Interest

Rate

    Maturity
Date		                     Principal
Amount
(000)#		      Value  
                          

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.000%

    02/01/35        2      $ 1,982  

6.000%

    02/01/35        96        100,697  

6.000%

    02/01/35        110        118,205  

6.000%

    04/01/35        10        10,398  

6.000%

    05/01/36        17        18,608  

6.000%

    06/01/36        13        13,261  

6.000%

    02/01/37        39        43,223  

6.000%

    06/01/37        16        17,192  

6.000%

    05/01/38        98        107,007  

6.500%

    09/01/32        1        934  

6.500%

    09/01/32        12        12,075  

6.500%

    09/01/32        23        24,572  

6.500%

    09/01/32        28        28,992  

6.500%

    10/01/32        28        29,853  

6.500%

    04/01/33        30        32,166  

6.500%

    11/01/33        19        20,013  

6.500%

    01/01/34        19        20,618  

6.500%

    09/01/34        35        36,621  

6.500%

    09/01/36        91        99,389  

6.500%

    10/01/36        16        17,069  

6.500%

    11/01/36        33        35,117  

6.500%

    01/01/37        36        37,815  

6.500%

    01/01/37        56        58,635  

6.500%

    09/01/37        11        11,541  

6.625%

    11/15/30        1,080        1,334,909  

7.000%

    02/01/32        10        10,237  

7.000%

    05/01/32        10        10,744  

7.000%

    06/01/32        7        7,180  

7.000%

    07/01/32        34        36,677  

7.125%

    01/15/30(k)        3,600        4,518,257  

Government National Mortgage Assoc.

 

2.000%

    TBA        4,000        3,551,563  

2.000%

    03/20/51        1,660        1,477,084  

2.000%

    07/20/51        502        447,993  

2.000%

    10/20/51        1,025        911,812  

2.500%

    TBA        2,500        2,287,500  

2.500%

    03/20/43        386        354,319  

2.500%

    12/20/46        359        329,668  

2.500%

    05/20/51        1,696        1,559,123  

2.500%

    08/20/51        1,107        1,015,487  

2.500%

    11/20/51        480        440,871  

3.000%

    TBA        1,500        1,413,867  

3.000%

    03/15/45        340        322,792  

3.000%

    11/20/45        444        425,771  

3.000%

    03/20/46        2,648        2,540,101  

3.000%

    07/20/46        1,723        1,653,157  

3.000%

    10/20/46        573        549,349  

3.000%

    02/20/47        865        829,609  

3.000%

    12/20/49        171        162,259  

3.000%

    01/20/50        1,513        1,432,603  

3.000%

    06/20/51        396        374,731  

3.000%

    10/20/51        1,512        1,428,975  

3.000%

    11/20/51        985        931,242  

3.000%

    12/20/51        534        504,203  

3.000%

    04/20/52        998        942,513  

3.000%

    05/20/52        1,495        1,411,485  

3.500%

    12/20/42        874        867,595  

3.500%

    05/20/43        177        175,921  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A70

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                      Principal
Amount
(000)#		     Value  
                          

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

3.500%

    03/20/45         550     $ 544,131  

3.500%

    04/20/45         737       729,851  

3.500%

    07/20/46         2,548       2,511,780  

3.500%

    06/20/49         3,350       3,276,785  

4.000%

    06/15/40         66       67,190  

4.000%

    05/20/41         134       136,672  

4.000%

    12/20/42         327       332,050  

4.000%

    08/20/44         121       121,565  

4.000%

    11/20/45         577       582,409  

4.000%

    12/20/45         631       637,526  

4.000%

    11/20/46         135       135,828  

4.000%

    09/20/47         1,776       1,789,567  

4.000%

    02/20/49         1,021       1,026,988  

4.000%

    01/20/50         1,000       1,005,462  

4.500%

    04/15/40         237       246,922  

4.500%

    01/20/41         611       643,693  

4.500%

    02/20/41         365       384,723  

4.500%

    06/20/44         393       414,373  

4.500%

    09/20/46         213       217,999  

4.500%

    11/20/46         366       385,579  

4.500%

    03/20/47         306       317,203  

4.500%

    05/20/48         308       314,579  

4.500%

    06/20/48         405       413,904  

4.500%

    08/20/48         1,345       1,368,444  

5.000%

    10/20/37         79       83,918  

5.000%

    04/20/45         395       419,950  

5.500%

    11/15/32         33       34,545  

5.500%

    02/15/33         26       28,865  

5.500%

    08/15/33         47       49,697  

5.500%

    08/15/33         65       67,913  

5.500%

    09/15/33         36       37,600  

5.500%

    09/15/33         58       61,134  

5.500%

    10/15/33         46       49,198  

5.500%

    12/15/33         5       5,134  

5.500%

    04/15/34         162       175,920  

5.500%

    07/15/35         32       34,457  

5.500%

    02/15/36         86       92,975  

6.000%

    02/15/33         2       1,675  

6.000%

    04/15/33         12       12,984  

6.000%

    09/15/33         9       10,069  

6.000%

    12/15/33         23       24,734  

6.000%

    12/15/33         66       70,108  

6.000%

    01/15/34         11       12,445  

6.000%

    01/15/34         22       23,065  

6.000%

    06/20/34         42       45,718  

6.000%

    07/15/34         92       101,117  

6.000%

    10/15/34         109       115,951  

6.500%

    10/15/23         —(r )      174  

6.500%

    12/15/23         1       580  

6.500%

    01/15/24         —(r )      331  

6.500%

    01/15/24         1       970  

6.500%

    01/15/24         2       2,071  

6.500%

    01/15/24         3       2,986  

6.500%

    01/15/24         11       11,474  

6.500%

    02/15/24         —(r )      71  

6.500%

    02/15/24         —(r )      96  

6.500%

    02/15/24         —(r )      483  

6.500%

    02/15/24         1       671  

Interest
Rate

    Maturity
Date		                     Principal
Amount
(000)#		     Value  
                         

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.500%

    02/15/24        1     $ 790  

6.500%

    02/15/24        2       2,430  

6.500%

    02/15/24        3       3,040  

6.500%

    02/15/24        3       3,103  

6.500%

    02/15/24        11       11,596  

6.500%

    04/15/24        —(r )      134  

6.500%

    04/15/24        —(r )      417  

6.500%

    04/15/24        1       772  

6.500%

    04/15/24        3       3,155  

6.500%

    05/15/24        3       2,695  

6.500%

    05/15/24        5       5,190  

6.500%

    10/15/24        3       3,516  

6.500%

    12/15/30        5       5,120  

6.500%

    01/15/32        14       14,832  

6.500%

    02/15/32        10       10,248  

6.500%

    07/15/32        20       21,044  

6.500%

    08/15/32        3       3,581  

6.500%

    08/15/32        7       7,300  

6.500%

    08/15/32        23       24,498  

6.500%

    08/15/32        115       123,412  

6.500%

    06/15/35        20       21,672  

6.500%

    07/15/35        6       6,558  

8.000%

    01/15/24        2       2,190  

8.000%

    04/15/25        1       1,147  

Tennessee Valley Authority, Sr. Unsec’d. Notes

 

1.500%

    09/15/31        625       527,564  
         

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $296,239,390)

 

     280,757,802  
         

 

 

  

U.S. TREASURY OBLIGATIONS — 1.2%

 

U.S. Treasury Bonds

 

1.750%

    08/15/41        9,990       7,597,083  

2.000%

    11/15/41(h)        18,640       14,801,325  

2.250%

    05/15/41        2,145       1,789,064  

2.375%

    02/15/42        11,610       9,843,103  

2.500%

    05/15/46        8,190       6,941,025  

U.S. Treasury Notes

 

3.125%

    11/15/28(k)        100       100,195  

U.S. Treasury Strips Coupon

 

2.000%(s)

    08/15/39        3,780       2,146,627  

2.228%(s)

    05/15/28        718       599,474  

2.365%(s)

    08/15/44        3,095       1,396,981  

2.395%(s)

    11/15/43        1,156       536,276  

2.628%(s)

    11/15/41        9,150       4,590,726  
         

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $60,354,518)

 

     50,341,879  
         

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $3,398,844,021)

 

     3,721,457,633  
         

 

 

  
                Shares        

SHORT-TERM INVESTMENTS — 12.6%

 

AFFILIATED MUTUAL FUNDS — 12.6%

 

PGIM Core Ultra Short Bond Fund(wa)

 

      432,051,922       432,051,922  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A71

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

                              Shares      Value  

AFFILIATED MUTUAL FUNDS (continued)

 

PGIM Institutional Money Market Fund (cost $86,200,720; includes $86,131,134 of cash collateral for securities on loan)(b)(wa)

 

      86,343,851      $ 86,266,142  
           

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $518,252,642)

 

      518,318,064  
           

 

 

  

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		         
                             

U.S. TREASURY OBLIGATION(k)(n) — 0.0%

 

U.S. Treasury Bills

 

         

1.426%

      09/15/22           160        159,464  
           

 

 

  

(cost $159,521)

 

         

OPTIONS PURCHASED*~ — 0.0%

 

(cost $124,982)

 

            343,756  
           

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $518,537,145)

 

      518,821,284  
           

 

 

  

TOTAL INVESTMENTS, BEFORE OPTIONS

 

   

WRITTEN—102.9%

 

         

(cost $3,917,381,166)

 

            4,240,278,917  
           

 

 

  

OPTIONS WRITTEN*~ — (0.0)%

 

(premiums received $119,642)

 

      (100,695 ) 
           

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS

 

   

WRITTEN—102.9%

 

         

(cost $3,917,261,524)

 

            4,240,178,222  

Liabilities in excess of other assets(z) — (2.9)%

 

      (121,472,285 ) 
           

 

 

  

NET ASSETS — 100.0%

 

          $     4,118,705,937  
           

 

 

  

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

 

*

Non-income producing security.

#

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

~

See tables subsequent to the Schedule of Investments for options detail.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,415,898 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 $82,871,768; cash collateral of $86,131,134 (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, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. 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.

(r)

Principal or notional amount is less than $500 par.

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

 

 

Options Purchased:

OTC Swaptions

 

Description

  

Call/
Put

  

Counterparty

  

Expiration
Date

  

Strike

  

Receive

  

Pay

   Notional
Amount
(000)#		     Value  

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   07/20/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     4,800     $         —  

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   07/20/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020       —  

CDX.NA.IG.38.V1, 06/20/27

   Call   Citibank, N.A.   07/20/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     4,800       —  

CDX.NA.IG.38.V1, 06/20/27

   Call   Morgan Stanley & Co. International PLC   07/20/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020       —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A72

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Options Purchased (continued):

OTC Swaptions

 

Description

  

Call/
Put

  

Counterparty

  

Expiration
Date

  

Strike

  

Receive

  

Pay

   Notional
Amount
(000)#		     Value  

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   08/17/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020     $ 3  

CDX.NA.IG.38.V1, 06/20/27

   Call   Deutsche Bank AG   08/17/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,100       2  

CDX.NA.IG.38.V1, 06/20/27

   Call   JP Morgan Chase Bank, N.A.   08/17/22   0.35%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,090       2  

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   07/20/22   0.70%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020       72,190  

CDX.NA.IG.38.V1, 06/20/27

   Put   Morgan Stanley & Co. International PLC   07/20/22   0.75%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020       60,853  

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   07/20/22   0.78%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     4,800       52,785  

CDX.NA.IG.38.V1, 06/20/27

   Put   Citibank, N.A.   07/20/22   0.78%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     4,800       52,785  

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   08/17/22   0.78%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020       58,611  

CDX.NA.IG.38.V1, 06/20/27

   Put   JP Morgan Chase Bank, N.A.   08/17/22   0.88%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,090       24,387  

CDX.NA.IG.38.V1, 06/20/27

   Put   Deutsche Bank AG   08/17/22   0.90%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,100       22,138  
               

 

 

  

Total Options Purchased (cost $124,982)

         $ 343,756  
               

 

 

  

Options Written:

OTC Swaptions

 

Description

  

Call/
Put

  

Counterparty

  

Expiration
Date

  

Strike

  

Receive

  

Pay

   Notional
Amount
(000)#		     Value  

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   07/20/22   0.63%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020     $ (30 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   Morgan Stanley & Co. International PLC   07/20/22   0.65%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020       (63 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   07/20/22   0.68%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     4,800       (125 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   Citibank, N.A.   07/20/22   0.68%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     4,800       (125 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   Barclays Bank PLC   08/17/22   0.70%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     5,020       (593 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   JP Morgan Chase Bank, N.A.   08/17/22   0.75%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,090       (446 ) 

CDX.NA.IG.38.V1, 06/20/27

   Call   Deutsche Bank AG   08/17/22   0.80%   CDX.NA.IG.38.V1(Q)   1.00%(Q)     3,100       (674 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   07/20/22   0.95%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020       (20,742 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Morgan Stanley & Co. International PLC   07/20/22   0.98%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020       (17,515 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   07/20/22   1.05%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     4,800       (10,018 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Citibank, N.A.   07/20/22   1.05%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     4,800       (10,018 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Barclays Bank PLC   08/17/22   1.03%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     5,020       (22,019 ) 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A73

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Options Written (continued):

OTC Swaptions

 

Description

  

Call/
Put

  

Counterparty

  

Expiration
Date

  

Strike

  

Receive

  

Pay

   Notional
Amount
(000)#		     Value  

CDX.NA.IG.38.V1, 06/20/27

   Put   JP Morgan Chase Bank, N.A.   08/17/22   1.13%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,090     $ (9,263 ) 

CDX.NA.IG.38.V1, 06/20/27

   Put   Deutsche Bank AG   08/17/22   1.15%   1.00%(Q)   CDX.NA.IG.38.V1(Q)     3,100       (8,469 ) 

GS_21-PJ2A^

   Put   Goldman Sachs International   11/15/24   0.50%   0.50%(M)   GS_21-PJ2A(M)     7,000       (211 ) 

GS_21-PJA^

   Put   Goldman Sachs International   06/17/24   0.25%   0.25%(M)   GS_21-PJA(M)     13,500       (384 ) 
               

 

 

  

Total Options Written (premiums received $119,642)

       $ (100,695 ) 
               

 

 

  

Futures contracts outstanding at June 30, 2022:

 

Number

of

Contracts

   

Type

    Expiration
Date		      Current
Notional
Amount		      Value /
Unrealized
Appreciation
(Depreciation)		  
                           

Long Positions:

         

322

    2 Year U.S. Treasury Notes      Sep. 2022      $ 67,625,032      $ (261,510 ) 

129

    5 Year U.S. Treasury Notes      Sep. 2022        14,480,250        (69,058 ) 

617

    10 Year U.S. Treasury Notes      Sep. 2022        73,133,781        (198,493 ) 

464

    30 Year U.S. Ultra Treasury Bonds      Sep. 2022        71,615,500        (901,063 ) 

7

    Mini MSCI EAFE Index      Sep. 2022        649,810        (2,805 ) 

6

    S&P 500 E-Mini Index      Sep. 2022        1,136,850        (33,327 ) 
           

 

 

  
              (1,466,256 ) 
           

 

 

  

Short Positions:

         

14

    5 Year Euro-Bobl      Sep. 2022        1,822,029        16,514  

30

    10 Year Euro-Bund      Sep. 2022        4,677,420        103,904  

28

    10 Year U.S. Ultra Treasury Notes      Sep. 2022        3,566,500        28,166  

374

    20 Year U.S. Treasury Bonds      Sep. 2022        51,845,750        453,691  

18

    Euro Schatz Index      Sep. 2022        2,058,813        4,485  
           

 

 

  
              606,760  
           

 

 

  
            $ (859,496 ) 
           

 

 

  

Forward foreign currency exchange contracts outstanding at June 30, 2022:

 

Purchase

Contracts

   

Counterparty

    Notional
Amount
(000)		      Value at
Settlement
Date		      Current
Value		      Unrealized
Appreciation		      Unrealized
Depreciation		  

OTC Forward Foreign Currency Exchange Contracts:

 

      

Canadian Dollar,

                  

Expiring 07/19/22

    Morgan Stanley & Co. International PLC      CAD        353      $ 272,299      $ 273,996      $ 1,697      $ —  

Euro,

                     

Expiring 07/05/22

    The Toronto-Dominion Bank      EUR        21,213        22,348,556        22,236,747        —        (111,809 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 22,620,855      $ 22,510,743        1,697        (111,809 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

Sale

Contracts

   

Counterparty

    Notional
Amount
(000)		      Value at
Settlement
Date		      Current
Value		      Unrealized
Appreciation		      Unrealized
Depreciation		  

OTC Forward Foreign Currency Exchange Contracts:

 

         

Canadian Dollar,

                     

Expiring 07/19/22

    Citibank, N.A.      CAD        4,639      $ 3,674,879      $ 3,604,068      $ 70,811      $         —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A74

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Forward foreign currency exchange contracts outstanding at June 30, 2022 (continued):

 

Sale
Contracts

  

Counterparty

   Notional
Amount
(000)		   Value at
Settlement
Date		   Current
Value		   Unrealized
Appreciation		   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

                    

Euro,

                          

Expiring 07/05/22

   Morgan Stanley & Co. International PLC       EUR       21,213     $ 22,819,838     $ 22,236,747     $ 583,091     $ —

Expiring 08/02/22

   The Toronto-Dominion Bank       EUR       21,213       22,389,136       22,278,554       110,582       —
             

 

 

      

 

 

      

 

 

      

 

 

  
              $ 48,883,853     $ 48,119,369       764,484       —
             

 

 

      

 

 

      

 

 

      

 

 

  
                      $ 766,181     $ (111,809 ) 
                     

 

 

      

 

 

  

Credit default swap agreements outstanding at June 30, 2022:

 

Reference Entity/
Obligation

    Termination
Date		    Fixed
Rate		   Notional
Amount
(000)#(3)		    Implied
Credit
Spread at
June 30,
2022(4)		   Fair
Value		    Upfront
Premiums
Paid
(Received)		    Unrealized
Appreciation
(Depreciation)		    Counterparty
                                       

OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

 

GS_21-PJ2A

        07/14/22        0.500 %(M)       3,809        0.500 %     $ 3,174      $ (368 )       $ 3,542        Goldman Sachs International

GS_21-PJA

        07/14/22        0.250 %(M)       7,347        *       3,060        (355 )        3,415        Goldman Sachs International
                      

 

 

       

 

 

       

 

 

       
                       $ 6,234      $ (723 )       $ 6,957     
                      

 

 

       

 

 

       

 

 

       

 

Reference Entity/
Obligation

    Termination
Date		    Fixed
Rate		   Notional
Amount
(000)#(3)		    Value at
Trade Date		   Value at
June 30,
2022		    Unrealized
Appreciation
(Depreciation)
                             

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

 

              

CDX.NA.IG.38.V1

        06/20/27        1.000 %(Q)       29,380      $ (358,093 )      $ 337      $ 358,430
                  

 

 

      

 

 

       

 

 

  

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A75

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

 

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.

Total return swap agreements outstanding at June 30, 2022:

 

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:

              

U.S. Treasury Bond(T)

    1 Day USOIS +2bps(T)    Bank of America, N.A.    08/10/22    27,440      $ (83,169 )      $ —      $ (83,169 ) 

U.S. Treasury Bond(T)

    1 Day USOIS +1bps(T)    JP Morgan Chase Bank, N.A.    08/22/22    18,765        (184,388 )       —        (184,388 )
                

 

 

      

 

 

       

 

 

  
                 $ (267,557 )      $ —      $ (267,557 ) 
                

 

 

      

 

 

       

 

 

  

 

(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

    $—    $(723)   $6,957    $(267,557)

 

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

 

Broker

            Cash and/or Foreign Currency                    Securities Market Value        

Citigroup Global Markets, Inc.

      $ —      $ 4,783,617

Goldman Sachs & Co. LLC

        —        159,464
    

 

 

       

 

 

  

Total

      $ —      $ 4,943,081
    

 

 

       

 

 

  

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, 2022 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

    $   2,412,647,290      $ 40,282,597      $ —  

Exchange-Traded Fund

      167,973        —        —  

Preferred Stocks

      589,600        147,720        —  

Asset-Backed Securities

         

Automobiles

      —        75,973,836        —  

Collateralized Loan Obligations

      —          144,894,759        —  

Consumer Loans

      —        10,722,293        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A76

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Level 1     Level 2     Level 3  

Investments in Securities (continued)

       

Assets (continued)

       

Long-Term Investments (continued)

       

Asset-Backed Securities (continued)

       

Equipment

    $ —     $ 8,245,545     $ —  

Other

      —       4,352,541       —  

Residential Mortgage-Backed Securities

      —       109,292       1,410,259  

Student Loans

      —       13,149,032       —  

Commercial Mortgage-Backed Securities

      —       207,585,590       —  

Corporate Bonds

      —       366,760,880       —  

Municipal Bonds

      —       16,185,460       —  

Residential Mortgage-Backed Securities

      —       68,840,557       —  

Sovereign Bonds

      —       18,292,728       —  

U.S. Government Agency Obligations

      —       280,757,802       —  

U.S. Treasury Obligations

      —       50,341,879       —  

Short-Term Investments

       

Affiliated Mutual Funds

      518,318,064       —       —  

U.S. Treasury Obligation

      —       159,464       —  

Options Purchased

      —       343,756       —  
  

 

 

    

 

 

    

 

 

  

Total

    $ 2,931,722,927     $ 1,307,145,731     $ 1,410,259  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Options Written

    $ —     $ (100,100 )    $ (595 ) 
  

 

 

    

 

 

    

 

 

  

Other Financial Instruments*

       

Assets

       

Futures Contracts

    $ 606,760     $ —     $ —  

OTC Forward Foreign Currency Exchange Contracts

      —       766,181       —  

Centrally Cleared Credit Default Swap Agreement

      —       358,430       —  

OTC Credit Default Swap Agreements

      —       —       6,234  
  

 

 

    

 

 

    

 

 

  

Total

    $ 606,760     $ 1,124,611     $ 6,234  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Futures Contracts

    $ (1,466,256 )    $ —     $ —  

OTC Forward Foreign Currency Exchange Contract

      —       (111,809 )      —  

OTC Total Return Swap Agreements

      —       (267,557 )      —  
  

 

 

    

 

 

    

 

 

  

Total

    $ (1,466,256 )    $ (379,366 )    $ —  
  

 

 

    

 

 

    

 

 

  

 

*

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:

 

Affiliated Mutual Funds (2.1% represents investments purchased with collateral from securities on loan)

      12.6 % 

U.S. Government Agency Obligations

      6.8  

Software

      5.5  

Banks

      5.1  

Commercial Mortgage-Backed Securities

      5.0  

Technology Hardware, Storage & Peripherals

      3.9  

Pharmaceuticals

      3.6  

Collateralized Loan Obligations

      3.5  

Automobiles

      3.3  

Interactive Media & Services

      3.2  

Semiconductors & Semiconductor Equipment

      3.1  

IT Services

      2.6  

Oil, Gas & Consumable Fuels

      2.5  

Health Care Providers & Services

      2.2 % 

Internet & Direct Marketing Retail

      1.7  

Residential Mortgage-Backed Securities

      1.7  

Capital Markets

      1.6  

Equity Real Estate Investment Trusts (REITs)

      1.6  

Health Care Equipment & Supplies

      1.5  

Biotechnology

      1.5  

Insurance

      1.3  

Aerospace & Defense

      1.3  

Beverages

      1.3  

U.S. Treasury Obligations

      1.2  

Specialty Retail

      1.2  

Chemicals

      1.1  

Life Sciences Tools & Services

      1.1  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A77

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification (continued):

 

Diversified Financial Services

      1.1 % 

Electric Utilities

      1.1  

Hotels, Restaurants & Leisure

      1.0  

Food & Staples Retailing

      1.0  

Household Products

      1.0  

Food Products

      0.8  

Machinery

      0.8  

Electric

      0.8  

Entertainment

      0.8  

Media

      0.7  

Diversified Telecommunication Services

      0.6  

Pipelines

      0.6  

Telecommunications

      0.5  

Road & Rail

      0.5  

Electronic Equipment, Instruments & Components

      0.5  

Multi-Utilities

      0.5  

Sovereign Bonds

      0.4  

Communications Equipment

      0.4  

Industrial Conglomerates

      0.4  

Municipal Bonds

      0.4  

Auto Manufacturers

      0.4  

Consumer Finance

      0.4  

Airlines

      0.4  

Tobacco

      0.3  

Oil & Gas

      0.3  

Electrical Equipment

      0.3  

Textiles, Apparel & Luxury Goods

      0.3  

Student Loans

      0.3  

Air Freight & Logistics

      0.3  

Real Estate Investment Trusts (REITs)

      0.3  

Containers & Packaging

      0.3  

Consumer Loans

      0.3  

Household Durables

      0.2  

Trading Companies & Distributors

      0.2  

Building Products

      0.2  

Professional Services

      0.2  

Metals & Mining

      0.2  

Equipment

      0.2  

Energy Equipment & Services

      0.2  

Construction Materials

      0.2  

Multiline Retail

      0.2  

Retail

      0.2  

Commercial Services & Supplies

      0.2 % 

Independent Power & Renewable Electricity Producers

      0.2  

Distributors

      0.2  

Wireless Telecommunication Services

      0.2  

Commercial Services

      0.1  

Water Utilities

      0.1  

Real Estate Management & Development

      0.1  

Packaging & Containers

      0.1  

Agriculture

      0.1  

Foods

      0.1  

Other

      0.1  

Semiconductors

      0.1  

Healthcare-Services

      0.1  

Gas

      0.1  

Mining

      0.1  

Office/Business Equipment

      0.1  

Healthcare-Products

      0.1  

Home Builders

      0.0 * 

Housewares

      0.0 * 

Transportation

      0.0 * 

Engineering & Construction

      0.0 * 

Building Materials

      0.0 * 

Miscellaneous Manufacturing

      0.0 * 

Personal Products

      0.0 * 

Marine

      0.0 * 

Multi-National

      0.0 * 

Apparel

      0.0 * 

Auto Components

      0.0 * 

Construction & Engineering

      0.0 * 

Options Purchased

      0.0 * 

Exchange-Traded Fund

      0.0 * 

Leisure Products

      0.0 * 

Gas Utilities

      0.0 * 

Paper & Forest Products

      0.0 * 
  

 

 

  
     102.9  

Options Written

      (0.0 )* 

Liabilities in excess of other assets

      (2.9 ) 
  

 

 

  
     100.0 % 
  

 

 

  

 

*

Less than +/- 0.05%

 

 

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

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below. Fair values of derivative instruments as of June 30, 2022 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    $ 358,430 *    —    $ —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A78

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

    

Asset Derivatives

    

Liability Derivatives

  

Derivatives not accounted for as

hedging instruments, carried at fair

value            

   

Statement of
Assets and
Liabilities Location

    Fair Value    

Statement of
Assets and
Liabilities Location

    Fair Value  

Credit contracts

    —    $ —     Premiums received for OTC swap agreements    $ 723  

Credit contracts

    Unaffiliated investments      343,756     Options written outstanding, at value      100,695  

Credit contracts

    Unrealized appreciation on OTC swap agreements      6,957     —      —  

Equity contracts

    —      —     Due from/to broker-variation margin futures      36,132 * 

Foreign exchange contracts

    Unrealized appreciation on OTC forward foreign currency exchange contracts      766,181     Unrealized depreciation on OTC forward foreign currency exchange contracts      111,809  

Interest rate contracts

    Due from/to broker-variation margin futures      606,760 *    Due from/to broker-variation margin futures      1,430,124 * 

Interest rate contracts

    —      —     Unrealized depreciation on OTC swap agreements      267,557  
     

 

 

       

 

 

  
      $ 2,082,084        $ 1,947,040  
     

 

 

       

 

 

  

 

 

*

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, 2022 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

  

Derivatives not accounted for as hedging

instruments, carried at fair value

    Options
Purchased(1)		     Options
Written		      Futures     Forward
Currency
Exchange
Contracts		      Swaps  

Credit contracts

    $ (204,689 )    $ 190,679      $ —     $ —      $ 284,161  

Equity contracts

      —       —        (374,234 )      —        —  

Foreign exchange contracts

      —       —        —       1,342,904        —  

Interest rate contracts

      —       —        (25,355,801 )      —        (10,753,236 ) 
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ (204,689 )    $ 190,679      $ (25,730,035 )    $ 1,342,904      $ (10,469,075 ) 
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

 

(1)

Included in net realized gain (loss) on investment transactions in the Statement of Operations.

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  

Derivatives not accounted for

as hedging instruments,

carried at fair value

    Options
Purchased(2)		      Options
Written		      Futures     Forward
Currency
Exchange
Contracts		      Swaps  

Credit contracts

    $ 266,258      $ 43,214      $ —     $ —      $ 358,182  

Equity contracts

      —        —        (68,960 )      —        —  

Foreign exchange contracts

      —        —        —       849,610        —  

Interest rate contracts

      —        —        (2,725,592 )      —        2,713,770  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 266,258      $ 43,214      $ (2,794,552 )    $ 849,610      $ 3,071,952  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

 

 

(2)

Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

 

For

the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:

 

Derivative Contract Type   Average Volume of Derivative Activities*

Options Purchased (1)

   $       122,113

Options Written (2)

   101,653,333

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A79

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Derivative Contract Type    Average Volume of Derivative Activities*

Futures Contracts - Long Positions (2)

        $254,684,716

Futures Contracts - Short Positions (2)

        48,883,563

Forward Foreign Currency Exchange Contracts - Purchased (3)

        15,868,367

Forward Foreign Currency Exchange Contracts - Sold (3)

        43,952,909

Credit Default Swap Agreements - Buy Protection (2)

        17,576,667

Credit Default Swap Agreements - Sell Protection (2)

        16,195,633

Total Return Swap Agreements (2)

        37,058,333

Inflation Swap Agreements (2)

        13,738,333

 

*

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022.

(1)

Cost.

(2)

Notional Amount in USD.

(3)

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

        $ 82,871,768        $ (82,871,768 )      $ —

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

    Gross Amounts of
Recognized
Assets(1)		    Gross Amounts of
Recognized
Liabilities(1)		   Net Amounts of
Recognized
Assets/(Liabilities)		   Collateral
Pledged/(Received)(2)		   Net
Amount

Bank of America, N.A.

      $ —      $ (83,169 )     $ (83,169 )     $ 83,169     $ —

Barclays Bank PLC

        183,589        (53,527 )       130,062       —       130,062

Citibank, N.A.

        123,596        (10,143 )       113,453       —       113,453

Deutsche Bank AG

        22,140        (9,143 )       12,997       —       12,997

Goldman Sachs International

        6,957        (1,318 )       5,639       —       5,639

JP Morgan Chase Bank, N.A.

        24,389        (194,097 )       (169,708 )       169,708       —

Morgan Stanley & Co. International PLC

        645,641        (17,578 )       628,063       (580,000 )       48,063

The Toronto-Dominion Bank

        110,582        (111,809 )       (1,227 )       —       (1,227 )
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  
     $ 1,116,894      $ (480,784 )     $ 636,110     $ (327,123 )     $ 308,987
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

A80

 
   PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)      

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

 

ASSETS   

Investments at value, including securities on loan of $82,871,768:

   

Unaffiliated investments (cost $3,399,128,524)

    $ 3,721,960,853  

Affiliated investments (cost $518,252,642)

      518,318,064  

Foreign currency, at value (cost $310,193)

      310,597  

Cash

      37,161  

Receivable for investments sold

      35,572,489  

Dividends and interest receivable

      8,639,638  

Due from broker-variation margin futures

      1,238,706  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      766,181  

Tax reclaim receivable

      488,224  

Receivable for Portfolio shares sold

      69,303  

Unrealized appreciation on OTC swap agreements

      6,957  

Due from broker-variation margin swaps

      5,685  

Receivable from affiliate

      3,467  

Prepaid expenses and other assets

      530,135  
  

 

 

  

Total Assets

      4,287,947,460  
  

 

 

  
LIABILITIES   

Payable to broker for collateral for securities on loan

      86,131,134  

Payable for investments purchased

      78,217,562  

Management fee payable

      2,074,997  

Payable for Portfolio shares purchased

      1,939,313  

Accrued expenses and other liabilities

      273,319  

Unrealized depreciation on OTC swap agreements

      267,557  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      111,809  

Payable to affiliate

      107,829  

Options written outstanding, at value (premiums received $119,642)

      100,695  

Due to broker-variation margin futures

      12,780  

Trustees’ fees payable

      2,201  

Affiliated transfer agent fee payable

      980  

Premiums received for OTC swap agreements

      723  

Distribution fee payable

      624  
  

 

 

  

Total Liabilities

      169,241,523  
  

 

 

  
NET ASSETS    $ 4,118,705,937  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 4,118,705,937  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $4,115,543,552 / 109,193,503 outstanding shares of beneficial interest

    $ 37.69  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $3,162,385 / 84,153 outstanding shares of beneficial interest

    $ 37.58  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS)

INCOME

   

Unaffiliated dividend income (net of $136,610 foreign withholding tax, of which $16,140 is reimbursable by an affiliate)

    $ 22,172,075  

Interest income

      17,956,446  

Affiliated dividend income

      1,121,385  

Income from securities lending, net (including affiliated income of $19,996)

      21,798  
  

 

 

  

Total income

      41,271,704  
  

 

 

  
EXPENSES   

Management fee

      13,572,357  

Distribution fee—Class III

      3,326  

Custodian and accounting fees

      179,974  

Shareholders’ reports

      63,754  

Trustees’ fees

      39,911  

Audit fee

      23,307  

Legal fees and expenses

      20,682  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      52,297  
  

 

 

  

Total expenses

      13,960,905  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      27,310,799  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(8,518))

      68,771,497  

Futures transactions

      (25,730,035 ) 

Forward currency contract transactions

      1,342,904  

Options written transactions

      190,679  

Swap agreements transactions

      (10,469,075 ) 

Foreign currency transactions

      (108,790 ) 
  

 

 

  
     33,997,180  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(2,413))

      (777,013,813 ) 

Futures

      (2,794,552 ) 

Forward currency contracts

      849,610  

Options written

      43,214  

Swap agreements

      3,071,952  

Foreign currencies

      (39,555 ) 
  

 

 

  
     (775,883,144 ) 
  

 

 

  
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS      (741,885,964 ) 
  

 

 

  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS    $ (714,575,165 ) 
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2022		     Year Ended
December 31, 2021		  
INCREASE (DECREASE) IN NET ASSETS     
OPERATIONS     

Net investment income (loss)

    $ 27,310,799     $ 56,460,238  

Net realized gain (loss) on investment and foreign currency transactions

      33,997,180       523,923,693  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

      (775,883,144 )      177,114,878  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      (714,575,165 )      757,498,809  
  

 

 

    

 

 

  
PORTFOLIO SHARE TRANSACTIONS     

Portfolio shares sold

      3,468,792       10,264,950  

Portfolio shares purchased

      (139,959,561 )      (277,076,354 ) 
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

      (136,490,769 )      (266,811,404 ) 
  

 

 

    

 

 

  
TOTAL INCREASE (DECREASE)      (851,065,934 )      490,687,405  
NET ASSETS:     

Beginning of period

      4,969,771,871       4,479,084,466  
  

 

 

    

 

 

  

End of period

    $ 4,118,705,937     $ 4,969,771,871  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A81

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
FINANCIAL HIGHLIGHTS (unaudited)   

 

Class I

                              
     Six Months Ended
June 30, 2022		        Year Ended December 31,
     2021   2020     2019     2018     2017    

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 44.14          $ 37.61     $ 34.32     $ 28.63     $ 29.88     $ 25.99
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.25            0.49       0.56       0.61       0.53       0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (6.70 )            6.04       2.73       5.08       (1.78 )       3.44
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (6.45 )            6.53       3.29       5.69       (1.25 )       3.89
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       — (b)(c)         — (b)(c)         —
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 37.69          $ 44.14     $ 37.61     $ 34.32     $ 28.63     $ 29.88
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

       (14.61 )%            17.36 %       9.59 %       19.87 %(e)       (4.18 )%(e)       14.97 %

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 4,116          $ 4,968     $ 4,479     $ 4,328     $ 3,834     $ 4,230

Average net assets (in millions)

      $ 4,559          $ 4,766     $ 4,171     $ 4,127     $ 4,157     $ 4,043

Ratios to average net assets(f):

                              

Expenses after waivers and/or expense reimbursement

        0.62 %(g)            0.61 %       0.62 %       0.63 %       0.63 %       0.62 %

Expenses before waivers and/or expense reimbursement

        0.62 %(g)            0.61 %       0.62 %       0.63 %       0.63 %       0.62 %

Net investment income (loss)

        1.21 %(g)            1.18 %       1.64 %       1.92 %       1.75 %       1.62 %

Portfolio turnover rate(h)(i)

       57 %            119 %       120 %       125 %       139 %       175 %

 

Class III

         
     Six Months
Ended
June 30,
2022		   April 26, 2021(j)
through December 31,
2021

Per Share Operating Performance(a):

         

Net Asset Value, beginning of period

      $ 44.06     $ 40.73
    

 

 

      

 

 

  

Income (Loss) From Investment Operations:

         

Net investment income (loss)

        0.20       0.26

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        (6.68 )       3.07
    

 

 

      

 

 

  

Total from investment operations

        (6.48 )       3.33
    

 

 

      

 

 

  

Net Asset Value, end of period

      $ 37.58     $ 44.06
    

 

 

      

 

 

  

Total Return(d)

       (14.71 )%       8.18 %

Ratios/Supplemental Data:

         

Net assets, end of period (in millions)

      $ 3     $ 2

Average net assets (in millions)

      $ 3     $ 1

Ratios to average net assets(f):

         

Expenses after waivers and/or expense reimbursement

        0.87 %(g)       0.86 %(k)

Expenses before waivers and/or expense reimbursement

        0.87 %(g)       0.86 %(k)

Net investment income (loss)

        0.98 %(g)       0.86 %(k)

Portfolio turnover rate(h)(i)

       57 %       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)

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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(i)

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.

(j)

Commencement of offering.

(k)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A82

 
   PSF PGIM GOVERNMENT INCOME PORTFOLIO      
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             
LONG-TERM INVESTMENTS — 97.4%

 

ASSET-BACKED SECURITIES — 10.6%

 

Collateralized Loan Obligations

 

   

AGL Core CLO Ltd. (Cayman Islands),

 

Series 2019-02A, Class A1, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)

 

2.453%(c)

      04/20/32           1,000      $ 982,635  

Bain Capital Credit CLO Ltd. (Cayman Islands),

 

Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

2.144%(c)

      10/17/32           500        486,850  

Balboa Bay Loan Funding Ltd. (Cayman Islands),

 

Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      07/20/34           3,000        2,899,036  

Battalion CLO Ltd.,

 

Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)

 

2.394%(c)

      01/17/33           2,500        2,440,100  

Jamestown CLO Ltd. (Cayman Islands),

 

Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      10/20/34           500        480,783  

OZLM Ltd. (Cayman Islands),

 

Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

 

2.536%(c)

      10/30/30           3,709        3,710,703  

Regatta Funding Ltd. (Cayman Islands),

 

Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

 

3.246%(c)

      06/20/34           3,250        3,140,078  

TCW CLO Ltd. (Cayman Islands),

 

Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

 

2.419%(c)

      10/29/34           500        481,009  

Trimaran Cavu Ltd.,

 

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)

 

2.523%(c)

      07/20/32           2,500        2,460,061  

Venture CLO Ltd. (Cayman Islands),

 

Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%)

 

2.284%(c)

      04/15/34           2,250        2,167,738  

Wellfleet CLO Ltd. (Cayman Islands),

 

Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)

 

2.123%(c)

      10/20/29           1,105        1,091,458  

Wind River CLO Ltd. (Cayman Islands),

 

Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

 

2.254%(c)

      10/15/34           500        481,268  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $21,175,103)

 

      20,821,719  
           

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2%

 

Barclays Commercial Mortgage Securities Trust,

 

Series 2019-C04, Class A4

 

2.661%

      08/15/52           3,000        2,713,050  

Interest
Rate

    Maturity
Date		                        Principal
Amount
(000)#		      Value  
                             
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

CD Mortgage Trust,

 

Series 2019-CD08, Class A3

 

2.657%

      08/15/57           4,000      $ 3,546,933  

Fannie Mae-Aces,

 

Series 2022-M03, Class A2

 

1.764%(cc)

      11/25/31           4,000        3,394,590  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K025, Class X1, IO

 

0.877%(cc)

      10/25/22           21,783        27,575  

Series K151, Class A3

 

3.511%

      04/25/30           400        399,139  

Series K152, Class A2

 

3.080%

      01/25/31           140        135,261  
           

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $11,267,603)

 

      10,216,548  
           

 

 

  
CORPORATE BOND — 0.4%

 

Diversified Financial Services

 

Private Export Funding Corp.,

 

U.S. Gov’t. Gtd. Notes, Series PP

 

1.400%

      07/15/28           885        780,266  
           

 

 

  

(cost $883,114)

 

      
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%

 

Government National Mortgage Assoc.,

 

Series 2015-143, Class WA

 

4.000%

      10/20/45           204        206,812  

Merrill Lynch Mortgage Investors Trust,

 

Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%)

 

2.244%(c)

      10/25/28           7        6,760  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.543%(cc)

      02/25/34           33        31,609  
           

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $253,650)

 

      245,181  
           

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 46.4%

 

Federal Farm Credit Bank

 

5.480%

      06/27/42           500        499,683  

Federal Home Loan Bank

 

3.250%

      11/16/28           1,025        1,029,188  

5.500%

      07/15/36           1,000        1,202,226  

Federal Home Loan Mortgage Corp.

 

1.500%

      11/01/50           445        369,582  

2.000%

      01/01/32           133        127,345  

2.000%

      12/01/50           1,850        1,612,754  

2.000%

      05/01/51           490        426,024  

2.000%

      02/01/52           489        425,013  

2.000%

      05/01/52           995        864,628  

2.500%

      03/01/30           234        229,819  

2.500%

      11/01/46           269        243,416  

2.500%

      04/01/51           2,726        2,455,820  

3.000%

      06/01/29           173        172,219  

3.000%

      01/01/37           292        286,256  

3.000%

      06/01/45           154        146,832  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A83

 
   PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)      
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
                           
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

3.000%

    01/01/48         228      $ 214,941  

3.000%

    10/01/49         79        73,763  

3.000%

    04/01/52         498        465,599  

3.000%

    05/01/52         780        727,766  

3.000%

    06/01/52         1,993        1,858,514  

3.500%

    12/01/32         264        264,676  

3.500%

    07/01/42         259        254,494  

3.500%

    10/01/42         483        474,740  

3.500%

    08/01/43         488        479,848  

3.500%

    09/01/45         169        165,674  

3.500%

    10/01/45         147        144,140  

3.500%

    02/01/47         192        188,162  

3.500%

    07/01/47         299        293,591  

3.500%

    03/01/48         407        398,531  

4.000%

    06/01/26         14        14,216  

4.000%

    09/01/26         60        61,219  

4.000%

    09/01/40         130        131,654  

4.000%

    12/01/40         146        147,382  

4.000%

    12/01/40         167        168,736  

4.000%

    11/01/43         323        327,004  

4.000%

    09/01/48         7        6,957  

4.500%

    09/01/39         549        567,369  

4.500%

    08/01/48         152        154,057  

5.000%

    06/01/33         153        160,755  

5.000%

    05/01/34         81        84,771  

5.500%

    05/01/37         26        27,630  

5.500%

    02/01/38         86        92,000  

5.500%

    05/01/38         37        39,656  

6.000%

    09/01/34         42        44,436  

6.000%

    01/01/37         46        50,057  

6.000%

    09/01/38         26        28,567  

6.000%

    08/01/39         35        38,773  

6.250%

    07/15/32         2,500        3,102,979  

6.500%

    09/01/32         12        12,362  

Federal Home Loan Mortgage Corp., MTN

 

1.899%(s)

    11/15/38         600        322,510  

Federal National Mortgage Assoc.

 

0.875%

    08/05/30         500        413,650  

1.500%

    11/01/50         1,370        1,139,919  

1.500%

    12/01/50         871        724,942  

2.000%

    08/01/31         134        128,610  

2.000%

    05/01/36         839        784,037  

2.000%

    06/01/40         344        307,887  

2.000%

    07/01/40         366        326,939  

2.000%

    02/01/41         1,664        1,488,029  

2.000%

    05/01/41         1,988        1,777,119  

2.000%

    09/01/50         1,430        1,246,840  

2.000%

    10/01/50         1,619        1,414,558  

2.000%

    12/01/50         411        358,051  

2.000%

    02/01/51         3,659        3,191,124  

2.000%

    05/01/51         483        419,820  

2.500%

    06/01/28         770        759,056  

2.500%

    05/01/41         1,044        961,251  

2.500%

    02/01/43         101        92,074  

2.500%

    12/01/46         350        317,929  

2.500%

    01/01/50         716        647,615  

2.500%

    03/01/50         215        194,778  

2.500%

    05/01/50         948        855,839  

Interest
Rate

    Maturity
Date		                      Principal
Amount
(000)#
      Value  
                           
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

2.500%

    08/01/50         2,195      $ 1,979,556  

2.500%

    09/01/50         1,697        1,543,451  

2.500%

    10/01/50         2,483        2,239,926  

2.500%

    04/01/51         1,156        1,049,720  

2.500%

    04/01/51         1,668        1,503,437  

2.500%

    11/01/51         1,006        906,204  

2.500%

    04/01/52         995        895,584  

2.500%

    05/01/52         994        898,350  

3.000%

    02/01/31         312        310,386  

3.000%

    11/01/36         230        223,401  

3.000%

    03/01/43         380        363,309  

3.000%

    07/01/43         475        453,663  

3.000%

    07/01/43         638        609,024  

3.000%

    09/01/46         321        304,118  

3.000%

    11/01/46         149        140,584  

3.000%

    11/01/46         196        185,888  

3.000%

    11/01/46         830        785,439  

3.000%

    12/01/47         445        425,315  

3.000%

    02/01/50         185        173,198  

3.000%

    06/01/50         320        298,758  

3.000%

    11/01/51         987        920,799  

3.000%

    04/01/52         496        462,488  

3.000%

    04/01/52         498        464,991  

3.000%

    04/01/52         710        662,983  

3.000%

    04/01/52         987        921,525  

3.000%

    04/01/52         994        927,430  

3.000%

    04/01/52         998        936,206  

3.000%

    05/01/52         1,995        1,862,082  

3.500%

    07/01/31         408        407,978  

3.500%

    02/01/33         67        66,880  

3.500%

    06/01/39         139        136,329  

3.500%

    04/01/42         228        223,717  

3.500%

    06/01/42         344        338,139  

3.500%

    07/01/42         182        179,125  

3.500%

    07/01/42         429        421,972  

3.500%

    06/01/45         580        567,252  

3.500%

    07/01/46         187        182,703  

3.500%

    12/01/46         171        166,919  

3.500%

    12/01/46         427        419,768  

3.500%

    11/01/48         308        301,579  

4.000%

    TBA         500        492,119  

4.000%

    09/01/40         559        565,156  

4.000%

    06/01/42         320        323,069  

4.000%

    09/01/44         207        208,348  

4.000%

    09/01/44         394        397,186  

4.000%

    04/01/45         196        197,038  

4.000%

    07/01/45         137        137,615  

4.000%

    10/01/45         226        226,964  

4.000%

    10/01/46         72        72,928  

4.000%

    02/01/47         66        66,479  

4.000%

    06/01/47         118        118,274  

4.000%

    07/01/47         122        122,361  

4.000%

    10/01/47         387        387,998  

4.000%

    11/01/47         98        98,290  

4.000%

    11/01/47         132        132,652  

4.500%

    05/01/40         473        481,575  

4.500%

    04/01/42         328        338,636  

5.000%

    12/01/31         22        22,325  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A84

 
   PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)      
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
                           
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

5.000%

    03/01/34         164      $ 172,185  

5.000%

    06/01/35         69        72,838  

5.000%

    07/01/35         34        36,187  

5.000%

    05/01/36         46        48,206  

5.500%

    02/01/34         104        111,679  

5.500%

    09/01/34         117        123,808  

5.500%

    02/01/35         146        154,085  

5.500%

    06/01/35         31        32,677  

5.500%

    06/01/35         65        67,765  

5.500%

    09/01/35         32        32,837  

5.500%

    09/01/35         67        69,507  

5.500%

    10/01/35         109        114,210  

5.500%

    11/01/35         42        43,287  

5.500%

    11/01/35         57        59,152  

5.500%

    11/01/35         242        259,652  

6.000%

    12/01/33         9        9,285  

6.000%

    02/01/34         58        62,518  

6.000%

    08/01/34         —(r)        207  

6.000%

    11/01/34         —(r)        286  

6.000%

    01/01/35         4        4,454  

6.000%

    01/01/36         54        56,428  

6.000%

    05/01/38         21        23,379  

6.500%

    07/01/32         104        110,955  

6.500%

    08/01/32         49        51,886  

6.500%

    10/01/32         129        138,692  

6.500%

    10/01/37         75        80,929  

6.625%

    11/15/30         3,000        3,708,081  

7.000%

    12/01/31         25        26,366  

7.000%

    01/01/36         13        13,729  

8.000%

    10/01/23         —(r)        22  

8.000%

    09/01/24         —(r)        440  

8.000%

    11/01/24         1        552  

8.000%

    01/01/26         —(r)        29  

9.000%

    02/01/25         3        2,776  

9.000%

    04/01/25         1        1,140  

Government National Mortgage Assoc.

 

2.000%

    09/20/51         335        297,952  

2.500%

    12/20/46         98        89,909  

2.500%

    05/20/51         424        389,781  

3.000%

    03/15/45         408        387,351  

3.000%

    07/20/46         393        376,676  

3.000%

    09/20/46         421        404,177  

3.000%

    10/20/46         106        101,587  

3.000%

    04/20/47         491        470,754  

3.000%

    12/20/48         319        304,754  

3.000%

    04/20/49         304        289,958  

3.000%

    07/20/49         79        75,259  

3.000%

    12/20/49         329        311,475  

3.500%

    01/20/43         467        462,081  

3.500%

    04/20/43         219        217,648  

3.500%

    03/20/45         275        272,065  

3.500%

    04/20/45         221        218,663  

3.500%

    04/20/46         370        364,358  

3.500%

    07/20/46         539        530,867  

3.500%

    07/20/48         448        439,866  

3.500%

    11/20/48         118        115,288  

3.500%

    01/20/49         210        207,178  

3.500%

    05/20/49         390        381,022  

Interest
Rate

    Maturity
Date		                      Principal
Amount
(000)#		      Value  
                           
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

4.000%

    06/15/40         67      $ 68,456  

4.000%

    08/20/46         225        225,931  

4.000%

    11/20/46         135        135,828  

4.000%

    09/20/47         181        182,271  

4.000%

    06/20/48         278        279,787  

4.000%

    02/20/49         252        254,048  

4.500%

    02/20/41         211        222,393  

4.500%

    03/20/41         179        185,384  

4.500%

    06/20/44         136        143,409  

4.500%

    09/20/46         158        162,268  

4.500%

    11/20/46         275        289,184  

4.500%

    01/20/47         36        38,070  

5.000%

    07/15/33         68        72,022  

5.000%

    09/15/33         124        131,144  

5.000%

    04/15/34         69        71,344  

5.000%

    10/20/48         53        54,798  

5.500%

    03/15/34         128        138,284  

5.500%

    03/15/36         35        37,651  

6.500%

    07/15/32         8        8,629  

6.500%

    08/15/32         1        1,477  

6.500%

    08/15/32         3        2,998  

6.500%

    08/15/32         10        10,207  

6.500%

    08/15/32         47        50,764  

7.000%

    05/15/23         —(r)        165  

7.000%

    06/15/23         —(r)        209  

7.000%

    06/15/23         1        674  

7.000%

    06/15/23         1        880  

7.000%

    07/15/23         —(r)        58  

7.000%

    07/15/23         3        3,143  

7.000%

    08/15/23         —(r)        221  

7.000%

    08/15/23         1        772  

7.000%

    09/15/23         —(r)        374  

7.000%

    10/15/23         —(r)        205  

7.000%

    11/15/23         1        772  

7.000%

    11/15/23         2        1,841  

7.000%

    01/15/24         3        2,847  

7.000%

    05/15/24         6        6,087  

7.000%

    08/15/28         20        21,102  

7.500%

    12/15/25         16        16,042  

7.500%

    02/15/26         3        3,147  

8.500%

    09/15/24         17        16,701  

8.500%

    04/15/25         1        1,384  

Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes

 

5.500%

    09/18/33         300        353,138  

Resolution Funding Corp. Interest Strips, Bonds

 

2.895%(s)

    01/15/30         350        264,202  

3.555%(s)

    04/15/30         675        516,864  

Resolution Funding Corp. Principal Strips, Bonds

 

3.143%(s)

    04/15/30         2,305        1,769,546  

3.330%(s)

    01/15/30         1,475        1,143,795  

Tennessee Valley Authority, Sr. Unsec’d. Notes

 

0.750%

    05/15/25         325        303,958  

1.500%

    09/15/31         500        422,051  

2.875%

    02/01/27         175        172,754  

5.880%

    04/01/36         230        277,192  

6.750%

    11/01/25         510        568,316  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A85

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
                            
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

7.125%

      05/01/30          530      $ 662,909  
          

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $97,599,436)

 

      91,174,184  
          

 

 

  
U.S. TREASURY OBLIGATIONS — 34.7%

 

U.S. Treasury Bonds

 

1.375%

      11/15/40          6,870        4,946,400  

2.000%

      11/15/41          830        659,072  

2.250%

      05/15/41 (k)         23,295        19,429,486  

2.250%

      02/15/52 (a)         415        341,532  

2.375%

      02/15/42          245        207,714  

2.500%

      02/15/46          710        601,947  

2.500%

      05/15/46          1,485        1,258,537  

2.875%

      05/15/43 (k)         1,515        1,380,307  

3.000%

      05/15/47          340        317,794  

3.625%

      08/15/43          125        128,223  

3.750%

      11/15/43          3,645        3,810,734  

U.S. Treasury Notes

 

0.750%

      12/31/23          1,460        1,412,265  

0.875%

      11/15/30          1,435        1,211,454  

1.250%

      09/30/28          3,745        3,354,408  

2.750%

      05/31/29          5,555        5,447,372  

3.125%

      11/15/28          8,120        8,135,859  

U.S. Treasury Strips Coupon

 

0.807%(s)

      11/15/29          15        11,917  

1.225%(s)

      02/15/41          130        68,479  

1.417%(s)

      02/15/38          525        317,338  

1.450%(s)

      08/15/42          60        29,081  

1.463%(s)

      11/15/42          155        74,418  

1.488%(s)

      11/15/41          730        366,255  

1.775%(s)

      02/15/40          535        296,277  

1.982%(s)

      08/15/39          2,120        1,203,928  

1.990%(s)

      02/15/39          2,825        1,635,300  

2.010%(s)

      08/15/30          945        734,701  

2.056%(s)

      11/15/38          220        128,863  

2.169%(s)

      05/15/39          990        566,814  

2.172%(s)

      02/15/28          530        444,724  

2.353%(s)

      02/15/44          780        358,434  

2.361%(s)

      05/15/41          1,945        1,004,258  

2.365%(s)

      05/15/44          2,790        1,268,360  

2.373%(s)

      08/15/41          2,315        1,177,033  

2.415%(s)

      11/15/40          525        279,193  

2.416%(s)

      05/15/42          80        39,213  

2.434%(s)

      11/15/45          345        150,493  

2.436%(s)

      02/15/46          390        168,751  

2.443%(s)

      08/15/44          210        94,787  

2.452%(s)

      08/15/43          1,145        534,751  

2.486%(s)

      02/15/45          200        88,875  

2.506%(s)

      11/15/43          4,315        2,001,755  

2.857%(s)

      05/15/31          145        110,211  

3.176%(s)

      08/15/40          800        430,156  

3.979%(s)

      02/15/42          3,945        1,950,155  
          

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $79,846,765)

 

      68,177,624  
          

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $211,025,671)

 

      191,415,522  
          

 

 

  
               Shares      Value  
SHORT-TERM INVESTMENTS — 2.8%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond
Fund(wa)

      5,055,796      $ 5,055,796  

PGIM Institutional Money Market Fund
(cost $331,445; includes $331,235 of cash collateral for securities on loan)(b)(wa)

      331,714        331,415  
           

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $5,387,241)

 

      5,387,211  
           

 

 

  

TOTAL INVESTMENTS—100.2%
(cost $216,412,912)

 

      196,802,733  

Liabilities in excess of other assets(z) — (0.2)%

 

      (339,611 ) 
           

 

 

  

NET ASSETS — 100.0%

 

    $     196,463,122  
           

 

 

  

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.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $330,639; cash collateral of $331,235 (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, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(r)

Principal or notional amount is less than $500 par.

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A86

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Futures contracts outstanding at June 30, 2022:

 

Number of
Contracts		  

Type

   Expiration
Date		   Current
Notional
Amount		   Value /
Unrealized
Appreciation
(Depreciation)
    Long Positions:                
    129    

2 Year U.S. Treasury Notes

       Sep. 2022     $ 27,092,016     $ (88,146 )
    284    

5 Year U.S. Treasury Notes

       Sep. 2022       31,879,000       (52,781 )
    425    

10 Year U.S. Treasury Notes

       Sep. 2022       50,375,781       (299,601 )
    47    

30 Year U.S. Ultra Treasury Bonds

       Sep. 2022       7,254,156       (87,336 )
               

 

 

  
                  (527,864 )
               

 

 

  
    Short Positions:                
    281    

10 Year U.S. Ultra Treasury Notes

       Sep. 2022       35,792,375       282,463
    387    

20 Year U.S. Treasury Bonds

       Sep. 2022       53,647,875       326,110
               

 

 

  
                  608,573
               

 

 

  
                $ 80,709
               

 

 

  

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

 

Broker

                Cash and/or Foreign Currency                             Securities Market Value             

Citigroup Global Markets, Inc.

      $ —      $ 1,690,923
    

 

 

       

 

 

  

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, 2022 in valuing such portfolio securities:

 

     Level 1   Level 2    Level 3

Investments in Securities

              

Assets

              

Long-Term Investments

              

Asset-Backed Securities

              

Collateralized Loan Obligations

      $ —     $ 20,821,719      $ —

Commercial Mortgage-Backed Securities

        —       10,216,548        —

Corporate Bond

        —       780,266        —

Residential Mortgage-Backed Securities

        —       245,181        —

U.S. Government Agency Obligations

        —       91,174,184        —

U.S. Treasury Obligations

        —       68,177,624        —

Short-Term Investments

              

Affiliated Mutual Funds

        5,387,211       —        —
    

 

 

      

 

 

       

 

 

  

Total

      $ 5,387,211     $ 191,415,522      $ —
    

 

 

      

 

 

       

 

 

  

Other Financial Instruments*

              

Assets

              

Futures Contracts

      $ 608,573     $ —      $ —
    

 

 

      

 

 

       

 

 

  

Liabilities

              

Futures Contracts

      $ (527,864 )     $ —      $ —
    

 

 

      

 

 

       

 

 

  

 

*

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A87

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:

 

U.S. Government Agency Obligations

      46.4 % 

U.S. Treasury Obligations

      34.7  

Collateralized Loan Obligations

      10.6  

Commercial Mortgage-Backed Securities

      5.2  

Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan)

      2.8  

Diversified Financial Services

      0.4  

Residential Mortgage-Backed Securities

      0.1 % 
  

 

 

  
     100.2  

Liabilities in excess of other assets

      (0.2 ) 
  

 

 

  
     100.0 % 
  

 

 

  
 

 

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

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

Fair values of derivative instruments as of June 30, 2022 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    $ 608,573 *    Due from/to broker-variation margin futures    $ 527,864 * 
     

 

 

       

 

 

  

 

*

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, 2022 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

    $ 1,891,979      $ (779,452 ) 
  

 

 

     

 

 

  

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

    $ 421,826      $ 786,295  
  

 

 

     

 

 

  

For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:

 

Derivative Contract Type

    Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)

      $ 119,980,583

Futures Contracts - Short Positions (1)

        91,542,135

Inflation Swap Agreements (1)

        3,556,667

 

*

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022.

(1)

Notional Amount in USD.

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

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A88

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Offsetting of financial instrument/transaction assets and liabilities:

 

 Description    Gross Market
Value of
Recognized
Assets/(Liabilities)		                   

Collateral

  Pledged/(Received)(1)  

   Net
Amount

 Securities on Loan

    $330,639         $(330,639)   $—

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A89

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

 

ASSETS

   

Investments at value, including securities on loan of $330,639:

   

Unaffiliated investments (cost $211,025,671)

    $ 191,415,522  

Affiliated investments (cost $5,387,241)

      5,387,211  

Dividends and interest receivable

      657,434  

Receivable for investments sold

      486,601  

Receivable for Portfolio shares sold

      190,180  

Prepaid expenses

      361  
  

 

 

  

Total Assets

      198,137,309  
  

 

 

  

LIABILITIES

   

Payable for investments purchased

      986,102  

Payable to broker for collateral for securities on loan

      331,235  

Due to broker-variation margin futures

      212,221  

Accrued expenses and other liabilities

      72,089  

Management fee payable

      64,495  

Payable for Portfolio shares purchased

      6,232  

Affiliated transfer agent fee payable

      980  

Trustees’ fees payable

      528  

Distribution fee payable

      305  
  

 

 

  

Total Liabilities

      1,674,187  
  

 

 

  

NET ASSETS

    $ 196,463,122  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 196,463,122  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $194,912,433 / 15,432,936 outstanding shares of beneficial interest

    $ 12.63  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $1,550,689 / 123,126 outstanding shares of beneficial interest

    $ 12.59  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS) INCOME

   

Interest income

    $ 2,479,527  

Affiliated dividend income

      17,587  

Income from securities lending, net (including affiliated income of $645)

      756  
  

 

 

  

Total income

      2,497,870  
  

 

 

  

EXPENSES

   

Management fee

      412,384  

Distribution fee—Class III

      1,428  

Custodian and accounting fees

      24,560  

Audit fee

      17,505  

Shareholders’ reports

      17,047  

Legal fees and expenses

      9,986  

Trustees’ fees

      6,328  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      8,872  
  

 

 

  

Total expenses

      503,407  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      1,994,463  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(2,423))

      (2,048,583 ) 

Futures transactions

      1,891,979  

Swap agreements transactions

      (779,452 ) 
  

 

 

  
     (936,056 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(30))

      (24,683,916 ) 

Futures

      421,826  

Swap agreements

      786,295  
  

 

 

  
     (23,475,795 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      (24,411,851 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (22,417,388 ) 
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

     Six Months Ended
June 30, 2022		   Year Ended
December 31, 2021

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 1,994,463     $ 3,127,986

Net realized gain (loss) on investment transactions

        (936,056 )       1,187,150

Net change in unrealized appreciation (depreciation) on investments

        (23,475,795 )       (11,901,520 )
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (22,417,388 )       (7,586,384 )
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        6,832,049       3,780,217

Portfolio shares purchased

        (11,328,597 )       (19,045,491 )
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

        (4,496,548 )       (15,265,274 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        (26,913,936 )       (22,851,658 )

NET ASSETS:

         

Beginning of period

        223,377,058       246,228,716
    

 

 

      

 

 

  

End of period

      $ 196,463,122     $ 223,377,058
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A90

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)

  

 

FINANCIAL HIGHLIGHTS (unaudited)

 

Class I

                         
     Six Months Ended   Year Ended December 31,
     June 30, 2022   2021   2020   2019   2018   2017

Per Share Operating Performance(a):

                         

Net Asset Value, beginning of period

      $ 14.05     $ 14.51     $ 13.54     $ 12.70     $ 12.62     $ 12.26
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                         

Net investment income (loss)

        0.13       0.19       0.23       0.31       0.28       0.23

Net realized and unrealized gain (loss) on investment transactions

        (1.55 )       (0.65 )       0.74       0.53       (0.20 )       0.13
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (1.42 )       (0.46 )       0.97       0.84       0.08       0.36
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —       —       —       —       — (b)(c)        —
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 12.63     $ 14.05     $ 14.51     $ 13.54     $ 12.70     $ 12.62
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

        (10.11 )%       (3.17 )%       7.16 %       6.61 %       0.63 %(e)       2.94 %

Ratios/Supplemental Data:

                         

Net assets, end of period (in millions)

      $ 194.9     $ 223.1     $ 246.2     $ 238.6     $ 221.1     $ 244.1

Average net assets (in millions)

      $ 206.7     $ 231.5     $ 246.6     $ 234.6     $ 230.5     $ 252.4

Ratios to average net assets(f):

                         

Expenses after waivers and/or expense reimbursement

        0.49 %(g)       0.48 %       0.51 %       0.52 %       0.51 %       0.53 %

Expenses before waivers and/or expense reimbursement

        0.49 %(g)       0.48 %       0.51 %       0.52 %       0.51 %       0.53 %

Net investment income (loss)

        1.94 %(g)       1.35 %       1.58 %       2.34 %       2.28 %       1.84 %

Portfolio turnover rate(h)(i)

        75 %       222 %       150 %       269 %       284 %       495 %

 

Class III

         
       Six Months  
Ended
June 30,
2022		   April 26, 2021(j)
through December 31,
2021

Per Share Operating Performance(a):

         

Net Asset Value, beginning of period

      $ 14.03     $ 14.17
    

 

 

      

 

 

  

Income (Loss) From Investment Operations:

         

Net investment income (loss)

        0.12       0.11

Net realized and unrealized gain (loss) on investment transactions

        (1.56 )       (0.25 )
    

 

 

      

 

 

  

Total from investment operations

        (1.44 )       (0.14 )
    

 

 

      

 

 

  

Net Asset Value, end of period

      $ 12.59     $ 14.03
    

 

 

      

 

 

  

Total Return(d)

        (10.26 )%       (0.99 )%

Ratios/Supplemental Data:

         

Net assets, end of period (in millions)

      $ 1.6     $ 0.3

Average net assets (in millions)

      $ 1.2     $ 0.2

Ratios to average net assets(f):

         

Expenses after waivers and/or expense reimbursement

        0.74 %(g)       0.68 %(k)

Expenses before waivers and/or expense reimbursement

        0.74 %(g)       0.68 %(k)

Net investment income (loss)

        1.79 %(g)       1.09 %(k)

Portfolio turnover rate(h)(i)

        75 %       222 %

 

(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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(i)

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.

(j)

Commencement of offering.

(k)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A91

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

      Maturity  
Date		          Principal      
Amount
(000)#		      Value  
                    

REPURCHASE AGREEMENTS — 32.6%

 

Bank of America Securities, Inc.

1.550%, dated 06/30/22, due 07/01/22 in the amount of $75,003,229 collateralized by FNMA (coupon rates 2.000%-5.000%, maturity dates 02/01/51-06/01/52) with the aggregate value, including accrued interest, of $76,500,000

      75,000      $       75,000,000  

Canadian Imperial Bank of Commerce

 

1.550%, dated 06/16/22, due 07/28/22 in the amount of $15,027,125 collateralized by U.S. Treasury Securities (coupon rates 0.125%-2.375%, maturity dates 05/15/23-02/15/51) with the aggregate value, including accrued interest, of $15,309,882

      15,000        15,000,000  

Credit Agricole Corporate & Investment Bank

1.520%, dated 06/30/22, due 07/01/22 in the amount of $2,801,118 collateralized by FHLMC (coupon rate 3.500%, maturity date 06/01/52) with the aggregate value, including accrued interest, of $2,857,021

      2,801        2,801,000  

Goldman Sachs & Co.

      

1.550%, dated 06/30/22, due 07/07/22 in the amount of $25,007,535 collateralized by GNMA (coupon rates 2.500%-5.500%, maturity dates 09/15/39-05/20/51) with the aggregate value, including accrued interest, of $25,500,000

      25,000        25,000,000  

ING Financial Markets LLC

      

1.290%, dated 05/19/22, due 08/19/22 in the amount of $5,016,483 collateralized by FHLMC (coupon rates 2.372%-3.500%, maturity dates 07/01/36-05/01/52) and FNMA (coupon rates 2.000%- 4.500%, maturity dates 08/01/34-09/01/57) with the aggregate value, including accrued interest, of $5,100,001

      5,000        5,000,000  

1.150%, dated 06/08/22, due 07/05/22 in the amount of $1,000,863 collateralized by FHLMC (coupon rates 2.150%-4.500%, maturity dates 07/01/36-07/01/48) and FNMA (coupon rates 2.136%-3.500%, maturity dates 12/01/40-09/01/51) with the aggregate value, including accrued interest, of $1,020,000

      1,000        1,000,000  

Interest

Rate

          Maturity      
Date		          Principal      
Amount
(000)#		      Value  
                    

REPURCHASE AGREEMENTS (continued)

 

1.550%, dated 06/16/22, due 07/28/22 in the amount of $35,063,292 collateralized by FHLMC (coupon rates 2.150%-2.372%, maturity dates 07/01/36-09/01/40) and FNMA (coupon rates 1.567%-5.000%, maturity dates 08/01/28-09/01/57) with the aggregate value, including accrued interest, of $35,700,000

      35,000      $ 35,000,000  

NatWest Markets Securities, Inc.

 

1.500%, dated 06/30/22, due 07/01/22 in the amount of $15,000,625 collateralized by FFCSB (coupon rate 1.545%, maturity date 01/23/24) with the aggregate value, including accrued interest, of $15,300,971

      15,000        15,000,000  

RBC Dominion Securities, Inc.

 

1.550%, dated 06/30/22, due 07/01/22 in the amount of $70,003,014 collateralized by FHLMC (coupon rates 3.000%-3.500%, maturity dates 08/01/49-01/01/50), FNMA (coupon rates 2.000%-5.000%, maturity dates 04/01/38-03/01/52), GNMA (coupon rates 2.500%-4.000%, maturity dates 11/20/41-04/20/52) and U.S. Treasury Securities (coupon rates 0.000%-3.375%, maturity dates 08/15/23-05/15/52) with the aggregate value, including accrued interest, of $71,400,000

      70,000        70,000,000  

Standard Chartered Bank

 

   

1.460%, dated 06/30/22, due 07/01/22 in the amount of $60,002,433 collateralized by Inter-American Development Bank (coupon rate 0.625%, maturity date 07/15/25) and U.S. Treasury Securities (coupon rates 0.125%-2.875%, maturity dates 08/31/23-05/15/52) with the aggregate value, including accrued interest, of $61,202,482

      60,000        60,000,000  
        

 

 

  

TOTAL REPURCHASE AGREEMENTS

 

   

(amortized cost $303,801,000)

 

          303,801,000  
        

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS — 65.7%

 

Federal Farm Credit Bank

 

1.452%(n)

    07/27/22      13,000        12,986,386  

Federal Farm Credit Bank, SOFR + 0.008% (Cap N/A, Floor 0.000%)

 

1.518%(c)

    02/07/23      8,750        8,749,336  

Federal Farm Credit Bank, SOFR + 0.014% (Cap N/A, Floor 0.000%)

 

1.524%(c)

    07/18/22      16,500        16,500,055  

Federal Farm Credit Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)

 

1.525%(c)

    05/02/23      10,000        9,999,574  

Federal Farm Credit Bank, SOFR + 0.025%

 

1.535%(c)

    10/27/23      11,450        11,449,092  

Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)

 

1.535%(c)

    09/27/23      9,350        9,349,412  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A92

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

          Maturity      
Date		                 Principal      
Amount
(000)#		      Value  
                           

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%)

 

1.545%(c)

      05/12/23           10,500      $       10,500,458  

Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)

 

1.550%(c)

      07/08/22           6,000        5,999,994  

1.550%(c)

      07/11/22           5,250        5,250,048  

1.550%(c)

      03/10/23           4,500        4,500,390  

Federal Farm Credit Bank, SOFR + 0.045%

 

1.550%(c)

      08/25/22           10,500        10,500,519  

Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)

 

1.560%(c)

      11/09/23           2,825        2,825,578  

Federal Home Loan Bank

 

0.891%(n)

      07/27/22           16,000        15,989,727  

0.902%(n)

      07/29/22           17,500        17,487,750  

1.003%(n)

      08/12/22           17,250        17,229,875  

1.010%(n)

      08/10/22           16,750        16,731,259  

1.013%(n)

      08/15/22           16,000        15,979,800  

1.073%(n)

      08/22/22           17,000        16,973,726  

1.088%(n)

      08/17/22           17,500        17,475,211  

1.140%(n)

      08/19/22           17,000        16,973,691  

1.244%(n)

      08/24/22           17,000        16,968,380  

1.314%(n)

      09/07/22           17,000        16,957,934  

1.355%(n)

      09/09/22           17,000        16,955,375  

1.356%(n)

      07/15/22           17,000        16,991,042  

1.422%(n)

      07/20/22           15,000        14,988,758  

1.452%(n)

      07/28/22           6,500        6,492,931  

Federal Home Loan Bank, SOFR + 0.005% (Cap N/A, Floor 0.000%)

 

1.515%(c)

      07/18/22           16,400        16,400,076  

1.515%(c)

      07/29/22           17,000        16,999,905  

1.515%(c)

      08/30/22           18,000        17,999,816  

1.515%(c)

      09/15/22           17,000        17,000,000  

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

 

1.520%(c)

      07/26/22           17,000        17,000,059  

1.520%(c)

      08/02/22           16,500        16,499,974  

1.520%(c)

      08/05/22           16,500        16,499,973  

1.520%(c)

      09/16/22           17,000        17,000,000  

1.520%(c)

      10/06/22           16,500        16,499,769  

Federal Home Loan Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)

 

1.525%(c)

      02/08/23           8,750        8,749,598  

Interest

Rate

          Maturity      
Date		                 Principal      
Amount
(000)#		      Value  
                           

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

Federal Home Loan Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%)

 

1.530%(c)

      12/19/22           17,000      $ 17,000,000  

Federal Home Loan Bank, SOFR + 0.090%

 

1.600%(c)

      08/19/22           16,500        16,502,158  

Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%)

 

1.600%(c)

      08/12/22           26,500        26,502,414  

Federal Home Loan Mortgage Corp., MTN, SOFR + 0.090% (Cap N/A,

 

Floor 0.000%)

 

1.600%(c)

      08/03/22           16,500        16,501,217  

1.600%(c)

      08/18/22           16,500        16,501,723  

Federal National Mortgage Assoc.

 

1.183%(n)

      08/31/22           8,250        8,233,505  

1.375%

      09/06/22           965        967,269  

Federal National Mortgage Assoc., SOFR + 0.180% (Cap N/A, Floor

 

0.000%)

 

1.690%(c)

      07/08/22           16,000        16,000,574  
           

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

 

(amortized cost $611,664,331)

 

      611,664,331  
           

 

 

  

U.S. TREASURY OBLIGATION(n) — 1.7%

 

U.S. Treasury Bills

 

0.892%

      07/28/22           16,000        15,989,320  
           

 

 

  

(cost $15,989,320)

 

TOTAL INVESTMENTS—100.0%

 

(amortized cost $931,454,651)

 

      931,454,651  

Liabilities in excess of other assets — (0.0)%

 

      (42,533 ) 
           

 

 

  

NET ASSETS — 100.0%

 

    $     931,412,118  
           

 

 

  

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, 2022.

(n)

Rate shown reflects yield to maturity at purchased date.

 

 

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of June 30, 2022 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Short-Term Investments

         

Repurchase Agreements

      $—        $303,801,000        $—  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A93

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Short-Term Investments (continued)

         

U.S. Government Agency Obligations

      $—        $611,664,331        $—  

U.S. Treasury Obligation

      —            15,989,320        —  
  

 

 

     

 

 

     

 

 

  

Total

      $—        $931,454,651        $—  
  

 

 

     

 

 

     

 

 

  

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, 2022 were as follows:

 

U.S. Government Agency Obligations

        65.7 %

Repurchase Agreements

        32.6

U.S. Treasury Obligation

        1.7
    

 

 

  
       100.0

Liabilities in excess of other assets

        (0.0 )*
    

 

 

  
       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    Counterparty   

Gross Market Value of
Recognized

Assets/(Liabilities)

     

Collateral

Pledged/(Received)(1)

      Net
Amount

Repurchase Agreements

    Bank of America Securities, Inc.      $  75,000,000                $(75,000,000)            $—

Repurchase Agreements

    Canadian Imperial Bank of Commerce      15,000,000                (15,000,000)              —

Repurchase Agreements

   

Credit Agricole Corporate &

Investment Bank

      2,801,000                (2,801,000)              —

Repurchase Agreements

    Goldman Sachs & Co.      25,000,000                (25,000,000)              —

Repurchase Agreements

    ING Financial Markets LLC      41,000,000                (41,000,000)              —

Repurchase Agreements

    NatWest Markets Securities, Inc.      15,000,000                (15,000,000)              —

Repurchase Agreements

    RBC Dominion Securities, Inc.      70,000,000                (70,000,000)              —

Repurchase Agreements

    Standard Chartered Bank          60,000,000                (60,000,000)              —
            $303,801,000                        

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A94

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

 

ASSETS

   

Investments, at amortized cost which approximates fair value:

    $ 627,653,651  

Repurchase Agreements
(amortized cost $303,801,000)

      303,801,000  

Cash

      994  

Receivable for Portfolio shares sold

      2,774,716  

Interest receivable

      545,550  

Prepaid expenses

      933  
  

 

 

  

Total Assets

      934,776,844  
  

 

 

  

LIABILITIES

   

Payable for Portfolio shares purchased

      3,041,484  

Management fee payable

      229,227  

Accrued expenses and other liabilities

      64,657  

Distribution fee payable

      28,378  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      3,364,726  
  

 

 

  

NET ASSETS

    $ 931,412,118  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 931,412,118  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $792,316,205 / 79,228,720 outstanding shares of beneficial interest

    $ 10.00  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $139,095,913 / 13,909,753 outstanding shares of beneficial interest

    $ 10.00  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS)

   

Interest income

    $ 1,863,879  
  

 

 

  

EXPENSES

   

Management fee

      1,369,846  

Distribution fee—Class III

      168,072  

Custodian and accounting fees

      41,487  

Shareholders’ reports

      25,906  

Audit fee

      12,447  

Legal fees and expenses

      11,845  

Trustees’ fees

      10,677  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      10,744  
  

 

 

  

Total expenses

      1,656,321  

Less: Fee waivers and/or expense reimbursement

      (503,442 ) 

Less: Distribution fee waiver—Class III

      (113,784 ) 
  

 

 

  

Net expenses

      1,039,095  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      824,784  
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON

INVESTMENT TRANSACTIONS

   

Net realized gain (loss) on investment transactions

      4,226  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 829,010  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

     Six Months Ended
June 30, 2022		   Year Ended
December 31, 2021

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 824,784     $ —

Net realized gain (loss) on investment transactions

        4,226       381,775
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        829,010       381,775
    

 

 

      

 

 

  

DISTRIBUTIONS

         

Class I

        (753,970 )       (331,630 )

Class III

        (75,240 )       (50,145 )
    

 

 

      

 

 

  
       (829,210 )       (381,775 )
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        521,178,714       1,118,916,318

Portfolio shares issued in reinvestment of distributions

        829,210       381,775

Portfolio shares purchased

        (459,433,260 )       (1,108,241,533 )
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

        62,574,664       11,056,560
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        62,574,464       11,056,560

NET ASSETS:

         

Beginning of period

        868,837,654       857,781,094
    

 

 

      

 

 

  

End of period

      $ 931,412,118     $ 868,837,654
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A95

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  

 

FINANCIAL HIGHLIGHTS (unaudited)

 

Class I

                         
     Six Months Ended   Year Ended December 31,
     June 30, 2022   2021   2020   2019   2018   2017

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)

        0.01       — (b)        0.03       0.19       0.15       0.06

Less Dividends and Distributions

        (0.01 )       (— )(b)       (0.03 )       (0.19 )       (0.15 )       (0.06 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 10.00     $ 10.00     $ 10.00     $ 10.00     $ 10.00     $ 10.00
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

        0.09 %       0.04 %       0.30 %       1.92 %       1.53 %       0.56 %

Ratios/Supplemental Data:

                         

Net assets, end of period (in millions)

      $ 792     $ 725     $ 792     $ 600     $ 536     $ 560

Average net assets (in millions)

      $ 785     $ 748     $ 667     $ 563     $ 560     $ 665

Ratios to average net assets(d):

                         

Expenses after waivers and/or expense reimbursement

        0.22 %(e)       0.06 %       0.21 %       0.35 %       0.35 %       0.35 %

Expenses before waivers and/or expense reimbursement

        0.33 %(e)       0.32 %       0.34 %       0.35 %       0.35 %       0.35 %

Net investment income (loss)

        0.19 %(e)       — %       0.26 %       1.88 %       1.52 %       0.55 %

 

Class III

             
     Six Months
Ended
June 30,
2022		   Year Ended December 31,
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
    

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

             

Net investment income (loss) and realized gains (losses)

        0.01       — (b)        — (b) 

Less Dividends and Distributions:

        (0.01 )       (— )(b)       (— )(b)
    

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 10.00     $ 10.00     $ 10.00
    

 

 

      

 

 

      

 

 

  

Total Return(c)

        0.05 %       0.04 %       — %(b)

Ratios/Supplemental Data:

             

Net assets, end of period (in millions)

      $ 139     $ 144     $ 66

Average net assets (in millions)

      $ 136     $ 118     $ 34

Ratios to average net assets(d):

             

Expenses after waivers and/or expense reimbursement

        0.29 %(e)       0.06 %       0.13 %(e)

Expenses before waivers and/or expense reimbursement

        0.57 %(e)       0.58 %       0.58 %(e)

Net investment income (loss)

        0.11 %(e)       — %       — %(b)(e)

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A96

 
  

PSF PGIM JENNISON BLEND PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares            Value  

LONG-TERM INVESTMENTS — 97.5%

 

COMMON STOCKS

 

Aerospace & Defense — 2.0%

 

   

Airbus SE (France)

      382,007      $ 37,185,108  

Raytheon Technologies Corp.

      562,751        54,085,999  
     

 

 

  
        91,271,107  
     

 

 

  

Automobiles — 4.3%

      

General Motors Co.*

      776,455        24,660,211  

Tesla, Inc.*

      256,625               172,816,407  
     

 

 

  
        197,476,618  
     

 

 

  

Banks — 5.7%

      

Bank of America Corp.

      1,940,927        60,421,058  

Citigroup, Inc.

      527,563        24,262,622  

JPMorgan Chase & Co.

      624,948        70,375,394  

PNC Financial Services Group, Inc. (The)

      331,447        52,292,393  

Truist Financial Corp.

      1,106,342        52,473,801  
     

 

 

  
        259,825,268  
     

 

 

  

Beverages — 0.9%

      

PepsiCo, Inc.

      249,820        41,635,001  
     

 

 

  

Biotechnology — 0.3%

      

Vertex Pharmaceuticals, Inc.*

      42,187        11,887,875  
     

 

 

  

Building Products — 1.0%

      

Johnson Controls International PLC

      913,682        43,747,094  
     

 

 

  

Capital Markets — 2.5%

      

Blackstone, Inc.

      317,680        28,981,947  

Goldman Sachs Group, Inc. (The)

      283,714        84,268,732  
     

 

 

  
        113,250,679  
     

 

 

  

Chemicals — 1.5%

      

Linde PLC (United Kingdom)(a)

      232,057        66,723,349  
     

 

 

  

Communications Equipment — 0.7%

 

   

Cisco Systems, Inc.

      701,099        29,894,861  
     

 

 

  

Consumer Finance — 0.6%

      

SLM Corp.(a)

      1,832,340        29,207,500  
     

 

 

  

Containers & Packaging — 1.3%

 

   

Crown Holdings, Inc.

      628,934        57,968,847  
     

 

 

  

Electric Utilities — 0.9%

      

NextEra Energy, Inc.

      520,122        40,288,650  
     

 

 

  

Energy Equipment & Services — 0.5%

 

   

Schlumberger NV

      674,923        24,135,246  
     

 

 

  

Entertainment — 0.9%

      

Netflix, Inc.*

      129,320        22,614,189  

ROBLOX Corp. (Class A
Stock)*(a)

      168,626        5,541,050  

Spotify Technology SA*

      141,933        13,317,573  
     

 

 

  
        41,472,812  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.5%

 

American Tower Corp.

      97,852        25,009,993  
     

 

 

  

Food & Staples Retailing — 2.0%

 

   

Costco Wholesale Corp.

      84,208        40,359,210  

Walmart, Inc.

      429,613        52,232,349  
     

 

 

  
        92,591,559  
     

 

 

  
           Shares            Value  

COMMON STOCKS (continued)

 

Food Products — 1.1%

      

Mondelez International, Inc. (Class A Stock)

      834,573      $ 51,818,638  
     

 

 

  

Health Care Equipment & Supplies — 2.7%

 

Abbott Laboratories

      929,302        100,968,663  

Intuitive Surgical, Inc.*

      107,399        21,556,053  
     

 

 

  
               122,524,716  
     

 

 

  

Health Care Providers & Services — 3.4%

 

Centene Corp.*

      505,908        42,804,876  

Cigna Corp.

      104,539        27,548,117  

Laboratory Corp. of America Holdings

      161,900        37,942,884  

UnitedHealth Group, Inc.

      87,831        45,112,637  
     

 

 

  
        153,408,514  
     

 

 

  

Hotels, Restaurants & Leisure — 2.7%

 

Airbnb, Inc. (Class A Stock)*

      311,950        27,788,506  

Chipotle Mexican Grill, Inc.*

      11,361        14,851,781  

Marriott International, Inc. (Class A Stock)

      140,480        19,106,685  

McDonald’s Corp.

      247,669        61,144,522  
     

 

 

  
        122,891,494  
     

 

 

  

Household Products — 1.4%

      

Procter & Gamble Co. (The)

      427,008        61,399,480  
     

 

 

  

Insurance — 3.5%

      

Chubb Ltd.

      366,753        72,096,305  

Marsh & McLennan Cos., Inc.

      298,606        46,358,581  

MetLife, Inc.

      677,761        42,556,613  
     

 

 

  
        161,011,499  
     

 

 

  

Interactive Media & Services — 5.5%

 

Alphabet, Inc. (Class A Stock)*

      68,594        149,484,160  

Alphabet, Inc. (Class C Stock)*

      36,305        79,415,372  

Meta Platforms, Inc. (Class A Stock)*

      131,607        21,221,629  
     

 

 

  
        250,121,161  
     

 

 

  

Internet & Direct Marketing Retail — 4.0%

 

Amazon.com, Inc.*

      1,290,800        137,095,868  

MercadoLibre, Inc. (Brazil)*

      67,721        43,129,473  
     

 

 

  
        180,225,341  
     

 

 

  

IT Services — 4.4%

      

Adyen NV (Netherlands), 144A*

      28,823        41,940,071  

Affirm Holdings, Inc.*(a)

      541,863        9,786,046  

Mastercard, Inc. (Class A Stock)

      166,657        52,576,950  

Shopify, Inc. (Canada) (Class A Stock)*(a)

      265,130        8,282,661  

Snowflake, Inc. (Class A Stock)*

      123,517        17,176,274  

Visa, Inc. (Class A Stock)(a)

      354,557        69,808,728  
     

 

 

  
        199,570,730  
     

 

 

  

Life Sciences Tools & Services — 1.5%

 

   

Danaher Corp.

      266,783        67,634,826  
     

 

 

  

Machinery — 2.2%

      

Deere & Co.

      99,732        29,866,742  

Fortive Corp.

      593,239        32,260,337  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A97

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Machinery (cont’d.)

      

Otis Worldwide Corp.

      507,234      $ 35,846,227  
     

 

 

  
        97,973,306  
     

 

 

  

Multi-Utilities — 1.3%

      

Dominion Energy, Inc.

      744,252        59,398,752  
     

 

 

  

Oil, Gas & Consumable Fuels — 5.2%

      

ConocoPhillips

      2,615,582        234,905,419  
     

 

 

  

Personal Products — 0.9%

      

Estee Lauder Cos., Inc. (The) (Class A Stock)

      164,817        41,973,945  
     

 

 

  

Pharmaceuticals — 8.2%

      

AstraZeneca PLC (United Kingdom), ADR

      1,418,681        93,732,254  

Bristol-Myers Squibb Co.

      1,308,386        100,745,722  

Eli Lilly & Co.

      466,475        151,245,189  

Novo Nordisk A/S (Denmark), ADR

      236,579        26,361,998  
     

 

 

  
        372,085,163  
     

 

 

  

Road & Rail — 1.5%

      

Uber Technologies, Inc.*

      1,378,732        28,208,857  

Union Pacific Corp.

      184,052        39,254,610  
     

 

 

  
        67,463,467  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.7%

 

Broadcom, Inc.

      90,625        44,026,531  

Lam Research Corp.

      62,817        26,769,465  

NVIDIA Corp.

      446,888        67,743,752  

NXP Semiconductors NV (China)

      235,378        34,843,005  

QUALCOMM, Inc.

      327,647        41,853,628  
     

 

 

  
        215,236,381  
     

 

 

  

Software — 9.4%

      

Adobe, Inc.*

      173,626        63,557,534  

Atlassian Corp. PLC (Class A Stock)*

      155,792        29,195,421  

Crowdstrike Holdings, Inc. (Class A Stock)*

      223,220        37,625,963  

Microsoft Corp.

      775,462        199,161,905  

Salesforce, Inc.*

      469,347        77,461,029  

Trade Desk, Inc. (The) (Class A
Stock)*(a)

      522,276        21,878,142  
     

 

 

  
        428,879,994  
     

 

 

  

Specialty Retail — 1.0%

      

Home Depot, Inc. (The)

      100,952        27,688,105  

Lowe’s Cos., Inc.

      114,088        19,927,751  
     

 

 

  
        47,615,856  
     

 

 

  
     Shares      Value  
COMMON STOCKS (continued)

 

Technology Hardware, Storage & Peripherals — 4.9%

 

Apple, Inc.

      1,631,259      $ 223,025,731  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.4%

 

Lululemon Athletica, Inc.*

      95,147        25,938,024  

LVMH Moet Hennessy Louis Vuitton SE (France)

      95,634        58,313,085  

NIKE, Inc. (Class B Stock)

      237,333        24,255,432  
     

 

 

  
        108,506,541  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $2,984,593,442)

         4,434,057,413  
     

 

 

  
SHORT-TERM INVESTMENTS — 5.9%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond Fund(wa)

      111,296,914        111,296,914  

PGIM Institutional Money Market Fund
(cost $157,478,004; includes $157,344,016 of cash collateral for securities on loan)(b)(wa)

      157,791,309        157,649,297  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $268,774,918)

 

      268,946,211  
  

 

 

  

TOTAL INVESTMENTS—103.4%
(cost $3,253,368,360)

 

      4,703,003,624  

Liabilities in excess of other assets — (3.4)%

 

      (156,198,922 ) 
     

 

 

  

NET ASSETS — 100.0%

 

    $ 4,546,804,702  
     

 

 

  

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 $151,239,106; cash collateral of $157,344,016 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

 

Fair Value Measurements:

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

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

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

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

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A98

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

The following is a summary of the inputs used as of June 30, 2022 in valuing such portfolio securities:

 

     Level 1    Level 2   

Level 3

Investments in Securities

               

Assets

               

Long-Term Investments

               

Common Stocks

               

Aerospace & Defense

      $ 54,085,999      $ 37,185,108      $ —

Automobiles

        197,476,618        —        —

Banks

        259,825,268        —        —

Beverages

        41,635,001        —        —

Biotechnology

        11,887,875        —        —

Building Products

        43,747,094        —        —

Capital Markets

        113,250,679        —        —

Chemicals

        66,723,349        —        —

Communications Equipment

        29,894,861        —        —

Consumer Finance

        29,207,500        —        —

Containers & Packaging

        57,968,847        —        —

Electric Utilities

        40,288,650        —        —

Energy Equipment & Services

        24,135,246        —        —

Entertainment

        41,472,812        —        —

Equity Real Estate Investment Trusts (REITs)

        25,009,993        —        —

Food & Staples Retailing

        92,591,559        —        —

Food Products

        51,818,638        —        —

Health Care Equipment & Supplies

        122,524,716        —        —

Health Care Providers & Services

        153,408,514        —        —

Hotels, Restaurants & Leisure

        122,891,494        —        —

Household Products

        61,399,480        —        —

Insurance

        161,011,499        —        —

Interactive Media & Services

        250,121,161        —        —

Internet & Direct Marketing Retail

        180,225,341        —        —

IT Services

        157,630,659        41,940,071        —

Life Sciences Tools & Services

        67,634,826        —        —

Machinery

        97,973,306        —        —

Multi-Utilities

        59,398,752        —        —

Oil, Gas & Consumable Fuels

        234,905,419        —        —

Personal Products

        41,973,945        —        —

Pharmaceuticals

        372,085,163        —        —

Road & Rail

        67,463,467        —        —

Semiconductors & Semiconductor Equipment

        215,236,381        —        —

Software

        428,879,994        —        —

Specialty Retail

        47,615,856        —        —

Technology Hardware, Storage & Peripherals

        223,025,731        —        —

Textiles, Apparel & Luxury Goods

        50,193,456        58,313,085        —

Short-Term Investments

               

Affiliated Mutual Funds

        268,946,211        —        —
    

 

 

       

 

 

       

 

 

  

Total

      $ 4,565,565,360      $ 137,438,264      $ —
    

 

 

       

 

 

       

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A99

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:

Software

      9.4 % 

Pharmaceuticals

      8.2  

Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan)

      5.9  

Banks

      5.7  

Interactive Media & Services

      5.5  

Oil, Gas & Consumable Fuels

      5.2  

Technology Hardware, Storage & Peripherals

      4.9  

Semiconductors & Semiconductor Equipment

      4.7  

IT Services

      4.4  

Automobiles

      4.3  

Internet & Direct Marketing Retail

      4.0  

Insurance

      3.5  

Health Care Providers & Services

      3.4  

Hotels, Restaurants & Leisure

      2.7  

Health Care Equipment & Supplies

      2.7  

Capital Markets

      2.5  

Textiles, Apparel & Luxury Goods

      2.4  

Machinery

      2.2  

Food & Staples Retailing

      2.0  

Aerospace & Defense

      2.0  

Life Sciences Tools & Services

      1.5  

Road & Rail

      1.5 % 

Chemicals

      1.5  

Household Products

      1.4  

Multi-Utilities

      1.3  

Containers & Packaging

      1.3  

Food Products

      1.1  

Specialty Retail

      1.0  

Building Products

      1.0  

Personal Products

      0.9  

Beverages

      0.9  

Entertainment

      0.9  

Electric Utilities

      0.9  

Communications Equipment

      0.7  

Consumer Finance

      0.6  

Equity Real Estate Investment Trusts (REITs)

      0.5  

Energy Equipment & Services

      0.5  

Biotechnology

      0.3  
  

 

 

  
     103.4  

Liabilities in excess of other assets

      (3.4 ) 
  

 

 

  
     100.0 % 
  

 

 

  
 

 

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

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

 

Offsetting of financial instrument/transaction assets and liabilities:

     Gross Market         
     Value of         
     Recognized    Collateral   Net
Description    Assets/(Liabilities)    Pledged/(Received)(1)   Amount

Securities on Loan

    $151,239,106    $(151,239,106)   $—

 

(1)

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

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A100

 
  

 

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

 

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

    

ASSETS   

Investments at value, including securities on loan of $151,239,106:

   

Unaffiliated investments (cost $2,984,593,442)

    $ 4,434,057,413  

Affiliated investments (cost $268,774,918)

      268,946,211  

Cash

      44  

Dividends receivable

      4,194,653  

Tax reclaim receivable

      1,101,616  

Receivable for Portfolio shares sold

      11,177  

Prepaid expenses and other assets

      432,195  
  

 

 

  

Total Assets

      4,708,743,309  
  

 

 

  
LIABILITIES   

Payable to broker for collateral for securities on loan

      157,344,016  

Management fee payable

      1,749,014  

Payable for investments purchased

      1,541,476  

Payable for Portfolio shares purchased

      618,994  

Payable to affiliate

      404,054  

Accrued expenses and other liabilities

      278,265  

Trustees’ fees payable

      1,001  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      508  

Administration fee payable

      299  
  

 

 

  

Total Liabilities

      161,938,607  
  

 

 

  
NET ASSETS    $ 4,546,804,702  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 4,546,804,702  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $4,544,425,005 / 62,954,897 outstanding shares of beneficial interest

    $ 72.19  
  

 

 

  
Class II:   

Net asset value and redemption price per share, $1,623,105 / 23,108 outstanding shares of beneficial interest

    $ 70.24  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $756,592 / 10,512 outstanding shares of beneficial interest

    $ 71.97  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $293,922 foreign withholding tax, of which $17,374 is reimbursable by an affiliate)

    $ 34,884,691  

Affiliated dividend income

      355,325  

Income from securities lending, net (including affiliated income of $43,119)

      43,373  
  

 

 

  

Total income

      35,283,389  
  

 

 

  
EXPENSES   

Management fee

      12,058,464  

Distribution fee—Class II

      2,425  

Distribution fee—Class III

      890  

Administration fee—Class II

      1,455  

Custodian and accounting fees

      148,002  

Shareholders’ reports

      57,461  

Trustees’ fees

      44,510  

Legal fees and expenses

      23,597  

Audit fee

      12,397  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      56,066  
  

 

 

  

Total expenses

      12,410,564  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      22,872,825  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $36,368)

      (13,383,884 ) 

Foreign currency transactions

      14,764  
  

 

 

  
     (13,369,120 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(47,116))

      (1,669,722,190 ) 

Foreign currencies

      (10,314 ) 
  

 

 

  
     (1,669,732,504 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      (1,683,101,624 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (1,660,228,799 ) 
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

     Six Months Ended
June 30, 2022		     Year Ended
December 31, 2021		  
INCREASE (DECREASE) IN NET ASSETS     
OPERATIONS     

Net investment income (loss)

    $ 22,872,825     $ 27,094,027  

Net realized gain (loss) on investment and foreign currency transactions

      (13,369,120 )      458,080,561  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

      (1,669,732,504 )      633,394,382  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      (1,660,228,799 )      1,118,568,970  
  

 

 

    

 

 

  
PORTFOLIO SHARE TRANSACTIONS     

Portfolio shares sold

      1,852,482       8,893,934  

Portfolio shares purchased

      (177,022,743 )      (419,616,091 ) 
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

      (175,170,261 )      (410,722,157 ) 
  

 

 

    

 

 

  
TOTAL INCREASE (DECREASE)      (1,835,399,060 )      707,846,813  
NET ASSETS:     

Beginning of period

      6,382,203,762       5,674,356,949  
  

 

 

    

 

 

  

End of period

    $ 4,546,804,702     $ 6,382,203,762  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A101

 
  

 

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

 

  

 

FINANCIAL HIGHLIGHTS (unaudited)

 

Class I

                              
     Six Months Ended
June 30, 2022		        Year Ended December 31,
     2021   2020   2019   2018   2017

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 98.09          $ 81.50     $ 63.18     $ 49.02     $ 51.52     $ 40.96
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.36            0.40       0.53       0.66       0.53       0.41
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (26.26 )            16.19       17.79       13.50       (3.07 )       10.15
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (25.90 )            16.59       18.32       14.16       (2.54 )       10.56
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       — (b)(c)        0.04 (b)        —
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 72.19          $ 98.09     $ 81.50     $ 63.18     $ 49.02     $ 51.52
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

        (26.40 )%            20.36 %       29.00 %       28.89 %(e)       (4.85 )%(f)       25.78 %

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 4,544.4          $ 6,379.2     $ 5,672.4     $ 4,711.0     $ 3,919.6     $ 4,415.6

Average net assets (in millions)

      $ 5,401.1          $ 6,084.1     $ 4,776.8     $ 4,406.8     $ 4,497.1     $ 4,098.8

Ratios to average net assets(g):

                              

Expenses after waivers and/or expense reimbursement

        0.46 %(h)            0.46 %       0.47 %       0.47 %       0.47 %       0.47 %

Expenses before waivers and/or expense reimbursement

        0.46 %(h)            0.46 %       0.47 %       0.47 %       0.47 %       0.47 %

Net investment income (loss)

        0.85 %(h)            0.45 %       0.80 %       1.16 %       0.98 %       0.89 %

Portfolio turnover rate(i)

        12 %            29 %       62 %       43 %       37 %       55 %

 

Class II

                              
     Six Months Ended
June 30, 2022		        Year Ended December 31,
     2021   2020   2019   2018   2017

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 95.64          $ 79.78     $ 62.09     $ 48.37     $ 51.04     $ 40.74
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.18            0.04       0.26       0.43       0.32       0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (25.58 )            15.82       17.43       13.29       (3.03 )       10.07
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (25.40 )            15.86       17.69       13.72       (2.71 )       10.30
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       — (b)(c)        0.04 (b)        —
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 70.24          $ 95.64     $ 79.78     $ 62.09     $ 48.37     $ 51.04
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

        (26.56 )%            19.88 %       28.49 %       28.36 %(e)       (5.23 )%(f)       25.28 %

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 1.6          $ 2.3     $ 2.0     $ 1.7     $ 1.5     $ 1.7

Average net assets (in millions)

      $ 2.0          $ 2.2     $ 1.7     $ 1.6     $ 1.8     $ 1.8

Ratios to average net assets(g):

                              

Expenses after waivers and/or expense reimbursement

        0.86 %(h)            0.86 %       0.87 %       0.87 %       0.87 %       0.87 %

Expenses before waivers and/or expense reimbursement

        0.86 %(h)            0.86 %       0.87 %       0.87 %       0.87 %       0.87 %

Net investment income (loss)

        0.45 %(h)            0.04 %       0.40 %       0.76 %       0.59 %       0.50 %

Portfolio turnover rate(i)

        12 %            29 %       62 %       43 %       37 %       55 %

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A102

 
  

 

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

 

  

 

FINANCIAL HIGHLIGHTS (unaudited)

 

Class III

         
     Six Months
Ended
June 30,
2022		   April 26, 2021(j)
through December 31,
2021

Per Share Operating Performance(a):

         

Net Asset Value, beginning of period

      $ 97.92     $ 87.74
    

 

 

      

 

 

  

Income (Loss) From Investment Operations:

         

Net investment income (loss)

        0.27       0.12

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        (26.22 )       10.06
    

 

 

      

 

 

  

Total from investment operations

        (25.95 )       10.18
    

 

 

      

 

 

  

Net Asset Value, end of period

      $ 71.97     $ 97.92
    

 

 

      

 

 

  

Total Return(d)

        (26.50 )%       11.60 %

Ratios/Supplemental Data:

         

Net assets, end of period (in millions)

      $ 0.8     $ 0.6

Average net assets (in millions)

      $ 0.7     $ 0.2

Ratios to average net assets(g):

         

Expenses after waivers and/or expense reimbursement

        0.71 %(h)       0.70 %(k)

Expenses before waivers and/or expense reimbursement

        0.71 %(h)       0.70 %(k)

Net investment income (loss)

        0.64 %(h)       0.18 %(k)

Portfolio turnover rate(i)

        12 %       29 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to 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.

(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)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (4.93)% and (5.31)% for Class I and Class II, respectively.

(g)

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

(h)

Annualized.

(i)

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

(j)

Commencement of offering.

(k)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A103

  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO  

 

 

   

 

SCHEDULE OF INVESTMENTS

    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		            

Principal

Amount

    (000)#    

     Value  

 

   

 

 

        

 

 

    

 

 

  

LONG-TERM INVESTMENTS — 100.7%

 

ASSET-BACKED SECURITIES — 23.0%

 

Automobiles — 1.2%

 

AmeriCredit Automobile Receivables Trust,

 

Series 2020-02, Class D

 

2.130%

      03/18/26                        300     $ 288,782  

Avis Budget Rental Car Funding AESOP LLC,

 

Series 2020-02A, Class A, 144A

 

2.020%

      02/20/27           600       551,093  

Exeter Automobile Receivables Trust,

 

Series 2020-03A, Class C

 

1.320%

      07/15/25           300       297,431  

Series 2020-03A, Class D

 

1.730%

      07/15/26           200       194,348  

Series 2021-02A, Class C

 

0.980%

      06/15/26           10       9,618  

Series 2021-02A, Class D

 

1.400%

      04/15/27           20       18,639  

Series 2022-01A, Class E, 144A

 

5.020%

      10/15/29           1,300       1,182,911  

GM Financial Automobile Leasing Trust,

 

Series 2020-02, Class C

 

2.560%

      07/22/24           1       991  

Hertz Vehicle Financing III LLC,

 

Series 2022-01A, Class C, 144A

 

2.630%

      06/25/26           200       185,076  

Hertz Vehicle Financing III LP,

 

Series 2021-02A, Class A, 144A

 

1.680%

      12/27/27           2,300       2,027,746  

Series 2021-02A, Class B, 144A

 

2.120%

      12/27/27           200       176,566  

Hertz Vehicle Financing LLC,

 

Series 2021-01A, Class C, 144A

 

2.050%

      12/26/25           100       92,144  

Series 2022-02A, Class B, 144A

 

2.650%

      06/26/28           400       361,148  

JPMorgan Chase Bank, NA,

 

Series 2020-01, Class R, 144A

 

33.784%

      01/25/28           739       905,442  

Series 2020-02, Class D, 144A

 

1.487%

      02/25/28           461       451,384  

OneMain Direct Auto Receivables Trust,

 

Series 2019-01A, Class A, 144A

 

3.630%

      09/14/27           3,500       3,416,997  

Series 2019-01A, Class B, 144A

 

3.950%

      11/14/28           800       777,243  

Santander Bank Auto Credit-Linked Notes,

 

Series 2022-A, Class C, 144A

 

7.375%

      05/15/32           762       755,641  

Santander Drive Auto Receivables Trust,

 

Series 2019-03, Class C

 

2.490%

      10/15/25           — (r)      475  

Series 2020-02, Class D

 

2.220%

      09/15/26           400       391,462  

Series 2020-03, Class D

 

1.640%

      11/16/26           1,400       1,365,323  
          

 

 

  
            13,450,460  
          

 

 

  

Interest

Rate

    Maturity
Date		            

Principal

Amount

    (000)#    

     Value  

 

   

 

 

        

 

 

    

 

 

  
ASSET-BACKED SECURITIES (continued)

 

Collateralized Debt Obligations — 0.4%

 

Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands),

 

Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%)

 

2.229%(c)

      01/15/37           3,000     $ 2,909,809  

MF1 Ltd. (Cayman Islands),

 

Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%)

 

2.142%(c)

      02/19/37           1,550       1,490,360  
          

 

 

  
    4,400,169  
          

 

 

  

Collateralized Loan Obligations — 18.8%

 

AlbaCore Euro CLO DAC (Ireland),

 

Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)

 

2.600%(c)

      07/15/35        EUR        5,500       5,439,245  

Ares European CLO DAC (Ireland),

 

Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%)

 

0.770%(c)

      04/15/32        EUR        10,000       10,104,648  

Atrium (Cayman Islands),

 

Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)

 

1.966%(c)

      04/22/27           6,989       6,895,703  

Bain Capital Credit CLO Ltd. (Cayman Islands),

 

Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

2.144%(c)

      10/17/32           3,500       3,407,953  

Ballyrock CLO Ltd. (Cayman Islands),

 

Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

2.024%(c)

      10/15/28           1,337       1,324,173  

Battalion CLO Ltd.,

 

Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

 

2.514%(c)

      05/17/31           3,000       2,932,399  

Carlyle Euro CLO DAC (Ireland),

 

Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

 

0.990%(c)

      10/15/35        EUR        6,500       6,508,939  

Carlyle Euro CLO Ltd. (Ireland),

 

Series 2021-02A, Class A2B, 144A

 

2.100%

      10/15/35        EUR        6,250       6,017,776  

Carlyle Global Market Strategies Euro CLO Ltd. (Ireland),

 

Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

0.750%(c)

      11/15/31        EUR        10,000       10,188,345  

Carlyle US CLO Ltd. (Cayman Islands),

 

Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

 

2.224%(c)

      01/15/30           4,000       3,921,720  

CIFC Funding Ltd. (Cayman Islands),

 

Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

2.164%(c)

      04/24/31           1,500       1,467,836  

Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)

 

2.246%(c)

      01/22/31           3,750       3,682,586  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A104

  

 

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)  

 

 

   

 

SCHEDULE OF INVESTMENTS

    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		            

Principal

Amount

    (000)#    

     Value  

 

   

 

 

        

 

 

    

 

 

  
ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Elevation CLO Ltd. (Cayman Islands),

 

Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)

 

2.274%(c)

      10/15/29           7,195     $ 7,118,477  

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

 

2.324%(c)

      07/15/29           240       237,393  

Generate CLO Ltd. (Cayman Islands),

 

Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

 

2.286%(c)

      01/22/31           2,000       1,966,259  

Greenwood Park CLO Ltd.,

 

Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

 

2.054%(c)

      04/15/31           6,000       5,868,152  

Greywolf CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

2.244%(c)

      04/26/31           3,500       3,430,081  

Hayfin Emerald CLO DAC (Ireland),

 

Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

1.100%(c)

      11/17/32        EUR        10,500       10,800,835  

HPS Loan Management Ltd. (Cayman Islands),

 

Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)

 

2.363%(c)

      02/05/31           3,973       3,895,481  

ICG US CLO Ltd. (Cayman Islands),

 

Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

2.214%(c)

      04/25/31           2,494       2,445,895  

Jamestown CLO Ltd. (Cayman Islands),

 

Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      10/20/34           6,625       6,370,379  

Series 2019-14A, Class A2R, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)

 

2.813%(c)

      10/20/34           6,750       6,310,674  

Madison Park Funding Ltd. (Cayman Islands),

 

Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

 

2.304%(c)

      04/25/32           2,000       1,954,743  

MidOcean Credit CLO (Cayman Islands),

 

Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

 

2.218%(c)

      04/21/31           9,635       9,453,466  

Mountain View CLO Ltd. (Cayman Islands),

 

Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)

 

2.164%(c)

      07/15/31           6,000       5,885,018  

OCP CLO Ltd. (Cayman Islands),

 

Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%)

 

2.153%(c)

      07/20/32           5,000       4,870,106  

OZLM Ltd. (Cayman Islands),

 

Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

 

2.536%(c)

      10/30/30           1,236       1,236,901  

Interest

Rate

    Maturity
Date		            

Principal

Amount

    (000)#    

     Value  

 

   

 

 

        

 

 

    

 

 

  
ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

 

Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

 

2.224%(c)

      10/15/34           7,000     $ 6,724,215  

Romark WM-R Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

2.093%(c)

      04/20/31           3,958       3,883,154  

Shackleton CLO Ltd. (Cayman Islands),

 

Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

 

2.471%(c)

      05/07/31           4,955       4,843,803  

Signal Peak CLO Ltd. (Cayman Islands),

 

Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)

 

2.294%(c)

      04/25/31           5,750       5,640,223  

Sixth Street CLO Ltd. (Cayman Islands),

 

Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

 

2.383%(c)

      10/20/32           12,500       12,290,694  

Sound Point CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

 

2.284%(c)

      01/26/31           3,500       3,440,671  

TCW CLO Ltd. (Cayman Islands),

 

Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

 

2.419%(c)

      10/29/34           3,000       2,886,052  

Series 2017-01A, Class BRR, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)

 

2.939%(c)

      10/29/34           4,000       3,786,672  

Telos CLO Ltd. (Cayman Islands),

 

Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)

 

2.284%(c)

      01/17/30           3,430       3,396,490  

TICP CLO Ltd. (Cayman Islands),

 

Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)

 

2.203%(c)

      01/20/31           3,000       2,949,434  

Toro European CLO DAC (Ireland),

 

Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

 

0.990%(c)

      07/15/34        EUR        8,000       8,028,451  

Trinitas Euro CLO DAC (Ireland),

 

Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)

 

3.750%(c)

      04/15/35        EUR        4,500       4,458,072  

Voya CLO Ltd. (Cayman Islands),

 

Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

 

2.154%(c)

      04/25/31           3,000       2,929,487  

Wellfleet CLO Ltd. (Cayman Islands),

 

Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

 

2.194%(c)

      01/17/31           6,500       6,387,003  

Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.263%(c)

      10/20/31           2,750       2,697,124  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A105

  

 

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)  

 

 

   

 

SCHEDULE OF INVESTMENTS

    as of June 30, 2022 (unaudited)

 

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 LIBOR + 1.210% (Cap N/A, Floor 1.210%)

 

2.254%(c)

      10/15/34           1,750     $ 1,684,437  

Zais CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)

 

1.994%(c)

      04/15/29           4,902       4,840,425  
          

 

 

  
    214,601,590  
          

 

 

  

Consumer Loans — 0.8%

 

Fairstone Financial Issuance Trust (Canada),

 

Series 2020-01A, Class A, 144A

 

2.509%

      10/20/39        CAD        400       292,300  

Lending Funding Trust,

 

Series 2020-02A, Class A, 144A

 

2.320%

      04/21/31           300       270,084  

Lendmark Funding Trust,

 

Series 2019-02A, Class A, 144A

 

2.780%

      04/20/28           1,000       979,092  

Series 2021-01A, Class B, 144A

 

2.470%

      11/20/31           100       83,288  

Mariner Finance Issuance Trust,

 

Series 2019-AA, Class A, 144A

 

2.960%

      07/20/32           700       694,528  

Series 2020-AA, Class A, 144A

 

2.190%

      08/21/34           500       480,277  

OneMain Financial Issuance Trust,

 

Series 2020-01A, Class A, 144A

 

3.840%

      05/14/32           874       871,012  

Series 2020-02A, Class A, 144A

 

1.750%

      09/14/35           1,500       1,335,727  

Oportun Funding XIII LLC,

 

Series 2019-A, Class A, 144A

 

3.080%

      08/08/25           1,400       1,393,202  

Series 2019-A, Class D, 144A

 

6.220%

      08/08/25           1,800       1,717,640  

Oportun Funding XIV LLC,

 

Series 2021-A, Class B, 144A

 

1.760%

      03/08/28           300       282,252  

Regional Management Issuance Trust,

 

Series 2022-01, Class A, 144A

 

3.070%

      03/15/32           1,200       1,133,806  
          

 

 

  
    9,533,208  
          

 

 

  

Credit Cards — 0.2%

 

Newday Partnership Funding PLC (United Kingdom),

 

Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)

 

2.340%(c)

      11/15/28        GBP        1,625       1,980,476  
          

 

 

  

Home Equity Loans — 0.0%

 

Floating Rate Mortgage Pass-Through Certificates,

 

Series 2001-02, Class M3, 1 Month LIBOR + 2.925% (Cap N/A, Floor 2.925%)

 

4.549%(c)

      10/25/31           169       176,828  

Interest

Rate

    Maturity
Date		            

Principal

Amount

    (000)#    

     Value  

 

   

 

 

        

 

 

    

 

 

  
ASSET-BACKED SECURITIES (continued)

 

Home Equity Loans (cont’d.)

 

Merrill Lynch Mortgage Investors Trust,

 

Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

2.824%(c)

      08/25/35           81     $ 79,193  

Morgan Stanley ABS Capital I, Inc. Trust,

 

Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

 

2.644%(c)

      10/25/33           120       117,588  
          

 

 

  
    373,609  
          

 

 

  

Other — 0.2%

 

PNMAC FMSR Issuer Trust,

 

Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)

 

3.974%(c)

      04/25/23           220       217,656  

TH MSR Issuer Trust,

 

Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)

 

4.424%(c)

      06/25/24           2,250       2,191,553  
          

 

 

  
    2,409,209  
          

 

 

  

Residential Mortgage-Backed Securities — 0.5%

 

Argent Securities, Inc., Asset-Backed Pass-Through Certificates,

 

Series 2004-W010, Class A2, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.780%)

 

2.404%(c)

      10/25/34           534       518,313  

LSF11 Boson Investments Sarl Compartment 2 (Luxembourg),

 

Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

1.637%(c)

      11/25/60        EUR        915       937,561  

Merrill Lynch Mortgage Investors Trust,

 

Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%)

 

2.144%(c)

      06/25/35           132       131,302  

Rathlin Residential DAC (Ireland),

 

Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)

 

1.500%(c)

      09/27/75        EUR        1,447       1,456,016  

TFS (Spain),

 

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%

 

3.000%(c)

      04/16/23^        EUR        2,021       2,079,956  
          

 

 

  
    5,123,148  
          

 

 

  

Student Loans — 0.9%

 

Laurel Road Prime Student Loan Trust,

 

Series 2018-A, Class A, 144A

 

0.000%

      02/25/43           2,980       820,653  

Series 2018-C, Class A, 144A

 

0.000%(cc)

      08/25/43           874       852,313  

Series 2018-D, Class A, 144A

 

0.000%(cc)

      11/25/43           889       872,330  

Series 2019-A, Class R, 144A

 

0.000%

      10/25/48^           1,574       326,803  

Navient Private Education Refi Loan Trust,

 

Series 2020-DA, Class A, 144A

 

1.690%

      05/15/69           37       34,570  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A106

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      
                            
ASSET-BACKED SECURITIES (continued)

 

Student Loans (cont’d.)

 

SoFi Alternative Trust,

 

Series 2019-B, Class PT, 144A

 

0.000%(cc)

      12/15/45          2,205      $ 2,154,838  

Series 2019-D, Class 1PT, 144A

 

3.018%(cc)

      01/16/46          1,873        1,825,469  

Series 2019-F, Class PT1, 144A

 

3.932%(cc)

      02/15/45          1,846        1,778,396  

SoFi RR Funding II Trust,

 

Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

2.874%(c)

      11/29/24          397        396,515  

SoFi RR Funding III Trust,

 

Series 2020-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

2.874%(c)

      11/29/24          1,116        1,115,833  
          

 

 

  
             10,177,720  
          

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $277,692,123)

 

          262,049,589  
          

 

 

  

BANK LOANS — 1.3%

 

Airlines — 0.1%

 

United Airlines, Inc.,

 

Class B Term Loan, 1 Month LIBOR + 3.750%

 

5.392%(c)

      04/21/28          682        629,838  
          

 

 

  

Chemicals — 0.0%

 

Axalta Coating Systems U.S. Holdings, Inc.,

 

Term Loan, 3 Month LIBOR 1.750%

 

4.000%(c)

      06/01/24          1        1,005  

Starfruit Finco BV (Netherlands),

 

Initial Dollar Term Loan, 3 Month LIBOR + 3.000%

 

5.250%(c)

      10/01/25          155        146,140  

TPC Group, Inc.,

 

Term Loan, Term SOFR + 10.000%

 

11.241%(c)

      05/31/23 ^         21        21,204  
          

 

 

  
             168,349  
          

 

 

  

Commercial Services — 0.0%

 

Adtalem Global Education, Inc.,

 

Term B Loan, 1 Month LIBOR + 4.000%

 

5.595%(c)

      08/12/28          336        319,448  
          

 

 

  

Computers — 0.2%

 

McAfee Corp.,

 

Tranche B-1 Term Loan, Term SOFR + 4.000%

 

5.145%(c)

      03/01/29          1,350        1,221,750  

Peraton Corp.,

 

First Lien Term B Loan, 1 Month LIBOR + 3.750%

 

5.416%(c)

      02/01/28          751        704,484  
          

 

 

  
             1,926,234  
          

 

 

  

Insurance — 0.1%

 

AmWINS Group, Inc.,

 

Term Loan, 1 Month LIBOR + 2.250%

 

3.916%(c)

      02/19/28          181        170,452  

Asurion LLC,

 

New B-7 Term Loan, 1 Month LIBOR + 3.000%

 

4.666%(c)

      11/03/24          463        432,921  

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      
                            
BANK LOANS (continued)

 

Insurance (cont’d.)

 

New B-9 Term Loan, 1 Month LIBOR + 3.250%

 

4.916%(c)

      07/31/27          346      $ 311,926  
          

 

 

  
             915,299  
          

 

 

  

Machinery-Construction & Mining — 0.0%

 

Vertiv Group Corp.,

 

Term B Loan, 1 Month LIBOR + 2.750%

 

3.870%(c)

      03/02/27          246        228,437  
          

 

 

  

Media — 0.1%

 

CSC Holdings LLC,

 

2017 Refinancing Term Loan, 1 Month LIBOR + 2.250%

 

3.574%(c)

      07/17/25          345        320,409  

September 2019 Term Loan, 1 Month LIBOR + 2.500%

 

3.824%(c)

      04/15/27          770        714,797  

Diamond Sports Group LLC,

 

First Lien Term Loan, Term SOFR + 8.000%

 

9.181%(c)

      05/25/26          146        143,312  

Second Lien Term Loan, Term SOFR + 3.250%

 

4.431%(c)

      08/24/26          494        113,862  

iHeartCommunications, Inc.,

 

New Term Loan, 1 Month LIBOR + 3.000%

 

4.666%(c)

      05/01/26          314        290,491  
          

 

 

  
                 1,582,871  
          

 

 

  

Metal Fabricate/Hardware — 0.1%

 

Tank Holding Corp.,

 

Initial Term Loan, Term SOFR + 6.000%

 

7.625%(c)

      03/31/28 ^         1,425        1,353,750  
          

 

 

  

Oil & Gas — 0.0%

 

Ascent Resources Utica Holdings LLC,

 

Second Lien Term Loan, 3 Month LIBOR + 9.000%

 

10.021%(c)

      11/01/25          388        407,400  
          

 

 

  

Pharmaceuticals — 0.2%

 

Change Healthcare Holdings LLC,

 

Closing Date Term Loan, 1 Month LIBOR + 2.500%

 

4.166%(c)

      03/01/24          1,885        1,828,789  
          

 

 

  

Real Estate Investment Trusts (REITs) — 0.0%

 

Blackstone Mortgage Trust, Inc.,

 

Term Loan, 1 Month LIBOR + 2.250%

 

3.916%(c)

      04/23/26 ^         492        462,861  
          

 

 

  

Retail — 0.3%

 

EG Group Ltd. (United Kingdom),

 

Term Loan, 3 Month EURIBOR + 7.000% (Cap N/A, Floor 0.000%)

 

7.000%(c)

      04/30/27       EUR        3,500        3,062,634  
          

 

 

  

Software — 0.1%

 

Dun & Bradstreet Corp.,

 

Term Loan B, 1 Month LIBOR + 3.250%

 

4.874%(c)

      02/06/26          761        716,959  
          

 

 

  

Telecommunications — 0.1%

 

CenturyLink, Inc.,

 

Term B Loan, 1 Month LIBOR + 2.250%

 

3.916%(c)

      03/15/27          399        365,835  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A107

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		          Value      
                             
BANK LOANS (continued)

 

Telecommunications (cont’d.)

 

   

Digicel International Finance Ltd. (Saint Lucia),

 

First Lien Initial Term B Loan, 3 Month LIBOR + 3.250%

 

4.916%(c)

      05/27/24           1,382      $ 1,210,474  
           

 

 

  
              1,576,309  
           

 

 

  

TOTAL BANK LOANS
(cost $17,255,342)

 

          15,179,178  
           

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.8%

 

BANK,

 

Series 2017-BNK05, Class A4

 

3.131%

      06/15/60           4,400        4,159,095  

Series 2017-BNK06, Class A4

 

3.254%

      07/15/60           920        888,125  

Series 2017-BNK08, Class A3

 

3.229%

      11/15/50           1,950        1,868,081  

Series 2019-BN18, Class A3

 

3.325%

      05/15/62           1,500        1,412,691  

Series 2020-BN29, Class A3

 

1.742%

      11/15/53           1,000        826,343  

Bank of America Merrill Lynch Commercial Mortgage Trust,

 

Series 2016-UB10, Class A3

 

2.903%

      07/15/49           1,039        996,129  

Barclays Commercial Mortgage Securities Trust,

 

Series 2016-ETC, Class A, 144A

 

2.937%

      08/14/36           1,170        1,071,824  

Series 2016-ETC, Class B, 144A

 

3.189%

      08/14/36           510        456,958  

Series 2016-ETC, Class C, 144A

 

3.391%

      08/14/36           430        373,021  

Series 2016-ETC, Class D, 144A

 

3.729%(cc)

      08/14/36           1,560        1,309,930  

Benchmark Mortgage Trust,

 

Series 2019-B09, Class A4

 

3.751%

      03/15/52           3,400        3,244,357  

Series 2020-B18, Class A4

 

1.672%

      07/15/53           2,900        2,410,050  

Series 2020-B21, Class A4

 

1.704%

      12/17/53           1,000        827,903  

BMO Mortgage Trust,

 

Series 2022-C01, Class A5

 

3.374%(cc)

      02/15/55           4,200        3,845,662  

BX Commercial Mortgage Trust,

 

Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

3.324%(c)

      10/15/36           2,125        2,039,481  

Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)

 

3.624%(c)

      10/15/36           1,360        1,288,620  

Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)

 

3.974%(c)

      10/15/36           2,975        2,796,547  

Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)

 

3.522%(c)

      11/15/38           3,350        3,157,439  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		          Value      
                             
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

BX Trust,

 

Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%)

 

3.979%(c)

      01/15/39           5,000      $     4,723,056  

Cantor Commercial Real Estate Lending,

 

Series 2019-CF02, Class A3

 

2.647%

      11/15/52           7,700        7,301,699  

CD Mortgage Trust,

 

Series 2017-CD05, Class A3

 

3.171%

      08/15/50           3,500        3,309,688  

CFK Trust,

 

Series 2020-MF02, Class A, 144A

 

2.387%

      03/15/39           6,550        5,846,861  

CityLine Commercial Mortgage Trust,

 

Series 2016-CLNE, Class B, 144A

 

2.871%(cc)

      11/10/31           2,400        2,321,131  

Series 2016-CLNE, Class C, 144A

 

2.871%(cc)

      11/10/31           900        865,343  

Cold Storage Trust,

 

Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)

 

4.090%(c)

      11/15/37           1,327        1,284,474  

Commercial Mortgage Trust,

 

Series 2014-UBS04, Class A4

 

3.420%

      08/10/47           3,200        3,145,575  

Series 2015-DC01, Class A4

 

3.078%

      02/10/48           5,000        4,871,443  

Series 2016-COR01, Class A3

 

2.826%

      10/10/49           2,474        2,327,440  

Series 2017-COR02, Class A2

 

3.239%

      09/10/50           3,867        3,663,473  

Credit Suisse Mortgage Capital Certificates,

 

Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

 

3.474%(c)

      05/15/36           2,600        2,495,250  

CSAIL Commercial Mortgage Trust,

 

Series 2019-C16, Class A2

 

3.067%

      06/15/52           1,200        1,102,605  

DBGS Mortgage Trust,

 

Series 2018-BIOD, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)

 

3.690%(c)

      05/15/35           2,990        2,810,286  

DBWF Mortgage Trust,

 

Series 2016-85T, Class D, 144A

 

3.935%(cc)

      12/10/36           1,400        1,179,657  

Deutsche Bank Commercial Mortgage Trust,

 

Series 2017-C06, Class A4

 

3.071%

      06/10/50           2,800        2,668,088  

Eleven Madison Mortgage Trust,

 

Series 2015-11MD, Class C, 144A

 

3.673%(cc)

      09/10/35           3,000        2,801,425  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K025, Class X1, IO

 

0.877%(cc)

      10/25/22           8,823        11,168  

Series K027, Class X1, IO

 

0.818%(cc)

      01/25/23           117,233        263,962  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A108

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		     Value  
                            

COMMERCIAL MORTGAGE-BACKED SECURITIES

(continued)

 

 

Series K044, Class X1, IO

 

0.865%(cc)

      01/25/25           62,828     $     1,013,441  

Series K053, Class X1, IO

 

1.017%(cc)

      12/25/25           85,702       2,186,947  

Series K055, Class X1, IO

 

1.484%(cc)

      03/25/26           13,059       542,330  

Series KG03, Class X1, IO

 

1.483%(cc)

      06/25/30           29,348       2,532,131  

GS Mortgage Securities Trust,

 

Series 2015-GC30, Class A3

 

3.119%

      05/10/50           2,860       2,774,079  

Series 2017-GS06, Class A2

 

3.164%

      05/10/50           3,327       3,145,545  

Series 2019-GC38, Class A3

 

3.703%

      02/10/52           5,800       5,582,364  

IMT Trust,

 

Series 2017-APTS, Class AFX, 144A

 

3.478%

      06/15/34           310       302,456  

JPMDB Commercial Mortgage Securities Trust,

 

Series 2016-C02, Class A3A

 

2.881%

      06/15/49           1,070       1,025,164  

Series 2017-C05, Class A4

 

3.414%

      03/15/50           1,423       1,358,674  

Series 2017-C07, Class A4

 

3.147%

      10/15/50           3,600       3,416,009  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2016-JP02, Class A3

 

2.559%

      08/15/49           1,639       1,534,999  

Series 2018-AON, Class E, 144A

 

4.767%(cc)

      07/05/31           5,875       5,698,073  

Morgan Stanley Bank of America Merrill Lynch Trust,

 

Series 2013-C10, Class A3

 

4.094%(cc)

      07/15/46           3,950       3,937,299  

Morgan Stanley Capital I Trust,

 

Series 2017-H01, Class A4

 

3.259%

      06/15/50           2,750       2,623,651  

Series 2017-HR02, Class A3

 

3.330%

      12/15/50           5,500       5,209,157  

Series 2019-L03, Class A3

 

2.874%

      11/15/52           1,200       1,081,385  

Series 2019-MEAD, Class E, 144A

 

3.283%(cc)

      11/10/36           575       503,445  

Shops at Crystals Trust,

 

Series 2016-CSTL, Class A, 144A

 

3.126%

      07/05/36           140       127,703  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class A3

 

3.225%

      08/15/50           3,100       2,964,282  

Series 2017-C07, Class A3

 

3.418%

      12/15/50           5,600       5,324,512  

Series 2018-C10, Class A3

 

4.048%

      05/15/51           2,200       2,148,319  

Series 2019-C17, Class A3

 

2.669%

      10/15/52           2,000       1,792,904  

Wells Fargo Commercial Mortgage Trust,

 

Series 2014-LC16, Class A4

 

3.548%

      08/15/50           3,415       3,329,035  

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		     Value  
                           

COMMERCIAL MORTGAGE-BACKED SECURITIES

(continued)

 

 

Series 2016-C32, Class A3

 

3.294%

      01/15/59          2,042     $ 1,984,081  

Series 2016-C34, Class A3

 

2.834%

      06/15/49          2,500       2,394,036  

Series 2016-C35, Class A3

 

2.674%

      07/15/48          4,451       4,193,891  

Series 2017-C40, Class A3

 

3.317%

      10/15/50          1,370       1,315,214  

Series 2019-C54, Class A3

 

2.892%

      12/15/52          1,200       1,080,926  
         

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $167,008,229)

 

         157,086,932  
         

 

 

  
CORPORATE BONDS — 36.9%

 

Advertising — 0.0%

 

Interpublic Group of Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

4.750%

      03/30/30          10       9,820  
         

 

 

  

Aerospace & Defense — 0.9%

 

BAE Systems PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

1.900%

      02/15/31          2,770       2,219,749  

3.400%

      04/15/30          385       352,056  

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

1.167%

      02/04/23          10       9,885  

1.875%

      06/15/23          10       9,789  

1.950%

      02/01/24          20       19,319  

2.196%

      02/04/26          180       162,445  

2.750%

      02/01/26          90       83,563  

2.850%

      10/30/24          30       29,114  

2.950%

      02/01/30          5       4,149  

3.900%

      05/01/49          50       35,540  

3.950%

      08/01/59          1,450       979,005  

4.508%

      05/01/23          20       20,086  

5.150%

      05/01/30          25       23,985  

5.805%

      05/01/50          25       23,021  

5.930%

      05/01/60          23       21,041  

6.875%

      03/15/39          20       20,771  

7.950%

      08/15/24          50       53,420  

Bombardier, Inc. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

7.500%

      12/01/24          1,280       1,200,719  

7.500%

      03/15/25          1,321       1,194,104  

7.875%

      04/15/27 (a)         2,575       2,143,222  

General Dynamics Corp.,

 

Gtd. Notes

          

1.150%

      06/01/26          20       18,116  

3.250%

      04/01/25          10       9,917  

3.500%

      04/01/27          30       29,492  

4.250%

      04/01/40          5       4,784  

L3 Technologies, Inc.,

 

Gtd. Notes

          

3.850%

      06/15/23          25       24,991  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A109

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  
                             
CORPORATE BONDS (continued)

 

Aerospace & Defense (cont’d.)

 

   

L3Harris Technologies, Inc.,

 

Sr. Unsec’d. Notes

 

2.900%

      12/15/29           40      $ 35,510  

4.400%

      06/15/28           37        36,378  

4.400%

      06/15/28           15        14,733  

Lockheed Martin Corp.,

 

Sr. Unsec’d. Notes

 

2.800%

      06/15/50           10        7,471  

4.500%

      05/15/36           30        29,977  

Northrop Grumman Corp.,

 

Sr. Unsec’d. Notes

 

2.930%

      01/15/25           30        29,372  

3.250%

      01/15/28           40        38,001  

5.250%

      05/01/50           10        10,561  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

3.500%

      03/15/27           5        4,886  

4.125%

      11/16/28           1,165        1,150,953  

4.450%

      11/16/38           20        19,241  

4.500%

      06/01/42           15        14,292  

Teledyne Technologies, Inc.,

 

Gtd. Notes

 

2.750%

      04/01/31           60        50,178  
           

 

 

  
                  10,133,836  
           

 

 

  

Agriculture — 0.3%

 

Altria Group, Inc.,

 

Gtd. Notes

 

2.450%

      02/04/32           60        45,186  

2.625%

      09/16/26           35        31,994  

3.400%

      02/04/41           50        33,224  

3.700%

      02/04/51           100        64,295  

3.875%

      09/16/46           10        6,736  

4.000%

      02/04/61           5        3,301  

4.400%

      02/14/26           43        42,095  

4.800%

      02/14/29           11        10,425  

5.950%

      02/14/49           30        26,330  

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

 

2.259%

      03/25/28           1,570        1,313,915  

2.726%

      03/25/31           10        7,876  

3.462%

      09/06/29           10        8,563  

3.557%

      08/15/27           1,500        1,373,582  

4.540%

      08/15/47           20        14,696  

BAT International Finance PLC (United Kingdom),

 

Gtd. Notes

 

1.668%

      03/25/26           145        128,607  

Gtd. Notes, 144A

 

3.950%

      06/15/25           150        147,113  

Cargill, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

0.750%

      02/02/26           40        35,774  

Philip Morris International, Inc.,

 

Sr. Unsec’d. Notes

 

0.875%

      05/01/26           40        35,419  

1.500%

      05/01/25           15        14,036  

2.500%

      11/02/22           30        29,962  

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           20      $ 19,923  
           

 

 

  
                  3,393,052  
           

 

 

  

Airlines — 0.5%

 

Air Canada (Canada),

 

Sr. Sec’d. Notes, 144A

 

3.875%

      08/15/26           50        42,439  

Alaska Airlines 2020-1 Class A Pass-Through Trust,

 

Pass-Through Certificates, 144A

 

4.800%

      02/15/29           44        43,281  

American Airlines 2016-1 Class AA Pass-Through Trust,

 

Pass-Through Certificates

 

3.575%

      07/15/29           1,428        1,325,703  

American Airlines 2017-2 Class AA Pass-Through Trust,

 

Pass-Through Certificates

 

3.350%

      04/15/31           39        35,983  

British Airways 2020-1 Class A Pass-Through Trust (United Kingdom),

 

Pass-Through Certificates, 144A

 

4.250%

      05/15/34           56        53,417  

Delta Air Lines, Inc.,

 

Sr. Unsec’d. Notes

 

3.750%

      10/28/29           10        7,911  

3.800%

      04/19/23           50        49,759  

Delta Air Lines, Inc./SkyMiles IP Ltd.,

 

Sr. Sec’d. Notes, 144A

 

4.500%

      10/20/25           15        14,570  

4.750%

      10/20/28           75        70,788  

JetBlue 2019-1 Class AA Pass-Through Trust,

 

Pass-Through Certificates

 

2.750%

      11/15/33           44        38,518  

JetBlue 2020-1 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

4.000%

      05/15/34           27        24,853  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

 

Sr. Sec’d. Notes, 144A

 

6.500%

      06/20/27           30        29,463  

Southwest Airlines Co.,

 

Sr. Unsec’d. Notes

 

5.125%

      06/15/27           3,355        3,384,709  

United Airlines 2019-1 Class AA Pass-Through Trust,

 

Pass-Through Certificates

 

4.150%

      02/25/33           44        41,138  

United Airlines 2019-2 Class AA Pass-Through Trust,

 

Pass-Through Certificates

 

2.700%

      11/01/33           55        45,933  

United Airlines 2020-1 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

5.875%

      04/15/29           110        108,196  

United Airlines 2020-1 Class B Pass-Through Trust,

 

Pass-Through Certificates

 

4.875%

      07/15/27           21        19,704  

United Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      04/15/26           825        731,710  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A110

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		         Value      
                           
CORPORATE BONDS (continued)

 

Airlines (cont’d.)

 

4.625%

      04/15/29          195     $ 165,359  
         

 

 

  
                6,233,434  
         

 

 

  

Auto Manufacturers — 1.0%

 

American Honda Finance Corp.,

 

Sr. Unsec’d. Notes, MTN

 

1.000%

      09/10/25          35       31,903  

1.200%

      07/08/25          15       13,854  

2.050%

      01/10/23          30       29,823  

2.150%

      09/10/24          20       19,379  

2.350%

      01/08/27          14       13,036  

BMW US Capital LLC (Germany),

 

Gtd. Notes, 144A

 

0.800%

      04/01/24          40       38,178  

Daimler Finance North America LLC (Germany),

 

Gtd. Notes, 144A

 

1.450%

      03/02/26          150       135,852  

Ford Motor Co.,

 

Sr. Unsec’d. Notes

 

3.250%

      02/12/32          10       7,475  

4.346%

      12/08/26          20       18,500  

4.750%

      01/15/43          1,125       801,921  

5.291%

      12/08/46          290       222,926  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

 

2.900%

      02/16/28          275       221,748  

3.350%

      11/01/22              2,600       2,597,183  

Sr. Unsec’d. Notes, EMTN

 

1.744%

      07/19/24        EUR      100       96,866  

General Motors Co.,

 

Sr. Unsec’d. Notes

 

4.000%

      04/01/25          17       16,771  

4.875%

      10/02/23          1,350       1,362,792  

5.000%

      04/01/35          1,365       1,222,841  

5.150%

      04/01/38          1,000       875,598  

5.200%

      04/01/45          10       8,422  

6.125%

      10/01/25          40       41,361  

6.250%

      10/02/43          1,455       1,387,348  

6.600%

      04/01/36          285       288,926  

General Motors Financial Co., Inc.,

 

Gtd. Notes

 

3.250%

      01/05/23          85       84,937  

3.700%

      05/09/23          20       19,992  

4.250%

      05/15/23          50       50,053  

4.300%

      07/13/25          70       68,902  

5.250%

      03/01/26          28       28,047  

Jr. Sub. Notes, Series C

 

5.700%(ff)

      09/30/30 (oo)         5       4,333  

Sr. Unsec’d. Notes

 

2.350%

      01/08/31          20       15,534  

2.400%

      04/10/28          1,065       900,381  

2.700%

      08/20/27          10       8,781  

3.100%

      01/12/32          45       36,166  

3.550%

      07/08/22          15       15,001  

5.100%

      01/17/24          45       45,449  

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      
                            
CORPORATE BONDS (continued)

 

Auto Manufacturers (cont’d.)

 

Hyundai Capital America,

 

Sr. Unsec’d. Notes, 144A

 

1.000%

      09/17/24          30      $ 27,884  

1.800%

      10/15/25          40        36,603  

2.375%

      10/15/27          15        13,199  

2.650%

      02/10/25          15        14,326  

2.850%

      11/01/22          80        79,910  

3.400%

      06/20/24          40        39,352  

Sr. Unsec’d. Notes, 144A, MTN

 

0.800%

      01/08/24          60        57,026  

1.800%

      01/10/28          15        12,729  

Nissan Motor Acceptance Co. LLC,

 

Sr. Unsec’d. Notes, 144A

 

1.050%

      03/08/24          90        84,630  

Sr. Unsec’d. Notes, 144A, MTN

 

1.850%

      09/16/26          54        45,493  

Sr. Unsec’d. Notes, 144A, MTN, 3 Month LIBOR + 0.690% (Cap N/A, Floor 0.000%)

 

2.924%(c)

      09/28/22          22        21,984  

Toyota Motor Credit Corp.,

 

Sr. Unsec’d. Notes, MTN, SOFR Index + 0.330%

 

1.117%(c)

      01/11/24          100        98,993  

Sr. Unsec’d. Notes, MTN

 

1.150%

      08/13/27          25        21,760  

1.800%

      02/13/25          50        47,728  

1.900%

      04/06/28          50        44,466  

2.150%

      02/13/30          10        8,662  
          

 

 

  
                 11,385,024  
          

 

 

  

Auto Parts & Equipment — 0.2%

 

American Axle & Manufacturing, Inc.,

 

Gtd. Notes

 

6.500%

      04/01/27 (a)         670        593,215  

Aptiv PLC/Aptiv Corp.,

 

Gtd. Notes

 

4.150%

      05/01/52          20        15,317  

BorgWarner, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.000%

      10/01/25          60        60,852  

Cooper-Standard Automotive, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      11/15/26          1,150        551,660  

Dana Financing Luxembourg Sarl,

 

Gtd. Notes, 144A

 

5.750%

      04/15/25          875        841,234  

Dana, Inc.,

 

Sr. Unsec’d. Notes

 

5.375%

      11/15/27 (a)         350        304,427  
          

 

 

  
             2,366,705  
          

 

 

  

Banks — 10.4%

 

Banco Santander SA (Spain),

 

Sr. Unsec’d. Notes

 

1.849%

      03/25/26          600        539,820  

Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%

 

2.131%(c)

      04/12/23          400        401,117  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A111

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      
                            
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

Sub. Notes

 

2.749%

      12/03/30          1,000      $ 794,296  

Bank of America Corp.,

 

Jr. Sub. Notes, Series JJ

 

5.125%(ff)

      06/20/24 (oo)         1,655        1,540,696  

Jr. Sub. Notes, Series MM

 

4.300%(ff)

      01/28/25 (oo)         1,575        1,335,042  

Sr. Unsec’d. Notes

 

1.734%(ff)

      07/22/27          45        40,105  

2.299%(ff)

      07/21/32          20        16,166  

2.572%(ff)

      10/20/32          10        8,251  

2.687%(ff)

      04/22/32          2,565        2,155,303  

3.419%(ff)

      12/20/28          10        9,315  

Sr. Unsec’d. Notes, GMTN

 

3.593%(ff)

      07/21/28          740        698,432  

Sr. Unsec’d. Notes, MTN

 

1.898%(ff)

      07/23/31          50        40,004  

1.922%(ff)

      10/24/31          20        15,940  

2.496%(ff)

      02/13/31          92        77,859  

2.676%(ff)

      06/19/41          20        14,433  

3.093%(ff)

      10/01/25          50        48,486  

3.824%(ff)

      01/20/28          3,410        3,269,629  

3.974%(ff)

      02/07/30          685        643,580  

4.078%(ff)

      04/23/40          2,340            2,056,751  

4.271%(ff)

      07/23/29          945        908,789  

4.330%(ff)

      03/15/50          20        17,980  

Sr. Unsec’d. Notes, Series N

 

2.651%(ff)

      03/11/32          5,020        4,214,569  

Sub. Notes

 

2.482%(ff)

      09/21/36          10        7,777  

Sub. Notes, MTN

 

4.000%

      01/22/25          1,122        1,117,304  

4.450%

      03/03/26          1,735        1,730,345  

Sub. Notes, Series L, MTN

 

3.950%

      04/21/25          90        88,951  

4.183%

      11/25/27          50        48,652  

Bank of New York Mellon Corp. (The),

 

Jr. Sub. Notes, Series H

 

3.700%(ff)

      03/20/26 (oo)         15        13,352  

Barclays PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

3.650%

      03/16/25          700        685,354  

3.932%(ff)

      05/07/25          480        472,592  

Sr. Unsec’d. Notes, MTN

 

4.972%(ff)

      05/16/29 (a)         475        466,150  

Sub. Notes

 

4.836%

      05/09/28          720        693,102  

BNP Paribas SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.323%(ff)

      01/13/27          710        627,001  

1.904%(ff)

      09/30/28          2,200        1,877,885  

2.871%(ff)

      04/19/32          1,815        1,507,670  

3.375%

      01/09/25          855        835,527  

BPCE SA (France),

 

Sr. Unsec’d. Notes, 144A, MTN

 

3.500%

      10/23/27          300        278,210  

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		         Value      
                           
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

Sub. Notes, 144A, MTN

 

4.500%

      03/15/25          1,120     $     1,100,807  

4.875%

      04/01/26 (a)         380       374,418  

Citigroup, Inc.,

 

Jr. Sub. Notes

 

3.875%(ff)

      02/18/26 (oo)         1,880       1,560,701  

Jr. Sub. Notes, Series V

 

4.700%(ff)

      01/30/25 (oo)         1,445       1,193,638  

Jr. Sub. Notes, Series W

 

4.000%(ff)

      12/10/25 (oo)         890       769,850  

Jr. Sub. Notes, Series Y

 

4.150%(ff)

      11/15/26 (oo)         25       20,011  

Sr. Unsec’d. Notes

 

2.520%(ff)

      11/03/32          10       8,108  

2.561%(ff)

      05/01/32          2,015       1,661,884  

2.572%(ff)

      06/03/31          70       58,886  

2.666%(ff)

      01/29/31          1,225       1,040,319  

2.976%(ff)

      11/05/30          20       17,454  

3.200%

      10/21/26          3,255       3,096,929  

3.668%(ff)

      07/24/28          30       28,366  

3.785%(ff)

      03/17/33          1,160       1,047,513  

3.887%(ff)

      01/10/28          1,725       1,656,087  

4.075%(ff)

      04/23/29          40       38,057  

Sub. Notes

 

4.300%

      11/20/26          110       108,598  

4.450%

      09/29/27          2,735       2,688,950  

Credit Suisse Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

3.091%(ff)

      05/14/32          1,695       1,355,555  

Deutsche Bank AG (Germany),

 

Sr. Unsec’d. Notes, EMTN

 

1.750%(ff)

      11/19/30        EUR      100       86,420  

Sr. Unsec’d. Notes, MTN

 

3.700%

      05/30/24          159       157,302  

Sub. Notes

 

3.742%(ff)

      01/07/33              2,415       1,785,480  

Discover Bank,

 

Sr. Unsec’d. Notes

 

3.450%

      07/27/26          280       264,914  

4.250%

      03/13/26          1,150       1,122,806  

FNB Corp.,

 

Sr. Unsec’d. Notes

 

2.200%

      02/24/23          15       14,765  

Goldman Sachs Group, Inc. (The),

 

Jr. Sub. Notes, Series U

 

3.650%(ff)

      08/10/26 (oo)         950       741,996  

Sr. Unsec’d. Notes

 

1.093%(ff)

      12/09/26          85       75,558  

1.948%(ff)

      10/21/27          50       44,276  

1.992%(ff)

      01/27/32          20       15,814  

2.383%(ff)

      07/21/32          1,480       1,197,899  

2.615%(ff)

      04/22/32          4,715       3,911,908  

2.650%(ff)

      10/21/32          10       8,244  

2.908%(ff)

      07/21/42          25       18,231  

3.272%(ff)

      09/29/25          4,063       3,951,877  

3.436%(ff)

      02/24/43          35       27,536  

3.500%

      01/23/25          20       19,770  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A112

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

3.691%(ff)

      06/05/28          50      $ 47,395  

3.750%

      02/25/26          125        122,743  

3.800%

      03/15/30          35        32,423  

3.814%(ff)

      04/23/29          1,080        1,018,282  

3.850%

      01/26/27          1,765        1,707,548  

Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 1.750%

 

2.988%(c)

      10/28/27          21        20,760  

Sub. Notes

 

5.150%

      05/22/45          20        19,032  

HSBC Holdings PLC (United Kingdom),

 

Sub. Notes

 

7.625%

      05/17/32          10        11,448  

JPMorgan Chase & Co.,

 

Jr. Sub. Notes, Series FF

 

5.000%(ff)

      08/01/24 (oo)         1,025        904,628  

Jr. Sub. Notes, Series HH

 

4.600%(ff)

      02/01/25 (oo)         1,940        1,645,146  

Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%

 

4.709%(c)

      10/30/22 (oo)         2,998        2,844,566  

Jr. Sub. Notes, Series II

 

4.000%(ff)

      04/01/25 (a)(oo)         1,350        1,114,756  

Jr. Sub. Notes, Series KK

 

3.650%(ff)

      06/01/26 (a)(oo)         1,860            1,537,110  

Sr. Unsec’d. Notes

 

0.563%(ff)

      02/16/25          20        18,856  

1.045%(ff)

      11/19/26          20        17,800  

1.578%(ff)

      04/22/27          785        700,659  

1.953%(ff)

      02/04/32          130        103,838  

2.301%(ff)

      10/15/25          5        4,766  

2.525%(ff)

      11/19/41          2,330        1,658,916  

2.545%(ff)

      11/08/32          1,135        943,045  

2.580%(ff)

      04/22/32          1,775        1,494,561  

2.947%(ff)

      02/24/28          905        838,508  

2.950%

      10/01/26          2,075        1,981,024  

3.509%(ff)

      01/23/29          1,455        1,362,027  

3.782%(ff)

      02/01/28          1,235        1,185,105  

3.897%(ff)

      01/23/49          10        8,432  

3.964%(ff)

      11/15/48          985        839,620  

4.005%(ff)

      04/23/29          1,200        1,150,544  

4.203%(ff)

      07/23/29          50        48,217  

4.323%(ff)

      04/26/28          695        684,347  

4.452%(ff)

      12/05/29          17        16,549  

Sub. Notes

           

2.956%(ff)

      05/13/31          155        134,134  

4.125%

      12/15/26          40        39,706  

4.250%

      10/01/27          420        415,905  

M&T Bank Corp.,

 

Sr. Unsec’d. Notes

 

3.650%

      12/06/22          1,675        1,676,722  

Macquarie Group Ltd. (Australia),

 

Sr. Unsec’d. Notes, 144A

 

1.340%(ff)

      01/12/27          50        44,069  

Mitsubishi UFJ Financial Group, Inc. (Japan),

 

Sr. Unsec’d. Notes

 

3.407%

      03/07/24          45        44,677  

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

Morgan Stanley,

 

Sr. Unsec’d. Notes

 

3.217%(ff)

      04/22/42          10      $ 7,844  

Sr. Unsec’d. Notes, GMTN

 

1.512%(ff)

      07/20/27          15        13,188  

2.239%(ff)

      07/21/32          4,303        3,496,463  

2.699%(ff)

      01/22/31          35        30,343  

3.772%(ff)

      01/24/29          2,010        1,910,664  

4.431%(ff)

      01/23/30          1,340            1,300,619  

Sr. Unsec’d. Notes, MTN

 

0.529%(ff)

      01/25/24          20        19,621  

1.794%(ff)

      02/13/32          1,015        799,172  

1.928%(ff)

      04/28/32          193        153,109  

2.511%(ff)

      10/20/32          1,590        1,316,579  

2.943%(ff)

      01/21/33 (a)         1,470        1,260,198  

3.125%

      07/27/26          2,725        2,600,613  

Sub. Notes

 

2.484%(ff)

      09/16/36          20        15,379  

Sub. Notes, GMTN

 

4.350%

      09/08/26          756        748,261  

NatWest Group PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

2.359%(ff)

      05/22/24          200        196,290  

PNC Financial Services Group, Inc. (The),

 

Sr. Unsec’d. Notes

 

2.200%

      11/01/24          21        20,342  

Santander Holdings USA, Inc.,

 

Sr. Unsec’d. Notes

 

2.490%(ff)

      01/06/28          15        13,239  

3.450%

      06/02/25          30        28,926  

4.500%

      07/17/25          50        49,834  

Societe Generale SA (France),

 

Sr. Unsec’d. Notes, 144A

 

2.797%(ff)

      01/19/28          2,210        1,973,872  

3.337%(ff)

      01/21/33 (a)         1,580        1,293,784  

Standard Chartered PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

2.819%(ff)

      01/30/26          25        23,731  

State Street Corp.,

 

Sub. Notes

 

2.200%

      03/03/31          4,130        3,370,599  

Sumitomo Mitsui Financial Group, Inc. (Japan),

 

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.740%

 

1.784%(c)

      01/17/23          22        21,991  

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.860%

 

1.904%(c)

      07/19/23          20        19,992  

Sr. Unsec’d. Notes

 

3.364%

      07/12/27          50        47,550  

Texas Capital Bank NA,

 

Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%

 

6.750%(c)

      09/30/24          3,340            3,204,293  

U.S. Bancorp,

 

Jr. Sub. Notes

 

3.700%(ff)

      01/15/27 (oo)         30        23,127  

Jr. Sub. Notes, Series J

 

5.300%(ff)

      04/15/27 (oo)         25        21,520  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A113

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

UBS Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

2.859%(ff)

      08/15/23           1,100      $ 1,099,599  

UniCredit SpA (Italy),

 

Sr. Unsec’d. Notes, 144A

 

2.569%(ff)

      09/22/26           685        614,564  

3.127%(ff)

      06/03/32           1,225        961,077  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes

 

3.068%(ff)

      04/30/41           2,690        2,096,566  

Sr. Unsec’d. Notes, MTN

 

2.393%(ff)

      06/02/28           60        53,771  

2.572%(ff)

      02/11/31           3,525        3,030,709  

5.013%(ff)

      04/04/51           20        19,618  

Sub. Notes, MTN

 

4.100%

      06/03/26           20        19,659  

Westpac Banking Corp. (Australia),

 

Sub. Notes

 

2.668%(ff)

      11/15/35           15        12,037  

3.133%

      11/18/41           5        3,678  
           

 

 

  
                  118,897,647  
           

 

 

  

Beverages — 0.3%

 

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

4.700%

      02/01/36           31        29,758  

4.900%

      02/01/46           1,947        1,836,351  

Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

3.500%

      06/01/30           30        28,112  

4.500%

      06/01/50           35        31,445  

4.600%

      04/15/48           10        9,004  

4.750%

      01/23/29           118        120,249  

4.750%

      04/15/58           5        4,510  

5.550%

      01/23/49           1,465        1,497,035  

Coca-Cola Co. (The),

 

Sr. Unsec’d. Notes

 

1.375%

      03/15/31           10        8,143  

1.650%

      06/01/30           10        8,475  

Constellation Brands, Inc.,

 

Sr. Unsec’d. Notes

 

2.875%

      05/01/30           70        60,821  

Keurig Dr. Pepper, Inc.,

 

Gtd. Notes

 

4.417%

      05/25/25           20        20,181  

PepsiCo, Inc.,

 

Sr. Unsec’d. Notes

 

2.875%

      10/15/49           15        11,907  
           

 

 

  
              3,665,991  
           

 

 

  

Biotechnology — 0.0%

 

Amgen, Inc.,

 

Sr. Unsec’d. Notes

 

2.000%

      01/15/32           10        8,137  

2.250%

      08/19/23           30        29,659  

2.770%

      09/01/53           19        12,819  

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Biotechnology (cont’d.)

 

   

3.150%

      02/21/40           20      $ 15,868  

5.150%

      11/15/41           16        15,846  

Baxalta, Inc.,

 

Gtd. Notes

 

4.000%

      06/23/25           75        74,427  

Gilead Sciences, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

      10/01/50           10        6,998  

2.950%

      03/01/27           7        6,627  

4.750%

      03/01/46           10        9,575  
           

 

 

  
              179,956  
           

 

 

  

Building Materials — 0.2%

 

Carrier Global Corp.,

 

Sr. Unsec’d. Notes

 

2.242%

      02/15/25           5        4,750  

2.493%

      02/15/27           5        4,563  

2.722%

      02/15/30           45        38,893  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA,

 

Sr. Unsec’d. Notes

 

1.750%

      09/15/30           20        16,296  

Martin Marietta Materials, Inc.,

 

Sr. Unsec’d. Notes

 

2.400%

      07/15/31           15        12,254  

Masco Corp.,

 

Sr. Unsec’d. Notes

 

2.000%

      10/01/30           945        746,292  

2.000%

      02/15/31           50        39,253  

Masonite International Corp.,

 

Gtd. Notes, 144A

 

5.375%

      02/01/28           475        428,459  

Mohawk Industries, Inc.,

 

Sr. Unsec’d. Notes

 

3.850%

      02/01/23           294        294,576  

Owens Corning,

 

Sr. Unsec’d. Notes

 

3.950%

      08/15/29           40        37,078  

4.300%

      07/15/47           20        16,385  

SRM Escrow Issuer LLC,

 

Sr. Sec’d. Notes, 144A

 

6.000%

      11/01/28           1,275        1,090,106  

Vulcan Materials Co.,

 

Sr. Unsec’d. Notes

 

3.500%

      06/01/30           15        13,519  
           

 

 

  
                  2,742,424  
           

 

 

  

Chemicals — 1.1%

 

Ashland LLC,

 

Gtd. Notes

 

6.875%

      05/15/43           1,400        1,408,654  

Ashland Services BV,

 

Gtd. Notes

 

2.000%

      01/30/28        EUR        1,600        1,370,324  

Celanese US Holdings LLC,

 

Gtd. Notes

 

1.400%

      08/05/26           55        47,281  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A114

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Chemicals (cont’d.)

 

CF Industries, Inc.,

 

Gtd. Notes

 

4.950%

      06/01/43          675      $ 605,813  

Dow Chemical Co. (The),

 

Sr. Unsec’d. Notes

 

3.600%

      11/15/50          5        3,817  

5.250%

      11/15/41          35        34,651  

DuPont de Nemours, Inc.,

 

Sr. Unsec’d. Notes

 

4.493%

      11/15/25          13        13,091  

Ecolab, Inc.,

 

Sr. Unsec’d. Notes

 

2.700%

      12/15/51          7        5,001  

3.950%

      12/01/47          25        22,709  

INEOS Quattro Finance 2 PLC (United Kingdom),

 

Sr. Sec’d. Notes, 144A

 

2.500%

      01/15/26       EUR        2,300            2,030,904  

International Flavors & Fragrances, Inc.,

 

Gtd. Notes, 144A

 

3.468%

      12/01/50          9        6,555  

Sr. Unsec’d. Notes, 144A

 

1.230%

      10/01/25          87        78,555  

2.300%

      11/01/30          10        8,225  

LYB International Finance BV,

 

Gtd. Notes

 

5.250%

      07/15/43          1,000        934,062  

LYB International Finance III LLC,

 

Gtd. Notes

 

1.250%

      10/01/25          35        31,672  

3.375%

      10/01/40          60        45,967  

4.200%

      10/15/49          5        4,063  

Mosaic Co. (The),

 

Sr. Unsec’d. Notes

 

3.250%

      11/15/22          95        95,105  

5.625%

      11/15/43          155        159,259  

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      06/01/24          1,150        1,102,656  

Nutrien Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

4.900%

      06/01/43          870        838,459  

5.250%

      01/15/45          305        304,180  

PPG Industries, Inc.,

 

Sr. Unsec’d. Notes

 

1.200%

      03/15/26          20        17,922  

Sasol Financing International Ltd. (South Africa),

 

Gtd. Notes

 

4.500%

      11/14/22          1,525        1,515,648  

Sasol Financing USA LLC (South Africa),

 

Gtd. Notes

 

4.375%

      09/18/26 (a)         460        403,630  

5.875%

      03/27/24          375        367,830  

Sherwin-Williams Co. (The),

 

Sr. Unsec’d. Notes

 

2.300%

      05/15/30          20        16,864  

3.125%

      06/01/24          14        13,888  

3.450%

      08/01/25          449        440,829  

Interest
Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Chemicals (cont’d.)

 

TPC Group, Inc.,

 

Sr. Sec’d. Notes, 144A

 

10.500%

      08/01/24 (d)         450      $ 245,994  

10.875%

      08/01/24 (d)         111        109,565  

Yara International ASA (Brazil),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      06/01/28          40        38,315  
          

 

 

  
                 12,321,488  
          

 

 

  

Commercial Services — 0.8%

 

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,

 

Sr. Sec’d. Notes, 144A

 

4.625%

      06/01/28          1,300        1,067,848  

Element Fleet Management Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

1.600%

      04/06/24          10        9,505  

ERAC USA Finance LLC,

 

Gtd. Notes, 144A

 

4.200%

      11/01/46          50        41,208  

6.700%

      06/01/34          920        1,033,160  

7.000%

      10/15/37          770        890,788  

Gartner, Inc.,

 

Gtd. Notes, 144A

 

4.500%

      07/01/28          230        209,277  

Global Payments, Inc.,

 

Sr. Unsec’d. Notes

 

1.200%

      03/01/26          145        127,914  

2.650%

      02/15/25          40        38,145  

3.200%

      08/15/29          30        26,212  

Loxam SAS (France),

 

Sr. Sub. Notes

 

4.500%

      04/15/27       EUR        1,650        1,305,484  

Nexi SpA (Italy),

 

Sr. Unsec’d. Notes

 

2.125%

      04/30/29 (a)      EUR        2,640        1,925,599  

PayPal Holdings, Inc.,

 

Sr. Unsec’d. Notes

 

1.650%

      06/01/25          5        4,716  

2.300%

      06/01/30          20        17,220  

3.250%

      06/01/50          3        2,265  

S&P Global, Inc.,

 

Gtd. Notes

 

1.250%

      08/15/30          35        27,757  

Gtd. Notes, 144A

 

4.250%

      05/01/29          60        59,429  

United Rentals North America, Inc.,

 

Gtd. Notes

 

3.750%

      01/15/32          50        41,115  

3.875%

      02/15/31 (a)         392        331,105  

4.875%

      01/15/28          1,325        1,254,542  

5.250%

      01/15/30          525        487,278  
          

 

 

  
             8,900,567  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A115

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  
                             

CORPORATE BONDS (continued)

 

Computers — 0.1%

 

Apple, Inc.,

 

Sr. Unsec’d. Notes

 

0.700%

      02/08/26           40      $ 36,440  

1.200%

      02/08/28           100        87,489  

1.400%

      08/05/28           29        25,411  

1.650%

      02/08/31           55        46,196  

2.375%

      02/08/41           40        30,612  

2.650%

      05/11/50           15        11,087  

2.650%

      02/08/51           15        11,086  

2.700%

      08/05/51           5        3,747  

2.800%

      02/08/61           100        71,580  

2.950%

      09/11/49           25        19,664  

3.350%

      02/09/27           70        69,547  

3.850%

      08/04/46           15        13,755  

Dell International LLC/EMC Corp.,

 

Sr. Unsec’d. Notes

 

4.900%

      10/01/26           50        50,038  

5.300%

      10/01/29           5        4,931  

6.020%

      06/15/26           37        38,376  

6.200%

      07/15/30           12        12,484  

Fortinet, Inc.,

 

Sr. Unsec’d. Notes

 

1.000%

      03/15/26           45        39,612  

2.200%

      03/15/31           60        48,707  

Genpact Luxembourg Sarl,

 

Gtd. Notes

 

3.375%

      12/01/24           90        88,468  

HP, Inc.,

 

Sr. Unsec’d. Notes

 

1.450%

      06/17/26           100        88,475  

International Business Machines Corp.,

 

Sr. Unsec’d. Notes

 

3.300%

      05/15/26           100        97,692  

Kyndryl Holdings, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.050%

      10/15/26           10        8,456  

3.150%

      10/15/31           20        14,650  

NetApp, Inc.,

 

Sr. Unsec’d. Notes

 

3.300%

      09/29/24           40        39,254  

Seagate HDD Cayman,

 

Gtd. Notes

 

4.875%

      06/01/27           40        38,085  
           

 

 

  
                  995,842  
           

 

 

  

Diversified Financial Services — 0.5%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),

 

Gtd. Notes

            

3.000%

      10/29/28           150        126,192  

3.400%

      10/29/33           150        118,317  

Air Lease Corp.,

 

Sr. Unsec’d. Notes

 

1.875%

      08/15/26           56        48,475  

3.375%

      07/01/25           15        14,137  

Sr. Unsec’d. Notes, MTN

 

2.300%

      02/01/25           20        18,698  

2.875%

      01/15/26           15        13,772  

Interest
Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Diversified Financial Services (cont’d.)

 

4.250%

      02/01/24          10      $ 9,891  

Aircastle Ltd.,

 

Sr. Unsec’d. Notes, 144A

 

5.250%

      08/11/25          10        9,685  

Ally Financial, Inc.,

 

Sr. Unsec’d. Notes

 

2.200%

      11/02/28          5        4,074  

Sub. Notes

 

5.750%

      11/20/25          25        24,656  

American Express Co.,

 

Jr. Sub. Notes

 

3.550%(ff)

      09/15/26 (oo)         10        8,185  

Aviation Capital Group LLC,

 

Sr. Unsec’d. Notes, 144A

 

1.950%

      09/20/26          25        21,270  

Avolon Holdings Funding Ltd. (Ireland),

 

Gtd. Notes, 144A

 

2.528%

      11/18/27          23        18,910  

2.875%

      02/15/25          10        9,210  

3.950%

      07/01/24          10        9,637  

Sr. Unsec’d. Notes, 144A

 

2.750%

      02/21/28          30        24,355  

Blackstone Holdings Finance Co. LLC,

 

Gtd. Notes, 144A

 

2.550%

      03/30/32          20        16,758  

Blackstone Private Credit Fund,

 

Sr. Sec’d. Notes

 

5.610%

      05/03/27^          1,100            1,058,257  

Brookfield Finance, Inc. (Canada),

 

Gtd. Notes

 

4.850%

      03/29/29          25        24,704  

Cantor Fitzgerald LP,

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      05/01/24          50        50,572  

Capital One Financial Corp.,

 

Sr. Unsec’d. Notes

 

3.800%

      01/31/28          5        4,714  

Sub. Notes

 

2.359%(ff)

      07/29/32          45        34,261  

Charles Schwab Corp. (The),

 

Jr. Sub. Notes, Series H

 

4.000%(ff)

      12/01/30 (oo)         20        15,471  

Jr. Sub. Notes, Series I

 

4.000%(ff)

      06/01/26 (oo)         35        29,762  

CI Financial Corp. (Canada),

 

Sr. Unsec’d. Notes

 

3.200%

      12/17/30          30        23,355  

Credit Acceptance Corp.,

 

Gtd. Notes, 144A

 

5.125%

      12/31/24          15        14,192  

GTP Acquisition Partners I LLC,

 

Sr. Sec’d. Notes, 144A

 

3.482%

      06/15/50          100        98,472  

Intercontinental Exchange, Inc.,

 

Sr. Unsec’d. Notes

 

2.100%

      06/15/30          50        41,873  

3.000%

      06/15/50          35        25,537  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A116

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Diversified Financial Services (cont’d.)

 

Jefferies Group LLC,

 

Sr. Unsec’d. Notes

 

6.500%

      01/20/43          555      $ 554,286  

Mastercard, Inc.,

 

Sr. Unsec’d. Notes

 

1.900%

      03/15/31          15        12,808  

3.300%

      03/26/27          10        9,834  

3.850%

      03/26/50          20        18,344  

Nasdaq, Inc.,

 

Sr. Unsec’d. Notes

 

2.500%

      12/21/40          20        13,795  

Nationstar Mortgage Holdings, Inc.,

 

Gtd. Notes, 144A

 

5.500%

      08/15/28 (a)         880        707,506  

6.000%

      01/15/27          275        238,927  

Nomura Holdings, Inc. (Japan),

 

Sr. Unsec’d. Notes

 

2.608%

      07/14/31          515        409,856  

OneMain Finance Corp.,

 

Gtd. Notes

 

5.375%

      11/15/29 (a)         1,125        912,227  

Power Finance Corp. Ltd. (India),

 

Sr. Unsec’d. Notes, 144A, MTN

 

6.150%

      12/06/28 (a)         400        417,779  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,

 

Gtd. Notes, 144A

 

2.875%

      10/15/26          10        8,288  

Synchrony Financial,

 

Sr. Unsec’d. Notes

 

3.950%

      12/01/27          40        36,389  

Visa, Inc.,

 

Sr. Unsec’d. Notes

 

1.100%

      02/15/31          10        7,994  

2.050%

      04/15/30          10        8,766  

4.300%

      12/14/45          20        19,751  

Western Union Co. (The),

 

Sr. Unsec’d. Notes

 

2.850%

      01/10/25          30        28,807  
          

 

 

  
                 5,322,749  
          

 

 

  

Electric — 2.9%

 

Abu Dhabi National Energy Co. PJSC (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A

 

3.625%

      01/12/23          200        200,474  

AEP Transmission Co. LLC,

 

Sr. Unsec’d. Notes

 

3.750%

      12/01/47          100        84,723  

AES Corp. (The),

 

Sr. Unsec’d. Notes

 

1.375%

      01/15/26          35        30,880  

2.450%

      01/15/31          15        12,065  

Sr. Unsec’d. Notes, 144A

 

3.300%

      07/15/25          45        42,458  

3.950%

      07/15/30          5        4,488  

Alliant Energy Finance LLC,

 

Gtd. Notes, 144A

 

3.750%

      06/15/23          10        9,996  

Interest
Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  
                            

CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

Ameren Illinois Co.,

 

First Mortgage

 

4.500%

      03/15/49          40      $ 38,662  

American Electric Power Co., Inc.,

 

Sr. Unsec’d. Notes, Series J

 

4.300%

      12/01/28          45        43,802  

American Transmission Systems, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.650%

      01/15/32          10        8,463  

Arizona Public Service Co.,

 

Sr. Unsec’d. Notes

 

2.200%

      12/15/31          25        20,289  

Atlantic City Electric Co.,

 

First Mortgage

 

2.300%

      03/15/31          25        21,580  

Ausgrid Finance Pty Ltd. (Australia),

 

Sr. Sec’d. Notes, 144A

 

3.850%

      05/01/23          75        74,983  

Avangrid, Inc.,

 

Sr. Unsec’d. Notes

 

3.800%

      06/01/29          10        9,356  

Baltimore Gas & Electric Co.,

 

Sr. Unsec’d. Notes

 

2.250%

      06/15/31          5        4,262  

2.900%

      06/15/50          25        18,412  

3.350%

      07/01/23 (a)         550        548,020  

Berkshire Hathaway Energy Co.,

 

Sr. Unsec’d. Notes

 

4.050%

      04/15/25          35        35,283  

4.250%

      10/15/50          20        18,267  

Black Hills Corp.,

 

Sr. Unsec’d. Notes

 

3.050%

      10/15/29          25        22,173  

Calpine Corp.,

 

Sr. Unsec’d. Notes, 144A

 

4.625%

      02/01/29          600        498,396  

5.000%

      02/01/31 (a)         750        618,418  

5.125%

      03/15/28 (a)         1,700            1,507,601  

CenterPoint Energy, Inc.,

 

Sr. Unsec’d. Notes

 

2.950%

      03/01/30          36        32,017  

CMS Energy Corp.,

 

Sr. Unsec’d. Notes

 

3.000%

      05/15/26          20        19,203  

Comision Federal de Electricidad (Mexico),

 

Gtd. Notes, 144A

 

4.688%

      05/15/29          1,325        1,186,955  

Consolidated Edison Co. of New York, Inc.,

 

Sr. Unsec’d. Notes

 

4.500%

      12/01/45          10        9,192  

Sr. Unsec’d. Notes, Series C

 

3.000%

      12/01/60          20        13,685  

4.300%

      12/01/56          235        205,832  

Constellation Energy Generation LLC,

 

Sr. Unsec’d. Notes

 

3.250%

      06/01/25          20        19,180  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A117

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

Consumers Energy Co.,

 

First Mortgage

 

2.500%

      05/01/60          5      $ 3,197  

Dominion Energy South Carolina, Inc.,

 

First Mortgage

 

4.600%

      06/15/43          2,025        1,917,360  

Dominion Energy, Inc.,

 

Jr. Sub. Notes

 

3.071%

      08/15/24          5        4,883  

Sr. Unsec’d. Notes

 

3.900%

      10/01/25          15        14,949  

Sr. Unsec’d. Notes, Series B

 

3.300%

      04/15/41          5        3,937  

Sr. Unsec’d. Notes, Series C

 

3.375%

      04/01/30          10        9,145  

DPL, Inc.,

 

Sr. Unsec’d. Notes

 

4.125%

      07/01/25          10        9,323  

DTE Electric Co.,

 

First Mortgage, Series C

 

2.625%

      03/01/31          10        8,878  

Duke Energy Carolinas LLC,

 

First Mortgage

 

3.950%

      11/15/28          40        39,462  

Duke Energy Corp.,

 

Sr. Unsec’d. Notes

 

2.450%

      06/01/30          5        4,215  

Duke Energy Florida LLC,

 

First Mortgage

 

1.750%

      06/15/30          50        41,588  

2.500%

      12/01/29          75        66,689  

3.850%

      11/15/42          25        21,733  

Duke Energy Indiana LLC,

 

First Mortgage

 

2.750%

      04/01/50          10        7,069  

Duke Energy Ohio, Inc.,

 

First Mortgage

 

2.125%

      06/01/30          30        25,333  

Duke Energy Progress LLC,

 

First Mortgage

 

3.450%

      03/15/29          45        42,813  

Duquesne Light Holdings, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.532%

      10/01/30          25        20,635  

Edison International,

 

Jr. Sub. Notes, Series A

 

5.375%(ff)

      03/15/26 (oo)         10        8,128  

Jr. Sub. Notes, Series B

 

5.000%(ff)

      12/15/26 (oo)         20        15,982  

Sr. Unsec’d. Notes

 

3.125%

      11/15/22          5        4,988  

3.550%

      11/15/24          85        82,992  

4.950%

      04/15/25          5        5,017  

El Paso Electric Co.,

 

Sr. Unsec’d. Notes

 

6.000%

      05/15/35          2,325        2,471,197  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

Emera US Finance LP (Canada),

 

Gtd. Notes

 

0.833%

      06/15/24           20      $ 18,667  

3.550%

      06/15/26           20        19,157  

Entergy Corp.,

 

Sr. Unsec’d. Notes

 

0.900%

      09/15/25           10        9,009  

2.400%

      06/15/31           48        39,054  

2.800%

      06/15/30           10        8,590  

Entergy Louisiana LLC,

 

First Mortgage

 

2.350%

      06/15/32           120        100,423  

Entergy Texas, Inc.,

 

First Mortgage

 

3.550%

      09/30/49           25        20,036  

Eskom Holdings SOC Ltd. (South Africa),

 

Sr. Unsec’d. Notes, 144A

 

7.125%

      02/11/25           390        329,126  

Eversource Energy,

 

Sr. Unsec’d. Notes, Series M

 

3.300%

      01/15/28           40        37,701  

Sr. Unsec’d. Notes, Series U

 

1.400%

      08/15/26           20        17,823  

Exelon Corp.,

 

Sr. Unsec’d. Notes

 

3.400%

      04/15/26           5        4,852  

3.950%

      06/15/25           35        34,904  

4.050%

      04/15/30           25        23,991  

FirstEnergy Corp.,

 

Sr. Unsec’d. Notes, Series C

 

5.350%

      07/15/47           4        3,380  

FirstEnergy Transmission LLC,

 

Sr. Unsec’d. Notes, 144A

 

4.350%

      01/15/25           3,771        3,710,646  

5.450%

      07/15/44           280        259,600  

Florida Power & Light Co.,

 

First Mortgage

 

2.875%

      12/04/51           5        3,750  

3.150%

      10/01/49           36        28,667  

Georgia Power Co.,

 

Sr. Unsec’d. Notes, Series B

 

2.650%

      09/15/29           95        83,621  

Iberdrola International BV (Spain),

 

Gtd. Notes

 

6.750%

      09/15/33           1,150        1,301,572  

Interstate Power & Light Co.,

 

Sr. Unsec’d. Notes

 

3.250%

      12/01/24           20        19,761  

3.600%

      04/01/29           50        47,653  

Israel Electric Corp. Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A, GMTN

 

4.250%

      08/14/28           680        653,991  

Jersey Central Power & Light Co.,

 

Sr. Unsec’d. Notes, 144A

 

4.700%

      04/01/24           50        50,290  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A118

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

Kentucky Utilities Co.,

 

First Mortgage

 

4.375%

      10/01/45          3,050      $     2,774,264  

Liberty Utilities Finance GP1,

 

Gtd. Notes, 144A

 

2.050%

      09/15/30          45        36,975  

MidAmerican Energy Co.,

 

First Mortgage

 

3.150%

      04/15/50          5        3,908  

3.650%

      04/15/29          20        19,463  

3.650%

      08/01/48          20        16,860  

Narragansett Electric Co. (The),

 

Sr. Unsec’d. Notes, 144A

 

3.395%

      04/09/30          1,050        985,370  

NextEra Energy Capital Holdings, Inc.,

 

Gtd. Notes

 

1.900%

      06/15/28          15        13,056  

2.250%

      06/01/30          20        16,802  

2.440%

      01/15/32          11        9,161  

3.000%

      01/15/52          58        41,479  

Northern States Power Co.,

 

First Mortgage

 

2.250%

      04/01/31          10        8,755  

2.600%

      06/01/51          5        3,529  

3.600%

      09/15/47          10        8,430  

NRG Energy, Inc.,

 

Gtd. Notes, 144A

 

3.875%

      02/15/32 (a)         425        337,405  

5.250%

      06/15/29          375        335,011  

Sr. Sec’d. Notes, 144A

 

2.000%

      12/02/25          285        257,710  

2.450%

      12/02/27          1,245        1,075,265  

3.750%

      06/15/24          50        49,014  

Ohio Power Co.,

 

Sr. Unsec’d. Notes, Series P

 

2.600%

      04/01/30          25        22,072  

Sr. Unsec’d. Notes, Series Q

 

1.625%

      01/15/31          5        4,036  

Sr. Unsec’d. Notes, Series R

 

2.900%

      10/01/51          5        3,579  

Oncor Electric Delivery Co. LLC,

 

Sr. Sec’d. Notes

 

3.700%

      11/15/28          40        38,921  

3.800%

      06/01/49          6        5,290  

Pacific Gas & Electric Co.,

 

First Mortgage

 

2.100%

      08/01/27          10        8,399  

3.250%

      06/15/23          25        24,636  

3.450%

      07/01/25          13        12,210  

3.750%

      08/15/42          50        33,821  

3.850%

      11/15/23          40        39,549  

4.000%

      12/01/46          15        10,447  

4.450%

      04/15/42          5        3,764  

4.550%

      07/01/30          1,748        1,551,809  

4.950%

      07/01/50          69        55,022  

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

PacifiCorp,

 

First Mortgage

 

3.300%

      03/15/51           390      $     306,084  

Perusahaan Listrik Negara PT (Indonesia),

 

Sr. Unsec’d. Notes, 144A

 

1.875%

      11/05/31        EUR        324        256,895  

PG&E Energy Recovery Funding LLC,

 

Sr. Sec’d. Notes, Series A-3

 

2.822%

      07/15/48           20        15,846  

Progress Energy, Inc.,

 

Sr. Unsec’d. Notes

 

7.000%

      10/30/31           90        101,232  

Public Service Co. of Colorado,

 

First Mortgage, Series 34

 

3.200%

      03/01/50           5        3,948  

Public Service Electric & Gas Co.,

 

First Mortgage, MTN

 

2.050%

      08/01/50           45        28,198  

Public Service Enterprise Group, Inc.,

 

Sr. Unsec’d. Notes

 

1.600%

      08/15/30           35        27,841  

Rochester Gas & Electric Corp.,

 

First Mortgage, 144A

 

3.100%

      06/01/27           45        42,853  

San Diego Gas & Electric Co.,

 

First Mortgage

 

4.150%

      05/15/48           20        18,431  

5.350%

      05/15/35           40        41,639  

First Mortgage, Series WWW

 

2.950%

      08/15/51           5        3,708  

Sr. Sec’d. Notes, Series VVV

 

1.700%

      10/01/30           10        8,221  

Sempra Energy,

 

Sr. Unsec’d. Notes

 

3.400%

      02/01/28           35        33,053  

4.000%

      02/01/48           5        4,141  

Sierra Pacific Power Co.,

 

General Ref. Mortgage

 

2.600%

      05/01/26           20        19,029  

Southern California Edison Co.,

 

First Mortgage

 

1.100%

      04/01/24           135        128,419  

2.250%

      06/01/30           35        29,366  

2.850%

      08/01/29           40        35,454  

3.650%

      02/01/50           25        19,130  

First Mortgage, SOFR Index + 0.640%

 

2.153%(c)

      04/03/23           40        39,878  

First Mortgage, Series 20A

 

2.950%

      02/01/51           5        3,400  

First Mortgage, Series A

 

4.200%

      03/01/29           20        19,261  

First Mortgage, Series G

 

2.500%

      06/01/31           10        8,398  

First Mortgage, Series H

 

3.650%

      06/01/51           5        3,894  

First Ref. Mortgage

 

5.500%

      03/15/40           10        9,866  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A119

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

First Ref. Mortgage, Series C

 

4.125%

      03/01/48          50      $ 41,268  

Southwestern Public Service Co.,

 

First Mortgage

 

3.750%

      06/15/49          30        25,186  

Tampa Electric Co.,

 

Sr. Unsec’d. Notes

 

3.450%

      03/15/51          40        31,811  

Toledo Edison Co. (The),

 

First Mortgage, 144A

 

2.650%

      05/01/28          10        9,314  

Trans-Allegheny Interstate Line Co.,

 

Sr. Unsec’d. Notes, 144A

 

3.850%

      06/01/25          100        98,461  

Tucson Electric Power Co.,

 

Sr. Unsec’d. Notes

 

4.000%

      06/15/50          1,500        1,268,496  

Virginia Electric & Power Co.,

 

Sr. Unsec’d. Notes

 

3.450%

      09/01/22          25        24,974  

4.450%

      02/15/44          15        13,948  

Vistra Corp.,

 

Jr. Sub. Notes, 144A

 

7.000%(ff)

      12/15/26 (oo)         625        568,750  

8.000%(ff)

      10/15/26 (oo)         2,075        1,991,203  

Vistra Operations Co. LLC,

 

Gtd. Notes, 144A

 

5.000%

      07/31/27          450        407,891  

5.625%

      02/15/27          600        564,132  

Sr. Sec’d. Notes, 144A

 

3.550%

      07/15/24          130        125,464  

3.700%

      01/30/27          2,000        1,846,008  
          

 

 

  
                 33,045,995  
          

 

 

  

Electrical Components & Equipment — 0.1%

 

Emerson Electric Co.,

 

Sr. Unsec’d. Notes

 

2.000%

      12/21/28          10        8,828  

2.800%

      12/21/51          10        7,308  

WESCO Distribution, Inc.,

 

Gtd. Notes, 144A

 

7.125%

      06/15/25          575        573,665  

7.250%

      06/15/28          550        543,803  
          

 

 

  
             1,133,604  
          

 

 

  

Electronics — 0.1%

 

Agilent Technologies, Inc.,

 

Sr. Unsec’d. Notes

 

2.300%

      03/12/31          45        36,609  

Arrow Electronics, Inc.,

 

Sr. Unsec’d. Notes

 

3.875%

      01/12/28          5        4,762  

Honeywell International, Inc.,

 

Sr. Unsec’d. Notes

 

1.100%

      03/01/27          20        17,792  

1.950%

      06/01/30          30        25,767  

Interest

Rate

        Maturity    
Date		                Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Electronics (cont’d.)

 

Sensata Technologies BV,

 

Gtd. Notes, 144A

 

5.000%

      10/01/25          1,000      $ 961,557  

TD SYNNEX Corp.,

 

Sr. Unsec’d. Notes, 144A

 

1.250%

      08/09/24          30        27,971  

2.650%

      08/09/31          25        20,129  

Vontier Corp.,

 

Gtd. Notes

 

2.400%

      04/01/28          20        16,490  
          

 

 

  
             1,111,077  
          

 

 

  

Engineering & Construction — 0.4%

 

Cellnex Telecom SA (Spain),

 

Sr. Unsec’d. Notes, EMTN

 

1.750%

      10/23/30       EUR        2,800        2,098,471  

GMR Hyderabad International Airport Ltd. (India),

 

Sr. Sec’d. Notes, 144A

 

4.250%

      10/27/27 (a)         345        289,686  

Mexico City Airport Trust (Mexico),

 

Sr. Sec’d. Notes, 144A

 

4.250%

      10/31/26          605        557,306  

5.500%

      07/31/47          1,690        1,154,332  
          

 

 

  
                 4,099,795  
          

 

 

  

Entertainment — 0.4%

 

AMC Entertainment Holdings, Inc.,

 

Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%

 

10.000%

      06/15/26          366        243,775  

Caesars Entertainment, Inc.,

 

Sr. Sec’d. Notes, 144A

 

6.250%

      07/01/25          860        828,869  

Golden Entertainment, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

7.625%

      04/15/26 (a)         875        873,873  

Magallanes, Inc.,

 

Gtd. Notes, 144A

 

3.528%

      03/15/24          20        19,602  

5.050%

      03/15/42          1,065        905,719  

5.141%

      03/15/52          1,015        852,130  

5.391%

      03/15/62          485        406,751  

Penn National Gaming, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.625%

      01/15/27 (a)         800        705,524  
          

 

 

  
             4,836,243  
          

 

 

  

Environmental Control — 0.0%

 

Republic Services, Inc.,

 

Sr. Unsec’d. Notes

 

0.875%

      11/15/25          10        9,018  

2.500%

      08/15/24          30        29,062  

3.950%

      05/15/28          20        19,655  

Waste Connections, Inc.,

 

Sr. Unsec’d. Notes

 

3.500%

      05/01/29          35        32,925  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A120

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Environmental Control (cont’d.)

 

Waste Management, Inc.,

 

Gtd. Notes

 

2.400%

      05/15/23           30      $ 29,805  
           

 

 

  
              120,465  
           

 

 

  

Foods — 0.8%

 

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,

 

Gtd. Notes, 144A

 

3.250%

      03/15/26           20        17,483  

Bellis Acquisition Co. PLC (United Kingdom),

 

Sr. Sec’d. Notes, 144A

 

3.250%

      02/16/26        GBP        3,100        2,937,060  

Bellis Finco PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

4.000%

      02/16/27        GBP        1,600        1,345,214  

Campbell Soup Co.,

 

Sr. Unsec’d. Notes

 

3.950%

      03/15/25           45        44,927  

4.800%

      03/15/48           55        51,286  

Conagra Brands, Inc.,

 

Sr. Unsec’d. Notes

 

1.375%

      11/01/27           60        50,020  

General Mills, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      10/14/31           5        4,103  

Hershey Co. (The),

 

Sr. Unsec’d. Notes

 

1.700%

      06/01/30           10        8,383  

Kraft Heinz Foods Co.,

 

Gtd. Notes

 

3.000%

      06/01/26           47        44,413  

4.625%

      10/01/39           645        565,461  

4.875%

      10/01/49           1,325        1,171,787  

Market Bidco Finco PLC (United Kingdom),

 

Sr. Sec’d. Notes, 144A

 

5.500%

      11/04/27        GBP        2,500        2,312,870  

Mars, Inc.,

 

Gtd. Notes, 144A

 

3.875%

      04/01/39           440        395,783  

3.950%

      04/01/49           25        22,727  

4.200%

      04/01/59           380        345,444  

Sr. Unsec’d. Notes, 144A

 

2.375%

      07/16/40           10        7,261  

Mondelez International, Inc.,

 

Sr. Unsec’d. Notes

 

1.500%

      02/04/31           30        23,539  

Smithfield Foods, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

3.000%

      10/15/30           10        8,334  

Tyson Foods, Inc.,

 

Sr. Unsec’d. Notes

 

5.100%

      09/28/48           15        15,111  
           

 

 

  
                  9,371,206  
           

 

 

  

Interest

Rate

        Maturity    
Date		           

    Principal    
Amount

(000)#

      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Forest Products & Paper — 0.0%

 

Georgia-Pacific LLC,

 

Sr. Unsec’d. Notes, 144A

 

0.950%

      05/15/26          40      $ 35,485  

Suzano Austria GmbH (Brazil),

 

Gtd. Notes, Series DM3N

 

3.125%

      01/15/32          10        7,544  
          

 

 

  
             43,029  
          

 

 

  

Gas — 0.3%

 

AmeriGas Partners LP/AmeriGas Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.875%

      08/20/26          1,100        1,030,249  

APT Pipelines Ltd. (Australia),

 

Gtd. Notes, 144A

 

4.250%

      07/15/27          50        48,672  

Atmos Energy Corp.,

 

Sr. Unsec’d. Notes

 

1.500%

      01/15/31          55        44,001  

2.625%

      09/15/29          15        13,368  

2.850%

      02/15/52          5        3,604  

CenterPoint Energy Resources Corp.,

 

Sr. Unsec’d. Notes

 

0.700%

      03/02/23          105        102,936  

1.750%

      10/01/30          10        8,120  

NiSource, Inc.,

 

Sr. Unsec’d. Notes

 

0.950%

      08/15/25          75        67,301  

1.700%

      02/15/31          370        288,616  

3.600%

      05/01/30          36        32,990  

4.800%

      02/15/44          300        270,285  

Piedmont Natural Gas Co., Inc.,

 

Sr. Unsec’d. Notes

 

4.100%

      09/18/34          20        18,255  

Southern California Gas Co.,

 

First Mortgage, Series WW

 

3.950%

      02/15/50          45        38,724  

Southern Co. Gas Capital Corp.,

 

Gtd. Notes

 

4.400%

      06/01/43          1,050        911,838  
          

 

 

  
                 2,878,959  
          

 

 

  

Healthcare-Products — 0.3%

 

Abbott Laboratories,

 

Sr. Unsec’d. Notes

 

4.750%

      11/30/36          10        10,605  

Baxter International, Inc.,

 

Sr. Unsec’d. Notes

 

2.539%

      02/01/32          35        29,522  

DH Europe Finance II Sarl,

 

Gtd. Notes

 

1.350%

      09/18/39       EUR        1,275        931,385  

Medline Borrower LP,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      04/01/29          325        277,055  

Sr. Unsec’d. Notes, 144A

 

5.250%

      10/01/29 (a)         225        187,013  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A121

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Healthcare-Products (cont’d.)

 

Medtronic Global Holdings SCA,

 

Gtd. Notes

 

1.375%

      10/15/40        EUR        540      $ 399,805  

1.625%

      10/15/50        EUR        495        339,956  

2.250%

      03/07/39        EUR        300        263,011  

PerkinElmer, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      09/15/31           15        11,861  

3.300%

      09/15/29           18        15,824  

Stryker Corp.,

 

Sr. Unsec’d. Notes

 

2.125%

      11/30/27        EUR        510        512,125  

3.650%

      03/07/28           30        29,049  

Thermo Fisher Scientific, Inc.,

 

Sr. Unsec’d. Notes, EMTN

 

1.500%

      10/01/39        EUR        600        453,915  

1.875%

      10/01/49        EUR        425        304,907  
           

 

 

  
                  3,766,033  
           

 

 

  

Healthcare-Services — 0.7%

 

Adventist Health System/West, Bonds

 

2.952%

      03/01/29           10        9,170  

Advocate Health & Hospitals Corp.,

 

Sr. Unsec’d. Notes

 

3.387%

      10/15/49           20        16,270  

Aetna, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

      06/15/23           20        19,755  

3.875%

      08/15/47           3        2,479  

6.750%

      12/15/37        1,900        2,157,659  

AHS Hospital Corp.,

 

Sr. Unsec’d. Notes, Series 2021

 

2.780%

      07/01/51           10        7,054  

Ascension Health,

 

Sr. Unsec’d. Notes, Series B

 

3.106%

      11/15/39           20        16,465  

Baylor Scott & White Holdings,

 

Unsec’d. Notes, Series 2021

 

2.839%

      11/15/50           10        7,291  

Bon Secours Mercy Health, Inc.,

 

Sec’d. Notes, Series 20-2

 

2.095%

      06/01/31           10        8,250  

Centene Corp.,

 

Sr. Unsec’d. Notes

 

2.450%

      07/15/28           30        25,024  

2.500%

      03/01/31           35        27,942  

3.375%

      02/15/30           5        4,240  

4.250%

      12/15/27           35        32,682  

4.625%

      12/15/29           10        9,325  

City of Hope,

 

Sr. Sec’d. Notes, Series 2013

 

5.623%

      11/15/43           20        21,498  

CommonSpirit Health,

 

Sr. Sec’d. Notes

 

1.547%

      10/01/25           35        32,088  

2.782%

      10/01/30           5        4,270  

Interest

Rate

        Maturity    
Date		                Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Healthcare-Services (cont’d.)

 

   

3.910%

      10/01/50                       5      $ 4,001  

4.187%

      10/01/49          30        25,219  

Duke University Health System, Inc.,

 

Sr. Unsec’d. Notes, Series 2017

 

3.920%

      06/01/47          25        22,644  

Elevance Health, Inc.,

 

Sr. Unsec’d. Notes

 

2.375%

      01/15/25          15        14,460  

4.650%

      01/15/43          385        366,353  

HCA, Inc.,

 

Gtd. Notes

 

3.500%

      07/15/51          10        6,895  

5.000%

      03/15/24          110        110,380  

5.375%

      02/01/25 (a)         855        853,356  

7.500%

      11/06/33          500        562,594  

Gtd. Notes, 144A

 

4.625%

      03/15/52          5        4,000  

Gtd. Notes, MTN

 

7.750%

      07/15/36          500        573,481  

Kaiser Foundation Hospitals,

 

Unsec’d. Notes, Series 2021

 

3.002%

      06/01/51          10        7,477  

Laboratory Corp. of America Holdings,

 

Sr. Unsec’d. Notes

 

2.950%

      12/01/29          25        21,962  

3.600%

      02/01/25          675        665,427  

Mount Sinai Hospitals Group, Inc.,

 

Sec’d. Notes, Series 2017

 

3.981%

      07/01/48          2        1,749  

Sec’d. Notes, Series 2019

 

3.737%

      07/01/49          29        24,253  

Unsec’d. Notes, Series 2020

 

3.391%

      07/01/50          10        7,515  

Northwell Healthcare, Inc.,

 

Sec’d. Notes

 

3.809%

      11/01/49          10        8,255  

Orlando Health Obligated Group,

 

Unsec’d. Notes

 

4.089%

      10/01/48          25        22,376  

PeaceHealth Obligated Group,

 

Sr. Unsec’d. Notes, Series 2020

 

1.375%

      11/15/25          10        9,200  

Piedmont Healthcare, Inc.,

 

Sec’d. Notes, Series 2032

 

2.044%

      01/01/32          10        8,198  

Providence St. Joseph Health Obligated Group,

 

Unsec’d. Notes, Series 19A

 

2.532%

      10/01/29          50        44,252  

Quest Diagnostics, Inc.,

 

Sr. Unsec’d. Notes

 

2.950%

      06/30/30          50        44,050  

Sutter Health,

 

Unsec’d. Notes, Series 20A

 

2.294%

      08/15/30          6        5,133  

3.361%

      08/15/50          4        3,067  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A122

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Healthcare-Services (cont’d.)

 

Tenet Healthcare Corp.,

 

Gtd. Notes, 144A

 

6.125%

      10/01/28          25      $ 21,512  

Sec’d. Notes, 144A

 

6.250%

      02/01/27          175        161,739  

Sr. Sec’d. Notes, 144A

 

4.625%

      06/15/28          285        248,750  

4.875%

      01/01/26          650        599,629  

5.125%

      11/01/27          600        542,095  

Trinity Health Corp.,

 

Sr. Unsec’d. Notes, Series 2019

 

3.434%

      12/01/48          30        24,995  

UnitedHealth Group, Inc.,

 

Sr. Unsec’d. Notes

 

2.900%

      05/15/50          20        14,862  

3.050%

      05/15/41          895        723,475  

3.250%

      05/15/51          5        3,933  

3.500%

      08/15/39          25        21,805  

3.950%

      10/15/42          220        198,090  

4.450%

      12/15/48          10        9,579  

Universal Health Services, Inc.,

 

Sr. Sec’d. Notes, 144A

 

2.650%

      10/15/30          25        19,923  
          

 

 

  
                 8,408,146  
          

 

 

  

Home Builders — 0.1%

 

D.R. Horton, Inc.,

 

Gtd. Notes

 

2.500%

      10/15/24          45        42,982  

MDC Holdings, Inc.,

 

Gtd. Notes

 

2.500%

      01/15/31          10        7,412  

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27          875        808,307  

Sr. Unsec’d. Notes, 144A

 

5.125%

      08/01/30          45        37,354  
          

 

 

  
             896,055  
          

 

 

  

Household Products/Wares — 0.0%

 

Clorox Co. (The),

 

Sr. Unsec’d. Notes

 

1.800%

      05/15/30          10        8,176  

Kimberly-Clark Corp.,

 

Sr. Unsec’d. Notes

 

1.050%

      09/15/27          10        8,727  
          

 

 

  
             16,903  
          

 

 

  

Housewares — 0.1%

 

Newell Brands, Inc.,

 

Sr. Unsec’d. Notes

 

4.875%

      06/01/25 (a)         670        660,868  
          

 

 

  

Insurance — 0.6%

 

Allianz SE (Germany),

 

Jr. Sub. Notes, 144A

 

3.500%(ff)

      11/17/25 (oo)         200        166,087  

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Insurance (cont’d.)

 

American International Group, Inc.,

 

Sr. Unsec’d. Notes

 

4.800%

      07/10/45           3      $ 2,791  

AmFam Holdings, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.805%

      03/11/31           20        16,698  

Aon Corp.,

 

Gtd. Notes

 

2.800%

      05/15/30           10        8,752  

Brighthouse Financial Global Funding,

 

Sr. Sec’d. Notes, 144A, MTN

 

1.000%

      04/12/24           5        4,724  

CNO Financial Group, Inc.,

 

Sr. Unsec’d. Notes

 

5.250%

      05/30/29           35        33,817  

Everest Reinsurance Holdings, Inc.,

 

Sr. Unsec’d. Notes

 

3.500%

      10/15/50           20        15,267  

GA Global Funding Trust,

 

Sec’d. Notes, 144A

 

1.000%

      04/08/24           10        9,429  

1.625%

      01/15/26           20        18,011  

Great-West Lifeco US Finance 2020 LP (Canada),

 

Gtd. Notes, 144A

 

0.904%

      08/12/25           25        22,736  

Hanover Insurance Group, Inc. (The),

 

Sr. Unsec’d. Notes

 

2.500%

      09/01/30           30        25,075  

Liberty Mutual Finance Europe DAC,

 

Gtd. Notes, 144A

 

1.750%

      03/27/24        EUR        800        831,994  

Liberty Mutual Group, Inc.,

 

Gtd. Notes, 144A

 

3.951%

      10/15/50           1,030        782,534  

Lincoln National Corp.,

 

Sr. Unsec’d. Notes

 

7.000%

      06/15/40           405        460,664  

Markel Corp.,

 

Sr. Unsec’d. Notes

 

4.150%

      09/17/50           180        148,407  

5.000%

      03/30/43           350        327,600  

Marsh & McLennan Cos., Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      11/15/30           5        4,221  

2.375%

      12/15/31           15        12,645  

New York Life Insurance Co.,

 

Sub. Notes, 144A

 

3.750%

      05/15/50           25        20,451  

Principal Financial Group, Inc.,

 

Gtd. Notes

 

4.625%

      09/15/42           150        138,320  

Protective Life Corp.,

 

Sr. Unsec’d. Notes, 144A

 

3.400%

      01/15/30           15        13,659  

Reliance Standard Life Global Funding II,

 

Sec’d. Notes, 144A

 

2.500%

      10/30/24           20        19,259  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A123

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Insurance (cont’d.)

 

   

Sompo International Holdings Ltd. (Bermuda),

 

Sr. Unsec’d. Notes

 

7.000%

      07/15/34           1,350      $ 1,548,378  

Teachers Insurance & Annuity Association of America,

 

Sub. Notes, 144A

 

3.300%

      05/15/50           10        7,732  

4.270%

      05/15/47           2,310        2,049,011  

6.850%

      12/16/39           196        231,441  

W.R. Berkley Corp.,

 

Sr. Unsec’d. Notes

 

4.000%

      05/12/50           15        12,407  
           

 

 

  
                  6,932,110  
           

 

 

  

Internet — 0.1%

 

Alibaba Group Holding Ltd. (China),

 

Sr. Unsec’d. Notes

 

2.125%

      02/09/31           200        165,480  

Alphabet, Inc.,

 

Sr. Unsec’d. Notes

 

1.100%

      08/15/30           20        16,407  

1.900%

      08/15/40           15        10,722  

2.050%

      08/15/50           5        3,360  

Amazon.com, Inc.,

 

Sr. Unsec’d. Notes

 

1.000%

      05/12/26           100        90,965  

1.200%

      06/03/27           20        17,811  

2.100%

      05/12/31           30        25,695  

2.500%

      06/03/50           25        17,702  

2.700%

      06/03/60           5        3,383  

3.100%

      05/12/51           25        19,719  

3.150%

      08/22/27           45        43,834  

3.250%

      05/12/61           10        7,625  

3.875%

      08/22/37           50        47,246  

Arches Buyer, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.250%

      06/01/28           25        20,403  

Booking Holdings, Inc.,

 

Sr. Unsec’d. Notes

 

3.550%

      03/15/28           25        24,079  

eBay, Inc.,

 

Sr. Unsec’d. Notes

 

2.600%

      05/10/31           10        8,307  

Expedia Group, Inc.,

 

Gtd. Notes

 

2.950%

      03/15/31           5        3,986  

3.250%

      02/15/30           35        29,067  

Gtd. Notes, 144A

 

6.250%

      05/01/25           3        3,094  

Netflix, Inc.,

 

Sr. Unsec’d. Notes

 

4.375%

      11/15/26           18        17,230  

5.750%

      03/01/24           5        5,116  
           

 

 

  
              581,231  
           

 

 

  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Investment Companies — 0.0%

 

Blackstone Private Credit Fund,

 

Sr. Unsec’d. Notes, 144A

 

3.250%

      03/15/27           20      $ 16,975  

FS KKR Capital Corp.,

 

Sr. Unsec’d. Notes

 

2.625%

      01/15/27           25        21,014  
           

 

 

  
              37,989  
           

 

 

  

Iron/Steel — 0.0%

 

ArcelorMittal SA (Luxembourg),

 

Sr. Unsec’d. Notes

 

3.600%

      07/16/24           50        49,342  

Nucor Corp.,

 

Sr. Unsec’d. Notes

 

2.000%

      06/01/25           5        4,706  

Steel Dynamics, Inc.,

 

Sr. Unsec’d. Notes

 

1.650%

      10/15/27           5        4,288  

2.400%

      06/15/25           5        4,735  

3.250%

      01/15/31           20        17,392  

3.250%

      10/15/50           5        3,460  

Vale Overseas Ltd. (Brazil),

 

Gtd. Notes

 

6.250%

      08/10/26           50        52,239  
           

 

 

  
              136,162  
           

 

 

  

Lodging — 0.3%

 

Hyatt Hotels Corp.,

 

Sr. Unsec’d. Notes

 

1.800%

      10/01/24           20        18,929  

Las Vegas Sands Corp.,

 

Sr. Unsec’d. Notes

 

2.900%

      06/25/25           40        35,700  

3.200%

      08/08/24           105        99,269  

3.500%

      08/18/26           30        26,239  

Marriott International, Inc.,

 

Sr. Unsec’d. Notes

 

3.125%

      02/15/23           5        4,977  

3.600%

      04/15/24           30        29,716  

3.750%

      10/01/25           5        4,897  

Sr. Unsec’d. Notes, Series EE

 

5.750%

      05/01/25           59        61,117  

Sr. Unsec’d. Notes, Series GG

 

3.500%

      10/15/32           1,825        1,573,272  

MGM Resorts International,

 

Gtd. Notes

 

4.750%

      10/15/28           950        799,588  

Sands China Ltd. (Macau),

 

Sr. Unsec’d. Notes

 

5.125%

      08/08/25           400        336,947  
           

 

 

  
                  2,990,651  
           

 

 

  

Machinery-Construction & Mining — 0.0%

 

Caterpillar Financial Services Corp.,

 

Sr. Unsec’d. Notes, MTN

 

0.800%

      11/13/25           10        9,089  

1.100%

      09/14/27           10        8,783  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A124

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Machinery-Construction & Mining (cont’d.)

 

Caterpillar, Inc.,

 

Sr. Unsec’d. Notes

 

2.600%

      04/09/30           10      $ 9,074  

3.250%

      04/09/50           10        8,276  
           

 

 

  
              35,222  
           

 

 

  

Machinery-Diversified — 0.0%

 

Deere & Co.,

 

Sr. Unsec’d. Notes

 

3.100%

      04/15/30           10        9,337  

3.750%

      04/15/50           10        9,141  

Otis Worldwide Corp.,

 

Sr. Unsec’d. Notes

 

2.565%

      02/15/30           10        8,645  

3.112%

      02/15/40           3        2,326  

Westinghouse Air Brake Technologies Corp.,

 

Gtd. Notes

 

4.400%

      03/15/24           35        34,926  

4.950%

      09/15/28           30        28,851  
           

 

 

  
              93,226  
           

 

 

  

Media — 1.6%

 

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes

 

4.500%

      05/01/32           450        364,324  

Sr. Unsec’d. Notes, 144A

 

4.500%

      08/15/30           5        4,178  

4.750%

      03/01/30           8        6,843  

5.375%

      06/01/29           800        728,892  

5.500%

      05/01/26           1,650        1,611,564  

Charter Communications Operating LLC/Charter Communications Operating Capital,

 

Sr. Sec’d. Notes

 

2.250%

      01/15/29           10        8,230  

2.800%

      04/01/31           100        80,124  

3.500%

      06/01/41           45        31,674  

3.500%

      03/01/42           50        34,809  

3.950%

      06/30/62           10        6,665  

4.200%

      03/15/28           30        28,042  

4.500%

      02/01/24           30        30,185  

4.908%

      07/23/25           65        65,167  

5.050%

      03/30/29           85        81,969  

5.375%

      05/01/47           20        17,120  

5.750%

      04/01/48           20        17,985  

6.384%

      10/23/35           2,487            2,510,092  

6.484%

      10/23/45           1,140        1,109,982  

Comcast Corp.,

 

Gtd. Notes

 

2.350%

      01/15/27           30        27,984  

2.650%

      08/15/62           17        10,940  

2.937%

      11/01/56           26        18,043  

3.150%

      02/15/28           80        76,256  

3.250%

      11/01/39           35        28,771  

3.400%

      04/01/30           10        9,372  

3.900%

      03/01/38           25        22,661  

3.999%

      11/01/49           85        74,239  

4.000%

      03/01/48           40        34,880  

Interest

Rate

        Maturity    
Date		                Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Media (cont’d.)

 

4.150%

      10/15/28          50      $ 49,873  

Cox Communications, Inc.,

 

Gtd. Notes, 144A

 

2.950%

      10/01/50          60        39,792  

Sr. Unsec’d. Notes, 144A

 

3.150%

      08/15/24          965        940,086  

3.500%

      08/15/27          65        61,738  

CSC Holdings LLC,

 

Gtd. Notes, 144A

 

3.375%

      02/15/31 (a)         1,000        742,047  

5.500%

      04/15/27          650        589,568  

Sr. Unsec’d. Notes, 144A

 

4.625%

      12/01/30 (a)         1,000        669,810  

Diamond Sports Group LLC/Diamond Sports Finance Co.,

 

Gtd. Notes, 144A

 

6.625%

      08/15/27          520        62,158  

Sec’d. Notes, 144A

 

5.375%

      08/15/26          855        218,152  

Discovery Communications LLC,

 

Gtd. Notes

           

2.950%

      03/20/23          20        19,876  

5.300%

      05/15/49          275            236,995  

DISH DBS Corp.,

 

Gtd. Notes

 

7.375%

      07/01/28 (a)         400        272,065  

Fox Corp.,

 

Sr. Unsec’d. Notes

 

3.050%

      04/07/25          5        4,847  

4.030%

      01/25/24          30        30,000  

NBCUniversal Media LLC,

 

Gtd. Notes

 

4.450%

      01/15/43          10        9,283  

Paramount Global,

 

Sr. Unsec’d. Notes

 

5.850%

      09/01/43          2        1,868  

Sirius XM Radio, Inc.,

 

Gtd. Notes, 144A

 

3.125%

      09/01/26          15        13,411  

4.000%

      07/15/28          15        12,979  

TCI Communications, Inc.,

 

Sr. Unsec’d. Notes

 

7.875%

      02/15/26          750        841,912  

Time Warner Cable LLC,

 

Sr. Sec’d. Notes

 

6.550%

      05/01/37          40        40,052  

TWDC Enterprises 18 Corp.,

 

Gtd. Notes, MTN

 

1.850%

      07/30/26          30        27,717  

Univision Communications, Inc.,

 

Sr. Sec’d. Notes, 144A

 

5.125%

      02/15/25          1,175        1,108,304  

6.625%

      06/01/27          975        929,779  

Virgin Media Secured Finance PLC (United Kingdom),

 

Sr. Sec’d. Notes

 

4.125%

      08/15/30       GBP        900        874,004  

4.250%

      01/15/30       GBP        800        783,841  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A125

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		            

    Principal    

Amount
(000)#

      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Media (cont’d.)

 

Walt Disney Co. (The),

 

Gtd. Notes

 

1.650%

      09/01/22           30      $ 29,964  

3.800%

      03/22/30           85        82,087  

6.400%

      12/15/35           31        36,043  

7.625%

      11/30/28           500        588,194  

Ziggo BV (Netherlands),

 

Sr. Sec’d. Notes

 

2.875%

      01/15/30        EUR        1,910        1,526,208  
           

 

 

  
              17,883,644  
           

 

 

  

Mining — 0.2%

 

Barrick Gold Corp. (Canada),

 

Sr. Unsec’d. Notes

 

5.250%

      04/01/42           680        670,055  

Barrick North America Finance LLC (Canada),

 

Gtd. Notes

 

5.700%

      05/30/41           10        10,349  

5.750%

      05/01/43           420        437,922  

BHP Billiton Finance USA Ltd. (Australia),

 

Gtd. Notes

 

6.420%

      03/01/26           120        129,930  

FMG Resources August 2006 Pty Ltd. (Australia),

 

Gtd. Notes, 144A

 

4.375%

      04/01/31           25        20,566  

Freeport Indonesia PT (Indonesia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

5.315%

      04/14/32           450        412,193  

Freeport-McMoRan, Inc.,

 

Gtd. Notes

 

3.875%

      03/15/23           20        20,024  

5.450%

      03/15/43           20        18,503  

Glencore Canada Corp. (Switzerland),

 

Gtd. Notes

 

6.200%

      06/15/35           50        49,472  

Glencore Funding LLC (Australia),

 

Gtd. Notes, 144A

 

2.625%

      09/23/31           25        20,161  

3.875%

      04/27/51           25        18,774  

4.125%

      03/12/24           15        14,924  

Kinross Gold Corp. (Canada),

 

Gtd. Notes

 

4.500%

      07/15/27           25        24,357  

5.950%

      03/15/24           50        51,181  

Newmont Corp.,

 

Gtd. Notes

 

2.250%

      10/01/30           5        4,159  

2.800%

      10/01/29           30        26,527  

Southern Copper Corp. (Peru),

 

Sr. Unsec’d. Notes

 

3.875%

      04/23/25           50        49,451  

Teck Resources Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

3.900%

      07/15/30           30        27,592  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Mining (cont’d.)

 

Yamana Gold, Inc. (Canada),

 

Gtd. Notes

 

4.625%

      12/15/27           45      $ 42,966  
           

 

 

  
              2,049,106  
           

 

 

  

Miscellaneous Manufacturing — 0.0%

 

3M Co.,

 

Sr. Unsec’d. Notes

 

2.375%

      08/26/29           30        26,852  

Carlisle Cos., Inc.,

 

Sr. Unsec’d. Notes

 

2.200%

      03/01/32           15        11,741  

Eaton Corp.,

 

Gtd. Notes

 

2.750%

      11/02/22           10        9,992  

General Electric Co.,

 

Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.380%

 

1.743%(c)

      05/05/26           95        89,978  

Hillenbrand, Inc.,

 

Gtd. Notes

 

5.000%

      09/15/26           100        94,575  

Pentair Finance Sarl,

 

Gtd. Notes

 

4.500%

      07/01/29           50        47,724  

Textron, Inc.,

 

Sr. Unsec’d. Notes

 

2.450%

      03/15/31           64        52,588  
           

 

 

  
              333,450  
           

 

 

  

Multi-National — 0.1%

 

Inter-American Development Bank (Supranational Bank),

 

Unsec’d. Notes

 

6.950%

      08/01/26           1,500            1,693,902  
           

 

 

  

Office/Business Equipment — 0.0%

 

CDW LLC/CDW Finance Corp.,

 

Gtd. Notes

 

2.670%

      12/01/26           20        17,833  

3.276%

      12/01/28           25        21,582  

5.500%

      12/01/24           14        14,064  
           

 

 

  
              53,479  
           

 

 

  

Oil & Gas — 2.4%

 

Antero Resources Corp.,

 

Gtd. Notes, 144A

 

8.375%

      07/15/26           366        386,887  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

 

Gtd. Notes, 144A

 

7.000%

      11/01/26           350        326,388  

9.000%

      11/01/27           204        259,562  

Sr. Unsec’d. Notes, 144A

 

8.250%

      12/31/28           450        433,297  

BP Capital Markets America, Inc.,

 

Gtd. Notes

 

1.749%

      08/10/30           10        8,217  

2.772%

      11/10/50           145        100,857  

2.939%

      06/04/51           1,845        1,318,414  

3.000%

      02/24/50           60        43,659  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A126

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		      Value  

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

3.060%

      06/17/41          7      $ 5,452  

3.194%

      04/06/25          30        29,653  

3.379%

      02/08/61          5        3,705  

4.234%

      11/06/28          50        49,679  

Canadian Natural Resources Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

2.950%

      01/15/23          50        49,841  

2.950%

      07/15/30          10        8,779  

Cenovus Energy, Inc. (Canada),

 

Sr. Unsec’d. Notes

 

3.750%

      02/15/52          340        258,605  

5.250%

      06/15/37          30        29,231  

5.400%

      06/15/47          1,030        992,555  

Chevron Corp.,

 

Sr. Unsec’d. Notes

 

2.954%

      05/16/26          20        19,542  

3.078%

      05/11/50          10        7,966  

Chevron USA, Inc.,

 

Gtd. Notes

 

1.018%

      08/12/27          10        8,730  

2.343%

      08/12/50          10        6,921  

3.850%

      01/15/28          10        9,948  

3.900%

      11/15/24          50        50,482  

Cimarex Energy Co.,

 

Sr. Unsec’d. Notes

 

4.375%

      03/15/29          10        8,778  

CITGO Petroleum Corp.,

 

Sr. Sec’d. Notes, 144A

 

7.000%

      06/15/25          800        774,038  

Continental Resources, Inc.,

 

Gtd. Notes

 

3.800%

      06/01/24          10        9,906  

4.500%

      04/15/23          5        5,018  

Gtd. Notes, 144A

 

2.268%

      11/15/26          10        8,871  

Coterra Energy, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

3.900%

      05/15/27          25        24,040  

4.375%

      03/15/29          20        19,609  

Devon Energy Corp.,

 

Sr. Unsec’d. Notes

 

4.500%

      01/15/30          6        5,656  

4.750%

      05/15/42          6        5,424  

5.250%

      09/15/24          2        2,043  

5.250%

      10/15/27          15        15,087  

5.600%

      07/15/41          870            863,277  

5.850%

      12/15/25          30        31,248  

Devon OEI Operating LLC,

 

Sr. Unsec’d. Notes

 

7.500%

      09/15/27          20        21,844  

Diamondback Energy, Inc.,

 

Gtd. Notes

 

3.125%

      03/24/31          25        21,776  

3.250%

      12/01/26          20        19,520  

Ecopetrol SA (Colombia),

 

Sr. Unsec’d. Notes

 

5.875%

      09/18/23 (a)         1,195        1,194,521  

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

6.875%

      04/29/30           497      $ 439,970  

Endeavor Energy Resources LP/EER Finance, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.750%

      01/30/28           1,300        1,238,272  

Energean Israel Finance Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A

 

4.500%

      03/30/24           300        285,114  

4.875%

      03/30/26           547        482,327  

5.375%

      03/30/28           890        753,676  

EOG Resources, Inc.,

 

Sr. Unsec’d. Notes

 

4.375%

      04/15/30           15        15,072  

EQT Corp.,

 

Sr. Unsec’d. Notes, 144A

 

3.125%

      05/15/26           10        9,377  

Equinor ASA (Norway),

 

Gtd. Notes

 

1.750%

      01/22/26           10        9,327  

Exxon Mobil Corp.,

 

Sr. Unsec’d. Notes

 

2.992%

      03/19/25           15        14,781  

3.452%

      04/15/51           25        20,528  

3.482%

      03/19/30           10        9,584  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

Sr. Unsec’d. Notes

 

4.950%

      07/19/22           390        292,500  

Gazprom PJSC via Gaz Finance PLC (Russia),

 

Sr. Unsec’d. Notes, 144A

 

1.500%

      02/17/27        EUR        100        28,819  

Helmerich & Payne, Inc.,

 

Sr. Unsec’d. Notes

 

2.900%

      09/29/31           25        21,407  

Hess Corp.,

 

Sr. Unsec’d. Notes

 

4.300%

      04/01/27           45        43,887  

5.600%

      02/15/41           15        14,617  

7.300%

      08/15/31           5        5,595  

KazMunayGas National Co. JSC (Kazakhstan),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      04/24/25           1,160            1,085,354  

4.750%

      04/19/27           200        178,072  

Lundin Energy Finance BV (Netherlands),

 

Gtd. Notes, 144A

 

3.100%

      07/15/31           705        585,915  

Marathon Oil Corp.,

 

Sr. Unsec’d. Notes

 

4.400%

      07/15/27           30        29,310  

Marathon Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

5.125%

      12/15/26           50        51,284  

MEG Energy Corp. (Canada),

 

Gtd. Notes, 144A

 

7.125%

      02/01/27           425        428,749  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

6.450%

      09/15/36           945        984,316  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A127

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Ovintiv, Inc.,

Gtd. Notes

6.625%

      08/15/37          200      $ 209,096  

Petrobras Global Finance BV (Brazil),

Gtd. Notes

6.250%

      03/17/24          30        30,656  

6.625%

      01/16/34       GBP        680        760,324  

7.375%

      01/17/27          172        182,395  

Petroleos Mexicanos (Mexico),

Gtd. Notes

4.750%

      02/26/29       EUR        394        309,998  

5.350%

      02/12/28          157        124,417  

5.950%

      01/28/31          20        14,554  

6.350%

      02/12/48          840        502,898  

6.490%

      01/23/27          1,550            1,341,092  

6.500%

      03/13/27          1,753        1,521,742  

6.500%

      01/23/29 (a)         700        562,830  

6.700%

      02/16/32          16        12,199  

6.840%

      01/23/30          306        242,378  

Gtd. Notes, EMTN

3.750%

      02/21/24       EUR        400        404,593  

4.875%

      02/21/28       EUR        1,530        1,272,076  

Phillips 66,

Gtd. Notes

1.300%

      02/15/26          22        19,818  

2.150%

      12/15/30          53        43,270  

Phillips 66 Co.,

Gtd. Notes, 144A

2.450%

      12/15/24          50        47,884  

4.680%

      02/15/45          1,900        1,748,941  

Pioneer Natural Resources Co.,

Sr. Unsec’d. Notes

0.550%

      05/15/23          55        53,588  

1.125%

      01/15/26          25        22,358  

1.900%

      08/15/30          2,135        1,743,328  

2.150%

      01/15/31          5        4,120  

Qatar Energy (Qatar),

Sr. Unsec’d. Notes, 144A

1.375%

      09/12/26          200        180,330  

3.125%

      07/12/41          640        502,387  

Shell International Finance BV (Netherlands),

Gtd. Notes

3.250%

      04/06/50          10        7,896  

4.000%

      05/10/46          20        17,709  

Suncor Energy, Inc. (Canada),

Sr. Unsec’d. Notes

3.750%

      03/04/51          15        12,160  

TotalEnergies Capital International SA (France),

Gtd. Notes

3.127%

      05/29/50          4        3,062  

Transocean, Inc.,

Gtd. Notes, 144A

8.000%

      02/01/27          125        83,905  

Valero Energy Corp.,

Sr. Unsec’d. Notes

2.150%

      09/15/27 (a)         845        753,241  

2.850%

      04/15/25          2        1,934  
Interest
Rate		        Maturity    
Date		                Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

4.000%

      04/01/29          50      $ 47,192  

Woodside Finance Ltd. (Australia),

Gtd. Notes, 144A

 

        

3.650%

      03/05/25          100        98,240  

3.700%

      09/15/26          45        43,361  
          

 

 

  
                 27,392,851  
          

 

 

  

Oil & Gas Services — 0.0%

 

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,

Sr. Unsec’d. Notes

 

        

4.080%

      12/15/47          20        16,904  

Cameron International Corp.,

Gtd. Notes

 

        

7.000%

      07/15/38          450        507,075  

Halliburton Co.,

Sr. Unsec’d. Notes

 

        

2.920%

      03/01/30          6        5,314  

3.800%

      11/15/25          8        7,914  
          

 

 

  
                 537,207  
          

 

 

  

Packaging & Containers — 0.4%

 

Amcor Flexibles North America, Inc.,

Gtd. Notes

 

        

2.630%

      06/19/30          55        45,134  

ARD Finance SA (Luxembourg),

Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%

5.000%

      06/30/27       EUR        938        707,699  

Berry Global, Inc.,

Sr. Sec’d. Notes

 

        

0.950%

      02/15/24          30        28,417  

1.570%

      01/15/26          90        80,352  

Sr. Sec’d. Notes, 144A

 

        

4.875%

      07/15/26          20        19,099  

Graphic Packaging International LLC,

Sr. Sec’d. Notes, 144A

 

        

1.512%

      04/15/26          30        26,877  

Silgan Holdings, Inc.,

Gtd. Notes

 

        

2.250%

      06/01/28       EUR        2,100        1,725,272  

Verallia SA (France),

Gtd. Notes

 

        

1.625%

      05/14/28 (a)      EUR        2,500        2,148,673  

WRKCo, Inc.,

Gtd. Notes

 

        

3.000%

      06/15/33          5        4,213  

3.900%

      06/01/28          16        15,445  

4.650%

      03/15/26          25        25,143  

4.900%

      03/15/29          15        15,085  
          

 

 

  
             4,841,409  
          

 

 

  

Pharmaceuticals — 2.4%

 

AbbVie, Inc.,

Sr. Unsec’d. Notes

 

        

2.950%

      11/21/26          300        284,352  

3.200%

      11/21/29          150        137,915  

3.800%

      03/15/25          1,040        1,032,851  

4.050%

      11/21/39          5,170        4,607,630  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A128

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                     Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

 

   

4.250%

      11/14/28            50      $ 49,430  

4.300%

      05/14/36            10        9,396  

4.500%

      05/14/35            1,715            1,663,740  

4.550%

      03/15/35            2,040        1,987,260  

4.875%

      11/14/48            35        33,725  

Astrazeneca Finance LLC (United Kingdom),

 

Gtd. Notes

 

2.250%

      05/28/31            8        6,960  

AstraZeneca PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

0.700%

      04/08/26            45        40,105  

Bausch Health Americas, Inc.,

 

Gtd. Notes, 144A

 

8.500%

      01/31/27 (a)           320        224,444  

Bausch Health Cos., Inc.,

 

Gtd. Notes, 144A

 

5.000%

      01/30/28 (a)           430        229,114  

5.000%

      02/15/29            250        129,871  

5.250%

      01/30/30            325        169,209  

5.250%

      02/15/31            225        115,536  

6.250%

      02/15/29            1,150        613,901  

Becton, Dickinson & Co.,

 

Sr. Unsec’d. Notes

 

1.957%

      02/11/31            20        16,177  

3.363%

      06/06/24            13        12,865  

3.700%

      06/06/27            136        131,645  

3.794%

      05/20/50            60        49,575  

4.685%

      12/15/44            10        9,264  

Bristol-Myers Squibb Co.,

 

Sr. Unsec’d. Notes

 

2.350%

      11/13/40            10        7,416  

4.125%

      06/15/39            470        449,588  

Cardinal Health, Inc.,

 

Sr. Unsec’d. Notes

 

3.750%

      09/15/25            20        19,772  

4.500%

      11/15/44            5        4,270  

4.900%

      09/15/45            20        18,181  

Cigna Corp.,

 

Gtd. Notes

 

3.250%

      04/15/25            20        19,621  

3.875%

      10/15/47            20        16,467  

4.125%

      11/15/25            45        45,121  

4.375%

      10/15/28            1,390        1,377,298  

4.500%

      02/25/26            3,690        3,738,602  

Sr. Unsec’d. Notes

 

2.400%

      03/15/30            140        120,208  

3.200%

      03/15/40            460        366,767  

3.400%

      03/15/50            1,325        1,013,272  

CVS Health Corp.,

 

Sr. Unsec’d. Notes

 

1.750%

      08/21/30            60        48,154  

1.875%

      02/28/31 (a)           830        665,484  

2.125%

      09/15/31            40        32,398  

2.625%

      08/15/24            100        97,848  

2.700%

      08/21/40            480        345,600  

3.000%

      08/15/26            12        11,498  

3.625%

      04/01/27            50        48,697  
Interest
Rate		        Maturity    
Date		                      Principal    
Amount
(000)#		          Value      

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

 

   

3.750%

      04/01/30             110      $ 102,901  

4.300%

      03/25/28             98        97,029  

4.780%

      03/25/38             290        274,493  

5.125%

      07/20/45             580        559,918  

Johnson & Johnson,

 

Sr. Unsec’d. Notes

 

           

2.100%

      09/01/40             10        7,320  

Merck & Co., Inc.,

 

Sr. Unsec’d. Notes

 

           

1.450%

      06/24/30             25        20,766  

2.350%

      06/24/40             10        7,529  

2.750%

      12/10/51             15        11,116  

Mylan, Inc.,

 

Gtd. Notes

 

           

5.200%

      04/15/48             890        707,008  

Novartis Capital Corp. (Switzerland),

 

Gtd. Notes

 

           

2.750%

      08/14/50             10        7,777  

Pfizer, Inc.,

 

Sr. Unsec’d. Notes

 

           

2.550%

      05/28/40             15        11,819  

3.000%

      12/15/26             20        19,555  

Shire Acquisitions Investments Ireland DAC,

 

Gtd. Notes

 

           

2.875%

      09/23/23             16        15,823  

3.200%

      09/23/26             3,785        3,634,434  

Takeda Pharmaceutical Co. Ltd. (Japan),

 

Sr. Unsec’d. Notes

 

           

3.025%

      07/09/40             525        403,875  

Utah Acquisition Sub, Inc.,

 

Gtd. Notes

 

           

3.950%

      06/15/26             30        28,285  

5.250%

      06/15/46             185        149,041  

Viatris, Inc.,

 

Gtd. Notes

 

           

3.850%

      06/22/40             5        3,521  

4.000%

      06/22/50             1,292        860,875  

Zoetis, Inc.,

 

Sr. Unsec’d. Notes

 

           

3.900%

      08/20/28             30        29,078  
             

 

 

  
                    26,953,390  
             

 

 

  

Pipelines — 1.9%

 

   

Boardwalk Pipelines LP,

 

Gtd. Notes

 

           

3.400%

      02/15/31             1,805        1,541,331  

4.450%

      07/15/27             60        58,173  

Cameron LNG LLC,

 

Sr. Sec’d. Notes, 144A

 

           

2.902%

      07/15/31             10        8,811  

3.302%

      01/15/35             45        38,503  

3.701%

      01/15/39             10        8,449  

Cheniere Corpus Christi Holdings LLC,

 

Sr. Sec’d. Notes

 

           

5.125%

      06/30/27             75        75,319  

5.875%

      03/31/25             130        133,071  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A129

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                     Principal    
Amount
(000)#		         Value      

 

   

 

 

       

 

 

    

 

 

  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

  

Cheniere Energy Partners LP,

 

Gtd. Notes, 144A

 

3.250%

      01/31/32             15     $ 11,824  

DCP Midstream Operating LP,

 

Gtd. Notes

 

3.250%

      02/15/32             18       14,130  

Enbridge, Inc. (Canada),

 

Gtd. Notes

 

0.550%

      10/04/23             10       9,628  

2.900%

      07/15/22             25       24,993  

4.000%

      11/15/49             5       4,191  

4.250%

      12/01/26             10       9,894  

Gtd. Notes, SOFR + 0.400%

 

1.639%(c)

      02/17/23             10       9,946  

Energy Transfer LP,

 

Jr. Sub. Notes, Series B

 

6.625%(ff)

      02/15/28 (oo)            10       7,469  

Jr. Sub. Notes, Series G

 

7.125%(ff)

      05/15/30 (oo)            895       769,713  

Jr. Sub. Notes, Series H

 

6.500%(ff)

      11/15/26 (a)(oo)            1,365       1,216,386  

Sr. Unsec’d. Notes

 

2.900%

      05/15/25             5       4,757  

3.600%

      02/01/23             13       12,961  

3.750%

      05/15/30             60       54,027  

4.000%

      10/01/27             20       18,919  

4.050%

      03/15/25             50       49,258  

4.200%

      04/15/27             100       96,111  

4.250%

      04/01/24             5       4,985  

4.900%

      02/01/24             10       10,080  

4.950%

      06/15/28             20       19,708  

5.000%

      05/15/50             293       249,281  

5.150%

      03/15/45             55       47,073  

5.250%

      04/15/29             25       24,774  

5.300%

      04/15/47             120       103,882  

5.400%

      10/01/47             60       52,763  

5.500%

      06/01/27             50       50,742  

6.125%

      12/15/45             90       86,243  

6.250%

      04/15/49             1,470           1,425,872  

6.500%

      02/01/42             5       5,013  

Sr. Unsec’d. Notes, Series 05Y

 

4.200%

      09/15/23             17       17,000  

Sr. Unsec’d. Notes, Series 20Y

 

5.800%

      06/15/38             20       18,786  

Energy Transfer LP/Regency Energy Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.000%

      10/01/22             33       33,032  

Enterprise Products Operating LLC,

 

Gtd. Notes

 

2.800%

      01/31/30             5       4,382  

3.125%

      07/31/29             30       27,011  

3.200%

      02/15/52             870       624,023  

3.300%

      02/15/53             15       10,936  

3.700%

      01/31/51             130       101,561  

4.150%

      10/16/28             30       29,266  

4.250%

      02/15/48             45       37,929  

4.800%

      02/01/49             30       27,228  

Interest

Rate

        Maturity    
Date		                       Principal    
Amount
(000)#		         Value      

 

   

 

 

       

 

 

    

 

 

  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

  

4.850%

      03/15/44             25     $ 22,710  

4.900%

      05/15/46             2,115           1,944,997  

Gtd. Notes, Series D

 

          

6.875%

      03/01/33             10       11,472  

Fermaca Enterprises S de RL de CV (Mexico),

 

Sr. Sec’d. Notes, 144A

 

          

6.375%

      03/30/38             349       331,838  

Florida Gas Transmission Co. LLC,

 

Sr. Unsec’d. Notes, 144A

 

          

2.300%

      10/01/31             30       24,377  

Gray Oak Pipeline LLC,

 

Sr. Unsec’d. Notes, 144A

 

          

2.000%

      09/15/23             40       38,873  

2.600%

      10/15/25             10       9,350  

3.450%

      10/15/27             5       4,627  

Kinder Morgan Energy Partners LP,

 

Gtd. Notes

 

          

4.300%

      05/01/24             30       30,060  

4.700%

      11/01/42             5       4,236  

5.400%

      09/01/44             13       11,915  

7.300%

      08/15/33             10       11,198  

Kinder Morgan, Inc.,

 

Gtd. Notes

 

          

1.750%

      11/15/26             30       26,609  

3.250%

      08/01/50 (a)            782       543,875  

3.600%

      02/15/51             1,178       865,014  

4.300%

      06/01/25             30       29,914  

5.300%

      12/01/34             23       22,392  

Gtd. Notes, 144A

 

          

5.625%

      11/15/23             37       37,665  

Magellan Midstream Partners LP,

 

Sr. Unsec’d. Notes

 

          

3.950%

      03/01/50             30       23,674  

4.200%

      03/15/45             1,000       777,295  

MPLX LP,

 

Sr. Unsec’d. Notes

 

          

1.750%

      03/01/26             85       76,687  

2.650%

      08/15/30             30       25,046  

3.375%

      03/15/23             50       49,881  

4.000%

      02/15/25             55       54,175  

4.125%

      03/01/27             50       48,390  

4.500%

      04/15/38             970       850,267  

4.800%

      02/15/29             40       39,382  

4.875%

      06/01/25             10       10,055  

4.950%

      03/14/52             15       12,974  

5.200%

      03/01/47             115       104,010  

5.500%

      02/15/49             40       37,152  

NGPL PipeCo LLC,

 

Sr. Unsec’d. Notes, 144A

 

          

4.875%

      08/15/27             255       252,250  

Northern Natural Gas Co.,

 

Sr. Unsec’d. Notes, 144A

 

          

3.400%

      10/16/51             5       3,752  

Northwest Pipeline LLC,

 

Sr. Unsec’d. Notes

 

          

7.125%

      12/01/25             40       43,051  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A130

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                   

    Principal    
Amount
(000)#

         Value      

 

   

 

 

        

 

 

    

 

 

  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

  

ONEOK Partners LP,

 

Gtd. Notes

 

5.000%

      09/15/23              30     $ 30,305  

6.850%

      10/15/37              1,250           1,279,600  

ONEOK, Inc.,

 

Gtd. Notes

 

2.200%

      09/15/25              50       46,579  

3.100%

      03/15/30              75       64,464  

4.350%

      03/15/29              100       94,032  

4.500%

      03/15/50              2,685       2,138,840  

4.950%

      07/13/47              450       381,813  

Plains All American Pipeline LP/PAA Finance Corp.,

 

Sr. Unsec’d. Notes

 

3.550%

      12/15/29              20       17,648  

3.850%

      10/15/23              40       39,795  

4.300%

      01/31/43              5       3,757  

4.650%

      10/15/25              10       9,928  

5.150%

      06/01/42              15       12,489  

Rockies Express Pipeline LLC,

 

Sr. Unsec’d. Notes, 144A

 

3.600%

      05/15/25              75       67,380  

Sabine Pass Liquefaction LLC,

 

Sr. Sec’d. Notes

 

4.200%

      03/15/28              25       24,042  

4.500%

      05/15/30              5       4,803  

5.000%

      03/15/27              80       80,332  

5.625%

      03/01/25              25       25,542  

5.875%

      06/30/26              20       20,663  

Southern Natural Gas Co. LLC,

 

Sr. Unsec’d. Notes

 

8.000%

      03/01/32              10       11,637  

Sr. Unsec’d. Notes, 144A

 

0.625%

      04/28/23              20       19,387  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

 

Gtd. Notes, 144A

 

7.500%

      10/01/25              1,150       1,117,125  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

 

Gtd. Notes

 

5.500%

      03/01/30              15       14,282  

Tennessee Gas Pipeline Co. LLC,

 

Gtd. Notes

 

7.000%

      03/15/27              10       10,743  

7.000%

      10/15/28              10       10,861  

Gtd. Notes, 144A

 

2.900%

      03/01/30              10       8,658  

TransCanada PipeLines Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

4.100%

      04/15/30              40       38,230  

Transcontinental Gas Pipe Line Co. LLC,

 

Sr. Unsec’d. Notes

 

3.250%

      05/15/30              80       71,845  

Venture Global Calcasieu Pass LLC,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      08/15/29              115       100,823  

4.125%

      08/15/31              80       68,711  

Interest

Rate

        Maturity    
Date		                 

    Principal    
Amount
(000)#

         Value      

 

   

 

 

        

 

 

    

 

 

  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

           

5.450%

      04/01/44              575     $ 477,467  

5.750%(cc)

      02/01/50              5       4,040  

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

           

2.600%

      03/15/31              30       25,138  

3.750%

      06/15/27              25       23,907  

4.000%

      09/15/25              60       59,118  

4.850%

      03/01/48              30       27,169  

4.900%

      01/15/45              1,200       1,073,779  

8.750%

      03/15/32              10       12,626  
             

 

 

  
                    21,086,155  
             

 

 

  

Private Equity — 0.0%

 

  

Carlyle Finance Subsidiary LLC,

 

Gtd. Notes, 144A

 

           

3.500%

      09/19/29              26       23,555  
             

 

 

  

Real Estate — 0.1%

 

  

Greystar Real Estate Partners LLC,

 

Sr. Sec’d. Notes, 144A

 

           

5.750%

      12/01/25              1,200       1,138,972  
             

 

 

  

Real Estate Investment Trusts (REITs) — 0.7%

 

Alexandria Real Estate Equities, Inc.,

 

Gtd. Notes

 

           

1.875%

      02/01/33              5       3,761  

2.000%

      05/18/32              5       3,949  

3.800%

      04/15/26              25       24,537  

American Campus Communities Operating Partnership LP,

 

Gtd. Notes

 

           

3.300%

      07/15/26              35       34,187  

American Finance Trust, Inc./American Finance Operating Partner LP,

 

Gtd. Notes, 144A

 

           

4.500%

      09/30/28              10       7,904  

American Tower Corp.,

 

Sr. Unsec’d. Notes

 

           

1.300%

      09/15/25              25       22,607  

1.600%

      04/15/26              50       44,804  

2.700%

      04/15/31              90       74,105  

3.600%

      01/15/28              17       15,803  

4.000%

      06/01/25              75       74,184  

4.400%

      02/15/26              25       24,871  

Boston Properties LP,

 

Sr. Unsec’d. Notes

 

           

2.450%

      10/01/33              15       11,485  

3.250%

      01/30/31              3       2,572  

Brixmor Operating Partnership LP,

 

Sr. Unsec’d. Notes

 

           

3.900%

      03/15/27              35       33,517  

4.050%

      07/01/30              1,145       1,031,844  

Camden Property Trust,

 

Sr. Unsec’d. Notes

 

           

2.800%

      05/15/30              5       4,413  

Crown Castle International Corp.,

 

Sr. Unsec’d. Notes

 

           

1.350%

      07/15/25              25       22,840  

2.250%

      01/15/31              75       60,867  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A131

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                        Principal    
Amount
(000)#		          Value      

 

   

 

 

        

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Real Estate Investment Trusts (REITs) (cont’d.)

 

2.500%

      07/15/31              35      $ 28,733  

3.300%

      07/01/30              30        26,473  

4.000%

      03/01/27              10        9,704  

5.200%

      02/15/49              10        9,606  

Diversified Healthcare Trust,

 

Gtd. Notes

               

9.750%

      06/15/25              500            494,069  

Duke Realty LP,

 

Sr. Unsec’d. Notes

 

1.750%

      02/01/31              25        20,301  

Equinix, Inc.,

 

Sr. Unsec’d. Notes

 

2.150%

      07/15/30              30        24,361  

3.000%

      07/15/50              5        3,419  

3.200%

      11/18/29              31        27,563  

Essex Portfolio LP,

 

Gtd. Notes

 

1.650%

      01/15/31              25        19,493  

Global Net Lease, Inc./Global Net Lease Operating Partnership LP,

 

Gtd. Notes, 144A

 

3.750%

      12/15/27              20        16,673  

GLP Capital LP/GLP Financing II, Inc.,

 

Gtd. Notes

 

3.350%

      09/01/24              70        67,250  

4.000%

      01/15/30              50        43,929  

4.000%

      01/15/31              10        8,669  

5.375%

      11/01/23              50        49,812  

5.750%

      06/01/28              50        48,826  

Healthpeak Properties, Inc.,

 

Sr. Unsec’d. Notes

 

1.350%

      02/01/27              15        13,171  

Host Hotels & Resorts LP,

 

Sr. Unsec’d. Notes, Series E

 

4.000%

      06/15/25              40        39,082  

Kilroy Realty LP,

 

Gtd. Notes

 

3.450%

      12/15/24              5        4,875  

Kimco Realty Corp.,

 

Sr. Unsec’d. Notes

 

2.250%

      12/01/31              20        16,172  

Mid-America Apartments LP,

 

Sr. Unsec’d. Notes

 

1.700%

      02/15/31              5        3,955  

3.950%

      03/15/29              20        19,089  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

0.993%

      10/15/26           EUR        675        584,002  

3.500%

      03/15/31                  925        722,821  

Physicians Realty LP,

 

Gtd. Notes

 

4.300%

      03/15/27              5        4,900  

Piedmont Operating Partnership LP,

 

Gtd. Notes

               

3.400%

      06/01/23              25        24,861  

Prologis LP,

 

Sr. Unsec’d. Notes

 

1.250%

      10/15/30              10        7,943  
Interest
Rate		        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Real Estate Investment Trusts (REITs) (cont’d.)

 

Realty Income Corp.,

 

Sr. Unsec’d. Notes

 

1.800%

      03/15/33             15      $ 11,461  

2.200%

      06/15/28             5        4,398  

2.850%

      12/15/32             530        454,205  

3.950%

      08/15/27             91        88,939  

4.875%

      06/01/26             50        50,980  

Regency Centers LP,

 

Gtd. Notes

 

3.600%

      02/01/27             20        19,352  

Simon Property Group LP,

 

Sr. Unsec’d. Notes

 

2.450%

      09/13/29             40        33,964  

3.250%

      11/30/26             20        19,082  

Spirit Realty LP,

 

Gtd. Notes

 

2.100%

      03/15/28             15        12,552  

2.700%

      02/15/32                 2,190        1,710,906  

UDR, Inc.,

 

Gtd. Notes

 

3.000%

      08/15/31             5        4,272  

Ventas Realty LP,

 

Gtd. Notes

 

3.000%

      01/15/30             5        4,382  

VICI Properties LP/VICI Note Co., Inc.,

 

Gtd. Notes, 144A

 

3.500%

      02/15/25             25        23,491  

4.625%

      06/15/25             405        385,898  

Welltower, Inc.,

 

Sr. Unsec’d. Notes

 

2.050%

      01/15/29             15        12,623  

2.700%

      02/15/27             25        23,114  

2.800%

      06/01/31             35        29,474  

Weyerhaeuser Co.,

 

Sr. Unsec’d. Notes

 

7.375%

      03/15/32             6        6,934  

WP Carey, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      04/01/33 (a)            1,930        1,484,507  
             

 

 

  
                    8,218,536  
             

 

 

  

Retail — 0.7%

 

   

1011778 BC ULC/New Red Finance, Inc. (Canada),

 

Sec’d. Notes, 144A

 

4.000%

      10/15/30             1,500        1,204,016  

7-Eleven, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

0.950%

      02/10/26             79        69,805  

Alimentation Couche-Tard, Inc. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

3.800%

      01/25/50             20        15,112  

At Home Group, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.875%

      07/15/28             275        201,125  

AutoNation, Inc.,

 

Sr. Unsec’d. Notes

 

4.750%

      06/01/30             25        23,475  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A132

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

AutoZone, Inc.,

 

Sr. Unsec’d. Notes

 

1.650%

      01/15/31             375      $ 293,797  

Best Buy Co., Inc.,

 

Sr. Unsec’d. Notes

 

1.950%

      10/01/30             535        425,077  

Costco Wholesale Corp.,

 

Sr. Unsec’d. Notes

 

1.750%

      04/20/32             55        45,272  

Dollar Tree, Inc.,

 

Sr. Unsec’d. Notes

 

2.650%

      12/01/31 (a)            1,340            1,102,000  

4.200%

      05/15/28             30        29,120  

eG Global Finance PLC (United Kingdom),

 

Sr. Sec’d. Notes

 

6.250%

      10/30/25          EUR        1,600        1,502,987  

Home Depot, Inc. (The),

 

Sr. Unsec’d. Notes

 

2.950%

      06/15/29             49        45,793  

3.350%

      04/15/50             5        4,051  

3.900%

      12/06/28             10        10,004  

4.875%

      02/15/44             10        10,162  

Lowe’s Cos., Inc.,

 

Sr. Unsec’d. Notes

 

1.300%

      04/15/28             65        54,949  

1.700%

      09/15/28             20        17,049  

1.700%

      10/15/30             10        8,032  

2.800%

      09/15/41             25        18,110  

3.650%

      04/05/29             30        28,347  

3.700%

      04/15/46             15        12,051  

McDonald’s Corp.,

 

Sr. Unsec’d. Notes, MTN

 

3.800%

      04/01/28             30        29,454  

Nordstrom, Inc.,

 

Sr. Unsec’d. Notes

 

2.300%

      04/08/24             20        18,929  

O’Reilly Automotive, Inc.,

 

Sr. Unsec’d. Notes

 

1.750%

      03/15/31 (a)            2,155        1,704,381  

QVC, Inc.,

 

Sr. Sec’d. Notes

 

4.450%

      02/15/25             40        35,684  

Ross Stores, Inc.,

 

Sr. Unsec’d. Notes

 

1.875%

      04/15/31             50        39,573  

4.600%

      04/15/25             50        50,564  

4.700%

      04/15/27             2        2,012  

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25             454        426,842  

TJX Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

1.150%

      05/15/28             20        17,003  

Tractor Supply Co.,

 

Sr. Unsec’d. Notes

 

1.750%

      11/01/30             55        43,187  
Interest
Rate		       Maturity    
Date		                      Principal    
Amount
(000)#		     

    Value    

  

 

  

 

 

      

 

 

     

 

 

  
CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

      

Walmart, Inc.,

 

Sr. Unsec’d. Notes

 

1.800%

     09/22/31                         10      $ 8,501  

2.375%

     09/24/29            2        1,817  

2.500%

     09/22/41            15        11,621  

2.650%

     09/22/51            10        7,533  
           

 

 

  
                  7,517,435  
           

 

 

  

Semiconductors — 0.6%

 

Analog Devices, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

     10/01/41            5        3,921  

2.950%

     04/01/25            5        4,901  

2.950%

     10/01/51            30        22,943  

Applied Materials, Inc.,

 

Sr. Unsec’d. Notes

 

2.750%

     06/01/50            10        7,454  

3.300%

     04/01/27            10        9,778  

Broadcom Corp./Broadcom Cayman Finance Ltd.,

 

Gtd. Notes

 

3.875%

     01/15/27            80        77,121  

Broadcom, Inc.,

 

Gtd. Notes

 

4.150%

     11/15/30            9        8,253  

Gtd. Notes, 144A

 

2.450%

     02/15/31            30        24,122  

Sr. Unsec’d. Notes, 144A

 

3.137%

     11/15/35                3,576        2,731,530  

3.187%

     11/15/36            2,000        1,519,185  

3.419%

     04/15/33            1,442        1,192,059  

3.469%

     04/15/34            50        40,555  

4.926%

     05/15/37            100        89,819  

Intel Corp.,

 

Sr. Unsec’d. Notes

 

2.800%

     08/12/41            5        3,805  

3.050%

     08/12/51            15        11,170  

3.100%

     02/15/60            10        7,160  

3.900%

     03/25/30            20        19,617  

KLA Corp.,

 

Sr. Unsec’d. Notes

 

4.100%

     03/15/29            50        49,562  

5.000%

     03/15/49            50        50,294  

Lam Research Corp.,

 

Sr. Unsec’d. Notes

 

1.900%

     06/15/30            25        21,102  

Microchip Technology, Inc.,

 

Sr. Sec’d. Notes

 

0.972%

     02/15/24            65        61,759  

Micron Technology, Inc.,

 

Sr. Unsec’d. Notes

 

2.703%

     04/15/32            10        7,985  

NVIDIA Corp.,

 

Sr. Unsec’d. Notes

 

1.550%

     06/15/28            30        26,316  

3.500%

     04/01/40            10        8,738  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A133

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
CORPORATE BONDS (continued)

 

Semiconductors (cont’d.)

 

NXP BV/NXP Funding LLC (China),

 

Gtd. Notes

 

4.875%

      03/01/24           75     $ 75,771  

NXP BV/NXP Funding LLC/NXP USA, Inc. (China),

 

Gtd. Notes

 

2.500%

      05/11/31           65       53,451  

2.650%

      02/15/32           35       28,765  

3.400%

      05/01/30           40       35,633  

4.300%

      06/18/29           110       105,574  

QUALCOMM, Inc.,

 

Sr. Unsec’d. Notes

 

1.300%

      05/20/28           25       21,652  

Texas Instruments, Inc.,

 

Sr. Unsec’d. Notes

 

2.700%

      09/15/51           5       3,812  

2.900%

      11/03/27           10       9,563  
          

 

 

  
             6,333,370  
          

 

 

  

Shipbuilding — 0.0%

 

Huntington Ingalls Industries, Inc.,

 

Gtd. Notes

 

4.200%

      05/01/30           20       18,848  
          

 

 

  

Software — 0.3%

 

Adobe, Inc.,

 

Sr. Unsec’d. Notes

 

2.150%

      02/01/27           20       18,702  

2.300%

      02/01/30           30       26,513  

Autodesk, Inc.,

 

Sr. Unsec’d. Notes

 

2.400%

      12/15/31           30       24,437  

Boxer Parent Co., Inc.,

 

Sec’d. Notes, 144A

 

9.125%

      03/01/26           850       793,078  

Citrix Systems, Inc.,

 

Sr. Unsec’d. Notes

 

4.500%

      12/01/27           25       24,751  

Electronic Arts, Inc.,

 

Sr. Unsec’d. Notes

 

1.850%

      02/15/31           65       52,855  

Fidelity National Information Services, Inc.,

 

Sr. Unsec’d. Notes

 

3.100%

      03/01/41           10       7,313  

Fiserv, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      06/01/27           21       18,801  

2.750%

      07/01/24           50       48,808  

3.500%

      07/01/29           40       36,485  

3.800%

      10/01/23           15       15,026  

4.200%

      10/01/28           40       38,644  

Intuit, Inc.,

 

Sr. Unsec’d. Notes

 

0.650%

      07/15/23           10       9,717  

Microsoft Corp.,

 

Sr. Unsec’d. Notes

 

2.400%

      08/08/26           10       9,641  

2.525%

      06/01/50           1,842           1,356,105  

2.921%

      03/17/52           89       70,265  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
CORPORATE BONDS (continued)

 

Software (cont’d.)

 

Oracle Corp.,

 

Sr. Unsec’d. Notes

 

1.650%

      03/25/26           80     $ 71,655  

2.500%

      04/01/25           20       18,999  

2.650%

      07/15/26           50       46,101  

2.950%

      04/01/30           100       85,360  

3.600%

      04/01/50           31       21,635  

3.650%

      03/25/41           10       7,452  

3.850%

      04/01/60           5       3,450  

3.950%

      03/25/51           5       3,671  

4.000%

      11/15/47           25       18,577  

Roper Technologies, Inc.,

 

Sr. Unsec’d. Notes

 

1.400%

      09/15/27           20       17,135  

1.750%

      02/15/31           5       3,894  

Salesforce, Inc.,

 

Sr. Unsec’d. Notes

 

1.500%

      07/15/28           10       8,732  

1.950%

      07/15/31           45       38,244  

2.700%

      07/15/41           5       3,871  

VMware, Inc.,

 

Sr. Unsec’d. Notes

 

1.800%

      08/15/28           10       8,308  

2.200%

      08/15/31           30       23,598  

3.900%

      08/21/27           35       33,613  

4.700%

      05/15/30           43       41,280  
          

 

 

  
             3,006,716  
          

 

 

  

Telecommunications — 1.9%

 

AT&T, Inc.,

 

Sr. Unsec’d. Notes

 

1.700%

      03/25/26           200       182,913  

2.250%

      02/01/32           45       36,735  

2.300%

      06/01/27           75       68,498  

2.550%

      12/01/33           737       597,720  

2.750%

      06/01/31           110       95,061  

3.500%

      09/15/53           4,881           3,701,589  

3.550%

      09/15/55           972       728,429  

3.650%

      09/15/59           180       134,880  

3.800%

      12/01/57           13       10,082  

4.250%

      03/01/27           10       9,982  

4.300%

      02/15/30           545       532,219  

4.350%

      03/01/29           45       44,348  

4.500%

      05/15/35           570       540,397  

4.500%

      03/09/48           10       8,895  

6.950%

      01/15/28           10       10,978  

Bell Telephone Co. of Canada or Bell Canada (The) (Canada),

 

Gtd. Notes, Series US-3

 

0.750%

      03/17/24           40       38,096  

Deutsche Telekom International Finance BV (Germany),

 

Gtd. Notes

 

8.750%

      06/15/30           10       12,354  

Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),

 

Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%

 

13.000%

      12/31/25           535       463,824  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A134

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		          Value      
                             
CORPORATE BONDS (continued)

 

Telecommunications (cont’d.)

 

   

Sr. Sec’d. Notes, 144A

 

8.750%

      05/25/24           200      $ 186,261  

8.750%

      05/25/24           997        927,897  

Digicel Ltd. (Jamaica),

 

Gtd. Notes, 144A

 

6.750%

      03/01/23           500        300,548  

Level 3 Financing, Inc.,

 

Gtd. Notes, 144A

 

3.625%

      01/15/29           40        30,698  

Lumen Technologies, Inc.,

 

Sr. Unsec’d. Notes, Series P

 

7.600%

      09/15/39           550        434,192  

Motorola Solutions, Inc.,

 

Sr. Unsec’d. Notes

 

2.300%

      11/15/30           49        38,326  

4.600%

      05/23/29           60        57,204  

Rogers Communications, Inc. (Canada),

 

Gtd. Notes

 

3.700%

      11/15/49           2        1,523  

4.300%

      02/15/48           2        1,675  

Sprint Corp.,

 

Gtd. Notes

 

7.625%

      02/15/25           2,502        2,611,888  

7.625%

      03/01/26           100        105,483  

7.875%

      09/15/23           2,000        2,065,696  

T-Mobile USA, Inc.,

 

Gtd. Notes

 

2.250%

      02/15/26           25        22,520  

2.625%

      02/15/29           10        8,409  

Gtd. Notes, 144A

 

2.250%

      02/15/26           20        18,068  

Sr. Sec’d. Notes

 

2.250%

      11/15/31           100        81,219  

2.550%

      02/15/31           10        8,413  

3.300%

      02/15/51           5        3,649  

3.750%

      04/15/27           125        120,248  

3.875%

      04/15/30           137        127,907  

4.375%

      04/15/40           435        389,489  

4.500%

      04/15/50           3,140        2,789,717  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

 

1.500%

      09/18/30           75        59,986  

1.680%

      10/30/30           32        25,745  

1.750%

      01/20/31           40        32,125  

2.100%

      03/22/28           230        204,285  

2.355%

      03/15/32           110        91,251  

2.550%

      03/21/31           80        68,417  

2.650%

      11/20/40           3,440            2,522,656  

2.850%

      09/03/41           10        7,496  

2.875%

      11/20/50           10        7,097  

3.150%

      03/22/30           35        31,818  

3.400%

      03/22/41           1,185        964,408  

3.550%

      03/22/51           90        72,157  

4.016%

      12/03/29           140        135,825  

4.125%

      03/16/27           20        19,954  

4.329%

      09/21/28           115        114,455  

Interest

Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		          Value      
                             
CORPORATE BONDS (continued)

 

Telecommunications (cont’d.)

 

   

Vodafone Group PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

         

3.750%

      01/16/24           20      $ 20,090  

4.375%

      05/30/28           25        24,858  
           

 

 

  
                  21,950,653  
           

 

 

  

Toys/Games/Hobbies — 0.0%

 

   

Hasbro, Inc.,

 

Sr. Unsec’d. Notes

 

3.550%

      11/19/26           140        133,776  

3.900%

      11/19/29           20        18,365  
           

 

 

  
              152,141  
           

 

 

  

Transportation — 0.1%

 

   

Burlington Northern Santa Fe LLC,

 

Sr. Unsec’d. Notes

 

2.875%

      06/15/52           5        3,715  

3.550%

      02/15/50           5        4,181  

4.900%

      04/01/44           10        10,055  

Canadian Pacific Railway Co. (Canada),

 

Gtd. Notes

 

2.050%

      03/05/30           5        4,232  

2.450%

      12/02/31           30        25,738  

3.000%

      12/02/41           10        7,859  

3.100%

      12/02/51           10        7,368  

CSX Corp.,

 

Sr. Unsec’d. Notes

 

3.250%

      06/01/27           10        9,594  

3.800%

      03/01/28           16        15,639  

FedEx Corp.,

 

Gtd. Notes

 

3.100%

      08/05/29           10        9,124  

4.250%

      05/15/30           20        19,487  

Indian Railway Finance Corp. Ltd. (India),

 

Sr. Unsec’d. Notes, 144A, MTN

 

3.570%

      01/21/32           480        412,280  

Kansas City Southern,

 

Gtd. Notes

 

3.500%

      05/01/50           25        19,512  

Lima Metro Line 2 Finance Ltd. (Peru),

 

Sr. Sec’d. Notes

 

5.875%

      07/05/34           97        95,742  

Norfolk Southern Corp.,

 

Sr. Unsec’d. Notes

 

2.900%

      06/15/26           14        13,400  

3.050%

      05/15/50           20        14,702  

3.800%

      08/01/28           54        53,033  

Union Pacific Corp.,

 

Sr. Unsec’d. Notes

 

3.750%

      03/15/24           20        20,045  

3.799%

      10/01/51           9        7,728  

3.950%

      08/15/59           35        29,856  
           

 

 

  
              783,290  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A135

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
CORPORATE BONDS (continued)

 

Trucking & Leasing — 0.0%

 

Penske Truck Leasing Co. LP/PTL Finance Corp.,

 

Sr. Unsec’d. Notes, 144A

 

1.200%

      11/15/25           20     $ 17,824  

1.700%

      06/15/26           30       26,688  

2.700%

      11/01/24           20       19,217  

4.000%

      07/15/25           25       24,569  

4.125%

      08/01/23           5       5,016  
          

 

 

  
             93,314  
          

 

 

  

Water — 0.0%

 

American Water Capital Corp.,

 

Sr. Unsec’d. Notes

 

3.450%

      05/01/50           625       497,803  
          

 

 

  

TOTAL CORPORATE BONDS
(cost $487,926,958)

 

         420,302,730  
          

 

 

  
MUNICIPAL BONDS — 1.7%

 

Arizona — 0.0%

 

Salt River Project Agricultural Improvement & Power District,

 

Revenue Bonds, BABs

 

4.839%

      01/01/41           30       31,746  
          

 

 

  

California — 0.4%

 

Bay Area Toll Authority,

 

Taxable, Revenue Bonds, BABs, Series S3

 

6.907%

      10/01/50           1,125       1,566,017  

State of California,

 

General Obligation Unlimited, BABs

 

7.300%

      10/01/39           1,550       2,008,601  

General Obligation Unlimited, Taxable, BABs

 

7.625%

      03/01/40           725       978,949  
          

 

 

  
             4,553,567  
          

 

 

  

Colorado — 0.1%

 

Colorado Health Facilities Authority,

 

Taxable, Revenue Bonds, Series B

 

2.800%

      12/01/26           10       9,490  

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

      11/01/50           770       917,471  
          

 

 

  
             926,961  
          

 

 

  

Illinois — 0.4%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

      01/01/40           1,380       1,653,217  

State of Illinois,

 

General Obligation Unlimited, Series A

 

5.000%

      10/01/22           20       20,138  

General Obligation Unlimited, Series D

 

5.000%

      11/01/22           2,650       2,673,839  

General Obligation Unlimited, Taxable, Series A

 

3.140%

      10/01/24           35       34,138  
          

 

 

  
             4,381,332  
          

 

 

  

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
MUNICIPAL BONDS (continued)

 

Missouri — 0.0%

 

Health & Educational Facilities Authority of the State of Missouri,

 

Taxable, Revenue Bonds, Series A

 

3.652%

      08/15/57           20     $ 17,932  
          

 

 

  

New Jersey — 0.4%

 

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series A

 

7.102%

      01/01/41           1,175       1,518,988  

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

      01/01/40           2,050       2,721,994  
          

 

 

  
             4,240,982  
          

 

 

  

New York — 0.0%

 

New York State Urban Development Corp.,

 

Taxable, Revenue Bonds, Series B

 

2.590%

      03/15/35           20       16,284  

Port Authority of New York & New Jersey,

 

Revenue Bonds

 

6.040%

      12/01/29           25       28,088  
          

 

 

  
             44,372  
          

 

 

  

Ohio — 0.1%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

      06/01/40           695       752,378  
          

 

 

  

Oregon — 0.1%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

      11/15/34           615       696,384  
          

 

 

  

Pennsylvania — 0.1%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

      12/01/45           825       921,903  
          

 

 

  

Puerto Rico — 0.1%

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,

 

Revenue Bonds, Series A-1

 

5.000%

      07/01/58           1,710       1,675,911  
          

 

 

  

Texas — 0.0%

 

Grand Parkway Transportation Corp.,

 

Taxable, Revenue Bonds, Series B

 

3.236%

      10/01/52           20       16,058  

Texas Private Activity Bond Surface Transportation Corp.,

 

Taxable, Revenue Bonds, Series B

 

3.922%

      12/31/49           450       394,944  
          

 

 

  
             411,002  
          

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

      09/01/2117           425       364,142  
          

 

 

  

TOTAL MUNICIPAL BONDS
(cost $16,388,435)

 

         19,018,612  
          

 

 

  
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.8%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

      09/25/35           13       12,800  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A136

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Bellemeade Re Ltd. (Bermuda),

 

Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)

 

3.474%(c)

      10/25/28           335     $ 333,715  

Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)

 

3.074%(c)

      04/25/29           268       267,310  

Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

3.624%(c)

      10/25/29           173       172,910  

Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)

 

5.624%(c)

      08/26/30           120       119,886  

Series 2020-03A, Class M1B, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)

 

4.474%(c)

      10/25/30           149       149,063  

Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%)

 

5.324%(c)

      10/25/30           275       275,712  

Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)

 

2.326%(c)

      09/25/31           200       185,407  

Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)

 

3.076%(c)

      01/26/32           490       474,371  

Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

 

4.626%(c)

      01/26/32           1,240       1,184,785  

BVRT Financing Trust,

 

Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000%

 

2.783%(c)

      09/12/26^           2,242           2,231,091  

Central Park Funding Trust,

 

Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

 

4.402%(c)

      08/29/22           4,090       4,057,773  

Citigroup Mortgage Loan Trust,

 

Series 2011-12, Class 3A2, 144A

 

2.920%(cc)

      09/25/47           279       255,403  

Connecticut Avenue Securities Trust,

 

Series 2018-R07, Class 1B1, 144A, 1 Month LIBOR + 4.350% (Cap N/A, Floor 0.000%)

 

5.974%(c)

      04/25/31           370       366,846  

Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)

 

3.724%(c)

      10/25/39           98       96,884  

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)

 

6.176%(c)

      03/25/42           260       242,432  

Credit Suisse Mortgage Trust,

 

Series 2020-RPL05, Class A1, 144A

 

3.023%(cc)

      08/25/60           369       355,584  

Eagle Re Ltd. (Bermuda),

 

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)

 

3.324%(c)

      11/25/28           585       582,683  

Interest
Rate

        Maturity    
Date		                        Principal    
Amount
(000)#		         Value      
                            
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)

 

3.424%(c)

      04/25/29           180     $ 178,886  

Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)

 

3.076%(c)

      10/25/33           605       603,021  

Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

 

3.626%(c)

      10/25/33           940       937,931  

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)

 

4.376%(c)

      04/25/34           910       856,106  

Fannie Mae Connecticut Avenue Securities,

 

Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)

 

4.024%(c)

      05/25/30           381       381,249  

Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

 

3.774%(c)

      10/25/30           239       239,713  

Fannie Mae REMICS,

 

Series 2011-116, Class ZA

 

3.500%

      11/25/41           1,868       1,828,012  

Series 2012-34, Class EB

 

4.000%

      04/25/42           1,575       1,563,242  

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)

 

4.926%(c)

      11/25/50           900       847,580  

Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)

 

3.526%(c)

      11/25/50           3,059           3,039,689  

Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)

 

4.326%(c)

      08/25/33           3,035       2,632,589  

Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%)

 

4.576%(c)

      11/25/41           755       645,825  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)

 

3.474%(c)

      02/25/50           618       612,360  

Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)

 

6.724%(c)

      06/25/50           182       185,353  

Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)

 

7.624%(c)

      08/25/50           1,570       1,634,955  

Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)

 

5.374%(c)

      08/25/50           50       49,873  

Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)

 

5.726%(c)

      10/25/50           670       677,315  

Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

 

3.726%(c)

      10/25/50           246       246,658  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A137

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		    Maturity
Date		                    Principal
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)

 

4.724%(c)

      03/25/50           43      $ 42,793  

Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)

 

5.224%(c)

      07/25/50           139        139,086  

Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)

 

6.874%(c)

      09/25/50           320        319,216  

Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)

 

4.774%(c)

      09/25/50           22        21,600  

Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)

 

3.976%(c)

      01/25/34           590        506,382  

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

 

2.576%(c)

      01/25/34           368        355,290  

Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)

 

3.176%(c)

      08/25/33           4,200        3,890,849  

Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)

 

4.276%(c)

      09/25/41           540        453,166  

Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

 

3.026%(c)

      09/25/41           1,020        891,501  

Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)

 

4.676%(c)

      12/25/41           260        214,623  

Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)

 

3.276%(c)

      12/25/41           700        604,022  

Freddie Mac REMICS,

 

Series 4289, Class WZ

 

3.000%

      01/15/44           779        746,101  

Series 4768, Class GA

 

3.500%

      09/15/45           584        584,562  

Series 4939, Class KT

 

3.000%

      07/15/48           508        485,152  

GCAT Asset-Backed Notes,

 

Series 2021-01, Class A1, 144A

 

2.487%

      11/25/49           3,137        2,991,414  

Home Re Ltd. (Bermuda),

 

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)

 

3.224%(c)

      10/25/28           61        60,467  

Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)

 

3.274%(c)

      05/25/29           179        178,862  

Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 3.250% (Cap N/A, Floor 3.250%)

 

4.874%(c)

      10/25/30           36        35,680  

Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%)

 

5.774%(c)

      10/25/30           200        200,533  
Interest
Rate		    Maturity
Date		                    Principal
Amount
(000)#		      Value  

 

   

 

 

        

 

 

     

 

 

  
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)

 

2.526%(c)

      01/25/34           530      $ 517,577  

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

 

3.726%(c)

      01/25/34           815        767,478  

Legacy Mortgage Asset Trust,

 

Series 2019-GS06, Class A1, 144A

 

3.000%

      06/25/59           447        446,558  

Series 2020-GS01, Class A1, 144A

 

2.882%

      10/25/59           1,014        1,007,392  

Series 2020-SL01, Class A, 144A

 

2.734%

      01/25/60           459        447,154  

New Residential Mortgage Loan Trust,

 

Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

2.374%(c)

      01/25/48           496        485,960  

Oaktown Re II Ltd. (Bermuda),

 

Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)

 

3.174%(c)

      07/25/28           103        102,982  

Oaktown Re III Ltd. (Bermuda),

 

   

Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

 

3.024%(c)

      07/25/29           46        46,362  

Oaktown Re V Ltd. (Bermuda),

 

Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)

 

5.224%(c)

      10/25/30           126        125,620  

Oaktown Re VII Ltd. (Bermuda),

 

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)

 

3.826%(c)

      04/25/34           900        839,306  

PNMAC GMSR Issuer Trust,

 

Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)

 

4.474%(c)

      02/25/23           1,280        1,272,077  

Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)

 

4.274%(c)

      08/25/25           1,200        1,184,140  

Radnor Re Ltd. (Bermuda),

 

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)

 

3.024%(c)

      03/25/28           27        27,083  

Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)

 

4.324%(c)

      03/25/28           960        952,316  

Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)

 

2.574%(c)

      01/25/30           500        489,721  

Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)

 

3.074%(c)

      01/25/30           1,500        1,471,108  

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)

 

2.776%(c)

      11/25/31           770        762,269  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A138

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                   

    Principal    
Amount
(000)#

         Value      

 

   

 

 

        

 

 

    

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES

(continued)

 

 

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

 

4.626%(c)

      11/25/31              900     $ 864,267  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.543%(cc)

      02/25/34              200       192,405  

Series 2004-18, Class 3A1

 

3.122%(cc)

      12/25/34              1,197       1,138,197  

TFS (Spain),

 

Series 2018-03

 

0.000%(s)

      04/16/40^           EUR        — (r)      2,305  
             

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES

 

(cost $56,719,246)

 

        54,388,588  
             

 

 

  

SOVEREIGN BONDS — 2.6%

 

1MDB Global Investments Ltd. (Malaysia),

 

Sr. Unsec’d. Notes

 

4.400%

      03/09/23              2,000       1,944,627  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      08/20/30              570       476,979  

Brazil Minas SPE via State of Minas Gerais (Brazil),

 

Gov’t. Gtd. Notes

 

5.333%

      02/15/28              963       944,873  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.500%

      01/28/26              250       234,324  

Dominican Republic International Bond (Dominican Republic),

 

Sr. Unsec’d. Notes, 144A

 

5.500%

      02/22/29              1,180       1,028,823  

6.000%

      07/19/28              575       534,746  

Egypt Government International Bond (Egypt),

 

Sr. Unsec’d. Notes, 144A, MTN

 

4.750%

      04/16/26           EUR        300       235,526  

Hellenic Republic Government International Bond (Greece),

 

Sr. Unsec’d. Notes

 

5.200%

      07/17/34           EUR        1,500       1,681,194  

Hungary Government International Bond (Hungary),

 

Sr. Unsec’d. Notes

 

5.375%

      03/25/24              290       295,743  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

1.100%

      03/12/33           EUR        410       305,058  

1.450%

      09/18/26           EUR        375       361,256  

3.375%

      07/30/25           EUR        3,125       3,291,218  

Sr. Unsec’d. Notes, EMTN

 

3.750%

      06/14/28           EUR        1,250       1,283,739  

Japan Bank for International Cooperation (Japan),

 

Gov’t. Gtd. Notes

 

2.500%

      05/23/24              1,000       987,167  

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A

 

3.375%

      09/27/23              600       602,223  

Sr. Unsec’d. Notes, 144A, MTN

 

1.750%

      09/05/24              600       581,872  

3.000%

      03/12/24              600       597,695  
Interest
Rate		        Maturity    
Date		                  

    Principal    
Amount
(000)#

          Value      

 

   

 

 

       

 

 

     

 

 

  

SOVEREIGN BONDS (continued)

 

   

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

3.750%

      03/16/25             450      $ 444,828  

Peruvian Government International Bond (Peru),

 

Sr. Unsec’d. Notes

 

2.783%

      01/23/31             10        8,508  

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

5.103%

      04/23/48             780        814,577  

Republic of Italy Government International Bond (Italy),

 

Sr. Unsec’d. Notes

 

2.875%

      10/17/29             200        176,703  

Sr. Unsec’d. Notes, EMTN

 

6.000%

      08/04/28          GBP        1,995        2,705,078  

Sr. Unsec’d. Notes, MTN

 

5.375%

      06/15/33             4,730        4,964,451  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, 144A, MTN

 

3.875%

      10/29/35          EUR        1,156        896,651  

Sr. Unsec’d. Notes, EMTN

 

3.875%

      10/29/35          EUR        940        729,110  

4.125%

      03/11/39          EUR        254        193,021  

Serbia International Bond (Serbia),

 

Sr. Unsec’d. Notes

 

1.500%

      06/26/29          EUR        442        335,050  

3.125%

      05/15/27          EUR        1,267        1,165,298  

Sr. Unsec’d. Notes, 144A

 

1.650%

      03/03/33          EUR        610        400,281  

Ukraine Government International Bond (Ukraine),

 

Sr. Unsec’d. Notes

 

7.750%

      09/01/22             920        496,800  

8.994%

      02/01/24             200        50,000  

Sr. Unsec’d. Notes, 144A

 

4.375%

      01/27/30          EUR        1,090        274,144  

7.750%

      09/01/22 (a)            930        502,200  

8.994%

      02/01/24             200        50,000  

9.750%

      11/01/28             400        98,000  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

4.975%

      04/20/55 (a)            500        492,402  
             

 

 

  

TOTAL SOVEREIGN BONDS

 

(cost $36,634,506)

 

         30,184,165  
             

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.1%

 

Federal Home Loan Mortgage Corp.

 

3.500%

      02/01/47             831        817,065  

5.500%

      10/01/33             392        419,408  

5.500%

      06/01/34             3        3,021  

6.000%

      11/01/33             62        65,163  

6.000%

      05/01/34             44        46,341  

6.000%

      06/01/34             68        71,467  

6.250%

      07/15/32 (k)            830        1,030,189  

6.500%

      07/01/32             5        5,036  

6.500%

      07/01/32             9        9,862  

6.500%

      08/01/32             21        22,638  

6.500%

      08/01/32             22        23,527  

6.500%

      08/01/32             24        25,201  

6.500%

      09/01/32             25        25,752  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A139

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Interest
Rate		        Maturity    
Date		                     Principal    
Amount
(000)#		          Value      

 

   

 

     

 

 

     

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.500%

    09/01/32           72      $ 75,683  

6.750%

    03/15/31           600        751,465  

Federal National Mortgage Assoc.

 

3.000%

    TBA               26,000            24,210,469  

3.500%

    TBA(tt)           39,500        37,984,805  

3.500%

    TBA           7,500        7,202,902  

4.000%

    TBA           9,000        8,858,145  

4.000%

    TBA(tt)           12,000        11,832,891  

4.500%

    TBA           4,000        4,015,156  

4.500%

    08/01/40           946        976,299  

5.500%

    02/01/33           6        5,758  

5.500%

    02/01/33           9        9,112  

5.500%

    03/01/33           14        14,925  

5.500%

    03/01/33           22        23,329  

5.500%

    03/01/33           23        24,511  

5.500%

    04/01/33           3        3,099  

5.500%

    04/01/33           15        15,782  

5.500%

    04/01/33           18        19,624  

5.500%

    04/01/33           21        22,413  

5.500%

    07/01/33           14        14,841  

5.500%

    07/01/33           18        19,332  

5.500%

    08/01/33           14        14,470  

5.500%

    02/01/34           15        16,321  

5.500%

    04/01/34           14        14,356  

5.500%

    06/01/34           17        17,840  

6.000%

    10/01/33           2        1,617  

6.000%

    10/01/33           168        178,497  

6.000%

    03/01/34           24        25,192  

6.000%

    02/01/35           105        112,366  

6.000%

    11/01/36           29        31,244  

6.500%

    08/01/32           70        73,497  

6.500%

    09/01/32           69        72,479  

6.500%

    09/01/32           105        112,171  

6.500%

    10/01/32           39        41,305  

6.500%

    04/01/33           77        82,726  

6.500%

    11/01/33           3        2,927  

6.625%

    11/15/30(k)           830        1,025,902  

7.000%

    05/01/32           49        50,374  

7.000%

    06/01/32           4        4,045  

7.125%

    01/15/30           785        985,231  

Government National Mortgage Assoc.

 

3.500%

    01/20/48           121        118,796  

4.000%

    02/20/49           252        254,048  

5.500%

    01/15/33           35        38,294  

5.500%

    02/15/33           22        24,182  

5.500%

    05/15/33           53        54,903  

5.500%

    05/15/33           140        146,101  

5.500%

    06/15/33           154        162,831  

5.500%

    09/15/33           29        29,812  

5.500%

    07/15/35           32        34,457  

6.000%

    12/15/32           68        74,363  

6.000%

    11/15/33           26        27,956  

6.000%

    01/15/34           6        7,020  

6.000%

    06/20/34           188        205,733  

6.000%

    11/15/34           257        278,611  

6.500%

    09/15/32           30        31,953  

6.500%

    09/15/32           86        90,834  

6.500%

    09/15/32           123        129,428  
Interest
Rate		        Maturity    
Date		                       Principal    
Amount
(000)#		          Value      

 

   

 

 

       

 

 

     

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.500%

      11/15/33             70      $ 73,906  
             

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

 

(cost $103,646,552)

 

      103,290,999  
             

 

 

  

U.S. TREASURY OBLIGATIONS — 6.9%

 

U.S. Treasury Bonds

 

   

1.125%

      05/15/40             30        20,883  

1.750%

      08/15/41             1,240        942,981  

1.875%

      02/15/41             138        107,830  

2.000%

      11/15/41             2,719        2,159,056  

2.250%

      05/15/41 (h)            65,845        54,918,845  

2.375%

      02/15/42             1,255        1,064,005  

2.500%

      02/15/46 (k)            1,580        1,339,544  

2.500%

      05/15/46 (k)            965        817,838  

3.000%

      05/15/45 (k)            4,065        3,770,287  

3.125%

      02/15/43 (k)            2,460        2,336,231  

U.S. Treasury Notes

 

2.375%

      03/31/29 (k)            615        588,863  

2.875%

      05/15/32             5        4,945  

U.S. Treasury Strips Coupon

 

1.467%(s)

      11/15/41             500        250,859  

2.056%(s)

      11/15/38             130        76,146  

2.071%(s)

      08/15/41             150        76,266  

2.208%(s)

      05/15/39             2,790        1,597,384  

2.335%(s)

      08/15/44             2,500        1,128,418  

2.364%(s)

      05/15/45             3,420        1,510,010  

2.377%(s)

      08/15/45             1,250        547,900  

2.387%(s)

      05/15/43             4,015        1,890,187  

2.395%(s)

      11/15/43             619        287,158  

2.423%(s)

      11/15/40             430        228,673  

2.423%(s)

      05/15/44 (k)            7,225        3,284,553  

3.176%(s)

      08/15/40             120        64,523  
             

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS

 

(cost $99,353,585)

 

          79,013,385  
             

 

 

  
             Shares     

COMMON STOCKS — 0.4%

 

      

Gas Utilities — 0.1%

 

        

Ferrellgas Partners LP (Class B Stock)^

 

      6,372        1,312,632  

Oil, Gas & Consumable Fuels — 0.3%

 

Chesapeake Energy Corp.(a)

 

             37,737        3,060,471  

Chesapeake Energy Corp. Backstop Commitment

 

      517        41,929  
             

 

 

  
                3,102,400  
             

 

 

  

TOTAL COMMON STOCKS

 

(cost $1,551,940)

 

      4,415,032  
             

 

 

  

PREFERRED STOCKS — 0.2%

 

   

Banks — 0.1%

 

   

Citigroup Capital XIII, 7.609%(c), 3

 

Month LIBOR + 6.370%, Maturing 10/30/40

 

      45,000        1,206,000  
             

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A140

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  

 

SCHEDULE OF INVESTMENTS

 

    as of June 30, 2022 (unaudited)

 

     Shares     Value  
PREFERRED STOCKS (continued)

 

  

Capital Markets — 0.1%

     

State Street Corp., 5.350%(c),
3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)

      35,000     $ 871,500  
    

 

 

  

TOTAL PREFERRED STOCKS

 

  

(cost $2,000,000)

        2,077,500  
    

 

 

  
     Units        
WARRANTS* — 0.0%     

Chemicals

     

TPC Group, Inc., expiring 08/01/24^

      315,256       32  
    

 

 

  

(cost $0)

     

TOTAL LONG-TERM INVESTMENTS

 

  

(cost $1,266,176,916)

 

     1,147,006,742  
    

 

 

  
     Shares        
SHORT-TERM INVESTMENTS — 8.7%

 

AFFILIATED MUTUAL FUNDS — 8.6%

 

PGIM Core Ultra Short Bond Fund(wa)

      71,650,326       71,650,326  

PGIM Institutional Money Market Fund (cost $26,304,421; includes $26,268,750 of cash collateral for securities on loan)(b)(wa)

      26,340,001       26,316,295  
    

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS

 

  

(cost $97,954,747)

        97,966,621  
    

 

 

  

OPTIONS PURCHASED*~ — 0.1%

 

  

(cost $428,323)

        1,100,229  
    

 

 

  

TOTAL SHORT-TERM INVESTMENTS

 

  

(cost $98,383,070)

        99,066,850  
    

 

 

  

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—109.4%

     

(cost $1,364,559,986)

        1,246,073,592  
    

 

 

  

OPTIONS WRITTEN*~ — (0.1)%

 

  

(premiums received $668,291)

        (724,347 ) 
    

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—109.3%

 

  

(cost $1,363,891,695)

        1,245,349,245  

Liabilities in excess of other assets(z) — (9.3)%

 

     (105,897,508 ) 
    

 

 

  

NET ASSETS — 100.0%

      $ 1,139,451,737  
    

 

 

  

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

 

*

Non-income producing security.

#

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

 

~

See tables subsequent to the Schedule of Investments for options detail.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $8,810,040 and 0.8% 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 $25,299,891; cash collateral of $26,268,750 (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, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d)

Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff)

Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)

Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)

Perpetual security. Maturity date represents next call date.

(r)

Principal or notional amount is less than $500 par.

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(tt)

All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 51,500,000 is 4.5% of net assets.

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A141

 
  

 

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

 

  

 

SCHEDULE OF INVESTMENTS

 

    as of June 30, 2022 (unaudited)

 

Unfunded loan commitment outstanding at June 30, 2022:

 

Borrower

    Principal
Amount
(000)#		    Current
Value		      Unrealized
Appreciation		    Unrealized
Depreciation

TPC Group, Inc., DIP Facility, Term SOFR + 0.000%, 0.000%(c), Maturity Date 05/31/23 (cost $35,120)^

    35      $35,118      $—    $(2)
     

 

 

     

 

   

 

Options Purchased:

OTC Swaptions

Description

    Call/
Put		   

Counterparty

    Expiration
Date		      Strike      Receive   Pay   Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

    Call    Barclays Bank PLC      07/20/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     14,640      $ —  

CDX.NA.IG.38.V1,
06/20/27

    Call    Barclays Bank PLC      07/20/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     15,330        —  

CDX.NA.IG.38.V1,
06/20/27

    Call    Citibank, N.A. Morgan Stanley & Co.      07/20/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     14,640        —  

CDX.NA.IG.38.V1,
06/20/27

    Call    International PLC      07/20/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     15,330        —  

CDX.NA.IG.38.V1,
06/20/27

    Call    Barclays Bank PLC      08/17/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     15,330        8  

CDX.NA.IG.38.V1,
06/20/27

    Call    Deutsche Bank AG JPMorgan      08/17/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     12,030        6  

CDX.NA.IG.38.V1,
06/20/27

    Call    Chase Bank, N.A. Morgan Stanley & Co.      08/17/22        0.35%      1.00%(Q)   CDX.NA.IG.38.V1(Q)     12,030        6  

CDX.NA.HY.38.V1,
06/20/27

    Put    International PLC      07/20/22        $93.00      CDX.NA.HY.38.V1(Q)   5.00%(Q)     3,700        12,093  

CDX.NA.IG.38.V1,
06/20/27

    Put    Barclays Bank PLC Morgan Stanley & Co.      07/20/22        0.70%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     15,330        220,454  

CDX.NA.IG.38.V1,
06/20/27

    Put    International PLC      07/20/22        0.75%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     15,330        185,831  

CDX.NA.IG.38.V1,
06/20/27

    Put    Barclays Bank PLC      07/20/22        0.78%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     14,640        160,996  

CDX.NA.IG.38.V1,
06/20/27

    Put    Citibank, N.A.      07/20/22        0.78%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     14,640        160,996  

CDX.NA.IG.38.V1,
06/20/27

    Put    Barclays Bank PLC JPMorgan      08/17/22        0.78%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     15,330        178,987  

CDX.NA.IG.38.V1,
06/20/27

    Put    Chase Bank, N.A.      08/17/22        0.88%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     12,030        94,942  

CDX.NA.IG.38.V1,
06/20/27

    Put    Deutsche Bank AG      08/17/22        0.90%      CDX.NA.IG.38.V1(Q)   1.00%(Q)     12,030        85,910  
                     

 

 

  

Total Options Purchased (cost $428,323)

 

              $ 1,100,229  
                     

 

 

  

Options Written:

OTC Swaptions

 

Description

    Call/
Put		   

Counterparty

    Expiration
Date		    Strike      Receive      Pay      Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

    Call    Barclays Bank PLC    07/20/22      0.63%        CDX.NA.IG.38.V1(Q)        1.00%(Q)        15,330      $ (91 ) 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A142

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Options Written (continued):

OTC Swaptions

 

Description

    Call/
Put		     

Counterparty

    Expiration
Date		      Strike      Receive   Pay     Notional
Amount
(000)#		      Value  

CDX.NA.IG.38.V1,
06/20/27

      Call      Morgan Stanley & Co. International PLC      07/20/22        0.65%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       15,330      $ (194 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC      07/20/22        0.68%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       14,640        (380 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Citibank, N.A.      07/20/22        0.68%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       14,640        (380 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Barclays Bank PLC      08/17/22        0.70%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       15,330        (1,810 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      JPMorgan Chase Bank, N.A.      08/17/22        0.75%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       12,030        (1,736 ) 

CDX.NA.IG.38.V1,
06/20/27

      Call      Deutsche Bank AG Morgan Stanley & Co.      08/17/22        0.80%      CDX.NA.IG.38.V1(Q)     1.00%(Q)       12,030        (2,617 ) 

CDX.NA.HY.38.V1,
06/20/27

      Put      International PLC     
 08/17/22
  
 		    $ 98.00      5.00%(Q)     CDX.NA.HY.38.V1(Q)       3,700        (102,632 ) 

CDX.NA.HY.38.V1,
06/20/27

      Put      Morgan Stanley & Co.      09/21/22      $ 96.00      5.00%(Q)     CDX.NA.HY.38.V1(Q)       3,700        (100,781 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      International PLC Morgan Stanley & Co.      07/20/22        0.95%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       15,330        (63,340 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      International PLC      07/20/22        0.98%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       15,330        (53,488 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC      07/20/22        1.05%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       14,640        (30,554 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Citibank, N.A.      07/20/22        1.05%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       14,640        (30,554 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC      08/17/22        1.03%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       15,330        (67,242 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      JPMorgan Chase Bank, N.A.      08/17/22        1.13%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       12,030        (36,063 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Deutsche Bank AG      08/17/22        1.15%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       12,030        (32,867 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC      09/21/22        1.33%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       11,160        (32,933 ) 

CDX.NA.IG.38.V1,
06/20/27

      Put      Barclays Bank PLC Goldman Sachs      09/21/22        1.45%      1.00%(Q)     CDX.NA.IG.38.V1(Q)       11,160        (24,884 ) 

GS_21-PJ2A^

      Put      International Goldman Sachs      11/15/24        0.50%      0.50%(M)     GS_21-PJ2A(M)       7,830        (236 ) 

GS_21-PJA††^

      Put      International      06/17/24        0.25%      0.25%(M)     GS_21-PJA(M)       15,090        (430 ) 

iTraxx.XO.36.V1,
12/20/26

     Put      Barclays Bank PLC      09/21/22        8.00%      5.00%(Q)     iTraxx.XO.36.V1(Q)       EUR   10,000        (95,981 ) 

iTraxx.XO.36.V1,
12/20/26^

     Put      Barclays Bank PLC      09/21/22        9.00%      5.00%(Q)     iTraxx.XO.36.V1(Q)       EUR     5,710        (45,154 )  
                     

 

 

  

Total Options Written (premiums received $668,291)

        $ (724,347 ) 
                     

 

 

  

†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A143

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Futures contracts outstanding at June 30, 2022:

 

Number

of
Contracts

   

Type

    Expiration
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:               

497

    2 Year U.S.Treasury Notes        Sep. 2022        $104,377,766          $    (150,107)  

1,165

    5 Year U.S.Treasury Notes        Sep. 2022        130,771,250        (169,931 )

686

    10 Year U.S. Treasury Notes        Sep. 2022        81,312,438        (442,530 )

235

    10 Year U.S. Ultra Treasury Notes        Sep. 2022        29,933,125        (166,664 )

337

    30 Year U.S. Ultra Treasury Bonds        Sep. 2022        52,013,844        (579,160 )
                 

 

 

  
                    (1,508,392 )
                 

 

 

  
Short Positions:               

92

    5 Year Euro-Bobl        Sep. 2022        11,973,332        109,597

136

    10 Year Euro-Bund        Sep. 2022        21,204,304        461,354

215

    20 Year U.S. Treasury Bonds        Sep. 2022        29,804,375        257,670

54

    Euro Schatz Index        Sep. 2022        6,176,439        13,454
                 

 

 

  
                    842,075
                 

 

 

  
                    $    (666,317)  
                 

 

 

  

Forward foreign currency exchange contracts outstanding at June 30, 2022:

 

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 07/05/22

    Bank of America, N.A.       GBP       186      $ 233,922      $ 226,546        $ —           $    (7,376 ) 

    Expiring 07/05/22

    BNP Paribas S.A.       GBP       12,476        15,299,271        15,187,768         —         (111,503 )

    Expiring 07/05/22

    JPMorgan Chase Bank, N.A.       GBP       33        41,652        40,409         —         (1,243 )

    Expiring 08/02/22

    Bank of America, N.A.       GBP       8        9,193        9,142         —         (51 )

    Expiring 08/02/22

    UBS AG       GBP       185        226,357        225,642         —         (715 )

Euro,

                              

    Expiring 07/05/22

    Bank of America, N.A.       EUR       104,819        110,374,791        109,879,740         —         (495,051 )

    Expiring 07/05/22

    JPMorgan Chase Bank, N.A.       EUR       256        275,602        268,802         —         (6,800 )

    Expiring 07/05/22

    JPMorgan Chase Bank, N.A.       EUR       87        93,105        91,210         —         (1,895 )

    Expiring 07/05/22

    Standard Chartered Bank       EUR       117        125,000        122,201         —         (2,799 )

    Expiring 08/02/22

    The Toronto-Dominion Bank       EUR       2,159        2,266,806        2,267,217        411         —

Hungarian Forint, Expiring 07/19/22

    JPMorgan Chase Bank, N.A.       HUF       201,022        575,840        529,716         —         (46,124 )

Mexican Peso, Expiring 09/21/22

    HSBC Bank PLC       MXN       15,980        796,060        782,526         —         (13,534 )

New Zealand Dollar, Expiring 07/19/22

    Morgan Stanley & Co. International PLC       NZD       1,620        1,089,120        1,011,937         —         (77,183 )

Polish Zloty, Expiring 07/19/22

    UBS AG               PLN       2,565        589,575        570,772         —         (18,803 )
               

 

 

       

 

 

       

 

 

      

 

 

  
                $ 131,996,294      $ 131,213,628        411         (783,077 )
               

 

 

       

 

 

       

 

 

      

 

 

  

 

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 07/05/22

    BNP Paribas S.A.     GBP       12,695      $ 15,870,891      $ 15,454,723        $  416,168        $    —  

    Expiring 08/02/22

    BNP Paribas S.A.     GBP       12,476        15,306,695        15,195,801        110,894        —  

Euro,

                   

    Expiring 07/05/22

    Barclays Bank PLC     EUR       105,279        113,137,843        110,361,953        2,775,890        —  

    Expiring 08/02/22

    Bank of America, N.A.         EUR       104,819        110,575,206        110,086,324        488,882        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A144

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Forward foreign currency exchange contracts outstanding at June 30, 2022 (continued):

 

Sale
Contracts

  

Counterparty

   Notional
Amount
(000)		   Value at
Settlement
Date		   Current
Value		   Unrealized
Appreciation		   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

                    

South African Rand,

                          

Expiring 09/21/22

   Standard Chartered Bank       ZAR       11,532     $ 735,924     $ 702,841       $ 33,083       $ —
             

 

 

      

 

 

      

 

 

      

 

 

  
              $ 255,626,559     $ 251,801,642       3,824,917         —
             

 

 

      

 

 

      

 

 

      

 

 

  
                        $3,825,328         $(783,077)  
                     

 

 

      

 

 

  

Credit default swap agreements outstanding at June 30, 2022:

 

Reference Entity/
Obligation

   

Termination
Date

   

Fixed
Rate

   

Notional
Amount
(000)#(3)

   

Implied
Credit
Spread at
June 30,
2022(4)

   

Fair
Value

   

Upfront
Premiums
Paid
(Received)

   

Unrealized
Appreciation
(Depreciation)

   

Counterparty

OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

 

GS_21-PJ2A

        07/14/22        0.500%(M)          4,261        0.500%        $ 3,550        $(412)          $3,962          Goldman Sachs International

GS_21-PJA

        07/14/22        0.250%(M)          8,212        *          3,421        (397)          3,818          Goldman Sachs International
                        

 

 

       

 

 

       

 

 

       
                         $ 6,971        $(809)          $7,780       
                        

 

 

       

 

 

       

 

 

       

 

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):

 

     

United Mexican States

        06/20/23        1.000%(Q)          665      $ (1,464 )     $ 948      $ (2,412 )        Citibank, N.A.

United Mexican States

        06/20/23        1.000%(Q)          655        (1,442 )       2,366        (3,808 )        Citibank, N.A.

United Mexican States

        06/20/23        1.000%(Q)          220        (484 )       890        (1,374 )        Citibank, N.A.

United Mexican States

        06/20/23        1.000%(Q)          220        (484 )       817        (1,301 )        Citibank, N.A.

United Mexican States

        06/20/23        1.000%(Q)          215        (473 )       288        (761 )        Citibank, N.A.

United Mexican States

        06/20/23        1.000%(Q)          115        (253 )       164        (417 )        Citibank, N.A.

United Mexican States

        12/20/24        1.000%(Q)          160        651       558        93        Citibank, N.A.

United Mexican States

        12/20/24        1.000%(Q)          130        528       542        (14 )        Citibank, N.A.
                   

 

 

      

 

 

       

 

 

       
                    $ (3,421 )     $ 6,573      $ (9,994 )     
                   

 

 

      

 

 

       

 

 

       

 

Reference Entity/
Obligation

   

Termination
Date

   

Fixed
Rate

   

Notional
Amount
(000)#(3)

   

Implied
Credit
Spread at
June 30,
2022(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

        06/20/23        1.000%(Q)          2,205        4.556 %     $ (73,560 )      $ (14,428 )      $ (59,132 )       
 Credit Suisse
International

Petroleos Mexicanos

        06/20/23        1.000%(Q)          550        4.556 %       (18,348 )        (6,967 )        (11,381 )        Citibank, N.A.

Petroleos Mexicanos

        06/20/23        1.000%(Q)          545        4.556 %       (18,182 )        (8,287 )        (9,895 )        Citibank, N.A.

Petroleos Mexicanos

        06/20/23        1.000%(Q)          185        4.556 %       (6,172 )        (2,883 )        (3,289 )        Citibank, N.A.

Petroleos Mexicanos

        06/20/23        1.000%(Q)          185        4.556 %       (6,171 )        (2,830 )        (3,341 )        Citibank, N.A.

Petroleos Mexicanos

        06/20/23        1.000%(Q)          180        4.556 %       (6,005 )        (2,291 )        (3,714 )        Citibank, N.A.

Petroleos Mexicanos

        06/20/23        1.000%(Q)          90        4.556 %       (3,002 )        (1,139 )        (1,863 )        Citibank, N.A.

Petroleos Mexicanos

        12/20/24        1.000%(Q)          160        5.799 %       (17,003 )        (7,469 )        (9,534 )        Citibank, N.A.

Petroleos Mexicanos

        12/20/24        1.000%(Q)          130        5.799 %       (13,815 )        (6,140 )        (7,675 )        Citibank, N.A.

Republic of Italy

        09/20/22        1.000%(Q)          815        0.320 %       1,505        1,689        (184 )        Bank of America, N.A.
                       

 

 

       

 

 

       

 

 

       
                        $ (160,753 )      $ (50,745 )      $ (110,008 )     
                       

 

 

       

 

 

       

 

 

       

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A145

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Credit default swap agreements outstanding at June 30, 2022 (continued):

 

Reference Entity/

Obligation

    

Termination
Date

  

Fixed
Rate

  

Notional
Amount
(000)#(3)

  

Value at
Trade Date

  

Value at
June 30,
2022

     Unrealized
Appreciation
(Depreciation)		  
                                 

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

              

CDX.NA.IG.38.V1

       06/20/27   1.000%(Q)   107,490   $(1,328,360)     $1,233       $1,329,593  
                     

 

    

 

      

 

  

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, 2022:

 

Notional

Amount

        (000)#         

   

 
Termination
Date

     

    Fixed    
Rate

     

Floating

Rate

   

Value at
Trade Date

     

Value at
June 30,
2022

     

Unrealized
Appreciation
(Depreciation)

  

Centrally Cleared Interest Rate Swap Agreements:

 

GBP

   635      05/08/23        0.950%(A)      1DaySONIA(1)(A)      $(14,468)        $ 9,536        $ 24,004  

GBP

   3,946      05/08/26        1.000%(A)      1DaySONIA(1)(A)      (184,608)        266,164        450,772  

GBP

   2,920      05/08/27        1.050%(A)      1DaySONIA(1)(A)      150,731        230,669        79,938  

GBP

   977      10/22/28        0.680%(A)      1DaySONIA(1)(A)      —        116,958        116,958  

GBP

   2,100      05/08/30        1.100%(A)      1DaySONIA(1)(A)      (145,549)        225,822        371,371  

GBP

   767      05/08/31        1.150%(A)      1DaySONIA(2)(A)      43,467        (86,898)        (130,365)  

GBP

   740      05/08/32        1.150%(A)      1DaySONIA(1)(A)      52,659        92,018        39,359  

GBP

   230      05/08/34        1.200%(A)      1DaySONIA(1)(A)      (9,088)        31,931        41,019  
             

 

 

     

 

 

     

 

 

  
                $(106,856)        $886,200        $993,056  
             

 

 

     

 

 

     

 

 

  

 

(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.

 

A146

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Total return swap agreements outstanding at June 30, 2022:

 

Reference Entity

    Financing
Rate		    Counterparty    Termination
Date		   

Long (Short)
Notional
Amount
(000)#(1)

    Fair
Value		    Upfront
Premiums
Paid
(Received)		   

Unrealized
Appreciation
(Depreciation)(2)

                              

OTC Total Return Swap Agreement:

 

                     

U.S. Treasury Bonds(T)

       

 1 Day USOIS + 3

bps(T)

  

 

       
 Goldman Sachs
International
       08/03/22    4,046        $(87,420)        $—    $(87,420)
                      

 

 

       

 

 

       

 

(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

    $8,262    $(53,243)    $7,873    $(207,515)

 

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

 

Broker

            Cash and/or Foreign Currency                    Securities Market Value        

Citigroup Global Markets, Inc

      $ —      $ 9,545,419
    

 

 

       

 

 

  

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, 2022 in valuing such portfolio securities:

 

         Level 1         Level 2      Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Asset-Backed Securities

        

Automobiles

    $ —     $ 13,450,460      $ —  

Collateralized Debt Obligations

      —       4,400,169        —  

Collateralized Loan Obligations

      —       214,601,590        —  

Consumer Loans

      —       9,533,208        —  

Credit Cards

      —       1,980,476        —  

Home Equity Loans

      —       373,609        —  

Other

      —       2,409,209        —  

Residential Mortgage-Backed Securities

      —       3,043,192        2,079,956  

Student Loans

      —       9,850,917        326,803  

Bank Loans

      —       13,341,363        1,837,815  

Commercial Mortgage-Backed Securities

      —       157,086,932        —  

Corporate Bonds

      —       419,244,473        1,058,257  

Municipal Bonds

      —       19,018,612        —  

Residential Mortgage-Backed Securities

      —       52,155,192        2,233,396  

Sovereign Bonds

      —       30,184,165        —  

U.S. Government Agency Obligations

      —       103,290,999        —  

U.S. Treasury Obligations

      —       79,013,385        —  

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A147

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Level 1     Level 2     Level 3  

Investments in Securities (continued)

       

Assets (continued)

       

Long-Term Investments (continued)

       

Common Stocks

    $ 3,060,471     $ 41,929     $ 1,312,632  

Preferred Stocks

      2,077,500       —       —  

Warrants

      —       —       32  

Short-Term Investments

       

Affiliated Mutual Funds

      97,966,621       —       —  

Options Purchased

      —       1,100,229       —  
  

 

 

    

 

 

    

 

 

  

Total

    $ 103,104,592     $ 1,134,120,109     $ 8,848,891  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Options Written

    $ —     $ (678,527 )    $ (45,820 ) 
  

 

 

    

 

 

    

 

 

  

Other Financial Instruments*

       

Assets

       

Futures Contracts

    $ 842,075     $ —     $ —  

OTC Forward Foreign Currency Exchange Contracts

      —       3,825,328       —  

Centrally Cleared Credit Default Swap Agreement

      —       1,329,593       —  

OTC Credit Default Swap Agreements

      —       2,684       6,971  

Centrally Cleared Interest Rate Swap Agreements

      —       1,123,421       —  
  

 

 

    

 

 

    

 

 

  

Total

    $ 842,075     $ 6,281,026     $ 6,971  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Unfunded Loan Commitment

    $ —     $ —     $ (2 ) 

Futures Contracts

      (1,508,392 )      —       —  

OTC Forward Foreign Currency Exchange Contracts

      —       (783,077 )      —  

OTC Credit Default Swap Agreements

      —       (166,858 )      —  

Centrally Cleared Interest Rate Swap Agreement

      —       (130,365 )      —  

OTC Total Return Swap Agreement

      —       (87,420 )      —  
  

 

 

    

 

 

    

 

 

  

Total

    $ (1,508,392 )    $ (1,167,720 )    $ (2 ) 
  

 

 

    

 

 

    

 

 

  

 

*

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.

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, 2022 were as follows:

Collateralized Loan Obligations

      18.8 % 

Commercial Mortgage-Backed Securities

      13.8  

Banks

      10.5  

U.S. Government Agency Obligations

      9.1  

Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan)

      8.6  

U.S. Treasury Obligations

      6.9  

Residential Mortgage-Backed Securities

      5.3  

Electric

      2.9  

Sovereign Bonds

      2.6  

Pharmaceuticals

      2.6  

Oil & Gas

      2.4  

Telecommunications

      2.0  

Pipelines

      1.9  

Media

      1.7  

Municipal Bonds

      1.7  

Automobiles

      1.2  

Chemicals

      1.1  

Auto Manufacturers

      1.0  

Retail

      1.0 % 

Student Loans

      0.9  

Aerospace & Defense

      0.9  

Consumer Loans

      0.8  

Foods

      0.8  

Commercial Services

      0.8  

Real Estate Investment Trusts (REITs)

      0.7  

Healthcare-Services

      0.7  

Insurance

      0.7  

Airlines

      0.6  

Semiconductors

      0.6  

Diversified Financial Services

      0.5  

Packaging & Containers

      0.4  

Entertainment

      0.4  

Collateralized Debt Obligations

      0.4  

Engineering & Construction

      0.4  

Software

      0.4  

Healthcare-Products

      0.3  

Beverages

      0.3  
 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A148

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification (continued):

 

Agriculture

      0.3 % 

Oil, Gas & Consumable Fuels

      0.3  

Lodging

      0.3  

Computers

      0.3  

Gas

      0.3  

Building Materials

      0.2  

Other

      0.2  

Auto Parts & Equipment

      0.2  

Mining

      0.2  

Credit Cards

      0.2  

Multi-National

      0.1  

Metal Fabricate/Hardware

      0.1  

Gas Utilities

      0.1  

Real Estate

      0.1  

Electrical Components & Equipment

      0.1  

Electronics

      0.1  

Options Purchased

      0.1  

Home Builders

      0.1  

Capital Markets

      0.1  

Transportation

      0.1  

Housewares

      0.1  

Internet

      0.1  

Oil & Gas Services

      0.0 * 

Water

          0.0 * 

Home Equity Loans

      0.0 *% 

Miscellaneous Manufacturing

      0.0 * 

Machinery-Construction & Mining

      0.0 * 

Biotechnology

      0.0 * 

Toys/Games/Hobbies

      0.0 * 

Iron/Steel

      0.0 * 

Environmental Control

      0.0 * 

Trucking & Leasing

      0.0 * 

Machinery-Diversified

      0.0 * 

Office/Business Equipment

      0.0 * 

Forest Products & Paper

      0.0 * 

Investment Companies

      0.0 * 

Private Equity

      0.0 * 

Shipbuilding

      0.0 * 

Household Products/Wares

      0.0 * 

Advertising

      0.0 * 
  

 

 

  
     109.4  

Options Written

      (0.1 ) 

Liabilities in excess of other assets

      (9.3 ) 
  

 

 

  
     100.0 % 
  

 

 

  

 

*

    Less than +/- 0.05%

 

 

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

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

Fair values of derivative instruments as of June 30, 2022 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    $ 1,329,593 *    —    $ —  

Credit contracts

    Premiums paid for OTC swap agreements      8,262     Premiums received for OTC swap agreements      53,243  

Credit contracts

    Unaffiliated investments Unrealized appreciation on OTC      1,100,229     Options written outstanding, at value Unrealized depreciation on OTC      724,347  

Credit contracts

    swap agreements Unrealized appreciation on OTC forward foreign currency      7,873     swap agreements Unrealized depreciation on OTC forward foreign currency      120,095  

Foreign exchange contracts

    exchange contracts Due from/to broker-variation      3,825,328     exchange contracts Due from/to broker-variation      783,077  

Interest rate contracts

    margin futures Due from/to broker-variation      842,075 *    margin futures Due from/to broker-variation      1,508,392 * 

Interest rate contracts

    margin swaps      1,123,421 *    margin swaps Unrealized depreciation on OTC      130,365 * 

Interest rate contracts

    —      —     swap agreements      87,420  
     

 

 

       

 

 

  
      $ 8,236,781        $ 3,406,939  
     

 

 

       

 

 

  

 

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A149

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (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, 2022 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging

instruments, carried at fair value

    Options
Purchased(1)		    Options
Written		    Futures   Forward
Currency
Exchange
Contracts		    Swaps

Credit contracts

        $(786,147)        $ 756,987      $ —     $ —      $ 927,942

Foreign exchange contracts

        —        —        —       6,787,635        —

Interest rate contracts

        —        —        (25,433,356 )       —        (14,153,770 )
    

 

 

       

 

 

       

 

 

      

 

 

       

 

 

  

Total

        $(786,147)        $ 756,987      $ (25,433,356 )     $ 6,787,635      $ (13,225,828 )
    

 

 

       

 

 

       

 

 

      

 

 

       

 

 

  

 

 

(1)

Included in net realized gain (loss) on investment transactions in the Statement of Operations.

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for

as hedging instruments,

carried at fair value

    Options
Purchased(2)		    Options
Written		   Futures   Forward
Currency
Exchange
Contracts		    Swaps

Credit contracts

        $861,539        $ (79,975 )     $ —     $ —      $ 1,216,522

Foreign exchange contracts

        —        —       —       4,432,944        —

Interest rate contracts

        —        —       (3,776,820 )       —        9,949,733
    

 

 

       

 

 

      

 

 

      

 

 

       

 

 

  

Total

        $861,539        $ (79,975 )     $ (3,776,820 )     $ 4,432,944      $ 11,166,255
    

 

 

       

 

 

      

 

 

      

 

 

       

 

 

  

 

 

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:

 

  Derivative Contract Type

 

   

Average Volume of Derivative Activities*

 

 

  Options Purchased (1)

      $       439,178                  

  Options Written (2)

      333,948,041     

  Futures Contracts - Long Positions (2)

      413,474,444     

  Futures Contracts - Short Positions (2)

      307,123,850     

  Forward Foreign Currency Exchange Contracts - Purchased (3)

      88,992,212     

  Forward Foreign Currency Exchange Contracts - Sold (3)

      212,037,616     

  Interest Rate Swap Agreements (2)

      45,013,060     

  Credit Default Swap Agreements - Buy Protection (2)

      62,545,000     

  Credit Default Swap Agreements - Sell Protection (2)

      24,162,508     

  Total Return Swap Agreements (2)

      4,046,000     

  Inflation Swap Agreements (2)

      6,060,000     

 

*

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022.

(1)

Cost.

(2)

Notional Amount in USD.

(3)

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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A150

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

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

    $25,299,891         $(25,299,891)   $—

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

   Gross Amounts of
Recognized
Assets(1)		     Gross Amounts of
Recognized
Liabilities(1)		     Net Amounts of
Recognized
Assets/(Liabilities)		     Collateral
Pledged/(Received)(2)		     Net Amount  

Bank of America, N.A.

      $ 490,571          $ (502,662 )         $ (12,091 )         $ —          $ (12,091 )   

Barclays Bank PLC

        3,336,335            (362,369 )           2,973,966            (1,589,706 )           1,384,260    

BNP Paribas S.A.

        527,062            (111,503 )           415,559            (308,755 )           106,804    

Citibank, N.A.

                 167,662                              (129,719 )                             37,943                               —                      37,943    

Credit Suisse International

        —            (73,560 )           (73,560 )           73,560            —    

Deutsche Bank AG

        85,916            (35,484 )           50,432            —            50,432    

Goldman Sachs International

        7,780            (88,895 )           (81,115 )           81,115            —    

HSBC Bank PLC

        —            (13,534 )           (13,534 )           —            (13,534 )   

JPMorgan Chase Bank, N.A.

        94,948            (93,861 )           1,087            —            1,087    

Morgan Stanley & Co. International PLC

        197,924            (334,278 )           (136,354 )           —                     (136,354 )            

Standard Chartered Bank

        33,083            (2,799 )           30,284            —            30,284    

The Toronto-Dominion Bank

        411            —            411            —            411    

UBS AG

        —            (19,518 )           (19,518 )           —            (19,518 )   
    

 

 

         

 

 

         

 

 

         

 

 

         

 

 

    
     $ 4,941,692          $ (1,768,182 )         $ 3,173,510          $ (1,743,786 )         $ 1,429,724    
    

 

 

         

 

 

         

 

 

         

 

 

         

 

 

    

 

(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.

 

A151

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2022

 

ASSETS

   

Investments at value, including securities on loan of $25,299,891:

   

Unaffiliated investments (cost $1,266,605,239)

    $ 1,148,106,971  

Affiliated investments (cost $97,954,747)

      97,966,621  

Foreign currency, at value (cost $543,004)

      543,172  

Cash

      99,451  

Dividends and interest receivable

      8,492,575  

Receivable for investments sold

      6,953,797  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      3,825,328  

Due from broker-variation margin futures

      2,150,209  

Receivable for Portfolio shares sold

      124,438  

Premiums paid for OTC swap agreements

      8,262  

Unrealized appreciation on OTC swap agreements

      7,873  

Prepaid expenses and other assets

      52,361  
  

 

 

  

Total Assets

      1,268,331,058  
  

 

 

  

LIABILITIES

   

Payable for investments purchased

      99,875,705  

Payable to broker for collateral for securities on loan

      26,268,750  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      783,077  

Options written outstanding, at value (premiums received $668,291)

      724,347  

Management fee payable

      376,713  

Payable for Portfolio shares purchased

      333,799  

Unrealized depreciation on OTC swap agreements

      207,515  

Accrued expenses and other liabilities

      174,212  

Due to broker-variation margin swaps

      79,359  

Premiums received for OTC swap agreements

      53,243  

Distribution fee payable

      1,596  

Affiliated transfer agent fee payable

      980  

Trustees’ fees payable

      23  

Unrealized depreciation on unfunded loan commitments

      2  
  

 

 

  

Total Liabilities

      128,879,321  
  

 

 

  

NET ASSETS

    $ 1,139,451,737  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 1,139,451,737  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $1,131,361,161 / 82,589,394 outstanding shares of beneficial interest

    $ 13.70  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $8,090,576 / 592,310 outstanding shares of beneficial interest

    $ 13.66  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2022

 

NET INVESTMENT INCOME (LOSS)

INCOME

   

Interest income

    $ 19,017,475  

Unaffiliated dividend income

      411,499  

Affiliated dividend income

      120,766  

Income from securities lending, net (including affiliated income of $26,404)

      31,724  
  

 

 

  

Total income

      19,581,464  
  

 

 

  

EXPENSES

   

Management fee

      2,410,437  

Distribution fee—Class III

      8,587  

Custodian and accounting fees

      58,894  

Shareholders’ reports

      30,015  

Audit fee

      27,472  

Trustees’ fees

      13,074  

Legal fees and expenses

      12,822  

Transfer agent’s fees and expenses (including affiliated expense of $5,198)

      5,305  

Miscellaneous

      19,128  
  

 

 

  

Total expenses

      2,585,734  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      16,995,730  
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(6,547))

      (2,984,069 ) 

Futures transactions

      (25,433,356 ) 

Forward and cross currency contract transactions

      6,787,635  

Options written transactions

      756,987  

Swap agreements transactions

      (13,225,828 ) 

Foreign currency transactions

      274,299  
  

 

 

  
     (33,824,332 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $920)

      (159,644,446 ) 

Futures

      (3,776,820 ) 

Forward and cross currency contracts

      4,432,944  

Options written

      (79,975 ) 

Swap agreements

      11,166,255  

Foreign currencies

      412,865  

Unfunded loan commitments

      (2 ) 
  

 

 

  
     (147,489,179 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      (181,313,511 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (164,317,781 ) 
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

    Six Months Ended
June 30, 2022		     Year Ended
December 31, 2021		  

INCREASE (DECREASE) IN NET ASSETS

                                          

OPERATIONS

              

Net investment income (loss)

      $ 16,995,730          $ 32,937,027    

Net realized gain (loss) on investment and foreign currency transactions

        (33,824,332 )           2,301,462    

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

        (147,489,179 )           (44,183,411 )   
    

 

 

         

 

 

    

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (164,317,781 )           (8,944,922 )   
    

 

 

         

 

 

    

PORTFOLIO SHARE TRANSACTIONS

              

Portfolio shares sold

        22,474,318            111,700,386    

Net asset value of shares issued in merger

        46,303,369            —    

Portfolio shares purchased

        (68,068,635 )           (92,303,055 )   
    

 

 

         

 

 

    

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

        709,052            19,397,331    
    

 

 

         

 

 

    

TOTAL INCREASE (DECREASE)

        (163,608,729 )           10,452,409    

NET ASSETS:

              

Beginning of period

        1,303,060,466            1,292,608,057    
    

 

 

         

 

 

    

End of period

      $ 1,139,451,737          $ 1,303,060,466    
    

 

 

         

 

 

    

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A152

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)

  
FINANCIAL HIGHLIGHTS (unaudited)   

 

Class I

                                                         
    Six Months Ended
June 30, 2022		             Year Ended December 31,  
          2021     2020     2019     2018     2017  

Per Share Operating Performance(a):

                     

Net Asset Value, beginning of period

                   $ 15.66                    $ 15.78     $ 14.55     $ 13.12     $ 13.14     $ 12.28  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) From Investment Operations:

                     

Net investment income (loss)

        0.20             0.40       0.45       0.49       0.45       0.42  
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (2.16 )            (0.52 )      0.78       0.94       (0.48 )      0.44  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

        (1.96 )            (0.12 )      1.23       1.43       (0.03 )      0.86  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital Contributions

        —             —       —       —       0.01 (b)      —  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

      $ 13.70           $ 15.66     $ 15.78     $ 14.55     $ 13.12     $ 13.14  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

        (12.52 )%            (0.76 )%      8.45 %      10.90 %      (0.15 )%(d)      7.00 % 

Ratios/Supplemental Data:

                     

Net assets, end of period (in millions)

      $ 1,131           $ 1,298     $ 1,293     $ 1,190     $ 1,123     $ 1,145  

Average net assets (in millions)

      $ 1,208           $ 1,292     $ 1,235     $ 1,166     $ 1,132     $ 1,123  

Ratios to average net assets(e):

                     

Expenses after waivers and/or expense reimbursement

        0.43 %(f)            0.42 %      0.43 %      0.44 %      0.44 %      0.44 % 

Expenses before waivers and/or expense reimbursement

        0.43 %(f)            0.42 %      0.43 %      0.44 %      0.44 %      0.44 % 

Net investment income (loss)

        2.82 %(f)            2.55 %      2.99 %      3.53 %      3.44 %      3.28 % 

Portfolio turnover rate(g)

        41 %            49 %      35 %      48 %      51 %      71 % 

 

Class III

                                      
    Six Months
Ended
June 30,
2022		     April 26, 2021(h)
through December 31,
2021		  

Per Share Operating Performance(a):

              

Net Asset Value, beginning of period

                 $ 15.64                              $ 15.35             
    

 

 

         

 

 

    

Income (Loss) From Investment Operations:

              

Net investment income (loss)

        0.19            0.24    

Net realized and unrealized gain (loss) on investment and foreign currency transactions

        (2.17 )           0.05 (i)   
    

 

 

         

 

 

    

Total from investment operations

        (1.98 )           0.29    
    

 

 

         

 

 

    

Net Asset Value, end of period

      $ 13.66          $ 15.64    
    

 

 

         

 

 

    

Total Return(c)

        (12.66 )%           1.89 %   

Ratios/Supplemental Data:

              

Net assets, end of period (in millions)

      $ 8          $ 5    

Average net assets (in millions)

      $ 7          $ 2    

Ratios to average net assets(e):

              

Expenses after waivers and/or expense reimbursement

        0.68 %(f)           0.66 %(j)   

Expenses before waivers and/or expense reimbursement

        0.68 %(f)           0.66 %(j)   

Net investment income (loss)

        2.59 %(f)           2.24 %(j)   

Portfolio turnover rate(g)

        41 %           49 %   

 

(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)

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

(d)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (0.23)%.

(e)

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

(f)

Annualized.

(g)

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

(h)

Commencement of offering.

(i)

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.

(j)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A153

 
  

PSF STOCK INDEX PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares            Value  
LONG-TERM INVESTMENTS — 98.1%

 

COMMON STOCKS — 97.3%      

Aerospace & Defense — 1.7%

      

Boeing Co. (The)*

      98,136      $ 13,417,154  

General Dynamics Corp.(a)

      40,660        8,996,025  

Howmet Aerospace, Inc.

      67,292        2,116,333  

Huntington Ingalls Industries, Inc.

      7,200        1,568,304  

L3Harris Technologies, Inc.

      34,080        8,237,136  

Lockheed Martin Corp.

      41,808        17,975,768  

Northrop Grumman Corp.(a)

      25,766        12,330,835  

Raytheon Technologies Corp.(a)

      262,448        25,223,877  

Textron, Inc.

      37,950        2,317,607  

TransDigm Group, Inc.*

      9,150        4,910,530  
     

 

 

  
        97,093,569  
     

 

 

  

Air Freight & Logistics — 0.7%

      

C.H. Robinson Worldwide, Inc.(a)

      22,500        2,280,825  

Expeditors International of Washington, Inc.

      29,700        2,894,562  

FedEx Corp.

      42,140        9,553,559  

United Parcel Service, Inc. (Class B Stock)

      129,700        23,675,438  
     

 

 

  
        38,404,384  
     

 

 

  

Airlines — 0.2%

      

Alaska Air Group, Inc.*

      21,900        877,095  

American Airlines Group, Inc.*(a)

      114,700        1,454,396  

Delta Air Lines, Inc.*

      113,200        3,279,404  

Southwest Airlines Co.*

      104,837        3,786,712  

United Airlines Holdings, Inc.*

      57,700        2,043,734  
     

 

 

  
        11,441,341  
     

 

 

  

Auto Components — 0.1%

      

Aptiv PLC*

      47,900        4,266,453  

BorgWarner, Inc.(a)

      41,600        1,388,192  
     

 

 

  
        5,654,645  
     

 

 

  

Automobiles — 2.0%

      

Ford Motor Co.

      697,059        7,758,267  

General Motors Co.*

      257,400        8,175,024  

Tesla, Inc.*

      148,210        99,807,578  
     

 

 

  
            115,740,869  
     

 

 

  

Banks — 3.6%

      

Bank of America Corp.

      1,251,532        38,960,191  

Citigroup, Inc.

      342,822        15,766,384  

Citizens Financial Group, Inc.

      86,900        3,101,461  

Comerica, Inc.(a)

      23,250        1,706,085  

Fifth Third Bancorp(a)

      121,149        4,070,606  

First Republic Bank

      31,600        4,556,720  

Huntington Bancshares, Inc.

      254,675        3,063,740  

JPMorgan Chase & Co.

      518,795        58,421,505  

KeyCorp(a)

      163,000        2,808,490  

M&T Bank Corp.(a)

      31,661        5,046,447  

PNC Financial Services Group, Inc. (The)

      73,043        11,523,994  

Regions Financial Corp.(a)

      166,412        3,120,225  

Signature Bank

      11,100        1,989,231  

SVB Financial Group*

      10,490        4,143,445  

Truist Financial Corp.

      235,126        11,152,026  
           Shares            Value  
COMMON STOCKS (continued)

 

Banks (cont’d.)

      

U.S. Bancorp

      238,681      $ 10,984,100  

Wells Fargo & Co.

      669,076        26,207,707  

Zions Bancorp NA

      26,700        1,359,030  
     

 

 

  
            207,981,387  
     

 

 

  

Beverages — 1.8%

      

Brown-Forman Corp. (Class B Stock)

      32,025        2,246,874  

Coca-Cola Co. (The)

      688,650        43,322,972  

Constellation Brands, Inc. (Class A Stock)

      28,800        6,712,128  

Keurig Dr. Pepper, Inc.(a)

      130,200        4,607,778  

Molson Coors Beverage Co. (Class B Stock)(a)

      33,400        1,820,634  

Monster Beverage Corp.*

      66,200        6,136,740  

PepsiCo, Inc.

      244,244        40,705,705  
     

 

 

  
        105,552,831  
     

 

 

  

Biotechnology — 2.2%

      

AbbVie, Inc.

      312,089        47,799,551  

Amgen, Inc.

      94,394        22,966,060  

Biogen, Inc.*

      25,955        5,293,263  

Gilead Sciences, Inc.

      221,400        13,684,734  

Incyte Corp.*(a)

      33,300        2,529,801  

Moderna, Inc.*

      61,100        8,728,135  

Regeneron Pharmaceuticals, Inc.*

      19,070        11,272,849  

Vertex Pharmaceuticals, Inc.*

      45,160        12,725,637  
     

 

 

  
        125,000,030  
     

 

 

  

Building Products — 0.4%

      

A.O. Smith Corp.(a)

      23,500        1,284,980  

Allegion PLC

      15,833        1,550,051  

Carrier Global Corp.

      150,267        5,358,521  

Fortune Brands Home & Security, Inc.

      23,100        1,383,228  

Johnson Controls International PLC

      123,415        5,909,110  

Masco Corp.(a)

      42,130        2,131,778  

Trane Technologies PLC

      41,300        5,363,631  
     

 

 

  
        22,981,299  
     

 

 

  

Capital Markets — 2.8%

      

Ameriprise Financial, Inc.(a)

      19,450        4,622,876  

Bank of New York Mellon Corp. (The)

      131,249        5,474,396  

BlackRock, Inc.

      25,140        15,311,265  

Cboe Global Markets, Inc.

      18,800        2,127,972  

Charles Schwab Corp. (The)

      266,200        16,818,516  

CME Group, Inc.

      63,560        13,010,732  

FactSet Research Systems, Inc.

      6,700        2,576,619  

Franklin Resources, Inc.(a)

      48,900        1,139,859  

Goldman Sachs Group, Inc. (The)

      60,670        18,020,203  

Intercontinental Exchange, Inc.

      98,690        9,280,808  

Invesco Ltd.

      59,200        954,896  

MarketAxess Holdings, Inc.

      6,800        1,740,868  

Moody’s Corp.

      28,470        7,742,986  

Morgan Stanley

      247,078        18,792,753  

MSCI, Inc.

      14,380        5,926,717  

Nasdaq, Inc.

      20,400        3,111,816  

Northern Trust Corp.

      36,500        3,521,520  

Raymond James Financial, Inc.

      34,150        3,053,351  

S&P Global, Inc.

      61,446        20,710,989  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A154

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)  

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares            Value  
COMMON STOCKS (continued)

 

Capital Markets (cont’d.)

      

State Street Corp.

      64,775      $     3,993,379  

T. Rowe Price Group, Inc.(a)

      40,300        4,578,483  
     

 

 

  
        162,511,004  
     

 

 

  

Chemicals — 1.7%

      

Air Products & Chemicals, Inc.

      39,150        9,414,792  

Albemarle Corp.

      20,700        4,325,886  

Celanese Corp.

      19,100        2,246,351  

CF Industries Holdings, Inc.

      36,800        3,154,864  

Corteva, Inc.

      128,356        6,949,194  

Dow, Inc.

      128,522        6,633,020  

DuPont de Nemours, Inc.

      90,056        5,005,312  

Eastman Chemical Co.

      22,700        2,037,779  

Ecolab, Inc.

      43,900        6,750,064  

FMC Corp.

      22,250        2,380,973  

International Flavors & Fragrances, Inc.

      44,840        5,341,341  

Linde PLC (United Kingdom)(a)

      88,900        25,561,417  

LyondellBasell Industries NV (Class A Stock)

      45,900        4,014,414  

Mosaic Co. (The)

      63,900        3,017,997  

PPG Industries, Inc.

      41,900        4,790,846  

Sherwin-Williams Co. (The)

      42,300        9,471,393  
     

 

 

  
        101,095,643  
     

 

 

  

Commercial Services & Supplies — 0.5%

 

   

Cintas Corp.

      15,500        5,789,715  

Copart, Inc.*

      37,850        4,112,781  

Republic Services, Inc.

      36,835        4,820,597  

Rollins, Inc.(a)

      39,825        1,390,689  

Waste Management, Inc.

      67,530        10,330,739  
     

 

 

  
        26,444,521  
     

 

 

  

Communications Equipment — 0.8%

      

Arista Networks, Inc.*

      39,600        3,712,104  

Cisco Systems, Inc.

      733,275        31,266,846  

F5, Inc.*

      10,650        1,629,876  

Juniper Networks, Inc.(a)

      57,400        1,635,900  

Motorola Solutions, Inc.

      29,527        6,188,859  
     

 

 

  
        44,433,585  
     

 

 

  

Construction & Engineering — 0.1%

      

Quanta Services, Inc.(a)

      25,400        3,183,636  
     

 

 

  

Construction Materials — 0.1%

      

Martin Marietta Materials, Inc.

      11,000        3,291,640  

Vulcan Materials Co.

      23,400        3,325,140  
     

 

 

  
        6,616,780  
     

 

 

  

Consumer Finance — 0.5%

      

American Express Co.

      107,650        14,922,443  

Capital One Financial Corp.

      69,369        7,227,556  

Discover Financial Services

      49,605        4,691,641  

Synchrony Financial

      88,530        2,445,199  
     

 

 

  
        29,286,839  
     

 

 

  

Containers & Packaging — 0.3%

      

Amcor PLC(a)

      266,300        3,310,109  

Avery Dennison Corp.

      14,400        2,330,928  

Ball Corp.

      56,900        3,913,013  
           Shares            Value  
COMMON STOCKS (continued)

 

Containers & Packaging (cont’d.)

      

International Paper Co.

      65,467      $     2,738,485  

Packaging Corp. of America

      16,700        2,296,250  

Sealed Air Corp.

      26,020        1,501,874  

Westrock Co.

      44,961        1,791,246  
     

 

 

  
        17,881,905  
     

 

 

  

Distributors — 0.1%

      

Genuine Parts Co.(a)

      25,225        3,354,925  

LKQ Corp.

      45,900        2,253,231  

Pool Corp.

      7,120        2,500,758  
     

 

 

  
        8,108,914  
     

 

 

  

Diversified Financial Services — 1.5%

 

   

Berkshire Hathaway, Inc. (Class B Stock)*

      319,510        87,232,620  
     

 

 

  

Diversified Telecommunication Services — 1.1%

AT&T, Inc.

      1,263,671        26,486,544  

Lumen Technologies, Inc.(a)

      164,243        1,791,891  

Verizon Communications, Inc.

      741,288        37,620,366  
     

 

 

  
        65,898,801  
     

 

 

  

Electric Utilities — 1.9%

      

Alliant Energy Corp.

      44,300        2,596,423  

American Electric Power Co., Inc.(a)

      90,640        8,696,002  

Constellation Energy Corp.

      57,524        3,293,824  

Duke Energy Corp.(a)

      135,948        14,574,985  

Edison International(a)

      67,300        4,256,052  

Entergy Corp.(a)

      35,900        4,043,776  

Evergy, Inc.

      40,200        2,623,050  

Eversource Energy

      60,900        5,144,223  

Exelon Corp.(a)

      173,073        7,843,669  

FirstEnergy Corp.

      100,780        3,868,944  

NextEra Energy, Inc.

      346,800        26,863,128  

NRG Energy, Inc.

      41,900        1,599,323  

Pinnacle West Capital Corp.(a)

      19,600        1,433,152  

PPL Corp.

      129,900        3,524,187  

Southern Co. (The)

      187,600        13,377,756  

Xcel Energy, Inc.

      96,195        6,806,758  
     

 

 

  
        110,545,252  
     

 

 

  

Electrical Equipment — 0.5%

      

AMETEK, Inc.

      40,800        4,483,512  

Eaton Corp. PLC(a)

      70,511        8,883,681  

Emerson Electric Co.

      104,900        8,343,746  

Generac Holdings, Inc.*(a)

      11,300        2,379,554  

Rockwell Automation, Inc.

      20,620        4,109,772  
     

 

 

  
        28,200,265  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.6%

 

Amphenol Corp. (Class A Stock)

      105,400        6,785,652  

CDW Corp.

      24,000        3,781,440  

Corning, Inc.(a)

      133,500        4,206,585  

Keysight Technologies, Inc.*

      32,300        4,452,555  

TE Connectivity Ltd. (Switzerland)

      56,900        6,438,235  

Teledyne Technologies, Inc.*

      8,279        3,105,536  

Trimble, Inc.*

      43,900        2,556,297  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A155

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

          Shares                  Value        
COMMON STOCKS (continued)

 

   

Electronic Equipment, Instruments & Components (cont’d.)

 

Zebra Technologies Corp. (Class A Stock)*

     9,380      $         2,757,251  
    

 

 

  
    

 

 

 

34,083,551

 

 

    

 

 

  

Energy Equipment & Services — 0.3%

 

   

Baker Hughes Co.(a)

     165,148        4,767,823  

Halliburton Co.

     159,200        4,992,512  

Schlumberger NV(a)

     249,498        8,922,048  
    

 

 

  
       18,682,383  
    

 

 

  

Entertainment — 1.2%

 

   

Activision Blizzard, Inc.

     138,400        10,775,824  

Electronic Arts, Inc.

     49,700        6,046,005  

Live Nation Entertainment, Inc.*(a)

     24,200        1,998,436  

Netflix, Inc.*

     78,490        13,725,546  

Take-Two Interactive Software, Inc.*

     27,950        3,424,714  

Walt Disney Co. (The)*

     321,522        30,351,677  

Warner Bros Discovery, Inc.*

     388,408        5,212,435  
    

 

 

  
    

 

 

 

71,534,637

 

 

    

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.8%

 

Alexandria Real Estate Equities,
Inc.(a)

     26,280        3,811,388  

American Tower Corp.

     82,100        20,983,939  

AvalonBay Communities, Inc.

     24,768        4,811,184  

Boston Properties, Inc.

     25,100        2,233,398  

Camden Property Trust

     18,800        2,528,224  

Crown Castle International Corp.

     76,450        12,872,651  

Digital Realty Trust, Inc.(a)

     50,300        6,530,449  

Duke Realty Corp.

     67,900        3,731,105  

Equinix, Inc.

     16,075        10,561,596  

Equity Residential

     60,400        4,362,088  

Essex Property Trust, Inc.

     11,670        3,051,822  

Extra Space Storage, Inc.

     23,700        4,031,844  

Federal Realty OP LP

     12,700        1,215,898  

Healthpeak Properties, Inc.

     94,400        2,445,904  

Host Hotels & Resorts, Inc.

     124,926        1,958,840  

Iron Mountain, Inc.(a)

     50,730        2,470,044  

Kimco Realty Corp.(a)

     108,300        2,141,091  

Mid-America Apartment Communities, Inc.

     20,300        3,545,801  

Prologis, Inc.

     130,728        15,380,149  

Public Storage

     26,950        8,426,456  

Realty Income Corp.(a)

     106,200        7,249,212  

Regency Centers Corp.

     27,400        1,625,094  

SBA Communications Corp.

     19,130        6,122,556  

Simon Property Group, Inc.

     58,011        5,506,404  

UDR, Inc.(a)

     52,500        2,417,100  

Ventas, Inc.

     70,604        3,631,164  

VICI Properties, Inc.(a)

     170,000        5,064,300  

Vornado Realty Trust

     28,057        802,150  

Welltower, Inc.(a)

     80,200        6,604,470  

Weyerhaeuser Co.

     131,430        4,352,962  
    

 

 

  
    

 

 

 

160,469,283

 

 

    

 

 

  

Food & Staples Retailing — 1.5%

 

   

Costco Wholesale Corp.

     78,312        37,533,375  

Kroger Co. (The)(a)

     115,800        5,480,814  

Sysco Corp.(a)

     89,900        7,615,429  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Food & Staples Retailing (cont’d.)

 

   

Walgreens Boots Alliance, Inc.

      126,600      $         4,798,140  

Walmart, Inc.

      248,000        30,151,840  
     

 

 

  
     

 

 

 

85,579,598

 

 

     

 

 

  

Food Products — 1.1%

      

Archer-Daniels-Midland Co.

      99,338        7,708,629  

Campbell Soup Co.(a)

      35,800        1,720,190  

Conagra Brands, Inc.

      84,000        2,876,160  

General Mills, Inc.(a)

      106,000        7,997,700  

Hershey Co. (The)

      25,900        5,572,644  

Hormel Foods Corp.

      49,600        2,349,056  

J.M. Smucker Co. (The)(a)

      19,000        2,432,190  

Kellogg Co.(a)

      44,950        3,206,733  

Kraft Heinz Co. (The)

      125,337        4,780,353  

Lamb Weston Holdings, Inc.(a)

      25,700        1,836,522  

McCormick & Co., Inc.(a)

      43,900        3,654,675  

Mondelez International, Inc. (Class A Stock)

      244,411        15,175,479  

Tyson Foods, Inc. (Class A Stock)

      51,600        4,440,696  
     

 

 

  
     

 

 

 

63,751,027

 

 

     

 

 

  

Gas Utilities — 0.0%

      

Atmos Energy Corp.(a)

      24,600        2,757,660  
     

 

 

  

Health Care Equipment & Supplies — 2.7%

 

   

Abbott Laboratories

      309,125        33,586,431  

ABIOMED, Inc.*

      8,000        1,980,080  

Align Technology, Inc.*

      12,920        3,057,776  

Baxter International, Inc.

      89,000        5,716,470  

Becton, Dickinson & Co.

      50,299        12,400,212  

Boston Scientific Corp.*

      252,349        9,405,047  

Cooper Cos., Inc. (The)

      8,780        2,749,194  

DENTSPLY SIRONA, Inc.

      38,200        1,364,886  

Dexcom, Inc.*

      69,320        5,166,420  

Edwards Lifesciences Corp.*

      109,550        10,417,110  

Hologic, Inc.*

      44,250        3,066,525  

IDEXX Laboratories, Inc.*

      14,880        5,218,862  

Intuitive Surgical, Inc.*

      63,380        12,721,000  

Medtronic PLC

      236,928        21,264,288  

ResMed, Inc.

      25,900        5,429,417  

STERIS PLC

      17,700        3,648,855  

Stryker Corp.

      59,470        11,830,367  

Teleflex, Inc.

      8,350        2,052,848  

Zimmer Biomet Holdings, Inc.

      37,086        3,896,255  
     

 

 

  
        154,972,043  
     

 

 

  

Health Care Providers & Services — 3.4%

 

   

AmerisourceBergen Corp.(a)

      26,600        3,763,368  

Cardinal Health, Inc.

      48,175        2,518,107  

Centene Corp.*

      103,368        8,745,966  

Cigna Corp.

      56,032        14,765,553  

CVS Health Corp.

      231,599        21,459,963  

DaVita, Inc.*(a)

      11,000        879,560  

Elevance Health, Inc.(a)

      42,560        20,538,605  

HCA Healthcare, Inc.

      40,200        6,756,012  

Henry Schein, Inc.*

      24,300        1,864,782  

Humana, Inc.

      22,350        10,461,365  

Laboratory Corp. of America Holdings

      16,400        3,843,504  

McKesson Corp.

      25,707        8,385,880  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A156

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

Health Care Providers & Services (cont’d.)

 

Molina Healthcare, Inc.*

      10,500      $         2,935,905  

Quest Diagnostics, Inc.(a)

      20,800        2,765,984  

UnitedHealth Group, Inc.(a)

      165,730        85,123,900  

Universal Health Services, Inc. (Class B Stock)(a)

      11,900        1,198,449  
     

 

 

  
        196,006,903  
     

 

 

  

Hotels, Restaurants & Leisure — 1.8%

 

   

Booking Holdings, Inc.*

      7,170        12,540,258  

Caesars Entertainment,
Inc.*(a)

      37,600        1,440,080  

Carnival Corp.*(a)

      140,700        1,217,055  

Chipotle Mexican Grill, Inc.*

      4,945        6,464,401  

Darden Restaurants, Inc.(a)

      22,000        2,488,640  

Domino’s Pizza, Inc.

      6,400        2,494,144  

Expedia Group, Inc.*

      26,700        2,531,961  

Hilton Worldwide Holdings, Inc.

      49,100        5,471,704  

Las Vegas Sands Corp.*(a)

      60,700        2,038,913  

Marriott International, Inc. (Class A Stock)

      48,573        6,606,414  

McDonald’s Corp.

      130,660        32,257,341  

MGM Resorts International

      62,400        1,806,480  

Norwegian Cruise Line Holdings Ltd.*(a)

      72,700        808,424  

Penn National Gaming,
Inc.*(a)

      28,800        876,096  

Royal Caribbean Cruises
Ltd.*(a)

      39,200        1,368,472  

Starbucks Corp.

      202,300        15,453,697  

Wynn Resorts Ltd.*(a)

      18,400        1,048,432  

Yum! Brands, Inc.

      50,400        5,720,904  
     

 

 

  
        102,633,416  
     

 

 

  

Household Durables — 0.3%

 

   

D.R. Horton, Inc.(a)

      57,000        3,772,830  

Garmin Ltd.

      26,700        2,623,275  

Lennar Corp. (Class A Stock)

      45,900        3,239,163  

Mohawk Industries, Inc.*(a)

      9,100        1,129,219  

Newell Brands, Inc.(a)

      65,749        1,251,861  

NVR, Inc.*

      550        2,202,277  

PulteGroup, Inc.

      41,985        1,663,866  

Whirlpool Corp.(a)

      9,967        1,543,589  
     

 

 

  
        17,426,080  
     

 

 

  

Household Products — 1.5%

 

   

Church & Dwight Co., Inc.(a)

      42,800        3,965,848  

Clorox Co. (The)(a)

      21,700        3,059,266  

Colgate-Palmolive Co.

      148,100        11,868,734  

Kimberly-Clark Corp.

      59,638        8,060,076  

Procter & Gamble Co. (The)

      423,876        60,949,130  
     

 

 

  
     

 

 

 

87,903,054

 

 

     

 

 

  

Independent Power & Renewable Electricity Producers — 0.0%

 

AES Corp. (The)

      118,000        2,479,180  
     

 

 

  

Industrial Conglomerates — 0.8%

 

   

3M Co.

      100,570        13,014,764  

General Electric Co.

      194,455        12,380,950  

Honeywell International, Inc.

      120,250        20,900,652  
     

 

 

  
        46,296,366  
     

 

 

  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Insurance — 2.1%

      

Aflac, Inc.(a)

      104,600      $         5,787,518  

Allstate Corp. (The)

      48,628        6,162,627  

American International Group, Inc.

      139,829        7,149,457  

Aon PLC (Class A Stock)

      37,525        10,119,742  

Arthur J. Gallagher & Co.

      37,050        6,040,632  

Assurant, Inc.

      9,600        1,659,360  

Brown & Brown, Inc.

      41,100        2,397,774  

Chubb Ltd.

      74,830        14,710,081  

Cincinnati Financial Corp.(a)

      26,428        3,144,403  

Everest Re Group Ltd.(a)

      7,100        1,989,988  

Globe Life, Inc.(a)

      16,175        1,576,577  

Hartford Financial Services Group, Inc. (The)

      58,100        3,801,483  

Lincoln National Corp.(a)

      28,563        1,335,892  

Loews Corp.

      34,326        2,034,159  

Marsh & McLennan Cos., Inc.

      88,600        13,755,150  

MetLife, Inc.

      122,080        7,665,403  

Principal Financial Group, Inc.(a)

      41,500        2,771,785  

Progressive Corp. (The)(a)

      103,300        12,010,691  

Prudential Financial, Inc.(a)

      66,000        6,314,880  

Travelers Cos., Inc. (The)

      42,448        7,179,230  

W.R. Berkley Corp.

      36,900        2,518,794  

Willis Towers Watson PLC(a)

      19,700        3,888,583  
     

 

 

  
        124,014,209  
     

 

 

  

Interactive Media & Services — 5.1%

 

   

Alphabet, Inc. (Class A Stock)*

      53,119        115,760,112  

Alphabet, Inc. (Class C Stock)*

      48,705        106,539,752  

Match Group, Inc.*

      50,400        3,512,376  

Meta Platforms, Inc. (Class A Stock)*

      405,120        65,325,600  

Twitter, Inc.*

      134,700        5,036,433  
     

 

 

  
     

 

 

 

296,174,273

 

 

     

 

 

  

Internet & Direct Marketing Retail — 2.9%

 

   

Amazon.com, Inc.*

      1,545,300        164,126,313  

eBay, Inc.

      98,800        4,116,996  

Etsy, Inc.*(a)

      22,200        1,625,262  
     

 

 

  
        169,868,571  
     

 

 

  

IT Services — 4.3%

      

Accenture PLC (Class A Stock)

      111,850        31,055,152  

Akamai Technologies, Inc.*(a)

      28,500        2,602,905  

Automatic Data Processing, Inc.

      73,910        15,524,056  

Broadridge Financial Solutions, Inc.

      20,700        2,950,785  

Cognizant Technology Solutions Corp. (Class A Stock)

      92,300        6,229,327  

DXC Technology Co.*

      43,950        1,332,125  

EPAM Systems, Inc.*

      10,140        2,989,069  

Fidelity National Information Services, Inc.

      107,800        9,882,026  

Fiserv, Inc.*

      102,700        9,137,219  

FleetCor Technologies, Inc.*

      13,700        2,878,507  

Gartner, Inc.*

      14,250        3,446,078  

Global Payments, Inc.

      49,913        5,522,374  

International Business Machines Corp.(a)

      158,825        22,424,502  

Jack Henry & Associates, Inc.

      12,950        2,331,259  

Mastercard, Inc. (Class A Stock)

      151,650        47,842,542  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A157

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

IT Services (cont’d.)

 

   

Paychex, Inc.

      56,550      $ 6,439,349  

PayPal Holdings, Inc.*

      204,400        14,275,296  

VeriSign, Inc.*

      16,800        2,811,144  

Visa, Inc. (Class A Stock)(a)

      290,700        57,235,923  
     

 

 

  
     

 

 

 

        246,909,638

 

 

     

 

 

  

Leisure Products — 0.0%

 

   

Hasbro, Inc.(a)

      22,950        1,879,146  
     

 

 

  

Life Sciences Tools & Services — 1.8%

 

   

Agilent Technologies, Inc.

      52,782        6,268,918  

Bio-Rad Laboratories, Inc. (Class A Stock)*

      3,860        1,910,700  

Bio-Techne Corp.

      7,030        2,436,879  

Charles River Laboratories International, Inc.*

      9,100        1,947,127  

Danaher Corp.

      114,400        29,002,688  

Illumina, Inc.*

      27,810        5,127,052  

IQVIA Holdings, Inc.*

      33,500        7,269,165  

Mettler-Toledo International, Inc.*

      4,010        4,606,568  

PerkinElmer, Inc.(a)

      22,300        3,171,506  

Thermo Fisher Scientific, Inc.

      69,100        37,540,648  

Waters Corp.*

      10,750        3,558,035  

West Pharmaceutical Services, Inc.

      13,200        3,991,284  
     

 

 

  
     

 

 

 

106,830,570

 

 

     

 

 

  

Machinery — 1.5%

      

Caterpillar, Inc.

      94,150        16,830,254  

Cummins, Inc.

      25,050        4,847,926  

Deere & Co.

      49,350        14,778,844  

Dover Corp.

      25,400        3,081,528  

Fortive Corp.

      62,800        3,415,064  

IDEX Corp.(a)

      13,400        2,433,842  

Illinois Tool Works, Inc.(a)

      50,075        9,126,169  

Ingersoll Rand, Inc.

      71,337        3,001,861  

Nordson Corp.

      9,600        1,943,424  

Otis Worldwide Corp.

      74,583        5,270,781  

PACCAR, Inc.

      61,428        5,057,982  

Parker-Hannifin Corp.

      22,687        5,582,136  

Pentair PLC(a)

      28,907        1,323,073  

Snap-on, Inc.(a)

      9,550        1,881,637  

Stanley Black & Decker, Inc.

      26,635        2,792,946  

Westinghouse Air Brake Technologies Corp.(a)

      32,212        2,643,961  

Xylem, Inc.

      31,600        2,470,488  
     

 

 

  
     

 

 

 

86,481,916

 

 

     

 

 

  

Media — 0.9%

      

Charter Communications, Inc. (Class A Stock)*(a)

      20,450        9,581,438  

Comcast Corp. (Class A Stock)

      789,092        30,963,970  

DISH Network Corp. (Class A Stock)*(a)

      43,175        774,128  

Fox Corp. (Class A Stock)(a)

      55,566        1,787,003  

Fox Corp. (Class B Stock)

      25,766        765,250  

Interpublic Group of Cos., Inc. (The)

      69,162        1,904,030  

News Corp. (Class A Stock)

      67,925        1,058,271  

News Corp. (Class B Stock)

      21,400        340,046  

Omnicom Group, Inc.

      36,700        2,334,487  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Media (cont’d.)

 

   

Paramount Global (Class B
Stock)(a)

      107,466      $ 2,652,261  
     

 

 

  
     

 

 

 

52,160,884

 

 

     

 

 

  

Metals & Mining — 0.4%

      

Freeport-McMoRan, Inc.

      255,812        7,485,059  

Newmont Corp.(a)

      140,103        8,359,946  

Nucor Corp.(a)

      47,000        4,907,270  
     

 

 

  
     

 

 

 

        20,752,275

 

 

     

 

 

  

Multiline Retail — 0.5%

      

Dollar General Corp.(a)

      40,400        9,915,776  

Dollar Tree, Inc.*

      39,647        6,178,985  

Target Corp.

      81,668        11,533,972  
     

 

 

  
     

 

 

 

27,628,733

 

 

     

 

 

  

Multi-Utilities — 0.9%

      

Ameren Corp.

      45,300        4,093,308  

CenterPoint Energy, Inc.

      111,210        3,289,592  

CMS Energy Corp.

      51,200        3,456,000  

Consolidated Edison, Inc.

      62,300        5,924,730  

Dominion Energy, Inc.

      143,240        11,431,984  

DTE Energy Co.

      34,100        4,322,175  

NiSource, Inc.

      71,650        2,112,958  

Public Service Enterprise Group, Inc.

      88,600        5,606,608  

Sempra Energy

      55,554        8,348,100  

WEC Energy Group, Inc.

      55,576        5,593,169  
     

 

 

  
     

 

 

 

54,178,624

 

 

     

 

 

  

Oil, Gas & Consumable Fuels — 3.9%

 

   

APA Corp.

      59,750        2,085,275  

Chevron Corp.

      346,859        50,218,246  

ConocoPhillips

      228,361        20,509,101  

Coterra Energy, Inc.(a)

      143,100        3,690,549  

Devon Energy Corp.(a)

      108,400        5,973,924  

Diamondback Energy, Inc.

      29,500        3,573,925  

EOG Resources, Inc.(a)

      103,400        11,419,496  

Exxon Mobil Corp.

      744,004        63,716,503  

Hess Corp.

      48,675        5,156,630  

Kinder Morgan, Inc.

      344,243        5,769,513  

Marathon Oil Corp.

      124,894        2,807,617  

Marathon Petroleum Corp.

      95,487        7,849,986  

Occidental Petroleum Corp.(a)

      157,128        9,251,697  

ONEOK, Inc.

      78,840        4,375,620  

Phillips 66

      84,964        6,966,198  

Pioneer Natural Resources Co.

      39,700        8,856,276  

Valero Energy Corp.(a)

      71,900        7,641,532  

Williams Cos., Inc. (The)(a)

      215,000        6,710,150  
     

 

 

  
     

 

 

 

226,572,238

 

 

     

 

 

  

Personal Products — 0.2%

 

   

Estee Lauder Cos., Inc. (The) (Class A Stock)

      41,000        10,441,470  
     

 

 

  

Pharmaceuticals — 4.7%

      

Bristol-Myers Squibb Co.

      376,090        28,958,930  

Catalent, Inc.*(a)

      31,800        3,411,822  

Eli Lilly & Co.

      139,400        45,197,662  

Johnson & Johnson

      464,746        82,497,062  

Merck & Co., Inc.

      446,403        40,698,562  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A158

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

           Shares                  Value        
COMMON STOCKS (continued)

 

   

Pharmaceuticals (cont’d.)

      

Organon & Co.(a)

      44,790      $ 1,511,663  

Pfizer, Inc.

      991,023        51,959,336  

Viatris, Inc.

      213,994        2,240,517  

Zoetis, Inc.

      83,100        14,284,059  
     

 

 

  
     

 

 

 

        270,759,613

 

 

     

 

 

  

Professional Services — 0.3%

      

Equifax, Inc.

      21,650        3,957,187  

Jacobs Engineering Group, Inc.

      22,800        2,898,564  

Leidos Holdings, Inc.

      24,350        2,452,288  

Nielsen Holdings PLC

      63,100        1,465,182  

Robert Half International, Inc.

      19,500        1,460,355  

Verisk Analytics, Inc.

      27,900        4,829,211  
     

 

 

  
     

 

 

 

17,062,787

 

 

     

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc. (Class A Stock)*

      57,700        4,247,297  
     

 

 

  

Road & Rail — 0.9%

      

CSX Corp.

      384,016        11,159,505  

J.B. Hunt Transport Services, Inc.

      14,800        2,330,556  

Norfolk Southern Corp.

      42,100        9,568,909  

Old Dominion Freight Line,
Inc.(a)

      16,200        4,151,736  

Union Pacific Corp.(a)

      110,950        23,663,416  
     

 

 

  
     

 

 

 

50,874,122

 

 

     

 

 

  

Semiconductors & Semiconductor Equipment — 5.1%

 

Advanced Micro Devices, Inc.*

      286,095        21,877,685  

Analog Devices, Inc.

      92,594        13,527,057  

Applied Materials, Inc.

      156,300        14,220,174  

Broadcom, Inc.

      72,070        35,012,327  

Enphase Energy, Inc.*

      23,900        4,666,236  

Intel Corp.

      721,800        27,002,538  

KLA Corp.(a)

      26,400        8,423,712  

Lam Research Corp.

      24,500        10,440,675  

Microchip Technology, Inc.

      98,200        5,703,456  

Micron Technology, Inc.(a)

      197,200        10,901,216  

Monolithic Power Systems, Inc.

      7,800        2,995,512  

NVIDIA Corp.

      442,310        67,049,773  

NXP Semiconductors NV (China)(a)

      46,400        6,868,592  

ON Semiconductor Corp.*(a)

      76,700        3,858,777  

Qorvo, Inc.*(a)

      19,286        1,819,055  

QUALCOMM, Inc.

      197,750        25,260,585  

Skyworks Solutions, Inc.

      28,600        2,649,504  

SolarEdge Technologies,
Inc.*(a)

      9,800        2,682,064  

Teradyne, Inc.

      28,600        2,561,130  

Texas Instruments, Inc.

      162,800        25,014,220  
     

 

 

  
     

 

 

 

292,534,288

 

 

     

 

 

  

Software — 8.7%

      

Adobe, Inc.*

      83,595        30,600,786  

ANSYS, Inc.*

      15,400        3,685,066  

Autodesk, Inc.*

      38,370        6,598,105  

Cadence Design Systems, Inc.*

      48,800        7,321,464  

Ceridian HCM Holding, Inc.*(a)

      24,000        1,129,920  

Citrix Systems, Inc.

      22,050        2,142,599  

Fortinet, Inc.*(a)

      117,500        6,648,150  

Intuit, Inc.

      49,960        19,256,582  

Microsoft Corp.

      1,320,980        339,267,293  
           Shares                  Value        
COMMON STOCKS (continued)

 

   

Software (cont’d.)

      

NortonLifeLock, Inc.(a)

      102,211      $ 2,244,554  

Oracle Corp.

      277,895        19,416,524  

Paycom Software, Inc.*

      8,600        2,409,032  

PTC, Inc.*

      18,600        1,977,924  

Roper Technologies, Inc.(a)

      18,700        7,379,955  

Salesforce, Inc.*

      175,400        28,948,016  

ServiceNow, Inc.*(a)

      35,410        16,838,163  

Synopsys, Inc.*

      27,000        8,199,900  

Tyler Technologies, Inc.*(a)

      7,380        2,453,702  
     

 

 

  
     

 

 

 

        506,517,735

 

 

     

 

 

  

Specialty Retail — 2.0%

 

   

Advance Auto Parts, Inc.(a)

      10,760        1,862,448  

AutoZone, Inc.*

      3,510        7,543,411  

Bath & Body Works, Inc.(a)

      42,096        1,133,224  

Best Buy Co., Inc.(a)

      35,725        2,328,913  

CarMax, Inc.*(a)

      28,500        2,578,680  

Home Depot, Inc. (The)

      182,469        50,045,773  

Lowe’s Cos., Inc.

      116,675        20,379,622  

O’Reilly Automotive, Inc.*

      11,600        7,328,416  

Ross Stores, Inc.

      62,100        4,361,283  

TJX Cos., Inc. (The)

      207,300        11,577,705  

Tractor Supply Co.

      19,900        3,857,615  

Ulta Beauty, Inc.*

      9,270        3,573,400  
     

 

 

  
     

 

 

 

116,570,490

 

 

     

 

 

  

Technology Hardware, Storage & Peripherals — 6.7%

 

Apple, Inc.

      2,715,720        371,293,239  

Hewlett Packard Enterprise
Co.(a)

      228,166        3,025,481  

HP, Inc.(a)

      185,966        6,095,966  

NetApp, Inc.

      39,100        2,550,884  

Seagate Technology Holdings PLC(a)

      35,150        2,511,116  

Western Digital Corp.*

      55,168        2,473,181  
     

 

 

  
     

 

 

 

387,949,867

 

 

     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

 

NIKE, Inc. (Class B Stock)

      224,000        22,892,800  

PVH Corp.

      12,150        691,335  

Ralph Lauren Corp.(a)

      8,500        762,025  

Tapestry, Inc.

      44,500        1,358,140  

VF Corp.(a)

      57,144        2,524,050  
     

 

 

  
     

 

 

 

28,228,350

 

 

     

 

 

  

Tobacco — 0.7%

      

Altria Group, Inc.

      319,600        13,349,692  

Philip Morris International, Inc.

      273,600        27,015,264  
     

 

 

  
     

 

 

 

40,364,956

 

 

     

 

 

  

Trading Companies & Distributors — 0.2%

 

Fastenal Co.(a)

      101,700        5,076,864  

United Rentals, Inc.*(a)

      12,740        3,094,673  

W.W. Grainger, Inc.(a)

      7,620        3,462,757  
     

 

 

  
     

 

 

 

11,634,294

 

 

     

 

 

  

Water Utilities — 0.1%

      

American Water Works Co., Inc.

      32,150        4,782,956  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A159

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

                       Shares                  Value        

 

COMMON STOCKS (continued)

 

   

Wireless Telecommunication Services — 0.2%

 

T-Mobile US, Inc.*

         104,000      $ 13,992,160  
           

 

 

  

 

TOTAL COMMON STOCKS
(cost $1,616,438,381)

 

           5,635,276,763  
           

 

 

  

 

EXCHANGE-TRADED FUNDS — 0.8%

 

iShares Core S&P 500 ETF

 

      93,800        35,564,270  

SPDR S&P 500 ETF Trust(a)

 

      27,750        10,468,687  
           

 

 

  

 

TOTAL EXCHANGE-TRADED FUNDS
(cost $42,138,949)

 

      46,032,957  
           

 

 

  

 

TOTAL LONG-TERM INVESTMENTS
(cost $1,658,577,330)

 

      5,681,309,720  
           

 

 

  
SHORT-TERM INVESTMENTS — 11.2%

 

AFFILIATED MUTUAL FUNDS — 11.1%

 

PGIM Core Ultra Short Bond Fund(wa)

 

      102,934,814        102,934,814  

PGIM Institutional Money Market Fund

 

   

(cost $540,768,591; includes $540,381,606 of cash collateral for securities on loan)(b)(wa)

 

      541,387,614        540,900,365  
           

 

 

  

 

TOTAL AFFILIATED MUTUAL FUNDS
(cost $643,703,405)

 

      643,835,179  
           

 

 

  

Interest

Rate

         

Maturity   

Date   

                    

Principal   

Amount   

(000)#   

       
                  
U.S. TREASURY OBLIGATION(k)(n) — 0.1%

 

U.S. Treasury Bills

 

      

1.753%

      09/15/22      6,300      6,278,867  
            

 

 

  

(cost $6,276,792)

 

      

TOTAL SHORT-TERM INVESTMENTS

 

(cost $649,980,197)

      650,114,046  
            

 

 

  

 

TOTAL INVESTMENTS—109.3%

 

(cost $2,308,557,527)

      6,331,423,766  

Liabilities in excess of other assets(z) — (9.3)%

      (537,787,156 ) 
            

 

 

  

 

NET ASSETS — 100.0%

   

 

$

 

5,793,636,610

 

 

            

 

 

  

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 $526,224,305; cash collateral of $540,381,606 (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 is the effective yield at purchase date.

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)

Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

 

 

Futures contracts outstanding at June 30, 2022:

 

Number
of
Contracts

   

Type

    Expiration
Date		      Current
Notional
Amount		      Value /
Unrealized
Appreciation
(Depreciation)		  

Long Position:

             

575

    S&P 500 E-Mini Index      Sep. 2022        $108,948,125                 $(2,976,519)           
             

 

  

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

 

Broker

             Cash and/or Foreign Currency                          Securities Market Value            

UBS Securities LLC

                                    $—                                                             $6,278,867                         
   

 

      

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A160

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (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, 2022 in valuing such portfolio securities:

 

     Level 1     Level 2     Level 3

Investments in Securities

               

Assets

               

Long-Term Investments

               

Common Stocks

               

Aerospace & Defense

      $ 97,093,569      $             —        $—

Air Freight & Logistics

        38,404,384        —        —

Airlines

        11,441,341        —        —

Auto Components

        5,654,645        —        —

Automobiles

          115,740,869        —        —

Banks

        207,981,387        —        —

Beverages

        105,552,831        —        —

Biotechnology

        125,000,030        —        —

Building Products

        22,981,299        —        —

Capital Markets

        162,511,004        —        —

Chemicals

        101,095,643        —        —

Commercial Services & Supplies

        26,444,521        —        —

Communications Equipment

        44,433,585        —        —

Construction & Engineering

        3,183,636        —        —

Construction Materials

        6,616,780        —        —

Consumer Finance

        29,286,839        —        —

Containers & Packaging

        17,881,905        —        —

Distributors

        8,108,914        —        —

Diversified Financial Services

        87,232,620        —        —

Diversified Telecommunication Services

        65,898,801        —        —

Electric Utilities

        110,545,252        —        —

Electrical Equipment

        28,200,265        —        —

Electronic Equipment, Instruments & Components

        34,083,551        —        —

Energy Equipment & Services

        18,682,383        —        —

Entertainment

        71,534,637        —        —

Equity Real Estate Investment Trusts (REITs)

        160,469,283        —        —

Food & Staples Retailing

        85,579,598        —        —

Food Products

        63,751,027        —        —

Gas Utilities

        2,757,660        —        —

Health Care Equipment & Supplies

        154,972,043        —        —

Health Care Providers & Services

        196,006,903        —        —

Hotels, Restaurants & Leisure

        102,633,416        —        —

Household Durables

        17,426,080        —        —

Household Products

        87,903,054        —        —

Independent Power & Renewable Electricity Producers

        2,479,180        —        —

Industrial Conglomerates

        46,296,366        —        —

Insurance

        124,014,209        —        —

Interactive Media & Services

        296,174,273        —        —

Internet & Direct Marketing Retail

        169,868,571        —        —

IT Services

        246,909,638        —        —

Leisure Products

        1,879,146        —        —

Life Sciences Tools & Services

        106,830,570        —        —

Machinery

        86,481,916        —        —

Media

        52,160,884        —        —

Metals & Mining

        20,752,275        —        —

Multiline Retail

        27,628,733        —        —

Multi-Utilities

        54,178,624        —        —

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A161

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

     Level 1    Level 2     Level 3

Investments in Securities (continued)

              

Assets (continued)

              

Long-Term Investments (continued)

              

Common Stocks (continued)

              

Oil, Gas & Consumable Fuels

      $ 226,572,238     $ —        $ —  

Personal Products

        10,441,470       —        —  

Pharmaceuticals

        270,759,613       —        —  

Professional Services

        17,062,787       —        —  

Real Estate Management & Development

        4,247,297       —        —  

Road & Rail

        50,874,122       —        —  

Semiconductors & Semiconductor Equipment

        292,534,288       —        —  

Software

        506,517,735       —        —  

Specialty Retail

        116,570,490       —        —  

Technology Hardware, Storage & Peripherals

        387,949,867       —        —  

Textiles, Apparel & Luxury Goods

        28,228,350       —        —  

Tobacco

        40,364,956       —        —  

Trading Companies & Distributors

        11,634,294       —        —  

Water Utilities

        4,782,956       —        —  

Wireless Telecommunication Services

        13,992,160       —        —  

Exchange-Traded Funds

        46,032,957       —        —  

Short-Term Investments

              

Affiliated Mutual Funds

        643,835,179       —        —  

U.S. Treasury Obligation

        —       6,278,867        —  
    

 

 

      

 

 

       

 

 

  

Total

      $ 6,325,144,899     $ 6,278,867        $ —  
    

 

 

      

 

 

       

 

 

  

Other Financial Instruments*

              

Liabilities

              

Futures Contracts

      $ (2,976,519 )     $ —        $ —  
    

 

 

      

 

 

       

 

 

  

 

*

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2022 were as follows:

Affiliated Mutual Funds (9.3% represents investments purchased with collateral from securities on loan)

      11.1 % 

Software

      8.7  

Technology Hardware, Storage & Peripherals

      6.7  

Interactive Media & Services

      5.1  

Semiconductors & Semiconductor Equipment

      5.1  

Pharmaceuticals

      4.7  

IT Services

      4.3  

Oil, Gas & Consumable Fuels

      3.9  

Banks

      3.6  

Health Care Providers & Services

      3.4  

Internet & Direct Marketing Retail

      2.9  

Capital Markets

      2.8  

Equity Real Estate Investment Trusts (REITs)

      2.8  

Health Care Equipment & Supplies

      2.7  

Biotechnology

      2.2  

Insurance

      2.1  

Specialty Retail

      2.0  

Automobiles

      2.0  

Electric Utilities

      1.9  

Life Sciences Tools & Services

      1.8  

Beverages

      1.8  

Hotels, Restaurants & Leisure

      1.8  

Chemicals

      1.7 % 

Aerospace & Defense

      1.7  

Household Products

      1.5  

Diversified Financial Services

      1.5  

Machinery

      1.5  

Food & Staples Retailing

      1.5  

Entertainment

      1.2  

Diversified Telecommunication Services

      1.1  

Food Products

      1.1  

Multi-Utilities

      0.9  

Media

      0.9  

Road & Rail

      0.9  

Industrial Conglomerates

      0.8  

Exchange-Traded Funds

      0.8  

Communications Equipment

      0.8  

Tobacco

      0.7  

Air Freight & Logistics

      0.7  

Electronic Equipment, Instruments & Components

      0.6  

Consumer Finance

      0.5  

Textiles, Apparel & Luxury Goods

      0.5  

Electrical Equipment

      0.5  

Multiline Retail

      0.5  

Commercial Services & Supplies

      0.5  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A162

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

Industry Classification (continued):

 

Building Products

      0.4 % 

Metals & Mining

      0.4  

Energy Equipment & Services

      0.3  

Containers & Packaging

      0.3  

Household Durables

      0.3  

Professional Services

      0.3  

Wireless Telecommunication Services

      0.2  

Trading Companies & Distributors

      0.2  

Airlines

      0.2  

Personal Products

      0.2  

Distributors

      0.1  

Construction Materials

      0.1  

U.S. Treasury Obligation

      0.1  

Auto Components

      0.1 % 

Water Utilities

      0.1  

Real Estate Management & Development

      0.1  

Construction & Engineering

      0.1  

Gas Utilities

      0.0 * 

Independent Power & Renewable Electricity Producers

      0.0 * 

Leisure Products

      0.0 * 
  

 

 

  
     109.3  

Liabilities in excess of other assets

      (9.3 ) 
  

 

 

  
     100.0 % 
  

 

 

  

* Less than +/- 0.05%

 

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

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

Fair values of derivative instruments as of June 30, 2022 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

    $ 2,976,519 * 
     

 

 

        

 

 

  

 

*

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, 2022 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

    $ (23,567,560 ) 
  

 

 

  

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  

Derivatives not accounted for

as hedging instruments,

carried at fair value

    Futures  

Equity contracts

    $ (4,801,429 ) 
  

 

 

  

For the six months ended June 30, 2022, the Portfolio’s average volume of derivative activities is as follows:

 

 Derivative Contract Type    Average Volume of Derivative Activities*

 Futures Contracts - Long Positions (1)

    $131,357,458

 

*

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2022.

(1)

Notional Amount in USD.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A163

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2022 (unaudited)

 

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

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

Offsetting of financial instrument/transaction assets and liabilities:

 

 Description    Gross Market
Value of
Recognized
Assets/(Liabilities)		          Collateral
Pledged/(Received)(1)		   Net
Amount

 Securities on Loan

    $526,224,305                $(526,224,305)   $—

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A164

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

 

as of June 30, 2022

 

 

 

ASSETS

   

Investments at value, including securities on loan of $526,224,305:

   

Unaffiliated investments (cost $1,664,854,122)

    $ 5,687,588,587  

Affiliated investments (cost $643,703,405)

      643,835,179  

Cash

      19,526  

Dividends receivable

      4,489,541  

Receivable for investments sold

      763,303  

Receivable for Portfolio shares sold

      412,541  

Tax reclaim receivable

      303,707  

Prepaid expenses

      559,112  
  

 

 

  

Total Assets

      6,337,971,496  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      540,381,606  

Management fee payable

      1,390,512  

Due to broker-variation margin futures

      882,740  

Payable for Portfolio shares purchased

      827,852  

Accrued expenses and other liabilities

      542,212  

Payable for investments purchased

      304,750  

Distribution fee payable

      4,234  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      544,334,886  
  

 

 

  

NET ASSETS

    $ 5,793,636,610  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 5,793,636,610  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $5,773,168,696 / 64,231,259 outstanding shares of beneficial interest

    $ 89.88  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $20,467,914 / 228,390 outstanding shares of beneficial interest

    $ 89.62  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

 

Six Months Ended June 30, 2022

 

 

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Unaffiliated dividend income

    $ 48,548,921  

Affiliated dividend income

      274,454  

Income from securities lending, net (including affiliated income of $109,168)

      110,292  

Interest income

      15,085  
  

 

 

  

Total income

      48,948,752  
  

 

 

  

EXPENSES

   

Management fee

      9,105,806  

Distribution fee—Class III

      23,912  

Custodian and accounting fees

      167,238  

Shareholders’ reports

      85,649  

Trustees’ fees

      50,738  

Legal fees and expenses

      24,881  

Audit fee

      15,025  

Transfer agent’s fees and expenses (including affiliated expense of $2,941)

      5,297  

Miscellaneous

      72,391  
  

 

 

  

Total expenses

      9,550,937  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      39,397,815  
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS

   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(81,034))

      16,285,262  

Futures transactions

      (23,567,560 ) 
  

 

 

  
     (7,282,298 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(5,622))

      (1,481,718,670 ) 

Futures

      (4,801,429 ) 
  

 

 

  
     (1,486,520,099 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      (1,493,802,397 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (1,454,404,582 ) 
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2022		   Year Ended
December 31, 2021

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 39,397,815     $ 67,998,064

Net realized gain (loss) on investment transactions

        (7,282,298 )       80,159,789

Net change in unrealized appreciation (depreciation) on investments

        (1,486,520,099 )       1,443,977,584
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (1,454,404,582 )       1,592,135,437
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        126,105,630       325,130,065

Portfolio shares purchased

        (139,229,081 )       (276,298,925 )
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS

        (13,123,451 )       48,831,140
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        (1,467,528,033 )       1,640,966,577

NET ASSETS:

         

Beginning of period

        7,261,164,643       5,620,198,066
    

 

 

      

 

 

  

End of period

      $ 5,793,636,610     $ 7,261,164,643
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A165

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  

 

FINANCIAL HIGHLIGHTS (unaudited)

 

Class I

                                                          
    Six Months Ended
June 30, 2022		             Year Ended December 31,  
          2021     2020     2019     2018      2017  

Per Share Operating Performance(a):

                      

Net Asset Value, beginning of period

                   $ 112.45                    $ 87.66     $ 74.24     $ 56.64     $ 59.38      $ 50.70  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Income (Loss) From Investment Operations:

                      

Net investment income (loss)

        0.61             1.06       1.12       1.12       1.00        0.92  

Net realized and unrealized gain (loss) on investment transactions

        (23.18 )            23.73       12.30       16.48       (3.74 )       9.75  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total from investment operations

        (22.57 )            24.79       13.42       17.60       (2.74 )       10.67  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Less Dividends and Distributions

        —             —       —       —       —        (1.99 ) 
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net Asset Value, end of period

      $ 89.88           $ 112.45     $ 87.66     $ 74.24     $ 56.64      $ 59.38  
    

 

 

          

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total Return(b)

        (20.07 )%            28.28 %      18.08 %      31.07 %      (4.61 )%       21.46 % 

Ratios/Supplemental Data:

                      

Net assets, end of period (in millions)

      $ 5,773           $ 7,244     $ 5,620     $ 4,757     $ 3,672      $ 3,928  

Average net assets (in millions)

      $ 6,526           $ 6,427     $ 4,802     $ 4,298     $ 4,051      $ 3,630  

Ratios to average net assets(c):

                      

Expenses after waivers and/or expense reimbursement

        0.29 %(d)            0.29 %      0.31 %      0.31 %      0.31 %       0.32 % 

Expenses before waivers and/or expense reimbursement

        0.29 %(d)            0.29 %      0.31 %      0.31 %      0.31 %       0.32 % 

Net investment income (loss)

        1.21 %(d)            1.06 %      1.50 %      1.69 %      1.63 %       1.69 % 

Portfolio turnover rate(e)

        1 %            2 %      4 %      3 %      4 %       4 % 

 

Class III

                                      
    Six Months
Ended
June 30,
2022		     April 26, 2021(f)
through December 31,
2021		  

Per Share Operating Performance(a):

              

Net Asset Value, beginning of period

                 $ 112.26                                $ 97.90             
    

 

 

         

 

 

    

Income (Loss) From Investment Operations:

              

Net investment income (loss)

        0.49            0.54    

Net realized and unrealized gain (loss) on investment transactions

        (23.13 )           13.82    
    

 

 

         

 

 

    

Total from investment operations

        (22.64 )           14.36    
    

 

 

         

 

 

    

Net Asset Value, end of period

      $ 89.62          $ 112.26    
    

 

 

         

 

 

    

Total Return(b)

        (20.17 )%           14.67 %   

Ratios/Supplemental Data:

              

Net assets, end of period (in millions)

      $ 20          $ 17    

Average net assets (in millions)

      $ 19          $ 7    

Ratios to average net assets(c):

              

Expenses after waivers and/or expense reimbursement

        0.54 %(d)           0.54 %(g)   

Expenses before waivers and/or expense reimbursement

        0.54 %(d)           0.54 %(g)   

Net investment income (loss)

        0.98 %(d)           0.74 %(g)   

Portfolio turnover rate(e)

        1 %           2 %   

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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.

(c)

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

(d)

Annualized.

(e)

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.

(f)

Commencement of offering.

(g)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A166

NOTES TO FINANCIAL STATEMENTS OF

THE PRUDENTIAL SERIES FUND

(unaudited)

1. Organization

The Prudential Series Fund (“Series Fund”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Series Fund is currently composed of 17 Portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The information presented in these financial statements pertains to the 8 Portfolios listed below together with their investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

The Portfolios have the following investment objective(s):

 

   

Portfolio

    Investment Objective(s)

PSF Global 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 Jennison Blend Portfolio

   

Long-term growth of capital

 

PSF PGIM Total Return Bond Portfolio

   

High level of income over a longer term while providing reasonable safety 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

 

B1

detail below, the Portfolios’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Series Fund’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit a Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios’ foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

 

B2

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the 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

 

B3

(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.

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

 

B4

valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Inflation Swaps: Certain Portfolios entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Portfolios to interest rate risk.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

Bank Loans: Certain Portfolios invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans,

 

B5

revolvers, and other instruments issued in the bank loan 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 bank loan 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 bank loan participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which 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

 

B6

and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Warrants: Certain Portfolios held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Portfolios until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. 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.

 

B7

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. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s shareholders (participating insurance companies). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

Distributions: Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Series Fund, on behalf of the Portfolios, has entered into manager agreements with the Manager which provide that the Manager will furnish each Portfolio with investment advice, investment management and administrative services. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios.

 

   

Portfolio

    Subadviser(s)

PSF Global Portfolio

    LSV Asset Management (“LSV”); PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) (a wholly-owned subsidiary of PGIM, Inc.); T. Rowe Price Associates, Inc. (“T. Rowe”) & William Blair & Co.LLC (“William Blair”); Effective April 23, 2022, Massachusetts Financial Services, Inc. (“MFS”); Until April 22, 2022, Brown Advisory LLC (“Brown”)

PSF PGIM 50/50 Balanced Portfolio

    PGIM Fixed Income (“PFI”) (a business unit of PGIM, Inc.); PGIM Limited & PGIM Quantitative Solutions

PSF PGIM Flexible Managed Portfolio

    PFI; PGIM Limited & PGIM Quantitative Solutions

PSF PGIM Government Income Portfolio

    PFI

 

B8

   

Portfolio

    Subadviser(s)

PSF PGIM Government Money Market Portfolio

    PFI

PSF PGIM Jennison Blend Portfolio

    Jennison

PSF PGIM Total Return Bond Portfolio

    PFI & PGIM Limited

PSF Stock Index Portfolio

    PGIM Quantitative Solutions

The management fee paid to the Manager is accrued daily and payable monthly, using the value of each Portfolio’s average daily net assets, at the respective annual rates specified below.

 

     

Portfolio

    Management Fee    Effective
Management Fee,
Net of Waiver,
if Applicable

PSF Global Portfolio

       0.75%        0.71%*

PSF PGIM 50/50 Balanced Portfolio

    0.55    0.55

PSF PGIM Flexible Managed Portfolio

    0.60    0.60

PSF PGIM Government Income Portfolio

    0.40    0.40

PSF PGIM Government Money Market Portfolio

    0.30          0.19****

PSF PGIM Jennison Blend Portfolio

    0.45    0.45

PSF PGIM Total Return Bond Portfolio

    0.40    0.40

PSF Stock Index Portfolio

   

0.30% up to $4 billion

0.25% over $4 billion

    0.28

 

*

The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.0363% of the average daily net assets of the Portfolio. Effective April 23, 2022, the Manager has contractually agreed to waive an additional 0.012% of its investment management fee through June 30, 2023. Effective July 1, 2022, the Manager has contractually agreed to waive 0.0345% of its investment management fee through June 30, 2023.

****

The Manager has voluntarily agreed to limit the management fee of the Government Money Market Portfolio such that the 1-day yield of the Portfolio, excluding realized gain (loss) on investment transactions, does not fall below 0.00%. The waiver/reimbursement is voluntary and may be modified or terminated by the Manager at any time without notice. During the period ended June 30, 2022, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $503,442, 0.11% of the Government Money Market Portfolio’s averaged daily net assets.

The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The Portfolios compensate PIMS for distributing and servicing the Portfolios’ Class II and Class III shares pursuant to a plan of distribution (the “Class II Plan” and “Class III Plan”, together, the Plans), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares. In order to support the Portfolio’s income yield, PIMS has voluntarily undertaken to waive the distribution and service (12b-1) fees of the Government Money Market Portfolio Class III shares, respectively, such that the 1-day income yield (excluding capital gain (loss)) does not fall below 0.00%.

The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average daily net assets of the Class II shares.

The Series Fund, on behalf of the Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2022, brokerage commission recaptured under these agreements was as follows:

 

   

Portfolio

    Amount  

PSF Global Portfolio

      $10,213   

PSF PGIM Jennison Blend Portfolio

      44,688   

PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned

 

B9

subsidiaries of Prudential.

4. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent of the Portfolios. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Portfolios may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”) and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund 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, 2022, no 17a-7 transactions were entered into by the Portfolios.

b.) Foreign Withholding Tax Reclaims

The Portfolios are considered partnerships for tax purposes rather than regulated investment companies (RICs). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, “excess withholding tax”).

Prudential instituted a process in consultation with the Series Fund’s independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios’ partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as “Payable to affiliate” on the “Statement of Assets and Liabilities” and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as “Receivable from affiliate” on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Tax reclaim receivable” on the “Statement of Assets and Liabilities.” To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

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

    2022 Payments   

PSF Global Portfolio

      $131,084          

PSF PGIM 50/50 Balanced Portfolio

      11,802          

PSF PGIM Flexible Managed Portfolio

      16,140          

PSF PGIM Jennison Blend Portfolio

      17,374          

 

B10

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

    2022 Payments   

PSF Global Portfolio

      $146,228          

PSF PGIM 50/50 Balanced Portfolio

      13,010          

PSF PGIM Flexible Managed Portfolio

      16,398          

PSF PGIM Jennison Blend Portfolio

      53,027          

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, 2022, were as follows:

 

     

Portfolio

    Cost of
Purchases		      Proceeds
from Sales		  

PSF Global Portfolio

    $ 469,245,903      $ 489,887,249  

PSF PGIM 50/50 Balanced Portfolio

      557,440,722        650,116,066  

PSF PGIM Flexible Managed Portfolio

      2,329,108,094        2,603,953,853  

PSF PGIM Government Income Portfolio

      93,759,069        87,866,889  

PSF PGIM Jennison Blend Portfolio

      649,059,625        816,785,762  

PSF PGIM Total Return Bond Portfolio

      489,601,045        475,726,985  

PSF Stock Index Portfolio

      106,862,923        66,325,192  

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2022, is presented as follows:

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 Ultra Short Bond Fund(1)(wa)

 
$33,642,687     $ 96,616,332       $113,341,167       $  —       $    —       $16,917,852       16,917,852       $57,330  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
  17,773,029     211,878,376       187,302,790         325       (7,728)       42,341,212       42,379,353       20,743 (2) 
$51,415,716     $308,494,708       $300,643,957       $325       $(7,728)       $59,259,064               $78,073  
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)(wa)

 
$363,398,511     $241,959,553       $231,554,863       $          —       $       —       $373,803,201       373,803,201       $975,724  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
    35,533,049     191,488,626       155,994,546       (14,826)       7,760       71,020,063       71,084,040       19,945 (2)  
$398,931,560     $433,448,179       $387,549,409       $(14,826)       $ 7,760       $444,823,264               $995,669  

 

B11

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)(wa)

 
$303,840,636     $479,869,862       $351,658,576       $        —       $       —        $432,051,922        432,051,922        $1,121,385  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
    45,515,856     235,970,543       195,209,326       (2,413)       (8,518)        86,266,142        86,343,851        19,996 (2)  
$349,356,492     $715,840,405       $546,867,902       $(2,413)       $(8,518)        $518,318,064                 $1,141,381  
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)(wa)

 
$7,919,849     $46,341,794       $49,205,847       $  —       $        —        $5,055,796        5,055,796        $17,587  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
              —     8,892,245       8,558,377       (30)       (2,423)        331,415        331,714        645 (2)  
$7,919,849     $55,234,039       $57,764,224       $(30)       $(2,423)        $5,387,211                 $18,232  
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)(wa)

 
$ 96,848,898     $358,172,034       $343,724,018       $ —       $ —        $111,296,914        111,296,914        $355,325  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
  124,217,579     546,622,382       513,179,916       (47,116)       36,368        157,649,297        157,791,309        43,119 (2)  
$221,066,477     $904,794,416       $856,903,934       $(47,116)       $36,368        $268,946,211                 $398,444  
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)(wa)

 
$10,819,602     $176,934,931       $116,104,207       $ —       $ —        $71,650,326        71,650,326        $120,766  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
  38,615,550     84,220,393       96,514,021       920       (6,547)        26,316,295        26,340,001        26,404 (2)  
$49,435,152     $261,155,324       $212,618,228       $920       $(6,547)        $97,966,621                 $147,170  

 

B12

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)(wa)

 
$144,567,480     $ 106,150,908       $   147,783,574       $        —       $          —        $102,934,814        102,934,814        $274,454  

PGIM Institutional Money Market Fund(1)(b)(wa)

 
  255,115,214     1,480,479,990       1,194,608,183       (5,622)       (81,034)        540,900,365        541,387,614        109,168 (2) 
$399,682,694     $1,586,630,898       $1,342,391,757       $(5,622)       $(81,034)        $643,835,179                 $383,622  

 

(1)

The Fund did not have any capital gain distributions during the reporting period.

(2)

The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)

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

(wa)

PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

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, 2021 are subject to such review.

7. Borrowings

The Series Fund, on behalf of the Portfolios, (excluding the Government Money Market Portfolio), along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

 

      SCA
Term of Commitment    10/1/2021 – 9/29/2022
Total Commitment    $ 1,200,000,000

Annualized Commitment Fee

on

the Unused Portion of the

SCA

    0.15%

Annualized Interest Rate on

Borrowings

   

1.20% plus the higher of (1)

the effective federal funds

rate, (2) the one-month

LIBOR rate or (3) zero

percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved

 

B13

methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios did not utilize the SCA during the reporting period ended June 30, 2022.

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust’s Board of Trustees 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, 2022, 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

          26,127,928          100.0%

PSF Global Portfolio–Class III

          11,771          100.0   

PSF PGIM 50/50 Balanced Portfolio–Class I

          70,961,829          100.0   

PSF PGIM 50/50 Balanced Portfolio–Class III

          157,109          100.0   

PSF PGIM Flexible Managed Portfolio–Class I

          109,193,503          100.0   

PSF PGIM Flexible Managed Portfolio–Class III

  

        

      84,153          100.0   

PSF PGIM Government Income Portfolio–Class I

          15,432,936          100.0   

PSF PGIM Government Income Portfolio–Class III

          123,126          100.0   

PSF PGIM Government Money Market Portfolio–Class I

          79,170,653          99.9 

PSF PGIM Government Money Market Portfolio–Class III

          13,905,641          99.9 

PSF PGIM Jennison Blend Portfolio–Class I

          62,954,897          100.0   

PSF PGIM Jennison Blend Portfolio–Class III

          10,512          100.0   

PSF PGIM Total Return Bond Portfolio–Class I

          81,628,475          98.8 

PSF PGIM Total Return Bond Portfolio–Class III

          592,310          100.0   

PSF Stock Index Portfolio–Class I

          64,231,259          100.0   

PSF Stock Index Portfolio–Class III

          228,390          100.0   

 

B14

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        97.5%  

PSF PGIM 50/50 Balanced Portfolio

      3        100.0       

PSF PGIM Flexible Managed Portfolio

      3        100.0       

PSF PGIM Government Income Portfolio

      2        98.3     

PSF PGIM Government Money Market Portfolio

      4        99.9     

PSF PGIM Jennison Blend Portfolio

      3        99.9     

PSF PGIM Total Return Bond Portfolio

      3        98.8     

PSF Stock Index Portfolio

      3        100.0       

Unaffiliated:

                  

PSF Global Portfolio

      —        0.0   

PSF PGIM 50/50 Balanced Portfolio

      —        0.0   

PSF PGIM Flexible Managed Portfolio

      —        0.0   

PSF PGIM Government Income Portfolio

      —        0.0   

PSF PGIM Government Money Market Portfolio

      —        0.0   

PSF PGIM Jennison Blend Portfolio

      —        0.0   

PSF PGIM Total Return Bond Portfolio

      —        0.0   

PSF Stock Index Portfolio

      —        0.0   

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, 2022:

                     

Portfolio shares sold

        173,420     $ 8,946,040

Portfolio shares purchased

        (772,202 )       (39,059,233 )

Net increase (decrease) in shares outstanding

        (598,782 )     $ (30,113,193 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        331,454     $ 17,649,681

Portfolio shares purchased

        (2,257,822 )       (119,301,279 )

Net increase (decrease) in shares outstanding

        (1,926,368 )     $ (101,651,598 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        8,944     $ 473,847

Portfolio shares purchased

        (470 )       (25,052 )

Net increase (decrease) in shares outstanding

        8,474     $ 448,795

Period ended December 31, 2021*:

                     

Portfolio shares sold

        3,343     $ 183,467

Portfolio shares purchased

        (46 )       (2,584 )

Net increase (decrease) in shares outstanding

        3,297     $ 180,883

* Commencement of offering was April 26, 2021.

 

B15

PSF PGIM 50/50 Balanced Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        268,393     $ 9,894,566

Portfolio shares purchased

        (2,324,243 )       (85,568,026 )

Net increase (decrease) in shares outstanding

        (2,055,850 )     $ (75,673,460 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        382,552     $ 14,110,839

Portfolio shares purchased

        (4,825,082 )       (179,267,581 )

Net increase (decrease) in shares outstanding

        (4,442,530 )     $ (165,156,742 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        101,357     $ 3,694,002

Portfolio shares purchased

        (11,522 )       (406,198 )

Net increase (decrease) in shares outstanding

        89,835     $ 3,287,804

Period ended December 31, 2021*:

                     

Portfolio shares sold

        67,888     $ 2,606,087

Portfolio shares purchased

        (614 )       (23,805 )

Net increase (decrease) in shares outstanding

        67,274     $ 2,582,282

* Commencement of offering was April 26, 2021.

PSF PGIM Flexible Managed Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        44,379     $ 1,804,198

Portfolio shares purchased

        (3,401,652 )       (139,888,339 )

Net increase (decrease) in shares outstanding

        (3,357,273 )     $ (138,084,141 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        205,431     $ 8,283,511

Portfolio shares purchased

        (6,737,839 )       (277,035,778 )

Net increase (decrease) in shares outstanding

        (6,532,408 )     $ (268,752,267 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        40,326     $ 1,664,594

Portfolio shares purchased

        (1,748 )       (71,222 )

Net increase (decrease) in shares outstanding

        38,578     $ 1,593,372

Period ended December 31, 2021*:

                     

Portfolio shares sold

        46,517     $ 1,981,439

Portfolio shares purchased

        (942 )       (40,576 )

Net increase (decrease) in shares outstanding

        45,575     $ 1,940,863

* Commencement of offering was April 26, 2021.

 

B16

PSF PGIM Government Income Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        380,780     $ 4,996,538

Portfolio shares purchased

        (823,890 )       (10,845,078 )

Net increase (decrease) in shares outstanding

        (443,110 )     $ (5,848,540 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        241,234     $ 3,421,573

Portfolio shares purchased

        (1,340,149 )       (19,017,186 )

Net increase (decrease) in shares outstanding

        (1,098,915 )     $ (15,595,613 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        136,991     $ 1,835,511

Portfolio shares purchased

        (37,114 )       (483,519 )

Net increase (decrease) in shares outstanding

        99,877     $ 1,351,992

Period ended December 31, 2021*:

                     

Portfolio shares sold

        25,257     $ 358,644

Portfolio shares purchased

        (2,008 )       (28,305 )

Net increase (decrease) in shares outstanding

        23,249     $ 330,339

* Commencement of offering was April 26, 2021.

PSF PGIM Government Money Market Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        39,778,632     $ 397,786,310

Shares issued in reinvestment of dividends and distributions

        75,397       753,970

Portfolio shares purchased

        (33,106,808 )       (331,068,078 )

Net increase (decrease) in shares outstanding

        6,747,221     $ 67,472,202

Year ended December 31, 2021:

                     

Portfolio shares sold

        81,112,748     $ 811,127,478

Shares issued in reinvestment of dividends and distributions

        33,163       331,630

Portfolio shares purchased

        (87,878,545 )       (878,785,449 )

Net increase (decrease) in shares outstanding

        (6,732,634 )     $ (67,326,341 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        12,339,240     $ 123,392,404

Shares issued in reinvestment of dividends and distributions

        7,524       75,240

Portfolio shares purchased

        (12,836,518 )       (128,365,182 )

Net increase (decrease) in shares outstanding

        (489,754 )     $ (4,897,538 )

 

B17

     
Share Class    Shares   Amount

Year ended December 31, 2021:

                     

Portfolio shares sold

        30,778,884     $ 307,788,840

Shares issued in reinvestment of dividends and distributions

        5,015       50,145

Portfolio shares purchased

        (22,945,609 )       (229,456,084 )

Net increase (decrease) in shares outstanding

        7,838,290     $ 78,382,901

PSF PGIM Jennison Blend Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        17,019     $ 1,459,577

Portfolio shares purchased

        (2,095,233 )       (176,871,928 )

Net increase (decrease) in shares outstanding

        (2,078,214 )     $ (175,412,351 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        90,980     $ 8,234,342

Portfolio shares purchased

        (4,653,123 )       (419,514,499 )

Net increase (decrease) in shares outstanding

        (4,562,143 )     $ (411,280,157 )

Class II:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        — *     $ 29

Portfolio shares purchased

        (1,262 )       (107,636 )

Net increase (decrease) in shares outstanding

        (1,262 )     $ (107,607 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        61     $ 5,684

Portfolio shares purchased

        (789 )       (70,000 )

Net increase (decrease) in shares outstanding

        (728 )     $ (64,316 )

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        4,466     $ 392,876

Portfolio shares purchased

        (488 )       (43,179 )

Net increase (decrease) in shares outstanding

        3,978     $ 349,697

Period ended December 31, 2021**:

                     

Portfolio shares sold

        6,859     $ 653,908

Portfolio shares purchased

        (325 )       (31,592 )

Net increase (decrease) in shares outstanding

        6,534     $ 622,316

* Less than 1 share.

** Commencement of offering was April 26, 2021.

 

B18

PSF PGIM Total Return Bond Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        1,258,472     $ 18,146,587

Shares issued in merger

        3,070,515       46,303,369

Portfolio shares purchased

        (4,589,447 )       (67,258,992 )

Net increase (decrease) in shares outstanding

        (260,460 )     $ (2,809,036 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        6,877,466     $ 106,051,566

Portfolio shares purchased

        (5,936,458 )       (92,126,262 )

Net increase (decrease) in shares outstanding

        941,008     $ 13,925,304

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        296,171     $ 4,327,731

Portfolio shares purchased

        (54,711 )       (809,643 )

Net increase (decrease) in shares outstanding

        241,460     $ 3,518,088

Period ended December 31, 2021*:

                     

Portfolio shares sold

        362,146     $ 5,648,820

Portfolio shares purchased

        (11,296 )       (176,793 )

Net increase (decrease) in shares outstanding

        350,850     $ 5,472,027

* Commencement of offering was April 26, 2021.

PSF Stock Index Portfolio

 

     
Share Class    Shares   Amount

Class I:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        1,162,285     $ 117,540,728

Portfolio shares purchased

        (1,354,356 )       (138,696,222 )

Net increase (decrease) in shares outstanding

        (192,071 )     $ (21,155,494 )

Year ended December 31, 2021:

                     

Portfolio shares sold

        3,091,067     $ 309,426,880

Portfolio shares purchased

        (2,782,213 )       (276,133,548 )

Net increase (decrease) in shares outstanding

        308,854     $ 33,293,332

Class III:

                     

Six months ended June 30, 2022:

                     

Portfolio shares sold

        84,310     $ 8,564,902

Portfolio shares purchased

        (5,291 )       (532,859 )

Net increase (decrease) in shares outstanding

        79,019     $ 8,032,043

Period ended December 31, 2021*:

                     

Portfolio shares sold

        150,911     $ 15,703,185

Portfolio shares purchased

        (1,540 )       (165,377 )

Net increase (decrease) in shares outstanding

        149,371     $ 15,537,808

 

B19

* Commencement of offering was April 26, 2021.

9. Risks of Investing in the Portfolios

The Portfolios’ risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

 

         
 Risks   

PSF

Global

Portfolio

    PSF PGIM
50/50
Balanced
Portfolio		    PSF PGIM
Flexible
Managed
Portfolio		   

PSF PGIM

Government

Income

Portfolio

Adjustable and Floating-Rate Securities

    –    –    –    –

Asset-Backed and/or Mortgage-Backed Securities

    –    X    X    X

Bank Loan Investments

    –    –    –    –

Blend Style

    –    X    X    –

Covenant-Lite

    –    –    –    –

Credit

    –    –    –    –

Derivatives

    X    X    X    X

Economic and Market Events

    X    X    X    X

Emerging Markets

    –    X    –    –

Equity Securities

    X    X    X    –

Expense

    X    –    X    X

Fixed Income Securities

    –    X    X    X

Focus

    X    –    –    –

Foreign Investment

    X    X    X    –

High Yield

    –    X    X    –

Index Tracking

    –    X    X    –

Interest Rate

    –    –    –    –

Investment Style

    X    –    –    –

Large Company

    –    –    –    –

Liquidity and Valuation

    X    X    X    X

Market and Management

    X    X    X    X

Market Capitalization

    –    –    –    –

Portfolio Turnover

    –    X    X    X

Prepayment or Call

    –    –    –    –

Quantitative Model

    X    –    X    –

Real Estate

    –    –    –    –

Regulatory

    X    X    X    X

US Government Securities

    –    –    X    X

Yield

    –    –    –    –

 

         
 Risks   

PSF PGIM

Government

Money

Market

Portfolio

   

PSF PGIM

Jennison

Blend

Portfolio

   

PSF PGIM

Total Return

Bond
Portfolio

   

PSF PGIM

Stock Index

Portfolio

Adjustable and Floating-Rate Securities

    X    –    –    –

Asset-Backed and/or Mortgage-Backed Securities

    –    –    X    –

Bank Loan Investments

    –    –    X    –

Blend Style

    –    X    –    –

Covenant-Lite

    –    –    X    –

Credit

    X    –    –    –

Derivatives

    –    –    X    X

 

B20

         
 Risks   

PSF PGIM

Government

Money
Market
Portfolio

   

PSF PGIM

Jennison

Blend

Portfolio

   

PSF PGIM

Total Return

Bond

Portfolio

   

PSF PGIM

Stock Index

Portfolio

Economic and Market Events

    X    X    X    X

Emerging Markets

    –    –    –    –

Equity Securities

    –    X    –    X

Expense

    X    X    X    X

Fixed Income Securities

    X    –    –    –

Focus

    –    –    X    –

Foreign Investment

    –    X    X    –

High Yield

    –    –    X    –

Index Tracking

    –    –    –    X

Interest Rate

    X    –    –    –

Investment Style

    –    –    –    –

Large Company

    –    –    –    X

Liquidity and Valuation

    –    –    X    X

Market and Management

    X    X    X    X

Market Capitalization

    –    X    –    –

Portfolio Turnover

    –    –    –    –

Prepayment or Call

    X    –    –    –

Quantitative Model

    –    –    –    –

Real Estate

    –    X    –    –

Regulatory

    X    X    X    X

US Government Securities

    –    –    –    –

Yield

    X    –    –    –

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. Variable and floating-rate bonds are 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 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.

Bank Loan Investments Risk: The 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 take significantly longer than seven days to complete. 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

 

B21

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: The 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 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 with the markets. 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 overall Portfolio to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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 which 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 NAV.

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. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

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; and the price of commodity-linked derivatives may be more volatile than the prices of traditional equity and debt securities.

Economic and Market Events Risk: Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in periods of unusually high volatility in a market or a segment of a market, which could negatively impact performance. Reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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. 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 such as Asia, Latin America, Eastern Europe and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with

 

B22

decreased liquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Equity Securities Risk: 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.

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. Risks associated with changing interest rates are currently heightened because any increase or decrease may be sudden and significant, with unpredictable effects on the markets and the Portfolio’s investments. 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’s performance may be more sensitive to a small group of related holdings and adverse developments in such areas than a portfolio more broadly invested, although the increasing interconnectivity between economies and financial markets throughout the world increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Foreign Investment Risk: Investments in foreign securities generally involve more risk than investments in securities of US issuers, including: 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 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 military conflict (including Russia’s military invasion in Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), interruptions in the global supply chain, natural disasters and outbreaks of infectious diseases.

High Yield Risk: Investments in fixed income securities rated below investment grade and unrated securities 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.

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 interest rates in the US are at or near historic lows, which increases the risk associated with rising interest rates. Interest rates may begin to increase in the future, 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.

 

B23

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.

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 guidelines established by the Trust’s Board of Trustees. 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. 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, natural disasters or events, political or civil instability, and public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), 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.

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 its 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.

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 with 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.

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 Securities and Exchange Commission, and depending on the Portfolio, the Commodity Futures Trading Commission. Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector or market.

 

B24

US Government Securities Risk: US Government securities may be adversely affected by changes in interest rates, a default by, or decline in the credit quality 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 20-22, 2021, the Board approved Agreements and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets of AST BlackRock Corporate Bond Portfolio (“BlackRock Corporate Bond”), AST PIMCO Corporate Bond Portfolio (“PIMCO Corporate Bond”), AST Prudential Corporate Bond Portfolio (“Prudential Corporate Bond”), AST T. Rowe Price Corporate Bond Portfolio (“T. Rowe Price Corporate Bond”) and AST Western Asset Corporate Bond Portfolio (“Western Asset Corporate Bond”) (Merged Portfolios) for shares of PSF PGIM Total Return Bond Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on January 10, 2022 and the reorganization took place at the close of business on February 11, 2022.

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 Portfolio    Total Investment
Value		    Total Investment
Cost

 BlackRock Corporate Bond

      $ 9,114,989      $ 9,460,005

 PIMCO Corporate Bond

        9,915,524        10,205,114

 Prudential Corporate Bond

        11,176,973        11,586,726

 T. Rowe Price Corporate Bond

        7,744,789        8,003,316

 Western Asset Corporate Bond

        8,362,026        8,622,368

The purpose of the transaction was to combine six portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on February 11, 2022:

 

 Merged Portfolio                    Shares  

 BlackRock Corporate Bond

                        852,717  

 PIMCO Corporate Bond

                        928,846  

 Prudential Corporate Bond

                        1,080,646  

 T. Rowe Price Corporate Bond

                        759,459  

 Western Asset Corporate Bond

                        816,235  
 Acquiring Portfolio    Shares      Class    Value  

 PSF PGIM Total Return Bond

      3,070,515      I    $ 46,303,369  

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 were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

 

 Merged Portfolio    Unrealized
(Depreciation)
on Investments		   Net Assets  

 BlackRock Corporate Bond

    $(345,016)   $ 9,021,658  

 PIMCO Corporate Bond

    (289,590)     9,673,003  

 Prudential Corporate Bond

    (409,753)     11,257,526  

 T. Rowe Price Corporate Bond

    (258,527)     7,896,705  

 Western Asset Corporate Bond

    (260,342)     8,454,477  

 

B25

 Acquiring Portfolio    Class    Net Assets  

PSF PGIM Total Return Bond

    I    $ 1,283,199,036  
     III      6,073,405  

Assuming the acquisition had been completed on January 1, 2021, the Acquiring Portfolio’s unaudited pro forma results of operations for the reporting period ended June 30, 2022 would have been as follows:

 

 Acquiring Portfolio   

Net

investment
income (loss) (a)

   

Net realized and

unrealized gain (loss)

on investments (b)

   

Net increase

(decrease) in

net assets resulting

from operations

PSF PGIM Total Return Bond

    $17,095,421    $(183,339,394)    $(166,243,973)

 

(a)

Net investment income as reported in the Statement of Operations (Reporting period ended June 30, 2022) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $17,574, PIMCO Corporate Bond $20,230, Prudential Corporate Bond $25,681, T. Rowe Price Corporate Bond $17,718 and Western Asset Corporate Bond $18,488.

 

(b)

Net realized and unrealized gain on investments as reported in the Statement of Operations (Reporting period ended June 30, 2022) of the Acquiring Portfolio, plus net realized and unrealized gain (loss) on investments from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $(393,915), PIMCO Corporate Bond $(381,290), Prudential Corporate Bond $(526,669), T. Rowe Price Corporate Bond $(349,114) and Western Asset Corporate Bond $(374,895).

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 have 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 11, 2022.

11. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Portfolios.

 

B26

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Portfolio (excluding money market portfolios) has adopted and implemented a liquidity risk management program (the “LRMP”). Each Portfolio’s LRMP seeks to assess and manage the Portfolio’s liquidity risk, which is defined as the risk that the Portfolio is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Portfolio. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Portfolios’ investment manager, to serve as the administrator of each Portfolio’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

Each Portfolio’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Portfolio’s LRMP includes no less than annual assessments of factors that influence the Portfolio’s liquidity risk; no less than monthly classifications of the Portfolio’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Portfolio’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Portfolio does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 8-10, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Portfolio’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that each Portfolio’s LRMP was reasonably designed to assess and manage that Portfolio’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Portfolio’s investment strategies continue to be appropriate given each Portfolio’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in a Portfolio, including liquidity risks presented by each Portfolio’s investment portfolio, is found in a Portfolio’s Prospectus and Statement of Additional Information.

 

B27

Approval of Advisory Agreements

The VCA-10 Committee

The Committee of the Prudential Variable Contract Account-10 (“VCA-10”) (the “Committee”) consists of five individuals, four of whom are not “interested persons” of VCA-10, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Committee Members”). The Committee is responsible for the oversight of VCA-10 and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Committee Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Committee is an Independent Committee Member. The Committee has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Committee Members.

Annual Approval of VCA-10’s Advisory Agreements

As required under the 1940 Act, the Committee determines annually whether to renew VCA-10’s management agreement with PGIM Investments LLC (“PGIM Investments”) and VCA-10’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Committee, including all of the Independent Committee Members, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of VCA-10 and its investors.

In advance of the meetings, the Committee requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Committee considered comparative fee information from PGIM Investments and Jennison. Also, the Committee considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Committee, including the Independent Committee Members advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of VCA-10, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with VCA-10 and its investors as VCA-10’s assets grow. In its deliberations, the Committee did not identify any single factor which alone was responsible for the Committee’s decision to approve the agreements with respect to VCA-10. In connection with its deliberations, the Committee considered information provided by PGIM Investments throughout the year at regular Committee meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Committee determined that the overall arrangements between VCA-10 and PGIM Investments, which serves as VCA-10’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as VCA-10’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of VCA-10 and its investors in light of the services performed, fees charged and such other matters as the Committee Members considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Committee’s reaching its determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Committee received and considered information regarding the nature, quality and extent of services provided to VCA-10 by PGIM Investments and Jennison. The Committee noted that Jennison is affiliated with PGIM Investments. The Committee considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for VCA-10, as well as the provision of recordkeeping, compliance, and other services to VCA-10, and PGIM Investments’ role as administrator of VCA-10’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Committee noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Committee also considered that PGIM Investments pays the salaries of all of the officers and Committee Members. The Committee also considered the investment subadvisory services provided by Jennison, as well as adherence to VCA-10’s investment restrictions and compliance with

applicable VCA-10 policies and procedures. The Committee considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Committee considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of VCA-10 and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of VCA-10’s portfolio. The Committee was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Committee also noted that it received favorable compliance reports from VCA-10’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Committee 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 VCA-10 by Jennison, and that there was a reasonable basis on which to conclude that VCA-10 benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Committee was provided with information on the profitability of PGIM Investments and its affiliates in serving as VCA-10’s investment manager. The Committee discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Committee recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly 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 and the adviser’s capital structure and cost of capital. Taking these factors into account, the Committee concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Committee received and discussed information concerning economies of scale that PGIM Investments may realize as VCA-10’s assets grow beyond current levels. During the course of time, the Committee has considered information regarding the launch date of VCA-10, the management fees of VCA-10 compared to those of similarly managed funds and PGIM Investments’ investment in VCA-10 over time. The Committee noted that, while VCA-10 does not have breakpoints in its management fees, economies of scale can be shared with VCA-10 in other 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 Committee considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of VCA-10 and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Committee recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Committee’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 Jennison

The Committee considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with VCA-10. The Committee concluded that potential benefits to be derived by PGIM Investments included benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with VCA-10. The Committee concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, 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 its reputation. The Committee concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of VCA-10 / Fees and Expenses

The Committee considered certain additional factors and made related conclusions relating to the historical performance of VCA-10 for the one-, three-, five- and ten-year periods ended December 31, 2021. The Committee also considered VCA-10’s actual management fee, as well as VCA-10’s net total expense ratio, for the fiscal year ended December 31, 2021. The Committee considered the management

fee for VCA-10 as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by VCA-10 investors and includes any fee waivers or reimbursements. The net total expense ratio for VCA-10 represents the actual expense ratio incurred by VCA-10 investors.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances PGIM Investments also provided supplemental Peer Universe of Peer Group information for reasons addressed with the Committee. The comparisons placed VCA-10 in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Committee and the Committee’s conclusions regarding VCA-10’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of any fund expenses, or 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 Committee.

 

Net Performance

  

1 Year

   3 Years   5 Years   10 Years
  4th Quartile   4th Quartile   4th Quartile   4th Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 4th Quartile

 

·  

The Committee noted that VCA-10 underperformed its benchmark index over all periods.

 

·  

The Committee considered PGIM Investments’ assertions that VCA-10’s underperformance was driven by its exposure to higher-valuation growth stocks, which were out of favor during 2021; and that PGIM Investments expects relative returns to improve as markets return to favoring such stocks.

 

·  

The Committee additionally considered that VCA-10 ranked in the 51st percentile of its peer group in the first quarter of 2022.

 

·  

The Committee considered PGIM Investments’ explanation that VCA-10’s fourth quartile ranking for net total expenses was attributable to the fact that, because it was organized as a managed separate account, VCA-10 charged both an administrative fee as well as a management fee, while the other funds included in the Peer Group were organized as open-end mutual funds that charged only a management fee, with the administrative fee charged at the product level. In this regard, the Committee noted PGIM Investments’ assertion that if VCA-10’s administrative fee was excluded, VCA-10 would have ranked in the first quartile of its peer group for net total expenses.

 

·  

The Committee also considered that PGIM Investments was in the process of restructuring the Fund, with such restructuring anticipated to occur in late 2022.

 

·  

The Committee concluded that, in light of the above, and given the unique structural considerations and limited distribution of this legacy product, it would be in the best interests of VCA-10 and its investors to renew the agreements.

 

·  

The Committee concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Committee concluded that the approval of the agreements was in the best interests of VCA-10 and its investors.

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 13-14, 2022 (the Meeting) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio’s beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board’s decision to approve the agreements. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from PGIM Investments and subadviser personnel, such as portfolio managers.

The Board determined that the overall arrangements between the Trust and PGIM Investments, which serves as the Trust’s investment manager pursuant to a management agreement, and between PGIM Investments and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Trust, each Portfolio and each Portfolio’s shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple Portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by PGIM Investments and each subadviser. The Board noted that the PGIM Fixed Income unit of PGIM, Inc. (PGIM Fixed Income), PGIM Limited (PGIML), Jennison Associates LLC (Jennison) and 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 considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers, the provision of recordkeeping, compliance and other services to the Trust, and PGIM Investments’ role as administrator of the Portfolios’ liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and the interested Trustee of the Trust. The Board also considered the investment

subadvisory services provided by each subadviser, as well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management personnel responsible for the oversight of the Trust and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PGIM Investments’ and each subadviser’s organizational structure, senior management, investment operations and other relevant information pertaining to PGIM Investments and each subadviser. The Board also noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (CCO) as to PGIM Investments and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by PGIM Investments and each subadviser under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates from serving as the Trust’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. The Board considered information regarding the profitability of PGIM Fixed Income, PGIML, Jennison and 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, 2021, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio’s benchmark index and to a universe of mutual funds (the Peer Universe) that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio.

The Board also considered each Portfolio’s actual management fee, as well as each Portfolio’s net total expense ratio, for the calendar year 2021. The Board considered the management fee for each Portfolio as compared to the management fee charged by PGIM Investments to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively determined by Broadridge, an independent provider of mutual fund data. The comparisons placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds). To the extent that PGIM Investments deemed appropriate, and for reasons addressed in detail with the Board, PGIM Investments may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board’s consideration.

The sections below summarize certain key factors considered by the Board and the Board’s conclusions regarding each Portfolio’s performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

 

PSF Global Portfolio

         

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  2nd Quartile   1st Quartile   1st Quartile   1st Quartile
Actual Management Fees: 2nd Quartile
Net Total Expenses: 1st Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, though it underperformed over the one- and three-year periods.

 

·  

The Board noted that PGIM Investments had contractually agreed to waive 0.0345% of its management fee through June 30, 2023.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF PGIM 50/50 Balanced Portfolio

         

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  1st Quartile   2nd Quartile   1st Quartile   2nd Quartile
Actual Management Fees: 4th Quartile
Net Total Expenses: 4th Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over all periods.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PSF PGIM Flexible Managed Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  1st Quartile   2nd Quartile   2nd Quartile   1st Quartile
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over the one- and ten-year periods, though it underperformed its benchmark index over the other periods.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF PGIM Government Income Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  4th Quartile   3rd Quartile   2nd Quartile   2nd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, though it underperformed over the other periods.

 

·  

The Board considered the Manager’s assertion that the Portfolio’s more recent underperformance, in 2021, was temporary and driven by historically large dislocations in the Treasury market. The Board also noted that the Portfolio has outperformed its Peer Universe median over the trailing five-, and ten-year periods, and has beaten its benchmark over the trailing five- and ten-year periods.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF PGIM Government Money Market Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  1st Quartile   2nd Quartile   2nd Quartile   2nd Quartile
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over all periods.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF PGIM Jennison Blend Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  4th Quartile   2nd Quartile   1st Quartile   3rd Quartile
Actual Management Fees: 1st Quartile
Gross Total Expenses: 1st Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over the three- and five-year periods, though it underperformed its benchmark index over the one- and ten-year periods.

 

·  

The Board considered the Manager’s assertion that the Portfolio’s more recent underperformance was temporary, and primarily attributable to the fourth quarter of 2021 due to the Portfolio’s allocation to the growth style coupled with isolated stock specific challenges, and that intermediate-term results have been stronger, as the strategy has beaten both its peer median and benchmark over the trailing three- and five-year periods. In this respect the Board considered that performance against peers measured as of

 

December 31, 2020 was in the first quartile for the one-, three- and five-year periods and that performance was better than the benchmark for all but the ten-year period.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF PGIM Total Return Bond Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  2nd Quartile   3rd Quartile   1st Quartile   1st Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over all periods.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF Stock Index Portfolio

Gross Performance

  

1 Year

   3 Years   5 Years   10 Years
  4th Quartile   2nd Quartile   1st Quartile   1st Quartile
Actual Management Fees: 4th Quartile
Net Total Expenses: 4th Quartile

 

·  

The Board noted that the Portfolio outperformed its benchmark index over the three-, five-, and ten-year periods, though it underperformed its benchmark index over the one-year period.

 

·  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

**********

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.

LOGO

 

            The Prudential Insurance Company of America    

  751 Broad Street

  Newark, NJ 07102-3714

  

 

 

 

©2022 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

MD.RS.011

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

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

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

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

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

 

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

 

  (a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End    

Management Investment Companies – Not applicable.

Item 13 – Exhibits

 

  (a) (1)

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

 

       (2)

Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

 

       (3)

Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

 

  (b)

Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:          The Prudential Variable Contract Account-10

 

By:

/s/ Andrew R. French

Andrew R. French

Secretary

 

Date:

August 23, 2022

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/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

 

Date:

August 23, 2022

 

By:

/s/ Christian J. Kelly

Christian J. Kelly

Treasurer and Principal Financial and Accounting Officer

 

Date:

August 23, 2022